Agreements with Related Parties

12 Months Ended

Dec. 31, 2012

Disclosure - Agreements With Related Parties [Abstract]

Agreements with related parties

19. Agreements with Related Parties

The Company was party to agreements with Atradius N.V. (a company in which a board member was a supervisory directoruntil May 2012), Delta Lloyd (a company in which a board member was a directoruntil September 2011) and ING Group N.V. (a company in which a board member is a supervisory directorsince May 2012). All agreements entered into with Atradius N.V., Delta Lloyd and ING Group N.V.were completed on an arm's-length basis.

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. The activity included in the Consolidated Statements of Operations related to Atradius N.V. for the years ended December 31, 2012, 2011 and 2010 was as follows (in thousands of U.S. dollars):

		2012		2011		2010
Net premiums written	$	80,292	$	75,991	$	80,975
Net premiums earned		75,714		77,230		69,094
Losses and loss expenses and life policy benefits		35,197		32,595		40,740
Acquisition costs		28,475		33,906		22,012

Included in the Consolidated Balance Sheets were the following balances related to Atradius N.V. at December 31, 2012 and 2011 (in thousands of U.S. dollars):

		2012		2011
Reinsurance balances receivable	$	11,974	$	5,332
Unpaid losses and loss expenses		82,711		75,173
Unearned premiums		40,312		34,836
Other net assets		12,135		14,187

Agreements with Delta Lloyd

In the normal course of its underwriting activities, the Company and certain subsidiaries entered into reinsurance contracts with Delta Lloyd. The activity included in the Consolidated Statements of Operations related to Delta Lloyd for the years ended December 31, 2011 and 2010 includes net premiums earned of $1.9 million and $1.2 million, respectively, and losses and loss expenses and life policy benefits of $0.8 million and $0.3 million, respectively. Included in the Consolidated Balance Sheets at December 31, 2011 were unpaid losses and loss expenses of $7.5 million.

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. The activity included in the Consolidated Statements of Operations related to ING Group N.V. for the year ended December 31, 2012 includes net premiums earned of $3.4 million and losses and loss expenses and life policy benefits of $0.8 million. Included in the Consolidated Balance Sheets at December 31, 2012 were unpaid losses and loss expenses of $12.7 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.