Schedule of significant reinsurance balances

The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers as of September 30, 2022:


							Recoverable/				Total Amount
			Recoverable		Recoverable		(Payable) on Benefit		Ceded		Recoverable/
(In thousands)	AM Best		on Paid		on Unpaid		Reserves/Deposit-		Due		(Payable) to/from
Reinsurer	Rating		Losses		Losses		type Contracts		Premiums		Reinsurer
Ironbound Reinsurance Company Limited		NR	$	—	$	—	$	827	$	—	$	827
Optimum Re Insurance Company		A		—		—		601		—		601
Sagicor Life Insurance Company		A-		—		169		10,767		(311)		10,625
Ascendant Re		NR		—		—		319		—		319
Crestline SP1		NR		—		—		11,620		—		11,620
American Republic Insurance Company		A		—		—		8,545		—		8,545
SRC4		NR		—		—		(32,631)		—		(32,631)
Unified Life Insurance Company		NR		—		36		993		(19)		1,010
US Alliance Life and Security Company		NR		—		—		4,898		(23)		4,875
			$	—	$	205	$	5,939	$	(353)	$	5,791

The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer as of December 31, 2021:


							Recoverable on				Total Amount
			Recoverable		Recoverable		Benefit		Ceded		Recoverable
(In thousands)	AM Best		on Paid		on Unpaid		Reserves/Deposit-		Due		from
Reinsurer	Rating		Losses		Losses		type Contracts		Premiums		Reinsurer
Ironbound Reinsurance Company Limited		NR	$	—	$	—	$	(3,561)	$	—	$	(3,561)
Optimum Re Insurance Company		A		—		—		561		—		561
Sagicor Life Insurance Company		A-		—		157		10,901		303		10,755
Ascendant Re		NR		—		—		1,550		—		1,550
Crestline SP1		NR		—		—		18,288		—		18,288
American Republic Insurance Company		A		—		—		4,885		—		4,885
Unified Life Insurance Company		NR		—		45		1,013		21		1,037
US Alliance Life and Security Company		NR		—		—		5,090		26		5,064
			$	—	$	202	$	38,727	$	350	$	38,579

Schedule of ceding commissions deferred on each reinsurance transaction


(In thousands)	September 30, 2022		December 31, 2021
Reinsurer	Deferred Gain on Reinsurance Transactions		Deferred Gain on Reinsurance Transactions
US Alliance Life and Security Company⁽¹⁾	$	154	$	162
Unified Life Insurance Company⁽¹⁾		222		242
Ironbound Reinsurance Company Limited⁽²⁾		4,953		5,137
Ascendant Re		2,986		3,101
US Alliance Life and Security Company⁽²⁾		2,146		2,286
American Republic Insurance Company⁽²⁾		6,734		4,146
Crestline SP1⁽²⁾		17,355		13,515
SRC4⁽²⁾		914		—
	$	35,464	$	28,589

1)

These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business.

2)

These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1).