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POLICY ACQUISITION COSTS (Tables) - 10K
 12 Months Ended
Dec. 31, 2014
POLICY ACQUISITION COSTS  
Schedule of policy acquisition costs deferred and amortized to income

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

    

2014

    

2013

    

2012

 

Deferred policy acquisition costs (DAC), beginning of year

 

$
61,508 

 

$
52,344 

 

$
52,105 

 

Deferred:

 

 

 

 

 

 

 

 

 

 

Direct commissions

 

$
142,887 

 

$
134,770 

 

$
129,765 

 

Premium taxes

 

 
10,727 

 

 
10,442 

 

 
9,528 

 

Ceding commissions

 

 
(20,483)

 

 
(20,186)

 

 
(29,010)

 

Net deferred

 

$
133,131 

 

$
125,026 

 

$
110,283 

 

Amortized

 

 
129,516 

 

 
115,862 

 

 
110,044 

 

DAC/VOBA*, end of year

 

$
65,123 

 

$
61,508 

 

$
52,344 

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs:

 

 

 

 

 

 

 

 

 

 

Amortized to expense - DAC

 

$
129,346 

 

$
115,442 

 

$
107,482 

 

Amortized to expense - VOBA

 

 
170 

 

 
420 

 

 
2,562 

 

Period costs:

 

 

 

 

 

 

 

 

 

 

Ceding commission - contingent

 

 
(1,956)

 

 
(2,126)

 

 
(1,940)

 

Other underwriting expenses

 

 
101,723 

 

 
96,915 

 

 
88,258 

 

Total policy acquisition costs

 

$
229,283 

 

$
210,651 

 

$
196,362 

 

*Includes asset for value of business acquired (VOBA) in CBIC acquisition.