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Property and Casualty Insurance Activity (Tables) | 12 Months Ended
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Dec. 31, 2024
Property and Casualty Insurance Activity |
Schedule of Earned Premiums | Premiums written, ceded and earned are as follows:
| Direct |  | Assumed |  | Ceded |  | Net |
Year ended December 31, 2024 |  |  |  |  |  |  |  |
Premiums written | $ | 241,979,937 |  |  | $ | - |  |  | $ | (87,750,072) |  |  | $ | 154,229,865 |  |
Change in unearned premiums | (29,080,195) |  |  | - |  |  | 3,348,250 |  |  | (25,731,945) |  |
Premiums earned | $ | 212,899,742 |  |  | $ | - |  |  | $ | (84,401,822) |  |  | $ | 128,497,920 |  |
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 |  |
Schedule of Liability for Loss and LAE Expenses | The components of the liability for loss and LAE expenses and related reinsurance receivables as of December 31, 2024 and 2023 are as follows:
| Gross Liability |  | Reinsurance Receivables |
December 31, 2024 |  |  |  |
Case-basis reserves | $ | 64,087,782 |  |  | $ | 17,721,033 |  |
Loss adjustment expenses | 23,442,101 |  |  | 3,940,147 |  |
IBNR reserves | 38,680,545 |  |  | 10,661,457 |  |
Recoverable on unpaid losses |  |  | 32,322,637 |  |
Recoverable on paid losses | - |  |  | 5,254,482 |  |
Total loss and loss adjustment expenses | $ | 126,210,428 |  |  | 37,577,119 |  |
Unearned premiums |  |  | 31,745,317 |  |
Receivables - reinsurance contracts |  |  | - |  |
Total reinsurance receivables |  |  | $ | 69,322,436 |  |
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 |  |
Schedule of Unpaid Losses and LAE | The following table provides a reconciliation of the beginning and ending balances for unpaid losses and LAE:
| Years ended December 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 | 64,414,543 |  |  | 82,856,483 |  |
Prior years | (1,779,827) |  |  | (7,273) |  |
Total incurred | 62,634,716 |  |  | 82,849,210 |  |
Paid related to: |  |  |  |
Current year | 32,956,899 |  |  | 49,146,173 |  |
Prior years | 24,319,238 |  |  | 35,853,838 |  |
Total paid | 57,276,137 |  |  | 85,000,011 |  |
Net balance at end of period | 93,887,791 |  |  | 88,529,212 |  |
Add reinsurance recoverables | 32,322,637 |  |  | 33,288,650 |  |
Balance at end of period | $ | 126,210,428 |  |  | $ | 121,817,862 |  |
Schedule of Incurred Claims and Allocated Claim Adjustment Expenses | All Lines of Business (in thousands, except reported claims data)
|  | Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |  | As of December 31, 2024 |
|  | For the Years Ended December 31, |  |  |  |  | IBNR |  | Cumulative Number of Reported Claims by Accident Year |
Accident Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  | 2024 |  |  |
|  | (Unaudited 2015 - 2023) |  |  |  |  |  |  |  |
2015 |  | $ | 22,340 |  |  | $ | 21,994 |  |  | $ | 22,148 |  |  | $ | 22,491 |  |  | $ | 23,386 |  |  | $ | 23,291 |  |  | $ | 23,528 |  |  | $ | 23,533 |  |  | $ | 23,428 |  |  |  | $ | 23,518 |  |  | $ | 290 |  |  | $ | 2,560 |  |
2016 |  |  |  | 26,062 |  |  | 24,941 |  |  | 24,789 |  |  | 27,887 |  |  | 27,966 |  |  | 27,417 |  |  | 27,352 |  |  | 27,271 |  |  |  | 27,247 |  |  | 79 |  |  | 2,883 |  |
2017 |  |  |  |  |  | 31,605 |  |  | 32,169 |  |  | 35,304 |  |  | 36,160 |  |  | 36,532 |  |  | 36,502 |  |  | 36,819 |  |  |  | 37,268 |  |  | 113 |  |  | 3,401 |  |
2018 |  |  |  |  |  |  |  | 54,455 |  |  | 56,351 |  |  | 58,441 |  |  | 59,404 |  |  | 61,237 |  |  | 61,145 |  |  |  | 61,686 |  |  | 1,383 |  |  | 4,237 |  |
2019 |  |  |  |  |  |  |  |  |  | 75,092 |  |  | 72,368 |  |  | 71,544 |  |  | 71,964 |  |  | 73,310 |  |  |  | 74,363 |  |  | 1,832 |  |  | 4,508 |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 63,083 |  |  | 62,833 |  |  | 63,217 |  |  | 63,562 |  |  |  | 64,400 |  |  | 1,312 |  |  | 5,894 |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  | 96,673 |  |  | 96,134 |  |  |  | 96,771 |  |  | 2,761 |  |  | 5,834 |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  | 78,759 |  |  |  | 78,078 |  |  | 4,619 |  |  | 4,708 |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,978 |  |  |  | 72,025 |  |  | 9,668 |  |  | 4,084 |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57,860 |  |  | 14,254 |  |  | 2,985 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 593,216 |  |  |  |  |  |
Schedule of Cumulative Paid Claims and Allocated Claim Adjustment Expenses | All Lines of Business (in thousands)
Accident Year |  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance |
| For the Years Ended December 31, |
| 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
|  | (Unaudited 2015 - 2023) |  |  |
2015 |  | $ | 12,295 |  |  | $ | 16,181 |  |  | $ | 18,266 |  |  | $ | 19,984 |  |  | $ | 21,067 |  |  | $ | 22,104 |  |  | $ | 22,318 |  |  | $ | 22,473 |  |  | $ | 22,519 |  |  | $ | 22,547 |  |
2016 |  |  |  | 15,364 |  |  | 19,001 |  |  | 21,106 |  |  | 23,974 |  |  | 25,234 |  |  | 25,750 |  |  | 26,382 |  |  | 26,854 |  |  | 26,808 |  |
2017 |  |  |  |  |  | 16,704 |  |  | 24,820 |  |  | 28,693 |  |  | 31,393 |  |  | 32,529 |  |  | 33,522 |  |  | 34,683 |  |  | 35,046 |  |
2018 |  |  |  |  |  |  |  | 32,383 |  |  | 44,516 |  |  | 50,553 |  |  | 52,025 |  |  | 54,424 |  |  | 56,199 |  |  | 57,185 |  |
2019 |  |  |  |  |  |  |  |  |  | 40,933 |  |  | 54,897 |  |  | 58,055 |  |  | 60,374 |  |  | 63,932 |  |  | 66,109 |  |
2020 |  |  |  |  |  |  |  |  |  |  |  | 39,045 |  |  | 50,719 |  |  | 53,432 |  |  | 56,523 |  |  | 59,220 |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  | 77,756 |  |  | 82,317 |  |  | 85,314 |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |  |  | 65,732 |  |  | 68,170 |  |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,280 |  |  | 56,952 |  |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,013 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 506,365 |  |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 86,851 |  |
All outstanding liabilities before 2015, net of reinsurance |  | 968 |  |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  | $ | 87,819 |  |
Schedule of the Net Incurred and Paid Claims | The reconciliation of the net incurred and paid claims development tables to the liability for loss and LAE reserves in the consolidated balance sheet is as follows: Reconciliation of the Disclosure of Incurred and Paid Loss Development to the Liability for Loss and LAE Reserves
(in thousands) | As of December 31, 2024 |
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance | $ | 87,819 |  |
Total reinsurance recoverable on unpaid losses | 32,323 |  |
Unallocated loss adjustment expenses | 6,069 |  |
Total gross liability for loss and LAE reserves | $ | 126,210 |  |
(Components may not sum to totals due to rounding)
Schedule of Supplementary Unaudited Information about Average Historical Claims Duration | The following is supplementary unaudited information about average historical claims duration as of December 31, 2024:
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 | 55.3 | % | 19.0 | % | 6.6 | % | 5.5 | % | 4.2 | % | 3.0 | % | 2.0 | % | 1.1 | % | — | % | 0.1 | % |

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