Reinsurance

12 Months Ended

Dec. 31, 2021

REINSURANCE

A summary of reinsurance activity is as follows:


(In millions)	For the Years Ended December 31,
	2021		2020		2019
Net assumed written premiums	$	56.4	$	61.7	$	51.8
Net premiums earned	60.3		57.3		51.0
Provision for claims	38.8		37.9		30.1
Amortization of capitalized acquisition costs	1.4		1.4		1.3

The trust assets and related reinsurance liabilities are as follows:


(In millions)		As of December 31,
	Balance Sheet location	2021		2020
Trust assets	Restricted cash and cash equivalents	$	0.3	$	0.7
Trust assets	Restricted securities available for sale	62.1		66.1
Unearned premium	Accounts payable and accrued liabilities	44.6		48.5
Claims reserve (1)	Accounts payable and accrued liabilities	2.4		2.3

(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, 2021:


(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2021
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
	2017		2018		2019		2020		2021
2017	$	22.3	$	22.5	$	22.6	$	22.6	$	22.6	$	—	20,462
2018			25.8		25.7		25.8		25.8		—		22,310
2019					30.1		30.2		30.2		—		24,419
2020							37.7		37.6		—		28,206
2021									38.9		2.4		28,091
Total									$	155.1	$	2.4	123,488


Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	93.9	%	5.9	%	0.2	%	—	%	—	%