Reinsurance

9 Months Ended

Sep. 30, 2012

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

The following tables summarize the effect of reinsurance on premiums written and earned.

	Quarter Ended September 30,
(dollars in thousands)	2012						2011
	Written			Earned			Written			Earned
Direct	$	519,408		$	505,514		$	501,687		$	475,578
Assumed	91,425			94,822			82,948			86,134
Ceded	(71,209		)	(69,799		)	(59,957		)	(52,509		)
Net premiums	$	539,624		$	530,537		$	524,678		$	509,203

	Nine Months Ended September 30,
(dollars in thousands)	2012						2011
	Written			Earned			Written			Earned
Direct	$	1,568,092		$	1,505,710		$	1,482,903		$	1,383,678
Assumed	338,281			269,771			289,708			254,907
Ceded	(218,969		)	(202,292		)	(198,233		)	(176,070		)
Net premiums	$	1,687,404		$	1,573,189		$	1,574,378		$	1,462,515

Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $15.3 million and $42.9 million, respectively, for the quarters ended September 30, 2012 and 2011 and $79.6 million and $136.7 million, respectively, for the nine months ended September 30, 2012 and 2011.