Reinsurance (Tables)

6 Months Ended

Jun. 30, 2013

Reinsurance [Abstract]

Effect of reinsurance transactions on our premium, loss and loss adjustment expense and policy acquisition costs

		Six months ended June 30,				Three months ended June 30,
		2013		2012		2013		2012
Direct written premium		$	1,294,681	$	1,222,766	$	713,110	$	677,996
Reinsurance assumed			234,967		251,476		96,333		113,557
Reinsurance ceded			(321,430)		(273,750)		(180,409)		(149,465)
	Net written premium	$	1,208,218	$	1,200,492	$	629,034	$	642,088
Direct earned premium		$	1,237,629	$	1,193,537	$	621,224	$	602,354
Reinsurance assumed			171,308		168,882		86,036		86,544
Reinsurance ceded			(286,395)		(249,947)		(145,904)		(123,567)
	Net earned premium	$	1,122,542	$	1,112,472	$	561,356	$	565,331
Direct loss and loss adjustment expense		$	693,480	$	727,921	$	335,968	$	362,529
Reinsurance assumed			110,708		61,035		71,017		24,326
Reinsurance ceded			(132,017)		(123,203)		(67,511)		(50,030)
	Net loss and loss adjustment expense	$	672,171	$	665,753	$	339,474	$	336,825

			Six months ended June 30,			Three months ended June 30,
		2013		2012		2013		2012
Policy acquisition costs		$	204,031	$	198,156	$	103,745	$	102,421
Ceding commissions			(66,286)		(54,222)		(32,949)		(27,931)
	Net policy acquisition costs	$	137,745	$	143,934	$	70,796	$	74,490

Components of our reinsurance recoverables

		June 30,		December 31,
		2013		2012
Reinsurance recoverable on paid losses		$	84,272	$	54,675
Reinsurance recoverable on outstanding losses			457,227		479,026
Reinsurance recoverable on incurred but not reported losses			546,436		539,021
Reserve for uncollectible reinsurance			(1,500)		(1,500)
	Total reinsurance recoverables	$	1,086,435	$	1,071,222

Amounts of letters of credit and cash available to us as collateral, plus other potential offsets

		June 30,		December 31,
		2013		2012
Payables to reinsurers		$	208,483	$	190,228
Letters of credit			87,033		89,832
Cash			89,469		116,597
	Total credits	$	384,985	$	396,657

Calculation of net reserves, net unearned premium and net deferred policy acquisition costs

		June 30,		December 31,
		2013		2012
Loss and loss adjustment expense payable		$	3,814,684	$	3,767,850
Reinsurance recoverable on outstanding losses			(457,227)		(479,026)
Reinsurance recoverable on incurred but not reported losses			(546,436)		(539,021)
	Net reserves	$	2,811,021	$	2,749,803
Unearned premium		$	1,189,520	$	1,069,956
Ceded unearned premium			(291,939)		(256,988)
	Net unearned premium	$	897,581	$	812,968
Deferred policy acquisition costs		$	202,322	$	191,960
Deferred ceding commissions			(82,119)		(74,609)
	Net deferred policy acquisition costs	$	120,203	$	117,351