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Property and Casualty Insurance Activity (Tables)

6 Months Ended

Jun. 30, 2023

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net
Six months ended June 30, 2023
Premiums written		$	95,244,390			$	-			$	(42,692,915	)		$	52,551,475
Change in unearned premiums			5,577,883				-				(366,209	)			5,211,674
Premiums earned		$	100,822,273			$	-			$	(43,059,124	)		$	57,763,149
Six months ended June 30, 2022
Premiums written		$	92,762,360			$	-			$	(37,818,392	)		$	54,943,968
Change in unearned premiums			(393,353	)			-				24,833				(368,520	)
Premiums earned		$	92,369,007			$	-			$	(37,793,559	)		$	54,575,448
Three months ended June 30, 2023
Premiums written		$	47,646,944			$	-			$	(19,064,216	)		$	28,582,728
Change in unearned premiums			3,244,999				-				(2,319,531	)			925,468
Premiums earned		$	50,891,943			$	-			$	(21,383,747	)		$	29,508,196
Three months ended June 30, 2022
Premiums written		$	49,778,463			$	-			$	(19,752,683	)		$	30,025,780
Change in unearned premiums			2,786,080	)			-				662,368				(2,123,712	)
Premiums earned		$	46,992,383			$	-			$	(19,090,315	)		$	27,902,068

Schedule of unpaid losses and LAE

		Six months ended
		June 30,
		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			44,639,365				41,326,838
Prior years			(19,253	)			270,401
Total incurred			44,620,112				41,597,239
Paid related to:
Current year			22,840,144				23,188,157
Prior years			25,346,289				21,700,500
Total paid			48,186,433				44,888,657
Net balance at end of period			87,113,692				81,019,648
Add reinsurance recoverables			30,447,918				17,883,412
Balance at end of period		$	117,561,610			$	98,903,060

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)

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																																								June 30, 2023
		For the Years Ended December 31,																																				Six Months Ended June 30,								Cumulative Number of Reported Claims by
Accident Year		2014				2015				2016				2017				2018				2019				2020				2021				2022				2023				IBNR				Accident 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			$	17				2,138
2015							22,340				21,994				22,148				22,491				23,386				23,291				23,528				23,533				23,528				318				2,559
2016											26,062				24,941				24,789				27,887				27,966				27,417				27,352				27,259				117				2,881
2017															31,605				32,169				35,304				36,160				36,532				36,502				36,499				337				3,400
2018																			54,455				56,351				58,441				59,404				61,237				61,064				1,203				4,231
2019																							75,092				72,368				71,544				71,964				72,666				1,343				4,501
2020																											63,083				62,833				63,217				63,394				2,015				5,879
2021																															96,425				96,673				95,865				4,903				5,800
2022																																			79,835				80,137				9,336				4,658
2023																																							42,521				9,917				1,766
																																		Total				$	519,418

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,																																				Six Months Ended June 30,
Accident 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			$	16,131
2015							12,295				16,181				18,266				19,984				21,067				22,104				22,318				22,473				22,508
2016											15,364				19,001				21,106				23,974				25,234				25,750				26,382				26,629
2017															16,704				24,820				28,693				31,393				32,529				33,522				34,400
2018																			32,383				44,516				50,553				52,025				54,424				55,272
2019																							40,933				54,897				58,055				60,374				62,281
2020																											39,045				50,719				53,432				55,325
2021																															56,282				77,756				79,510
2022																																			45,856				62,714
2023																																							21,439
																																		Total				$	436,209
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																																						$	83,209
All outstanding liabilities before 2014, net of reinsurance																																							166
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																																						$	83,375
(Components may not sum to totals due to rounding)

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)		June 30, 2023
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance		$	83,375
Total reinsurance recoverable on unpaid losses			30,448
Unallocated loss adjustment expenses			3,739
Total gross liability for loss and LAE reserves		$	117,562
(Components may not sum to totals due to rounding)

Supplementary unaudited information about average historical claims duration

		Treaty Period
						2023/2024 Treaty								2021/2023 Treaty
		January 2,				July 1,				January 1,				July 1,				December 31,
		2024				2023				2023				2022				2021
		to				to				to				to				to
		June 30,				January 1,				June 30,				January 1,				June 30,
Line of Business		2024				2024				2023				2023				2022
Personal Lines:
Homeowners, dwelling fire and canine legal liability Quota share treaty:
Percent ceded (7)			(6	)			30	%			30	%			30	%			30	%
Risk retained on initial $1,000,000 of losses (5) (6) (7)		$	1,000,000			$	700,000			$	700,000			$	700,000			$	700,000
Losses per occurrence subject to quota share reinsurance coverage			(6	)		$	1,000,000			$	1,000,000			$	1,000,000			$	1,000,000
Expiration date			(6	)		January 1, 2024				January 1, 2024				January 1, 2023				January 1, 2023
Excess of loss coverage and facultative facility coverage (1) (5) (6)		$	8,000,000			$	8,400,000			$	8,400,000			$	8,400,000			$	8,400,000
		in excess of				in excess of				in excess of				in excess of				in excess of
		$	1,000,000			$	600,000			$	600,000			$	600,000			$	600,000
Total reinsurance coverage per occurrence (5) (6)		$	7,000,000			$	8,500,000			$	8,500,000			$	8,500,000			$	8,500,000
Losses per occurrence subject to reinsurance coverage		$	8,000,000			$	8,000,000			$	8,000,000			$	9,000,000			$	9,000,000
Expiration date (6)		June 30, 2024				June 30, 2024				June 30, 2023				June 30, 2023				June 30, 2022
Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty (6)		$	10,000,000			$	10,000,000			$	10,000,000			$	10,000,000			$	10,000,000
Risk retained per catastrophe occurrence (6) (7) (8)		$	10,000,000			$	8,750,000			$	8,750,000			$	7,400,000			$	7,400,000
Catastrophe loss coverage in excess of quota share coverage (2) (6)		$	315,000,000			$	315,000,000			$	335,000,000			$	335,000,000			$	490,000,000
Reinstatement premium protection (3) (4)		Yes				Yes				Yes				Yes				Yes

Schedule of Ceding commission revenue

		Three months ended								Six months ended
		June 30,								June 30,
		2023				2022				2023				2022
Provisional ceding commissions earned		$	5,294,025			$	4,692,931			$	10,740,833			$	9,234,464
Contingent ceding commissions earned			118,185				22,656				116,784				162,519
		$	5,412,210			$	4,715,587			$	10,857,617			$	9,396,983

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4G
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-4G

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