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v3.23.1

Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2022
Reinsurance |
Line of Business |
|  | Treaty Period |
|  | 2023/2024 Treaty |  |  | 2021/2023 Treaty |  |  |  |  |  |  |
|  | July 1, |  |  | January 1, |  |  | July 1, |  |  | December 31, |  |  | July 1, |  |  | December 31, |
|  | 2023 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |
|  | to |  |  | to |  |  | to |  |  | to |  |  | to |  |  | to |
|  | January 1, |  |  | June 30, |  |  | January 1, |  |  | June 30, |  |  | December 30, |  |  | June 30, |
Line of Business |  | 2024 |  |  | 2023 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homeowners, dwelling fire and and canine legal liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percent ceded (9) |  |  | 30 | % |  |  | 30 | % |  |  | 30 | % |  |  | 30 | % |  | None (5) |  |  | None (5) |
Risk retained on intial $1,000,000 of losses (5) (7) (8) (9) |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Losses per occurrence subject to quota share reinsurance coverage |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | None (5) |  |  | None (5) |
Expiration date |  | January 1, 2024 |  |  | January 1, 2024 |  |  | January 1, 2023 |  |  | January 1, 2023 |  |  | NA (5) |  |  | NA (5) |
Excess of loss coverage and facultative facility coverage (1) (7) |  |  | (8 | ) |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |  | $ | 8,000,000 |  |  | $ | 8,000,000 |
|  |  |  |  |  |  | in excess of |  |  |  | in excess of |  |  |  | in excess of |  |  |  | in excess of |  |  |  | in excess of |
|  |  |  |  |  | $ | 600,000 |  |  | $ | 600,000 |  |  | $ | 600,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Total reinsurance coverage per occurrence (5) (7) (8) |  | $ | 500,000 |  |  | $ | 8,500,000 |  |  | $ | 8,500,000 |  |  | $ | 8,500,000 |  |  | $ | 8,000,000 |  |  | $ | 8,000,000 |
Losses per occurrence subject to reinsurance coverage (5) |  |  | (8 | ) |  | $ | 8,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |
Expiration date |  |  | (8 | ) |  | June 30, 2023 |  |  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2022 |  |  | June 30, 2021 |
Catastrophe Reinsurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial loss subject to personal lines quota share treaty (8) |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |  | None (5) |  |  | None (5) |
Risk retained per catastrophe occurrence (5) (9) (10) |  |  | (8 | ) |  | $ | 8,750,000 |  |  | $ | 7,400,000 |  |  | $ | 7,400,000 |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |
Catastrophe loss coverage in excess of quota share coverage (2) (5) |  |  | (8 | ) |  | $ | 335,000,000 |  |  | $ | 335,000,000 |  |  | $ | 490,000,000 |  |  | $ | 490,000,000 |  |  | $ | 475,000,000 |
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (6) |  | NA |  |  | NA |  |  | NA |  |  | NA |  |  | $ | 5,000,000 |  |  | NA |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | in excess of |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,000,000 |  |  |  |  |
Reinstatement premium protection (3) (4) |  |  | (8 | ) |  | Yes |  |  | Yes |  |  | Yes |  |  | Yes |  |  | Yes |
|  | Treaty Year |
|  | July 1, 2022 |  |  | July 1, 2021 |  |  | July 1, 2020 |
|  | to |  |  | to |  |  | to |
Line of Business |  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2021 |
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 dollars of coverage |  |  | 95 | % |  |  | 95 | % |  |  | 95 | %
Risk retained |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |
Total reinsurance coverage per occurrence |  | $ | 4,700,000 |  |  | $ | 4,700,000 |  |  | $ | 4,700,000 |
Losses per occurrence subject to quota share reinsurance coverage |  | $ | 5,000,000 |  |  | $ | 5,000,000 |  |  | $ | 5,000,000 |
Expiration date |  | June 30, 2023 |  |  | June 30, 2022 |  |  | June 30, 2021 |
Commercial Lines (1): |  |  |  |  |  |  |  |  |  |  |  |
General liability commercial policies |  |  |  |  |  |  |  |  |  |  |  |
Quota share treaty |  |  |  |  |  |  |  |  |  | None |
Risk retained |  |  |  |  |  |  |  |  |  | $ | 750,000 |
Excess of loss coverage above risk retained |  |  |  |  |  |  |  |  |  | $ | 3,750,000 |
|  |  |  |  |  |  |  |  |  | in excess of |
|  |  |  |  |  |  |  |  |  | $ | 750,000 |
Total reinsurance coverage per occurrence |  |  |  |  |  |  |  |  |  | $ | 3,750,000 |
Losses per occurrence subject to reinsurance coverage |  |  |  |  |  |  |  |  |  | $ | 4,500,000 |
Commercial Umbrella |  |  |  |  |  |  |  |  |  |  |  |
Quota share treaty |  |  |  |  |  |  |  |  |  | None |
Schedule of approximate reinsurance recoverables |
|  | Unpaid |  |  | Paid |  |  |  |  |  |  |  |
($ in thousands) |  | Losses |  |  | Losses |  |  | Total |  |  |  | Security |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swiss Reinsurance America Corporation |  |  | 9,469 |  |  |  | 4,823 |  |  |  | 14,292 |  |  |  | - |
Hanover Rueck SE |  |  | 8,681 |  |  |  | 2,698 |  |  |  | 11,379 |  |  |  | - |
Others |  |  | 9,510 |  |  |  | 6,067 |  |  |  | 15,577 |  |  |  | 2,399 | (2)
Total |  | $ | 27,660 |  |  | $ | 13,588 |  |  | $ | 41,248 |  |  | $ | 2,399 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cavello Bay Reinsurance Limited (1) |  | $ | 2,134 |  |  | $ | 3,245 |  |  | $ | 5,379 |  |  | $ | 3,006 | (3)
Swiss Reinsurance America Corporation |  |  | 4,069 |  |  |  | 631 |  |  |  | 4,700 |  |  |  | - |
Hanover Rueck SE |  |  | 2,474 |  |  |  | 1,176 |  |  |  | 3,650 |  |  |  | - |
Allied World Assurance Company |  |  | 1,098 |  |  |  | 29 |  |  |  | 1,127 |  |  |  | - |
Others |  |  | 863 |  |  |  | 1,415 |  |  |  | 2,278 |  |  |  | 791 | (4)
Total |  | $ | 10,638 |  |  | $ | 6,496 |  |  | $ | 17,134 |  |  | $ | 3,797 |
Schedule of Ceding commissions earned |
|  | Year ended |
|  | December 31, |
|  | 2022 |  |  | 2021 |
Provisional ceding commissions earned |  | $ | 19,105,779 |  |  | $ | 233,990 |
Contingent ceding commissions earned |  |  | 213,612 |  |  |  | (144,309 | )
|  | $ | 19,319,391 |  |  | $ | 89,681 |

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