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11. Property and Casualty Insurance Activity (Tables) | 12 Months Ended
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Dec. 31, 2019
Insurance [Abstract] |
Schedule of Earned Premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 171,214,091 |  |  | $ | 939 |  |  | $ | (45,635,899 | ) |  | $ | 125,579,131 |
Change in unearned premiums |  |  | (11,350,864 | ) |  |  | (243 | ) |  |  | 13,395,418 |  |  |  | 2,044,311 |
Premiums earned |  | $ | 159,863,227 |  |  | $ | 696 |  |  | $ | (32,240,481 | ) |  | $ | 127,623,442 |
Year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 146,716,468 |  |  | $ | 1,004 |  |  | $ | (26,923,679 | ) |  | $ | 119,793,793 |
Change in unearned premiums |  |  | (13,388,535 | ) |  |  | 4,067 |  |  |  | (2,994,610 | ) |  |  | (16,379,078 | )
Premiums earned |  | $ | 133,327,933 |  |  | $ | 5,071 |  |  | $ | (29,918,289 | ) |  | $ | 103,414,715 |
Schedule of Loss and Loss Adjustment Expenses |
|  | Gross |  |  | Reinsurance |
|  | Liability |  |  | Receivables |
December 31, 2019 |  |  |  |  |  |
Case-basis reserves |  | $ | 48,688,643 |  |  | $ | 12,894,469 |
Loss adjustment expenses |  |  | 12,606,236 |  |  |  | 1,416,686 |
IBNR reserves |  |  | 19,203,732 |  |  |  | 1,417,070 |
Recoverable on unpaid losses |  |  |  |  |  |  | 15,728,225 |
Recoverable on paid losses |  |  | - |  |  |  | 5,384,325 |
Total loss and loss adjustment expenses |  | $ | 80,498,611 |  |  |  | 21,112,550 |
Unearned premiums |  |  |  |  |  |  | 19,637,988 |
Total reinsurance receivables |  |  |  |  |  | $ | 40,750,538 |
December 31, 2018 |  |  |  |  |  |  |  |
Case-basis reserves |  | $ | 35,812,037 |  |  | $ | 12,283,616 |
Loss adjustment expenses |  |  | 9,102,862 |  |  |  | 1,433,170 |
IBNR reserves |  |  | 11,282,207 |  |  |  | 1,954,461 |
Recoverable on unpaid losses |  |  |  |  |  |  | 15,671,247 |
Recoverable on paid losses |  |  | - |  |  |  | 4,453,298 |
Total loss and loss adjustment expenses |  | $ | 56,197,106 |  |  |  | 20,124,545 |
Unearned premiums |  |  |  |  |  |  | 6,242,570 |
Total reinsurance receivables |  |  |  |  |  | $ | 26,367,115 |
Schedule of Ceding Commission Revenue |
|  | Years ended |
|  | December 31, |
|  | 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 |  |  | 79,044,301 |  |  |  | 57,143,077 |
Prior years |  |  | 11,138,023 |  |  |  | 1,152,128 |
Total incurred |  |  | 90,182,324 |  |  |  | 58,295,205 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 42,861,207 |  |  |  | 34,025,387 |
Prior years |  |  | 23,076,588 |  |  |  | 15,794,673 |
Total paid |  |  | 65,937,795 |  |  |  | 49,820,060 |
Net balance at end of period |  |  | 64,770,387 |  |  |  | 40,525,859 |
Add reinsurance recoverables |  |  | 15,728,224 |  |  |  | 15,671,247 |
Balance at end of period |  | $ | 80,498,611 |  |  | $ | 56,197,106 |
Incurred Claims and Allocated Claim Adjustment Expenses |
|  | Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  | As of |
|  | For the Years Ended December 31, |  |  | December 31, 2019 |
Accident Year |  | 2010 |  |  | 2011 |  |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | IBNR |  |  | Cumulative Number of Reported Claims by Accident Year |
|  | (Unaudited 2010 - 2018) |  |  |  |  |  |  |
2010 |  | $ | 5,598 |  |  | $ | 5,707 |  |  | $ | 6,429 |  |  | $ | 6,623 |  |  | $ | 6,912 |  |  | $ | 6,853 |  |  | $ | 6,838 |  |  | $ | 6,840 |  |  | $ | 6,787 |  |  | $ | 6,788 |  |  | $ | (4 | ) |  |  | 1,617 |
2011 |  |  |  |  |  |  | 7,603 |  |  |  | 7,678 |  |  |  | 8,618 |  |  |  | 9,440 |  |  |  | 9,198 |  |  |  | 9,066 |  |  |  | 9,144 |  |  |  | 9,171 |  |  |  | 9,127 |  |  |  | (2 | ) |  |  | 1,914 |
2012 |  |  |  |  |  |  |  |  |  |  | 9,539 |  |  |  | 9,344 |  |  |  | 10,278 |  |  |  | 10,382 |  |  |  | 10,582 |  |  |  | 10,790 |  |  |  | 10,791 |  |  |  | 11,015 |  |  |  | 77 |  |  |  | 4,704 | (1)
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,728 |  |  |  | 9,745 |  |  |  | 9,424 |  |  |  | 9,621 |  |  |  | 10,061 |  |  |  | 10,089 |  |  |  | 10,607 |  |  |  | 98 |  |  |  | 1,561 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,193 |  |  |  | 14,260 |  |  |  | 14,218 |  |  |  | 14,564 |  |  |  | 15,023 |  |  |  | 16,381 |  |  |  | 249 |  |  |  | 2,134 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,340 |  |  |  | 21,994 |  |  |  | 22,148 |  |  |  | 22,491 |  |  |  | 23,386 |  |  |  | 228 |  |  |  | 2,555 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,887 |  |  |  | 414 |  |  |  | 2,875 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 35,304 |  |  |  | 847 |  |  |  | 3,375 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 56,351 |  |  |  | 2,771 |  |  |  | 4,178 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,092 |  |  |  | 19,458 |  |  |  | 4,225 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 271,938 |  |  |  |  |  |  |  |  |
(1) Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses |
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |
|  | For the Years Ended December 31, |  |  |  |
Accident Year |  | 2010 |  |  | 2011 |  |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  | (Unaudited 2010 - 2018) |  |  |  |
2010 |  | $ | 2,566 |  |  | $ | 3,947 |  |  | $ | 4,972 |  |  | $ | 5,602 |  |  | $ | 6,323 |  |  | $ | 6,576 |  |  | $ | 6,720 |  |  | $ | 6,772 |  |  | $ | 6,780 |  |  | $ | 6,785 |
2011 |  |  |  |  |  |  | 3,740 |  |  |  | 5,117 |  |  |  | 6,228 |  |  |  | 7,170 |  |  |  | 8,139 |  |  |  | 8,540 |  |  |  | 8,702 |  |  |  | 8,727 |  |  |  | 8,789 |
2012 |  |  |  |  |  |  |  |  |  |  | 3,950 |  |  |  | 5,770 |  |  |  | 7,127 |  |  |  | 8,196 |  |  |  | 9,187 |  |  |  | 10,236 |  |  |  | 10,323 |  |  |  | 10,428 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,405 |  |  |  | 5,303 |  |  |  | 6,633 |  |  |  | 7,591 |  |  |  | 8,407 |  |  |  | 9,056 |  |  |  | 9,717 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,710 |  |  |  | 9,429 |  |  |  | 10,738 |  |  |  | 11,770 |  |  |  | 13,819 |  |  |  | 14,901 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  |  | 21,067 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  |  | 23,974 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  |  | 28,693 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 44,516 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,933 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 209,803 |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 62,135 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
All outstanding liabilities before 2010, net of reinsurance |  |  | 98 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities for loss and allocted loss adjustment expenses, net of reinsurance |  | $ | 62,233 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of the net incurred and paid claims |
|  | As of |
(in thousands) |  | December 31, 2019 |
Liabilities for loss and loss adjustment expenses, net of reinsurance |  | $ | 62,233 |
Total reinsurance recoverable on unpaid losses |  |  | 15,728 |
Unallocated loss adjustment expenses |  |  | 2,538 |
Total gross liability for loss and LAE reserves |  | $ | 80,499 |
Supplementary unaudited information about average historical claims duration |
| Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance (unaudited) |
Years |  |  | 1 |  |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 5 |  |  |  | 6 |  |  |  | 7 |  |  |  | 8 |  |  |  | 9 |  |  |  | 10 |  |  |  |
All Lines of Business |  |  | 44.9 | % |  |  | 18.5 | % |  |  | 10.9 | % |  |  | 8.9 | % |  |  | 9.2 | % |  |  | 6.1 | % |  |  | 2.7 | % |  |  | 0.7 | % |  |  | 0.4 | % |  |  | 0.1 | % |  |  |

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