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Reinsurance | 12 Months Ended
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Dec. 31, 2020
Reinsurance [Abstract] |
Reinsurance |
Note 6. | Reinsurance
In accordance with general practice in the insurance industry, portions of the life, property and casualty insurance written by the Company are reinsured; however, the Company remains liable with respect to reinsurance ceded should any reinsurer be unable or unwilling to meet its obligations. Approximately 99.6% of the Company’s reinsurance recoverables were due from a single reinsurer as of December 31, 2020. Reinsurance recoverables of $28,980 were due from General Re Corporation, rated “AA+” by Standard & Poor’s and “A++” (Superior) by A.M. Best. Allowances for uncollectible amounts are established against reinsurance recoverables, if appropriate. The effects of reinsurance on premiums written, premiums earned and insurance benefits and losses incurred were as follows:
|  | 2020 |  |  | 2019 |
Direct premiums written |  | $ | 239,687 |  |  | $ | 237,973 |
Assumed premiums written |  |  | 23,253 |  |  |  | 23,275 |
Ceded premiums written |  |  | (77,622 | ) |  |  | (77,750 | )
Net premiums written |  | $ | 185,318 |  |  | $ | 183,498 |
Direct premiums earned |  | $ | 238,209 |  |  | $ | 237,361 |
Assumed premiums earned |  |  | 23,144 |  |  |  | 22,345 |
Ceded premiums earned |  |  | (77,814 | ) |  |  | (77,781 | )
Net premiums earned |  | $ | 183,539 |  |  | $ | 181,925 |
Provision for benefits and losses incurred |  | $ | 175,825 |  |  | $ | 206,390 |
Reinsurance loss recoveries |  |  | (55,949 | ) |  |  | (67,165 | )
Insurance benefits and losses incurred |  | $ | 119,876 |  |  | $ | 139,225 |
Components of reinsurance receivables at December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  | 2019 |
Recoverable on unpaid losses |  | $ | 17,600 |  |  | $ | 18,339 |
Recoverable on unpaid benefits |  |  | 9,832 |  |  |  | 10,772 |
Recoverable on paid losses |  |  | 447 |  |  |  | 1,538 |
Ceded unearned premiums |  |  | 963 |  |  |  | 1,155 |
Ceded advanced premiums |  |  | 244 |  |  |  | 331 |
Total reinsurance receivables |  | $ | 29,086 |  |  | $ | 32,135 |

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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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