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Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2019
Reinsurance Disclosures [Abstract]  
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Insurance Entities' Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity
The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balances exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):
 
 
Ratings as of June 30, 2019
 
Due from as of
Reinsurer
 
AM Best
Company
 
Standard
and Poor’s
Rating
Services, Inc.
 
Moody’s
Investors Service, Inc.
 
June 30, 2019
 
December 31, 2018
Florida Hurricane Catastrophe Fund (1)
 
n/a
 
n/a
 
n/a
 
$
128,720

 
$
165,022

Allianz Risk Transfer
 
A+
 
AA
 
Aa3
 
69,891

 
139,565

Renaissance Reinsurance Ltd
 
A+
 
A+
 
A1
 
19,881

 
39,459

Chubb Tempest Reinsurance Ltd
 
n/a
 
n/a
 
n/a
 
—

 
16,208

Total (2)
 
 
 
 
 
 
 
$
218,492

 
$
360,254

(1)
No rating is available, because the fund is not rated.
(2)
Amounts represent prepaid reinsurance premiums, reinsurance receivables and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Summary of Effects of Insurance Entities' 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,
 
2019
 
2018
 
Premiums
Written
 
Premiums
Earned
 
Losses and Loss
Adjustment
Expenses
 
Premiums
Written
 
Premiums
Earned
 
Losses and Loss
Adjustment
Expenses
Direct
$
357,960

 
$
303,108

 
$
213,586

 
$
342,781

 
$
274,027

 
$
246,622

Ceded
(417,633
)
 
(92,751
)
 
(100,290
)
 
(339,251
)
 
(81,755
)
 
(156,780
)
Net
$
(59,673
)
 
$
210,357

 
$
113,296

 
$
3,530

 
$
192,272

 
$
89,842


 
Six Months Ended June 30,
 
2019
 
2018
 
Premiums
Written
 
Premiums
Earned
 
Losses and Loss
Adjustment
Expenses
 
Premiums
Written
 
Premiums
Earned
 
Losses and Loss
Adjustment
Expenses
Direct
$
647,194

 
$
598,485

 
$
329,328

 
$
612,765

 
$
536,288

 
$
323,261

Ceded
(417,633
)
 
(178,401
)
 
(102,938
)
 
(339,251
)
 
(161,439
)
 
(157,493
)
Net
$
229,561

 
$
420,084

 
$
226,390

 
$
273,514

 
$
374,849

 
$
165,768
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable
The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):
 
June 30,
 
December 31,
 
2019
 
2018
Prepaid reinsurance premiums
$
381,982

 
$
142,750

Reinsurance recoverable on paid losses and LAE
$
134,450

 
$
25,238

Reinsurance recoverable on unpaid losses and LAE
197,117

 
393,365

Reinsurance recoverable
$
331,567

 
$
418,603