XML 30 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Reinsurance and Insurance Loss Reserves
 6 Months Ended
Oct. 02, 2021
Insurance [Abstract]  
Reinsurance and Insurance Loss Reserves Reinsurance and Insurance Loss ReservesCertain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.
The effects of reinsurance on premiums written and earned were as follows (in thousands):
Three Months Ended
October 2, 2021September 26, 2020
WrittenEarnedWrittenEarned
Direct premiums
$6,310 $6,323 $4,915 $5,145 
Assumed premiums—nonaffiliated
8,240 7,630 7,593 7,043 
Ceded premiums—nonaffiliated
(3,714)(3,714)(2,853)(2,853)

$10,836 $10,239 $9,655 $9,335 
Six Months Ended
October 2, 2021September 26, 2020
WrittenEarnedWrittenEarned
Direct premiums
$13,149 $12,319 $10,680 $10,330 
Assumed premiums—nonaffiliated
16,814 15,008 15,246 13,833 
Ceded premiums—nonaffiliated
(7,361)(7,361)(6,055)(6,055)

$22,602 $19,966 $19,871 $18,108 
Typical insurance policies written or assumed have a maximum coverage of $300,000 per claim, of which we cede $150,000 of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $150,000 per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $2 million per occurrence, up to a maximum of $55 million in the aggregate for that occurrence.
Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the six months ended October 2, 2021 and September 26, 2020 (in thousands):
Three Months EndedSix Months Ended
October 2,
2021		September 26,
2020		October 2,
2021		September 26,
2020
Balance at beginning of period$8,348 $6,730 $7,451 $5,582 
Net incurred losses during the year7,282 7,477 15,257 13,460 
Net claim payments during the year(8,280)(7,320)(15,358)(12,155)
Balance at end of period$7,350 $6,887 $7,350 $6,887