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v3.22.2.2

Reinsurance Receivables | 9 Months Ended
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Sep. 30, 2022
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
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 24,658 |  |  | $ | 12,230 |  |  | $ | 32 |  |  | $ | 12,460 |  |  | 0.3 | %
Accident and health insurance | 40,433 |  |  | 27,905 |  |  | 187 |  |  | 12,715 |  |  | 1.5 | %
Property and liability insurance | 340,593 |  |  | 193,181 |  |  | 171,707 |  |  | 319,119 |  |  | 53.8 | %
Total premiums written | 405,684 |  |  | 233,316 |  |  | 171,926 |  |  | 344,294 |  |  | 49.9 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | 21,176 |  |  | 10,514 |  |  | 115 |  |  | 10,777 |  |  | 1.1 | %
Accident and health insurance | 36,453 |  |  | 25,088 |  |  | 233 |  |  | 11,598 |  |  | 2.0 | %
Property and liability insurance | 284,119 |  |  | 151,756 |  |  | 83,139 |  |  | 215,502 |  |  | 38.6 | %
Total premiums earned | $ | 341,748 |  |  | $ | 187,358 |  |  | $ | 83,487 |  |  | $ | 237,877 |  |  | 35.1 | %
| Direct amount |  | Ceded to other companies |  | Assumed from other companies |  | Net amount |  | Percentage of amount - assumed to net
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 26,805 |  |  | $ | 12,640 |  |  | $ | 70 |  |  | $ | 14,235 |  |  | 0.5 | %
Accident and health insurance | 41,735 |  |  | 28,701 |  |  | 81 |  |  | 13,115 |  |  | 0.6 | %
Property and liability insurance | 312,988 |  |  | 150,761 |  |  | 35,774 |  |  | 198,001 |  |  | 18.1 | %
Total premiums written | 381,528 |  |  | 192,102 |  |  | 35,925 |  |  | 225,351 |  |  | 15.9 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | 19,268 |  |  | 9,994 |  |  | 295 |  |  | 9,569 |  |  | 3.1 | %
Accident and health insurance | 32,292 |  |  | 21,655 |  |  | 1,329 |  |  | 11,966 |  |  | 11.1 | %
Property and liability insurance | 226,446 |  |  | 121,349 |  |  | 48,394 |  |  | 153,491 |  |  | 31.5 | %
Total premiums earned | $ | 278,006 |  |  | $ | 152,998 |  |  | $ | 50,018 |  |  | $ | 175,026 |  |  | 28.6 | %
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 68,753 |  |  | $ | 32,052 |  |  | $ | 127 |  |  | $ | 36,828 |  |  | 0.3 | %
Accident and health insurance | 108,598 |  |  | 74,230 |  |  | 7,083 |  |  | 41,451 |  |  | 17.1 | %
Property and liability insurance | 936,007 |  |  | 506,664 |  |  | 336,590 |  |  | 765,933 |  |  | 43.9 | %
Total premiums written | $ | 1,113,358 |  |  | $ | 612,946 |  |  | $ | 343,800 |  |  | $ | 844,212 |  |  | 40.7 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | $ | 61,657 |  |  | $ | 30,949 |  |  | $ | 422 |  |  | $ | 31,130 |  |  | 1.4 | %
Accident and health insurance | 105,827 |  |  | 72,157 |  |  | 7,274 |  |  | 40,944 |  |  | 17.8 | %
Property and liability insurance | 798,660 |  |  | 428,395 |  |  | 219,895 |  |  | 590,160 |  |  | 37.3 | %
Total premiums earned | $ | 966,144 |  |  | $ | 531,501 |  |  | $ | 227,591 |  |  | $ | 662,234 |  |  | 34.4 | %
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Premiums written: |  |  |  |  |  |  |  |  |
Life insurance | $ | 66,109 |  |  | $ | 34,218 |  |  | $ | 757 |  |  | $ | 32,648 |  |  | 2.3 | %
Accident and health insurance | 103,321 |  |  | 71,384 |  |  | 5,509 |  |  | 37,446 |  |  | 14.7 | %
Property and liability insurance | 839,271 |  |  | 416,048 |  |  | 167,726 |  |  | 590,949 |  |  | 28.4 | %
Total premiums written | $ | 1,008,701 |  |  | $ | 521,650 |  |  | $ | 173,992 |  |  | $ | 661,043 |  |  | 26.3 | %
Premiums earned: |  |  |  |  |  |  |  |  |
Life insurance | $ | 54,242 |  |  | $ | 29,405 |  |  | $ | 970 |  |  | $ | 25,807 |  |  | 3.8 | %
Accident and health insurance | 91,793 |  |  | 61,755 |  |  | 6,803 |  |  | 36,841 |  |  | 18.5 | %
Property and liability insurance | 670,077 |  |  | 387,047 |  |  | 153,225 |  |  | 436,255 |  |  | 35.1 | %
Total premiums earned | $ | 816,112 |  |  | $ | 478,207 |  |  | $ | 160,998 |  |  | $ | 498,903 |  |  | 32.3 | %
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
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 13,383 |  |  | $ | 7,388 |  |  | $ | 78 |  |  | $ | 6,073 |  |  | 1.3 | %
Accident and health insurance | 6,855 |  |  | 4,966 |  |  | 488 |  |  | 2,377 |  |  | 20.5 | %
Property and liability insurance | 119,369 |  |  | 87,898 |  |  | 57,906 |  |  | 89,377 |  |  | 64.8 | %
Total losses and LAE incurred | 139,607 |  |  | 100,252 |  |  | 58,472 |  |  | 97,827 |  |  | 59.8 | %
| Member benefit claims (1) |  | 23,415 |  |  |
| Total policy and contract benefits |  | $ | 121,242 |  |  |
| Direct amount |  | Ceded to other companies |  | Assumed from other companies |  | Net amount |  | Percentage of amount - assumed to net
Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 13,398 |  |  | $ | 7,610 |  |  | $ | 116 |  |  | $ | 5,904 |  |  | 2.0 | %
Accident and health insurance | 6,689 |  |  | 5,691 |  |  | 913 |  |  | 1,911 |  |  | 47.8 | %
Property and liability insurance | 90,094 |  |  | 57,568 |  |  | 20,911 |  |  | 53,437 |  |  | 39.1 | %
Total losses and LAE incurred | 110,181 |  |  | 70,869 |  |  | 21,940 |  |  | 61,252 |  |  | 35.8 | %
| Member benefit claims (1) |  | 19,579 |  |  |
| Total policy and contract benefits |  | $ | 80,831 |  |  |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 40,993 |  |  | $ | 22,158 |  |  | $ | 424 |  |  | $ | 19,259 |  |  | 2.2 | %
Accident and health insurance | 24,826 |  |  | 19,304 |  |  | 6,581 |  |  | 12,103 |  |  | 54.4 | %
Property and liability insurance | 333,582 |  |  | 234,440 |  |  | 133,552 |  |  | 232,694 |  |  | 57.4 | %
Total losses and LAE incurred | 399,401 |  |  | 275,902 |  |  | 140,557 |  |  | 264,056 |  |  | 53.2 | %
| Member benefit claims (1) |  | 66,297 |  |  |
| Total policy and contract benefits |  | $ | 330,353 |  |  |
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |
Losses and LAE Incurred |  |  |  |  |  |  |  |  |
Life insurance | $ | 40,940 |  |  | $ | 23,987 |  |  | $ | 481 |  |  | $ | 17,434 |  |  | 2.8 | %
Accident and health insurance | 16,608 |  |  | 13,607 |  |  | 2,232 |  |  | 5,233 |  |  | 42.7 | %
Property and liability insurance | 262,447 |  |  | 180,991 |  |  | 77,121 |  |  | 158,577 |  |  | 48.6 | %
Total losses and LAE incurred | 319,995 |  |  | 218,585 |  |  | 79,834 |  |  | 181,244 |  |  | 44.0 | %
| Member benefit claims (1) |  | 55,954 |  |  |
| Total policy and contract benefits |  | $ | 237,198 |  |  |
(1) Member benefit claims are not covered by reinsurance. The following table presents the components of the reinsurance receivables:
|  | As of
|  | September 30, 2022 |  |  | December 31, 2021
Prepaid reinsurance premiums: |  |  |  |  |
Life insurance (1) |  | $ | 76,898 |  |  |  | $ | 73,478 |
Accident and health insurance (1) |  | 83,594 |  |  |  | 81,521 |
Property and liability insurance |  | 566,682 |  |  |  | 479,091 |
Total |  | 727,174 |  |  |  | 634,090 |
Ceded claim reserves: |  |  |  |  |
Life insurance |  | 3,681 |  |  |  | 3,928 |
Accident and health insurance |  | 17,808 |  |  |  | 12,239 |
Property and liability insurance |  | 227,087 |  |  |  | 148,962 |
Total ceded claim reserves recoverable |  | 248,576 |  |  |  | 165,129 |
Other reinsurance settlements recoverable |  | 218,577 |  |  |  | 81,617 |
Reinsurance receivables |  | $ | 1,194,327 |  |  |  | $ | 880,836 |
(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
| September 30, 2022
Total of the three largest receivable balances from non-affiliated reinsurers | $ | 193,533 |
As of September 30, 2022, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated), Accelerant Insurance Limited (A.M. Best Rating: A- rated), and Canada Life Assurance Company (A.M. Best Rating: A+ rated). A majority of the related receivables from these reinsurers are collateralized by assets on hand and letters of credit; receivable balances from authorized reinsurers do not require collateral. Allianz Global Corporate & Specialty SE and Canada Life Assurance Company are authorized reinsurers in the states in which Fortegra’s U.S. based insurance entities are domiciled. The Company monitors authorization status and A.M. Best ratings of its reinsurers periodically. As of September 30, 2022, 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://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=99379264&loc=d3e27830-158548 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=99397103&loc=d3e6811-158387 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=99397103&loc=d3e6816-158387 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=99379264&loc=d3e27758-158548 + Details
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