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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2017 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |  |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | June 30, |  |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2017 |  |  | 2016 |
Florida Hurricane Catastrophe Fund (1) |  | n/a |  | n/a |  | n/a |  | $ | — |  |  | $ | 46,364 |
Total (2) |  |  |  |  |  |  |  | $ | — |  |  | $ | 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 June 30, |
| 2017 |  |  | 2016 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 296,191 |  |  | $ | 244,623 |  |  | $ | 85,656 |  |  | $ | 271,921 |  |  | $ | 226,819 |  |  | $ | 58,434 |
Ceded |  | (311,338 | ) |  |  | (75,614 | ) |  |  | (5,472 | ) |  |  | (72,874 | ) |  |  | (70,358 | ) |  |  | 1,649 |
Net | $ | (15,147 | ) |  | $ | 169,009 |  |  | $ | 80,184 |  |  | $ | 199,047 |  |  | $ | 156,461 |  |  | $ | 60,083 |
| Six Months Ended June 30, |
| 2017 |  |  | 2016 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 541,606 |  |  | $ | 480,998 |  |  | $ | 156,439 |  |  | $ | 499,894 |  |  | $ | 448,071 |  |  | $ | 124,581 |
Ceded |  | (311,524 | ) |  |  | (150,430 | ) |  |  | (5,685 | ) |  |  | (146,933 | ) |  |  | (139,162 | ) |  |  | 1,619 |
Net | $ | 230,082 |  |  | $ | 330,568 |  |  | $ | 150,754 |  |  | $ | 352,961 |  |  | $ | 308,909 |  |  | $ | 126,200 |
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):
| June 30, |  |  | December 31, |
| 2017 |  |  | 2016 |
Prepaid reinsurance premiums | $ | 285,480 |  |  | $ | 124,385 |
Reinsurance recoverable on unpaid losses and LAE | $ | 1,393 |  |  | $ | 106 |
Reinsurance recoverable (payable) on paid losses |  | 1,318 |  |  |  | (1,532 | )
Reinsurance receivable, net |  | — |  |  |  | 186 |
Reinsurance recoverable (payable) and receivable | $ | 2,711 |  |  | $ | (1,240 | )

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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=75027451&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=77997519&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=77997519&loc=d3e13531-108611 + Details
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- Definition Tabular disclosure of prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable. + References No definition available. + Details
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