Reinsurance (Tables)

12 Months Ended

Dec. 31, 2012

Reinsurance [Abstract]

Impact of Reinsurance Ceded and Assumed on the Company's Net Premium Written and Earned

The following table summarizes the impact of reinsurance ceded and assumed on the Company's net premium written and earned for the most recent three years:

	Premiums Written									Premiums Earned
	2012			2011			2010			2012			2011			2010
Direct	$	284,200		$	274,101		$	249,699		$	287,982		$	270,002		$	245,912
Ceded on direct		(105,292	)		(84,130	)		(75,907	)		(101,396	)		(83,580	)		(71,869	)
Net direct		178,908			189,971			173,792			186,586			186,422			174,043
Assumed		57,086			60,425			46,103			53,191			60,061			41,945
Ceded on assumed		(2,316	)		(1,913	)		(1,250	)		(2,316	)		(1,913	)		(1,250	)
Net assumed		54,770			58,512			44,853			50,875			58,148			40,695
Net	$	233,678		$	248,483		$	218,645		$	237,461		$	244,570		$	214,738

Net losses and loss expenses incurred for 2012, 2011 and 2010 have been reduced by ceded reinsurance recoveries of approximately $90,899, $56,600, and $15,318, respectively. Ceded reinsurance premiums and loss recoveries for the purchase of catastrophe reinsurance coverage on the Company's net direct business were not material.

Net losses and loss expenses incurred for 2012, 2011 and 2010 include approximately $16,486, $88,934, and $38,318, respectively, net of retrocessional recoveries of $20,000 during 2012, relating to reinsurance assumed from non-affiliated insurance or reinsurance companies.

Components of reinsurance recoverable at December 31 are as follows:

	2012		2011
Case unpaid losses, net of valuation allowance	$	105,940	$	72,914
Incurred but not reported unpaid losses and loss expenses		59,421		56,262
Paid losses and loss expenses		2,506		3,043
Unearned premiums		7,324		6,185
	$	175,191	$	138,404