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Reinsurance and Insurance Loss Reserves | 6 Months Ended
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Sep. 28, 2024
Insurance [Abstract] |
Reinsurance and Insurance Loss Reserves | Reinsurance and Insurance Loss Reserves Certain of Standard Casualty Company's ("Standard Casualty") 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
| September 28, 2024 |  | September 30, 2023
| Written |  | Earned |  | Written |  | Earned
Direct premiums | $ | 9,380 |  |  | $ | 12,177 |  |  | $ | 10,067 |  |  | $ | 9,371 |
Assumed premiums—nonaffiliated | 11,303 |  |  | 10,095 |  |  | 9,505 |  |  | 8,851 |
Ceded premiums—nonaffiliated | (8,880) |  |  | (8,880) |  |  | (6,438) |  |  | (6,438) |
| $ | 11,803 |  |  | $ | 13,392 |  |  | $ | 13,134 |  |  | $ | 11,784 |
| Six Months Ended
| September 28, 2024 |  | September 30, 2023
| Written |  | Earned |  | Written |  | Earned
Direct premiums | $ | 22,883 |  |  | $ | 24,479 |  |  | $ | 20,446 |  |  | $ | 18,047 |
Assumed premiums—nonaffiliated | 23,038 |  |  | 19,599 |  |  | 19,305 |  |  | 17,421 |
Ceded premiums—nonaffiliated | (17,065) |  |  | (17,065) |  |  | (12,565) |  |  | (12,565) |
| $ | 28,856 |  |  | $ | 27,013 |  |  | $ | 27,186 |  |  | $ | 22,903 |
Typical insurance policies written or assumed have a maximum coverage of $0.4 million per claim, of which we cede $0.15 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.25 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 $4.0 million per occurrence, up to a maximum of $110 million in the aggregate for that occurrence. The following details the activity in the incurred but not reported ("IBNR") reserve for the three and six months ended September 28, 2024 a nd September 30, 2023 (in thousands):
| Three Months Ended |  | Six Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Balance at beginning of period | $ | 18,927 |  |  | $ | 13,001 |  |  | $ | 10,540 |  |  | $ | 10,939 |
Net incurred losses during the period | 14,128 |  |  | 8,586 |  |  | 32,091 |  |  | 19,663 |
Net claim payments during the period | (18,435) |  |  | (12,433) |  |  | (28,011) |  |  | (21,448) |
Balance at end of period | $ | 14,620 |  |  | $ | 9,154 |  |  | $ | 14,620 |  |  | $ | 9,154 |

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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/1943274/2147477548/944-605-55-12 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/1943274/2147477548/944-605-55-15 + Details
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