U-Haul 2006 Annual Report Download - page 39
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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Premiums eliminated in consolidation were as follows:
RepWest Oxford
2005 $ - $ 1,519
2004 - 1,474
2003 1,206 2,671
(In thousands)
To the extent that a re-insurer is unable to meet its obligation under the related reinsurance agreements, RepWest would
remain liable for the unpaid losses and loss expenses. Pursuant to certain of these agreements, RepWest holds letters of
credit at years-end in the amount of $5.2 million from re-insurers and has issued letters of credit in the amount of $12.3
million in favor of certain ceding companies.
Policy benefits and losses, claims and loss expenses payable for RepWest were as follows:
2005 2004
Unpaid losses and loss adjustment expense $ 346,928 $ 380,875
Reinsurance losses payable 3,475 7,516
Unearned premiums 2,557 2,992
Total $ 352,960 $ 391,383
Year Ended December 31,
(In thousands)
Activity in the liability for unpaid losses and loss adjustment expenses for RepWest is summarized as follows:
2005 2004 2003
Balance at January 1 $ 380,875 $ 416,259 $ 399,447
Less reinsurance recoverable 189,472 177,635 146,622
Net balance at January 1 191,403 238,624 252,825
Incurred related to:
Current year 6,429 17,960 56,454
Prior years 16,161 21,773 53,127
Total incurred 22,590 39,733 109,581
Paid related to:
Current year 3,774 13,570 22,931
Prior years 44,679 73,384 100,851
Total paid 48,453 86,954 123,782
Net balance at December 31 165,540 191,403 238,624
Plus reinsurance recoverable 181,388 189,472 177,635
Balance at December 31 $ 346,928 $ 380,875 $ 416,259
(In thousands)
Year Ended December 31,
F-32