Reinsurance (Tables)

3 Months Ended

Mar. 31, 2016

Effect of all reinsurance agreements on premiums earned and losses incurred

The effect of all reinsurance agreements on premiums earned and losses incurred is as follows:



	Three Months Ended March 31,
(In thousands)	2016			2015
Premiums earned:
Direct	$	255,387		$	245,748
Assumed	208			338
Ceded	(34,254		)	(28,798		)
Net premiums earned	$	221,341		$	217,288

Losses incurred:
Direct	$	92,432		$	88,036
Assumed	101			568
Ceded	(7,521		)	(6,819		)
Net losses incurred	$	85,012		$	81,785

Effect of reinsurance agreement

A summary of our quota share reinsurance agreements, excluding captive agreements, for the three months ended March 31, 2016 and 2015 appears as follows.



	Three Months Ended March 31,
(In thousands)	2016		2015
2013 QSR Transaction
Ceded premiums written, net of profit commission	n/a		$	27,136
Ceded premiums earned, net of profit commission	n/a		24,613
Ceded losses incurred	n/a		4,873
Ceding commissions ⁽²⁾	n/a		10,122
Profit commission	n/a		23,474

2015 QSR Transaction (Effective July 1, 2015)
Ceded premiums written, net of profit commission ⁽¹⁾	$	31,666	n/a
Ceded premiums earned, net of profit commission ⁽¹⁾	31,666		n/a
Ceded losses incurred	8,513		n/a
Ceding commissions ⁽²⁾	11,576		n/a
Profit commission	26,215		n/a


⁽¹⁾	Effective 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.