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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2020
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 balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):
|  | Ratings as of June 30, 2020 |  |  |  |  |  | Due from as of |  |
Reinsurer |  | AM Best Company |  | Standard and Poor’s Rating Services, Inc. |  | Moody’s Investors Service, Inc. |  | June 30, 2020 |  | December 31, 2019
Florida Hurricane Catastrophe Fund (1) |  | n/a |  | n/a |  | n/a |  | $ | 22,644 |  |  | $ | 199,647 |
Allianz Risk Transfer |  | — |  | — |  | — |  | — |  |  | 19,269 |
Total (2) |  |  |  |  |  |  |  | $ | 22,644 |  |  | $ | 218,916 |
(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, |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  | 2019 |  |  |  |
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 404,685 |  |  | $ | 337,639 |  |  | $ | 162,446 |  |  | $ | 357,960 |  |  | $ | 303,108 |  |  | $ | 213,586 |
Ceded | (494,174) |  |  | (111,269) |  |  | (11,101) |  |  | (417,633) |  |  | (92,751) |  |  | (100,290) |
Net | $ | (89,489) |  |  | $ | 226,370 |  |  | $ | 151,345 |  |  | $ | (59,673) |  |  | $ | 210,357 |  |  | $ | 113,296 |
| Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  | 2019 |  |  |  |
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 739,238 |  |  | $ | 663,590 |  |  | $ | 335,689 |  |  | $ | 647,194 |  |  | $ | 598,485 |  |  | $ | 329,328 |
Ceded | (494,201) |  |  | (216,391) |  |  | (49,296) |  |  | (417,633) |  |  | (178,401) |  |  | (102,938) |
Net | $ | 245,037 |  |  | $ | 447,199 |  |  | $ | 286,393 |  |  | $ | 229,561 |  |  | $ | 420,084 |  |  | $ | 226,390 |
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,
| 2020 |  | 2019
Prepaid reinsurance premiums | $ | 453,018 |  |  | $ | 175,208 |
Reinsurance recoverable on paid losses and LAE | $ | 20,753 |  |  | $ | 70,015 |
Reinsurance recoverable on unpaid losses and LAE | 26,107 |  |  | 123,221 |
Reinsurance recoverable | $ | 46,860 |  |  | $ | 193,236 |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=99380617&loc=SL75241803-196195 + Details
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