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Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2017
Reinsurance Disclosures [Abstract]  
Effect of reinsurance agreement
The effect of all of our reinsurance agreements on premiums earned and losses incurred is as follows:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
 
2017
 
2016
 
2017
 
2016
Premiums earned:
 
 
 
 
 
 
 
 
Direct
 
$
268,709

 
$
270,718

 
$
789,317

 
$
789,671

Assumed
 
312

 
152

 
472

 
542

Ceded
 
(31,938
)
 
(33,494
)
 
(92,467
)
 
(100,040
)
Net premiums earned
 
$
237,083

 
$
237,376

 
$
697,322

 
$
690,173

 
 
 
 
 
 
 
 
 
Losses incurred:
 
 
 
 
 
 
 
 
Direct
 
$
35,313

 
$
69,579

 
$
99,122

 
$
216,874

Assumed
 
(97
)
 
241

 
69

 
681

Ceded
 
(5,469
)
 
(8,923
)
 
(14,486
)
 
(25,056
)
Losses incurred, net
 
$
29,747

 
$
60,897

 
$
84,705

 
$
192,499
Effect of quota share reinsurance agreements on premiums earned and losses incurred
Following is a summary of our quota share reinsurance agreements, excluding captive agreements discussed below, for the three and nine months ended September 30, 2017 and 2016.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands)
 
2017
 
2016
 
2017
 
2016
Ceded premiums written and earned, net of profit commission (1)
 
$
30,880

 
$
31,707

 
$
88,692

 
$
93,334

Ceded losses incurred
 
5,879

 
7,432

 
14,990

 
22,015

Ceding commissions (2)
 
12,500

 
12,137

 
36,751

 
35,659

Profit commission
 
31,621

 
28,981

 
95,063

 
84,963


(1) 
Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements.
(2) 
Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.