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v3.20.1

6. Property and Casualty Insurance Activity (Tables) | 3 Months Ended
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Mar. 31, 2020
Insurance [Abstract] |
Schedule of earned premiums |
| Direct |  | Assumed |  | Ceded |  | Net
Three months ended March 31, 2020 |  |  |  |  |  |  |
Premiums written | $ 36,696,929 |  | $ - |  | $(13,506,255) |  | $ 23,190,674
Change in unearned premiums | 5,904,700 |  | - |  | (2,153,924) |  | 3,750,776
Premiums earned | $ 42,601,629 |  | $ - |  | $(15,660,179) |  | $ 26,941,450
Three months ended March 31, 2019 |  |  |  |  |  |  |
Premiums written | $ 37,488,548 |  | $ (34) |  | $ (7,127,909) |  | $ 30,360,605
Change in unearned premiums | (628,067) |  | 195 |  | (136,844) |  | (764,716)
Premiums earned | $ 36,860,481 |  | $ 161 |  | $ (7,264,753) |  | $ 29,595,889
Schedule of loss and loss adjustment expenses |
| Three months ended
| March 31,
| 2020 | 2019
Balance at beginning of period | $ 80,498,611 | $ 56,197,106
Less reinsurance recoverables | (15,728,224) | (15,671,247)
Net balance, beginning of period | 64,770,387 | 40,525,859
Incurred related to: |  |
Current year | 16,512,475 | 24,655,975
Prior years | (126,654) | 4,478,249
Total incurred | 16,385,821 | 29,134,224
Paid related to: |  |
Current year | 5,787,129 | 7,731,086
Prior years | 13,777,236 | 8,405,440
Total paid | 19,564,365 | 16,136,526
Net balance at end of period | 61,591,843 | 53,523,557
Add reinsurance recoverables | 16,259,256 | 15,586,714
Balance at end of period | $ 77,851,099 | $ 69,110,271
Allocated claim adjustment expenses |
All Lines of Business |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except reported claims data) |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | As of |
| Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  | March 31, 2020 |
| For the Years Ended December 31, | For the three months ended March 31, 2020 |  | IBNR | Cumulative Number of Reported Claims by Accident Year |
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |  |
| (Unaudited 2011 - 2019) | (Unaudited) |  |  |  |
2011 | $7,603 | $7,678 | $8,618 | $9,440 | $9,198 | $9,066 | $9,144 | $9,171 | $9,127 | $ 9,128 |  | $ (1) | 1,914 |
2012 |  | 9,539 | 9,344 | 10,278 | 10,382 | 10,582 | 10,790 | 10,791 | 11,015 | 10,792 |  | 87 | 4,704 | (1)
2013 |  |  | 10,728 | 9,745 | 9,424 | 9,621 | 10,061 | 10,089 | 10,607 | 10,607 |  | (12) | 1,561 |
2014 |  |  |  | 14,193 | 14,260 | 14,218 | 14,564 | 15,023 | 16,381 | 16,376 |  | 289 | 2,136 |
2015 |  |  |  |  | 22,340 | 21,994 | 22,148 | 22,491 | 23,386 | 23,042 |  | 154 | 2,555 |
2016 |  |  |  |  |  | 26,062 | 24,941 | 24,789 | 27,887 | 27,961 |  | 538 | 2,877 |
2017 |  |  |  |  |  |  | 31,605 | 32,169 | 35,304 | 35,873 |  | 631 | 3,380 |
2018 |  |  |  |  |  |  |  | 54,455 | 56,351 | 58,073 |  | 2,391 | 4,188 |
2019 |  |  |  |  |  |  |  |  | 75,092 | 73,173 |  | 12,027 | 4,365 |
2020 |  |  |  |  |  |  |  |  |  | 15,760 |  | 6,202 | 731 |
|  |  |  |  |  |  |  |  | Total | $ 280,784 |  |  |  |
(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 |  |  |  |
| For the Years Ended December 31, | For the three months ended March 31, 2020 |  |  |  |
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |  |  |  |
| (Unaudited 2011 - 2019) | (Unaudited) |  |  |  |
2011 | $3,740 | $5,117 | $6,228 | $7,170 | $8,139 | $8,540 | $8,702 | $8,727 | $8,789 | $ 8,991 |  |  |  |
2012 |  | 3,950 | 5,770 | 7,127 | 8,196 | 9,187 | 10,236 | 10,323 | 10,428 | 10,442 |  |  |  |
2013 |  |  | 3,405 | 5,303 | 6,633 | 7,591 | 8,407 | 9,056 | 9,717 | 9,728 |  |  |  |
2014 |  |  |  | 5,710 | 9,429 | 10,738 | 11,770 | 13,819 | 14,901 | 15,150 |  |  |  |
2015 |  |  |  |  | 12,295 | 16,181 | 18,266 | 19,984 | 21,067 | 21,448 |  |  |  |
2016 |  |  |  |  |  | 15,364 | 19,001 | 21,106 | 23,974 | 24,371 |  |  |  |
2017 |  |  |  |  |  |  | 16,704 | 24,820 | 28,693 | 28,969 |  |  |  |
2018 |  |  |  |  |  |  |  | 32,383 | 44,516 | 46,178 |  |  |  |
2019 |  |  |  |  |  |  |  |  | 40,933 | 50,983 |  |  |  |
2020 |  |  |  |  |  |  |  |  |  | 5,469 |  |  |  |
|  |  |  |  |  |  |  |  | Total | $ 221,729 |  |  |  |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented | $ 59,055 |  |  |  |
All outstanding liabilities before 2011, net of reinsurance | 100 |  |  |  |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance | $ 59,154 |  |  |  |
Reconciliation of the net incurred and paid claims |
| As of
(in thousands) | March 31, 2020
Liabilities for loss and loss adjustment expenses, net of reinsurance | $ 59,154
Total reinsurance recoverable on unpaid losses | 16,259
Unallocated loss adjustment expenses | 2,437
Total gross liability for loss and LAE reserves | $ 77,851
Schedule of line of business |
| Treaty Year
| December 15, 2019 |  | July 1, 2019 |  | July 1, 2018
| to |  | to |  | to
Line of Business | December 31, 2020 |  | December 14, 2019 |  | June 30, 2019
Personal Lines: |  |  |  |  |
Homeowners, dwelling fire and |  |  |  |  |
and canine legal liability |  |  |  |  |
Quota share treaty: |  |  |  |  |
Percent ceded | 25% |  | None |  | 10%
| Treaty Year
| December 15, 2019 |  | July 1, 2019 |  | July 1, 2018
| to |  | to |  | to
Line of Business | June 30, 2020 |  | December 14, 2019 |  | June 30, 2019
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
Losses per occurrence subject to |  |  |  |  |
quota share reinsurance coverage | $ 1,000,000 |  | None |  | $ 1,000,000
Excess of loss coverage and facultative |  |  |  |  |
facility coverage (1) | $ 9,000,000 |  | $ 9,000,000 |  | $ 9,000,000
| in excess of |  | in excess of |  | in excess of
| $ 1,000,000 |  | $ 1,000,000 |  | $ 1,000,000
Total reinsurance coverage per occurrence | $ 9,250,000 |  | $ 9,000,000 |  | $ 9,100,000
Losses per occurrence subject to |  |  |  |  |
reinsurance coverage | $ 10,000,000 |  | $ 10,000,000 |  | $ 10,000,000
Expiration date | June 30, 2020 |  | June 30, 2020 |  | June 30, 2019
Catastrophe Reinsurance: |  |  |  |  |
Initial loss subject to personal lines |  |  |  |  |
quota share treaty | $ 7,500,000 |  | None |  | $ 5,000,000
Risk retained per catastrophe |  |  |  |  |
occurrence (2) | $ 5,625,000 |  | $ 7,500,000 |  | $ 4,500,000
Catastrophe loss coverage in excess of |  |  |  |  |
quota share coverage (3) | $ 602,500,000 |  | $ 602,500,000 |  | $ 445,000,000
Reinstatement premium |  |  |  |  |
protection (4) (5) | 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, 2018, reinstatement premium protection for $210,000,000 of catastrophe coverage in excess of $5,000,000.
| (5) | 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
| to |  | to
Line of Business | June 30, 2020 |  | June 30, 2019
Personal Lines: |  |  |
Personal Umbrella |  |  |
Quota share treaty: |  |  |
Percent ceded - first $1,000,000 of coverage | 90% |  | 90%
Percent ceded - excess of $1,000,000 dollars 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, 2020 |  | June 30, 2019
Commercial Lines: |  |  |
General liability commercial policies |  |  |
Quota share treaty | None |  | None
Risk retained | $ 750,000 |  | $ 750,000
Excess of loss coverage above risk retained | $ 3,750,000 |  | $ 3,750,000
| in excess of |  | in excess of
| $ 750,000 |  | $ 750,000
Total reinsurance coverage per occurrence | $ 3,750,000 |  | $ 3,750,000
Losses per occurrence subject to reinsurance coverage | $ 4,500,000 |  | $ 4,500,000
Commercial Umbrella |  |  |
Quota share treaty: | None |  |
Percent ceded - first $1,000,000 of coverage |  |  | 90%
Percent ceded - excess of $1,000,000 of coverage |  |  | 100%
Risk retained |  |  | $ 100,000
Total reinsurance coverage per occurrence |  |  | $ 4,900,000
Losses per occurrence subject to quota share reinsurance coverage |  |  | $ 5,000,000
Expiration date |  |  | June 30, 2019
Schedule of ceding commission revenue |
| Three months ended
| March 31,
| 2020 |  | 2019
Provisional ceding commissions earned | $ 3,720,360 |  | $ 1,317,751
Contingent ceding commissions earned | 110,739 |  | (40,068)
| $ 3,831,099 |  | $ 1,277,683

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