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Reinsurance
 6 Months Ended
Jun. 30, 2016
Reinsurance Disclosures [Abstract]  
Reinsurance
Reinsurance

The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.
 
Quarter Ended June 30,
 
2016
 
2015
(dollars in thousands)
Written
 
Earned
 
Written
 
Earned
Direct
$
957,244

 
$
865,943

 
$
951,885

 
$
875,376

Assumed
320,405

 
295,868

 
313,901

 
304,324

Ceded
(227,103
)
 
(210,952
)
 
(231,442
)
 
(222,143
)
Net premiums
$
1,050,546

 
$
950,859

 
$
1,034,344

 
$
957,557


 
Six Months Ended June 30,
 
2016
 
2015
(dollars in thousands)
Written
 
Earned
 
Written
 
Earned
Direct
$
1,836,332

 
$
1,733,387

 
$
1,753,465

 
$
1,719,946

Assumed
833,980

 
585,931

 
764,794

 
617,159

Ceded
(437,806
)
 
(410,773
)
 
(448,485
)
 
(435,898
)
Net premiums
$
2,232,506

 
$
1,908,545

 
$
2,069,774

 
$
1,901,207



The percentage of ceded earned premiums to gross earned premiums was 18% and 19%, respectively, for the quarters and six months ended June 30, 2016 and 2015. The percentage of assumed earned premiums to net earned premiums was 31% and 32%, respectively, for the quarters and six months ended June 30, 2016 and 2015.

Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $75.5 million and $143.3 million, respectively, for the quarters ended June 30, 2016 and 2015 and $206.1 million and $232.1 million, respectively, for the six months ended June 30, 2016 and 2015.