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Note 15 - Reserves for Losses and Loss Adjustment Expenses
 3 Months Ended
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.