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Property and Casualty Insurance Activity (Tables)

3 Months Ended

Mar. 31, 2023

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net
Three months ended March 31, 2023
Premiums written		$	47,597,446			$	-			$	(23,628,699	)		$	23,968,747
Change in unearned premiums			2,332,884				-				1,953,322				4,286,206
Premiums earned		$	49,930,330			$	-			$	(21,675,377	)		$	28,254,953
Three months ended March 31, 2022
Premiums written		$	42,983,897			$	-			$	(18,065,709	)		$	24,918,188
Change in unearned premiums			2,392,727				-				(637,535	)			1,755,192
Premiums earned		$	45,376,624			$	-			$	(18,703,244	)		$	26,673,380

Schedule of Line of Business

		Treaty Year
		July 1, 2022				July 1, 2021
		to				to
Line of Business		June 30, 2023				June 30, 2022
Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage			90	%			90	%
Percent ceded - excess of $1,000,000 dollars of coverage			95	%			95	%
Risk retained		$	300,000			$	300,000
Total reinsurance coverage per occurrence		$	4,700,000			$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage		$	5,000,000			$	5,000,000
Expiration date			June 30, 2023				June 30, 2022
Commercial Lines (1)

Schedule of unpaid losses and LAE

		Three months ended
		March 31,
		2023				2022
Balance at beginning of period		$	118,339,513			$	94,948,745
Less reinsurance recoverables			(27,659,500	)			(10,637,679	)
Net balance, beginning of period			90,680,013				84,311,066
Incurred related to:
Current year			25,042,531				22,944,869
Prior years			(3,121	)			(3,671	)
Total incurred			25,039,410				22,941,198
Paid related to:
Current year			5,886,288				9,283,972
Prior years			16,116,681				14,918,035
Total paid			22,002,969				24,202,007
Net balance at end of period			93,716,454				83,050,257
Add reinsurance recoverables			30,405,364				15,866,741
Balance at end of period		$	124,121,818			$	98,916,998

Incurred Claims and Allocated Claim Adjustment Expenses

																																										As of
		Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																																								March 31, 2023
																																															Cumulative
																																						Three									Number of
																																						Months									Reported
																																						Ended									Claims by
Accident		For the Years Ended December 31,																																				March 31,									Accident
Year		2014				2015				2016				2017				2018				2019				2020				2021				2022				2023				IBNR					Year
		(Unaudited 2014 - 2022)																																				(Unaudited)
2014		$	14,193			$	14,260			$	14,218			$	14,564			$	15,023			$	16,381			$	16,428			$	16,434			$	16,486			$	16,486			$	24				2,138
2015							22,340				21,994				22,148				22,491				23,386				23,291				23,528				23,533				23,553				240				2,559
2016											26,062				24,941				24,789				27,887				27,966				27,417				27,352				27,246				183				2,881
2017															31,605				32,169				35,304				36,160				36,532				36,502				36,456				301				3,399
2018																			54,455				56,351				58,441				59,404				61,237				61,231				1,247				4,231
2019																							75,092				72,368				71,544				71,964				72,295				2,180				4,499
2020																											63,083				62,833				63,217				63,266				2,074				5,873
2021																															96,425				96,673				96,305				6,733				5,794
2022																																			79,835				79,966				11,460				4,606
2023																																							23,738				8,184				876
																																		Total				$	500,541

Cumulative Paid Claims and Allocated Claim Adjustment Expenses

		Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident		For the Years Ended December 31,																																				Three Months Ended March 31,
Year		2014				2015				2016				2017				2018				2019				2020				2021				2022				2023
		(Unaudited 2014 - 2022)																																				(Unaudited)
2014		$	5,710			$	9,429			$	10,738			$	11,770			$	13,819			$	14,901			$	15,491			$	15,770			$	16,120			$	16,127
2015							12,295				16,181				18,266				19,984				21,067				22,104				22,318				22,473				22,487
2016											15,364				19,001				21,106				23,974				25,234				25,750				26,382				26,557
2017															16,704				24,820				28,693				31,393				32,529				33,522				33,911
2018																			32,383				44,516				50,553				52,025				54,424				54,906
2019																							40,933				54,897				58,055				60,374				60,993
2020																											39,045				50,719				53,432				54,379
2021																															56,282				77,756				78,247
2022																																			45,856				58,175
2023																																							5,301
																																		Total				$	411,083
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																																						$	89,459
All outstanding liabilities before 2014, net of reinsurance																																							273
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																																						$	89,731

Reconciliation of the net incurred and paid claims

		As of
(in thousands)		March 31, 2023
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance		$	89,731
Total reinsurance recoverable on unpaid losses			30,405
Unallocated loss adjustment expenses			3,985
Total gross liability for loss and LAE reserves		$	124,122

Supplementary unaudited information about average historical claims duration

		Treaty Period
		2023/2024 Treaty								2021/2023 Treaty
		July 1,				January 1,				July 1,				December 31,
		2023				2023				2022				2021
		to				to				to				to
		January 1,				June 30,				January 1,				June 30,
Line of Business		2024				2023				2023				2022
Personal Lines:
Homeowners, dwelling fire and and canine legal liability
Quota share treaty:
Percent ceded (8)			30	%			30	%			30	%			30	%
Risk retained on intial $1,000,000 of losses (6) (7) (8)		$	700,000			$	700,000			$	700,000			$	700,000
Losses per occurrence subject to quota share reinsurance coverage		$	1,000,000			$	1,000,000			$	1,000,000			$	1,000,000
Expiration date			January 1, 2024				January 1, 2024				January 1, 2023				January 1, 2023
Excess of loss coverage and facultative facility coverage (1) (6)			(7	)		$	8,400,000			$	8,400,000			$	8,400,000
							in excess of				in excess of				in excess of
						$	600,000			$	600,000			$	600,000
Total reinsurance coverage per occurrence (6) (7)		$	500,000			$	8,500,000			$	8,500,000			$	8,500,000
Losses per occurrence subject to reinsurance coverage			(7	)		$	8,000,000			$	9,000,000			$	9,000,000
Expiration date			(7	)			June 30, 2023				June 30, 2023				June 30, 2022
Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty (7)		$	10,000,000			$	10,000,000			$	10,000,000			$	10,000,000
Risk retained per catastrophe occurrence (8) (9)			(7	)		$	8,750,000			$	7,400,000			$	7,400,000
Catastrophe loss coverage in excess of quota share coverage (2)			(7	)		$	335,000,000			$	335,000,000			$	490,000,000
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (5)			NA				NA				NA				NA
Reinstatement premium protection (3) (4)			(7	)			Yes				Yes				Yes

Schedule of Ceding commission revenue

		Three months ended
		March 31,
		2023				2022
Provisional ceding commissions earned		$	5,446,808			$	4,541,533
Contingent ceding commissions earned			(1,401	)			139,863
		$	5,445,407			$	4,681,396

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4G
-URI https://asc.fasb.org/extlink&oid=116884468&loc=SL65671329-158438

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