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Property and Casualty Insurance Activity (Tables)

12 Months Ended

Dec. 31, 2023

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net

Year ended December 31, 2023
Premiums written		$	200,174,502			$	-			$	(106,563,985	)		$	93,610,517
Change in unearned premiums			1,871,239				-				18,902,507				20,773,746
Premiums earned		$	202,045,741			$	-			$	(87,661,478	)		$	114,384,263

Year ended December 31, 2022
Premiums written		$	201,254,837			$	-			$	(79,195,016	)		$	122,059,821
Change in unearned premiums			(9,733,170	)			-				2,057,880				(7,675,290	)
Premiums earned		$	191,521,667			$	-			$	(77,137,136	)		$	114,384,531

Schedule of liability for loss and LAE expenses

		Gross				Reinsurance
		Liability				Receivables

December 31, 2023
Case-basis reserves		$	67,108,131			$	19,537,988
Loss adjustment expenses			17,448,218				3,085,429
IBNR reserves			37,261,513				10,665,233
Recoverable on unpaid losses							33,288,650
Recoverable on paid losses			-				15,376,899
Total loss and loss adjustment expenses		$	121,817,862				48,665,549
Unearned premiums							26,928,363
Receivables - reinsurance contracts							-
Total reinsurance receivables						$	75,593,912

December 31, 2022
Case-basis reserves		$	62,745,588			$	16,618,887
Loss adjustment expenses			16,847,618				2,364,053
IBNR reserves			38,746,307				8,676,560
Recoverable on unpaid losses							27,659,500
Recoverable on paid losses			-				13,588,981
Total loss and loss adjustment expenses		$	118,339,513				41,248,481
Unearned premiums							25,216,580
Receivables - reinsurance contracts							-
Total reinsurance receivables						$	66,465,061

Schedule of unpaid losses and LAE

		Years ended
		December 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			82,856,483				85,690,180
Prior years			(7,273	)			2,699,862
Total incurred			82,849,210				88,390,042

Paid related to:
Current year			49,146,173				49,602,585
Prior years			35,853,838				32,418,510
Total paid			85,000,011				82,021,095

Net balance at end of period			88,529,212				90,680,013
Add reinsurance recoverables			33,288,650				27,659,500
Balance at end of period		$	121,817,862			$	118,339,513

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																																								December 31, 2023
		For the Years Ended December 31,																																												Cumulative Number of Reported Claims by
Accident Year		2014				2015				2016				2017				2018				2019				2020				2021				2022				2023				IBNR				Accident Year
		(Unaudited 2014 - 2022)

2014		$	14,193			$	14,260			$	14,218			$	14,564			$	15,023			$	16,381			$	16,428			$	16,434			$	16,486			$	16,472			$	-				2,138
2015							22,340				21,994				22,148				22,491				23,386				23,291				23,528				23,533				23,428				274				2,559
2016											26,062				24,941				24,789				27,887				27,966				27,417				27,352				27,271				90				2,881
2017															31,605				32,169				35,304				36,160				36,532				36,502				36,819				319				3,400
2018																			54,455				56,351				58,441				59,404				61,237				61,145				598				4,234
2019																							75,092				72,368				71,544				71,964				73,310				1,182				4,503
2020																											63,083				62,833				63,217				63,562				1,310				5,886
2021																															96,425				96,673				96,134				3,598				5,813
2022																																			79,835				78,759				6,332				4,683
2023																																							78,978				18,994				3,881
																																		Total				$	555,877

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,
Accident Year		2014				2015				2016				2017				2018				2019				2020				2021				2022				2023
		(Unaudited 2014 - 2022)

2014		$	5,710			$	9,429			$	10,738			$	11,770			$	13,819			$	14,901			$	15,491			$	15,770			$	16,120			$	16,136
2015							12,295				16,181				18,266				19,984				21,067				22,104				22,318				22,473				22,519
2016											15,364				19,001				21,106				23,974				25,234				25,750				26,382				26,854
2017															16,704				24,820				28,693				31,393				32,529				33,522				34,683
2018																			32,383				44,516				50,553				52,025				54,424				56,199
2019																							40,933				54,897				58,055				60,374				63,932
2020																											39,045				50,719				53,432				56,523
2021																															56,282				77,756				82,317
2022																																			45,856				65,732
2023																																							46,280
																																		Total				$	471,174

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																																						$	84,703
All outstanding liabilities before 2014, net of reinsurance																																							170
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																																						$	84,872

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)*		December 31, 2023
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance		$	84,872
Total reinsurance recoverable on unpaid losses			33,289
Unallocated loss adjustment expenses			3,657
Total gross liability for loss and LAE reserves		$	121,818

(Components may not sum to totals due to rounding)

Supplementary unaudited information about average historical claims duration

Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance
Years			1				2				3				4				5				6				7				8				9				10
All Lines of Business			53.4	%			19.9	%			7.3	%			6.0	%			5.6	%			3.7	%			2.5	%			1.4	%			1.2	%			0.1	%