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Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2014
Insurance [Abstract] |
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity | The following table presents 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 dates presented (in thousands):
|  | Ratings as of March 31, 2014 |  |  | Due from as of |
Reinsurer |  | AM Best Company |  |  | Standard and Poor’s Rating Services |  |  | Moody’s Investors Service, Inc. |  |  | March 31, 2014 |  |  | December 31, 2013 |
Everest Reinsurance Company |  |  | A+ |  |  |  | A+ |  |  |  | A1 |  |  | $ | 79,920 |  |  | $ | 87,789 |
Florida Hurricane Catastrophe Fund |  |  | n/a |  |  |  | n/a |  |  |  | n/a |  |  |  | 13,480 |  |  |  | 33,593 |
Odyssey Reinsurance Company |  |  | A |  |  |  | A- |  |  |  | A3 |  |  |  | 138,013 |  |  |  | 142,190 |
Total (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 231,413 |  |  | $ | 263,572 |
(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.
Reinsurance Arrangements | The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands):
|  | Three Months Ended March 31, 2014 |
|  | Premiums Written |  |  | Premiums Earned |  |  | Loss and Loss Adjustment Expenses |
Direct |  | $ | 191,917 |  |  | $ | 190,644 |  |  | $ | 50,722 |
Ceded |  |  | (121,649 | ) |  |  | (126,837 | ) |  |  | (23,897 | )
Net |  | $ | 70,268 |  |  | $ | 63,807 |  |  | $ | 26,825 |
|  | Three Months Ended March 31, 2013 |
|  | Premiums Written |  |  | Premiums Earned |  |  | Loss and Loss Adjustment Expenses |
Direct |  | $ | 204,139 |  |  | $ | 194,168 |  |  | $ | 50,596 |
Ceded |  |  | (141,317 | ) |  |  | (128,759 | ) |  |  | (24,113 | )
Net |  | $ | 62,822 |  |  | $ | 65,409 |  |  | $ | 26,483 |
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable | The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):
|  | As of March 31, 2014 |  |  | As of December 31, 2013 |
Prepaid reinsurance premiums |  | $ | 236,026 |  |  | $ | 241,214 |
Reinsurance recoverable on unpaid losses and LAE |  | $ | 64,109 |  |  | $ | 68,584 |
Reinsurance recoverable on paid losses |  |  | 11,988 |  |  |  | 39,263 |
Reinsurance receivable, net |  |  | 7,004 |  |  |  | 203 |
Reinsurance recoverable and receivable |  | $ | 83,101 |  |  | $ | 108,050 |

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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28088331&loc=SL29635902-196195 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13531-108611 + Details
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- Definition Tabular disclosure of prepaid reinsurance premiums and reinsurance recoverables. + References No definition available. + Details
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- Definition Tabular disclosure of reinsurance arrangements. + References No definition available. + Details
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