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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2015
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, 2015 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |  |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | September 30, |  |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2015 |  |  | 2014 |
Everest Reinsurance Company |  | A+ |  | A+ |  | A1 |  | $ | — |  |  | $ | 16,780 |
Florida Hurricane Catastrophe Fund |  | n/a |  | n/a |  | n/a |  |  | — |  |  |  | 31,870 |
Odyssey Reinsurance Company |  | A |  | A- |  | A3 |  |  | 30,213 |  |  |  | 136,339 |
Total (1) |  |  |  |  |  |  |  | $ | 30,213 |  |  | $ | 184,989 |
(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, |
| 2015 |  |  | 2014 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 222,572 |  |  | $ | 214,802 |  |  | $ | 53,560 |  |  | $ | 195,435 |  |  | $ | 196,269 |  |  | $ | 48,341 |
Ceded |  | (71,150 | ) |  |  | (68,649 | ) |  |  | 294 |  |  |  | (103,492 | ) |  |  | (101,981 | ) |  |  | (14,160 | )
Net | $ | 151,422 |  |  | $ | 146,153 |  |  | $ | 53,854 |  |  | $ | 91,943 |  |  | $ | 94,288 |  |  | $ | 34,181 |
| Nine Months Ended September 30, |
| 2015 |  |  | 2014 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 684,147 |  |  | $ | 616,244 |  |  | $ | 152,551 |  |  | $ | 607,361 |  |  | $ | 578,974 |  |  | $ | 146,033 |
Ceded |  | (185,578 | ) |  |  | (262,843 | ) |  |  | (25,403 | ) |  |  | (301,624 | ) |  |  | (347,517 | ) |  |  | (57,348 | )
Net | $ | 498,569 |  |  | $ | 353,401 |  |  | $ | 127,148 |  |  | $ | 305,737 |  |  | $ | 231,457 |  |  | $ | 88,685 |
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, |
| 2015 |  |  | 2014 |
Prepaid reinsurance premiums | $ | 113,240 |  |  | $ | 190,505 |
Reinsurance recoverable on unpaid losses and LAE | $ | 19,460 |  |  | $ | 47,350 |
Reinsurance recoverable on paid losses |  | 16,675 |  |  |  | 7,837 |
Reinsurance receivable, net |  | 166 |  |  |  | 7,468 |
Reinsurance recoverable and receivable | $ | 36,301 |  |  | $ | 62,655 |

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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 944 -SubTopic 825 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28088331&loc=SL29635902-196195 Reference 2: 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=49121117&loc=d3e13537-108611 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=49121117&loc=d3e13531-108611 + Details
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