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Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Tables)
 12 Months Ended
Dec. 31, 2021
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue  
Schedule of acquisition costs incurred

 

 

 Years ended

 

 

 

 December 31,

 

 

 

 2021

 

 

 2020

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding commission revenue, beginning of year

 

$20,048,996

 

 

$12,898,980

 

 

 

 

 

 

 

 

 

 

Cost incurred and deferred: 

 

 

 

 

 

 

 

 

Commissions and brokerage 

 

 

35,128,938

 

 

 

32,279,848

 

Other underwriting and policy acquisition costs 

 

 

8,841,557

 

 

 

8,526,003

 

Ceding commission revenue 

 

 

(7,257,909)

 

 

(13,680,042)

Net deferred policy acquisition costs

 

 

36,712,586

 

 

 

27,125,809

 

Return of deferred ceding commission revenue due to termination of quota share

 

 

-

 

 

 

7,202,741

 

Additional deferred ceding commission revenue due to inception of quota share

 

 

(9,686,577)

 

 

-

 

Amortization 

 

 

(34,584,526)

 

 

(27,178,534)

 

 

 

(7,558,517)

 

 

7,150,016

 

 

 

 

 

 

 

 

 

 

Net deferred policy acquisition costs, net of deferred ceding commission revenue, end of year

 

$12,490,479

 

 

$20,048,996

 
Schedule of Ending balances for deferred acquisition costs and deferred ceding commission revenue

 

 

 December 31,

 

 

 

 2021

 

 

 2020

 

 

 

 

 

 

 

 

Deferred policy acquisition costs

 

$22,238,987

 

 

$20,142,515

 

Deferred ceding commission revenue 

 

 

(9,748,508)

 

 

(93,519)

Balance at end of period

 

$12,490,479

 

 

$20,048,996