Ceded Reinsurance (Tables)

12 Months Ended

Dec. 31, 2014

Reinsurance Disclosures [Abstract]

Components of reinsurance recoverable

The amount of reinsurance recoverable is as follows:

	2014		2013
OSLR recoverable	$	232,545	$	225,796
IBNR recoverable	1,107,711		1,008,708
Reinsurance recoverable	$	1,340,256	$	1,234,504
Reinsurance recoverable on paid losses	$	86,075	$	76,099

Effects of reinsurance

Direct, assumed and ceded premiums written and earned and losses and loss expenses incurred are as follows:

	Premiums Written			Premiums Earned			Losses and Loss Expenses
Year Ended December 31, 2014
Direct	$	1,996,831		$	1,835,186		$	1,031,284
Assumed	938,594			941,182			464,728
Ceded	(613,350		)	(593,610		)	(296,822		)
	$	2,322,075		$	2,182,758		$	1,199,190
Year Ended December 31, 2013
Direct	$	1,804,910		$	1,664,343		$	936,084
Assumed	933,754			896,088			430,627
Ceded	(618,183		)	(554,598		)	(243,469		)
	$	2,120,481		$	2,005,833		$	1,123,242
Year Ended December 31, 2012
Direct	$	1,569,021		$	1,446,086		$	877,961
Assumed	760,250			743,575			513,871
Ceded	(491,448		)	(440,763		)	(252,568		)
	$	1,837,823		$	1,748,898		$	1,139,264

Schedule of ceded credit risk by reinsurer

	December 31, 2014					December 31, 2013
	A.M. Best Rating	Reinsurance Recoverable		Percentage of Total		A.M. Best Rating	Reinsurance Recoverable		Percentage of Total
Munich Re	A+	$	285,918	21.3	%	A+	$	214,070	17.3	%
Axis Capital	A+	148,371		11.1	%	A+	143,063		11.6	%
Arch Re	A+	128,421		9.6	%	A+	143,037		11.6	%
Markel	A	86,595		6.5	%	A	86,462		7.0	%
XL Group	A	78,377		5.8	%	A	68,857		5.6	%
Top five reinsurers		727,682		54.3	%		655,489		53.1	%
Other reinsurers’ balances		612,574		45.7	%		579,015		46.9	%
Total reinsurance recoverable		$	1,340,256	100.0	%		$	1,234,504	100.0	%