XML 55 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Cash and Cash Equivalents

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

 

     Cash and cash equivalents  
     As of December 31, 2013     As of December 31, 2012  

Institution

    Cash      Money
Market Funds		      Total      % by
institution		     Cash      Money
Market Funds		      Total      % by
institution		  

U. S. Bank IT&C

    $ —         $ —         $ —           —        $ —         $ 40,463       $ 40,463         11.6 % 

SunTrust Bank

      931         3,550         4,481         3.8 %      773         1,055         1,828         0.5 % 

SunTrust Bank Escrow Services

      —           56,129         56,129         47.9 %      —           300,843         300,843         86.6 % 

Wells Fargo Bank N.A.

      3,631         —           3,631         3.1 %      1,991         3         1,994         0.6 % 

Deutsche Bank Securities, Inc.

      —           33,041         33,041         28.2 %      —           —           —           —     

State Street Bank and Trust Company

      —           19,993         19,993         17.0 %      —           —           —           —     

All Other Banking Institutions

      —           —           —           —          1,796         468         2,264         0.7 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 4,562       $ 112,713       $ 117,275         100.0 %    $ 4,560       $ 342,832       $ 347,392         100.0 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
Restricted Cash and Cash Equivalents

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

 

     Restricted cash and cash equivalents  
     As of December 31, 2013     As of December 31, 2012  

Institution

    State
Deposits		      % by
institution		     State
Deposits		      % by
institution		  

U. S. Bank IT&C

    $ 800         30.8 %    $ 800         2.4 % 

Florida Department of Financial Services

      1,800         69.2 %      32,209         97.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 2,600         100.0 %    $ 33,009         100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity

The following table presents current ratings from rating agencies and the unsecured amounts due from the Company’s reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the periods presented (in thousands):

 

     Current Ratings    As of  

Reinsurer

    AM Best
Company		    Standard and
Poor’s Rating		    Moody’s
Investors		    December 31,
2013		      December 31,
2012		  

Everest Reinsurance Company

    A+    A+    A1    $ 87,789       $ 44,392   

Florida Hurricane Catastrophe Fund

    n/a    n/a    n/a      33,593         31,970   

Odyssey Reinsurance Company

    A    A-    A3      142,190         192,096   
           

 

 

     

 

 

  

Total (1)

             $ 263,572       $ 268,458   
           

 

 

     

 

 

  

 

(1) Amounts represent prepaid reinsurance premiums, reinsurance receivables, and net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables. n/a—No rating available