Reinsurance Receivables

The following table presents the effect of reinsurance on premiums written and earned by our specialty insurance business for the following periods:



	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
For the Year ended December 31, 2016
Premiums written:
Life insurance	$	65,152	$	34,044	$	2,522	$	33,630	7.5	%
Accident and health insurance	116,861		79,396		3,335		40,800		8.2	%
Property and liability insurance	505,147		257,677		15,270		262,740		5.8	%
Total premiums written	687,160		371,117		21,127		337,170		6.3	%

Premiums earned:
Life insurance	61,921		30,015		2,543		34,449		7.4	%
Accident and health insurance	112,847		79,754		3,262		36,355		9.0	%
Property and liability insurance	496,418		343,820		6,034		158,632		3.8	%
Total premiums earned	$	671,186	$	453,589	$	11,839	$	229,436	5.2	%

For the Year ended December 31, 2015
Premiums written:
Life insurance	$	67,416	$	36,826	$	3,000	$	33,590	8.9	%
Accident and health insurance	124,862		88,342		3,095		39,615		7.8	%
Property and liability insurance	480,533		378,744		7,102		108,891		6.5	%
Total premiums written	672,811		503,912		13,197		182,096		7.2	%

Premiums earned:
Life insurance	57,203		25,739		3,011		34,475		8.7	%
Accident and health insurance	112,474		78,954		3,051		36,571		8.3	%
Property and liability insurance	416,986		325,176		3,409		95,219		3.6	%
Total premiums earned	$	586,663	429,869		$	9,471	$	166,265	5.7	%

For the Year ended December 31, 2014
Premiums written:
Life insurance	$	6,034	$	2,842	$	299	$	3,491	8.6	%
Accident and health insurance	11,649		8,488		554		3,715		14.9	%
Property and liability insurance	37,173		30,664		214		6,723		3.2	%
Total premiums written	54,856		41,994		1,067		13,929		7.7	%

Premiums earned:
Life insurance	4,625		1,935		266		2,956		9.0	%
Accident and health insurance	9,003		6,195		497		3,305		15.0	%
Property and liability insurance	31,535		25,170		201		6,566		3.1	%
Total premiums earned	$	45,163	$	33,300	$	964	$	12,827	7.5	%

The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses ("LAE") incurred:



	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount - Assumed to Net
For the Year ended December 31, 2016
Losses Incurred
Life insurance	$	32,574	$	16,945	$	1,184	$	16,813	7.0	%
Accident and health insurance	19,250		16,339		871		3,782		23.0	%
Property and liability insurance	219,538		158,520		3,337		64,355		5.2	%
Total losses incurred	271,362		191,804		5,392		84,950		6.3	%

	Member benefit claims ⁽¹⁾						21,834
	Total policy and contract benefits						$	106,784

For the Year ended December 31, 2015
Losses Incurred
Life insurance	$	27,583	$	12,468	$	1,163	$	16,278	7.1	%
Accident and health insurance	16,613		13,555		860		3,918		21.9	%
Property and liability insurance	132,775		98,700		2,297		36,372		6.3	%
Total losses incurred	176,971		124,723		4,320		56,568		7.6	%

	Member benefit claims ⁽¹⁾						29,744
	Total policy and contract benefits						$	86,312

For the Year ended December 31, 2014
Losses Incurred
Life insurance	$	2,125	$	1,138	$	246	$	1,233	20.0	%
Accident and health insurance	729		472		55		312		17.6	%
Property and liability insurance	7,419		5,924		113		1,608		7.0	%
Total losses incurred	10,273		7,534		414		3,153		13.1	%

	Member benefit claims ⁽¹⁾						2,676
	Total policy and contract benefits						$	5,829

(1) - Member benefit claims are not covered by reinsurance.

The following table presents the components of the reinsurance receivables:



	As of December 31,
	2016		2015
Prepaid reinsurance premiums:
Life ⁽¹⁾	$	64,621	$	61,919
Accident and health ⁽¹⁾	53,999		54,357
Property ⁽²⁾	94,091		180,236
Total	212,711		296,512

Ceded claim reserves:
Life	2,929		2,664
Accident and health	10,435		8,889
Property	49,917		30,911
Total ceded claim reserves recoverable	63,281		42,464
Other reinsurance settlements recoverable	20,242		13,950
Reinsurance receivables	$	296,234	$	352,926


(1)	Including policyholder account balances ceded.


(2)	Includes a non-cash transaction, as part of a reinsurance contract cancellation, that resulted in a reduction of $92,854 in reinsurance receivable, offset by an increase of $88,857 in assets and a decrease of $3,997 in liabilities.

The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:



	As of
	December 31, 2016
Total of the three largest receivable balances from unrelated reinsurers	$	77,650

At December 31, 2016, the three unrelated reinsurers from whom our specialty insurance business has the largest receivable balances were: London Life Reinsurance Corporation (A. M. Best Rating: A rated); MFI Insurance Company, LTD (A. M. Best Rating: Not rated) and Frandicso Property and Casualty Insurance Corporation (A. M. Best Rating: Not rated). The related receivables of these reinsurers are collateralized by, assets on hand, assets held in trust accounts and letters of credit. At December 31, 2016, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.