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Note 4 - Reserve for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Reserve for Losses and Loss Adjustment Expenses [Text Block] | 4. Reserve for Losses and Loss Adjustment Expenses The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Reserve for losses and LAE net of reinsurance recoverables at beginning of period |  | $ | 81,300 |  |  | $ | 55,769 |  |  | $ | 77,520 |  |  | $ | 45,419 |
Add: Incurred losses and LAE, net of reinsurance, related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 15,116 |  |  |  | 30,904 |  |  |  | 50,954 |  |  |  | 58,703 |
Prior years |  |  | 1,023 |  |  |  | (4 | ) |  |  | 3,742 |  |  |  | 1,548 |
Total incurred |  |  | 16,139 |  |  |  | 30,900 |  |  |  | 54,696 |  |  |  | 60,251 |
Deduct: Loss and LAE payments, net of reinsurance, related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 6,646 |  |  |  | 7,873 |  |  |  | 14,215 |  |  |  | 13,762 |
Prior years |  |  | (1,385 | ) |  |  | 4,548 |  |  |  | 25,823 |  |  |  | 17,660 |
Total payments |  |  | 5,261 |  |  |  | 12,421 |  |  |  | 40,038 |  |  |  | 31,422 |
Reserve for losses and LAE net of reinsurance recoverables at end of period |  |  | 92,178 |  |  |  | 74,248 |  |  |  | 92,178 |  |  |  | 74,248 |
Add: Reinsurance recoverables on unpaid losses and LAE at end of period |  |  | 232,170 |  |  |  | 131,575 |  |  |  | 232,170 |  |  |  | 131,575 |
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period |  | $ | 324,348 |  |  | $ | 205,823 |  |  | $ | 324,348 |  |  | $ | 205,823 |
Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may be material to stockholders’ equity. The Company experienced adverse prior year development of $1.0 million and insignificant prior year development during the three months ended September 30, 2023 and 2022, respectively. The Company experienced adverse prior year development of $3.7 million and adverse prior year development of $1.5 million during the nine months ended September 30, 2023 and 2022, respectively. Adverse prior year development during the three months ended September 30, 2023 was primarily due to higher than anticipated severity of attritional losses, offset by lower than anticipated severity of catastrophe losses. Adverse prior year development during the nine months ended September 30, 2023 was primarily due to higher than anticipated severity of attritional losses, offset by lower than anticipated severity of catastrophe losses. Adverse prior year development during the nine months ended September 30, 2022 was primarily due to higher than anticipated severity of attritional and catastrophe losses.

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