XML 65 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2012
Significant Accounting Policies [Abstract]  
Cash and cash equivalents and restricted cash and cash equivalents

The following table presents the amount of cash and cash equivalents and restricted cash and cash equivalents as of the periods presented (in thousands):

 

                                                                 
    As of June 30, 2012  
    Cash and cash equivalents     Restricted cash and cash equivalents  

Institution

   Cash     Money
Market Funds		     Total     % by
institution		     Funds
held in
Trust (1)		     State
Deposits (2)		     Total     % by
institution		  

U. S. Bank IT&C

   $ —       $ 40,475     $ 40,475       11.4 %    $ —       $ 800     $ 800       1.1 % 

SunTrust Bank

     1,106       —         1,106       0.3 %      —         —         —         —    

SunTrust Bank Escrow Services

     —         311,029       311,029       87.3 %      —         —         —         —    

Wells Fargo Bank N.A.

     1,520       3       1,523       0.4 %      —         —         —         —    

Bank of New York Mellon Trust Co. (1)

     —         —         —         —         19,979       —         19,979       26.9 % 

Florida Department of Financial Services

     —         —         —         —         —         53,495       53,495       72.0 % 

All Other Banking Institutions

     2,033       159       2,192       0.6 %      —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 4,659     $ 351,666     $ 356,325       100.0 %    $ 19,979     $ 54,295     $ 74,274       100.0 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

                                                                 
    As of December 31, 2011  
    Cash and cash equivalents     Restricted cash and cash equivalents  

Institution

   Cash     Money
Market Funds		     Total     % by
institution		     Funds
held in
Trust (1)		     State
Deposits (2)		     Total     % by
institution		  

U. S. Bank IT&C

   $ —       $ 40,474     $ 40,474       17.6 %    $ —       $ 800     $ 800       1.0 % 

SunTrust Bank

     1,629       —         1,629       0.7 %      —         —         —         —    

SunTrust Bank Escrow Services

     —         182,701       182,701       79.5 %      —         —         —         —    

Wells Fargo Bank N.A.

     1,244       14       1,258       0.5 %      —         —         —         —    

Bank of New York Mellon Trust Co. (1)

     —         —         —         —         30,220       —         30,220       38.6 % 

Florida Department of Financial Services

     —         —         —         —         —         47,292       47,292       60.4 % 

All Other Banking Institutions

     1,739       1,884       3,623       1.6 %      —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 4,612     $ 225,073     $ 229,685       100.0 %    $ 30,220     $ 48,092     $ 78,312       100.0 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Amounts held in trust include collateral contributed by UIH in connection with reinsurance contracts entered into between UPCIC and a segregated account owned and maintained by UIH.
(2) State deposits represent amounts held with regulatory agencies in the various states in which our Insurance Entities do business. Applicable laws and regulations govern not only the amount, but also the type of securities that are eligible for deposit. State deposits also include amounts that UPCIC has voluntarily placed on deposit in connection with the reinsurance contract between UPCIC and UIH.
Unsecured net amounts due from reinsurers whose aggregate balance exceeds 3% of the stockholders equity

The following table presents the unsecured net amounts due from the Company’s reinsurers whose aggregate balance exceeds 3% of the Company’s stockholders’ equity (in thousands):

 

                 
    As of  
    June 30,     December 31,  

Reinsurer

   2012     2011  

Everest Reinsurance Company

   $ 193,250     $ 264,997  

Florida Hurricane Catastrophe Fund

     —         30,422  

Odyssey Reinsurance Company

     42,084       —    
   

 

 

    

 

 

  

Total (1)

   $ 235,334     $ 295,419  
   

 

 

    

 

 

  

 

(1) Amounts represent prepaid reinsurance premiums, reinsurance receivables, and net recoverables for paid and unpaid losses, including incurred but not reported (“IBNR”) reserves, loss adjustment expenses, net of offsetting reinsurance payables.