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Reinsurance Recoverable and Prepaid Reinsurance Premiums
 3 Months Ended
Mar. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Recoverable and Prepaid Reinsurance Premiums Reinsurance Recoverable and Prepaid Reinsurance Premiums
The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
Direct AmountCeded to Other CompaniesAssumed from Other CompaniesNet AmountPercentage of Amount - Assumed to Net
Three Months Ended March 31, 2024
Premiums written:
Life insurance$17,344 $8,935 $231 $8,640 2.7 %
Accident and health insurance29,978 20,101 415 10,292 4.0 %
Property and liability insurance409,785 222,664 112,098 299,219 37.5 %
Total premiums written$457,107 $251,700 $112,744 $318,151 35.4 %
Premiums earned:
Life insurance$20,693 $10,621 $214 $10,286 2.1 %
Accident and health insurance34,070 23,081 418 11,407 3.7 %
Property and liability insurance400,830 215,897 140,684 325,617 43.2 %
Total premiums earned$455,593 $249,599 $141,316 $347,310 40.7 %
Three Months Ended March 31, 2023
Premiums written:
Life insurance$17,287 $8,590 $57 $8,754 0.7 %
Accident and health insurance29,244 19,509 5,961 15,696 38.0 %
Property and liability insurance378,387 222,590 100,899 256,696 39.3 %
Total premiums written$424,918 $250,689 $106,917 $281,146 38.0 %
Premiums earned:
Life insurance$20,697 $10,354 $81 $10,424 0.8 %
Accident and health insurance34,381 23,274 5,976 17,083 35.0 %
Property and liability insurance306,769 172,854 103,908 237,823 43.7 %
Total premiums earned$361,847 $206,482 $109,965 $265,330 41.4 %

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 AmountCeded to Other CompaniesAssumed from Other CompaniesNet AmountPercentage of Amount - Assumed to Net
Three Months Ended March 31, 2024
Losses and LAE Incurred
Life insurance$12,201 $6,717 $(32)$5,452 (0.6)%
Accident and health insurance5,529 4,058 871 2,342 37.2 %
Property and liability insurance181,685 104,395 90,296 167,586 53.9 %
Total losses and LAE incurred$199,415 $115,170 $91,135 $175,380 52.0 %
Member benefit claims (1)
32,284 
Total policy and contract benefits$207,664 
Three Months Ended March 31, 2023
Losses and LAE Incurred
Life insurance$13,245 $7,204 $38 $6,079 0.6 %
Accident and health insurance6,567 4,504 4,505 6,568 68.6 %
Property and liability insurance133,690 88,932 56,922 101,680 56.0 %
Total losses and LAE incurred$153,502 $100,640 $61,465 $114,327 53.8 %
Member benefit claims (1)
27,348 
Total policy and contract benefits$141,675 
(1) Member benefit claims are not covered by reinsurance.
The following table presents the components of the reinsurance recoverable:
As of
March 31, 2024December 31, 2023
Ceded claim reserves:
Life insurance$4,239 $4,733 
Accident and health insurance22,977 22,660 
Property and liability insurance461,272 420,894 
Total ceded claim reserves recoverable488,488 448,287 
Other reinsurance settlements recoverable422,560 505,599 
Total reinsurance recoverable$911,048 $953,886 

The following table presents the components of prepaid reinsurance premiums:
As of
March 31, 2024December 31, 2023
Prepaid reinsurance premiums:
Life insurance (1)
$73,033 $74,815 
Accident and health insurance (1)
73,460 76,440 
Property and liability insurance761,265 749,269 
Total prepaid reinsurance premiums$907,758 $900,524 
(1)    Including policyholder account balances ceded.
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
As of
March 31, 2024
Total of the three largest receivable balances from non-affiliated reinsurers$184,202 

As of March 31, 2024, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Accredited Insurance (Europe) Limited (A.M. Best Rating: A- rated) (Accredited), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated) (Allianz), and Accident Fund Insurance Company of America (A.M. Best Rating: A rated) (Accident). Accredited balances are collateralized; the Accident and Allianz balances do not require collateral based on the authorized status of the parties. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of March 31, 2024, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the related collateralization or reinsurer A.M. Best rating.