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Reinsurance and Insurance Loss Reserves | 3 Months Ended
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Jul. 01, 2023
Insurance [Abstract] |
Reinsurance and Insurance Loss Reserves | Reinsurance and Insurance Loss Reserves Certain of Standard Casualty'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. The effects of reinsurance on premiums written and earned were as follows (in thousands):
| Three Months Ended
| July 1, 2023 |  | July 2, 2022
| Written |  | Earned |  | Written |  | Earned
Direct premiums | $ | 10,379 |  |  | $ | 8,676 |  |  | $ | 7,728 |  |  | $ | 7,050 |
Assumed premiums—nonaffiliated | 9,800 |  |  | 8,570 |  |  | 9,028 |  |  | 7,957 |
Ceded premiums—nonaffiliated | (6,127) |  |  | (6,127) |  |  | (4,229) |  |  | (4,229) |
| $ | 14,052 |  |  | $ | 11,119 |  |  | $ | 12,527 |  |  | $ | 10,778 |
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 $0.2 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 $3.0 million per occurrence, up to a maximum of $100 million in the aggregate for that occurrence. Standard Casualty establishes reserves for claims and claims expense on reported and incurred but not reported ("IBNR") claims of non-reinsured losses. Reserves for claims are included in the Accrued expenses and other current liabilities line item on the Consolidated Balance Sheets and claims expenses are recorded in Cost of sales on the Consolidated Statements of Comprehensive Income. The following details the activity in the reserve for the three months ended July 1, 2023 and July 2, 2022 (in thousands):
|  |  | Three Months Ended
|  |  |  |  | July 1, 2023 |  | July 2, 2022
Balance at beginning of period |  |  |  |  | $ | 10,939 |  |  | $ | 8,149 |
Net incurred losses during the period |  |  |  |  | 11,077 |  |  | 8,777 |
Net claim payments during the period |  |  |  |  | (9,015) |  |  | (8,352) |
Balance at end of period |  |  |  |  | $ | 13,001 |  |  | $ | 8,574 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479838/944-20-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479838/944-20-50-4 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479629/944-605-55-12 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479629/944-605-55-15 + Details
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