REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2019

REINSURANCE

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

(in thousands)	2019		2018		2017
WRITTEN
Direct	$	1,039,955	$	934,913	$	848,153
Reinsurance assumed		25,047		48,303		37,159
Reinsurance ceded		(204,665)		(160,041)		(135,458)
Net	$	860,337	$	823,175	$	749,854
EARNED
Direct	$	981,121	$	896,234	$	835,118
Reinsurance assumed		40,173		41,926		32,521
Reinsurance ceded		(182,183)		(146,794)		(129,702)
Net	$	839,111	$	791,366	$	737,937
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	521,055	$	560,421	$	486,986
Reinsurance assumed		21,951		20,376		16,072
Reinsurance ceded		(129,590)		(152,604)		(101,474)
Net	$	413,416	$	428,193	$	401,584

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

			Net Reinsurer				Ceded
	AM Best	S & P	Exposure as of		Percent of		Premiums		Percent of
(dollars in thousands)	Rating	Rating	12/31/2019		Total		Written		Total
Munich Re / HSB	A+, Superior	AA-, Very Strong	$	68,368	14.6	%	$	22,536	11.0	%
Swiss Re / Westport Ins. Corp.	A+, Superior	AA-, Very Strong		34,777	7.4	%		2,801	1.4	%
Endurance Re	A+, Superior	A+, Strong		32,233	6.9	%		9,173	4.5	%
Aspen UK Ltd.	A, Excellent	A, Strong		31,622	6.7	%		8,270	4.0	%
Berkley Insurance Co.	A+, Superior	A+, Strong		28,798	6.1	%		8,667	4.2	%
Renaissance Re	A+, Superior	A+, Strong		25,841	5.5	%		15,754	7.7	%
Hannover Ruckversicherung	A+, Superior	AA-, Very Strong		24,758	5.3	%		12,491	6.1	%
Toa Re	A, Excellent	A+, Strong		23,734	5.1	%		7,757	3.8	%
Transatlantic Re	A+, Superior	A+, Strong		22,873	4.9	%		6,635	3.2	%
General Re	A++, Superior	AA+, Very Strong		19,736	4.2	%		6,240	3.0	%
Liberty Mutual	A, Excellent	A, Strong		19,171	4.1	%		6,696	3.3	%
All other reinsurers*				137,240	29.2	%		97,645	47.8	%
Total ceded exposure			$	469,151	100.0	%	$	204,665	100.0	%

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