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Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Liability for unpaid losses and loss adjustment expenses | 10) LIABILITY FOR UNPAID L OSSES AND LOSS ADJUSTMENT EXPENSE (LAE) The Company determines its reserve for unpaid losses on an individual case basis for all incidents reported. The liability also includes amounts for incurred but not reported ("IBNR") claims as of the balance sheet date. The table below shows the analysis of the Company's reserve for unpaid losses for the nine months ended September 30, 2025 and 2024 on a GAAP basis:
| 2025 |  |  | 2024 |
Balance at January 1 | $ | 322,087 |  |  | $ | 347,738 |
Less: reinsurance recoverable on unpaid losses |  | 249,276 |  |  |  | 271,736 |
Net balance at January 1 |  | 72,811 |  |  |  | 76,002 |
Incurred related to: |  |  |  |  |
Current year |  | 40,733 |  |  |  | 41,904 |
Prior years |  | (4,593 | ) |  |  | (2,379 | )
Total incurred |  | 36,140 |  |  |  | 39,525 |
Paid related to: |  |  |  |  |
Current year |  | 29,507 |  |  |  | 29,577 |
Prior years |  | 28,373 |  |  |  | 26,499 |
Total paid |  | 57,880 |  |  |  | 56,076 |
Net balance at September 30 |  | 51,071 |  |  |  | 59,451 |
Plus: reinsurance recoverable on unpaid losses |  | 137,632 |  |  |  | 113,871 |
Balance at September 30 |  | 188,703 |  |  |  | 173,322 |
Composition of reserve for unpaid losses and LAE: |  |  |  |  |
Case reserves |  | 36,228 |  |  |  | 51,549 |
IBNR reserves |  | 152,475 |  |  |  | 121,773 |
Balance at September 30 | $ | 188,703 |  |  | $ | 173,322 |
Based upon the Company's internal analysis and the Company's review of the annual statement of actuarial opinion provided by its actuarial consultants at December 31, 2024, the Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. As reflected in the table above, the Company had favorable development in the first nine months of 2025 and 2024 related to prior year losses. This development came as a result of re-estimating ultimate losses in 2025 and 2024 based on historical loss trends. Current year and prior year loss payments made by the Company during the nine months ended September 30, 2025 and nine months ended September 30, 2024 were relatively flat. Case reserves on unpaid losses decreased when compared to the prior period as a result of the continued settlement of claims and re-estimating of reserves, offset by increases to IBNR reserves as a result of Hurricane Milton which made landfall in the fourth quarter of 2024 and has outstanding IBNR reserves of $58,830,000 as of September 30, 2025. Reinsurance recoverable on unpaid losses increased in line with this increase in IBNR.

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- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D + Details
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