In the normal course of business, the Company reinsures portions of certain policies that we underwrite to limit disproportionate risks. During 2019 and 2018, we retained varying amounts of individual insurance up to a maximum retention of $100,000 on any life. The Company also reinsures 100% of our accidental death benefit rider coverage. Catastrophe reinsurance is in place for our property policies. In 2019 and 2018, this reinsurance provided $10.0 million of coverage above a $500,000 deductible. Our health insurance policies are substantially all reinsured on a 100% coinsurance basis. We remain contingently liable to the extent that the reinsuring companies cannot meet their obligations under these reinsurance treaties.

Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. We obtain reinsurance from multiple reinsurers, and we monitor concentration as well as financial strength ratings of our principal reinsurers. The ratings by A.M. Best Company range from B+ (Good) to A+ (Superior).

Assumed and ceded life reinsurance activity as of December 31, 2019 and 2018 is summarized as follows:



December 31, (In thousands)	2019		2018
Aggregate assumed life insurance in force	$	4,892	5,202
Aggregate ceded life insurance in force	$	486,937	490,295
Net life insurance in force	$	4,246,781	4,350,538

The Company's reinsurance recoverable on ceded reinsurance was $3.7 million in 2019 and 2018. Premiums, claims and surrenders assumed and ceded for all lines of business for these years are summarized as follows:



Years ended December 31, (In thousands)	2019			2018		2017
Premiums from short-duration contracts:
Direct	$	6,804		6,840		6,933
Assumed	—			—		—
Ceded	(808		)	(804	)	(781	)
Net premiums earned	5,996			6,036		6,152
Premiums from long-duration contracts:
Direct	180,205			184,721		193,778
Assumed	99			99		142
Ceded	(1,953		)	(2,996	)	(2,352	)
Net premiums earned	178,351			181,824		191,568
Total premiums earned	$	184,347		187,860		197,720
Claims and surrenders assumed	$	141		159		247
Claims and surrenders ceded	$	(940	)	(705	)	(946	)

SPFIC has catastrophe reinsurance that covers the first event in excess of a $0.5 million deductible up to $10.0 million. In consideration for a reinstatement premium, second event coverage is provided in excess of a $0.5 million deductible up to $10.0 million. The annual premium was approximately $0.8 million in 2019, 2018 and 2017.