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Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2018
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, 2018 |  | Due from as of |
|  |  |  | Standard |  |  |  |  |  |  |  |  |  |
|  |  |  | and Poor's |  | Moody's |  |  |  |  |  |  |  |
|  | AM Best |  | Rating |  | Investors |  | March 31, |  |  | December 31, |
Reinsurer |  | Company |  | Services |  | Service, Inc. |  | 2018 |  |  | 2017 |
Allianz Risk Transfer |  | A+ |  | AA- |  | n/a |  | $ | 39,007 |  |  | $ | 105,573 |
Florida Hurricane Catastrophe Fund (1) |  | n/a |  | n/a |  | n/a |  |  | 20,822 |  |  |  | 52,054 |
Renaissance Reinsurance Ltd |  | A+ |  | AA- |  | A1 |  |  | — |  |  |  | 22,545 |
Total (2) |  |  |  |  |  |  |  | $ | 59,829 |  |  | $ | 180,172 |
(1) | No rating is available, because the fund is not rated.
(2) | Amounts represent prepaid reinsurance premiums, reinsurance receivables, net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables.
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, |
| 2018 |  |  | 2017 |
|  |  |  |  |  |  |  |  | Losses and Loss |  |  |  |  |  |  |  |  |  |  | Losses and Loss |
| Premiums |  |  | Premiums |  |  | Adjustment |  |  | Premiums |  |  | Premiums |  |  | Adjustment |
| Written |  |  | Earned |  |  | Expenses |  |  | Written |  |  | Earned |  |  | Expenses |
Direct | $ | 269,984 |  |  | $ | 262,261 |  |  | $ | 76,639 |  |  | $ | 245,415 |  |  | $ | 236,375 |  |  | $ | 70,783 |
Ceded |  | — |  |  |  | (79,684 | ) |  |  | (713 | ) |  |  | (186 | ) |  |  | (74,816 | ) |  |  | (213 | )
Net | $ | 269,984 |  |  | $ | 182,577 |  |  | $ | 75,926 |  |  | $ | 245,229 |  |  | $ | 161,559 |  |  | $ | 70,570 |
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, |
| 2018 |  |  | 2017 |
Prepaid reinsurance premiums | $ | 53,123 |  |  | $ | 132,806 |
Reinsurance recoverable on unpaid losses and LAE | $ | 72,641 |  |  | $ | 182,405 |
Reinsurance receivable, net |  | 492 |  |  |  | — |
Reinsurance recoverable (payable) and receivable | $ | 73,133 |  |  | $ | 182,405 |

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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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