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Reinsurance and Insurance Loss Reserves (Tables) | 6 Months Ended
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Oct. 02, 2021
Insurance [Abstract] |
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands):
| Three Months Ended
| October 2, 2021 |  | September 26, 2020
| Written |  | Earned |  | Written |  | Earned
Direct premiums | $ | 6,310 |  |  | $ | 6,323 |  |  | $ | 4,915 |  |  | $ | 5,145 |
Assumed premiums—nonaffiliated | 8,240 |  |  | 7,630 |  |  | 7,593 |  |  | 7,043 |
Ceded premiums—nonaffiliated | (3,714) |  |  | (3,714) |  |  | (2,853) |  |  | (2,853) |
| $ | 10,836 |  |  | $ | 10,239 |  |  | $ | 9,655 |  |  | $ | 9,335 |
| Six Months Ended
| October 2, 2021 |  | September 26, 2020
| Written |  | Earned |  | Written |  | Earned
Direct premiums | $ | 13,149 |  |  | $ | 12,319 |  |  | $ | 10,680 |  |  | $ | 10,330 |
Assumed premiums—nonaffiliated | 16,814 |  |  | 15,008 |  |  | 15,246 |  |  | 13,833 |
Ceded premiums—nonaffiliated | (7,361) |  |  | (7,361) |  |  | (6,055) |  |  | (6,055) |
| $ | 22,602 |  |  | $ | 19,966 |  |  | $ | 19,871 |  |  | $ | 18,108 |
Loss Reserve Rollforward | Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the six months ended October 2, 2021 and September 26, 2020 (in thousands):
| Three Months Ended |  | Six Months Ended
| October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
Balance at beginning of period | $ | 8,348 |  |  | $ | 6,730 |  |  | $ | 7,451 |  |  | $ | 5,582 |
Net incurred losses during the year | 7,282 |  |  | 7,477 |  |  | 15,257 |  |  | 13,460 |
Net claim payments during the year | (8,280) |  |  | (7,320) |  |  | (15,358) |  |  | (12,155) |
Balance at end of period | $ | 7,350 |  |  | $ | 6,887 |  |  | $ | 7,350 |  |  | $ | 6,887 |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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