Gross premiums written for 2017 totaled $504.7 million, an increase of $101.7 million (25.2%) from 2016. Net premiums earned totaled $328.1 million for 2017 compared to $276.0 million for 2016, an increase of $52.1 million (18.9%). The increase in net premiums earned was primarily due to an increase of $60.8 million in net premiums earned related to commercial automobile products and $3.7 million higher net premiums earned related to workers' compensation products, which were consistent with the Company's growth strategy. These increases were partially offset by $8.1 million of lower premiums generated by reinsurance products, reflective of management's decision to completely withdraw from the property catastrophe reinsurance market, and a decrease of $3.9 million in premiums earned from personal automobile products. The difference in the percentage change for premiums written compared to earned is reflective of the normal differences in the financial statement recognition of earned premiums compared to written, as well as differences in reinsurance ceding rates on the mix of business in-force.
For the Company's fleet transportation risks, which are covered by regularly changing reinsurance agreements and which contain wide-ranging self-insured retentions ("SIR"), traditional actuarial methods are supplemented by other methods, as described below, in consideration of the Company's exposures to loss. In situations where the Company's reinsurance structure, the insured's SIR selections, policy volume, and other factors are changing, current accident period loss exposures may not be homogenous enough with historical loss data to allow for reliable projection of future developed losses. Therefore, the Company supplements the above-described actuarial methods with loss ratio reserving techniques developed from the Company's extensive, proprietary databases to arrive at the reserve for IBNR losses for the calendar/accident period under review. As losses for a given calendar/accident period develop with the passage of time, management evaluates such development on a monthly and quarterly basis and adjusts reserve factors, as necessary, to reflect current judgment with regard to the anticipated ultimate incurred losses. This process continues until all losses are settled for each period subject to this method.
The Company's limited partnerships include one investment which primarily invests in public and private equity markets in India. This limited partnership investment's value as of December 31, 2017 and 2016 was $29,817 and $27,153, respectively. At December 31, 2017, the Company's estimated ownership interest in this limited partnership investment was approximately 5%. The Company's share of income (losses), from both realized and unrealized appreciation (losses) from this limited partnership investment was $7,665, ($1,117) and ($1,599) in 2017, 2016 and 2015, respectively. The summarized financial information of this limited partnership investment as of and for the years ended December 31 is as follows:
For the year ended December 31, 2017, the Company paid $1,880 to repurchase 84,960 shares of Class B common stock at an average share price of $22.12 under the Plan.
Compensation expense related to the above stock grants is recognized over the period in which the directors render the services.