Reinsurance (Tables)

3 Months Ended

Mar. 31, 2014

Reinsurance [Abstract]

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

		Three months ended March 31,
		2014		2013
Direct written premium		$	620,512	$	581,571
Reinsurance assumed			126,210		138,634
Reinsurance ceded			(156,540)		(141,021)
	Net written premium	$	590,182	$	579,184
Direct earned premium		$	637,313	$	616,405
Reinsurance assumed			76,023		85,272
Reinsurance ceded			(150,724)		(140,491)
	Net earned premium	$	562,612	$	561,186
Direct loss and loss adjustment expense		$	350,727	$	357,512
Reinsurance assumed			41,802		39,691
Reinsurance ceded			(70,685)		(64,506)
	Net loss and loss adjustment expense	$	321,844	$	332,697

Policy acquisition costs		$	104,645	$	100,286
Ceding commissions			(35,604)		(33,337)
	Net policy acquisition costs	$	69,041	$	66,949

Components of our reinsurance recoverables

		March 31,		December 31,
		2014		2013
Reinsurance recoverable on paid losses		$	124,368	$	156,026
Reinsurance recoverable on outstanding losses			459,900		459,134
Reinsurance recoverable on incurred but not reported losses			638,676		663,597
Reserve for uncollectible reinsurance			(1,500)		(1,500)
	Total reinsurance recoverables	$	1,221,444	$	1,277,257

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

		March 31,		December 31,
		2014		2013
Payables to reinsurers		$	204,741	$	208,850
Letters of credit			99,078		100,529
Funds held in trust			93,920		88,310
	Total credits	$	397,739	$	397,689