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Insurance Operations (Tables) | 9 Months Ended
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Sep. 30, 2014
Insurance [Abstract] |
Beginning and Ending Balances and Changes in DPAC, Net of DRCC | The following table presents the beginning and ending balances and the changes in DPAC, net of DRCC, for the periods presented (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
DPAC, beginning of period | $ | 58,149 |  |  | $ | 59,033 |  |  | $ | 54,099 |  |  | $ | 54,431 |
Capitalized Costs |  | 27,579 |  |  |  | 26,382 |  |  |  | 84,354 |  |  |  | 85,315 |
Amortization of DPAC |  | (27,769 | ) |  |  | (27,888 | ) |  |  | (80,494 | ) |  |  | (82,219 | )
DPAC, end of period | $ | 57,959 |  |  | $ | 57,527 |  |  | $ | 57,959 |  |  | $ | 57,527 |
DRCC, beginning of period | $ | 30,072 |  |  | $ | 41,792 |  |  | $ | 38,200 |  |  | $ | 37,149 |
Ceding Commissions Written |  | 17,236 |  |  |  | 21,319 |  |  |  | 49,555 |  |  |  | 69,853 |
Earned Ceding Commissions |  | (17,181 | ) |  |  | (22,537 | ) |  |  | (57,628 | ) |  |  | (66,428 | )
DRCC, end of period | $ | 30,127 |  |  | $ | 40,574 |  |  | $ | 30,127 |  |  | $ | 40,574 |
DPAC (DRCC), net, beginning of period | $ | 28,077 |  |  | $ | 17,241 |  |  | $ | 15,899 |  |  | $ | 17,282 |
Capitalized Costs, net |  | 10,343 |  |  |  | 5,063 |  |  |  | 34,799 |  |  |  | 15,462 |
Amortization of DPAC (DRCC), net |  | (10,588 | ) |  |  | (5,351 | ) |  |  | (22,866 | ) |  |  | (15,791 | )
DPAC (DRCC), net, end of period | $ | 27,832 |  |  | $ | 16,953 |  |  | $ | 27,832 |  |  | $ | 16,953 |
Change in Liability for Unpaid Losses and LAE | Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Balance at beginning of period | $ | 144,625 |  |  | $ | 166,260 |  |  | $ | 159,222 |  |  | $ | 193,241 |
Less: Reinsurance recoverable |  | (58,705 | ) |  |  | (67,820 | ) |  |  | (68,584 | ) |  |  | (81,415 | )
Net balance at beginning of period |  | 85,920 |  |  |  | 98,440 |  |  |  | 90,638 |  |  |  | 111,826 |
Incurred (recovered) related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 32,637 |  |  |  | 28,665 |  |  |  | 87,825 |  |  |  | 81,995 |
Prior years |  | 1,544 |  |  |  | (330 | ) |  |  | 860 |  |  |  | (1,977 | )
Total incurred |  | 34,181 |  |  |  | 28,335 |  |  |  | 88,685 |  |  |  | 80,018 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 24,365 |  |  |  | 21,813 |  |  |  | 44,432 |  |  |  | 39,288 |
Prior years |  | 8,160 |  |  |  | 10,789 |  |  |  | 47,315 |  |  |  | 58,383 |
Total paid |  | 32,525 |  |  |  | 32,602 |  |  |  | 91,747 |  |  |  | 97,671 |
Net balance at end of period |  | 87,576 |  |  |  | 94,173 |  |  |  | 87,576 |  |  |  | 94,173 |
Plus: Reinsurance recoverable |  | 49,339 |  |  |  | 63,201 |  |  |  | 49,339 |  |  |  | 63,201 |
Balance at end of period | $ | 136,915 |  |  | $ | 157,374 |  |  | $ | 136,915 |  |  | $ | 157,374 |
The company has adjusted prior year reserves to reflect both positive and negative development trends. The company continues to see an increase in claim settlement rates as a result of ongoing claims department initiatives which were introduced in 2013. This has resulted in favorable development for the majority of claim segments, particularly for the most recent accident years, but is offset by unfavorable development in bringing closure to claims previously in a litigious environment.
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC | The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands):
| September 30, |  |  | December 31, |
| 2014 |  |  | 2013 |
Ten percent of total liabilities |  |  |  |  |  |  |
UPCIC | $ | 47,451 |  |  | $ | 39,179 |
APPCIC | $ | 678 |  |  | $ | 625 |
Statutory capital and surplus |  |  |  |  |  |  |
UPCIC | $ | 183,064 |  |  | $ | 161,803 |
APPCIC | $ | 13,528 |  |  | $ | 13,708 |
Assets Held by Insurance Regulators | The following table represents assets held by insurance regulators as of the dates presented (in thousands):
| September 30, |  |  | December 31, |
| 2014 |  |  | 2013 |
Restricted cash and cash equivalents | $ | 2,635 |  |  | $ | 2,600 |
Investments | $ | 3,678 |  |  | $ | 3,707 |

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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- Definition Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6486098&loc=d3e24708-158529 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6486098&loc=d3e24790-158529 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6486098&loc=d3e24746-158529 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.23(c)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6588579&loc=d3e24938-158530 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6588579&loc=d3e24959-158530 + Details
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- Definition Schedule of assets held by insurance regulators. + References No definition available. + Details
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