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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2014
Reinsurance Disclosures [Abstract]  
Ceded Premiums Earned by type
The table below summarizes the amounts of our ceded premiums written under the various types of agreements, as well as the amortization of prepaid reinsurance premiums:

 
Year Ended December 31,
 
2014
 
2013
 
2012
Excess-of-loss
$
(125,638
)
 
$
(108,696
)
 
$
(100,549
)
Equipment & identity theft
(4,370
)
 
(2,608
)
 
(1,540
)
Flood
(14,396
)
 
(13,378
)
 
(11,145
)
Ceded premiums written
$
(144,404
)
 
$
(124,682
)
 
$
(113,234
)
Increase in ceded unearned premiums
8,559

 
5,352

 
8,948

Ceded premiums earned
$
(135,845
)
 
$
(119,330
)
 
$
(104,286
)
Liability for Catastrophe Claims Disclosure
Current year catastrophe losses by the event magnitude are shown in the following table.

December 31, 2014
 
Number of Events
 
Incurred Loss and LAE (6) 
 
Combined Ratio Impact
Current period catastrophe losses incurred
 
 
 
 
 
 
Less than $1 million
(1) 
3

 
$
829

 
0.3
%
Total
 
3

 
$
829

 
0.3
%
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
$ 1 million to $5 million
(2) 
1

 
1,839

 
0.9
%
Less than $1 million
(3) 
2

 
1,763

 
0.9
%
Total
 
3

 
$
3,602

 
1.8
%
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
$ 1 million to $5 million
(4) 
2

 
2,896

 
2.4
%
Less than $1 million
(5) 
1

 
770

 
0.6
%
Total
 
3

 
$
3,666

 
3.0
%
(1)
Reflects losses from the Richland hailstorm, Hurricane Arthur and the Revere Tornado in 2014. Winterstorm Nemo in 2013.
(2)
Reflects losses from Winterstorm Nemo in 2013.
(3)
Reflects losses from the Orlando weather event and Tropical Storm Andrea in 2013.
(4) 
Reflects losses from Tropical Storms Debby and Isaac in 2012.
(5) 
Reflects losses from Superstorm Sandy in 2012.
(6)
Incurred loss and LAE is equal to losses and LAE paid plus the change in case and incurred but not reported reserves.
Reinsurance Recoverable
Reinsurance recoverable at the balance sheet dates consists of the following:
 
 
December 31,
 
2014
 
2013
Reinsurance recoverable on unpaid losses and LAE
$
1,252

 
$
1,957

Reinsurance recoverable on paid losses and LAE
816

 
469

Reinsurance recoverable
$
2,068

 
$
2,426
Reinsurance, Effect on Operations
The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income:
 
 
Year ended December 31,
 
2014
 
2013
 
2012
Premium written:
 
 
 
 
 
Direct
$
417,769

 
$
339,765

 
$
254,913

Assumed
18,984

 
41,587

 
(4
)
Ceded
(144,404
)
 
(124,682
)
 
(113,234
)
Net premium written
$
292,349

 
$
256,670

 
$
141,675

Change in unearned premiums:
 
 
 
 
 
Direct
$
(38,995
)
 
$
(44,422
)
 
$
(28,743
)
Assumed
2,937

 
(20,222
)
 
88

Ceded
8,559

 
5,352

 
8,948

Net increase
$
(27,499
)
 
$
(59,292
)
 
$
(19,707
)
Premiums earned:
 
 
 
 
 
Direct
$
378,774

 
$
295,343

 
$
226,170

Assumed
21,921

 
21,365

 
84

Ceded
(135,845
)
 
(119,330
)
 
(104,286
)
Net premiums earned
$
264,850

 
$
197,378

 
$
121,968

Losses and LAE incurred:
 
 
 
 
 
Direct
$
111,820

 
$
92,526

 
$
60,248

Assumed
8,672

 
9,240

 
(335
)
Ceded
(2,415
)
 
(2,936
)
 
(1,504
)
Net losses and LAE incurred
$
118,077

 
$
98,830

 
$
58,409
Reinsurance Effects On Unpaid Lossses, LAE and Unearned Premiums
The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets:
 
 
December 31,
 
2014
 
2013
 
2012
Unpaid losses and LAE:
 
 
 
 
 
Direct
$
49,734

 
$
42,954

 
$
34,503

Assumed
4,702

 
4,497

 
1,189

  Gross unpaid losses and LAE
54,436

 
47,451

 
35,692

Ceded
(1,252
)
 
(1,957
)
 
(1,935
)
Net unpaid losses and LAE
$
53,184

 
$
45,494

 
$
33,757

Unearned premiums:
 
 
 
 
 
Direct
$
212,201

 
$
173,206

 
$
128,785

Assumed
17,285

 
20,222

 
—

  Gross unearned premiums
229,486

 
193,428

 
128,785

Ceded
(63,827
)
 
(55,268
)
 
(49,916
)
Net unearned premiums
$
165,659

 
$
138,160

 
$
78,869