Commitments And Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

COMMITMENTS AND CONTINGENCIES

a)    Concentrations of Credit Risk

Credit risk arises out of the failure of a counterparty to perform according to the terms of the contract.

The Company’s investment portfolio is managed pursuant to guidelines that follow prudent standards of diversification. The guidelines limit the allowable holdings of a single issue and issuers. The Company believes that there are no significant concentrations of credit risk associated with its investment portfolio. As of December 31, 2014 and 2013, substantially all of the Company’s cash and investments were held with one custodian.

Insurance balances receivable primarily consist of net premiums due from insureds and reinsureds. The Company believes that the counterparties to these receivables are able to meet, and will meet, all of their obligations. The Company’s credit risk is further reduced by the contractual right to offset loss obligations or unearned premiums against premiums receivable. Consequently, the Company has not included any material allowance for doubtful accounts against the receivable balance.

b)    Operating Leases

The Company leases office space under operating leases expiring in various years through 2030. The following are future minimum rental payments as of December 31, 2014:

	Amount
2015	$	12,568
2016	16,903
2017	20,596
2018	20,096
2019	19,013
2020 and thereafter	138,602
	$	227,778

Total rent expense for the years ended December 31, 2014, 2013 and 2012 was $18,950, $11,392 and $11,929, respectively. The rent expense for the year ended December 31, 2014 included $963 of accelerated rent expense due to the Company vacating one of its leased properties before the lease expired.

c)    Producers

The three largest individual producers as a percentage of gross premiums written are as follows:

	Year Ended December 31,
	2014		2013		2012
Marsh & McLennan Companies, Inc.	25	%	26	%	25	%
Aon Corporation	17	%	18	%	19	%
Willis Group Holdings	10	%	12	%	11	%

d)    Legal Proceedings

The Company, in common with the insurance industry in general, is subject to litigation and arbitration in the normal course of its business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of insurance or reinsurance operations. Estimated amounts payable under these proceedings are included in the reserve for losses and loss expenses in the Company’s consolidated balance sheets. As of December 31, 2014, the Company was not a party to any material legal proceedings arising outside the ordinary course of business that management believes will have a material adverse effect on the Company’s results of operations, financial position or cash flow.