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Insurance Operations (Tables)

9 Months Ended

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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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.

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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.

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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.

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