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Losses and Loss Adjustment Expenses | 6 Months Ended
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Jun. 30, 2013
Insurance [Abstract] |
Losses and Loss Adjustment Expenses | Note 8 — Losses and Loss Adjustment Expenses The liability for losses and loss adjustment expenses is determined on an individual case basis for all claims reported. The liability also includes amounts for unallocated expenses, anticipated future claim development and losses incurred, but not reported. Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Balance, beginning of period |  | $ | 41,751 |  |  |  | 33,476 |  |  |  | 41,168 |  |  |  | 27,424 |
Incurred related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period |  |  | 18,431 |  |  |  | 15,995 |  |  |  | 35,362 |  |  |  | 34,401 |
Prior period |  |  | (1,017 | ) |  |  | 202 |  |  |  | (2,076 | ) |  |  | 964 |
Total incurred |  |  | 17,414 |  |  |  | 16,197 |  |  |  | 33,286 |  |  |  | 35,365 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period |  |  | (9,520 | ) |  |  | (8,691 | ) |  |  | (13,252 | ) |  |  | (13,082 | )
Prior period |  |  | (4,896 | ) |  |  | (3,669 | ) |  |  | (16,453 | ) |  |  | (12,394 | )
Total paid |  |  | (14,416 | ) |  |  | (12,360 | ) |  |  | (29,705 | ) |  |  | (25,476 | )
Balance, end of period |  | $ | 44,749 |  |  |  | 37,313 |  |  |  | 44,749 |  |  |  | 37,313 |
The establishment of loss reserves is an inherently uncertain process and changes in loss reserve estimates are expected as such estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made. During the three and six months ended June 30, 2013, the Company experienced favorable development of $1,017 and $2,076, respectively, with respect to its net unpaid losses and loss adjustment expenses established as of March 31, 2013 and December 31, 2012. Factors attributable to this favorable development include a lower severity of claims, reduced frequency of claims, and actual case development being more favorable than originally anticipated. The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s monthly or quarterly results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14754-158437 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.13(a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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