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Reinsurance (Tables)
 6 Months Ended
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, 2020Due from as of
ReinsurerAM Best
Company		Standard
and Poor’s
Rating
Services, Inc.		Moody’s
Investors Service, Inc.		June 30, 2020December 31, 2019
Florida Hurricane Catastrophe Fund (1)n/an/an/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,
20202019
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,
20202019
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,
20202019
Prepaid reinsurance premiums$453,018  $175,208  
Reinsurance recoverable on paid losses and LAE$20,753  $70,015  
Reinsurance recoverable on unpaid losses and LAE26,107  123,221  
Reinsurance recoverable$46,860  $193,236