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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2019

A summary of reinsurance activity is as follows:



(In millions)	For the Years Ended December 31,
	2019		2018		2017
Net assumed written premiums	$	51.8	$	55.8	$	42.4
Net premiums earned	51.0		46.6		41.1
Provision for claims	30.1		26.0		22.7
Amortization of capitalized acquisition costs	1.3		1.2		1.0

The trust assets and related reinsurance liabilities are as follows:



(In millions)		As of December 31,
	Balance Sheet location	2019		2018
Trust assets	Restricted cash and cash equivalents	$	0.9	$	0.3
Trust assets	Restricted securities available for sale	59.3		58.6
Unearned premium	Accounts payable and accrued liabilities	44.1		43.3
Claims reserve (1)	Accounts payable and accrued liabilities	1.8		1.6

(1)

The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience.

The following tables present information about incurred and paid claims development for the five-year period ended December 31, 2019:



(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2019
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
Incident Year	2015		2016		2017		2018		2019		Claims Reserve		Cumulative Number of Reported Claims
2015	$	33.1	$	33.4	$	33.4	$	33.4	$	33.4	$	—	32,909
2016			25.7		26.0		26.0		26.0		—		25,215
2017					22.3		22.5		22.6		—		20,461
2018							25.8		25.7		—		22,305
2019									30.1		1.8		23,480
Total									$	137.8	$	1.8	124,370



Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	94.7	%	5.2	%	0.1	%	—	%	—	%