Company: CVCO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000278166-25-000128
Chunk: 30

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 1,594 7,633 7,680 Less current portion included in Accrued expenses and other current liabilities(317)(321)$7,316 $7,359 

12. Debt

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $75 million revolving credit facility (the "Revolving Credit Facility"), including a $10 million letter of credit sub-facility. The Revolving Credit Facility is guaranteed, on a joint and several basis, by certain of the Company's subsidiaries. Subject to certain conditions and requirements set forth in the Credit Agreement, including the availability of additional lender commitments, the Company may request from time to time one or more term loan facilities, or increases in the aggregate commitments under the Revolving Credit Facility, in an aggregate amount not exceeding $75 million up to $150 million.As of June 28, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.

13. Reinsurance and Insurance Loss Reserves

Certain of Standard Casualty Company's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

10

The effects of reinsurance on premiums written and earned were as follows (in thousands):Three Months EndedJune 28, 2025June 29, 2024WrittenEarnedWrittenEarnedDirect premiums$12,151 $11,532 $13,503 $12,302 Assumed premiums—nonaffiliated11,482 10,870 11,735 9,504 Ceded premiums—nonaffiliated(7,710)(7,710)(8,185)(8,185)$15,923 $14,692 $17,053 $13,621 Typical insurance policies written or assumed have a maximum coverage of $0.4 million per claim, of which we cede $0.2 million of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $0.3 million per claim on typical policies, subject to the reinsurers meeting their obligations. After