Future Policy Benefit Reserves.
The Company wrote a limited amount of life and annuity reinsurance in its Bermuda segment.
Future policy benefit liabilities for annuities are reported at the accumulated fund balance of these contracts.
Reserves for those liabilities include mortality provisions with respect to life and annuity claims, both reported and unreported.
Actual experience in a particular period may be worse than assumed experience and, consequently, may adversely affect the Company’s operating results for that period.
See ITEM 8, “Financial Statements and Supplementary Data” - Note 1F of Notes to Consolidated Financial Statements.
Activity in the reserve for future policy benefits is summarized for the periods indicated:
## Table 0 ##
Investments.
The board of directors of each of the Company’s operating subsidiaries is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.
The Company’s principal investment objectives are to ensure funds are available to meet its insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high quality diversified investment portfolio.
Considering these objectives, the Company views its investment portfolio as having two components: 1) the investments needed to satisfy outstanding liabilities (its core fixed maturities portfolio) and 2) investments funded by the Company’s shareholders’ equity.
For the portion needed to satisfy global outstanding liabilities, the Company generally invests in taxable and tax-preferenced fixed income securities with an average credit quality of Aa3.
For the U. S.  portion of this portfolio, our mix of taxable and tax-preferenced investments is adjusted periodically, consistent with the Company’s current and projected U. S.  operating results, market conditions and our tax position.
This global fixed maturity securities portfolio is externally managed by an independent, professional investment manager using portfolio guidelines approved by the Company.
Over the past several years, the Company has expanded the allocation of its investments funded by shareholders’ equity to include: 1) a greater percentage of publicly traded equity securities, 2) emerging market fixed maturities through mutual fund structures, as well as individual holdings, 3) high yield fixed maturities, 4) bank loan securities and 5) private equity limited partnership investments.
The objective of this portfolio diversification is to enhance the risk-adjusted total return of the investment portfolio by allocating a prudent portion of the portfolio to higher return asset classes, which are also less subject to changes in value with movements in interest rates.
The Company limits its allocation to these asset classes because of 1) the potential for volatility in their values and 2) the impact of these investments on regulatory and rating agency capital adequacy models.
The Company uses investment managers experienced in these markets and adjusts its allocation to these investments based upon market conditions.
At December 31, 2012, the market value of investments in these investment market sectors, carried at both market and fair value, approximated 63% of shareholders’ equity.
The duration of an investment is based on the maturity of the security but also reflects the payment of interest and the possibility of early prepayments.
The Company’s fixed income investment guidelines include a general duration guideline.
This investment duration guideline is established and periodically revised by management, which considers economic and business factors, as well as the Company’s average duration of potential liabilities, which, at December 31, 2012, is estimated at approximately 3.5 years, based on the estimated payouts of underwriting liabilities using standard duration calculations.
Segment Expenses.
Commission and brokerage expenses increased by 7.0% to $350.6 million in 2012 compared to $327.8 million in 2011.
These variances were primarily due to the increase in premiums earned and the effect on commissions resulting from the non-renewal of a Florida quota share contract.
Segment other underwriting expenses increased to $44.8 million in 2012 from $39.3 million in 2011.
These increases were primarily due to higher share-based compensation and employee benefit plan expenses.
Commission and brokerage expenses decreased by 6.7% to $327.8 million in 2011 compared to $351.6 million in 2010, primarily due to the decline in premiums earned and a shift in the mix of business.
Segment other underwriting expenses in 2011 decreased slightly to $39.3 million from $42.5 million in 2010.  International.
The following table presents the underwriting results and ratios for the International segment for the periods indicated.
## Table 1 ##
Premiums.
Gross written premiums decreased by 3.7% to $1,192.3 million in 2012 compared to $1,238.4 million in 2011, primarily due to a shift in the mix of business towards excess of loss business, which generates a lower premium rate commensurate with lower loss exposure, a $25.0 million decline due to the impact of foreign exchange rate movement and a lower level of reinstatement premiums in 2012.
Net written premiums decreased by 2.4% to $1,188.7 million in 2012 compared to $1,218.6 million in 2011, principally as a result of the decrease in gross written premiums.
Premiums earned decreased 2.4% to $1,214.8 million 2012 compared to $1,244.5 million in 2011.
The change in premiums earned is comparable to the change in net written premiums.
Gross written premiums increased by 2.6% to $1,238.4 million in 2011 compared to $1,207.0 million in 2010, primarily due to the effects of foreign exchange.
Eliminating this effect, premiums were essentially flat.
Growth from increased rate levels, particularly in regions recently affected by catastrophe losses was offset by the termination of business that did not meet our current pricing targets.
Net written premiums increased by 1.6% to $1,218.6 million in 2011 compared to $1,199.6 million for the same period in 2010, principally as a result of the increase in gross written premiums.
Premiums earned increased 6.5% to $1,244.5 million in 2011 compared to $1,168.1 million for the same period in 2010.
The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.
The following table summarized the status of the Company’s non-vested performance share unit awards and changes for the period indicated:
## Table 2 ##
19.
SEGMENT REPORTING The U. S.  Reinsurance operation writes property and casualty reinsurance and specialty lines of business, including Marine, Aviation, Surety and Accident and Health (“A&H”) business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U. S.  The International operation writes non-U.
S.  property and casualty reinsurance through Everest Re’s branches in Canada and Singapore and through offices in Brazil, Miami and New Jersey.
The Bermuda operation provides reinsurance and insurance to worldwide property and casualty markets through brokers and directly with ceding companies from its Bermuda office and reinsurance to the United Kingdom and European markets through its UK branch and Ireland Re.
The Insurance operation writes property and casualty insurance directly and through general agents, brokers and surplus lines brokers within the U. S.  and Canada.
The Mt.
Logan Re segment represents business written for the segregated accounts of Mt.
Logan Re, which were formed on July 1, 2013.
The Mt.
Logan Re business represents a diversified set of catastrophe exposures, diversified by risk/peril and across different geographical regions globally.
These segments, with the exception of Mt.
Logan Re, are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.
Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results.
The Mt.
Logan Re segment is managed independently and seeks to write a diverse portfolio of catastrophe risks for each segregated account to achieve desired risk and return criteria.
Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses.
We measure our underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned.
Mt.
Logan Re’s business is sourced through operating subsidiaries of the Company; however, the activity is only reflected in the Mt.
Logan Re segment.
For other inter-affiliate reinsurance, business is generally reported within the segment in which the business was first produced, consistent with how the business is managed.
Except for Mt.
Logan Re, the Company does not maintain separate balance sheet data for its operating segments.
Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data.

<table><tr><td></td><td colspan="3">At December 31,</td></tr><tr><td>(Dollars in millions)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Balance at beginning of year</td><td>$67.2</td><td>$63.0</td><td>$64.5</td></tr><tr><td>Liabilities assumed</td><td>0.1</td><td>0.2</td><td>0.2</td></tr><tr><td>Adjustments to reserves</td><td>2.4</td><td>8.4</td><td>2.9</td></tr><tr><td>Benefits paid in the current year</td><td>-3.6</td><td>-4.4</td><td>-4.7</td></tr><tr><td>Balance at end of year</td><td>$66.1</td><td>$67.2</td><td>$63.0</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="3">Years Ended December 31,</td><td colspan="2">2012/2011</td><td colspan="2">2011/2010</td></tr><tr><td>(Dollars in millions)</td><td>2012</td><td>2011</td><td>2010</td><td>Variance</td><td>% Change</td><td>Variance</td><td>% Change</td></tr><tr><td>Gross written premiums</td><td>$1,192.3</td><td>$1,238.4</td><td>$1,207.0</td><td>$-46.1</td><td>-3.7%</td><td>$31.5</td><td>2.6%</td></tr><tr><td>Net written premiums</td><td>1,188.7</td><td>1,218.6</td><td>1,199.6</td><td>-29.8</td><td>-2.4%</td><td>19.0</td><td>1.6%</td></tr><tr><td>Premiums earned</td><td>$1,214.8</td><td>$1,244.5</td><td>$1,168.1</td><td>$-29.7</td><td>-2.4%</td><td>$76.4</td><td>6.5%</td></tr><tr><td>Incurred losses and LAE</td><td>586.3</td><td>1,372.3</td><td>1,050.1</td><td>-786.0</td><td>-57.3%</td><td>322.2</td><td>30.7%</td></tr><tr><td>Commission and brokerage</td><td>300.1</td><td>311.0</td><td>288.4</td><td>-10.9</td><td>-3.5%</td><td>22.6</td><td>7.8%</td></tr><tr><td>Other underwriting expenses</td><td>29.3</td><td>27.3</td><td>27.6</td><td>2.0</td><td>7.3%</td><td>-0.3</td><td>-1.2%</td></tr><tr><td>Underwriting gain (loss)</td><td>$299.1</td><td>$-466.1</td><td>$-198.0</td><td>$765.2</td><td>-164.2%</td><td>$-268.1</td><td>135.4%</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Point Chg</td><td></td><td>Point Chg</td></tr><tr><td>Loss ratio</td><td>48.3%</td><td>110.3%</td><td>89.9%</td><td></td><td>-62.0</td><td></td><td>20.4</td></tr><tr><td>Commission and brokerage ratio</td><td>24.7%</td><td>25.0%</td><td>24.7%</td><td></td><td>-0.3</td><td></td><td>0.3</td></tr><tr><td>Other underwriting expense ratio</td><td>2.4%</td><td>2.2%</td><td>2.4%</td><td></td><td>0.2</td><td></td><td>-0.2</td></tr><tr><td>Combined ratio</td><td>75.4%</td><td>137.5%</td><td>117.0%</td><td></td><td>-62.1</td><td></td><td>20.5</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></tr></table>
<table><tr><td></td><td>Year Ended December 31, 2015</td></tr><tr><td>Performance Share Unit Awards</td><td>Shares</td><td>Weighted- Average Grant Date Fair Value</td></tr><tr><td>Outstanding at January 1,</td><td>-</td><td>$-</td></tr><tr><td>Granted</td><td>10,705</td><td>178.84</td></tr><tr><td>Vested</td><td>-</td><td>-</td></tr><tr><td>Forfeited</td><td>-</td><td>-</td></tr><tr><td>Outstanding at December 31,</td><td>10,705</td><td>178.84</td></tr></table>

Question: When does Gross written premiums for Years Ended December 31, reach the largest value?