Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.


	Three Months Ended
	June 28, 2025				June 29, 2024








	Written		Earned		Written		Earned
Direct premiums	$	12,151	$	11,532	$	13,503	$	12,302
Assumed premiums—nonaffiliated	11,482		10,870		11,735		9,504
Ceded premiums—nonaffiliated	(7,710)		(7,710)		(8,185)		(8,185)
	$	15,923	$	14,692	$	17,053	$	13,621

Typical insurance policies written or assumed have a maximum coverage of $0.4 million per claim, of which we cede $0.2 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.3 million per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $4.0 million per occurrence, up to a maximum of $90 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three months ended June 28, 2025 and June 29, 2024 (in thousands):


	Three Months Ended
		June 28, 2025		June 29, 2024
Balance at beginning of period		$	16,201	$	10,540
Net incurred losses during the period		11,103		17,963
Net claim payments during the period		(14,186)		(9,576)
Balance at end of period		$	13,118	$	18,927