Reinsurance (Tables)

9 Months Ended

Sep. 30, 2015

Reinsurance Disclosures [Abstract]

Effect of reinsurance agreement

A summary of our quota share reinsurance agreements, excluding captive agreements, appears below.

	2013 QSR Transaction
	Three Months Ended September 30,					Nine months ended September 30,
	2015 (1)			2014		2015 (1)			2014
	(In thousands)
Ceded premiums written, net of profit commission	$	(69,410	)	$	27,725	$	(11,355	)	$	72,414
Ceded premiums earned, net of profit commission	(11,568		)	23,736		35,999			64,330
Ceded losses incurred	—			4,689		6,060			10,347

Ceding commissions (2)	(11,568	)	9,922	10,235	27,800
Ceded unearned premiums	—		39,946	—	43,935
Profit commission	11,568		21,887	62,525	66,584

(1) The three and nine months ended September 30, 2015 include the non-recurring impact of commuting our 2013 QSR Transaction in the third quarter. The commutation had no impact on ceded losses incurred.

(2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.

	2015 QSR Transaction
	Three and Nine Months Ended September 30,
	2015
	(In thousands)
Ceded premiums written, net of profit commission (1)	$	22,626
Ceded premiums earned, net of profit commission (1)	22,626
Ceded losses incurred	4,236
Ceding commissions (2)	9,195
Profit commission	23,347

(1) As of July 1, 2015 premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.

(2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of

operations.