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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2016 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2015 |
Florida Hurricane Catastrophe Fund |  | n/a |  | n/a |  | n/a |  | $ | 42,086 |
Odyssey Reinsurance Company |  | A |  | A- |  | A3 |  |  | 18,742 |
Total (1) |  |  |  |  |  |  |  | $ | 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 June 30, |
| 2016 |  |  | 2015 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 271,921 |  |  | $ | 226,819 |  |  | $ | 58,434 |  |  | $ | 249,971 |  |  | $ | 204,771 |  |  | $ | 49,701 |
Ceded |  | (72,874 | ) |  |  | (70,358 | ) |  |  | 1,649 |  |  |  | (7,933 | ) |  |  | (91,883 | ) |  |  | (9,997 | )
Net | $ | 199,047 |  |  | $ | 156,461 |  |  | $ | 60,083 |  |  | $ | 242,038 |  |  | $ | 112,888 |  |  | $ | 39,704 |
| Six Months Ended June 30, |
| 2016 |  |  | 2015 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 499,894 |  |  | $ | 448,070 |  |  | $ | 124,581 |  |  | $ | 461,576 |  |  | $ | 401,442 |  |  | $ | 98,991 |
Ceded |  | (146,933 | ) |  |  | (139,161 | ) |  |  | 1,619 |  |  |  | (114,430 | ) |  |  | (194,194 | ) |  |  | (25,697 | )
Net | $ | 352,961 |  |  | $ | 308,909 |  |  | $ | 126,200 |  |  | $ | 347,146 |  |  | $ | 207,248 |  |  | $ | 73,294 |
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):
| June 30, |  |  | December 31, |
| 2016 |  |  | 2015 |
Prepaid reinsurance premiums | $ | 122,444 |  |  | $ | 114,673 |
Reinsurance recoverable on unpaid losses and LAE | $ | 2,958 |  |  | $ | 13,540 |
Reinsurance recoverable on paid losses |  | 3,397 |  |  |  | 9,313 |
Reinsurance receivable, net |  | 186 |  |  |  | 353 |
Reinsurance recoverable and receivable | $ | 6,541 |  |  | $ | 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=73719730&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=73719730&loc=d3e13531-108611 + Details
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