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Reinsurance | 12 Months Ended
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Dec. 31, 2022
Reinsurance [Abstract] |
Reinsurance |
Note 7. | 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 99.7% of the Company’s reinsurance recoverables were due from a single reinsurer as of December 31, 2022. Reinsurance recoverables of $25,824 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:
|  | For the Year Ended December 31, 2022 |
|  | American Southern |  |  | Bankers Fidelity |  |  | Total |
Direct premiums written |  | $ | 52,404 |  |  | $ | 176,119 |  |  | $ | 228,523 |
Assumed premiums written |  |  | 26,814 |  |  |  | 9 |  |  |  | 26,823 |
Ceded premiums written |  |  | (6,547 | ) |  |  | (61,701 | ) |  |  | (68,248 | )
Net premiums written |  | $ | 72,671 |  |  | $ | 114,427 |  |  | $ | 187,098 |
Direct premiums earned |  | $ | 51,844 |  |  | $ | 176,995 |  |  | $ | 228,839 |
Assumed premiums earned |  |  | 24,978 |  |  |  | 8 |  |  |  | 24,986 |
Ceded premiums earned |  |  | (6,546 | ) |  |  | (61,839 | ) |  |  | (68,385 | )
Net premiums earned |  | $ | 70,276 |  |  | $ | 115,164 |  |  | $ | 185,440 |
Provision for benefits and losses incurred |  | $ | 49,568 |  |  | $ | 124,478 |  |  | $ | 174,046 |
Reinsurance loss recoveries |  |  | (2,393 | ) |  |  | (48,197 | ) |  |  | (50,590 | )
Insurance benefits and losses incurred |  | $ | 47,175 |  |  | $ | 76,281 |  |  | $ | 123,456 |
|  | For the Year Ended December 31, 2021 |
|  | American Southern |  |  | Bankers Fidelity |  |  | Total |
Direct premiums written |  | $ | 53,815 |  |  | $ | 182,867 |  |  | $ | 236,682 |
Assumed premiums written |  |  | 22,099 |  |  |  | 12 |  |  |  | 22,111 |
Ceded premiums written |  |  | (6,511 | ) |  |  | (67,010 | ) |  |  | (73,521 | )
Net premiums written |  | $ | 69,403 |  |  | $ | 115,869 |  |  | $ | 185,272 |
Direct premiums earned |  | $ | 52,424 |  |  | $ | 183,382 |  |  | $ | 235,806 |
Assumed premiums earned |  |  | 22,069 |  |  |  | 7 |  |  |  | 22,076 |
Ceded premiums earned |  |  | (6,511 | ) |  |  | (67,155 | ) |  |  | (73,666 | )
Net premiums earned |  | $ | 67,982 |  |  | $ | 116,234 |  |  | $ | 184,216 |
Provision for benefits and losses incurred |  | $ | 46,500 |  |  | $ | 144,091 |  |  | $ | 190,591 |
Reinsurance loss recoveries |  |  | (2,067 | ) |  |  | (56,830 | ) |  |  | (58,897 | )
Insurance benefits and losses incurred |  | $ | 44,433 |  |  | $ | 87,261 |  |  | $ | 131,694 |
Components of reinsurance receivables at December 31, 2022 and 2021 were as follows:
|  | December 31, 2022 |
|  | American Southern |  |  | Bankers Fidelity |  |  | Total |
Recoverable on unpaid losses |  | $ | 8,265 |  |  | $ | 9,382 |  |  | $ | 17,647 |
Recoverable on unpaid benefits |  |  | — |  |  |  | 6,788 |  |  |  | 6,788 |
Recoverable on paid losses |  |  | — |  |  |  | 618 |  |  |  | 618 |
Ceded unearned premiums |  |  | — |  |  |  | 681 |  |  |  | 681 |
Ceded advanced premiums |  |  | — |  |  |  | 179 |  |  |  | 179 |
Total reinsurance receivables |  | $ | 8,265 |  |  | $ | 17,648 |  |  | $ | 25,913 |
|  | December 31, 2021 |
|  | American Southern |  |  | Bankers Fidelity |  |  | Total |
Recoverable on unpaid losses |  | $ | 6,937 |  |  | $ | 10,753 |  |  | $ | 17,690 |
Recoverable on unpaid benefits |  |  | — |  |  |  | 8,169 |  |  |  | 8,169 |
Recoverable on paid losses |  |  | — |  |  |  | 499 |  |  |  | 499 |
Ceded unearned premiums |  |  | — |  |  |  | 819 |  |  |  | 819 |
Ceded advanced premiums |  |  | — |  |  |  | 239 |  |  |  | 239 |
Total reinsurance receivables |  | $ | 6,937 |  |  | $ | 20,479 |  |  | $ | 27,416 |

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