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Insurance Operations (Tables) | 9 Months Ended
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Sep. 30, 2012
Reinsurance/Insurance Operations [Abstract] |
Composition of Insurance Entities' aggregate policies-in-force |
|  | September 30, 2012 |  |  | December 31, 2011 |
Percentage of Policies-In-Force: |  |  |  |  |  |  |  |
In Florida |  |  | 96 | % |  |  | 98 | %
With wind coverage |  |  | 98 | % |  |  | 98 | %
With wind coverage in South Florida (1) |  |  | 29 | % |  |  | 32 | %
(1) | South Florida is comprised of Miami-Dade, Broward and Palm Beach counties.
Beginning and ending balances and the changes in DPAC, net of DRCC |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
DPAC, beginning of period (1) |  | $ | 56,922 |  |  | $ | 59,129 |  |  | $ | 50,200 |  |  | $ | 50,128 |
Capitalized costs |  |  | 26,849 |  |  |  | 30,759 |  |  |  | 82,529 |  |  |  | 87,551 |
Amortization of DPAC |  |  | (26,606 | ) |  |  | (30,332 | ) |  |  | (75,564 | ) |  |  | (78,123 | )
DPAC, end of period |  | $ | 57,165 |  |  | $ | 59,556 |  |  | $ | 57,165 |  |  | $ | 59,556 |
DRCC, beginning of period (1) |  | $ | 39,178 |  |  | $ | 47,103 |  |  | $ | 38,845 |  |  | $ | 40,682 |
Ceding commissions written |  |  | 21,082 |  |  |  | 21,220 |  |  |  | 65,857 |  |  |  | 69,109 |
Earned ceding commissions |  |  | (21,114 | ) |  |  | (21,780 | ) |  |  | (65,556 | ) |  |  | (63,248 | )
DRCC, end of period |  | $ | 39,146 |  |  | $ | 46,543 |  |  | $ | 39,146 |  |  | $ | 46,543 |
DPAC (DRCC), net, beginning of period (1) |  | $ | 17,744 |  |  | $ | 12,026 |  |  | $ | 11,355 |  |  | $ | 9,446 |
Capitalized costs, net |  |  | 5,767 |  |  |  | 9,539 |  |  |  | 16,672 |  |  |  | 18,442 |
Amortization of DPAC (DRCC), net |  |  | (5,492 | ) |  |  | (8,552 | ) |  |  | (10,008 | ) |  |  | (14,875 | )
DPAC (DRCC), net, end of period |  | $ | 18,019 |  |  | $ | 13,013 |  |  | $ | 18,019 |  |  | $ | 13,013 |
(1) | The beginning balances for the nine months ended September 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 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Balance at beginning of period |  | $ | 164,625 |  |  | $ | 155,375 |  |  | $ | 187,215 |  |  | $ | 158,929 |
Less reinsurance recoverable |  |  | 73,169 |  |  |  | 76,307 |  |  |  | 88,002 |  |  |  | 79,114 |
Net balance at beginning of period |  |  | 91,456 |  |  |  | 79,068 |  |  |  | 99,213 |  |  |  | 79,815 |
Incurred related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 27,409 |  |  |  | 24,975 |  |  |  | 83,120 |  |  |  | 76,897 |
Prior years |  |  | 8,891 |  |  |  | 4,368 |  |  |  | 8,791 |  |  |  | 4,483 |
Total incurred |  |  | 36,300 |  |  |  | 29,343 |  |  |  | 91,911 |  |  |  | 81,380 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 18,808 |  |  |  | 15,244 |  |  |  | 34,143 |  |  |  | 30,119 |
Prior years |  |  | 10,434 |  |  |  | 9,587 |  |  |  | 58,467 |  |  |  | 47,496 |
Total paid |  |  | 29,242 |  |  |  | 24,831 |  |  |  | 92,610 |  |  |  | 77,615 |
Net balance at end of period |  |  | 98,514 |  |  |  | 83,580 |  |  |  | 98,514 |  |  |  | 83,580 |
Plus reinsurance recoverables |  |  | 74,160 |  |  |  | 79,374 |  |  |  | 74,160 |  |  |  | 79,374 |
Balance at end of period |  | $ | 172,674 |  |  | $ | 162,954 |  |  | $ | 172,674 |  |  | $ | 162,954 |
Statutory capital and surplus, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC |
|  | As of September 30, 2012 |  |  | As of December 31, 2011 |
Ten percent of total liabilities |  |  |  |  |  |  |  |
UPCIC |  | $ | 45,312 |  |  | $ | 37,063 |
APPCIC |  | $ | 688 |  |  | $ | 97 |
Statutory capital and surplus |  |  |  |  |  |  |  |
UPCIC |  | $ | 125,676 |  |  | $ | 122,956 |
APPCIC |  | $ | 9,053 |  |  | $ | 9,378 |
Assets held by insurance regulators |
|  | As of September 30, 2012 |  |  | As of December 31, 2011 |
Restricted cash and cash equivalents |  | $ | 54,295 |  |  | $ | 48,092 |
Investments |  | $ | 4,008 |  |  | $ | 3,801 |

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