The following table sets forth certain of our selected financial data as of and for the years ended December 31, 2014, 2013, 2012, 2011 and 2010. Our data as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 were derived from our consolidated financial statements beginning on page of this Form 10-K. Our data as of December 31, 2012, 2011 and 2010 and for the years ended December 31, 2011 and 2010 were derived from our audited consolidated financial statements not included in this Form 10-K. The selected financial data should be read in conjunction with our consolidated financial statements as of December 31, 2014 and 2013 and for each of the years in the three-year period ended December 31, 2014 beginning on page of this Form 10-K, and the related "Management's Discussion and Analysis of Financial Condition and Results of Operations" beginning on page 40 of this Form 10-K.
Terms and conditions in certain classes of reinsurance have been relaxed in favor of the buyers of reinsurance. This may be expected to reduce the potential profitability of the business assumed by reinsurance companies. The alteration to and broadening of terms and conditions also potentially alters the behavior of ceding companies as they can write underlying business that may have been previously unprofitable.
In the Finite Risk segment, we expect only minor activity for 2015, reflecting a continued lack of demand for finite risk covers, and we will continue focusing our efforts on our other lines of business.
During 2014, 2013, and 2012, approximately $126.2 million, $165.1 million and $151.9 million, respectively, of the net favorable loss development was attributable to lower reported loss experience than we expected. In addition, in the fourth quarter of 2012 we began reflecting favorable variances in reported losses in our selection of ultimate loss ratios at an earlier point in the loss development timeline than we had previously. This earlier recognition accounted for $57.6 million of the net favorable loss development for the year ended December 31, 2012. Conditions and trends that have affected development of reserves in the past may not necessarily occur in the future. The factors that may result in differences between our current estimates of loss liability and our ultimate loss liability are set forth above under "Uncertainty of Estimates" in this Form 10-K.
As another example of key assumption sensitivity, if we shortened the estimated loss development patterns related to North American casualty excess-of-loss classes by 5%, we would decrease the IBNR for these classes by $85.1 million, which represents approximately 10% of unpaid losses and LAE for these classes as of December 31, 2014. If we shortened the estimated loss development patterns by 10%, we would decrease the IBNR for these classes by $147.3 million, which represents approximately 17% of unpaid losses and LAE for these classes as of December 31, 2014.
For further discussion on fair values of investments see "Financial Condition - Liquidity - Sources of Liquidity" in this Form 10-K.
2014 versus 2013: Net underwriting income was $155.0 million and $206.7 million for the years ended December 31, 2014 and 2013, respectively. The decrease in the net underwriting income was primarily due to a decrease in net favorable development, partially offset by a decrease in net losses from current year major catastrophes for the year ended December 31, 2014 as compared with the year ended December 31, 2013. We also had an increase in losses from the North American catastrophe excess-of-loss (non-major events) class and an underwriting loss in our North American crop class as compared with underwriting income in our North American crop class in the same period in 2013.
2014 versus 2013: The Property and Marine segment underwriting income decreased by $47.6 million for the year ended December 31, 2014 as compared with the year ended December 31, 2013, primarily due to a decrease in net favorable development, partially offset by a decrease in net losses from current year major catastrophes. We also had an increase in losses from North American catastrophe excess-of-loss (non-major events) class and an underwriting loss in our North American crop class as compared with underwriting income in our North American crop class in the same period in 2013.
Net premiums earned decreased by $31.6 million for the year ended December 31, 2013 as compared with 2012, primarily as a result of decreases in net premiums written in current and prior periods. Net premiums written and earned were also impacted by changes in the mix of business and the structure of the underlying reinsurance contracts.
Net premiums earned were also reflected increases to prior years' premium of $4.6 million and $2.1 million for the years ended December 31, 2013 and 2012, respectively. Excluding the impact of increases to prior years' premium, net premiums earned increased by $12.2 million.
2014 versus 2013: The Finite Risk segment net losses, LAE and acquisition expenses decreased by $5.0 million for the year ended December 31, 2014 as compared with the year ended December 31, 2013, primarily due to a decrease in net premiums earned. Net favorable development was $0.6 million and $1.8 million for the years ended December 31, 2014 and 2013, respectively. The net favorable development decreased the net loss and LAE and acquisition expense ratio by 2.0 points and 5.3 points for years ended December 31, 2014 and 2013, respectively.
2014 versus 2013: Other income (expense) related primarily to changes in the fair value on our reinsurance deposit assets resulting in income of $3.6 million for both the years ended December 31, 2014 and 2013.
Net cash provided by investing activities in 2014, 2013 and 2012 was primarily due to proceeds from sales, maturities and paydowns of fixed maturity available-for-sale securities and short-term investments, partially offset by the acquisition of fixed maturity available-for-sale securities and short-term investments.
For 2015, Platinum Bermuda is generally restricted from declaring and paying dividends of more than 25% of its statutory capital and surplus as of December 31, 2014 unless an affidavit is filed with the Bermuda Monetary Authority stating it will continue to meet its capital and liquidity requirements. During 2015, the maximum amount available for the payment of dividends by Platinum Bermuda without filing an affidavit is $245.3 million. On January 14, 2015, Platinum Bermuda paid a dividend of $240.0 million to Platinum Holdings.
We monitor our capital adequacy on a regular basis and seek to adjust our capital according to the needs of our business. In particular, we require capital sufficient to meet or exceed: (1) the capital adequacy ratios established by rating agencies for maintenance of appropriate financial strength ratings, (2) the statutory equity requirements established by our ceding companies, (3) the capital adequacy tests performed by regulatory authorities and (4) the capital requirements under our credit facilities.
Our Board of Directors has also authorized the repurchase of up to $250.0 million of our outstanding Series B 7.5% Notes due June 1, 2017, issued by Platinum Finance in open market purchases, privately negotiated transactions or otherwise. As of December 31, 2014, we had not repurchased any of our Series B 7.5% Notes.