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v3.23.2

Reinsurance and Insurance Loss Reserves (Tables) | 3 Months Ended
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Jul. 01, 2023
Insurance [Abstract] |
Effects of Reinsurance | 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 |
Loss Reserve Rollforward | 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 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479655/944-605-50-1 + 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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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