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Property and Casualty Insurance Activity (Tables) | 9 Months Ended
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Sep. 30, 2023
Property and Casualty Insurance Activity |
Schedule of Earned Premiums |
|  | Direct |  |  | Assumed |  |  | Ceded |  |  | Net |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 147,236,636 |  |  | $ | - |  |  | $ | (91,009,861 | ) |  | $ | 56,226,775 |
Change in unearned premiums |  |  | 4,331,226 |  |  |  | - |  |  |  | 25,143,466 |  |  |  | 29,474,692 |
Premiums earned |  | $ | 151,567,862 |  |  | $ | - |  |  | $ | (65,866,395 | ) |  | $ | 85,701,467 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 147,353,911 |  |  | $ | - |  |  | $ | (81,313,211 | ) |  | $ | 66,040,700 |
Change in unearned premiums |  |  | (6,029,774 | ) |  |  | - |  |  |  | 23,925,498 |  |  |  | 17,895,724 |
Premiums earned |  | $ | 141,324,137 |  |  | $ | - |  |  | $ | (57,387,713 | ) |  | $ | 83,936,424 |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 51,992,246 |  |  | $ | - |  |  | $ | (48,316,946 | ) |  | $ | 3,675,300 |
Change in unearned premiums |  |  | (1,246,657 | ) |  |  | - |  |  |  | 25,509,675 |  |  |  | 24,263,018 |
Premiums earned |  | $ | 50,745,589 |  |  | $ | - |  |  | $ | (22,807,271 | ) |  | $ | 27,938,318 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums written |  | $ | 54,591,551 |  |  | $ | - |  |  | $ | (43,494,819 | ) |  | $ | 11,096,732 |
Change in unearned premiums |  |  | (5,636,421 | ) |  |  | - |  |  |  | 23,900,665 |  |  |  | 18,264,244 |
Premiums earned |  | $ | 48,955,130 |  |  | $ | - |  |  | $ | (19,594,154 | ) |  | $ | 29,360,976 |
Schedule of unpaid losses and LAE |
|  | Nine months ended |
|  | September 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 |  |  | 66,568,985 |  |  |  | 62,910,967 |
Prior years |  |  | (16,420 | ) |  |  | 713,788 |
Total incurred |  |  | 66,552,565 |  |  |  | 63,624,755 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 37,932,760 |  |  |  | 35,774,958 |
Prior years |  |  | 29,928,162 |  |  |  | 26,938,462 |
Total paid |  |  | 67,860,922 |  |  |  | 62,713,420 |
Net balance at end of period |  |  | 89,371,656 |  |  |  | 85,222,401 |
Add reinsurance recoverables |  |  | 32,303,291 |  |  |  | 21,706,497 |
Balance at end of period |  | $ | 121,674,947 |  |  | $ | 106,928,898 |
Schedule of Line of Business |
All Lines of Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except reported claims data) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
|  | Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  |  | September 30, 2023 |
|  | For the Years Ended December 31, |  |  | Nine Months Ended September 30, |  |  | IBNR |  |  | Cumulative Number of Reported Claims by Accident Year |
Accident Year |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  |
|  | (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 |  |  |  | 23,464 |  |  |  | 300 |  |  |  | 2,559 |
2016 |  |  |  |  |  |  |  |  |  |  | 26,062 |  |  |  | 24,941 |  |  |  | 24,789 |  |  |  | 27,887 |  |  |  | 27,966 |  |  |  | 27,417 |  |  |  | 27,352 |  |  |  | 27,300 |  |  |  | 125 |  |  |  | 2,881 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,605 |  |  |  | 32,169 |  |  |  | 35,304 |  |  |  | 36,160 |  |  |  | 36,532 |  |  |  | 36,502 |  |  |  | 36,731 |  |  |  | 260 |  |  |  | 3,400 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,455 |  |  |  | 56,351 |  |  |  | 58,441 |  |  |  | 59,404 |  |  |  | 61,237 |  |  |  | 61,024 |  |  |  | 909 |  |  |  | 4,233 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,092 |  |  |  | 72,368 |  |  |  | 71,544 |  |  |  | 71,964 |  |  |  | 72,811 |  |  |  | 1,126 |  |  |  | 4,501 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,083 |  |  |  | 62,833 |  |  |  | 63,217 |  |  |  | 63,255 |  |  |  | 2,431 |  |  |  | 5,883 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  |  | 96,673 |  |  |  | 95,839 |  |  |  | 4,099 |  |  |  | 5,808 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  |  | 79,978 |  |  |  | 8,691 |  |  |  | 4,674 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,392 |  |  |  | 14,044 |  |  |  | 2,840 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 540,280 |  |  |  |  |  |  |  |  |
All Lines of Business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |
|  | For the Years Ended December 31, |  |  | Nine Months Ended September 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 |  |  | $ | 16,133 |
2015 |  |  |  |  |  |  | 12,295 |  |  |  | 16,181 |  |  |  | 18,266 |  |  |  | 19,984 |  |  |  | 21,067 |  |  |  | 22,104 |  |  |  | 22,318 |  |  |  | 22,473 |  |  |  | 22,516 |
2016 |  |  |  |  |  |  |  |  |  |  | 15,364 |  |  |  | 19,001 |  |  |  | 21,106 |  |  |  | 23,974 |  |  |  | 25,234 |  |  |  | 25,750 |  |  |  | 26,382 |  |  |  | 26,732 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,704 |  |  |  | 24,820 |  |  |  | 28,693 |  |  |  | 31,393 |  |  |  | 32,529 |  |  |  | 33,522 |  |  |  | 34,606 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,383 |  |  |  | 44,516 |  |  |  | 50,553 |  |  |  | 52,025 |  |  |  | 54,424 |  |  |  | 55,373 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,933 |  |  |  | 54,897 |  |  |  | 58,055 |  |  |  | 60,374 |  |  |  | 63,311 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,045 |  |  |  | 50,719 |  |  |  | 53,432 |  |  |  | 55,830 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  |  | 77,756 |  |  |  | 80,267 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |  |  |  | 64,417 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,801 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 454,987 |
Incurred Claims and Allocated Claim Adjustment Expenses |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 85,293 |
All outstanding liabilities before 2014, net of reinsurance |  |  | 172 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  | $ | 85,465 |
(Components may not sum to totals due to rounding) |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses |
Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves
|  | As of |
(in thousands) |  | September 30, 2023 |
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance |  | $ | 85,465 |
Total reinsurance recoverable on unpaid losses |  |  | 32,303 |
Unallocated loss adjustment expenses |  |  | 3,907 |
Total gross liability for loss and LAE reserves |  | $ | 121,675 |
(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) |  | September 30, 2023 |
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance |  | $ | 85,465 |
Total reinsurance recoverable on unpaid losses |  |  | 32,303 |
Unallocated loss adjustment expenses |  |  | 3,907 |
Total gross liability for loss and LAE reserves |  | $ | 121,675 |
(Components may not sum to totals due to rounding) |  |  |  |
|  | 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) |  | $ | 8,000,000 |  |  | $ | 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 |
Supplementary unaudited information about average historical claims duration |
|  |  | Treaty Year |
|  |  | July 1, 2023 |  | July 1, 2022 |  |  | July 1, 2021 |
|  |  | to |  | to |  |  | to |
Line of Business |  |  | June 30, 2024 |  | June 30, 2023 |  |  | June 30, 2022 |
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, 2024 |  | June 30, 2023 |  |  | June 30, 2022 |
Commercial Lines (1) |  |  |  |  |  |  |  |  |  |  |
Schedule of Ceding commission revenue |
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Provisional ceding commissions earned |  | $ | 4,992,312 |  |  | $ | 4,881,580 |  |  | $ | 15,733,145 |  |  | $ | 14,116,044 |
Contingent ceding commissions earned |  |  | 544,015 |  |  |  | 4,514 |  |  |  | 660,799 |  |  |  | 167,033 |
|  | $ | 5,536,327 |  |  | $ | 4,886,094 |  |  | $ | 16,393,944 |  |  | $ | 14,283,077 |

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