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Property and Casualty Insurance Activity (Tables) | 12 Months Ended
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Dec. 31, 2022
Property and Casualty Insurance Activity |
Schedule of Earned Premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 201,254,837 |  |  | $ | - |  |  | $ | (79,195,016 | ) |  | $ | 122,059,821 |
Change in unearned premiums |  |  | (9,733,170 | ) |  |  | - |  |  |  | 2,057,880 |  |  |  | (7,675,290 | )
Premiums earned |  | $ | 191,521,667 |  |  | $ | - |  |  | $ | (77,137,136 | ) |  | $ | 114,384,531 |
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 |
Schedule of liability for loss and LAE expenses |
|  | Gross |  |  | Reinsurance |
|  | Liability |  |  | Receivables |
December 31, 2022 |  |  |  |  |  |
Case-basis reserves |  | $ | 62,745,588 |  |  | $ | 16,618,887 |
Loss adjustment expenses |  |  | 16,847,618 |  |  |  | 2,364,053 |
IBNR reserves |  |  | 38,746,307 |  |  |  | 8,676,560 |
Recoverable on unpaid losses |  |  |  |  |  |  | 27,659,500 |
Recoverable on paid losses |  |  | - |  |  |  | 13,588,981 |
Total loss and loss adjustment expenses |  | $ | 118,339,513 |  |  |  | 41,248,481 |
Unearned premiums |  |  |  |  |  |  | 25,216,580 |
Receivables - reinsurance contracts |  |  |  |  |  |  | - |
Total reinsurance receivables |  |  |  |  |  | $ | 66,465,061 |
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 |
Schedule of unpaid losses and LAE |
|  | Years ended |
|  | December 31, |
|  | 2022 |  |  | 2021 |
Balance at beginning of period |  | $ | 94,948,745 |  |  | $ | 82,801,228 |
Less reinsurance recoverables |  |  | (10,637,679 | ) |  |  | (20,154,251 | )
Net balance, beginning of period |  |  | 84,311,066 |  |  |  | 62,646,977 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 85,690,180 |  |  |  | 101,987,855 |
Prior years |  |  | 2,699,862 |  |  |  | (15,259 | )
Total incurred |  |  | 88,390,042 |  |  |  | 101,972,596 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 49,602,585 |  |  |  | 60,171,695 |
Prior years |  |  | 32,418,510 |  |  |  | 20,136,812 |
Total paid |  |  | 82,021,095 |  |  |  | 80,308,507 |
Net balance at end of period |  |  | 90,680,013 |  |  |  | 84,311,066 |
Add reinsurance recoverables |  |  | 27,659,500 |  |  |  | 10,637,679 |
Balance at end of period |  | $ | 118,339,513 |  |  | $ | 94,948,745 |
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, 2022 |
|  | For the Years Ended December 31, |  |  |  |  |  |  |  |  | Cumulative Number of Reported Claims by Accident Year |
Accident Year |  | 2013 |  |  | 2014 |  |  | 2015 |  |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  |  | IBNR |  |  |
|  | (Unaudited 2013 - 2021) |  |  |  |  |  |  |  |  |  |
2013 |  | $ | 10,728 |  |  | $ | 9,745 |  |  | $ | 9,424 |  |  | $ | 9,621 |  |  | $ | 10,061 |  |  | $ | 10,089 |  |  | $ | 10,607 |  |  | $ | 10,495 |  |  | $ | 10,529 |  |  | $ | 10,492 |  |  | $ | 1 |  |  |  | 1,564 |
2014 |  |  |  |  |  |  | 14,193 |  |  |  | 14,260 |  |  |  | 14,218 |  |  |  | 14,564 |  |  |  | 15,023 |  |  |  | 16,381 |  |  |  | 16,428 |  |  |  | 16,434 |  |  |  | 16,486 |  |  |  | 24 |  |  |  | 2,138 |
2015 |  |  |  |  |  |  |  |  |  |  | 22,340 |  |  |  | 21,994 |  |  |  | 22,148 |  |  |  | 22,491 |  |  |  | 23,386 |  |  |  | 23,291 |  |  |  | 23,528 |  |  |  | 23,533 |  |  |  | 230 |  |  |  | 2,559 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,887 |  |  |  | 27,966 |  |  |  | 27,417 |  |  |  | 27,352 |  |  |  | 297 |  |  |  | 2,881 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 35,304 |  |  |  | 36,160 |  |  |  | 36,532 |  |  |  | 36,502 |  |  |  | 375 |  |  |  | 3,398 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 56,351 |  |  |  | 58,441 |  |  |  | 59,404 |  |  |  | 61,237 |  |  |  | 1,100 |  |  |  | 4,230 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,092 |  |  |  | 72,368 |  |  |  | 71,544 |  |  |  | 71,964 |  |  |  | 2,431 |  |  |  | 4,497 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,083 |  |  |  | 62,833 |  |  |  | 63,217 |  |  |  | 2,568 |  |  |  | 5,869 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  |  | 96,673 |  |  |  | 7,863 |  |  |  | 5,786 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  |  | 21,076 |  |  |  | 4,414 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 487,291 |  |  |  |  |  |  |  |  |
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 |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  | (Unaudited 2013 - 2021) |  |  |  |
2013 |  | $ | 3,405 |  |  | $ | 5,303 |  |  | $ | 6,633 |  |  | $ | 7,591 |  |  | $ | 8,407 |  |  | $ | 9,056 |  |  | $ | 9,717 |  |  | $ | 10,016 |  |  | $ | 10,392 |  |  | $ | 10,471 |
2014 |  |  |  |  |  |  | 5,710 |  |  |  | 9,429 |  |  |  | 10,738 |  |  |  | 11,770 |  |  |  | 13,819 |  |  |  | 14,901 |  |  |  | 15,491 |  |  |  | 15,770 |  |  |  | 16,120 |
2015 |  |  |  |  |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  |  | 21,067 |  |  |  | 22,104 |  |  |  | 22,318 |  |  |  | 22,473 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  |  | 23,974 |  |  |  | 25,234 |  |  |  | 25,750 |  |  |  | 26,382 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  |  | 28,693 |  |  |  | 31,393 |  |  |  | 32,529 |  |  |  | 33,522 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 44,516 |  |  |  | 50,553 |  |  |  | 52,025 |  |  |  | 54,424 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,933 |  |  |  | 54,897 |  |  |  | 58,055 |  |  |  | 60,374 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,045 |  |  |  | 50,719 |  |  |  | 53,432 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  |  | 77,756 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 400,811 |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  |  | $ | 86,480 |
All outstanding liabilities before 2013, net of reinsurance |  |  |  | 259 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  |  | $ | 86,740 |
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, 2022 |
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance |  | $ | 86,740 |
Total reinsurance recoverable on unpaid losses |  |  | 27,660 |
Unallocated loss adjustment expenses |  |  | 3,940 |
Total gross liability for loss and LAE reserves |  | $ | 118,340 |
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 |  |  | 50.8 | % |  |  | 19.2 | % |  |  | 8.3 | % |  |  | 6.6 | % |  |  | 6.1 | % |  |  | 4.4 | % |  |  | 3.3 | % |  |  | 1.7 | % |  |  | 2.9 | % |  |  | 0.8 | %

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