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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2024
Reinsurance Disclosures [Abstract] |
Schedule of Line of Business |
|  | Treaty Period |
|  | 2025/2026 Treaty |  | 2024/2025 Treaty |  |  |  | 2023/2024 Treaty |
Line of Business |  | July 1, 2025 to January 1, 2026 |  | January 1, 2025 to June 30, 2025 |  | July 1, 2024 to January 1, 2025 |  | January 1, 2024 to June 30, 2024 |  | July 1, 2023 to January 1, 2024 |  | January 1, 2023 to June 30, 2023 |
Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |  |
Homeowners, dwelling fire and canine legal liability |  |  |  |  |  |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |  |  |  |  |  |
Percent ceded (7) |  | 16 | % |  | 16 | % |  | 27 | % |  | 27 | % |  | 30 | % |  | 30 | % |
Risk retained on initial |  |  |  |  |  |  |  |  |  |  |  |  |
$1,000,000 of losses (5) (6) (7) |  | $ | 840,000 |  |  | $ | 840,000 |  |  | $ | 730,000 |  |  | $ | 730,000 |  |  | $ | 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, 2026 |  | January 1, 2026 |  | January 1, 2025 |  | January 1, 2025 |  | January 1, 2024 |  | January 1, 2024 |
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) |  | $ | 360,000 |  |  | $ | 8,360,000 |  |  | $ | 8,470,000 |  |  | $ | 8,470,000 |  |  | $ | 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, 2025 |  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2024 |  | June 30, 2023 |
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 (6) (7) (8) (9) |  | (6) |  |  | $ | 4,250,000 |  |  | $ | 4,750,000 |  |  | $ | 9,500,000 |  |  | $ | 8,750,000 |  |  | $ | 8,750,000 |  |
Catastrophe loss coverage |  |  |  |  |  |  |  |  |  |  |  |  |
in excess of quota share |  |  |  |  |  |  |  |  |  |  |  |  |
coverage (2) (6) |  | (6) |  |  | $ | 275,000,000 |  |  | $ | 275,000,000 |  |  | $ | 315,000,000 |  |  | $ | 315,000,000 |  |  | $ | 335,000,000 |  |
Reinstatement premium |  |  |  |  |  |  |  |  |  |  |  |  |
protection (3) (4) |  | (6) |  |  | Yes |  | Yes |  | Yes |  | Yes |  | Yes |
(1)For personal lines, includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $9,000,000 in total insured value, which covers direct losses from $3,500,000 to $9,000,000 through June 30, 2025. (2)Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone. (3)For the period July 1, 2022 through June 30, 2023, reinstatement premium protection for $12,500,000 of catastrophe coverage in excess of $10,000,000. For the period July 1, 2023 through June 30, 2024, reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000. (4)For the period July 1, 2024 through June 30, 2025 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000. (5)For the period January 1, 2022 through June 30, 2025, underlying excess of loss treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Excludes losses from named storms. Reduces retention to $500,000 from $700,000 under the 2023/2024 Treaty. Reduces retention to $530,000 from $730,000 under the 2024/2025 Treaty. Retention increases to $640,000 from $530,000 under the 2025/2026 Treaty. (6)Excess of loss coverage and facultative facility and catastrophe reinsurance treaties will expire on June 30,2025, with none of these coverages to be in effect during the period from July 1 2025 through January 1, 2026. If and when these treaties are renewed on July 1, 2025, the excess of loss and facultative facility, and the catastrophe reinsurance treaty, will be as provided for therein. Reinsurance coverage in effect from July 1, 2025 through January 1, 2026 is currently only covered under the 2025/2026 Treaty and underlying excess of loss reinsurance treaty through June 30, 2025. The 2025/2026 Treaty will expire on January 1, 2026. (7)For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2025/2026 Treaty, 6% of the 16% total of losses ceded under this treaty are excluded from a named catastrophe event. (8)Plus losses in excess of catastrophe coverage. (9)For the period October 1, 2024 through April 30, 2025, additional catastrophe reinsurance treaty will provide coverage for winter storm losses to the extent of 71% of $4,500,000 in excess of $5,500,000. Retention for winter storms under this treaty is $4,800,000 under the 2024/2025 Treaty and $5,200,000 under the 2025/2026 Treaty.
|  | Treaty Year |
Line of Business |  | July 1, 2024 to June 30, 2025 |  | July 1, 2023 to June 30, 2024 |  | July 1, 2022 to June 30, 2023 |
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, 2025 |  | June 30, 2024 |  | June 30, 2023 |
Commercial Lines (1) (1)Coverage on all commercial lines policies expired in September 2020; reinsurance coverage is based on treaties in effect on the date of loss.
Schedule of Approximate Reinsurance Recoverable | Approximate reinsurance recoverables on unpaid and paid losses by reinsurer at December 31, 2024 and 2023 are as follows:
($ in thousands) |  | Unpaid Losses |  | Paid Losses |  | Total |  | Security |
December 31, 2024 |  |  |  |  |  |  |  |  |
Swiss Reinsurance America Corporation |  | 13,565 |  |  | 1,346 |  |  | 14,911 |  |  | — |  |
Hannover Rueck SE |  | 7,195 |  |  | 559 |  |  | 7,754 |  |  | — |  |
Lancashire Insurance Company Limited |  | 4,893 |  |  | 1,288 |  |  | 6,181 |  |  | — |  |
Others |  | 6,670 |  |  | 2,061 |  |  | 8,731 |  |  | 393 |  | (2)
Total |  | $ | 32,323 |  |  | $ | 5,254 |  |  | $ | 37,577 |  |  | $ | 393 |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
Swiss Reinsurance America Corporation |  | 11,027 |  |  | 6,560 |  |  | 17,587 |  |  | — |  |
Hannover Rueck SE |  | 8,753 |  |  | (92) |  |  | 8,661 |  |  | — |  |
Allied World Insurance Company |  | 4,724 |  |  | 2,190 |  |  | 6,914 |  |  | 4 |  | (1)
Ace Property and Casualty Insurance Company |  | 3,205 |  |  | 1,840 |  |  | 5,045 |  |  | — |  |
Lancashire Insurance Company Limited |  | 3,203 |  |  | 1,583 |  |  | 4,786 |  |  | — |  |
Others |  | 2,377 |  |  | 3,296 |  |  | 5,673 |  |  | 2,662 |  | (2)
Total |  | $ | 33,289 |  |  | $ | 15,377 |  |  | $ | 48,666 |  |  | $ | 2,666 |  |
(1)As of December 31, 2023, represents $4,000 guaranteed by irrevocable letters of credit. (2)As of December 31, 2024 and December 31, 2023, represents $393,000 and $2,662,000, respectively, guaranteed by irrevocable letters of credit.
Schedule of Ceding Commissions Earned | Ceding commission revenue consists of the following:
| Year ended December 31, |
| 2024 |  | 2023 |
Provisional ceding commissions earned | $ | 18,829,278 |  |  | $ | 20,397,454 |  |
Contingent ceding commissions earned | 8,668 |  |  | 656,040 |  |
| $ | 18,837,946 |  |  | $ | 21,053,494 |  |

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