XML 29 R37.htm IDEA: XBRL DOCUMENT

11. Property and Casualty Insurance Activity (Tables)

12 Months Ended

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	%