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Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2016
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 March 31, 2016 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |  |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | March 31, |  |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2016 |  |  | 2015 |
Florida Hurricane Catastrophe Fund |  | n/a |  | n/a |  | n/a |  |  | 16,834 |  |  |  | 42,086 |
Odyssey Reinsurance Company |  | A |  | A- |  | A3 |  |  | 13,393 |  |  |  | 18,742 |
Total (1) |  |  |  |  |  |  |  | $ | 30,227 |  |  | $ | 60,828 |
| (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 this state trust fund, which is under the direction of the Florida State Board of Administration, 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 March 31, |
| 2016 |  |  | 2015 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 227,973 |  |  | $ | 221,252 |  |  | $ | 66,148 |  |  | $ | 211,605 |  |  | $ | 196,671 |  |  | $ | 49,290 |
Ceded |  | (74,059 | ) |  |  | (68,804 | ) |  |  | (31 | ) |  |  | (106,497 | ) |  |  | (102,311 | ) |  |  | (15,700 | )
Net | $ | 153,914 |  |  | $ | 152,448 |  |  | $ | 66,117 |  |  | $ | 105,108 |  |  | $ | 94,360 |  |  | $ | 33,590 |
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):
| March 31, |  |  | December 31, |
| 2016 |  |  | 2015 |
Prepaid reinsurance premiums | $ | 119,927 |  |  | $ | 114,673 |
Reinsurance recoverable on unpaid losses and LAE | $ | 7,709 |  |  | $ | 13,540 |
Reinsurance recoverable on paid losses |  | 9,453 |  |  |  | 9,313 |
Reinsurance receivable, net |  | 186 |  |  |  | 353 |
Reinsurance recoverable and receivable | $ | 17,348 |  |  | $ | 23,206 |

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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 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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