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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2013
Reinsurance [Abstract]  
Ceded Premiums Earned by type
The table below summarizes the amounts of our ceded premiums written under the various types of agreements, as well as the amortization of prepaid reinsurance premiums:

 
Year Ended December 31,
 
2013
 
2012
 
2011
Excess-of-loss
$
(108,696
)
 
$
(100,549
)
 
$
(82,832
)
Equipment & identity theft
(2,608
)
 
(1,540
)
 
(587
)
Flood
(13,378
)
 
(11,145
)
 
(9,999
)
Ceded premiums written
$
(124,682
)
 
$
(113,234
)
 
$
(93,418
)
Increase in ceded unearned premiums
5,352

 
8,948

 
2,661

Ceded premiums earned
$
(119,330
)
 
$
(104,286
)
 
$
(90,757
)
Liability for Catastrophe Claims Disclosure
Current year catastrophe losses by the event magnitude are shown in the following table.

 
 
2013
 
2012
 
 
Number of Events
 
Incurred Loss and LAE (3)
 
Combined Ratio Impact
 
Number of Events
 
Incurred Loss and LAE (3) 
 
Combined Ratio Impact
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
 
 
 
 
 
 
$ 1 million to $5 million
(1) 
1

 
1,839

 
0.9
%
 
2

 
2,896

 
2.4
%
Less than $1 million
(2) 
2

 
1,763

 
0.9
%
 
1

 
770

 
0.6
%
Total
 
3

 
3,602

 
1.8
%
 
3

 
3,666

 
3.0
%
Note: A storm can be in one loss size for the quarter and a different loss size for the year dependent upon the losses paid for that particular storm during the specified time frame.
(1) Reflects losses from Winterstorm Nemo in 2013 and Tropical Storms Debby and Isaac in 2012.
(2) Reflects losses from the Orlando weather event and Tropical Storm Andrea in 2013, and Superstorm Sandy in 2012.
(3) Incurred loss and LAE is equal to losses and LAE paid plus the change in case and incurred but not reported reserves.
Reinsurance Recoverable
Reinsurance recoverable at the balance sheet dates consists of the following:
 
 
December 31,
 
2013
 
2012
Reinsurance recoverable on unpaid losses and LAE
$
1,957

 
$
1,935

Reinsurance recoverable on paid losses and LAE
469

 
337

Reinsurance recoverable
$
2,426

 
$
2,272
Reinsurance, Effect on Operations
The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income:
 
 
Year ended December 31,
 
2013
 
2012
 
2011
Premium written:
 
 
 
 
 
Direct
$
339,765

 
$
254,913

 
$
199,606

Assumed
41,587

 
(4
)
 
4,200

Ceded
(124,682
)
 
(113,234
)
 
(93,418
)
Net premium written
$
256,670

 
$
141,675

 
$
110,388

Change in unearned premiums:
 
 
 
 
 
Direct
$
(44,422
)
 
$
(28,743
)
 
$
(23,666
)
Assumed
(20,222
)
 
88

 
697

Ceded
5,352

 
8,948

 
2,661

Net increase
$
(59,292
)
 
$
(19,707
)
 
$
(20,308
)
Premiums earned:
 
 
 
 
 
Direct
$
295,343

 
$
226,170

 
$
175,940

Assumed
21,365

 
84

 
4,897

Ceded
(119,330
)
 
(104,286
)
 
(90,757
)
Net premiums earned
$
197,378

 
$
121,968

 
$
90,080

Losses and LAE incurred:
 
 
 
 
 
Direct
$
92,526

 
$
60,248

 
$
35,774

Assumed
9,240

 
(335
)
 
2,554

Ceded
(2,936
)
 
(1,504
)
 
533

Net losses and LAE incurred
$
98,830

 
$
58,409

 
$
38,861
Reinsurance Effects On Unpaid Lossses, LAE and Unearned Premiums
The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets:
 
 
December 31,
 
2013
 
2012
Unpaid losses and LAE:
 
 
 
Direct
$
42,954

 
$
34,503

Assumed
4,497

 
1,189

  Gross unpaid losses and LAE
47,451

 
35,692

Ceded
(1,957
)
 
(1,935
)
Net unpaid losses and LAE
$
45,494

 
$
33,757

Unearned premiums:
 
 
 
Direct
$
173,206

 
$
128,785

Assumed
20,222

 
—

  Gross unearned premiums
193,428

 
128,785

Ceded
(55,268
)
 
(49,916
)
Net unearned premiums
$
138,160

 
$
78,869