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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2017
Reinsurance Disclosures [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,
 
2017
 
2016
 
2015
Excess-of-loss
$
(419,668
)
 
$
(235,236
)
 
$
(163,106
)
Equipment & identity theft
(9,576
)
 
(8,313
)
 
(6,169
)
Novation of Auto Policies (1)
—

 
(2,396
)
 
—

Flood
(18,085
)
 
(16,395
)
 
(14,533
)
Ceded premiums written
$
(447,329
)
 
$
(262,340
)
 
$
(183,808
)
Increase in ceded unearned premiums
46,796

 
52,442

 
15,551

Ceded premiums earned
$
(400,533
)
 
$
(209,898
)
 
$
(168,257
)
Liability for Catastrophe Claims Disclosure
Current year catastrophe losses by the event magnitude are shown in the following table.
 
 
Number of Events
 
Incurred Loss and Loss adjustment expense (LAE) (1) 
 
Combined Ratio Impact
December 31, 2017
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
Named and numbered storms
 
6

 
$
84,226

 
14.4
%
All other catastrophe loss events
 
16

 
32,198

 
5.5
%
Total
 
22

 
$
116,424

 
19.9
%
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
Named and numbered storms
 
4

 
$
33,817

 
7.4
%
All other catastrophe loss events
 
15

 
22,025

 
4.8
%
Total
 
19

 
$
55,842

 
12.2
%
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
Current period catastrophe losses incurred
 
 
 
 
 
 
Named and numbered storms
 
2

 
$
1,167

 
0.3
%
All other catastrophe loss events
 
12

 
27,398

 
8.2
%
Total
 
14

 
$
28,565

 
8.5
%
(1) Incurred loss and LAE is equal to losses and LAE paid plus the change in case and incurred but not reported reserves. Shown net of losses ceded to reinsurers. Incurred loss and LAE and number of events includes the current year development on storms during the year in which it occurred.
Reinsurance Recoverable


Reinsurance recoverable at the balance sheet dates consists of the following:
 
December 31,
 
2017
 
2016
Reinsurance recoverable on unpaid losses and LAE
$
305,673

 
$
18,724

Reinsurance recoverable on paid losses and LAE
90,101

 
5,304

Reinsurance recoverable
$
395,774

 
$
24,028
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,
 
2017
 
2016
 
2015
Premium written:
 
 
 
 
 
Direct
$
989,525

 
$
708,252

 
$
548,916

Assumed
51,323

 
(96
)
 
20,820

Ceded
(447,329
)
 
(262,340
)
 
(183,808
)
Net premium written
$
593,519

 
$
445,816

 
$
385,928

Change in unearned premiums:
 
 
 
 
 
Direct
$
(49,386
)
 
$
(57,759
)
 
$
(65,300
)
Assumed
(5,439
)
 
16,432

 
(221
)
Ceded
46,796

 
52,442

 
15,551

Net decrease (increase)
$
(8,029
)
 
$
11,115

 
$
(49,970
)
Premiums earned:
 
 
 
 
 
Direct
$
940,139

 
$
650,493

 
$
483,616

Assumed
45,884

 
16,336

 
20,599

Ceded
(400,533
)
 
(209,898
)
 
(168,257
)
Net premiums earned
$
585,490

 
$
456,931

 
$
335,958

Losses and LAE incurred:
 
 
 
 
 
Direct
$
863,928

 
$
335,542

 
$
188,270

Assumed
60,836

 
3,747

 
7,861

Ceded
(559,229
)
 
(40,936
)
 
(13,023
)
Net losses and LAE incurred
$
365,535

 
$
298,353

 
$
183,108
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,
 
2017
 
2016
 
2015
Unpaid losses and LAE:
 
 
 
 
 
Direct
$
441,355

 
$
138,345

 
$
72,373

Assumed
40,877

 
2,510

 
4,419

  Gross unpaid losses and LAE
482,232

 
140,855

 
76,792

Ceded
(305,673
)
 
(18,724
)
 
(2,114
)
Net unpaid losses and LAE
$
176,559

 
$
122,131

 
$
74,678

Unearned premiums:
 
 
 
 
 
Direct
$
528,419

 
$
371,149

 
$
287,148

Assumed
27,454

 
1,074

 
17,506

  Gross unearned premiums
555,873

 
372,223

 
304,654

Ceded
(201,904
)
 
(132,564
)
 
(79,400
)
Net unearned premiums
$
353,969

 
$
239,659

 
$
225,254