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Ceded Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2016
Reinsurance Disclosures [Abstract]  
Components of reinsurance recoverable
The amount of reinsurance recoverable is as follows:

2016

2015
OSLR recoverable
$
384.1

 
$
254.6

IBNR recoverable
1,240.9

 
1,225.4

Reinsurance recoverable
$
1,625.0

 
$
1,480.0

Reinsurance recoverable on paid losses
$
104.4

 
$
96.4
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, 2016





Direct
$
2,359.6

 
$
2,316.6

 
$
1,539.2

Assumed
706.2

 
743.1

 
379.4

Ceded
(810.0
)
 
(715.6
)
 
(416.8
)

$
2,255.8

 
$
2,344.1

 
$
1,501.8

Year Ended December 31, 2015

 

 

Direct
$
2,291.6

 
$
2,255.3

 
$
1,471.6

Assumed
801.4

 
863.6

 
442.8

Ceded
(645.0
)
 
(630.5
)
 
(328.1
)

$
2,448.0

 
$
2,488.4

 
$
1,586.3

Year Ended December 31, 2014

 

 

Direct
$
1,996.8

 
$
1,835.1

 
$
1,031.3

Assumed
938.6

 
941.2

 
464.7

Ceded
(613.4
)
 
(593.6
)
 
(296.8
)

$
2,322.0


$
2,182.7


$
1,199.2

 
Schedule of ceded credit risk by reinsurer

December 31, 2016

A.M. Best
Rating

Reinsurance
Recoverable

Percentage
of Total
 
Prepaid Reinsurance(1)
 
Percentage of Total
Munich Re
A+
 
$
348.1

 
21.4
%
 
$
87.5

 
18.0
%
Axis Capital
A+
 
160.4

 
9.9
%
 
58.5

 
12.0
%
Swiss Re
A+
 
146.7

 
9.0
%
 
64.2

 
13.2
%
Markel
A
 
103.0

 
6.3
%
 
25.9

 
5.3
%
Arch Re
A+
 
100.5

 
6.2
%
 
14.0

 
2.9
%
Top five reinsurers


858.7

 
52.8
%
 
250.1

 
51.4
%
Other reinsurers’ balances


766.3

 
47.2
%
 
236.3

 
48.6
%
Total reinsurance recoverable


$
1,625.0


100.0
%
 
$
486.4

 
100.0
%

 
December 31, 2015
 
A.M. Best
Rating
 
Reinsurance
Recoverable
 
Percentage
of Total
 
Prepaid Reinsurance(1)
 
Percentage of Total
Munich Re
A+
 
$
307.9

 
20.8
%
 
$
61.7

 
15.7
%
Axis Capital
A+
 
150.8

 
10.2
%
 
32.2

 
8.2
%
Arch Re
A+
 
115.3

 
7.8
%
 
16.0

 
4.1
%
Swiss Re
A+
 
103.9

 
7.0
%
 
57.3

 
14.6
%
RenaissanceRe
A+
 
94.0

 
6.4
%
 
8.0

 
2.0
%
Top five reinsurers
 
 
771.9

 
52.2
%
 
175.2

 
44.6
%
Other reinsurers’ balances
 
 
708.1

 
47.8
%
 
217.1

 
55.4
%
Total reinsurance recoverable
 
 
$
1,480.0

 
100.0
%
 
$
392.3

 
100.0
%
(1) Prepaid reinsurance represents unearned premiums ceded to reinsurance companies.