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Property and Casualty Insurance Activity (Tables)

9 Months Ended

Sep. 30, 2021

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net
Nine months ended September 30, 2021
Premiums written		$	131,609,930			$	-			$	(21,854,398	)		$	109,755,532
Change in unearned premiums			(2,911,439	)			-				(15,198	)			(2,926,637	)
Premiums earned		$	128,698,491			$	-			$	(21,869,596	)		$	106,828,895
Nine months ended September 30, 2020
Premiums written		$	125,089,571			$	-			$	(43,813,468	)		$	81,276,103
Change in unearned premiums			2,215,602				-				(2,392,318	)			(176,716	)
Premiums earned		$	127,305,173			$	-			$	(46,205,786	)		$	81,099,387
Three months ended September 30, 2021
Premiums written		$	48,865,169			$	-			$	(7,223,526	)		$	41,641,643
Change in unearned premiums			(4,848,145	)			-				9,753				(4,838,392	)
Premiums earned		$	44,017,024			$	-			$	(7,213,773	)		$	36,803,251
Three months ended September 30, 2020
Premiums written		$	45,742,165			$	-			$	(15,747,215	)		$	29,994,950
Change in unearned premiums			(3,161,356	)			-				687,487				(2,473,869	)
Premiums earned		$	42,580,809			$	-			$	(15,059,728	)		$	27,521,081

Schedule of Loss and Loss Adjustment Expenses

		Nine months ended
		September 30, 2021
		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			79,070,646				49,597,154
Prior years			(10,529	)			(279,727	)
Total incurred			79,060,117				49,317,427
Paid related to:
Current year			35,408,412				29,845,049
Prior years			17,586,958				24,068,492
Total paid			52,995,370				53,913,541
Net balance at end of period			88,711,724				60,174,273
Add reinsurance recoverables			12,332,394				24,804,751
Balance at end of period		$	101,044,118			$	84,979,024

Incurred Claims and 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																																								September 30, 2021
		For the Years Ended December 31,																																												Cumulative
Accident Year		2012				2013				2014				2015				2016				2017				2018				2019				2020				Nine months ended September 30, 2021					IBNR			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			$	10,881			$	11				4,704	(1)
2013							10,728				9,745				9,424				9,621				10,061				10,089				10,607				10,495				10,498				19				1,564
2014											14,193				14,260				14,218				14,564				15,023				16,381				16,428				16,420				141				2,138
2015															22,340				21,994				22,148				22,491				23,386				23,291				23,466				123				2,558
2016																			26,062				24,941				24,789				27,887				27,966				27,520				391				2,880
2017																							31,605				32,169				35,304				36,160				36,337				370				3,393
2018																											54,455				56,351				58,441				59,289				1,174				4,221
2019																															75,092				72,368				71,837				7,377				4,471
2020																																			63,083				62,858				6,644				5,822
2021																																							74,958				18,813				4,378
																																		Total				$	394,064

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,																																				Nine months ended September
Accident Year		2012				2013				2014				2015				2016				2017				2018				2019				2020				30, 2021
		(Unaudited 2012 - 2020)																																				(Unaudited)
2012		$	3,950			$	5,770			$	7,127			$	8,196			$	9,187			$	10,236			$	10,323			$	10,428			$	10,451			$	10,544
2013							3,405				5,303				6,633				7,591				8,407				9,056				9,717				10,016				10,140
2014											5,710				9,429				10,738				11,770				13,819				14,901				15,491				15,706
2015															12,295				16,181				18,266				19,984				21,067				22,104				22,285
2016																			15,364				19,001				21,106				23,974				25,234				25,639
2017																							16,704				24,820				28,693				31,393				32,161
2018																											32,383				44,516				50,553				51,676
2019																															40,933				54,897				57,594
2020																																			39,045				49,945
2021																																							33,309
																																		Total				$	308,999

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented		$	85,065
All outstanding liabilities before 2011, net of reinsurance			110
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance		$	85,175

Reconciliation of the net incurred and paid claims

		As of
(in thousands)		September 30, 2021
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance		$	85,175
Total reinsurance recoverable on unpaid losses			12,332
Unallocated loss adjustment expenses			3,537
Total gross liability for loss and LAE reserves		$	101,044

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
		July 1, 2021				December 31, 2020				July 1, 2020				December 15, 2019
		to				to				to				to
Line of Business		June 30, 2022				June 30, 2021				December 30, 2020				June 30, 2020
Personal Lines:
Homeowners, dwelling fire and
and canine legal liability
Quota share treaty:
Risk retained on intial
$1,000,000 of losses (7)		$	1,000,000			$	1,000,000			$	750,000			$	750,000
Losses per occurrence subject
to quota share
reinsurance coverage		None (7)				None (7)				$	1,000,000			$	1,000,000
Expiration date		NA (7)				NA (7)				December 30, 2020				December 30, 2020
Excess of loss coverage and
facultative facility
coverage (1)		$	8,000,000			$	8,000,000			$	8,000,000			$	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 (7)		$	8,000,000			$	8,000,000			$	8,250,000			$	9,250,000
Losses per occurrence subject
to reinsurance coverage		$	9,000,000			$	9,000,000			$	9,000,000			$	10,000,000
Expiration date (7)		June 30, 2022				June 30, 2021				June 30, 2021				June 30, 2020
Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty		None (7)				None (7)				$	7,500,000			$	7,500,000
Risk retained per catastrophe
occurrence (2) (7)		$	10,000,000			$	10,000,000			$	8,125,000			$	5,625,000
Catastrophe loss coverage
in excess of
quota share coverage (3) (7)		$	490,000,000			$	475,000,000			$	475,000,000			$	602,500,000
Catastrophe stub coverage for the period from
October 18, 2021 through December 31, 2021 (8)		$	5,000,000			NA				NA				NA
		in excess of
		$	5,000,000
Reinstatement premium
protection (4) (5) (6)		Yes				Yes				Yes				Yes

		Treaty Year
		July 1, 2021				July 1, 2020				July 1, 2019
		to				to				to
Line of Business		June 30, 2022				June 30, 2021				June 30, 2020
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 of coverage			95	%			95	%			100	%
Risk retained		$	300,000			$	300,000			$	100,000
Total reinsurance coverage per occurrence		$	4,700,000			$	4,700,000			$	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, 2022				June 30, 2021				June 30, 2020
Commercial Lines (1):
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								Nine months ended
		September 30,								September 30,
		2021				2020				2021				2020
Provisional ceding commissions earned		$	40,578			$	3,460,768			$	135,666			$	10,621,804
Contingent ceding commissions earned			(47,854	)			(11,994	)			(98,266	)			138,283
		$	(7,276	)		$	3,448,774			$	37,400			$	10,760,087

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4G
-URI http://asc.fasb.org/extlink&oid=116884468&loc=SL65671329-158438

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