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Reserve for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2022
Claims Development |
Schedule of reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses ("LAE") | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period | ​ | $ | 45,419 | ​ | $ | 34,470 | ​ | $ | 3,869
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current year | ​ |  | 76,289 | ​ | ​ | 45,042 | ​ | ​ | 64,179
Prior years | ​ |  | 2,383 | ​ | ​ | (3,585) | ​ | ​ | (64)
Total incurred | ​ |  | 78,672 | ​ |  | 41,457 | ​ |  | 64,115
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to: | ​ |  |  | ​ |  |  | ​ |  |
Current year | ​ | ​ | 21,802 | ​ | ​ | 12,063 | ​ | ​ | 31,879
Prior years | ​ | ​ | 24,769 | ​ | ​ | 18,445 | ​ | ​ | 1,635
Total payments | ​ |  | 46,571 | ​ |  | 30,508 | ​ |  | 33,514
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period | ​ |  | 77,520 | ​ |  | 45,419 | ​ |  | 34,470
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | ​ | ​ | 153,895 | ​ | ​ | 127,947 | ​ | ​ | 94,566
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | ​ | $ | 231,415 | ​ | $ | 173,366 | ​ | $ | 129,036
​
Schedule of reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses | ​
​ | ​ | ​ | ​
​ |  | 2022
​ | ​ | (in thousands)
Net outstanding liabilities: |  | ​ |
Homeowners’ insurance | ​ | $ | 2,778
Special property | ​ | ​ | 34,334
Reinsurance- Nonproportional assumed property(1) | ​ |  | 8,568
Other | ​ | ​ | 31,840
Reserve for losses and loss adjustment expense, net of reinsurance | ​ |  | 77,520
Reinsurance recoverable on unpaid claims: | ​ |  |
Homeowners’ insurance | ​ | $ | 11,339
Special property | ​ | ​ | 97,231
Other | ​ |  | 45,325
Total reinsurance recoverable on unpaid claims | ​ |  | 153,895
Total reserve for losses and loss adjustment expenses | ​ | $ | 231,415
​
| (1) | Reflects the Company’s share of Loss and Loss Adjustment Expense related to non-proportional assumed reinsurance business. This amount reflects gross and net reserves related to this treaty and the ultimate incurred amount reflects IBNR only. The Company does not have direct access to individual claim information underlying the assumed quota arrangement. The Company does not use claim frequency information in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to this line of business.
Homeowners' Insurance |
Claims Development |
Schedule of Incurred and Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | As of December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Incurred but | ​ | Cumulative
​ | ​ | Year Ended December 31, | ​ | Not Reported | ​ | Number of
Accident Year |  | 2015(1) |  | 2016(1) |  | 2017(1) |  | 2018(1) |  | 2019(1) |  | 2020(1) |  | 2021(1) |  | 2022 |  | Liabilities |  | Claims
2015 | ​ | $ | 2,048 | ​ | $ | 1,785 | ​ | $ | 1,658 | ​ | $ | 1,636 | ​ | $ | 1,642 | ​ | $ | 1,636 | ​ | $ | 1,643 | ​ | $ | 1,612 | ​ | $ | — | ​ | 567
2016 | ​ | ​ | ​ | ​ | ​ | 6,069 | ​ | ​ | 5,878 | ​ | ​ | 5,721 | ​ | ​ | 5,636 | ​ | ​ | 5,622 | ​ | ​ | 5,609 | ​ | ​ | 5,604 | ​ | ​ | — | ​ | 1,357
2017 | ​ |  |  | ​ |  |  | ​ |  | 9,354 | ​ |  | 7,418 | ​ |  | 6,630 | ​ |  | 6,388 | ​ |  | 5,587 | ​ |  | 5,681 | ​ |  | 11 | ​ | 3,516
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 2,193 | ​ |  | 2,008 | ​ |  | 1,930 | ​ |  | 1,929 | ​ |  | 1,529 | ​ |  | — | ​ | 1,017
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 914 | ​ |  | 838 | ​ |  | 807 | ​ |  | 676 | ​ |  | 36 | ​ | 1,386
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 19,100 | ​ | ​ | 15,088 | ​ | ​ | 13,715 | ​ | ​ | 106 | ​ | 4,451
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8,453 | ​ | ​ | 5,765 | ​ | ​ | — | ​ | 4,081
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,237 | ​ | ​ | 1,000 | ​ | 2,149
Total | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 41,819 | ​ | $ | 1,153 |  | 18,524
​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
Accident Year |  | 2015(1) |  | 2016(1) |  | 2017(1) |  | 2018(1) |  | 2019(1) |  | 2020(1) |  | 2021(1) |  | 2022
2015 | ​ | $ | 860 | ​ | $ | 1,379 | ​ | $ | 1,523 | ​ | $ | 1,615 | ​ | $ | 1,634 | ​ | $ | 1,636 | ​ | $ | 1,643 | ​ | $ | 1,612
2016 | ​ | ​ | ​ | ​ | ​ | 4,120 | ​ | ​ | 5,356 | ​ | ​ | 5,585 | ​ | ​ | 5,607 | ​ | ​ | 5,619 | ​ | ​ | 5,609 | ​ | ​ | 5,604
2017 | ​ |  |  | ​ |  |  | ​ |  | 7,135 | ​ |  | 7,375 | ​ |  | 6,628 | ​ |  | 6,371 | ​ |  | 5,586 | ​ |  | 5,649
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,550 | ​ |  | 1,853 | ​ |  | 1,922 | ​ |  | 1,922 | ​ |  | 1,529
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 546 | ​ |  | 685 | ​ |  | 685 | ​ |  | 704
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 13,588 | ​ | ​ | 13,095 | ​ | ​ | 13,161
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,351 | ​ | ​ | 5,472
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5,310
Total | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 39,041
Reserve for losses and loss adjustment expense, net of reinsurance | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,778
(1) | Data presented for these calendar years is required supplementary information, which is unaudited.
Schedule of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Homeowners' Insurance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 (2) |  | Year 6 |  | Year 7 |  | Year 8 (2) | ​
Payout percentage |  | 85.32 | % | 16.39 | % | 0.81 | % | 0.88 | % | (9.53) | % | 0.35 | % | 0.17 | % | (1.92) | ​
​ (2) Negative payout percentages are due to timing of reinsurance payments, allocations of reinsurance between different lines of business based on actual results, and allocation of reinsurance to different periods for reinsurance treaties in effect for multiple periods. These are primarily associated with larger recoveries from catastrophe events in earlier years of operation. ​ ​
Special Property |
Claims Development |
Schedule of Incurred and Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | As of December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Incurred but | ​ | Cumulative
​ | ​ | Year Ended December 31, | ​ | Not Reported | ​ | Number of
Accident Year |  | 2015(1) |  | 2016(1) |  | 2017(1) |  | 2018(1) |  | 2019(1) |  | 2020(1) |  | 2021(1) |  | 2022 |  | Liabilities |  | Claims
2015 | ​ | $ | 630 | ​ | $ | 719 | ​ | $ | 671 | ​ | $ | 671 | ​ | $ | 678 | ​ | $ | 677 | ​ | $ | 673 | ​ | $ | 692 | ​ | $ | — | ​ | 6
2016 | ​ | ​ | ​ | ​ | ​ | 1,381 | ​ | ​ | 1,249 | ​ | ​ | 1,251 | ​ | ​ | 1,454 | ​ | ​ | 1,453 | ​ | ​ | 1,453 | ​ | ​ | 1,521 | ​ | ​ | — | ​ | 26
2017 | ​ |  |  | ​ |  |  | ​ |  | 3,071 | ​ |  | 3,475 | ​ |  | 4,014 | ​ |  | 4,264 | ​ |  | 4,974 | ​ |  | 4,987 | ​ |  | — | ​ | 110
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 5,970 | ​ |  | 6,095 | ​ |  | 6,009 | ​ |  | 6,021 | ​ |  | 6,412 | ​ |  | — | ​ | 176
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 3,661 | ​ |  | 3,385 | ​ |  | 3,140 | ​ |  | 3,617 | ​ |  | 62 | ​ | 294
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 42,334 | ​ | ​ | 42,160 | ​ | ​ | 45,850 | ​ | ​ | 2,263 | ​ | 960
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,383 | ​ | ​ | 19,393 | ​ | ​ | 758 | ​ | 1386
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 35,650 | ​ | ​ | 10,515 | ​ | 1,425
Total | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 118,122 | ​ | $ | 13,598 |  | 4,383
​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accident Year |  | 2015(1) |  | 2016(1) |  | 2017(1) |  | 2018(1) |  | 2019(1) |  | 2020(1) |  | 2021(1) |  | 2022
2015 | ​ | $ | 265 | ​ | $ | 438 | ​ | $ | 586 | ​ | $ | 626 | ​ | $ | 666 | ​ | $ | 673 | ​ | $ | 673 | ​ | $ | 692
2016 | ​ | ​ | ​ | ​ | ​ | 703 | ​ | ​ | 1,064 | ​ | ​ | 1,216 | ​ | ​ | 1,444 | ​ | ​ | 1,453 | ​ | ​ | 1,453 | ​ | ​ | 1,521
2017 | ​ |  |  | ​ |  |  | ​ |  | 1,967 | ​ |  | 3,344 | ​ |  | 4,011 | ​ |  | 4,269 | ​ |  | 4,974 | ​ |  | 4,987
2018 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 2,859 | ​ |  | 6,036 | ​ |  | 6,009 | ​ |  | 6,021 | ​ |  | 6,414
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,633 | ​ |  | 2,825 | ​ |  | 3,072 | ​ |  | 3,466
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 18,274 | ​ | ​ | 36,127 | ​ | ​ | 42,343
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,004 | ​ | ​ | 17,028
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,337
Total | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 83,788
Reserve for losses and loss adjustment expense, net of reinsurance | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 34,334
​
(1) | Data presented for these calendar years is required supplementary information, which is unaudited.
Schedule of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Homeowners' Insurance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 |  | Year 6 |  | Year 7 |  | Year 8 |
Payout percentage |  | 38.78 | % | 35.64 | % | 10.79 | % | 7.40 | % | 6.66 | % | 0.42 | % | 2.24 | % | 2.70 | %
​

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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