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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2014 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |  |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | September 30, |  |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2014 |  |  | 2013 |
Everest Reinsurance Company |  | A+ |  | A+ |  | A1 |  | $ | 23,332 |  |  | $ | 87,789 |
Florida Hurricane Catastrophe Fund |  | n/a |  | n/a |  | n/a |  |  | — |  |  |  | 33,593 |
Odyssey Reinsurance Company |  | A |  | A- |  | A3 |  |  | 151,762 |  |  |  | 142,190 |
Total (1) |  |  |  |  |  |  |  | $ | 175,094 |  |  | $ | 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.
n/a | No rating available, because entity is not rated.
Summary of Effects of 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 September 30, |
| 2014 |  |  | 2013 |
|  |  |  |  |  |  |  |  | Loss and Loss |  |  |  |  |  |  |  |  |  |  | Loss and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 195,435 |  |  | $ | 196,269 |  |  | $ | 48,341 |  |  | $ | 186,079 |  |  | $ | 199,323 |  |  | $ | 53,600 |
Ceded |  | (103,492 | ) |  |  | (101,981 | ) |  |  | (14,160 | ) |  |  | (124,961 | ) |  |  | (130,396 | ) |  |  | (25,265 | )
Net | $ | 91,943 |  |  | $ | 94,288 |  |  | $ | 34,181 |  |  | $ | 61,118 |  |  | $ | 68,927 |  |  | $ | 28,335 |
| Nine Months Ended September 30, |
| 2014 |  |  | 2013 |
|  |  |  |  |  |  |  |  | Loss and Loss |  |  |  |  |  |  |  |  |  |  | Loss and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 607,361 |  |  | $ | 578,974 |  |  | $ | 146,033 |  |  | $ | 610,164 |  |  | $ | 590,792 |  |  | $ | 154,547 |
Ceded |  | (301,624 | ) |  |  | (347,517 | ) |  |  | (57,348 | ) |  |  | (400,175 | ) |  |  | (389,590 | ) |  |  | (74,529 | )
Net | $ | 305,737 |  |  | $ | 231,457 |  |  | $ | 88,685 |  |  | $ | 209,989 |  |  | $ | 201,202 |  |  | $ | 80,018 |
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):
| September 30, |  |  | December 31, |
| 2014 |  |  | 2013 |
Prepaid reinsurance premiums | $ | 195,322 |  |  | $ | 241,214 |
Reinsurance recoverable on unpaid losses and LAE | $ | 49,339 |  |  | $ | 68,584 |
Reinsurance recoverable on paid losses |  | 6,902 |  |  |  | 39,263 |
Reinsurance receivable, net |  | 12,535 |  |  |  | 203 |
Reinsurance recoverable and receivable | $ | 68,776 |  |  | $ | 108,050 |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
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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=35750535&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=35750535&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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