U-Haul 2008 Annual Report Download - page 89
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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Premiums eliminated in consolidation with Oxford were $1.2 million and $1.5 million for 2006 and 2005, respectively:
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 $3.8 million from re-insurers and has issued letters of credit in the amount of $14.7
million in favor of certain ceding companies.
Policy benefits and losses, claims and loss expenses payable for RepWest were as follows:
2007 2006
Unpaid losses and loss adjustment expense $ 288,410 $ 288,783
Reinsurance losses payable 2,708 1,999
Unearned premiums 200 459
Total $ 291,318 $ 291,241
Year Ended December 31,
(In thousands)
Activity in the liability for unpaid losses and loss adjustment expenses for RepWest is summarized as follows:
2007 2006 2005
Balance at January 1 $ 288,783 $ 346,928 $ 380,875
Less: reinsurance recoverable 144,950 181,388 189,472
Net balance at January 1 143,833 165,540 191,403
Incurred related to:
Current year 7,094 6,006 6,429
Prior years 11,894 15,895 16,161
Total incurred 18,988 21,901 22,590
Paid related to:
Current year 3,289 3,492 3,774
Prior years 35,303 40,116 44,679
Total paid 38,592 43,608 48,453
Net balance at December 31 124,229 143,833 165,540
Plus: reinsurance recoverable 164,181 144,950 181,388
Balance at December 31 $ 288,410 $ 288,783 $ 346,928
(In thousands)
Year Ended December 31,
F-32