REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2011

REINSURANCE

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

(in thousands)	2011			2010			2009
WRITTEN
Direct	$	629,727		$	586,624		$	614,887
Reinsurance assumed	72,380			49,692			16,313
Reinsurance ceded	(152,469		)	(151,176		)	(161,284		)
Net	$	549,638		$	485,140		$	469,916
EARNED
Direct	$	625,963		$	599,669		$	640,034
Reinsurance assumed	66,984			47,637			14,289
Reinsurance ceded	(154,495		)	(153,924		)	(162,362		)
Net	$	538,452		$	493,382		$	491,961
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	180,768		$	265,903		$	245,671
Reinsurance assumed	60,076			29,586			9,696
Reinsurance ceded	(40,760		)	(94,157		)	(51,979		)
Net	$	200,084		$	201,332		$	203,388

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

	Amounts
	Recoverable		A.M. Best	S&P
Reinsurer	(in thousands)		Rating	Rating
Munich Re / HSB	$	69,014	A+, Superior	AA-, Very Strong
Endurance Re	57,486		A, Excellent	A, Strong
Axis Re	30,034		A, Excellent	A+, Strong
Transatlantic Re	26,889		A, Excellent	A+, Strong
Aspen UK Ltd.	26,738		A, Excellent	A, Strong
Swiss Re /Westport Ins. Corp.	25,770		A+, Superior	AA-, Very Strong
Gen Re	23,634		A++, Superior	AA+, Very Strong
Berkley Insurance Co.	18,455		A+, Superior	A+, Strong
Lloyds of London	15,118		A, Excellent	A+, Strong
Toa-Re	13,510		A+, Superior	A+, Strong