Reinsurance

12 Months Ended

Dec. 31, 2024

In the normal course of business, the Company reinsures portions of certain policies that we underwrite to mitigate exposure to potential losses and/or to provide additional capacity for growth. In our international business, we generally retain $100,000 on any one individual life insurance policy and reinsure the death benefit amount above $100,000. We also reinsure 100% of our accidental death benefit rider coverage. In the second quarter of 2024, CICA Domestic entered into a coinsurance agreement with RGA Reinsurance Company ("RGA"). Under this agreement, CICA Domestic initially elected for RGA to reinsure 50% of its newly written final expense business. The

Company remains contingently liable in the event that any of the reinsurers are unable to meet their obligations under any reinsurance agreement.

Prior to 2024, the Company maintained catastrophic reinsurance for its Louisiana property and casualty business operated through Security Plan Fire Insurance Company. This reinsurance had a net retention on any one loss of $30,000, which was the maximum policy limit on any single risk. The Company ceased this business in June 2023 and thus did not renew this reinsurance.

Our amounts recoverable from reinsurers represent receivables from and reserves ceded to reinsurers. We obtain reinsurance from multiple reinsurers and monitor our reinsurance concentration as well as the financial strength ratings of our reinsurers. Their ratings by A.M. Best Company range from A- (Excellent) to A+ (Superior).

A summary of insurance in force, along with assumed and ceded life reinsurance activity, is summarized below as of the periods indicated.


December 31, (In thousands)	2024		2023
Insurance in force:
Direct life insurance in force	$	5,227,506	4,922,254
Aggregate assumed life insurance in force	3,427		3,772
Aggregate ceded life insurance in force	(821,215)		(619,597)
Net life insurance in force	$	4,409,718	4,306,429

The Company's reinsurance recoverable on ceded reinsurance was $6.9 million and $4.0 million in 2024 and 2023, respectively. Premiums, claims and surrenders assumed and ceded and expenses ceded for all lines of business are summarized for the periods indicated below.


Years ended December 31, (In thousands)	2024		2023
Premiums from short duration contracts:
Direct	$	1,837	4,425

Ceded	(16)		(1,792)
Net premiums earned	1,821		2,633
Premiums from long duration contracts:
Direct	176,999		166,132
Assumed	67		68
Ceded	(5,559)		(1,794)
Net premiums earned	171,507		164,406
Total premiums earned	$	173,328	167,039
Claims and surrenders assumed	$	122	113
Claims and surrenders ceded	$	(2,341)	(936)
Commissions assumed and (ceded)	$	(5,539)	35
Other general expenses ceded	$	(960)	—