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Property and Casualty Insurance Activity (Tables)

9 Months Ended

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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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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