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Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | 12 Months Ended
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Mar. 31, 2015
Disclosure Text Block [Abstract] |
Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable | Note 16. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable During their normal course of business, our insurance subsidiaries assume and cede reinsurance on both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks exceeding their retention limits. The maximum amount of li fe insurance retained on any one life is $110,000.
|  | Direct Amount (a) |  | Ceded to Other Companies |  | Assumed from Other Companies |  | Net Amount (a) |  | Percentage of Amount Assumed to Net
|  | (In thousands)
Year ended December 31, 2014 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 905,987 | $ | 402 | $ | 990,406 | $ | 1,895,991 |  | 52%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 47,298 | $ | – | $ | 12,337 | $ | 59,635 |  | 21%
Accident and health |  | 93,319 |  | 345 |  | 2,796 |  | 95,770 |  | 3%
Annuity |  | 386 |  | – |  | 312 |  | 698 |  | 45%
Property and casualty |  | 46,417 |  | – |  | 39 |  | 46,456 |  | 0%
Total | $ | 187,420 | $ | 345 | $ | 15,484 | $ | 202,559 |  |
Year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 861,967 | $ | 403 | $ | 1,033,136 | $ | 1,894,700 |  | 55%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 45,625 | $ | 212 | $ | 12,888 | $ | 58,301 |  | 22%
Accident and health |  | 95,536 |  | 397 |  | 3,157 |  | 98,296 |  | 3%
Annuity |  | 847 |  | 23 |  | 498 |  | 1,322 |  | 38%
Property and casualty |  | 40,685 |  | – |  | 367 |  | 41,052 |  | 1%
Total | $ | 182,693 | $ | 632 | $ | 16,910 | $ | 198,971 |  |
Year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |
Life insurance in force | $ | 811,035 | $ | 16,471 |  | 1,083,550 | $ | 1,878,114 |  | 58%
Premiums earned: |  |  |  |  |  |  |  |  |  |
Life | $ | 52,751 | $ | 2,685 | $ | 13,640 | $ | 63,706 |  | 21%
Accident and health |  | 106,266 |  | 454 |  | 3,409 |  | 109,221 |  | 3%
Annuity |  | 6,095 |  | 1,208 |  | 301 |  | 5,188 |  | 6%
Property and casualty |  | 31,537 |  | – |  | 2,805 |  | 34,342 |  | 8%
Total | $ | 196,649 | $ | 4,347 | $ | 20,155 | $ | 212,457 |  |
Balances are reported net of inter-segment transactions. To the extent that a reinsurer is unable to meet its obligation under the related reinsurance agreements, Repwest would remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, Repwest holds letters of credit at year end in the amount of $0.4 million from re-insurers and has issued letters of credit in the amo unt of $1.9 million in favor of certain ceding companies. Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:
|  | December 31,
|  | 2014 |  | 2013
|  | (In thousands)
Unpaid losses and loss adjustment expense | $ | 271,609 | $ | 295,126
Reinsurance losses payable |  | 135 |  | 90
Total | $ | 271,744 | $ | 295,216
Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:
|  | December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
Balance at January 1 | $ | 295,126 | $ | 330,093 | $ | 382,328
Less: reinsurance recoverable |  | 136,535 |  | 176,439 |  | 223,865
Net balance at January 1 |  | 158,591 |  | 153,654 |  | 158,463
Incurred related to: |  |  |  |  |  |
Current year |  | 11,690 |  | 9,861 |  | 8,962
Prior years |  | (694) |  | 1,652 |  | 7,036
Total incurred |  | 10,996 |  | 11,513 |  | 15,998
Paid related to: |  |  |  |  |  |
Current year |  | 6,155 |  | 5,226 |  | 4,405
Prior years |  | 12,717 |  | 1,350 |  | 16,402
Total paid |  | 18,872 |  | 6,576 |  | 20,807
Net balance at December 31 |  | 150,715 |  | 158,591 |  | 153,654
Plus: reinsurance recoverable |  | 120,894 |  | 136,535 |  | 176,439
Balance at December 31 | $ | 271,609 | $ | 295,126 | $ | 330,093
The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $120.9 million) decreased by $7.9 million in 2014.

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- Definition This is an extended concept which is a combination of two US-GAAP concepts. (1) ReinsuranceTextBlock, Reinsurance [Text Block]: "The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts." and (2) LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosuresTextBlock, Liability for Future Policy Benefits and Unpaid Claims Disclosures [Text Block]: "Disclosure of accounting policy for the various components of the reserve for future policy benefits and guaranteed minimum benefits, and for claims and claims adjustment expenses; the significant assumptions for estimating claims losses; causes of significant variances from prior periods (such as catastrophes, asbestos and environmental claims reserve losses); and reconciliations of beginning to ending reserve balances." + References No definition available. + Details
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- Details
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