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Property and Casualty Insurance Activity | 12 Months Ended
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Dec. 31, 2024
Property and Casualty Insurance Activity |
Property and Casualty Insurance Activity | Property and Casualty Insurance Activity 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 |  |
Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of December 31, 2024 and 2023 was $3,503,063 and $3,797,590, respectively. 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 |  |
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 |  |
Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $20,226,354 and $41,091,205 for the years ended December 31, 2024 and 2023, respectively. Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the years ended December 31, 2024 and 2023 was $1,779,827 favorable and $7,273 favorable, respectively. Loss and LAE reserves The reserving process for loss and LAE reserves provides for the Company’s best estimate at a particular point in time of the ultimate unpaid cost of all losses and LAE incurred, including settlement and administration of losses, and is based on facts and circumstances then known including losses that have occurred but that have not yet been reported. The process relies on standard actuarial reserving methodologies, judgments relative to estimates of ultimate claim severity and frequency, the length of time before losses will develop to their ultimate level (‘tail’ factors), and the likelihood of changes in the law or other external factors that are beyond the Company’s control. Several actuarial reserving methodologies are used to estimate required loss reserves. The process produces carried reserves set by management based upon the actuaries’ best estimate and is the cumulative combination of the best estimates made by line of business, accident year, and loss and LAE. The amount of loss and LAE reserves for individual reported claims (the “case reserve”) is determined by the claims department and changes over time as new information is gathered. Such information is critical to the review of appropriate IBNR reserves and includes a review of coverage applicability, comparative liability on the part of the insured, injury severity, property damage, replacement cost estimates, and any other information considered pertinent to estimating the exposure presented by the claim. The amounts of loss and LAE reserves for unreported claims and development on known claims (IBNR reserves) are determined using historical information aggregated by line of insurance as adjusted to current conditions. Since this process produces loss reserves set by management based upon the actuaries’ best estimate, there is no explicit or implicit provision for uncertainty in the carried loss reserves. Due to the inherent uncertainty associated with the reserving process, the ultimate liability may differ, perhaps substantially, from the original estimate. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current period’s results. Reserves are closely monitored and are recomputed periodically using the most recent information on reported claims and a variety of statistical techniques. On at least a quarterly basis, the Company reviews by line of business existing reserves, new claims, changes to existing case reserves, and paid losses with respect to the current and prior periods. Several methods are used, varying by line of business and accident year, in order to select the estimated period-end loss reserves. These methods include the following: Paid Loss Development – historical patterns of paid loss development are used to project future paid loss emergence in order to estimate required reserves. Incurred Loss Development – historical patterns of incurred loss development, reflecting both paid losses and changes in case reserves, are used to project future incurred loss emergence in order to estimate required reserves. Paid Bornhuetter-Ferguson (“BF”) – an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been paid, based on historical paid loss development patterns. The estimate of required reserves assumes that the remaining unpaid portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of paid losses exists at the early stages of the claims development process. Incurred Bornhuetter-Ferguson (“BF”) - an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been reported, based on historical incurred loss development patterns. The estimate of required reserves assumes that the remaining unreported portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of reported losses exists at the early stages of the claims development process. Incremental Claim-Based Methods – historical patterns of incremental incurred losses and paid LAE during various stages of development are reviewed and assumptions are made regarding average loss and LAE development applied to remaining claims inventory. Such methods more properly reflect changes in the speed of claims closure and the relative adequacy of case reserve levels at various stages of development. These methods may provide a more accurate estimate of IBNR for lines of business with relatively few remaining open claims but for which significant recent settlement activity has occurred. Frequency / Severity Based Methods – historical measurements of claim frequency and average paid claim size (severity) are reviewed for more mature accident years where a majority of claims have been reported and/or closed. These historical averages are trended forward to more recent periods in order to estimate ultimate losses for newer accident years that are not yet fully developed. These methods are useful for lines of business with slow and/or volatile loss development patterns, such as liability lines where information pertaining to individual cases may not be completely known for many years. The claim frequency and severity information for older periods can then be used as reasonable measures for developing a range of estimates for more recent immature periods. Management’s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of methods based on the line of business and accident year being projected. In some cases, additional methods or historical data from industry sources are employed to supplement the projections derived from the methods listed above. Three key assumptions that materially affect the estimate of loss reserves are the loss ratio estimate for the current accident year used in the BF methods, the loss development factor selections used in the loss development methods, and the loss severity assumptions used in the frequency / severity method described above. The loss ratio estimates used in the BF methods are selected after reviewing historical accident year loss ratios adjusted for rate changes, trend, and mix of business. The severity assumptions used in the frequency / severity method are determined by reviewing historical average claim severity for older more mature accident periods, trended forward to less mature accident periods. The Company reviews the carried reserves levels on a regular basis as additional information becomes available and makes adjustments in the periods in which such adjustments are determined to be necessary. The Company is not aware of any claim trends that have emerged or that would cause future adverse development that have not already been contemplated in setting current carried reserves levels. In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company’s exposure to unreported claims (“pure” IBNR) for accident dates of December 31, 2021 and prior is limited, although there remains the possibility of adverse development on reported claims (“case development” IBNR). In certain rare circumstances states have retroactively revised a statute of limitations. The Company is not aware of any such effort that would have a material impact on the Company’s results. The following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of December 31, 2024 included in the net incurred loss and allocated expense amounts. The historical information regarding incurred and paid claims development for the years ended December 31, 2015 to December 31, 2023 is presented as supplementary unaudited information. 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 |  |  |  |  |  |
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 |  |
(Components may not sum to totals due to rounding) Reported claim counts are measured on an occurrence or per event basis. A single claim occurrence could result in more than one loss type or claimant; however, the Company counts claims at the occurrence level as a single claim regardless of the number of claimants or claim features involved. 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) 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 | % |
The percentages in the above table do not add up to 100 because the percentages represent averages across all accident years at each development stage.

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