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Insurance Company WNFIC | 9 Months Ended
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Sep. 30, 2020
Reinsurance Disclosures [Abstract] |
Insurance Company WNFIC | NOTE 14 Insurance Company WNFIC Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“WNFIC”) remains primarily liable to its policyholders for the full amount of the policies written whether or not the reinsurers meet their obligations to the Company when they become due. The effects of reinsurance on premiums written and earned are as follows:
|  | For the nine months ended September 30, 2020 |
(in thousands) |  | Written |  |  | Earned |
Direct premiums |  | $ | 565,147 |  |  | $ | 533,553 |
Ceded premiums |  |  | (565,135 | ) |  |  | (533,541 | )
Net premiums |  | $ | 12 |  |  | $ | 12 |
All premiums written by WNFIC under the National Flood Insurance Program are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 30.1% expense allowance from January 1, 2020 through September 30, 2020. For the period from January 1, 2020 through September 30, 2020, the Company ceded $563.5 million of written premiums. As of September 30, 2020 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $107.5 million and prepaid reinsurance premiums of $397.6 million. There was no net activity in the reserve for losses and loss adjustment expense during the period January 1, 2020 through September 30, 2020, as WNFIC’s direct premiums written were 100% to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, as of September 30, 2020 was $107.5 million. WNFIC maintains capital in excess of the minimum statutory amount of $7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $31.9 million at September 30, 2020 and $29.6 million as of December 31, 2019. For the period from January 1, 2020 through September 30, 2020, WNFIC generated statutory net income of $0.7 million. For the period from January 1, 2019 through December 31, 2019, WNFIC generated statutory net income of $8.1 million. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10% of statutory adjusted capital and surplus of 100% of adjusted net income. There was no dividend payout in 2019 and the maximum dividend payout that may be made in 2020 without prior approval is $8.1 million.

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