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Reinsurance | 12 Months Ended
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Dec. 31, 2024
Reinsurance Disclosures [Abstract] |
Reinsurance | In the normal course of business, the Company reinsures portions of certain policies that we underwrite to mitigate exposure to potential losses and/or to provide additional capacity for growth. In our international business, we generally retain $100,000 on any one individual life insurance policy and reinsure the death benefit amount above $100,000. We also reinsure 100% of our accidental death benefit rider coverage. In the second quarter of 2024, CICA Domestic entered into a coinsurance agreement with RGA Reinsurance Company ("RGA"). Under this agreement, CICA Domestic initially elected for RGA to reinsure 50% of its newly written final expense business. The Company remains contingently liable in the event that any of the reinsurers are unable to meet their obligations under any reinsurance agreement. Prior to 2024, the Company maintained catastrophic reinsurance for its Louisiana property and casualty business operated through Security Plan Fire Insurance Company. This reinsurance had a net retention on any one loss of $30,000, which was the maximum policy limit on any single risk. The Company ceased this business in June 2023 and thus did not renew this reinsurance. Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. We obtain reinsurance from multiple reinsurers and monitor our reinsurance concentration as well as the financial strength ratings of our reinsurers. Their ratings by A.M. Best Company range from A- (Excellent) to A+ (Superior). A summary of insurance in force, along with assumed and ceded life reinsurance activity, is summarized below as of the periods indicated.
December 31, (In thousands) | 2024 |  | 2023
Insurance in force: |  |  |
Direct life insurance in force | $ | 5,227,506 |  |  | 4,922,254 |
Aggregate assumed life insurance in force | 3,427 |  |  | 3,772 |
Aggregate ceded life insurance in force | (821,215) |  |  | (619,597) |
Net life insurance in force | $ | 4,409,718 |  |  | 4,306,429 |
The Company's reinsurance recoverable on ceded reinsurance was $6.9 million and $4.0 million in 2024 and 2023, respectively. Premiums, claims and surrenders assumed and ceded and expenses ceded for all lines of business are summarized for the periods indicated below.
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
Premiums from short duration contracts: |  |  |  |  |
Direct | $ | 1,837 |  |  | 4,425 |  |  |
Ceded | (16) |  |  | (1,792) |  |  |
Net premiums earned | 1,821 |  |  | 2,633 |  |  |
Premiums from long duration contracts: |  |  |  |  |
Direct | 176,999 |  |  | 166,132 |  |  |
Assumed | 67 |  |  | 68 |  |  |
Ceded | (5,559) |  |  | (1,794) |  |  |
Net premiums earned | 171,507 |  |  | 164,406 |  |  |
Total premiums earned | $ | 173,328 |  |  | 167,039 |  |  |
Claims and surrenders assumed | $ | 122 |  |  | 113 |  |  |
Claims and surrenders ceded | $ | (2,341) |  |  | (936) |  |  |
Commissions assumed and (ceded) | $ | (5,539) |  |  | 35 |  |  |
Other general expenses ceded | $ | (960) |  |  | — |  |  |

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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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