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POLICY ACQUISITION COSTS (Tables)
 12 Months Ended
Dec. 31, 2015
POLICY ACQUISITION COSTS  
Schedule of policy acquisition costs deferred and amortized to income

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

    

2015

    

2014

    

2013

 

Deferred policy acquisition costs (DAC), beginning of year

 

$
65,123

 

$
61,508

 

$
52,344

 

Deferred:

 

 

 

 

 

 

 

 

 

 

Direct commissions

 

$
146,507

 

$
142,887

 

$
134,770

 

Premium taxes

 

 
11,087

 

 
10,727

 

 
10,442

 

Ceding commissions

 

 
(17,403)

 

 
(20,483)

 

 
(20,186)

 

Net deferred

 

$
140,191

 

$
133,131

 

$
125,026

 

Amortized

 

 
135,485

 

 
129,516

 

 
115,862

 

DAC/VOBA*, end of year

 

$
69,829

 

$
65,123

 

$
61,508

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs:

 

 

 

 

 

 

 

 

 

 

Amortized to expense - DAC

 

$
135,485

 

$
129,346

 

$
115,442

 

Amortized to expense - VOBA

 

 

 —

 

 
170

 

 
420

 

Period costs:

 

 

 

 

 

 

 

 

 

 

Ceding commission - contingent

 

 
(1,834)

 

 
(1,956)

 

 
(2,126)

 

Other underwriting expenses

 

 
107,427

 

 
101,723

 

 
96,915

 

Total policy acquisition costs

 

$
241,078

 

$
229,283

 

$
210,651

 

*Includes asset for value of business acquired (VOBA) in CBIC acquisition, which was fully amortized at the end of 2014.