REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2018

REINSURANCE

Schedule of premiums written and earned along with losses and settlement expenses incurred

(in thousands)	2018		2017		2016
WRITTEN
Direct	$	934,913	$	848,153	$	844,430
Reinsurance assumed		48,303		37,159		30,434
Reinsurance ceded		(160,041)		(135,458)		(133,912)
Net	$	823,175	$	749,854	$	740,952
EARNED
Direct	$	896,234	$	835,118	$	835,294
Reinsurance assumed		41,926		32,521		27,886
Reinsurance ceded		(146,794)		(129,702)		(134,572)
Net	$	791,366	$	737,937	$	728,608
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	560,421	$	486,986	$	405,873
Reinsurance assumed		20,376		16,072		13,196
Reinsurance ceded		(152,604)		(101,474)		(69,291)
Net	$	428,193	$	401,584	$	349,778

Schedule of net reinsurance balances recoverable, after consideration of collateral, from top 10 reinsurers

			Net Reinsurer				Ceded
	A.M. Best	S & P	Exposure as of		Percent of		Premiums		Percent of
(dollars in thousands)	Rating	Rating	12/31/2018		Total		Written		Total
Munich Re / HSB	A+, Superior	AA-, Very Strong	$	73,593	17.1	%	$	24,479	15.3	%
Swiss Re / Westport Ins. Corp.	A+, Superior	AA-, Very Strong		35,095	8.2	%		2,100	1.3	%
Endurance Re	A+, Superior	A+, Strong		28,754	6.7	%		6,000	3.8	%
Aspen UK Ltd.	A, Excellent	A, Strong		27,735	6.4	%		7,906	4.9	%
Berkley Insurance Co.	A+, Superior	A+, Strong		23,267	5.4	%		6,335	4.0	%
Hannover Ruckversicherung	A+, Superior	AA-, Very Strong		22,629	5.3	%		9,458	5.9	%
Axis Re	A+, Superior	A+, Strong		19,928	4.6	%		6,424	4.0	%
Transatlantic Re	A+, Superior	A+, Strong		19,517	4.5	%		7,911	4.9	%
Toa Re	A, Excellent	A+, Strong		18,480	4.3	%		6,495	4.1	%
General Re	A++, Superior	AA+, Very Strong		18,168	4.2	%		5,170	3.2	%
Tokio Millennium Re	A+, Superior	A+, Strong		17,044	4.0	%		6,947	4.3	%
All other reinsurers*				125,777	29.3	%		70,816	44.3	%
Total ceded exposure			$	429,987	100.0	%	$	160,041	100.0	%

*All other reinsurance balances recoverable, when considered by individual reinsurer, are less than 2 percent of shareholders’ equity.