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Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

12 Months Ended

Mar. 31, 2025

Disclosure Text Block [Abstract]

Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable

Note 25. 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.

		Direct Amount (a)				Ceded to Other Companies				Assumed from Other Companies				Net Amount (a)			Percentage of Amount Assumed to Net
		(In thousands)
Year ended March 31, 2025
Life insurance in force	$		857,756		$		47		$		246,552		$		1,104,261			22		%
Premiums earned:
Life	$		46,038		$		—		$		4,519		$		50,557			9		%
Accident and health			32,239				84				590				32,745			2		%
Annuity			254				—				151				405			37		%
Property and casualty			98,900				—				—				98,900			—		%
Total	$		177,431		$		84		$		5,260		$		182,607
Year ended March 31, 2024
Life insurance in force	$		909,894		$		48		$		278,445		$		1,188,291			23		%
Premiums earned:
Life	$		49,184		$		1		$		4,183		$		53,366			8		%
Accident and health			35,324				95				844				36,073			2		%
Annuity			157				—				149				306			49		%
Property and casualty			94,802				—				—				94,802			—		%
Total	$		179,467		$		96		$		5,176		$		184,547
Year ended March 31, 2023
Life insurance in force	$		970,454		$		48		$		304,891		$		1,275,297			24		%
Premiums earned:
Life	$		52,298		$		1		$		4,181		$		56,478			7		%
Accident and health			41,354				152				983				42,185			2		%
Annuity			80				—				406				486			84		%
Property and casualty			96,242				—				—				96,242			—		%
Total	$		189,974		$		153		$		5,570		$		195,391

(a)Balances are reported net of inter-segment transactions.

Policy benefits and losses, claims and loss expenses payable for Property and Casualty Insurance were as follows:

		March 31,
		2025				2024
		(In thousands)
Unpaid losses and loss adjustment expense	$		125,605		$		131,192
Reinsurance losses payable			1,247				1,287
Total	$		126,852		$		132,479

Activity in the liability for unpaid losses and loss adjustment expenses for Property and Casualty Insurance is summarized as follows:

		March 31,
		2025				2024				2023
		(In thousands)
Balance at January 1	$		131,192		$		151,874		$		159,162
Less: reinsurance recoverable			36,188				41,329				47,394
Net balance at January 1			95,004				110,545				111,768
Incurred related to:
Current year			30,293				25,396				27,570
Prior years			(7,663	)			(13,153	)			(5,828	)
Total incurred			22,630				12,243				21,742
Paid related to:
Current year			10,221				9,414				10,572
Prior years			14,177				18,369				12,393
Total paid			24,398				27,783				22,965
Net balance at December 31			93,236				95,004				110,545
Plus: reinsurance recoverable			32,369				36,188				41,329
Balance at December 31	$		125,605		$		131,192		$		151,874

The liability for incurred losses and loss adjustment expenses (net of reinsurance recoverable of $32.4 million, $36.2 million and $41.3 million for fiscal 2025, 2024 and 2023, respectively) decreased by $5.6 million, $20.7 million and $7.3 million for fiscal 2025, 2024 and 2023, respectively. The prior period favorable development for fiscal 2025 was driven primarily by excess workers’ compensation claims, supplemental liability claims and commercial automobile claims. The prior period favorable development for fiscal 2024 and 2023 were driven primarily by excess workers’ compensation claims. These changes are a result of ongoing analysis of claims emergence patterns and loss trends.

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.

The information about property and casualty incurred and paid loss and loss adjustment expense development for fiscal 2019 through 2025 and the average annual percentage payout of incurred claims by age as of fiscal 2025, is presented as supplementary information. Claims data for fiscal 2019 through 2024 is unaudited. Claims data for fiscal 2025 is audited.

Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
																														As of
																														March 31, 2025
																														Total of
																														Incurred-but-
																														Not-Reported
																														Liabilities Plus
																														Expected				Cumulative
																														Development				Number of
Accident																														on Reported				Reported
Year		2019				2020				2021				2022				2023				2024				2025				Claims				Claims
		(In thousands, except claim counts)
2019			19,580				18,386				18,027				17,157				16,819				16,856				16,885				—				12,221
2020							22,138				26,316				27,316				27,831				27,793				25,766				481				12,042
2021											20,671				17,485				17,107				14,561				14,005				—				11,556
2022															28,982				25,337				24,484				22,404				2,000				14,200
2023																			27,570				28,436				27,698				3,540				13,176
2024																							25,396				25,611				5,912				14,073
2025																											30,293				9,993				12,816
																										Total					21,926

The following table presents paid claims development as of fiscal 2025 net of reinsurance. Claims data for fiscal 2019 through 2024 is unaudited. Claims data for fiscal 2025 is audited.

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident
Year		2019				2020				2021				2022				2023				2024				2025
2019			8,838				12,689				15,150				16,766				16,809				16,851				16,885
2020							7,366				14,737				19,215				21,598				25,122				25,239
2021											7,665				11,114				12,521				13,510				14,005
2022															11,040				14,831				16,829				18,550
2023																			10,572				18,444				22,266
2024																							9,414				14,336
2025																											10,222
																						Total					121,503
		All outstanding liabilities before 2019, net of reinsurance																									52,077
		Liabilities for claims and claim adjustment expenses, net of reinsurance																									93,236

The reconciliation of the net incurred and paid claims development tables for the liability for claims and claims adjustment expenses is as follows:

		March 31, 2025
		(In thousands)
Liabilities for unpaid Property and Casualty claims
and claim adjustment expenses, net of reinsurance	$		93,236
Total reinsurance recoverable on unpaid
Property and Casualty claims	$		32,369
Total gross liability for unpaid Property and Casualty
claims and claim adjustment expense	$		125,605

The following is supplementary information about average historical claims duration as of March 31, 2025. The following is unaudited.

Average Annual Percentage Payout of Incurred Claims by Age, net of Reinsurance
		(In percentages)
Years		1				2				3				4				5				6				7
Property and Casualty Insurance			41.9		%		23.4		%		12.9		%		8.4		%		5.8		%		0.4		%		0.2		%

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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."

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