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Insurance Operations (Tables) | 6 Months Ended
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Jun. 30, 2012
Reinsurance/Insurance Operations [Abstract] |
Beginning and ending balances and the changes in DPAC, net of DRCC |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
DPAC, beginning of period (1) |  | $ | 51,872 |  |  | $ | 51,860 |  |  | $ | 50,200 |  |  | $ | 50,128 |
Capitalized costs |  |  | 29,536 |  |  |  | 30,507 |  |  |  | 55,680 |  |  |  | 56,792 |
Amortization of DPAC |  |  | (24,486 | ) |  |  | (23,238 | ) |  |  | (48,958 | ) |  |  | (47,791 | )
DPAC, end of period |  | $ | 56,922 |  |  | $ | 59,129 |  |  | $ | 56,922 |  |  | $ | 59,129 |
DRCC, beginning of period (1) |  | $ | 40,074 |  |  | $ | 41,721 |  |  | $ | 38,845 |  |  | $ | 40,682 |
Ceding commissions written |  |  | 21,286 |  |  |  | 26,457 |  |  |  | 44,775 |  |  |  | 47,888 |
Earned ceding commissions |  |  | (22,182 | ) |  |  | (21,075 | ) |  |  | (44,442 | ) |  |  | (41,467 | )
DRCC, end of period |  | $ | 39,178 |  |  | $ | 47,103 |  |  | $ | 39,178 |  |  | $ | 47,103 |
DPAC (DRCC), net, beginning of period (1) |  | $ | 11,798 |  |  | $ | 10,139 |  |  | $ | 11,355 |  |  | $ | 9,446 |
Capitalized costs, net |  |  | 8,250 |  |  |  | 4,050 |  |  |  | 10,905 |  |  |  | 8,904 |
Amortization of DPAC (DRCC), net |  |  | (2,304 | ) |  |  | (2,163 | ) |  |  | (4,516 | ) |  |  | (6,324 | )
DPAC (DRCC), net, end of period |  | $ | 17,744 |  |  | $ | 12,026 |  |  | $ | 17,744 |  |  | $ | 12,026 |
(1) | The beginning balances for the six months ended June 30, 2012 have been adjusted in connection with the adoption of the FASB’s updated guidance related to deferred acquisition costs as discussed below.
Change in liability for unpaid losses and LAE | Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Balance at beginning of period |  | $ | 172,300 |  |  | $ | 158,249 |  |  | $ | 187,215 |  |  | $ | 158,928 |
Less reinsurance recoverable |  |  | 79,285 |  |  |  | 78,611 |  |  |  | 88,002 |  |  |  | 79,114 |
Net balance at beginning of period |  |  | 93,015 |  |  |  | 79,638 |  |  |  | 99,213 |  |  |  | 79,814 |
Incurred related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 29,362 |  |  |  | 25,587 |  |  |  | 55,711 |  |  |  | 51,923 |
Prior years |  |  | 75 |  |  |  | 265 |  |  |  | (100 | ) |  |  | 114 |
Total incurred |  |  | 29,437 |  |  |  | 25,852 |  |  |  | 55,611 |  |  |  | 52,037 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 14,382 |  |  |  | 12,817 |  |  |  | 15,335 |  |  |  | 14,875 |
Prior years |  |  | 16,614 |  |  |  | 13,606 |  |  |  | 48,033 |  |  |  | 37,909 |
Total paid |  |  | 30,996 |  |  |  | 26,423 |  |  |  | 63,368 |  |  |  | 52,784 |
Net balance at end of period |  |  | 91,456 |  |  |  | 79,068 |  |  |  | 91,456 |  |  |  | 79,068 |
Plus reinsurance recoverables |  |  | 73,169 |  |  |  | 76,307 |  |  |  | 73,169 |  |  |  | 76,307 |
Balance at end of period |  | $ | 164,625 |  |  | $ | 155,375 |  |  | $ | 164,625 |  |  | $ | 155,375 |
Statutory capital and surplus, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC |
|  | As of |  |  | As of |
|  | June 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
Ten percent of total liabilities |  |  |  |  |  |  |  |
UPCIC |  | $ | 60,300 |  |  | $ | 37,063 |
APPCIC |  | $ | 461 |  |  | $ | 97 |
Statutory capital and surplus |  |  |  |  |  |  |  |
UPCIC |  | $ | 135,337 |  |  | $ | 122,956 |
APPCIC |  | $ | 9,331 |  |  | $ | 9,378 |

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