Reinsurance

12 Months Ended

Dec. 31, 2013

Reinsurance [Abstract]

Reinsurance

Note 4. Reinsurance

In accordance with general practice in the insurance industry, portions of the life, property and casualty insurance written by the Company are reinsured; however, the Company remains liable with respect to reinsurance ceded should any reinsurer be unable or unwilling to meet its obligations. Approximately 99% of the Company’s reinsurance receivables were due from two reinsurers as of December 31, 2013. Reinsurance receivables of $1,209 were due from Swiss Reinsurance Corporation, rated “AA-” by Standard & Poor’s and “A+” (Superior) by A.M. Best and $13,021 were due from General Reinsurance Corporation, rated “AA+” by Standard & Poor’s and “A++” (Superior) by A.M. Best. Allowances for uncollectible amounts are established against reinsurance receivables, if appropriate.

The effects of reinsurance on premiums written, premiums earned and insurance benefits and losses incurred were as follows:

	2013			2012
Direct premiums written	$	141,313		$	130,402
Assumed premiums written		16,702			3,003
Ceded premiums written		(7,607	)		(7,671	)
Net premiums written	$	150,408		$	125,734
Direct premiums earned	$	141,720		$	131,299
Assumed premiums earned		11,517			3,115
Ceded premiums earned		(7,607	)		(7,671	)
Net premiums earned	$	145,630		$	126,743
Provision for benefits and losses incurred	$	105,828		$	99,026
Reinsurance loss recoveries		(5,456	)		(9,209	)
Insurance benefits and losses incurred	$	100,372		$	89,817

Components of reinsurance receivables were as follows:

	2013		2012
Receivable on unpaid losses	$	14,314	$	18,743
Receivable on paid losses		-		25
Total reinsurance receivables	$	14,314	$	18,768