Reinsurance

12 Months Ended

Mar. 29, 2014

Insurance [Abstract]

Reinsurance

12. Reinsurance

Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of Standard Casualty’s premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide Standard Casualty with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. Standard Casualty remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of Standard Casualty’s assumed reinsurance is with one entity.

The effects of reinsurance on premiums written and earned are as follows (in thousands):

	Year Ended						Year Ended
	March 29, 2014						March 30, 2013
	Written			Earned			Written			Earned
Direct premiums	$	12,581		$	10,667		$	7,191		$	4,637
Assumed premiums—nonaffiliate	17,012			15,190			13,598			12,074
Ceded premiums—nonaffiliate	(8,206		)	(8,206		)	(4,062		)	(4,062		)
Net premiums	$	21,387		$	17,651		$	16,727		$	12,649

Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard Casualty cedes $225,000 of the risk of loss per reinsurance. Therefore, Standard Casualty maintains risk of loss limited to $75,000 per claim on typical policies. Amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.0 million per occurrence up to a maximum of $20.0 million in the aggregate.