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Reinsurance
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance
In the normal course of business, the Company reinsures portions of certain policies that we underwrite to limit disproportionate risks. During 2022 and 2021, we generally retained $100,000 on any one individual life insurance policy. The Company also reinsures 100% of our accidental death benefit rider coverage. The Company maintains catastrophe reinsurance with the net retention on any one loss of $30,000, which is the maximum policy limit on any single risk. During 2022, this reinsurance provided $11.0 million of coverage with the Company retaining $1.4 million of the risk. In 2021, this reinsurance provided $10.5 million of coverage once the Company paid a $0.5 million deductible. In consideration for a reinstatement premium, second event coverage is provided under the same terms for both years. The Company's principal reinsurers are R+V Versicherung AG and Lloyds Underwriter Syndicates. The Company remains contingently liable in the event that any of the reinsurers are unable to meet their obligations under any reinsurance agreement.

Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers.  We obtain reinsurance from multiple reinsurers, and we monitor concentration as well as financial strength ratings of our principal reinsurers. The ratings by A.M. Best Company range from A- (Excellent) to A+ (Superior).  Assumed and ceded life reinsurance activity is summarized as follows:

December 31,
(In thousands)
20222021
Aggregate assumed life insurance in force$4,074 4,366 
Aggregate ceded life insurance in force$543,496 465,954 
Net life insurance in force$4,257,148 4,165,921 
The Company's reinsurance recoverable on ceded reinsurance was $4.6 million and $5.5 million in 2022 and 2021, respectively.  Premiums, claims and surrenders assumed and ceded for all lines of business for these years are summarized as follows:

Years ended December 31,
(In thousands)
20222021
Premiums from short-duration contracts:  
Direct$7,862 7,631 
Assumed— — 
Ceded(1,413)(2,312)
Net premiums earned6,449 5,319 
Premiums from long-duration contracts:  
Direct169,111 171,175 
Assumed74 84 
Ceded(1,920)(1,850)
Net premiums earned167,265 169,409 
Total premiums earned$173,714 174,728 
Claims and surrenders assumed$151 169 
Claims and surrenders ceded
$(1,130)(11,764)
 
During the third quarter of 2021, SPFIC was impacted by Hurricane Ida, the second-most damaging and intense hurricane in Louisiana on record, behind Hurricane Katrina in 2005. The Company has a reinsurance agreement that covers catastrophic events such as Hurricane Ida. We paid the $0.5 million retention in claim amounts for Ida and did not exceed the maximum reinsurance coverage.