The following table shows the impact of the  Assured Transaction on our consolidated financial statements in  2012.  While Radian Asset Assurance and Radian Guaranty received a statutory capital benefit as a result of this transaction, under  GAAP, this transaction resulted in a realized loss, and therefore, a reduction in our retained earnings. Net Premiums Written and Earned. Net premiums written and earned for  2012 reflect the impact of the  Assured  Transaction, which resulted in a decrease of $1 19.8 million and $22.2 million in premiums written and earned, respectively . Net  premiums earned for 2012 were positively impacted by a higher amount of refundings than in  2011. Net premiums written and  earned for 2011 reflect a significant commutation of reinsurance exposure with one of our primary insurers, which reduced  premiums written and accelerated premiums earned. The following table shows net premiums earned by our financial guaranty segment’ s various product lines for the periods  indicated: Statement of Operations (In millions) Decrease in premiums written. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (119.8 ) Decrease in net premiums earned. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (22.2 ) Increase in change in fair value of derivative instruments—gain . . . . . . . . . . 1.4 Gain on sale of affiliate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 Increase in amortization of policy acquisition costs. . . . . . . . . . . . . . . . . . . . (15.7 ) Decrease in pre-tax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (28.8 ) Balance Sheet (In millions) Decrease in: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93.6 Deferred policy acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.2 Accounts and notes receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Derivative assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Unearned premiums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.6 Derivative liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Increase in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 Year Ended December 31, (In thousands) 2012 2011 2010 Net premiums earned: Public finance direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,727 $ 40,797 $ 54,734 Public finance reinsurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,434 25,942 25,297 Structured direct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,527 2,093 2,498 Structured reinsurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 3,434 3,544 Trade credit reinsurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 35 46 Total premiums earned—insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,861 72,301 86,119 Impact of commutations/recaptures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,264 ) 2,829 (17 ) Total net premiums earned—insurance. . . . . . . . . . . . . . . . . . . . . . $ 36,597 $ 75,130 $ 86,102 Refundings included in total net premiums earned . . . . . . . . . . . . . . . . . . . . . $ 33,985 $ 27,187 $ 35,782 129