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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2017
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, 2017

 

Due from as of

 

 

 

 

 

Standard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and Poor's

 

Moody's

 

 

 

 

 

 

 

 

 

 

AM Best

 

Rating

 

Investors

 

March 31,

 

 

December 31,

 

Reinsurer

 

Company

 

Services

 

Service, Inc.

 

2017

 

 

2016

 

Florida Hurricane Catastrophe Fund (1)

 

n/a

 

n/a

 

n/a

 

$

18,545

 

 

$

46,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (2)

 

 

 

 

 

 

 

$

18,545

 

 

$

46,364

 

 

(1)

No rating is available, because the fund is not rated.

(2)

Amounts represent prepaid reinsurance premiums.
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,

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

Losses and Loss

 

 

 

 

 

 

 

 

 

 

Losses and Loss

 

 

Premiums

 

 

Premiums

 

 

Adjustment

 

 

Premiums

 

 

Premiums

 

 

Adjustment

 

 

Written

 

 

Earned

 

 

Expenses

 

 

Written

 

 

Earned

 

 

Expenses

 

Direct

$

245,415

 

 

$

236,375

 

 

$

70,783

 

 

$

227,973

 

 

$

221,252

 

 

$

66,148

 

Ceded

 

(186

)

 

 

(74,816

)

 

 

(213

)

 

 

(74,059

)

 

 

(68,804

)

 

 

(31

)

Net

$

245,229

 

 

$

161,559

 

 

$

70,570

 

 

$

153,914

 

 

$

152,448

 

 

$

66,117

 

 
Prepaid Reinsurance Premiums and Reinsurance Recoverable (Payable) and Receivable

The following prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2017

 

 

2016

 

Prepaid reinsurance premiums

$

49,754

 

 

$

124,385

 

Reinsurance recoverable (payable) on unpaid losses and LAE

$

(2,353

)

 

$

106

 

Reinsurance recoverable (payable) on paid losses

 

605

 

 

 

(1,532

)

Reinsurance receivable, net

 

—

 

 

 

186

 

Reinsurance recoverable (payable) and receivable

$

(1,748

)

 

$

(1,240

)