2024

2023

Gross reserve for unpaid losses and loss adjustment expenses, beginning of year

$

5,733,444

$

2,105,579

Less: reinsurance recoverable on unpaid losses

3,283,071

415,000

Net reserve for unpaid losses and loss adjustment expenses, beginning of year

2,450,373

1,690,579

Incurred losses and loss adjustment expenses:

Current year

1,892,367

2,426,208

Prior year

395,263

(535,609

)

Total net losses and loss adjustment expense incurred

2,287,630

1,890,599

Payments:

Current year

525,389

1,010,637

Prior year

1,055,526

371,910

Total payments:

1,580,915

1,382,547

Net reserves for unpaid losses and loss adjustment expenses, end of year

3,157,088

2,198,631

Reinsurance recoverable on unpaid losses, net of allowance

1,816,021

479,000

Gross reserves for unpaid losses and loss adjustment expenses, end of year

$

4,973,109

$

2,677,631