TIPTREE INC
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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(7) 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 | |
|---|---|---|---|---|---|
| Premiums written: | |||||
| Life insurance | $17,344 | $8,935 | $231 | $8,640 | 2.7% |
| Accident and health insurance | 29,978 | 20,101 | 415 | 10,292 | 4.0% |
| Property and liability insurance | 409,785 | 222,664 | 112,098 | 299,219 | 37.5% |
| Total premiums written | $457,107 | $251,700 | $112,744 | $318,151 | 35.4% |
| Premiums earned: | |||||
| Life insurance | $20,693 | $10,621 | $214 | $10,286 | 2.1% |
| Accident and health insurance | 34,070 | 23,081 | 418 | 11,407 | 3.7% |
| Property and liability insurance | 400,830 | 215,897 | 140,684 | 325,617 | 43.2% |
| Total premiums earned | $455,593 | $249,599 | $141,316 | $347,310 | 40.7% |
| Premiums written: | |||||
| Life insurance | $17,287 | $8,590 | $57 | $8,754 | 0.7% |
| Accident and health insurance | 29,244 | 19,509 | 5,961 | 15,696 | 38.0% |
| Property and liability insurance | 378,387 | 222,590 | 100,899 | 256,696 | 39.3% |
| Total premiums written | $424,918 | $250,689 | $106,917 | $281,146 | 38.0% |
| Premiums earned: | |||||
| Life insurance | $20,697 | $10,354 | $81 | $10,424 | 0.8% |
| Accident and health insurance | 34,381 | 23,274 | 5,976 | 17,083 | 35.0% |
| Property and liability insurance | 306,769 | 172,854 | 103,908 | 237,823 | 43.7% |
| Total premiums earned | $361,847 | $206,482 | $109,965 | $265,330 | 41.4% |
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 | $12,201 | $6,717 | $(32) | $5,452 | (0.6)% | |
| Accident and health insurance | 5,529 | 4,058 | 871 | 2,342 | 37.2% | |
| Property and liability insurance | 181,685 | 104,395 | 90,296 | 167,586 | 53.9% | |
| Total losses and LAE incurred | $199,415 | $115,170 | $91,135 | $175,380 | 52.0% | |
| Member benefit claims (1) | 32,284 | |||||
| Total policy and contract benefits | $207,664 | |||||
| Losses and LAE Incurred | ||||||
| Life insurance | $13,245 | $7,204 | $38 | $6,079 | 0.6% | |
| Accident and health insurance | 6,567 | 4,504 | 4,505 | 6,568 | 68.6% | |
| Property and liability insurance | 133,690 | 88,932 | 56,922 | 101,680 | 56.0% | |
| Total losses and LAE incurred | $153,502 | $100,640 | $61,465 | $114,327 | 53.8% | |
| Member benefit claims (1) | 27,348 | |||||
| Total policy and contract benefits | $141,675 | |||||
(1)Member benefit claims are not covered by reinsurance.
The following table presents the components of the reinsurance recoverable:
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Ceded claim reserves: | ||
| Life insurance | $4,239 | $4,733 |
| Accident and health insurance | 22,977 | 22,660 |
| Property and liability insurance | 461,272 | 420,894 |
| Total ceded claim reserves recoverable | 488,488 | 448,287 |
| Other reinsurance settlements recoverable | 422,560 | 505,599 |
| Total reinsurance recoverable | $911,048 | $953,886 |
The following table presents the components of prepaid reinsurance premiums:
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Prepaid reinsurance premiums: | ||
| Life insurance (1) | $73,033 | $74,815 |
| Accident and health insurance (1) | 73,460 | 76,440 |
| Property and liability insurance | 761,265 | 749,269 |
| Total prepaid reinsurance premiums | $907,758 | $900,524 |
(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 | |
|---|---|
| March 31, 2024 | |
| Total of the three largest receivable balances from non-affiliated reinsurers | $184,202 |
As of March 31, 2024, the non-affiliated reinsurers from whom our insurance business has the largest receivable balances were: Accredited Insurance (Europe) Limited (A.M. Best Rating: A- rated) (Accredited), Allianz Global Corporate & Specialty SE (A.M. Best Rating: A+ rated) (Allianz), and Accident Fund Insurance Company of America (A.M. Best Rating: A rated) (Accident). Accredited balances are collateralized; the Accident and Allianz balances do not require collateral based on the authorized status of the parties. The Company monitors authorization status, financial statements and A.M. Best ratings of its reinsurers periodically. As of March 31, 2024, the Company does not believe there is a risk of loss due to the concentration of credit risk in the reinsurance program given the related collateralization or reinsurer A.M. Best rating.
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