9.
JUNIOR SUBORDINATED DEBT SECURITIES PAYABLE In accordance with the provisions of the junior subordinated debt securities which were issued on March 29, 2004, Holdings elected to redeem the $329,897 thousand of 6.2% junior subordinated debt securities outstanding on May 24, 2013.
As a result of the early redemption, the Company incurred pre-tax expense of $7,282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities.
Interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated:
## Table 0 ##
Holdings considered the mechanisms and obligations relating to the trust preferred securities, taken together, constituted a full and unconditional guarantee by Holdings of Capital Trust II’s payment obligations with respect to their trust preferred securities.10.
REINSURANCE AND TRUST AGREEMENTS Certain subsidiaries of Group have established trust agreements, which effectively use the Company’s investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies.
At December 31, 2014, the total amount on deposit in trust accounts was $322,285 thousand.
On April 24, 2014, the Company entered into two collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage.
These agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events.
The first agreement provides up to $250,000 thousand of reinsurance coverage from named storms in specified states of the Southeastern United States.
The second agreement provides up to $200,000 thousand of reinsurance coverage from named storms in specified states of the Southeast, Mid-Atlantic and Northeast regions of the United States and Puerto Rico as well as reinsurance coverage from earthquakes in specified states of the Southeast, Mid-Atlantic, Northeast and West regions of the United States, Puerto Rico and British Columbia.
On November 18, 2014, the Company entered into a collateralized reinsurance agreement with Kilimanjaro Re to provide the Company with catastrophe reinsurance coverage.
This agreement is a multi-year reinsurance contract which covers specified earthquake events.
The agreement provides up to $500,000 thousand of reinsurance coverage from earthquakes in the United States, Puerto Rico and Canada.
Kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated, external investors.
On April 24, 2014, Kilimanjaro issued $450,000 thousand of variable rate notes (“Series 2014-1 Notes”).
On November 18, 2014, Kilimanjaro issued $500,000 thousand of variable rate notes (“Series 2014-2 Notes”).
The proceeds from the issuance of the Series 2014-1 Notes and the Series 2014-2 Notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in US government money market funds with a rating of at least “AAAm” by Standard & Poor’s.
Reinsurance Receivables.
Reinsurance receivables for both paid and recoverable on unpaid losses totaled $840,420 thousand at December 31, 2015 and $670,854 thousand at December 31, 2014.
At December 31, 2015, $194,231 thousand, or 23.1%, was receivable from Resolution Group Reinsurance (Barbados) Limited (“Resolution Group”); $104,819 thousand, or 12.5%, was receivable from C. V.  Starr (Bermuda) (“C.
V.  Starr”); $88,136 thousand, or 10.5%, was receivable from Zurich Vericherungs Gesellschaft (“Zurich”); $49,478 thousand, or 5.9% was receivable from Axis Reinsurance Company (“Axis”); $46,588 thousand, or 5.5%, was receivable from Hannover Rueck SE (“Hannover”) and $43,992 thousand, or 5.2%, was receivable from Transatlantic Reinsurance Company (“Transatlantic”).
The receivables from Resolution Group and C. V.  Starr are fully collateralized by individual trust agreements.
No other retrocessionaire accounted for more than 5% of our receivables.
Future Policy Benefit Reserve.
Activity in the reserve for future policy benefits is summarized for the periods indicated:
## Table 1 ##
4.
FAIR VALUE GAAP guidance regarding fair value measurements address how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP.
It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date.
In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements.
The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability.
The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.
The levels in the hierarchy are defined as follows: Level 1: Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market; Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The Company’s fixed maturity and equity securities are primarily managed by third party investment asset managers.
The investment asset managers obtain prices from nationally recognized pricing services.
These services seek to utilize market data and observations in their evaluation process.
They use pricing applications that vary by asset class and incorporate available market information and when fixed maturity securities do not trade on a daily basis the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing.
In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.
Incurred Losses and LAE.
The following table presents the incurred losses and LAE for the Bermuda segment for the periods indicated.
## Table 2 ##
Incurred losses and LAE increased by 26.2% to $456.4 million in 2015 compared to $361.8 million in 2014, primarily due to an increase of $97.0 million in current year attritional losses primarily related to the increase in premiums earned and $15.0 million of losses related to the explosion at the Chinese port of Tianjin.
There were no current year catastrophe losses in 2015.
The $0.3 million of current year catastrophe losses in 2014 primarily related to Hurricane Odile.
Incurred losses and LAE decreased by 3.4% to $361.8 million in 2014 compared to $374.4 million in 2013 primarily due to a decrease in current year catastrophe losses (outlined above), partially offset by $14.9 million of less favorable prior years’ attritional losses and $13.3 million of less favorable prior year catastrophe development in 2014 compared to 2013, which mainly related to the 2011 Japan earthquake.
The $35.5 million of current year catastrophe losses in 2013 were due to the German hailstorms ($20.5 million) and the European floods ($15.0 million).
Segment Expenses.
Commission and brokerage increased by 8.6% to $216.0 million in 2015 compared to $198.8 million in 2014.
The rise was primarily due to the impact of the increase in premiums earned.
Segment other underwriting expenses increased to $36.0 million in 2015 compared to $34.9 million in 2014.
The increase was primarily due to the impact of the increases in premiums earned.
Commission and brokerage increased by 11.0% to $198.8 million in 2014 compared to $179.1 million in 2013.
The increase was primarily due to higher commissions on business written through the U. K.  branch of the Bermuda office and higher contingent commissions.
Segment other underwriting expenses increased slightly to $34.9 million in 2014 compared to $34.7 million for the same period in 2013.

<table><tr><td></td><td>Years Ended December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Interest expense incurred</td><td>$-</td><td>$8,181</td><td>$20,454</td></tr></table>
<table><tr><td></td><td colspan="3">At December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Balance at beginning of year</td><td>$59,820</td><td>$59,512</td><td>$66,107</td></tr><tr><td>Liabilities assumed</td><td>315</td><td>250</td><td>103</td></tr><tr><td>Adjustments to reserves</td><td>2,310</td><td>4,724</td><td>-3,066</td></tr><tr><td>Benefits paid in the current year</td><td>-3,535</td><td>-4,667</td><td>-3,632</td></tr><tr><td>Balance at end of year</td><td>$58,910</td><td>$59,820</td><td>$59,512</td></tr><tr><td>(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="8">Years Ended December 31,</td><td></td></tr><tr><td>(Dollars in millions)</td><td>Current Year</td><td colspan="2">Ratio %/ Pt Change</td><td>Prior Years</td><td colspan="2">Ratio %/ Pt Change</td><td>Total Incurred</td><td colspan="2">Ratio %/ Pt Change</td></tr><tr><td>2015</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$499.4</td><td>60.7%</td><td></td><td>$-29.2</td><td>-3.6%</td><td></td><td>$470.2</td><td>57.1%</td><td></td></tr><tr><td>Catastrophes</td><td>-</td><td>0.0%</td><td></td><td>-13.8</td><td>-1.7%</td><td></td><td>-13.8</td><td>-1.7%</td><td></td></tr><tr><td>Total segment</td><td>$499.4</td><td>60.7%</td><td></td><td>$-43.0</td><td>-5.3%</td><td></td><td>$456.4</td><td>55.4%</td><td></td></tr><tr><td>2014</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$402.4</td><td>56.3%</td><td></td><td>$-41.2</td><td>-5.8%</td><td></td><td>$361.3</td><td>50.5%</td><td></td></tr><tr><td>Catastrophes</td><td>0.3</td><td>0.0%</td><td></td><td>0.2</td><td>0.0%</td><td></td><td>0.5</td><td>0.0%</td><td></td></tr><tr><td>Total segment</td><td>$402.7</td><td>56.3%</td><td></td><td>$-41.0</td><td>-5.8%</td><td></td><td>$361.8</td><td>50.5%</td><td></td></tr><tr><td>2013</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$408.1</td><td>55.3%</td><td></td><td>$-56.1</td><td>-7.6%</td><td></td><td>$352.0</td><td>47.7%</td><td></td></tr><tr><td>Catastrophes</td><td>35.5</td><td>4.8%</td><td></td><td>-13.1</td><td>-1.8%</td><td></td><td>22.4</td><td>3.0%</td><td></td></tr><tr><td>Total segment</td><td>$443.6</td><td>60.1%</td><td></td><td>$-69.2</td><td>-9.4%</td><td></td><td>$374.4</td><td>50.7%</td><td></td></tr><tr><td>Variance 2015/2014</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$97.0</td><td>4.4</td><td>pts</td><td>$12.0</td><td>2.2</td><td>pts</td><td>$109.0</td><td>6.6</td><td>pts</td></tr><tr><td>Catastrophes</td><td>-0.3</td><td>-</td><td>pts</td><td>-14.0</td><td>-1.7</td><td>pts</td><td>-14.3</td><td>-1.7</td><td>pts</td></tr><tr><td>Total segment</td><td>$96.7</td><td>4.4</td><td>pts</td><td>$-2.0</td><td>0.5</td><td>pts</td><td>$94.7</td><td>4.9</td><td>pts</td></tr><tr><td>Variance 2014/2013</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$-5.7</td><td>1.0</td><td>pts</td><td>$14.9</td><td>1.8</td><td>pts</td><td>$9.3</td><td>2.8</td><td>pts</td></tr><tr><td>Catastrophes</td><td>-35.2</td><td>-4.8</td><td>pts</td><td>13.3</td><td>1.8</td><td>pts</td><td>-21.9</td><td>-3.0</td><td>pts</td></tr><tr><td>Total segment</td><td>$-40.9</td><td>-3.8</td><td>pts</td><td>$28.2</td><td>3.6</td><td>pts</td><td>$-12.6</td><td>-0.2</td><td>pts</td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: what was the total reinsurance coverage secured in 2014 in thousands