TIPTREE INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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(8) Reinsurance Receivables
(8)Reinsurance Recoverable and Prepaid Reinsurance Premiums
The following table presents the effect of reinsurance on premiums written and earned by our insurance business for the following periods:
| Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount - Assumed to Net | |
|---|---|---|---|---|---|
| Life insurance in force | $5,909,645 | $2,806,307 | $— | $3,103,338 | |
| Premiums written: | |||||
| Life insurance | $80,597 | $40,925 | $289 | $39,961 | 0.7% |
| Accident and health insurance | 131,006 | 89,627 | 6,176 | 47,555 | 13.0% |
| Property and liability insurance | 1,684,907 | 935,077 | 482,602 | 1,232,432 | 39.2% |
| Total premiums written | $1,896,510 | $1,065,629 | $489,067 | $1,319,948 | 37.1% |
| Premiums earned: | |||||
| Life insurance | $82,514 | $41,248 | $274 | $41,540 | 0.7% |
| Accident and health insurance | 137,868 | 94,905 | 6,215 | 49,178 | 12.6% |
| Property and liability insurance | 1,407,659 | 768,762 | 398,219 | 1,037,116 | 38.4% |
| Total premiums earned | $1,628,041 | $904,915 | $404,708 | $1,127,834 | 35.9% |
| Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount - Assumed to Net | |
|---|---|---|---|---|---|
| Life insurance in force | $6,139,755 | $2,892,889 | $— | $3,246,866 | |
| Premiums written: | |||||
| Life insurance | $88,430 | $41,218 | $193 | $47,405 | 0.4% |
| Accident and health insurance | 142,132 | 96,923 | 7,519 | 52,728 | 14.3% |
| Property and liability insurance | 1,284,543 | 661,871 | 366,585 | 989,257 | 37.1% |
| Total premiums written | $1,515,105 | $800,012 | $374,297 | $1,089,390 | 34.4% |
| Premiums earned: | |||||
| Life insurance | $82,730 | $41,359 | $522 | $41,893 | 1.2% |
| Accident and health insurance | 141,662 | 96,725 | 7,734 | 52,671 | 14.7% |
| Property and liability insurance | 1,090,744 | 582,711 | 302,168 | 810,201 | 37.3% |
| Total premiums earned | $1,315,136 | $720,795 | $310,424 | $904,765 | 34.3% |
| Life insurance in force | $5,921,446 | $3,068,761 | $— | $2,852,685 | |
| Premiums written: | |||||
| Life insurance | $91,865 | $46,920 | $808 | $45,753 | 1.8% |
| Accident and health insurance | 146,256 | 100,717 | 5,790 | 51,329 | 11.3% |
| Property and liability insurance | 1,141,979 | 558,471 | 214,150 | 797,658 | 26.8% |
| Total premiums written | $1,380,100 | $706,108 | $220,748 | $894,740 | 24.7% |
| Premiums earned: | |||||
| Life insurance | 74,151 | 39,881 | 1,194 | 35,464 | 3.4% |
| Accident and health insurance | 126,501 | 85,457 | 7,219 | 48,263 | 15.0% |
| Property and liability insurance | 902,439 | 504,785 | 204,171 | 601,825 | 33.9% |
| Total premiums earned | $1,103,091 | $630,123 | $212,584 | $685,552 | 31.0% |
The following table presents the components of policy and contract benefits, including the effect of reinsurance on losses and loss adjustment expenses (LAE) incurred:
| Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount - Assumed to Net |
| Losses and LAE Incurred | ||||||
|---|---|---|---|---|---|---|
| Life insurance | $46,595 | $25,120 | $122 | $21,597 | 0.6% | |
| Accident and health insurance | 23,694 | 17,867 | 5,608 | 11,435 | 49.0% | |
| Property and liability insurance | 647,840 | 438,953 | 240,587 | 449,474 | 53.5% | |
| Total losses and LAE incurred | $718,129 | $481,940 | $246,317 | $482,506 | 51.0% | |
| Member benefit claims (1) | 119,288 | |||||
| Total policy and contract benefits | $601,794 | |||||
| Losses and LAE Incurred | ||||||
| Life insurance | $52,186 | $28,214 | $504 | $24,476 | 2.1% | |
| Accident and health insurance | 29,221 | 21,860 | 6,780 | 14,141 | 47.9% | |
| Property and liability insurance | 447,294 | 307,052 | 182,742 | 322,984 | 56.6% | |
| Total losses and LAE incurred | $528,701 | $357,126 | $190,026 | $361,601 | 52.6% | |
| Member benefit claims (1) | 91,004 | |||||
| Total policy and contract benefits | $452,605 | |||||
| Losses and LAE Incurred | ||||||
| Life insurance | $59,526 | $34,030 | $869 | $26,365 | 3.3% | |
| Accident and health insurance | 21,509 | 18,091 | 2,225 | 5,643 | 39.4% | |
| Property and liability insurance | 354,308 | 239,678 | 106,835 | 221,465 | 48.2% | |
| Total losses and LAE incurred | $435,343 | $291,799 | $109,929 | $253,473 | 43.4% | |
| Member benefit claims (1) | 73,539 | |||||
| Total policy and contract benefits | $327,012 | |||||
(1)Member benefit claims are not covered by reinsurance.
The following table presents the components of the reinsurance recoverable:
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Ceded claim reserves: | ||
| Life insurance | $4,733 | $3,965 |
| Accident and health insurance | 22,660 | 19,408 |
| Property and liability insurance | 420,894 | 243,726 |
| Total ceded claim reserves recoverable | 448,287 | 267,099 |
| Other reinsurance settlements recoverable | 505,599 | 183,521 |
| Total reinsurance recoverable | $953,886 | $450,620 |
The following table presents the components of prepaid reinsurance premiums:
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Prepaid reinsurance premiums: | ||
| Life insurance (1) | $74,815 | $75,553 |
| Accident and health insurance (1) | 76,440 | 81,718 |
| Property and liability insurance | 749,269 | 568,199 |
| Total prepaid reinsurance premiums | $900,524 | $725,470 |
(1) Including policyholder account balances ceded.
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from non-affiliated reinsurers:
| As of | |
|---|---|
| December 31, 2023 | |
| Total of the three largest receivable balances from non-affiliated reinsurers | $235,672 |
As of December 31, 2023, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Accelerant Specialty Insurance Company (A.M. Best Rating: A- rated), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated), and Homesite Insurance Company (A.M. Best Rating: A rated). A majority of the related receivables from these reinsurers are collateralized by assets on hand and letters of credit; receivable balances from authorized reinsurers do not require collateral. Allianz Global Corporate & Specialty SE is an authorized reinsurer in the states in which Fortegra’s U.S. based insurance entities are domiciled. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of December 31, 2023, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the collateralization.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.