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Property and Casualty Insurance Activity (Tables)

3 Months Ended

Mar. 31, 2024

Property and Casualty Insurance Activity

Schedule of Earned Premiums

		Direct				Assumed				Ceded				Net
Three months ended March 31, 2024
Premiums written		$	49,324,616			$	-			$	(11,229,217	)		$	38,095,399
Change in unearned premiums			671,762				-				(9,947,259	)			(9,275,497	)
Premiums earned		$	49,996,378			$	-			$	(21,176,476	)		$	28,819,902
Three months ended March 31, 2023
Premiums written		$	47,597,446			$	-			$	(16,105,553	)		$	31,491,893
Change in unearned premiums			2,332,884				-				(5,569,824	)			(3,236,940	)
Premiums earned		$	49,930,330			$	-			$	(21,675,377	)		$	28,254,953

Schedule of unpaid losses and LAE

		Three months ended
		March 31,
		2024				2023
Balance at beginning of period		$	121,817,862			$	118,339,513
Less reinsurance recoverables			(33,288,650	)			(27,659,500	)
Net balance, beginning of period			88,529,212				90,680,013
Incurred related to:
Current year			18,425,855				25,042,531
Prior years			(566,268	)			(3,121	)
Total incurred			17,859,587				25,039,410
Paid related to:
Current year			4,671,653				5,886,288
Prior years			11,942,843				16,116,681
Total paid			16,614,496				22,002,969
Net balance at end of period			89,774,303				93,716,454
Add reinsurance recoverables			32,724,136				30,405,364
Balance at end of period		$	122,498,439			$	124,121,818

Schedule of Line of Business

																																										As of
		Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																																								March 31, 2024
		For the Years Ended December 31,																																				Three Months Ended March 31,								Cumulative Number of Reported Claims by
Accident Year		2015				2016				2017				2018				2019				2020				2021				2022				2023				2024				IBNR				Accident Year
		(Unaudited 2015 - 2023)																																				(Unaudited)
2015		$	22,340			$	21,994			$	22,148			$	22,491			$	23,386			$	23,291			$	23,528			$	23,533			$	23,428			$	23,499			$	281				2,559
2016							26,062				24,941				24,789				27,887				27,966				27,417				27,352				27,271				27,247				108				2,881
2017											31,605				32,169				35,304				36,160				36,532				36,502				36,819				36,830				227				3,401
2018															54,455				56,351				58,441				59,404				61,237				61,145				61,252				585				4,236
2019																			75,092				72,368				71,544				71,964				73,310				73,438				1,316				4,505
2020																							63,083				62,833				63,217				63,562				63,583				1,418				5,889
2021																											96,425				96,673				96,134				96,468				3,308				5,819
2022																															79,835				78,759				79,274				5,540				4,692
2023																																			78,978				76,887				14,800				4,024
2024																																							16,827				7,683				832
																																		Total				$	555,304

All Lines of Business
(in thousands)
		Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,																																				Three Months Ended March 31,
Accident Year		2015				2016				2017				2018				2019				2020				2021				2022				2023				2024
		(Unaudited 2015 - 2023)																																				(Unaudited)
2015		$	12,295			$	16,181			$	18,266			$	19,984			$	21,067			$	22,104			$	22,318			$	22,473			$	22,519			$	22,530
2016							15,364				19,001				21,106				23,974				25,234				25,750				26,382				26,854				26,860
2017											16,704				24,820				28,693				31,393				32,529				33,522				34,683				34,729
2018															32,383				44,516				50,553				52,025				54,424				56,199				56,313
2019																			40,933				54,897				58,055				60,374				63,932				64,845
2020																							39,045				50,719				53,432				56,523				57,938
2021																											56,282				77,756				82,317				83,311
2022																															45,856				65,732				66,367
2023																																			46,280				53,203
2024																																							3,979
																																		Total				$	470,076
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																																						$	85,228
All outstanding liabilities before 2015, net of reinsurance																																							526
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																																						$	85,753

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)		March 31, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance		$	85,753
Total reinsurance recoverable on unpaid losses			32,724
Unallocated loss adjustment expenses			4,021
Total gross liability for loss and LAE reserves		$	122,498
(Components may not sum to totals due to rounding)

Material terms for reinsurance treaties

		Treaty Period
		2024/2025 Treaty								2023/2024 Treaty								2021/2023 Treaty
		July 1,				January 1,				July 1,				January 1,				July 1,				December 31,
		2024				2024				2023				2023				2022				2021
		to				to				to				to				to				to
		January 1,				June 30,				January 1,				June 30,				January 1,				June 30,
Line of Business		2025				2024				2024				2023				2023				2022
Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (7)			27	%			27	%			30	%			30	%			30	%			30	%
Risk retained on intial $1,000,000 of losses (5) (6) (7)		$	730,000			$	730,000			$	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			$	1,000,000			$	1,000,000
Expiration date		January 1, 2025				January 1, 2025				January 1, 2024				January 1, 2024				January 1, 2023				January 1, 2023
Excess of loss coverage and facultative facility coverage (1) (5) (6)		$	400,000			$	8,400,000			$	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				in excess of
		$	600,000			$	600,000			$	600,000			$	600,000			$	600,000			$	600,000
Total reinsurance coverage per occurrence (5) (6)		$	470,000			$	8,470,000			$	8,500,000			$	8,500,000			$	8,500,000			$	8,500,000
Losses per occurrence subject to reinsurance coverage (6)		$	1,000,000			$	9,000,000			$	9,000,000			$	9,000,000			$	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			$	10,000,000
Risk retained per catastrophe occurrence (7) (8)			(6	)		$	9,500,000			$	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)			(6	)		Yes				Yes				Yes				Yes				Yes

Schedule of line of business of reinsurance coverage

		Treaty Year
		July 1, 2023				July 1, 2022
		to				to
Line of Business		June 30, 2024				June 30, 2023
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, 2024				June 30, 2023
Commercial Lines (1)

Schedule of Ceding commission revenue

		Three months ended
		March 31,
		2024				2023
Provisional ceding commissions earned		$	4,555,240			$	5,446,808
Contingent ceding commissions earned			11,871				(1,401	)
		$	4,567,111			$	5,445,407

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