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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Interest expense decreased $0.2 million, or 13.9%, in 2021 as compared to 2020. Changes in interest expense were primarily due to changes in the London Interbank Offered Rate (“LIBOR”), as the ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. between the effective tax rate and the federal statutory income tax rate for 2021 resulted from the adjustment for prior years’ estimates to actual that are generally updated at the completi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the effective tax rate and the federal statutory income tax rate for 2020 resulted from permanent differences related to meals and entertainment and vested stock and club dues.  Also contrib...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , but generally are expected to continue within historical ranges. ATLANTIC AMERICAN CORP’s primary sources of cash are written premiums, investment income and proceeds from the sale and matu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. any dividends as may be authorized and approved by the Company’s board of directors from time to time. At December 31, 2021, the Parent had approximately $4.5 million of unrestricted cash an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. administrative, purchasing and other services to each of its subsidiaries. The amount charged to and paid by the subsidiaries for these services was $7.4 million and $6.7 million in 2021 and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $18.0 million and $15.7 million of Junior Subordinated Debentures mature on December 4, 2032 and May 15, 2033, respectively, are callable quarterly, in whole or in part, only at the option o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Company may elect from time to time to defer Junior Subordinated Debenture interest payments, which would result in a deferral of distribution payments on the related trust preferred securities....
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. per share; accrue annual dividends at a rate of $7.25 per share (payable in cash or shares of the Company’s common stock at the option of the board of directors of the Company) and are cumul...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of $17,722 at December 31, 2021 and 2020. During each of 2021 and 2020, the Company paid Series D Preferred Stock dividends of $0.4 million. Bankers Fidelity Life Insurance Company (“BFLIC”...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of December 31, 2021, BFLIC has pledged bonds having an amortized cost of $5.4 million to the FHLB.  BFLIC may be required to post additional acceptable forms of collateral for any borrowing...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , the Company will pay interest on the unpaid principal balance of outstanding revolving loans at the LIBOR Rate (as defined in the Credit Agreement) plus 2.00%, subject to a LIBOR floor ra...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ants, (c) a change in control of the Company and (d) the occurrence of bankruptcy or insolvency events. Upon an event of default, the Lender may, among other things, declare all obligations...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a result of investment sales and maturity of securities exceeding investment purchases. Also contributing to the increase in cash was net cash provided by operating activities of $1.1 millio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. liquidity, capital resources or operations. Expected Impact of COVID-19 on the Company’s Financial Condition and Results of Operations The duration and ultimate impact of the COVID-19 pandemic rem...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. impacted by a weakened economy leading to a slowdown in new sales and reduced retention of insureds.  Additionally, a number of states have issued bulletins that either encourage or require ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. casualty contracts in the short term but recognize that a prolonged economic slowdown could adversely affect future results.  However, the Company expects the aforementioned decline in usage...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. extent, whole life insurance policies with the Company.  We expect that earned premiums could be adversely impacted by an economic slowdown related to the COVID-19 pandemic and individual, business ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to life insurance claims.  During 2020, the Company’s individual policyholders were subject to various degrees of shelter in place orders.  As a result, the Company experienced lower utiliza...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. losses and loss adjustment expenses, or the extent to which inflation may affect such losses and expenses, are known. Consequently, in establishing its premiums, the Company attempts to anti...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. by this Item. 20 Table of Contents Item 8. Financial Statements and Supplementary Data INDEX TO FINANCIAL STATEMENTS Page ATLANTIC AMERICAN CORPORATION Report of Independent Registered Publi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , 2021 and 2020 27 Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 28 Notes to Consolidated Financial Statements 29 21 Table of Contents REPORT OF INDEPEN...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , 2021 and the related notes and schedules (collectively, referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s internal control over financial reporting.  Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Company’s claim reserves relate primarily to its property casualty lines of business and Medicare supplement business. The process of establishing claim reserves requires the use of estimates ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Addressing the matter involved performing the following audit procedures, among others: o Evaluating the appropriateness of management’s actuarial reserving methodologies and assumptions; Involvi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Company’s recorded property casualty claim reserves within the Company’s estimated reserve range year over year. Valuation of Insurance Reserves for Future Policy Benefits (Policy Reserves) As...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of policy reserves is a critical audit matter are the high degree of judgment required to assess certain assumptions that impact policy reserves and the complexity of the actuarial calculation...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. valuating management’s loss recognition testing of aggregate reserve sufficiency. Testing the completeness and accuracy of data used by management in developing assumptions on a sample basis. /s/ D...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ) 260,986 254,106 Equity securities, at fair value (cost: $4,907 and $6,393) 19,124 18,716 Other invested assets (cost: $698 and $3,765) 198 3,238 Policy loans 1,858 1,975 Real estate 38...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 27,512 Deferred income taxes, net 1,755 Deferred acquisition costs 38,698 39,611 Other assets 8,719 7,804 Intangibles 2,544 2,544 Total assets 402,286 405,187 LIABILITIES AND SHAREHOLD...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,412 Deferred income taxes, net 1,301 Junior subordinated debenture obligations, net 33,738 33,738 Total liabilities 261,000 260,127 Commitments and contingencies (Note 16) Shareholders’ eq...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,401 22,401 Additional paid-in capital 57,441 57,437 Retained earnings 51,264 47,790 Accumulated other comprehensive income 17,688 25,000 Unearned stock grant compensation (73 (284 Trea...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ATED STATEMENTS OF OPERATIONS Year Ended December 31, 2021 2020 (In thousands, except per share data) Revenue: Insurance premiums, net 184,216 183,539 Net investment income 8,528 7,744 Re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 13,675 11,548 Total benefits and expenses 194,252 179,845 Income before income taxes 5,302 15,503 Income tax expense 1,021 3,334 Net Income 4,281 12,169 Preferred stock dividends (39...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (LOSS) Year Ended December 31, 2021 2020 (In thousands) Net income 4,281 12,169 Other comprehensive income: Available-for-sale fixed maturity securities: Gross unrealized holding gain (los...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 031 26,710 See the accompanying notes to the consolidated financial statements. 26 Table of Contents ATLANTIC AMERICAN CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Year ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ance of shares under stock plans (7 Balance, end of year 57,441 57,437 Retained earnings: Balance, beginning of year 47,790 36,020 Net income 4,281 12,169 Dividends on common stock (408 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (284 (781 Restricted stock grants, net of forfeitures 60 Amortization of unearned compensation 211 437 Balance, end of year (73 (284 Treasury stock: Balance, beginning of year (7,339 (...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 415,243 20,472,162 Net shares acquired under employee share-based compensation plans (38,147 (46,620 Issuance of shares under stock plans 1,480 4,701 Restricted stock grants, net of forfeitur...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. net cash provided by operating activities: Amortization of deferred acquisition costs 24,064 19,393 Acquisition costs deferred (23,151 (20,143 Realized investment gains, net (4,903 (7,420 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. holder funds 3,121 (3,230 (Decrease) increase in accounts payable and accrued expenses (947 2,324 Other, net (1,420 1,931 Net cash provided by operating activities 1,088 8,971 Cash flows ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. D preferred stock (399 (399 Payment of dividends on common stock (408 Proceeds from shares issued under stock plans Treasury stock acquired — net employee share-based compensation (153 (91 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12,678 See the accompanying notes to the consolidated financial statements. 28 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands) Note 1. Summary of Significan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. any historical period are not necessarily indicative of results to be expected in any future period. At December 31, 2021, the Parent owned Premium Revenue and Cost Recognition Life insu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. subsequent amortization of the costs of acquiring business, which are referred to as “deferred policy acquisition costs” (principally commissions, premium taxes, and other incremental direct costs o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. contract or a group of insurance contracts, and are periodically evaluated and accrued as earned. In periods in which revisions are made to the estimated loss reserves related to the particu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. angibles represent the value of licenses and are not amortized. ATLANTIC AMERICAN CORP periodically reviews its goodwill and other indefinite-lived intangibles to determine if any adverse con...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s equity securities, which include common and non-redeemable preferred stocks, are carried at fair value with changes in fair value reported in net income. The fair values of fixed maturitie...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in the value of fixed maturities are accounted for as a direct increase (decrease) in accumulated other comprehensive income in shareholders’ equity, net of deferred tax and, accordingly, ha...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. more likely than not that some portion of a deferred tax asset will not be realized. Earnings Per Common Share Basic earnings per common share are based on the weighted average number of c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. date of purchase. Reinsurance ATLANTIC AMERICAN CORP enters into reinsurance agreements with other companies in the normal course of business. For each reinsurance agreement, the Company determine...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. share-based compensation awards, the Company determines a grant date fair value based on the price of our publicly-traded common stock and recognize the related compensation expense, adjuste...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. any gains and losses in additional paid-in capital when treasury stock is reissued. 30 Table of Contents Recently Issued Accounting Standards Adoption of New Accounting Standards Income Taxes –...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Company adopted ASU 2019-12 as of January 1, 2021. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Stan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measuremen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2018, the FASB issued ASU No. 2018-12, Financial Services —Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). This guidance (1) improv...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2024, although earlier adoption is permitted. ATLANTIC AMERICAN CORP is currently evaluating the new guidance, but has not yet determined the method or timing for adoption or estimated the im...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. recognize credit losses when it is probable that the loss has been incurred. ASU 2016-13 will remove all recognition thresholds and will require entities to recognize an allowance for credit...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. adjustment to the cost basis. Recoveries of OTTI will be recognized as reversals of valuation allowances and no longer accreted as investment income through an adjustment to the investment y...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and annual reporting periods beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2021 and December 31, 2020. Fixed maturities were comprised of the following: 2021 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Amortized Cost Fixed maturities: Bo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. diversified 40,216 4,631 106 35,691 Other consumer – diversified 57,940 7,185 103 50,858 Total corporate securities 198,794 21,536 301 177,559 Redeemable preferred stocks: Other cons...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Government agencies and authorities 30,762 1,381 26 29,407 Obligations of states and political subdivisions 11,802 898 10,904 Corporate securities: Utilities and telecom 30,359 4,423 25...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 192 Total fixed maturities 254,106 31,739 94 222,461 Bonds having an amortized cost of $ 32 Table of Contents 2021 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses C...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Financial services 2,111 351 1,760 Other business – diversified 16,605 11,972 4,633 Total equi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Carrying Value Amortized Cost Due in one year or less 1,734 1,730 2,041 2,015 Due after one year through five years 24,926 23,593 18,373 17,039 Due after five years through ten years 73,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. type and length of time the security was in a continuous unrealized loss position as of December 31, 2021 and 2020. 2021 Less than 12 months 12 months or longer Total Fair Value Unre...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. among other things, changes in general economic conditions, an issuer’s financial condition or near term recovery prospects and the effects of changes in interest rates. In evaluating a ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ment income was earned from the following sources: 2021 2020 Fixed maturities 8,640 8,646 Equity securities 300 141 Other (111 (788 8,829 7,999 Investment expenses 301 255 Net invest...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Invested Assets Total Gains 835 88 6,948 7,871 Losses (450 (1 (451 Realized investment gains, net 385 87 6,948 7,420 Proceeds from the sales of available-for-sale fixed maturities we...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1 2020 Sales proceeds 19,761 Gross gains 4,333 6,948 Gross losses Sales of available-for-sale securities in 2021 and 2020 were primarily a result of improving the overall risk versus return p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. unrealized gains (losses) recognized during the period on equity securities 1,894 (3,344 Less: Net realized gains recognized during the period on equity securities sold during the period 87 Unr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. does not have power over the activities that most significantly impact the economic performance of these VIEs and thus is not the primary beneficiary. Therefore, the Company has not consol...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. methodologies as of the respective dates. However, considerable judgment is necessary to interpret market data and to develop the estimates of fair value. Although management is not aware of any fac...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. ATLANTIC AMERICAN CO...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealer...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. use assumptions or other data that are not readily observable from objective sources. With little or no observable market, the determination of fair values uses considerable judgme...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 143, respectively.   The equity security is not traded and valued at cost. The use of different criteria or assumptions regarding data may have yielded materially different valuatio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Other qualitative and quantitative information is also considered, as applicable. Nonrecurring Fair Value Measurements Non-publicly Traded Invested Assets . The fair value of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fixed maturities 250 260,486 250 260,986...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Significant Unobservable Inputs (Level 3) Total Fixed maturities 254,106 254,106 Equity securities 18,573 143 18,716 Cash equivalents 12,010 12,010 Total 30,583 254,106 143 284,832 T...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 24,753 24,753 19,319 19,319 Fixed maturities (1) 260,986 260,986 254,106 254,106 Equity securities (1) 19,124 19,124 18,716 18,716 Other invested assets Level 3 198 198 3,238 3,2...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,728 33,738 32,297 (1) See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,465 (9,590 (9,803 Balance, end of year 2,390 36,308 2,299 37,312 37 Table of Contents Note 5. Insurance Reserves and Policyholder Funds The following table presents the Company’s reserve...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 212,783 83,533 53,041 54,533 406,993 283,360 Accident and health insurance policies 34,307 36,339 87,348 90,872 Unearned premiums 27,469 27,131 Losses, claims and loss adjustment expens...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. mortality and lapse rates are based upon the Company’s experience modified as necessary to reflect anticipated trends and are generally established at contract inception.  The interest rat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. year in which such changes are known. Activity in the liability for unpaid loss and claim reserves is summarized as follows: 2021 2020 Balance at January 1 79,147 81,448 Less: Reinsurance rec...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 120,708 Net balance at December 31 67,930 61,547 Plus: Reinsurance recoverable on unpaid losses 17,690 17,600 Balance at December 31 85,620 79,147 (1) Prior years’ development was primar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. improvement in rate adequacy was more favorable than expected.  Additionally, the Company experienced favorable development in the surety line of business in American Southern du...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , about incurred and paid claims development as of December 31, 2021, net of reinsurance, as well as the cumulative number of reported claims and the total of IBNR reserves plus expected de...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 6 2017 2018 2019 2020 2021 2012 50,021 50,996 51,021 50,998 50,989 50,987 50,985 50,984 50,984 50,984 867,053 2013 56,974 56,970 57,034 57,023 57,021 57,016 57,015 57,014 5...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 54,993 54,990 54,984 54,985 54,985 898,393 2016 58,849 59,851 63,226 63,225 63,221 63,221 1,036,917 2017 67,960 69,655 69,643 69,635 69,633 1,512,362 2018 79,140 80,404 80,3...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 65,267 15,070 1,560,365 661,140 Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 48,024 56,938 56,981 56,981 56,976 56,977 56,976 56,976 2015 45,430 54,876 54,993 54,990 54,984 54,985 54,985 2016 49,165 59,747 63,226 63,225 63,221 63,221 2017 57,696 69,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,527 2021 50,197 645,871 Liabilities for losses, claims and loss adjustment expenses, net of reinsurance 15,269 39 Table of Contents The cumulative number of reported claims for the Medicare ...