Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 29

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 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 September 27, 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 EndedSeptember 27, 2025September 28, 2024WrittenEarnedWrittenEarnedDirect premiums$9,292 $11,184 $9,380 $12,177 Assumed premiums—nonaffiliated11,716 10,963 11,303 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,