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Property and Casualty Insurance Activity (Tables) | 3 Months Ended
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Mar. 31, 2021
Property and Casualty Insurance Activity |
Schedule of Earned Premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Three months ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 38,129,117 |  |  | $ | - |  |  | $ | (7,329,507 | ) |  | $ | 30,799,610 |
Change in unearned premiums |  |  | 3,789,478 |  |  |  | - |  |  |  | 130 |  |  |  | 3,789,608 |
Premiums earned |  | $ | 41,918,595 |  |  | $ | - |  |  | $ | (7,329,377 | ) |  | $ | 34,589,218 |
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 |
Schedule of Loss and Loss Adjustment Expenses |
|  | Three months ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 82,801,228 |  |  | $ | 80,498,611 |
Less reinsurance recoverables |  |  | (20,154,251 | ) |  |  | (15,728,224 | )
Net balance, beginning of period |  |  | 62,646,977 |  |  |  | 64,770,387 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 22,571,727 |  |  |  | 16,512,475 |
Prior years |  |  | (11,055 | ) |  |  | (126,654 | )
Total incurred |  |  | 22,560,672 |  |  |  | 16,385,821 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 7,749,998 |  |  |  | 5,787,129 |
Prior years |  |  | 10,059,577 |  |  |  | 13,777,236 |
Total paid |  |  | 17,809,575 |  |  |  | 19,564,365 |
Net balance at end of period |  |  | 67,398,074 |  |  |  | 61,591,843 |
Add reinsurance recoverables |  |  | 17,058,985 |  |  |  | 16,259,256 |
Balance at end of period |  | $ | 84,457,059 |  |  | $ | 77,851,099 |
Incurred Claims and 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 |
|  | For the Years Ended December 31, |  |  |  |  |  | March 31, 2021 |
Accident Year |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | Three months ended March 31, 2021 |  |  | IBNR |  |  | Cumulative Number of Reported Claims by Accident Year |
|  | (Unaudited 2012 - 2020) |  |  | (Unaudited) |  |  |  |  |  |  |
2012 |  | $ | 9,539 |  |  | $ | 9,344 |  |  | $ | 10,278 |  |  | $ | 10,382 |  |  | $ | 10,582 |  |  | $ | 10,790 |  |  | $ | 10,791 |  |  | $ | 11,015 |  |  | $ | 10,885 |  |  | $ | 10,885 |  |  | $ | 13 |  |  |  | 4,704 | (1)
2013 |  |  |  |  |  |  | 10,728 |  |  |  | 9,745 |  |  |  | 9,424 |  |  |  | 9,621 |  |  |  | 10,061 |  |  |  | 10,089 |  |  |  | 10,607 |  |  |  | 10,495 |  |  |  | 10,511 |  |  |  | 4 |  |  |  | 1,564 |
2014 |  |  |  |  |  |  |  |  |  |  | 14,193 |  |  |  | 14,260 |  |  |  | 14,218 |  |  |  | 14,564 |  |  |  | 15,023 |  |  |  | 16,381 |  |  |  | 16,428 |  |  |  | 16,414 |  |  |  | 180 |  |  |  | 2,138 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,340 |  |  |  | 21,994 |  |  |  | 22,148 |  |  |  | 22,491 |  |  |  | 23,386 |  |  |  | 23,291 |  |  |  | 23,359 |  |  |  | 95 |  |  |  | 2,557 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,887 |  |  |  | 27,966 |  |  |  | 27,857 |  |  |  | 512 |  |  |  | 2,878 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 35,304 |  |  |  | 36,160 |  |  |  | 36,186 |  |  |  | 400 |  |  |  | 3,393 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 56,351 |  |  |  | 58,441 |  |  |  | 58,511 |  |  |  | 1,963 |  |  |  | 4,215 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,092 |  |  |  | 72,368 |  |  |  | 72,371 |  |  |  | 8,809 |  |  |  | 4,453 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,083 |  |  |  | 63,014 |  |  |  | 8,473 |  |  |  | 5,772 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,443 |  |  |  | 7,581 |  |  |  | 816 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 340,551 |  |  |  |  |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses | All Lines of Business (in thousands)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |
|  | For the Years Ended December 31, |  |  | Three months ended March 31, |
Accident Year |  | 2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |
|  | (Unaudited 2012 - 2020) |  |  | (Unaudited) |
2012 |  | $ | 3,950 |  |  | $ | 5,770 |  |  | $ | 7,127 |  |  | $ | 8,196 |  |  | $ | 9,187 |  |  | $ | 10,236 |  |  | $ | 10,323 |  |  | $ | 10,428 |  |  | $ | 10,451 |  |  | $ | 10,533 |
2013 |  |  |  |  |  |  | 3,405 |  |  |  | 5,303 |  |  |  | 6,633 |  |  |  | 7,591 |  |  |  | 8,407 |  |  |  | 9,056 |  |  |  | 9,717 |  |  |  | 10,016 |  |  |  | 10,133 |
2014 |  |  |  |  |  |  |  |  |  |  | 5,710 |  |  |  | 9,429 |  |  |  | 10,738 |  |  |  | 11,770 |  |  |  | 13,819 |  |  |  | 14,901 |  |  |  | 15,491 |  |  |  | 15,497 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  |  | 21,067 |  |  |  | 22,104 |  |  |  | 22,201 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  |  | 23,974 |  |  |  | 25,234 |  |  |  | 25,310 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  |  | 28,693 |  |  |  | 31,393 |  |  |  | 31,831 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 44,516 |  |  |  | 50,553 |  |  |  | 50,921 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,933 |  |  |  | 54,897 |  |  |  | 55,822 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,045 |  |  |  | 46,451 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,287 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 275,987 |
|  |  | Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 64,564 |
All outstanding liabilities before 2011, net of reinsurance |  |  | 114 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  | $ | 64,678 |
Reconciliation of the net incurred and paid claims |
|  | As of |
(in thousands) |  | March 31, 2021 |
Liabilities for loss and loss adjustment expenses, net of reinsurance |  | $ | 64,678 |
Total reinsurance recoverable on unpaid losses |  |  | 17,059 |
Unallocated loss adjustment expenses |  |  | 2,720 |
Total gross liability for loss and LAE reserves |  | $ | 84,457 |
Supplementary unaudited information about average historical claims duration |
|  | Treaty Year |
|  | December 15, 2019 |
|  | to |
Line of Business |  | December 30, 2020 |
Personal Lines: |  |  |
Homeowners, dwelling fire and and canine legal liability Quota share treaty: |  |  |
Percent ceded |  |  | 25 | %
|  | Treaty Year |
|  | December 31, 2020 |  |  | July 1, 2020 |  |  | December 15, 2019 |
|  | to |  |  | to |  |  | to |
Line of Business |  | June 30, 2021 |  |  | December 30, 2020 |  |  | June 30, 2020 |
Personal Lines: |  |  |  |  |  |  |  |  |
Homeowners, dwelling fire and |  |  |  |  |  |  |  |  |
canine legal liability Quota share treaty: |  |  |  |  |  |  |  |  |
Risk retained on intial |  |  |  |  |  |  |  |  |
$1,000,000 of losses (6) |  | $ | 1,000,000 |  |  | $ | 750,000 |  |  | $ | 750,000 |
Losses per occurrence subject |  |  |  |  |  |  |  |  |  |  |  |
to quota share reinsurance coverage |  | None (6) |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Expiration date |  | NA (6) |  |  | December 30, 2020 |  |  | December 30, 2020 |
Excess of loss coverage and |  |  |  |  |  |  |  |  |  |  |  |
facultative facility coverage (1) |  | $ | 8,000,000 |  |  | $ | 8,000,000 |  |  | $ | 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 (6) |  | $ | 8,000,000 |  |  | $ | 8,250,000 |  |  | $ | 9,250,000 |
Losses per occurrence subject |  |  |  |  |  |  |  |  |  |  |  |
to reinsurance coverage |  | $ | 8,000,000 |  |  | $ | 9,000,000 |  |  | $ | 10,000,000 |
Expiration date (6) |  | June 30, 2021 |  |  | June 30, 2021 |  |  | June 30, 2020 |
Catastrophe Reinsurance: |  |  |  |  |  |  |  |  |  |  |  |
Initial loss subject to personal |  |  |  |  |  |  |  |  |  |  |  |
lines quota share treaty |  | None (6) |  |  | $ | 7,500,000 |  |  | $ | 7,500,000 |
Risk retained per catastrophe |  |  |  |  |  |  |  |  |  |  |  |
occurrence (2) (6) |  | $ | 10,000,000 |  |  | $ | 8,125,000 |  |  | $ | 5,625,000 |
Catastrophe loss coverage |  |  |  |  |  |  |  |  |  |  |  |
in excess of |  |  |  |  |  |  |  |  |  |  |  |
quota share coverage (3) (6) |  | $ | 475,000,000 |  |  | $ | 475,000,000 |  |  | $ | 602,500,000 |
Reinstatement premium |  |  |  |  |  |  |  |  |  |  |  |
protection (4) (5) |  | Yes |  |  | Yes |  |  | Yes |
|  | Treaty Year |
|  | July 1, 2020 |  |  | July 1, 2019 |
|  | to |  |  | to |
Line of Business |  | June 30, 2021 |  |  | June 30, 2020 |
Personal Lines: |  |  |  |  |  |
Personal Umbrella |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |
Percent ceded - first $1,000,000 of coverage |  |  | 90 | % |  |  | 90 | %
Percent ceded - excess of $1,000,000 of coverage |  |  | 95 | % |  |  | 100 | %
Risk retained |  | $ | 300,000 |  |  | $ | 100,000 |
Total reinsurance coverage per occurrence |  | $ | 4,700,000 |  |  | $ | 4,900,000 |
Losses per occurrence subject to quota share reinsurance coverage |  | $ | 5,000,000 |  |  | $ | 5,000,000 |
Expiration date |  | June 30, 2021 |  |  | June 30, 2020 |
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 |  |  | None |
Schedule of Ceding Commission Revenue |
|  | Three months ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Provisional ceding commissions earned |  | $ | 45,499 |  |  | $ | 3,720,360 |
Contingent ceding commissions earned |  |  | (46,564 | ) |  |  | 110,739 |
|  | $ | (1,065 | ) |  | $ | 3,831,099 |

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