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Ceded Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2012
Reinsurance Disclosures [Abstract]  
Components of reinsurance recoverable
 2012 2011
OSLR Recoverable$234,236 $196,484
IBNR Recoverable 906,874  806,435
Reinsurance recoverable$1,141,110 $1,002,919
      
Reinsurance recoverable on paid losses$56,894 $42,266
Effect of reinsurance
     Losses and
 Premiums Premiums Loss
 Written Earned Expenses
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
Year Ended December 31, 2011        
Direct$1,369,017 $1,266,068 $807,721
Assumed 570,504  557,244  365,990
Ceded(1) (405,755)  (366,320)  (214,555)
 $1,533,766 $1,456,992 $959,156
Year Ended December 31, 2010        
Direct$1,234,204 $1,221,536 $623,585
Assumed 524,193  503,277  250,070
Ceded(2) (365,942)  (365,265)  (165,772)
 $1,392,455 $1,359,548 $707,883

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  • Includes the impact of the commutation of prior year variable-rated excess-of-loss reinsurance contracts, which decreased ceded premiums written and earned by $12,393 and increased prior year ceded losses and loss expenses by $11,529.
  • Includes the impact of the commutation of prior year variable-rated excess-of-loss reinsurance contracts, which decreased ceded premiums written and earned by $9,296 and increased prior year ceded losses and loss expenses by $8,864.

 
Ceded credit risk by reinsurer
 December 31, 2012 December 31, 2011
 A.M. Best Reinsurance Percentage A.M. Best Reinsurance Percentage
 Rating Recoverable of Total Rating Recoverable of Total
Munich ReA+ $165,036 14.5% A+ $114,220 11.4%
Arch ReA+  148,553 13.0% A+  153,381 15.3%
Axis CapitalA  137,459 12.0% A  115,854 11.6%
Platinum UnderwritersA  104,536 9.2% A  98,993 9.9%
Odyssey Reinsurance CompanyA  86,854 7.6% A  93,373 9.3%
Top five reinsurers   642,438 56.3%    575,821 57.5%
Other reinsurers' balances   498,672 43.7%    427,098 42.5%
Total reinsurance recoverable  $1,141,110 100.0%   $1,002,919 100.0%