U-Haul 2016 Annual Report Download - page 86

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
F-30
Note 16. Reinsurance and Policy Benefits and Losses, Claims and Loss Expenses Payable
During their normal course of business, our insurance subsidiaries assume and cede reinsurance on
both a coinsurance and a risk premium basis. They also obtain reinsurance for that portion of risks
exceeding their retention limits. The maximum amount of life insurance retained on any one life is
$110,000.
Direct
Amount (a)
Ceded to
Other
Companies
Assumed
from Other
Companies
Net
Amount (a)
Percentage
of
Amount
Assumed to
Net
(In thousands)
Year ended December 31, 2015
Life insurance in force
$
927,647
$
397
$
949,413
$
1,876,663
51%
Premiums earned:
Life
$
49,126
$
8
$
11,310
$
60,428
19%
Accident and health
99,354
312
2,545
101,587
3%
Annuity
392
–
255
647
39%
Property and casualty
50,012
–
8
50,020
0%
Total
$
198,884
$
320
$
14,118
$
212,682
Year ended December 31, 2014
Life insurance in force
$
905,987
$
402
$
990,406
$
1,895,991
52%
Premiums earned:
Life
$
47,298
$
–
$
12,337
$
59,635
21%
Accident and health
93,319
345
2,796
95,770
3%
Annuity
386
–
312
698
45%
Property and casualty
46,417
–
39
46,456
0%
Total
$
187,420
$
345
$
15,484
$
202,559
Year ended December 31, 2013
Life insurance in force
$
861,967
$
403
$
1,033,136
$
1,894,700
55%
Premiums earned:
Life
$
45,625
$
212
$
12,888
$
58,301
22%
Accident and health
95,536
397
3,157
98,296
3%
Annuity
847
23
498
1,322
38%
Property and casualty
40,685
–
367
41,052
1%
Total
$
182,693
$
632
$
16,910
$
198,971
(a) Balances are reported net of inter-segment transactions.
To the extent that a reinsurer 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 as of December 31, 2015 in the amount of $0.5 million
from re-insurers and has issued letters of credit in the amount of $1.9 million in favor of certain ceding
companies.