REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2015

REINSURANCE

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

(in thousands)	2015		2014		2013
WRITTEN
Direct	$	819,130	$	787,267	$	770,142
Reinsurance assumed		34,456		76,581		73,053
Reinsurance ceded		(131,615)		(160,696)		(176,873)
Net	$	721,971	$	703,152	$	666,322
EARNED
Direct	$	797,180	$	781,640	$	741,569
Reinsurance assumed		35,724		72,878		78,891
Reinsurance ceded		(132,743)		(167,143)		(189,658)
Net	$	700,161	$	687,375	$	630,802
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	307,445	$	315,226	$	279,358
Reinsurance assumed		23,184		61,923		72,508
Reinsurance ceded		(31,584)		(80,540)		(92,065)
Net	$	299,045	$	296,609	$	259,801

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	12/31/2015		Total		Written		Total
Munich Re / HSB	A+, Superior	AA-, Very Strong	$	58,169	17.5	%	$	20,273	15.4	%
Endurance Re	A, Excellent	A, Strong		47,987	14.4	%		9,828	7.5	%
Swiss Re / Westport Ins. Corp.	A+, Superior	AA-, Very Strong		33,162	10.0	%		12,953	9.8	%
Aspen UK Ltd.	A, Excellent	A, Strong		28,754	8.6	%		5,618	4.3	%
Transatlantic Re	A, Excellent	A+, Strong		22,447	6.7	%		7,404	5.6	%
Berkley Insurance Co.	A+, Superior	A+, Strong		20,974	6.3	%		4,848	3.7	%
Scor Reinsurance Co.	A, Excellent	AA-, Very Strong		13,265	4.0	%		8,242	6.3	%
Allied World Re - US	A, Excellent	A, Strong		13,165	4.0	%		2,544	1.9	%
Axis Re	A+, Superior	A+, Strong		11,552	3.5	%		4,235	3.2	%
General Re	A++, Superior	AA+, Very Strong		11,337	3.4	%		2,702	2.1	%
All other reinsurers*				72,098	21.6	%		52,968	40.2	%
Total ceded exposure			$	332,910	100.0	%	$	131,615	100.0	%

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