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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2014
Insurance [Abstract] |
Summary of Quota-Share Cession Rates by Reinsurance Program | The following table presents quota-share cession rates by reinsurance program and the years they were in effect:
Reinsurance Program |  | Cession Rate |
June 2011 - May 2012 |  |  | 50% |
June 2012 - May 2013 |  |  | 45% |
June 2013 - May 2014 |  |  | 45% |
June 2014 - May 2015 |  |  | 30% |
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 December 31, 2014 |  |  |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  | Due from as of |
|  | AM Best |  | Rating |  | Investors |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2014 |  |  | 2013 |
Everest Reinsurance Company |  | A+ |  | A+ |  | A1 |  | $ | 16,780 |  |  | $ | 87,789 |
Florida Hurricane Catastrophe Fund |  | n/a |  | n/a |  | n/a |  |  | 31,870 |  |  |  | 33,593 |
Odyssey Reinsurance Company |  | A |  | A- |  | A3 |  |  | 136,339 |  |  |  | 142,190 |
Total (1) |  |  |  |  |  |  |  | $ | 184,989 |  |  | $ | 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 Consolidated Statements of Income for the periods presented (in thousands):
|  | For the year ended December 31, 2014 |
|  |  |  |  |  |  |  |  |  | Losses and Loss |
|  | Premiums |  |  | Premiums |  |  | Adjustment |
|  | Written |  |  | Earned |  |  | Expenses |
Direct |  | $ | 789,577 |  |  | $ | 777,317 |  |  | $ | 199,181 |
Ceded |  |  | (399,730 | ) |  |  | (450,440 | ) |  |  | (75,906 | )
Net |  | $ | 389,847 |  |  | $ | 326,877 |  |  | $ | 123,275 |
|  | For the year ended December 31, 2013 |
|  |  |  |  |  |  |  |  |  | Losses and Loss |
|  | Premiums |  |  | Premiums |  |  | Adjustment |
|  | Written |  |  | Earned |  |  | Expenses |
Direct |  | $ | 783,894 |  |  | $ | 788,477 |  |  | $ | 216,852 |
Ceded |  |  | (522,116 | ) |  |  | (520,822 | ) |  |  | (108,237 | )
Net |  | $ | 261,778 |  |  | $ | 267,655 |  |  | $ | 108,615 |
|  | For the year ended December 31, 2012 |
|  |  |  |  |  |  |  |  |  | Losses and Loss |
|  | Premiums |  |  | Premiums |  |  | Adjustment |
|  | Written |  |  | Earned |  |  | Expenses |
Direct |  | $ | 780,128 |  |  | $ | 751,899 |  |  | $ | 249,064 |
Ceded |  |  | (517,604 | ) |  |  | (520,779 | ) |  |  | (122,877 | )
Net |  | $ | 262,524 |  |  | $ | 231,120 |  |  | $ | 126,187 |
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable | The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Consolidated Balance Sheets as of the dates presented (in thousands):
|  | As of December 31, |
|  | 2014 |  |  | 2013 |
Prepaid reinsurance premiums |  | $ | 190,505 |  |  | $ | 241,214 |
Reinsurance recoverable on unpaid losses and LAE |  | $ | 47,350 |  |  | $ | 68,584 |
Reinsurance recoverable on paid losses |  |  | 7,837 |  |  |  | 39,263 |
Reinsurance receivable, net |  |  | 7,468 |  |  |  | 203 |
Reinsurance recoverable and receivable |  | $ | 62,655 |  |  | $ | 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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