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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2022
Reinsurance Disclosures [Abstract] |
Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers 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, 2022 |  | Due from as of
Reinsurer |  | AM Best Company |  | Standard and Poor’s Rating Services, Inc. |  | Moody’s Investors Service, Inc. |  | June 30, 2022 |  | December 31, 2021
Florida Hurricane Catastrophe Fund (1) |  | n/a |  | n/a |  | n/a |  | $ | — |  |  | $ | 136,298 |
Allianz Risk Transfer (Bermuda) Ltd. |  | — |  | — |  | — |  | — |  |  | 44,618 |
Renaissance Reinsurance Ltd. |  | — |  | — |  | — |  | — |  |  | 20,051 |
Total (2) |  |  |  |  |  |  |  | $ | — |  |  | $ | 200,967 |
(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.
Schedule 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 June 30,
| 2022 |  | 2021
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 532,527 |  |  | $ | 428,805 |  |  | $ | 260,230 |  |  | $ | 473,627 |  |  | $ | 392,574 |  |  | $ | 276,302 |
Ceded | (632,437) |  |  | (151,744) |  |  | (59,926) |  |  | (568,489) |  |  | (136,402) |  |  | (109,081) |
| $ | (99,910) |  |  | $ | 277,061 |  |  | $ | 200,304 |  |  | $ | (94,862) |  |  | $ | 256,172 |  |  | $ | 167,221 |
| Six Months Ended June 30,
| 2022 |  | 2021
| Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct | $ | 929,008 |  |  | $ | 843,408 |  |  | $ | 455,385 |  |  | $ | 838,941 |  |  | $ | 768,180 |  |  | $ | 513,600 |
Ceded | (646,383) |  |  | (297,283) |  |  | (69,975) |  |  | (585,289) |  |  | (268,703) |  |  | (202,416) |
Net | $ | 282,625 |  |  | $ | 546,125 |  |  | $ | 385,410 |  |  | $ | 253,652 |  |  | $ | 499,477 |  |  | $ | 311,184 |
Schedule of 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,
| 2022 |  | 2021
Prepaid reinsurance premiums | $ | 590,093 |  |  | $ | 240,993 |
Reinsurance recoverable on paid losses and LAE | $ | 14,372 |  |  | $ | 69,729 |
Reinsurance recoverable on unpaid losses and LAE | 18,972 |  |  | 115,860 |
Reinsurance recoverable | $ | 33,344 |  |  | $ | 185,589 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI https://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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123600520&loc=SL75241803-196195 + Details
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