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7. Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2019
Reinsurance Disclosures [Abstract] |
Line of Business |
| Treaty Year
| December 15, 2019 |  | July 1, 2019 |  | July 1, 2018 |  | July 1, 2017
| to |  | to |  | to |  | to
Line of Business | December 31, 2020 |  | December 14, 2019 |  | June 30, 2019 |  | June 30, 2018
Personal Lines: |  |  |  |  |  |  |
Homeowners, dwelling fire and |  |  |  |  |  |  |
and canine legal liability |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |
Percent ceded | 25% |  | None |  | 10% |  | 20%
|  | Treaty Year |
|  | December 15, 2019 |  |  | July 1, 2019 |  |  | July 1, 2018 |  |  | July 1, 2017 |
|  | to |  |  | to |  |  | to |  |  | to |
Line of Business |  | June 30, 2020 |  |  | December 14, 2019 |  |  | June 30, 2019 |  |  | June 30, 2018 |
Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |
Homeowners, dwelling fire and |  |  |  |  |  |  |  |  |  |  |  |
and canine legal liability |  |  |  |  |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |  |  |  |  |
Risk retained on intial $1,000,000 |  |  |  |  |  |  |  |  |  |  |  |
of losses |  | $ | 750,000 |  |  | $ | 1,000,000 |  |  | $ | 900,000 |  |  | $ | 800,000 |
Losses per occurrence subject to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
quota share reinsurance coverage |  | $ | 1,000,000 |  |  | None |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Excess of loss coverage and facultative |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
facility coverage (1) |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |
|  |  | in excess of |  |  | in excess of |  |  | in excess of |  |  | in excess of |
|  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Total reinsurance coverage per occurrence |  | $ | 9,250,000 |  |  | $ | 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 |  |  | $ | 10,000,000 |
Expiration date |  |  | June 30, 2020 |  |  | June 30, 2020 |  |  | June 30, 2019 |  |  | June 30, 2018 |
Catastrophe Reinsurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial loss subject to personal lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
quota share treaty |  | $ | 7,500,000 |  |  | None |  |  | $ | 5,000,000 |  |  | $ | 5,000,000 |
Risk retained per catastrophe |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
occurrence (2) |  | $ | 5,625,000 |  |  | $ | 7,500,000 |  |  | $ | 4,500,000 |  |  | $ | 4,000,000 |
Catastrophe loss coverage in excess of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
quota share coverage (3) |  | $ | 602,500,000 |  |  | $ | 602,500,000 |  |  | $ | 445,000,000 |  |  | $ | 315,000,000 |
Reinstatement premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
protection (4) (5) (6) |  |  | Yes |  |  | 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.
|  | 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: |  |  |  |  |  |  |  |  |
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 |
Single maximum risks under treaties per occurrence |
|  | July 1, 2019 - December 14, 2019 |  | December 15, 2019 - June 30, 2020
Treaty |  | Range of Loss |  | Risk Retained |  | Range of Loss |  | Risk Retained
Personal Lines (1) |  | Initial $1,000,000 |  | $1,000,000 |  | Initial $1,000,000 |  | $750,000
|  | $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%
|  | July 1, 2019 - June 30, 2020 |  |  |  |
Treaty |  | Range of Loss |  | Risk Retained |  |  |  |
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% |  |  |  |
Catastrophe (4) (5) |  | 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.
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 $10,000,000.
(3) | Covered by excess of loss treaties.
(4) | Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.
Schedule of approximate reinsurance recoverables |
|  | Unpaid |  |  | Paid |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Losses |  |  | Losses |  |  | Total |  |  | Security |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cavello Bay Reinsurance Limited (1) |  | $ | 4,036 |  |  | $ | 2,427 |  |  | $ | 6,463 |  |  | $ | 5,995 |  |  |  | (2 | )
Swiss Reinsurance America Corporation |  |  | 4,418 |  |  |  | 1,336 |  |  |  | 5,754 |  |  |  | - |  |  |  |  |
Hanover Rueck SE |  |  | 3,156 |  |  |  | 522 |  |  |  | 3,678 |  |  |  | - |  |  |  |  |
SCOR Reinsurance Company |  |  | 394 |  |  |  | 458 |  |  |  | 852 |  |  |  | - |  |  |  |  |
Allied World Assurance Company |  |  | 760 |  |  |  | 170 |  |  |  | 930 |  |  |  | - |  |  |  |  |
Others |  |  | 2,964 |  |  |  | 471 |  |  |  | 3,435 |  |  |  | - |  |  |  |  |
Total |  | $ | 15,728 |  |  | $ | 5,384 |  |  | $ | 21,113 |  |  | $ | 5,995 |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cavello Bay Reinsurance Limited (1) |  | $ | 5,319 |  |  | $ | 1,277 |  |  | $ | 6,596 |  |  | $ | 7,548 |  |  |  | (2 | )
Swiss Reinsurance America Corporation |  |  | 4,499 |  |  |  | 1,251 |  |  |  | 5,750 |  |  |  | - |  |  |  |  |
Hanover Rueck SE |  |  | 2,728 |  |  |  | 1,181 |  |  |  | 3,909 |  |  |  | - |  |  |  |  |
SCOR Reinsurance Company |  |  | 528 |  |  |  | 89 |  |  |  | 617 |  |  |  | - |  |  |  |  |
Allied World Assurance Company |  |  | 306 |  |  |  | 373 |  |  |  | 679 |  |  |  | - |  |  |  |  |
Others |  |  | 2,291 |  |  |  | 282 |  |  |  | 2,573 |  |  |  | 58 |  |  |  | (3 | )
Total |  | $ | 15,671 |  |  | $ | 4,453 |  |  | $ | 20,125 |  |  | $ | 7,606 |  |  |  |  |
Schedule of Ceding commissions earned |
|  | Years ended |
|  | December 31, |
|  | 2019 |  |  | 2018 |
Provisional ceding commissions earned |  | $ | 5,446,370 |  |  | $ | 6,745,928 |
Contingent ceding commissions earned |  |  | (795,519 | ) |  |  | (1,413,298 | )
|  | $ | 4,650,851 |  |  | $ | 5,332,630 |

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