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Note 15 - Reserves for Losses and Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Insurance Disclosure [Text Block] | NOTE 15. RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides a reconciliation of the beginning and ending reserve balances at UCS for losses and loss adjustment expenses (“LAE”) for the three months ended March 31, 2025 and 2024:
|  | 2025 |  |  | 2024 |
Gross reserve for unpaid losses and loss adjustment expenses, beginning of period |  | $ | 5,873,192 |  |  | $ | 5,733,444 |
Less: reinsurance recoverable on unpaid losses |  |  | 1,803,865 |  |  |  | 3,283,071 |
Net reserve for unpaid losses and loss adjustment expenses, beginning of period |  |  | 4,069,327 |  |  |  | 2,450,373 |
Incurred losses and loss adjustment expenses: |  |  |  |  |  |  |  |
Current year |  |  | 989,077 |  |  |  | 816,563 |
Prior year |  |  | 177,338 |  |  |  | (135,890 | )
Total net losses and loss adjustment expense incurred |  |  | 1,166,415 |  |  |  | 680,673 |
Payments: |  |  |  |  |  |  |  |
Current year |  |  | 466,857 |  |  |  | 239,500 |
Prior year |  |  | 544,141 |  |  |  | (32,186 | )
Total payments: |  |  | 1,010,998 |  |  |  | 207,314 |
Net reserves for unpaid losses and loss adjustment expenses, end of period |  |  | 4,224,744 |  |  |  | 2,923,732 |
Reinsurance recoverable on unpaid losses, net of allowance |  |  | 1,804,082 |  |  |  | 1,674,699 |
Gross reserves for unpaid losses and loss adjustment expenses, end of period |  | $ | 6,028,826 |  |  | $ | 4,598,431 |
For the three months ended March 31, 2025, there was an unfavorable prior year loss development. For the three months ended March 31, 2024, there was a favorable prior year loss development, which was the result of a re-estimation of amounts ultimately to be paid on prior year losses and loss adjustment expense. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

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