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Property and Casualty Insurance Activity (Tables)

12 Months Ended

Dec. 31, 2021

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net

Year ended December 31, 2021
Premiums written		$	181,665,178			$	-			$	(52,909,694	)		$	128,755,484
Change in unearned premiums			(7,750,334	)			-				22,876,569				15,126,235
Premiums earned		$	173,914,844			$	-			$	(30,033,125	)		$	143,881,719

Year ended December 31, 2020
Premiums written		$	169,317,904			$	-			$	(42,255,383	)		$	127,062,521
Change in unearned premiums			373,966				-				(19,355,858	)		$	(18,981,892	)
Premiums earned		$	169,691,870			$	-			$	(61,611,241	)		$	108,080,629

Schedule of Loss and Loss Adjustment Expenses

		Gross				Reinsurance
		Liability				Receivables
December 31, 2021
Case-basis reserves		$	54,761,591			$	7,839,767
Loss adjustment expenses			14,795,659				1,072,847
IBNR reserves			25,391,495				1,725,065
Recoverable on unpaid losses							10,637,679
Recoverable on paid losses			-				6,496,059
Total loss and loss adjustment expenses		$	94,948,745				17,133,738
Unearned premiums							23,158,700
Receivables - reinsurance contracts							-
Total reinsurance receivables						$	40,292,438

December 31, 2020
Case-basis reserves		$	47,657,198			$	15,432,347
Loss adjustment expenses			13,610,284				1,882,419
IBNR reserves			21,533,746				2,839,486
Recoverable on unpaid losses							20,154,252
Recoverable on paid losses			-				14,787,037
Total loss and loss adjustment expenses		$	82,801,228				34,941,289
Unearned premiums							282,131
Receivables - reinsurance contracts							10,237,309
Total reinsurance receivables						$	45,460,729

Schedule of Ceding Commission Revenue

		Years ended
		December 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			101,987,855				66,389,907
Prior years			(15,259	)			41,165
Total incurred			101,972,596				66,431,072

Paid related to:
Current year			60,171,695				41,100,578
Prior years			20,136,812				27,453,904
Total paid			80,308,507				68,554,482

Net balance at end of period			84,311,066				62,646,977
Add reinsurance recoverables			10,637,679				20,154,251
Balance at end of period		$	94,948,745			$	82,801,228

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																																								December 31, 2021
		For the Years Ended December 31,																																								IBNR				Cumulative Number of Reported Claims by Accident Year
Accident Year		2012				2013				2014				2015				2016				2017				2018				2019				2020				2021
		(Unaudited 2012 - 2020)

2012		$	9,539			$	9,344			$	10,278			$	10,382			$	10,582			$	10,790			$	10,791			$	11,015			$	10,885			$	10,881			$	10				4,704	(1)
2013							10,728				9,745				9,424				9,621				10,061				10,089				10,607				10,495				10,529				49				1,564
2014											14,193				14,260				14,218				14,564				15,023				16,381				16,428				16,434				35				2,138
2015															22,340				21,994				22,148				22,491				23,386				23,291				23,528				201				2,558
2016																			26,062				24,941				24,789				27,887				27,966				27,417				232				2,880
2017																							31,605				32,169				35,304				36,160				36,532				424				3,397
2018																											54,455				56,351				58,441				59,404				891				4,224
2019																															75,092				72,368				71,544				6,269				4,475
2020																																			63,083				62,833				5,533				5,839
2021																																							96,425				16,479				5,572
																																		Total				$	415,527
(1) Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy.

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,
Accident Year		2012				2013				2014				2015				2016				2017				2018				2019				2020				2021
		(Unaudited 2012 - 2020)

2012		$	3,950			$	5,770			$	7,127			$	8,196			$	9,187			$	10,236			$	10,323			$	10,428			$	10,451			$	10,579
2013							3,405				5,303				6,633				7,591				8,407				9,056				9,717				10,016				10,392
2014											5,710				9,429				10,738				11,770				13,819				14,901				15,491				15,770
2015															12,295				16,181				18,266				19,984				21,067				22,104				22,318
2016																			15,364				19,001				21,106				23,974				25,234				25,750
2017																							16,704				24,820				28,693				31,393				32,529
2018																											32,383				44,516				50,553				52,025
2019																															40,933				54,897				58,055
2020																																			39,045				50,719
2021																																							56,282
																																		Total				$	334,417

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																																						$	81,110
All outstanding liabilities before 2012, net of reinsurance																																							108
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																																						$	81,218

Reconciliation of the net incurred and paid claims

Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves

		As of
*(in thousands)*		December 31, 2021
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance		$	81,218
Total reinsurance recoverable on unpaid losses			10,638
Unallocated loss adjustment expenses			3,093
Total gross liability for loss and LAE reserves		$	94,949

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
Years			1				2				3				4				5				6				7				8				9				10
All Lines of Business			49.0	%			18.7	%			9.3	%			7.5	%			6.9	%			5.7	%			2.9	%			1.8	%			1.9	%			1.2	%