Agreements with Related Parties

12 Months Ended

Dec. 31, 2014

Disclosure - Agreements With Related Parties [Abstract]

Agreements with related parties

20. Agreements with Related Parties

The Company was party to agreements with certain entities on an arm’s-length basis as follows.

Agreements with ING Group N.V.

In the normal course of its underwriting activities, the Company and certain subsidiaries entered into reinsurance contracts with ING Group N.V. (a company in which a board member of the Company was a supervisory director until July 2014). The activity included in the Consolidated Statements of Operations related to ING Group N.V. for the years ended December 31, 2014, 2013 and 2012 includes net premiums earned of $1.9 million, $2.6 million and $3.4 million, respectively, and losses and loss expenses and life policy benefits of $0.6 million, $1.3 million and $0.8 million, respectively. Included in the Consolidated Balance Sheets at December 31, 2014 and 2013 were unpaid losses and loss expenses of $10.0 million and $12.9 million, respectively.

Agreements with Atradius N.V.

In the normal course of its underwriting activities, the Company and certain subsidiaries entered into reinsurance contracts with Atradius N.V. (a company in which a board member of the Company was a supervisory director until May 2012). The activity included in the Consolidated Statements of Operations related to Atradius N.V. for the year ended December 31, 2012 includes net premiums written of $80.3 million, net premiums earned of $75.7 million, losses and loss expenses and life policy benefits of $35.2 million and acquisition costs of $28.5 million.

Other Agreements

In the normal course of its investment operations, the Company bought or held securities of companies in which board members of the Company are also directors or non-executive directors. All transactions entered into as part of the investment portfolio were completed on market terms.