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Reinsurance
3 Months Ended
Mar. 31, 2017
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]  
Reinsurance
REINSURANCE
The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurance company fails to meet its obligations.
The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:
 
 
 
 
 
 
 
 
Three months ended
 
 
 
March 31,
2017
 
March 31,
2016
 
 
Premiums written
 
 
 
 
 
Direct
$
73,408

 
$
43,176

 
 
Assumed
848,682

 
818,957

 
 
Ceded
(377,954
)
 
(350,458
)
 
 
Net premiums written
$
544,136

 
$
511,675

 
 
Premiums earned
 
 
 
 
 
Direct
$
58,168

 
$
33,140

 
 
Assumed
498,999

 
456,641

 
 
Ceded
(191,122
)
 
(136,175
)
 
 
Net premiums earned
$
366,045

 
$
353,606

 
 
Claims and claim expenses
 
 
 
 
 
Gross claims and claim expenses incurred
$
251,804

 
$
161,998

 
 
Claims and claim expenses recovered
(58,723
)
 
(35,393
)
 
 
Net claims and claim expenses incurred
$
193,081

 
$
126,605