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Note 14 - Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Insurance Disclosure [Text Block] | NOTE 14. 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 nine months ended September 30, 2025 and 2024. These balances reside within Accounts payable and accrued expenses on the Condensed Consolidated Balance Sheet.
|  | 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 |  |  | 5,015,026 |  |  |  | 1,892,367 |
Prior year |  |  | (633,744 | ) |  |  | 395,263 |
Total net losses and loss adjustment expense incurred |  |  | 4,381,282 |  |  |  | 2,287,630 |
Payments: |  |  |  |  |  |  |  |
Current year |  |  | 2,468,942 |  |  |  | 525,389 |
Prior year |  |  | 1,213,480 |  |  |  | 1,055,526 |
Total payments: |  |  | 3,682,422 |  |  |  | 1,580,915 |
Net reserves for unpaid losses and loss adjustment expenses, end of period |  |  | 4,768,187 |  |  |  | 3,157,088 |
Reinsurance recoverable on unpaid losses, net of allowance |  |  | 3,153,365 |  |  |  | 1,816,021 |
Gross reserves for unpaid losses and loss adjustment expenses, end of period |  | $ | 7,921,552 |  |  | $ | 4,973,109 |
For the nine months ended September 30, 2025 there was a favorable prior year loss development. For the nine months ended September 30, 2024, there was an unfavorable prior year loss development. Favorable and unfavorable prior year loss developments are 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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