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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2022 |  |
|  |  |  | Standard |  |  |  |  |  |
|  | AM Best |  | and Poor’s Rating |  | Moody’s Investors |  | Due from as of December 31,
Reinsurer |  | Company |  | Services, Inc. |  | Service, Inc. |  | 2022 |  | 2021
Allianz Risk Transfer |  | A+ |  | AA- |  | Aa3 |  | $ | 285,323 |  |  | $ | — |
Florida Hurricane Catastrophe Fund “FHCF” (1) |  | n/a |  | n/a |  | n/a |  | 134,411 |  |  | 136,298 |
Various Lloyd’s of London Syndicates (2) |  | A |  | A+ |  | n/a |  | 101,482 |  |  | — |
Chubb Tempest Reinsurance Ltd. |  | A++ |  | AA |  | Aa3 |  | 51,319 |  |  | — |
Markel Bermuda Ltd. |  | A |  | A |  | A2 |  | 50,981 |  |  | — |
DaVinci Reinsurance Ltd. |  | A |  | A+ |  | A3 |  | 48,115 |  |  | — |
Renaissance Reinsurance Ltd. |  | A+ |  | A+ |  | A1 |  | 38,768 |  |  | 20,051 |
D E Shaw Re (Bermuda) Ltd. (3) |  | n/a |  | n/a |  | n/a |  | 16,680 |  |  | — |
Munich Reinsurance America Inc. |  | A+ |  | AA- |  | Aa3 |  | 14,616 |  |  | — |
Everest Reinsurance Co |  | A+ |  | A+ |  | A1 |  | 11,536 |  |  | — |
Upsilon RFO Re Ltd. (3) |  | n/a |  | n/a |  | n/a |  | 11,201 |  |  | — |
Lumen Re Ltd. (4) |  | A |  | n/a |  | n/a |  | 8,913 |  |  | — |
Allianz Risk Transfer (Bermuda) Ltd. |  | — |  | — |  | — |  | — |  |  | 44,618 |
Total (5) |  |  |  |  |  |  |  | $ | 773,345 |  |  | $ | 200,967 |
(1)No rating is available, because the fund is not rated. (2)No rating available for Moody’s Investors Service, Inc. (3)No rating is available, because the reinsurer is fully collateralized with a trust agreement. (4)No rating available for Standard and Poor’s Rating Service and Moody’s Investors Service, Inc. (5)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, 2022
|  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct |  | $ | 1,845,786 |  |  | $ | 1,759,701 |  |  | $ | 1,972,541 |
Ceded |  | (672,508) |  |  | (631,075) |  |  | (1,034,142) |
Net |  | $ | 1,173,278 |  |  | $ | 1,128,626 |  |  | $ | 938,399 |
|  | For the Year Ended December 31, 2021
|  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
Direct |  | $ | 1,671,252 |  |  | $ | 1,596,618 |  |  | $ | 1,189,444 |
Ceded |  | (586,425) |  |  | (561,155) |  |  | (410,239) |
Net |  | $ | 1,084,827 |  |  | $ | 1,035,463 |  |  | $ | 779,205 |
|  | 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 |
Schedule of Prepaid Reinsurance Premiums 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,
|  | 2022 |  | 2021
Prepaid reinsurance premiums |  | $ | 282,427 |  |  | $ | 240,993 |
Reinsurance recoverable on paid losses and LAE |  | $ | 10,170 |  |  | $ | 69,729 |
Reinsurance recoverable on unpaid losses and LAE |  | 798,680 |  |  | 115,860 |
Reinsurance recoverable |  | $ | 808,850 |  |  | $ | 185,589 |

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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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