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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2020
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 reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):
 Ratings as of December 31, 2020 
  Standard   
AM Bestand Poor’s
Rating		Moody’s
Investors		Due from as of
December 31,
ReinsurerCompanyServices, Inc.Service, Inc.20202019
Florida Hurricane Catastrophe Fund “FHCF” (1)n/an/an/a$121,298 $199,647 
Allianz Risk Transfer (Bermuda) Ltd.A+AA-Aa396,652 — 
Allianz Risk TransferA+AA-Aa321,087 19,269 
Renaissance Reinsurance Ltd.A+A+A118,285 — 
Total (2)$257,322 $218,916 
(1)No rating is available, because the fund is not rated.
(2)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Summary of Effects of Reinsurance Arrangements
The Company’s reinsurance arrangements had the following effect on certain items in the Consolidated Statements of Income for the periods presented (in thousands):
For the Year Ended December 31, 2020
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,517,479 $1,395,623 $1,080,058 
Ceded(512,576)(472,060)(321,248)
Net$1,004,903 $923,563 $758,810 
 
For the Year Ended December 31, 2019
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,292,721 $1,233,121 $1,084,604 
Ceded(423,076)(390,619)(481,198)
Net$869,645 $842,502 $603,406 
 
For the Year Ended December 31, 2018
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,190,875 $1,121,640 $1,325,323 
Ceded(363,201)(353,258)(910,868)
Net$827,674 $768,382 $414,455 
Prepaid Reinsurance Premiums (Payable) and Reinsurance Recoverable and Receivable
The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Consolidated Balance Sheets as of the dates presented (in thousands):
As of December 31,
20202019
Prepaid reinsurance premiums$215,723 $175,208 
Reinsurance recoverable on paid losses and LAE$40,895 $70,015 
Reinsurance recoverable on unpaid losses and LAE119,522 123,221 
Reinsurance recoverable $160,417 $193,236