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Property and Casualty Insurance Activity (Tables) | 9 Months Ended
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Sep. 30, 2025
Property and Casualty Insurance Activity |
Schedule of Earned Premiums | Premiums written, ceded and earned are as follows:
| Direct |  | Assumed |  | Ceded |  | Net
Nine months ended September 30, 2025 |  |  |  |  |  |  |
Premiums written | $ | 195,047,268 |  |  | $ | - |  |  | $ | (50,178,287) |  |  | $ | 144,868,981 |
Change in unearned premiums | (5,339,407) |  |  | - |  |  | (1,866,198) |  |  | (7,205,605) |
Premiums earned | $ | 189,707,861 |  |  | $ | - |  |  | $ | (52,044,485) |  |  | $ | 137,663,376 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |
Premiums written | $ | 169,446,603 |  |  | $ | - |  |  | $ | (69,381,336) |  |  | $ | 100,065,267 |
Change in unearned premiums | (14,353,242) |  |  | - |  |  | 6,818,683 |  |  | (7,534,559) |
Premiums earned | $ | 155,093,361 |  |  | $ | - |  |  | $ | (62,562,653) |  |  | $ | 92,530,708 |
Three months ended September 30, 2025 |  |  |  |  |  |  |
Premiums written | $ | 75,809,863 |  |  | $ | - |  |  | $ | (44,160,963) |  |  | $ | 31,648,900 |
Change in unearned premiums | (9,778,044) |  |  | - |  |  | 26,054,197 |  |  | 16,276,153 |
Premiums earned | $ | 66,031,819 |  |  | $ | - |  |  | $ | (18,106,766) |  |  | $ | 47,925,053 |
Three months ended September 30, 2024 |  |  |  |  |  |  |
Premiums written | $ | 66,626,664 |  |  | $ | - |  |  | $ | (46,081,473) |  |  | $ | 20,545,191 |
Change in unearned premiums | (12,540,101) |  |  | - |  |  | 25,402,104 |  |  | 12,862,003 |
Premiums earned | $ | 54,086,563 |  |  | $ | - |  |  | $ | (20,679,369) |  |  | $ | 33,407,194 |
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:
| Nine months ended September 30, |  | Year ended December 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 | 67,156,741 |  |  | 64,414,543 |
Prior years | (822,177) |  |  | (1,779,827) |
Total incurred | 66,334,564 |  |  | 62,634,716 |
Paid related to: |  |  |
Current year | 29,492,987 |  |  | 32,956,899 |
Prior years | 24,351,681 |  |  | 24,319,238 |
Total paid | 53,844,668 |  |  | 57,276,137 |
Net balance at end of period | 106,377,687 |  |  | 93,887,791 |
Add reinsurance recoverables | 34,816,559 |  |  | 32,322,637 |
Balance at end of period | $ | 141,194,246 |  |  | $ | 126,210,428 |
Schedule of Line of Business | The following is information about incurred and paid claims development as of September 30, 2025, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of September 30, 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 September 30, 2025
Accident Year |  | For the Years Ended December 31, |  | Nine Months Ended September 30, 2025 |  | IBNR |  | Cumulative Number of Reported Claims by Accident Year
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |  |
|  | (Unaudited 2016 - 2024) |  | (Unaudited) |  |  |  |
2016 |  | $ | 26,062 |  |  | $ | 24,941 |  |  | $ | 24,789 |  |  | $ | 27,887 |  |  | $ | 27,966 |  |  | $ | 27,417 |  |  | $ | 27,352 |  |  | $ | 27,271 |  |  | $ | 27,247 |  |  | $ | 27,201 |  |  | $ | 61 |  |  | 2,884
2017 |  |  |  | 31,605 |  |  | 32,169 |  |  | 35,304 |  |  | 36,160 |  |  | 36,532 |  |  | 36,502 |  |  | 36,819 |  |  | 37,268 |  |  | 37,267 |  |  | 57 |  |  | 3,401
2018 |  |  |  |  |  | 54,455 |  |  | 56,351 |  |  | 58,441 |  |  | 59,404 |  |  | 61,237 |  |  | 61,145 |  |  | 61,686 |  |  | 61,150 |  |  | 891 |  |  | 4,238
2019 |  |  |  |  |  |  |  | 75,092 |  |  | 72,368 |  |  | 71,544 |  |  | 71,964 |  |  | 73,310 |  |  | 74,363 |  |  | 74,937 |  |  | 1,445 |  |  | 4,508
2020 |  |  |  |  |  |  |  |  |  | 63,083 |  |  | 62,833 |  |  | 63,217 |  |  | 63,562 |  |  | 64,400 |  |  | 65,655 |  |  | 878 |  |  | 5,896
2021 |  |  |  |  |  |  |  |  |  |  |  | 96,425 |  |  | 96,673 |  |  | 96,134 |  |  | 96,771 |  |  | 97,737 |  |  | 1,810 |  |  | 5,835
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  | 79,835 |  |  | 78,759 |  |  | 78,078 |  |  | 77,307 |  |  | 2,875 |  |  | 4,719
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,978 |  |  | 72,025 |  |  | 70,965 |  |  | 6,776 |  |  | 4,097
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57,860 |  |  | 56,848 |  |  | 9,194 |  |  | 3,133
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,990 |  |  | 18,455 |  |  | 1,713
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 630,055 |  |  |  |  |
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, |  | Nine Months Ended September 30, 2025
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
|  | (Unaudited 2016 - 2024) |  | (Unaudited)
2016 |  | $ | 15,364 |  |  | $ | 19,001 |  |  | $ | 21,106 |  |  | $ | 23,974 |  |  | $ | 25,234 |  |  | $ | 25,750 |  |  | $ | 26,382 |  |  | $ | 26,854 |  |  | $ | 26,808 |  |  | $ | 26,876 |
2017 |  |  |  | 16,704 |  |  | 24,820 |  |  | 28,693 |  |  | 31,393 |  |  | 32,529 |  |  | 33,522 |  |  | 34,683 |  |  | 35,046 |  |  | 35,312 |
2018 |  |  |  |  |  | 32,383 |  |  | 44,516 |  |  | 50,553 |  |  | 52,025 |  |  | 54,424 |  |  | 56,199 |  |  | 57,185 |  |  | 57,762 |
2019 |  |  |  |  |  |  |  | 40,933 |  |  | 54,897 |  |  | 58,055 |  |  | 60,374 |  |  | 63,932 |  |  | 66,109 |  |  | 68,418 |
2020 |  |  |  |  |  |  |  |  |  | 39,045 |  |  | 50,719 |  |  | 53,432 |  |  | 56,523 |  |  | 59,220 |  |  | 60,618 |
2021 |  |  |  |  |  |  |  |  |  |  |  | 56,282 |  |  | 77,756 |  |  | 82,317 |  |  | 85,314 |  |  | 89,642 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,856 |  |  | 65,732 |  |  | 68,170 |  |  | 69,314 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,280 |  |  | 56,952 |  |  | 58,585 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,013 |  |  | 39,171 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,364 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  | $ | 532,062 |
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented |  | $ | 97,994 |
All outstanding liabilities before 2016, net of reinsurance |  | 1,539 |
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance |  | $ | 99,533 |
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 September 30, 2025
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance | $ | 99,533 |
Total reinsurance recoverable on unpaid losses | 34,817 |
Unallocated loss adjustment expenses | 6,845 |
Total gross liability for loss and LAE reserves | $ | 141,194 |
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 |  | January 2, 2026 to June 30, 2026 |  | July 1, 2025 to January 1, 2026 |  | January 2, 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 (6) |  | (5) |  |  | 16 | % |  | 16 | % |  | 27 | % |  | 27 | % |
Risk retained on initial |  |  |  |  |  |  |  |  |  |  |
$1,000,000 of losses (4) (5) (6) |  | (5) |  |  | $ | 840,000 |  |  | $ | 840,000 |  |  | $ | 730,000 |  |  | $ | 730,000 |  |
Losses per occurrence |  |  |  |  |  |  |  |  |  |  |
subject to quota share |  |  |  |  |  |  |  |  |  |  |
reinsurance coverage |  | (5) |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |
Expiration date |  | (5) |  |  | January 1, 2026 |  | January 1, 2026 |  | January 1, 2025 |  | January 1, 2025 |
Excess of loss coverage and |  |  |  |  |  |  |  |  |  |  |
facultative facility |  |  |  |  |  |  |  |  |  |  |
coverage (1) (4) (5) |  | $ | 8,250,000 |  |  | $ | 8,250,000 |  |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |  | $ | 8,400,000 |  |
|  | in excess of |  | in excess of |  | in excess of |  | in excess of |  | in excess of |
|  | $ | 750,000 |  |  | $ | 750,000 |  |  | $ | 600,000 |  |  | $ | 600,000 |  |  | $ | 600,000 |  |
Total reinsurance coverage |  |  |  |  |  |  |  |  |  |  |
per occurrence (4) (5) |  | $ | 8,125,000 |  |  | $ | 8,285,000 |  |  | $ | 8,360,000 |  |  | $ | 8,470,000 |  |  | $ | 8,470,000 |  |
Losses per occurrence |  |  |  |  |  |  |  |  |  |  |
subject to reinsurance |  |  |  |  |  |  |  |  |  |  |
coverage (5) |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |  | $ | 9,000,000 |  |
Expiration date |  | June 30, 2026 |  | June 30, 2026 |  | June 30, 2025 |  | June 30, 2025 |  | June 30, 2024 |
Catastrophe Reinsurance: |  |  |  |  |  |  |  |  |  |  |
Initial loss subject to personal |  |  |  |  |  |  |  |  |  |  |
lines quota share treaty (5) |  | (5) |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |  | $ | 10,000,000 |  |
Risk retained per catastrophe |  |  |  |  |  |  |  |  |  |  |
occurrence (5) (6) (7) (8) |  | $ | 6,000,000 |  |  | $ | 5,000,000 |  |  | $ | 4,250,000 |  |  | $ | 4,750,000 |  |  | $ | 9,500,000 |  |
Catastrophe loss |  |  |  |  |  |  |  |  |  |  |
coverage (2) (5) (8) |  | $ | 434,000,000 |  |  | $ | 435,000,000 |  |  | $ | 275,000,000 |  |  | $ | 275,000,000 |  |  | $ | 315,000,000 |  |
Reinstatement premium |  |  |  |  |  |  |  |  |  |  |
protection (3) |  | 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, except for one occurrence on 80% of the first layer of $5,000,000 in excess of $5,000,000, and one occurrence on 52% of the top layer of $240,000,000 in excess of $200,000,000, which is covered under the catastrophe bond. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone. (3)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. For the period July 1, 2025 through June 30, 2026 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000. (4)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. For the period July 1, 2025 through June 30, 2026, the Underlying XOL Treaty combined with the excess of loss treaty provide 50% reinsurance coverage for losses of $250,000 in excess of $750,000, and 100% reinsurance coverage for losses in excess of $1,000,000 up to $9,000,000 together with facultative coverage. Increased retention to $715,000 from $640,000 under the 2025/2026 Treaty (see note 5 below). (5)The personal lines quota share treaty (homeowners, dwelling fire and canine liability) will expire on January 1, 2026, with none of these coverages to be in effect during the period from January 2, 2026 through June 30, 2026. If and when this treaty is renewed on January 2, 2026, the personal lines quota share treaty will be as provided for therein. Reinsurance coverage in effect from January 2, 2026 through June 30, 2026 is only for excess of loss, Underlying XOL, and catastrophe reinsurance treaties. (6)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. (7)Plus losses in excess of catastrophe coverage. (8)Effective July 1, 2025 through June 30, 2026, catastrophe coverage is 80% of the first layer of $5,000,000 in excess of $5,000,000. The remaining coverage is at 100% of $430,000,000 in excess of $10,000,000. For the period October 1, 2024 through April 30, 2025, additional catastrophe reinsurance treaty provided coverage for winter storm losses to the extent of 71% of $4,500,000 in excess of $5,500,000. For the period October 15, 2025 through April 30, 2026, additional catastrophe reinsurance treaty will provide coverage for winter storm losses to the extent of 90% of $5,000,000 in excess of $5,000,000. Retention for winter storms under this treaty is $4,800,000 under the 2024/2025 Treaty, $5,200,000 under the 2025/2026 Treaty from January 1, 2025 through April 30, 2025, and $3,900,000 from October 15, 2025 through January 1, 2026, the expiration date of the 2025/2026 Treaty.
Schedule of Line of Business of Reinsurance Coverage |
|  | Treaty Year
Line of Business |  | July 1, 2025 to June 30, 2026 |  | 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 | % |  | 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, 2026 |  | 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 September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Provisional ceding commissions earned | $ | 3,555,260 |  |  | $ | 4,742,557 |  |  | $ | 10,195,169 |  |  | $ | 13,859,795 |
Contingent ceding commissions earned | 1,345,141 |  |  | (881) |  |  | 745,479 |  |  | 10,953 |
| $ | 4,900,401 |  |  | $ | 4,741,676 |  |  | $ | 10,940,648 |  |  | $ | 13,870,748 |

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