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Reinsurance | 12 Months Ended
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Dec. 31, 2023
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 2023 and 2022, 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 maintained catastrophe reinsurance with the net retention on any one loss of $30,000, which is the maximum policy limit on any single risk. During 2023, this reinsurance provided $11.0 million of coverage with the Company retaining $2.4 million of the risk. In 2022, this reinsurance provided $11.0 million of coverage once the Company paid a $1.4 million deductible. In consideration for a reinstatement premium, second event coverage was provided under the same terms for both years. 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) | 2023 |  | 2022
Aggregate assumed life insurance in force | $ | 3,772 |  |  | 4,074 |
Aggregate ceded life insurance in force | $ | 619,597 |  |  | 543,496 |
Net life insurance in force | $ | 4,306,429 |  |  | 4,257,148 |
The Company's reinsurance recoverable on ceded reinsurance was $4.0 million and $4.6 million in 2023 and 2022, respectively. Premiums and claims and surrenders assumed and ceded for all lines of business for these years are summarized as follows:
Years ended December 31, (In thousands) | 2023 |  | 2022 |  | 2021
Premiums from short duration contracts: |  |  |  |  |
Direct | $ | 4,425 |  |  | 7,862 |  |  | 7,631 |
Assumed | — |  |  | — |  |  | — |
Ceded | (1,792) |  |  | (1,413) |  |  | (2,312) |
Net premiums earned | 2,633 |  |  | 6,449 |  |  | 5,319 |
Premiums from long duration contracts: |  |  |  |  |
Direct | 166,132 |  |  | 169,111 |  |  | 171,175 |
Assumed | 68 |  |  | 74 |  |  | 84 |
Ceded | (1,794) |  |  | (1,920) |  |  | (1,850) |
Net premiums earned | 164,406 |  |  | 167,265 |  |  | 169,409 |
Total premiums earned | $ | 167,039 |  |  | 173,714 |  |  | 174,728 |
Claims and surrenders assumed | $ | 113 |  |  | 151 |  |  | 169 |
Claims and surrenders ceded | $ | (936) |  |  | (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 do not expect to exceed the maximum reinsurance coverage.

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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//1943274/2147479629/944-605-55-12 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//1943274/2147479629/944-605-55-15 + Details
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