Note 7 - Reinsurance

3 Months Ended

Mar. 31, 2014

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

The effect of reinsurance on net premiums written and earned is as follows:

	Three Months Ended March 31,
(In thousands)	2014			2013
Net premiums written-insurance:
Direct	$	229,322		$	245,467
Assumed	473			(10,397		)
Ceded	(16,089		)	(27,885		)
Net premiums written-insurance	$	213,706		$	207,185
Net premiums earned-insurance:
Direct	$	221,959		$	207,940
Assumed	2,147			2,211
Ceded	(18,441		)	(17,563		)
Net premiums earned-insurance	$	205,665		$	192,588

Mortgage Insurance

We have two separate quota share reinsurance (“QSR”) agreements with a third-party reinsurance provider (the “Initial QSR Transaction,” and the “Second QSR Transaction,” collectively, the “Reinsurance Transactions”). As of March 31, 2014, RIF ceded under the Initial QSR Transaction and Second QSR Transaction was $1.3 billion and $1.4 billion, respectively.

The following tables show the amounts related to the Reinsurance Transactions for the periods indicated:

	Initial QSR Transaction
	Three Months Ended March 31,
(In thousands)	2014		2013
Ceded premiums written	$	5,304	$	6,122
Ceded premiums earned	6,807		7,833
Ceding commissions written	1,326		1,530

	Second QSR Transaction
	Three Months Ended March 31,
(In thousands)	2014		2013
Ceded premiums written	$	7,293	$	16,440
Ceded premiums earned	6,585		2,838
Ceding commissions written	2,553		5,754

We ceded the maximum amount permitted under the Initial QSR Transaction (up to $1.6 billion of ceded RIF), and therefore, are no longer ceding NIW under this transaction. We continue to cede NIW under the Second QSR Transaction. Ceded losses to date under the Reinsurance Transactions have been immaterial.