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Reinsurance Receivables | 3 Months Ended
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Mar. 31, 2021
Reinsurance Disclosures [Abstract] |
Reinsurance Receivables | Reinsurance Receivables The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
| Direct amount |  | Ceded to other companies |  | Assumed from other companies |  | Net amount |  | Percentage of amount - assumed to net
For the Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 18,573 |  |  | $ | 11,027 |  |  | $ | 410 |  |  | $ | 7,956 |  |  | 5.2 | %
Accident and health insurance | 32,163 |  |  | 22,667 |  |  | 4,861 |  |  | 14,357 |  |  | 33.9 | %
Property and liability insurance | 270,157 |  |  | 136,353 |  |  | 42,888 |  |  | 176,692 |  |  | 24.3 | %
Total premiums written | $ | 320,893 |  |  | $ | 170,047 |  |  | $ | 48,159 |  |  | $ | 199,005 |  |  | 24.2 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | $ | 17,493 |  |  | $ | 9,766 |  |  | $ | 340 |  |  | $ | 8,067 |  |  | 4.2 | %
Accident and health insurance | 30,179 |  |  | 20,476 |  |  | 3,791 |  |  | 13,494 |  |  | 28.1 | %
Property and liability insurance | 241,829 |  |  | 160,395 |  |  | 43,924 |  |  | 125,358 |  |  | 35.0 | %
Total premiums earned | $ | 289,501 |  |  | $ | 190,637 |  |  | $ | 48,055 |  |  | $ | 146,919 |  |  | 32.7 | %
For the Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 16,574 |  |  | $ | 8,744 |  |  | $ | 362 |  |  | $ | 8,192 |  |  | 4.4 | %
Accident and health insurance | 29,850 |  |  | 19,056 |  |  | 3,521 |  |  | 14,315 |  |  | 24.6 | %
Property and liability insurance | 197,725 |  |  | 116,550 |  |  | 28,800 |  |  | 109,975 |  |  | 26.2 | %
Total premiums written | $ | 244,149 |  |  | $ | 144,350 |  |  | $ | 32,683 |  |  | $ | 132,482 |  |  | 24.7 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | $ | 17,608 |  |  | $ | 9,361 |  |  | $ | 381 |  |  | $ | 8,628 |  |  | 4.4 | %
Accident and health insurance | 32,170 |  |  | 21,518 |  |  | 3,542 |  |  | 14,194 |  |  | 25.0 | %
Property and liability insurance | 172,855 |  |  | 100,949 |  |  | 26,593 |  |  | 98,499 |  |  | 27.0 | %
Total premiums earned | $ | 222,633 |  |  | $ | 131,828 |  |  | $ | 30,516 |  |  | $ | 121,321 |  |  | 25.2 | %
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
| Direct amount |  | Ceded to other companies |  | Assumed from other companies |  | Net amount |  | Percentage of amount - assumed to net
For the Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 15,596 |  |  | $ | 9,332 |  |  | $ | 153 |  |  | $ | 6,417 |  |  | 2.4 | %
Accident and health insurance | 4,818 |  |  | 3,814 |  |  | 660 |  |  | 1,664 |  |  | 39.7 | %
Property and liability insurance | 75,917 |  |  | 51,996 |  |  | 18,249 |  |  | 42,170 |  |  | 43.3 | %
Total losses and LAE incurred | 96,331 |  |  | 65,142 |  |  | 19,062 |  |  | 50,251 |  |  | 37.9 | %
| Member benefit claims (1) |  | 16,923 |  |  |
| Total policy and contract benefits |  | $ | 67,174 |  |  |
For the Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 10,091 |  |  | $ | 5,674 |  |  | $ | 121 |  |  | $ | 4,538 |  |  | 2.7 | %
Accident and health insurance | 3,699 |  |  | 3,042 |  |  | 2,213 |  |  | 2,870 |  |  | 77.1 | %
Property and liability insurance | 67,270 |  |  | 41,234 |  |  | 12,532 |  |  | 38,568 |  |  | 32.5 | %
Total losses and LAE incurred | 81,060 |  |  | 49,950 |  |  | 14,866 |  |  | 45,976 |  |  | 32.3 | %
| Member benefit claims (1) |  | 14,900 |  |  |
| Total policy and contract benefits |  | $ | 60,876 |  |  |
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
| As of
| March 31, 2021 |  | December 31, 2020
Prepaid reinsurance premiums: |  |  |
Life insurance (1) | $ | 71,082 |  |  | $ | 70,066 |
Accident and health insurance (1) | 68,452 |  |  | 66,261 |
Property and liability insurance | 394,357 |  |  | 423,868 |
Total | 533,891 |  |  | 560,195 |
Ceded claim reserves: |  |  |
Life insurance | 3,977 |  |  | 4,133 |
Accident and health insurance | 11,105 |  |  | 11,118 |
Property and liability insurance | 110,016 |  |  | 98,092 |
Total ceded claim reserves recoverable | 125,098 |  |  | 113,343 |
Other reinsurance settlements recoverable | 54,741 |  |  | 54,471 |
Reinsurance receivables | $ | 713,730 |  |  | $ | 728,009 |
(1) Including policyholder account balances ceded. The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
| As of
| March 31, 2021
Total of the three largest receivable balances from non-affiliated reinsurers | $ | 119,426 |
As of March 31, 2021, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: MFI Insurance Company, LTD (A. M. Best Rating: Not rated), Frandisco Property and Casualty Company (A. M. Best Rating: Not rated) and Canada Life International Reinsurance (Barbados) Corporation (A. M. Best Rating: Not rated).The related receivables of these reinsurers are collateralized by assets on hand, assets held in trust accounts and letters of credit. As of March 31, 2021, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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