Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Reconciliation of Beginning and Ending Unpaid Losses and Loss Adjustment Expense Reserve Balances

The following table provides a reconciliation of our beginning and ending unpaid loss and loss adjustment expense (“LAE”) reserve balances for the nine months ended September 30, 2019 and 2018.

	2019			2018
Balance at January 1	$	68,392,333		$	68,374,554
Less: Reinsurance recoverable on liability for losses and loss adjustment expenses		7,956,043			8,585,851
Add: Reinsurance recoverable on claims paid		5,791			1,196,573
Net liability at January 1		60,442,081			60,985,276
Losses and loss adjustment expenses incurred, net:
Current period		11,731,068			1,980,286
Prior periods		(20,896	)		9,772,000
Total incurred losses and loss adjustment expenses		11,710,172			11,752,286
Less losses and loss adjustment expenses paid, net:
Current period		203,693			437,000
Prior periods		14,144,675			12,921,119
Total losses and loss adjustment expenses paid		14,348,368			13,358,119
Net liability for losses and loss adjustment expenses, at September 30		57,803,885			59,379,443
Add: Reinsurance recoverable on liability for losses and loss adjustment expenses		8,930,866			8,361,014
Less: Reinsurance recoverable on claims paid		780,817			102,045
Liability for losses and loss adjustment expenses, at September 30	$	65,953,934		$	67,638,412