Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 55

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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,303 10,095 Ceded premiums—nonaffiliated(7,654)(7,654)(8,880)(8,880)$13,354 $14,493 $11,803 $13,392 Six Months EndedSeptember 27, 2025September 28, 2024WrittenEarnedWrittenEarnedDirect premiums$21,443 $22,716 $22,883 $24,479 Assumed premiums—nonaffiliated23,198 21,833 23,038 19,599 Ceded premiums—nonaffiliated(15,364)(15,364)(17,065)(17,065)$29,277 $29,185 $28,856 $27,013 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 this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $4.0 million per occurrence, up to a maximum of $90 million in the aggregate for that occurrence.The following details the activity in the incurred but not reported reserve for the three and six months ended September 27, 2025 and September 28, 2024 (in thousands):Three Months EndedSix Months EndedSeptember 27,2025September 28,2024September 27,2025September 28,2024Balance at beginning of period$13,118 $18,927 $16,201 $10,540 Net incurred losses during the period7,782 14,128 18,885 32,091 Net claim payments during the period(10,640)(18,435)(24,826)(28,011)Balance at end of period$10,260 $14,620 $10,260 $14,620 

14. Commitments and Contingencies

Repurchase Contingencies. The maximum amount for which the Company was liable under the terms of repurchase agreements with financial institutions that provide inventory financing to independent distributors of our products approximated $137 million and $133 million at September 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale