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Property and Casualty Insurance Activity (Tables) | 3 Months Ended
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Mar. 31, 2025
Property and Casualty Insurance Activity |
Schedule of Earned Premiums | Premiums written, ceded and earned are as follows:
| Direct |  | Assumed |  | Ceded |  | Net
Three months ended March 31, 2025 |  |  |  |  |  |  |
Premiums written | $ | 58,174,996 |  |  | $ | - |  |  | $ | 2,834,411 |  |  | $ | 61,009,407 |
Change in unearned premiums | 2,470,381 |  |  | - |  |  | (19,956,725) |  |  | (17,486,344) |
Premiums earned | $ | 60,645,377 |  |  | $ | - |  |  | $ | (17,122,314) |  |  | $ | 43,523,063 |
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 |
Schedule of Unpaid Loss and Loss Adjustment Expense Reserves | The following table provides a reconciliation of the beginning and ending balances for unpaid loss and LAE reserves:
| Three months ended March 31,
| 2025 |  | 2024
Balance at beginning of period | $ | 126,210,428 |  |  | $ | 121,817,862 |
Less reinsurance recoverables | (32,322,637) |  |  | (33,288,650) |
Net balance, beginning of period | 93,887,791 |  |  | 88,529,212 |
Incurred related to: |  |  |
Current year | 27,774,353 |  |  | 18,425,855 |
Prior years | (599,275) |  |  | (566,268) |
Total incurred | 27,175,078 |  |  | 17,859,587 |
Paid related to: |  |  |
Current year | 5,217,256 |  |  | 4,671,653 |
Prior years | 13,752,485 |  |  | 11,942,843 |
Total paid | 18,969,741 |  |  | 16,614,496 |
Net balance at end of period | 102,093,128 |  |  | 89,774,303 |
Add reinsurance recoverables | 33,241,595 |  |  | 32,724,136 |
Balance at end of period | $ | 135,334,723 |  |  | $ | 122,498,439 |
Schedule of Line of Business | The following is information about incurred and paid claims development as of March 31, 2025, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2025 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, 2016 to December 31, 2024 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 March 31, 2025
Accident Year |  | For the Years Ended December 31, |  | Three Months Ended March 31, 2025 |  | IBNR |  | Cumulative Number of Reported Claims by Accident Year
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |
|  | (Unaudited 2015 - 2024) |  | (Unaudited) |  |  |  |
2016 |  | $ | 26,062 |  |  | $ | 24,941 |  |  | $ | 24,789 |  |  | $ | 27,887 |  |  | $ | 27,966 |  |  | $ | 27,417 |  |  | $ | 27,352 |  |  | $ | 27,271 |  |  | $ | 27,247 |  |  | $ | 27,244 |  |  | $ | 63 |  |  | 2,884
2017 |  |  |  | 31,605 |  |  | 32,169 |  |  | 35,304 |  |  | 36,160 |  |  | 36,532 |  |  | 36,502 |  |  | 36,819 |  |  | 37,268 |  |  | 37,228 |  |  | 123 |  |  | 3,401
2018 |  |  |  |  |  | 54,455 |  |  | 56,351 |  |  | 58,441 |  |  | 59,404 |  |  | 61,237 |  |  | 61,145 |  |  | 61,686 |  |  | 61,601 |  |  | 1,497 |  |  | 4,238
2019 |  |  |  |  |  |  |  | 75,092 |  |  | 72,368 |  |  | 71,544 |  |  | 71,964 |  |  | 73,310 |  |  | 74,363 |  |  | 74,220 |  |  | 1,698 |  |  | 4,508
2020 |  |  |  |  |  |  |  |  |  | 63,083 |  |  | 62,833 |  |  | 63,217 |  |  | 63,562 |  |  | 64,400 |  |  | 64,417 |  |  | 1,180 |  |  | 5,895
2021 |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  | 96,673 |  |  | 96,134 |  |  | 96,771 |  |  | 97,088 |  |  | 1,942 |  |  | 5,834
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  | 78,759 |  |  | 78,078 |  |  | 77,894 |  |  | 4,400 |  |  | 4,713
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,978 |  |  | 72,025 |  |  | 72,019 |  |  | 9,191 |  |  | 4,090
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57,860 |  |  | 57,491 |  |  | 11,660 |  |  | 3,096
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,308 |  |  | 10,702 |  |  | 538
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 594,509 |  |  |  |  |
All Lines of Business (in thousands)
|  | Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year |  | For the Years Ended December 31, |  | Three Months Ended March 31, 2025
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
|  | (Unaudited 2015 - 2024) |  | (Unaudited)
2016 |  | $ | 15,364 |  |  | $ | 19,001 |  |  | $ | 21,106 |  |  | $ | 23,974 |  |  | $ | 25,234 |  |  | $ | 25,750 |  |  | $ | 26,382 |  |  | $ | 26,854 |  |  | $ | 26,808 |  |  | $ | 26,816 |
2017 |  |  |  | 16,704 |  |  | 24,820 |  |  | 28,693 |  |  | 31,393 |  |  | 32,529 |  |  | 33,522 |  |  | 34,683 |  |  | 35,046 |  |  | 35,229 |
2018 |  |  |  |  |  | 32,383 |  |  | 44,516 |  |  | 50,553 |  |  | 52,025 |  |  | 54,424 |  |  | 56,199 |  |  | 57,185 |  |  | 57,492 |
2019 |  |  |  |  |  |  |  | 40,933 |  |  | 54,897 |  |  | 58,055 |  |  | 60,374 |  |  | 63,932 |  |  | 66,109 |  |  | 67,507 |
2020 |  |  |  |  |  |  |  |  |  | 39,045 |  |  | 50,719 |  |  | 53,432 |  |  | 56,523 |  |  | 59,220 |  |  | 59,544 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  | 77,756 |  |  | 82,317 |  |  | 85,314 |  |  | 86,548 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |  |  | 65,732 |  |  | 68,170 |  |  | 69,119 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,280 |  |  | 56,952 |  |  | 57,894 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,013 |  |  | 36,168 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,466 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 500,783 |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 93,725 |
All outstanding liabilities before 2016, net of reinsurance |  | 1,683 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  | $ | 95,408 |
Reconciliation of the Disclosure of Incurred and Paid Loss Development to the Liability for Loss and LAE Reserves | The reconciliation of the net incurred and paid loss development tables to the loss and LAE reserves in the condensed 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 March 31, 2025
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance | $ | 95,408 |
Total reinsurance recoverable on unpaid losses | 33,242 |
Unallocated loss adjustment expenses | 6,685 |
Total gross liability for loss and LAE reserves | $ | 135,335 |
Schedule of Material Terms for Reinsurance Treaties | Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:
|  | Treaty Period
|  | 2025/2026 Treaty |  | 2024/2025 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 |
Personal Lines: |  |  |  |  |  |  |  |  |
Homeowners, dwelling fire and canine legal liability |  |  |  |  |  |  |  |  |
Quota share treaty: |  |  |  |  |  |  |  |  |
Percent ceded (7) |  | 16 | % |  | 16 | % |  | 27 | % |  | 27 | % |
Risk retained on initial |  |  |  |  |  |  |  |  |
$1,000,000 of losses (5) (6) (7) |  | $ | 840,000 |  |  | $ | 840,000 |  |  | $ | 730,000 |  |  | $ | 730,000 |  |
Losses per occurrence |  |  |  |  |  |  |  |  |
subject to quota share |  |  |  |  |  |  |  |  |
reinsurance coverage |  | $ | 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 |
Excess of loss coverage and |  |  |  |  |  |  |  |  |
facultative facility |  |  |  |  |  |  |  |  |
coverage (1) (5) (6) |  | (6) |  |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |
|  |  |  | in excess of |  | in excess of |  | in excess of |
|  |  |  | $ | 600,000 |  |  | $ | 600,000 |  |  | $ | 600,000 |  |
Total reinsurance coverage |  |  |  |  |  |  |  |  |
per occurrence (5) (6) |  | $ | 160,000 |  |  | $ | 8,360,000 |  |  | $ | 8,470,000 |  |  | $ | 8,470,000 |  |
Losses per occurrence |  |  |  |  |  |  |  |  |
subject to reinsurance |  |  |  |  |  |  |  |  |
coverage (6) |  | $ | 1,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |
Expiration date |  | (6) |  |  | June 30, 2025 |  | June 30, 2025 |  | June 30, 2024 |
Catastrophe Reinsurance: |  |  |  |  |  |  |  |  |
Initial loss subject to personal |  |  |  |  |  |  |  |  |
lines quota share treaty (6) |  | $ | 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 |  |
Catastrophe loss coverage |  |  |  |  |  |  |  |  |
in excess of quota share |  |  |  |  |  |  |  |  |
coverage (2) (6) |  | (6) |  |  | $ | 275,000,000 |  |  | $ | 275,000,000 |  |  | $ | 315,000,000 |  |
Reinstatement premium |  |  |  |  |  |  |  |  |
protection (3) (4) |  | (6) |  |  | 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, except for one occurrence on the first layer of $5,000,000 in excess of $5,000,000. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone. (3)For the period January 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, 2024 through June 30, 2025, the Underlying XOL Treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Excludes losses from named storms. 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, Underlying XOL Treaty, 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, Underlying XOL Treaty, 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. The 2025/2026 Treaty will expire on January 1, 2026. (7)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.
Schedule of Line of Business of Reinsurance Coverage |
|  | Treaty Year
Line of Business |  | July 1, 2024 to June 30, 2025 |  | July 1, 2023 to June 30, 2024
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, 2025 |  | June 30, 2024
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 Ceding Commission Revenue | Ceding commission revenue consists of the following:
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Provisional ceding commissions earned |  |  |  |  | $ | 3,252,404 |  |  | $ | 4,555,240 |
Contingent ceding commissions earned |  |  |  |  | (293,713) |  |  | 11,871 |
|  |  |  |  | $ | 2,958,691 |  |  | $ | 4,567,111 |

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