Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2020

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 three months ended March 31, 2020 and 2019.

	2020		2019
Balance at January 1	$	63,607,975	$	68,392,333
Less: Reinsurance recoverable on liability for losses and loss adjustment expenses		7,850,409		7,956,043
Add: Reinsurance recoverable on claims paid		335,274		5,791
Net liability at January 1		56,092,840		60,442,081
Losses and loss adjustment expenses incurred, net:
Current period		3,185,603		3,321,676
Prior periods		—		—
Total incurred losses and loss adjustment expenses		3,185,603		3,321,676
Less losses and loss adjustment expenses paid, net:
Current period		57,756		79,592
Prior periods		2,801,374		5,013,009
Total losses and loss adjustment expenses paid		2,859,130		5,092,601
Net liability for losses and loss adjustment expenses, at March 31		56,419,313		58,671,156
Add: Reinsurance recoverable on liability for losses and loss adjustment expenses		8,630,126		8,207,848
Less: Reinsurance recoverable on claims paid		696,088		257,892
Liability for losses and loss adjustment expenses, at March 31	$	64,353,351	$	66,621,112