Reinsurance

3 Months Ended

Mar. 31, 2012

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

The following table summarizes the effect of reinsurance on premiums written and earned.

	Three Months Ended March 31,
(dollars in thousands)	2012						2011
	Written			Earned			Written			Earned
Direct	$	518,540		$	509,589		$	473,210		$	446,138
Assumed	130,078			83,842			117,573			81,450
Ceded	(67,452		)	(63,835		)	(71,771		)	(64,477		)
Net premiums	$	581,166		$	529,596		$	519,012		$	463,111

Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $40.1 million and $48.5 million for the three months ended March 31, 2012 and 2011, respectively.