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v3.19.2

6. Property and Casualty Insurance Activity (Tables) | 6 Months Ended
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Jun. 30, 2019
Insurance [Abstract] |
Schedule of earned premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Six months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 82,309,827 |  |  | $ | 77 |  |  | $ | (15,327,796 | ) |  | $ | 66,982,108 |
Change in unearned premiums |  |  | (6,456,216 | ) |  |  | 202 |  |  |  | 271,074 |  |  |  | (6,184,940 | )
Premiums earned |  | $ | 75,853,611 |  |  | $ | 279 |  |  | $ | (15,056,722 | ) |  | $ | 60,797,168 |
Six months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 68,389,960 |  |  | $ | 824 |  |  | $ | (16,725,724 | ) |  | $ | 51,665,060 |
Change in unearned premiums |  |  | (5,495,329 | ) |  |  | 3,064 |  |  |  | 769,436 |  |  | $ | (4,722,829 | )
Premiums earned |  | $ | 62,894,631 |  |  | $ | 3,888 |  |  | $ | (15,956,288 | ) |  | $ | 46,942,231 |
Three months ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 44,821,279 |  |  | $ | 111 |  |  | $ | (8,199,887 | ) |  | $ | 36,621,503 |
Change in unearned premiums |  |  | (5,828,149 | ) |  |  | 7 |  |  |  | 407,918 |  |  |  | (5,420,224 | )
Premiums earned |  | $ | 38,993,130 |  |  | $ | 118 |  |  | $ | (7,791,969 | ) |  | $ | 31,201,279 |
Three months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 36,863,677 |  |  | $ | 488 |  |  | $ | (8,899,489 | ) |  | $ | 27,964,676 |
Change in unearned premiums |  |  | (4,486,460 | ) |  |  | 1,163 |  |  |  | 625,235 |  |  |  | (3,860,062 | )
Premiums earned |  | $ | 32,377,217 |  |  | $ | 1,651 |  |  | $ | (8,274,254 | ) |  | $ | 24,104,614 |
Schedule of loss and loss adjustment expenses |
|  | Six months ended |
|  | June 30, |
|  | 2019 |  |  | 2018 |
Balance at beginning of period |  | $ | 56,197,106 |  |  | $ | 48,799,622 |
Less reinsurance recoverables |  |  | (15,671,247 | ) |  |  | (16,748,908 | )
Net balance, beginning of period |  |  | 40,525,859 |  |  |  | 32,050,714 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 40,689,147 |  |  |  | 28,215,069 |
Prior years |  |  | 6,117,385 |  |  |  | 227,346 |
Total incurred |  |  | 46,806,532 |  |  |  | 28,442,415 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 19,692,437 |  |  |  | 14,656,892 |
Prior years |  |  | 13,999,258 |  |  |  | 10,977,023 |
Total paid |  |  | 33,691,695 |  |  |  | 25,633,915 |
Net balance at end of period |  |  | 53,640,696 |  |  |  | 34,859,214 |
Add reinsurance recoverables |  |  | 16,034,424 |  |  |  | 14,398,642 |
Balance at end of period |  | $ | 69,675,120 |  |  | $ | 49,257,856 |
Allocated claim adjustment expenses | All Lines of Business (in thousands, except reported claims data)
|  | Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  | As of June 30, 2019 |
|  |  |  |  | Six Months Ended |  |  |  |  |  | Cumulative Number of Reported Claims by |
Accident |  | For the Years Ended December 31, |  |  | June 30, |  |  |  |  |  | Accident |
Year |  | 2010 |  |  | 2011 |  |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | IBNR |  |  | Year |
|  | (Unaudited 2010 - 2018) |  |  | (Unaudited) |  |  |  |  |  |  |
2010 |  | $ | 5,598 |  |  | $ | 5,707 |  |  | $ | 6,429 |  |  | $ | 6,623 |  |  | $ | 6,912 |  |  | $ | 6,853 |  |  | $ | 6,838 |  |  | $ | 6,840 |  |  | $ | 6,787 |  |  | $ | 6,787 |  |  | $ | - |  |  |  | 1,617 |
2011 |  |  |  |  |  |  | 7,603 |  |  |  | 7,678 |  |  |  | 8,618 |  |  |  | 9,440 |  |  |  | 9,198 |  |  |  | 9,066 |  |  |  | 9,144 |  |  |  | 9,171 |  |  |  | 9,181 |  |  |  | 37 |  |  |  | 1,914 |
2012 |  |  |  |  |  |  |  |  |  |  | 9,539 |  |  |  | 9,344 |  |  |  | 10,278 |  |  |  | 10,382 |  |  |  | 10,582 |  |  |  | 10,790 |  |  |  | 10,791 |  |  |  | 11,030 |  |  |  | 42 |  |  |  | 4,704 | (1)
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,728 |  |  |  | 9,745 |  |  |  | 9,424 |  |  |  | 9,621 |  |  |  | 10,061 |  |  |  | 10,089 |  |  |  | 10,464 |  |  |  | 67 |  |  |  | 1,561 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,193 |  |  |  | 14,260 |  |  |  | 14,218 |  |  |  | 14,564 |  |  |  | 15,023 |  |  |  | 16,294 |  |  |  | 176 |  |  |  | 2,133 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,340 |  |  |  | 21,994 |  |  |  | 22,148 |  |  |  | 22,491 |  |  |  | 23,133 |  |  |  | 123 |  |  |  | 2,555 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,112 |  |  |  | 68 |  |  |  | 2,868 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 33,895 |  |  |  | 895 |  |  |  | 3,364 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 54,067 |  |  |  | 3,944 |  |  |  | 4,137 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38,622 |  |  |  | 13,451 |  |  |  | 1,865 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 230,585 |  |  |  |  |  |  |  |  |
(1) | Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy.
All Lines of Business (in thousands)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |
Accident |  | For the Years Ended December 31, |  | Six Months Ended June 30, |  |
Year |  | 2010 |  |  | 2011 |  |  | 2012 |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  | 2019 |  |
|  | (Unaudited 2010 - 2018) |  | (Unaudited) |  |
2010 |  | $ | 2,566 |  |  | $ | 3,947 |  |  | $ | 4,972 |  | $ | 5,602 |  |  | $ | 6,323 |  |  | $ | 6,576 |  |  | $ | 6,720 |  |  | $ | 6,772 |  |  | $ | 6,780 |  | $ | 6,780 |  |
2011 |  |  |  |  |  |  | 3,740 |  |  |  | 5,117 |  |  | 6,228 |  |  |  | 7,170 |  |  |  | 8,139 |  |  |  | 8,540 |  |  |  | 8,702 |  |  |  | 8,727 |  |  | 8,773 |  |
2012 |  |  |  |  |  |  |  |  |  |  | 3,950 |  |  | 5,770 |  |  |  | 7,127 |  |  |  | 8,196 |  |  |  | 9,187 |  |  |  | 10,236 |  |  |  | 10,323 |  |  | 10,420 |  |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,405 |  |  |  | 5,303 |  |  |  | 6,633 |  |  |  | 7,591 |  |  |  | 8,407 |  |  |  | 9,056 |  |  | 9,212 |  |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,710 |  |  |  | 9,429 |  |  |  | 10,738 |  |  |  | 11,770 |  |  |  | 13,819 |  |  | 14,031 |  |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  | 20,326 |  |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  | 21,910 |  |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  | 27,024 |  |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  | 41,894 |  |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,803 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 179,173 |  |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 51,412 |  |
All outstanding liabilities before 2010, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 107 |  |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 51,519 |  |
Reconciliation of the net incurred and paid claims |
|  | As of |
(in thousands) |  | June 30, 2019 |
Liabilities for loss and loss adjustment expenses, net of reinsurance |  | $ | 51,519 |
Total reinsurance recoverable on unpaid losses |  |  | 16,034 |
Unallocated loss adjustment expenses |  |  | 2,122 |
Total gross liability for loss and LAE reserves |  | $ | 69,675 |
Schedule of line of business |
| Treaty Year
| July 1, 2019 |  | July 1, 2018 |  | July 1, 2017
| to |  | to |  | to
Line of Business | June 30, 2020 |  | June 30, 2019 |  | June 30, 2018
Personal Lines: |  |  |  |  |  |  |  |
Homeowners, dwelling fire and canine legal liability |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |
Percent ceded |  | None |  |  | 10% |  |  | 20%
Risk retained | $ | 1,000,000 |  | $ | 900,000 |  | $ | 800,000
Losses per occurrence subject to quota share reinsurance coverage |  | None |  | $ | 1,000,000 |  | $ | 1,000,000
Excess of loss coverage and facultative facility above quota share coverage (1) | $ | 10,000,000 |  | $ | 9,000,000 |  | $ | 9,000,000
|  |  |  |  | in excess of |  |  | in excess of
|  |  |  | $ | 1,000,000 |  | $ | 1,000,000
Total reinsurance coverage per occurrence | $ | 9,000,000 |  | $ | 9,100,000 |  | $ | 9,200,000
Losses per occurrence subject to reinsurance coverage | $ | 10,000,000 |  | $ | 10,000,000 |  | $ | 10,000,000
Expiration date |  | June 30, 2020 |  |  | June 30, 2019 |  |  | June 30, 2019
Personal Umbrella |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |
Percent ceded - first $1,000,000 of coverage |  | 90% |  |  | 90% |  |  | 90%
Percent ceded - excess of $1,000,000 dollars of coverage |  | 100% |  |  | 100% |  |  | 100%
Risk retained | $ | 100,000 |  | $ | 100,000 |  | $ | 100,000
Total reinsurance coverage per occurrence | $ | 4,900,000 |  | $ | 4,900,000 |  | $ | 4,900,000
Losses per occurrence subject to quota share reinsurance coverage | $ | 5,000,000 |  | $ | 5,000,000 |  | $ | 5,000,000
Expiration date |  | June 30, 2020 |  |  | June 30, 2019 |  |  | June 30, 2018
Commercial Lines: |  |  |  |  |  |  |  |
General liability commercial policies |  |  |  |  |  |  |  |
Quota share treaty |  | None |  |  | None |  |  | None
Risk retained | $ | 750,000 |  | $ | 750,000 |  | $ | 750,000
Excess of loss coverage above risk retained | $ | 3,750,000 |  | $ | 3,750,000 |  | $ | 3,750,000
|  | in excess of |  |  | in excess of |  |  | in excess of
| $ | 750,000 |  | $ | 750,000 |  | $ | 750,000
Total reinsurance coverage per occurrence | $ | 3,750,000 |  | $ | 3,750,000 |  | $ | 3,750,000
Losses per occurrence subject to reinsurance coverage | $ | 4,500,000 |  | $ | 4,500,000 |  | $ | 4,500,000
Commercial Umbrella |  |  |  |  |  |  |  |
Quota share treaty: |  | None |  |  |  |  |  |
Percent ceded - first $1,000,000 of coverage |  |  |  |  | 90% |  |  | 90%
Percent ceded - excess of $1,000,000 of coverage |  |  |  |  | 100% |  |  | 100%
Risk retained |  |  |  | $ | 100,000 |  | $ | 100,000
Total reinsurance coverage per occurrence |  |  |  | $ | 4,900,000 |  | $ | 4,900,000
Losses per occurrence subject to quota share reinsurance coverage |  |  |  | $ | 5,000,000 |  | $ | 5,000,000
Expiration date |  |  |  |  | June 30, 2019 |  |  | June 30, 2018
Catastrophe Reinsurance: |  |  |  |  |  |  |  |
Initial loss subject to personal lines quota share treaty |  | None |  | $ | 5,000,000 |  | $ | 5,000,000
Risk retained per catastrophe occurrence (2) | $ | 7,500,000 |  | $ | 4,500,000 |  | $ | 4,000,000
Catastrophe loss coverage in excess of quota share coverage (3) | $ | 602,500,000 |  | $ | 445,000,000 |  | $ | 315,000,000
Reinstatement premium protection (4) (5) (6) |  | Yes |  |  | Yes |  |  | Yes
(1) | For personal lines, includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $10,000,000 in total insured value, which covers direct losses from $3,500,000 to $10,000,000.
(2) | Plus losses in excess of catastrophe coverage.
(3) | Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone.
(4) | Effective July 1, 2017, reinstatement premium protection for $145,000,000 of catastrophe coverage in excess of $5,000,000.
(5) | Effective July 1, 2018, reinstatement premium protection for $210,000,000 of catastrophe coverage in excess of $5,000,000.
(6) | Effective July 1, 2019, reinstatement premium protection for $292,500,000 of catastrophe coverage in excess of $7,500,000.
Schedule of single maximum risks under treaties | The single maximum risks per occurrence to which the Company is subject under the treaties effective July 1, 2018 and 2017 are as follows:
|  | July 1, 2018 - June 30, 2019 |  | July 1, 2017 - June 30, 2018
Treaty |  | Range of Loss |  | Risk Retained |  | Range of Loss |  | Risk Retained
Personal Lines (1) |  | Initial $1,000,000 |  | $900,000 |  | Initial $1,000,000 |  | $800,000
|  | $1,000,000 - $10,000,000 |  | None(2) |  | $1,000,000 - $10,000,000 |  | None(2)
|  | Over $10,000,000 |  | 100% |  | Over $10,000,000 |  | 100%
Personal Umbrella |  | Initial $1,000,000 |  | $100,000 |  | Initial $1,000,000 |  | $100,000
|  | $1,000,000 - $5,000,000 |  | None |  | $1,000,000 - $5,000,000 |  | None
|  | Over $5,000,000 |  | 100% |  | Over $5,000,000 |  | 100%
Commercial Lines |  | Initial $750,000 |  | $750,000 |  | Initial $750,000 |  | $750,000
|  | $750,000 - $4,500,000 |  | None(3) |  | $750,000 - $4,500,000 |  | None(3)
|  | Over $4,500,000 |  | 100% |  | Over $4,500,000 |  | 100%
Commercial Umbrella |  | Initial $1,000,000 |  | $100,000 |  | Initial $1,000,000 |  | $100,000
|  | $1,000,000 - $5,000,000 |  | None |  | $1,000,000 - $5,000,000 |  | None
|  | Over $5,000,000 |  | 100% |  | Over $5,000,000 |  | 100%
Catastrophe (4) |  | Initial $5,000,000 |  | $4,500,000 |  | Initial $5,000,000 |  | $4,000,000
|  | $5,000,000 - $450,000,000 |  | None |  | $5,000,000 - $320,000,000 |  | None
|  | Over $450,000,000 |  | 100% |  | Over $320,000,000 |  | 100%
(1) | Treaty for July 1, 2017 – June 30, 2018 and July 1, 2018 – June 30, 2019 is a two-year treaty with expiration date of June 30, 2019.
(2) | Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.
(3) | Covered by excess of loss treaties.
(4) | Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.
The single maximum risks per occurrence to which the Company is subject under the treaty year shown below are as follows:
|  | July 1, 2019 - June 30, 2020
Treaty |  | Range of Loss |  | Risk Retained
Personal Lines (1) |  | Initial $1,000,000 |  | $1,000,000
|  | $1,000,000 - $10,000,000 |  | None(2)
|  | Over $10,000,000 |  | 100%
Personal Umbrella |  | Initial $1,000,000 |  | $100,000
|  | $1,000,000 - $5,000,000 |  | None
|  | Over $5,000,000 |  | 100%
Commercial Lines |  | Initial $750,000 |  | $750,000
|  | $750,000 - $4,500,000 |  | None(3)
|  | Over $4,500,000 |  | 100%
Commercial Umbrella |  | Initial $1,000,000 |  | $100,000
|  | $1,000,000 - $5,000,000 |  | None
|  | Over $5,000,000 |  | 100%
Catastrophe (4) |  | Initial $7,500,000 |  | $7,500,000
|  | $7,500,000 - $610,000,000 |  | None
|  | Over $610,000,000 |  | 100%
(1) | Personal lines quota share treaty was eliminated effective July 1, 2019. The 2017/2019 Treaty expired on a run-off basis.
(2) | Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.
(3) | Covered by excess of loss treaties.
(4) | Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.
Schedule of ceding commission revenue |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Provisional ceding commissions earned |  | $ | 1,363,474 |  |  | $ | 2,145,775 |  |  | $ | 2,681,225 |  |  | $ | 4,213,280 |
Contingent ceding commissions earned |  |  | (687,779 | ) |  |  | (454,607 | ) |  |  | (727,847 | ) |  |  | (826,954 | )
|  | $ | 675,695 |  |  | $ | 1,691,168 |  |  | $ | 1,953,378 |  |  | $ | 3,386,326 |

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