| Effects of Reinsurance on Premiums Written, Premiums Earned and Insurance Benefits and Losses Incurred |
The effects of reinsurance on premiums written, premiums earned and insurance benefits and losses incurred were as follows:
| |
|
For the Year Ended Dec 31, 2025 |
| |
|
American Southern |
|
|
Bankers Fidelity |
|
|
Total |
|
|
Direct premiums written
|
|
$
|
54,146 |
|
|
$
|
177,947 |
|
|
$
|
232,093 |
|
|
Assumed premiums written
|
|
|
42,453 |
|
|
|
- |
|
|
|
42,453 |
|
|
Ceded premiums written
|
|
|
(6,165 |
)
|
|
|
(68,234 |
)
|
|
|
(74,399 |
) |
|
Net premiums written
|
|
|
90,434 |
|
|
|
109,713 |
|
|
|
200,147 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct premiums earned
|
|
|
54,268 |
|
|
|
179,872 |
|
|
|
234,140 |
|
|
Assumed premiums earned
|
|
|
36,401 |
|
|
|
- |
|
|
|
36,401 |
|
|
Ceded premiums earned
|
|
|
(6,165 |
)
|
|
|
(68,234 |
)
|
|
|
(74,399 |
) |
|
Net premiums earned
|
|
|
84,504 |
|
|
|
111,638 |
|
|
|
196,142 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for benefits and losses incurred
|
|
|
69,390 |
|
|
|
107,904 |
|
|
|
177,294 |
|
|
Reinsurance loss recoveries
|
|
|
(4,136 |
)
|
|
|
(40,483 |
)
|
|
|
(44,619 |
) |
|
Insurance benefits and losses incurred
|
|
$
|
65,254 |
|
|
$
|
67,421 |
|
|
$
|
132,675 |
(1) |
(1) This line is net of LFPB remeasurement gain of $4,866 for 2025.
| |
|
For the Year Ended Dec 31, 2024 |
| |
|
|
|
|
|
(Restated) |
|
|
|
|
|
| |
|
American |
|
|
Bankers |
|
|
|
|
|
| |
|
Southern |
|
|
Fidelity |
|
|
Total |
|
|
Direct premiums written
|
|
$
|
45,837 |
|
|
$
|
164,469 |
|
|
$
|
210,306 |
|
|
Assumed premiums written
|
|
|
27,834 |
|
|
|
- |
|
|
|
27,834 |
|
|
Ceded premiums written
|
|
|
(5,979 |
)
|
|
|
(53,236 |
)
|
|
|
(59,215 |
) |
|
Net premiums written
|
|
|
67,692 |
|
|
|
111,233 |
|
|
|
178,925 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct premiums earned
|
|
|
46,149 |
|
|
|
164,135 |
|
|
|
210,284 |
|
|
Assumed premiums earned
|
|
|
27,519 |
|
|
|
- |
|
|
|
27,519 |
|
|
Ceded premiums earned
|
|
|
(5,979 |
)
|
|
|
(53,236 |
)
|
|
|
(59,215 |
) |
|
Net premiums earned
|
|
|
67,689 |
|
|
|
110,899 |
|
|
|
178,588 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for benefits and losses incurred
|
|
|
58,024 |
|
|
|
103,272 |
|
|
|
161,296 |
|
|
Reinsurance loss recoveries
|
|
|
(2,257 |
)
|
|
|
(37,295 |
)
|
|
|
(39,552 |
) |
|
Insurance benefits and losses incurred
|
|
$
|
55,767 |
|
|
$
|
65,977 |
|
|
$
|
121,744 |
(2) |
(2) This line is net of LFPB remeasurement gain of $2,334 for 2024.
|
| Components of Reinsurance Receivables |
Components of reinsurance receivables at December 31, 2025 and 2024 were as follows:
|
December 31, 2025 |
|
|
|
American
Southern
|
|
|
Bankers
Fidelity
|
|
|
Total
|
|
|
Recoverable on unpaid losses, net of allowance
|
|
$
|
7,715 |
|
|
$
|
11,583 |
|
|
$
|
19,298 |
|
|
Recoverable on unpaid benefits
|
|
|
- |
|
|
|
5,309 |
|
|
|
5,309 |
|
|
Recoverable on paid losses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ceded benefit reserves
|
|
|
- |
|
|
|
(105 |
)
|
|
|
(105 |
)
|
|
Ceded unearned premiums
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ceded advanced premiums
|
|
|
- |
|
|
|
1,037 |
|
|
|
1,037 |
|
|
Total reinsurance receivables
|
|
$
|
7,715 |
|
|
$
|
17,824 |
|
|
$
|
25,539 |
|
| |
|
December 31, 2024
|
|
|
|
American
Southern
|
|
|
Bankers
Fidelity
|
|
|
Total
|
|
|
Recoverable on unpaid losses, net of allowance
|
|
$
|
8,602 |
|
|
$
|
8,788 |
|
|
$
|
17,390 |
|
|
Recoverable on unpaid benefits
|
|
|
- |
|
|
|
5,217 |
|
|
|
5,217 |
|
|
Recoverable on paid losses
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ceded benefit reserves
|
|
|
- |
|
|
|
(64 |
)
|
|
|
(64 |
)
|
|
Ceded unearned premiums
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Ceded advanced premiums
|
|
|
- |
|
|
|
338 |
|
|
|
338 |
|
|
Total reinsurance receivables
|
|
$
|
8,602 |
|
|
$
|
14,279 |
|
|
$
|
22,881 |
|
|