Reinsurance and Insurance Loss Reserves

3 Months Ended

Jun. 27, 2026

Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

The effects of reinsurance on premiums written and earned were as follows (in thousands):


	Three Months Ended
	June 27, 2026				June 28, 2025








	Written		Earned		Written		Earned
Direct premiums	$	10,862	$	10,956	$	12,151	$	11,532
Assumed premiums—nonaffiliated	11,867		10,861		11,482		10,870
Ceded premiums—nonaffiliated	(6,905)		(6,905)		(7,710)		(7,710)
	$	15,824	$	14,912	$	15,923	$	14,692

Typical insurance policies written or assumed are recoverable through reinsurance for catastrophic losses in excess of $4.0 million per occurrence, up to a maximum of $75 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three months ended June 27, 2026 and June 28, 2025 (in thousands):


	Three Months Ended
		June 27, 2026		June 28, 2025
Balance at beginning of period		$	9,778	$	16,201
Net incurred losses during the period		10,218		11,103
Net claim payments during the period		(9,148)		(14,186)
Balance at end of period		$	10,848	$	13,118