Agreements with Related Parties

12 Months Ended

Dec. 31, 2013

Disclosure - Agreements With Related Parties [Abstract]

Agreements with related parties

20. 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) 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. 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 and 2011 was as follows (in thousands of U.S. dollars):

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

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

		2012
Reinsurance balances receivable	$	11,974
Unpaid losses and loss expenses		82,711
Unearned premiums		40,312
Other net assets		12,135

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 years ended December 31, 2013 and 2012 includes net premiums earned of $2.6 million and $3.4 million, respectively, and losses and loss expenses and life policy benefits of $1.3 million and $0.8 million, respectively. Included in the Consolidated Balance Sheets at December 31, 2013 and 2012 were unpaid losses and loss expenses of $12.9 million and $12.7 million, respectively.

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.