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Reinsurance (Tables)
12 Months Ended
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