Reinsurance (Tables)

12 Months Ended

Dec. 31, 2017

The Company’s reinsurance balances recoverable at December 31, 2017 and 2016 were as follows:



	December 31, 2017		December 31, 2016
Loss reserves recoverable on unpaid:
Case reserves	$	275,450	$	165,328
IBNR	958,547		265,093
Total loss reserves recoverable	1,233,997		430,421
Paid losses recoverable	46,873		35,247
Total reinsurance recoverable	$	1,280,870	$	465,668

Effects of reinsurance on premiums written and earned

The effects of reinsurance on net premiums written and earned, and on losses and loss expenses for the years ended December 31, 2017, 2016 and 2015 were as follows:



	Years Ended December 31,
Premiums written:	2017			2016			2015
Treaty Reinsurance	$	1,531,934		$	1,501,079		$	1,393,440
Facultative Reinsurance	280,320			293,741			325,311
Direct	1,138,684			853,885			838,755
Ceded	(469,633		)	(289,705		)	(328,681		)
Net premiums written	$	2,481,305		$	2,359,000		$	2,228,825



	Years Ended December 31,
Premiums earned:	2017			2016			2015
Treaty Reinsurance	$	1,527,845		$	1,408,995		$	1,397,409
Facultative Reinsurance	284,243			307,351			330,472
Direct	1,413,122			823,641			852,256
Ceded	(644,122		)	(290,822		)	(333,248		)
Net premiums earned	$	2,581,088		$	2,249,165		$	2,246,889



	Years Ended December 31,
Losses and loss expenses:	2017			2016			2015
Treaty Reinsurance	$	1,953,191		$	557,824		$	479,170
Facultative Reinsurance	273,303			147,231			162,256
Direct	1,201,957			539,484			424,312
Ceded	(1,128,273		)	(179,442		)	(87,905		)
Losses and loss expenses	$	2,300,178		$	1,065,097		$	977,833

Reinsurance recoverables by reinsurer

Information regarding the Company’s concentration of credit risk arising from its exposure to individual reinsurers as at December 31, 2017 and 2016 is as follows:



	December 31, 2017				December 31, 2016
	Reinsurance Recoverable		% of Total		Reinsurance Recoverable		% of Total
Top 10 reinsurers	$	1,055,445	82.5	%	$	395,308	84.9	%
Other reinsurers’ balances > $1 million	218,226		17.0	%	66,944		14.4	%
Other reinsurers’ balances < $1 million	7,199		0.5	%	3,416		0.7	%
Total	$	1,280,870	100.0	%	$	465,668	100.0	%



	December 31, 2017
Top 10 Reinsurers	Rating	Reinsurance Recoverable		% of Total
Fully collateralized reinsurers	NR	$	459,339	35.9	%
Everest Re	A+	128,206		10.0	%
Munich Re	AA-	94,180		7.4	%
Lloyd's Syndicates	A+	74,277		5.8	%
Federal Crop Insurance Corporation	(a)	68,745		5.4	%
Swiss Re	AA-	65,218		5.1	%
Hannover Re	AA-	53,523		4.2	%
Qatar Insurance Company	A	50,160		3.9	%
Transatlantic Re	A+	33,729		2.6	%
Markel	A	28,068		2.2	%
Total		$	1,055,445	82.5	%


NR:	Not rated


(a)	The Company participates in a crop reinsurance program sponsored by the U.S. federal government. The Company remains obligated for amounts ceded in the event that its reinsurers or retrocessionaires do not meet their obligations, except for amounts ceded to the U.S. federal government in the Insurance segment agriculture line of business.



	December 31, 2016
Top 10 Reinsurers	Rating	Reinsurance Recoverable		% of Total
Lloyd's Syndicates	A+	$	84,419	18.2	%
Swiss Re	AA-	84,044		18.1	%
Fully collateralized reinsurers	NR	83,088		17.8	%
Hannover Re	AA-	50,603		10.9	%
Everest Re	A+	36,912		7.9	%
Munich Re	AA-	18,214		3.9	%
Transatlantic Re	A+	10,593		2.3	%
Hamilton Re	A-	10,343		2.2	%
Toa Re	A+	9,510		2.0	%
National Indemnity Company	AA+	7,582		1.6	%
Total		$	395,308	84.9	%

NR: Not rated