Reinsurance (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Significant Reinsurance Amounts

A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of September 30, 2019 and December 31, 2018 and for the nine months ended September 30, 2019 and 2018 is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Statements of comprehensive income:
Premiums assumed	$	—	$	1,922	$	—	$	10,268
Premiums ceded		180,149		231,012		702,450		871,677
Benefits assumed		—		357		—		92,792
Benefits ceded		51,866		46,390		167,895		149,452
Commissions assumed		—		4		—		18
Commissions ceded		1,566		1,644		8,146		5,864

Schedule of Significant Reinsurance Balances

The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations:


							Recoverable on				Total Amount
			Recoverable		Recoverable		Benefit		Ceded		Recoverable
	AM Best		on Paid		on Unpaid		Reserves/Deposit-		Due		from
Reinsurer	Rating		Losses		Losses		type Contracts		Premiums		Reinsurer
Optimum Re Insurance Company		A-	$	—	$	—	$	489,737	$	—	$	489,737
Sagicor Life Insurance Company		A-		—		116,727		11,389,369		270,196		11,235,900
Ironbound Reinsurance Company Limited		NR		—		—		474,577		—		474,577
US Alliance Life and Security Company		NR		—		23,000		11,944,833		64,609		11,903,224
			$	—	$	139,727	$	24,298,516	$	334,805	$	24,103,438

September 30, 2019

December 31, 2018

Balance sheets:

Benefit and claim reserves ceded