Property and Casualty Insurance Activity (Tables)

12 Months Ended

Dec. 31, 2024

Property and Casualty Insurance Activity

Premiums written, ceded and earned are as follows:


	Direct		Assumed		Ceded		Net

Year ended December 31, 2024
Premiums written	$	241,979,937	$	-	$	(87,750,072)	$	154,229,865
Change in unearned premiums	(29,080,195)		-		3,348,250		(25,731,945)
Premiums earned	$	212,899,742	$	-	$	(84,401,822)	$	128,497,920

Year ended December 31, 2023
Premiums written	$	200,174,502	$	-	$	(106,563,985)	$	93,610,517
Change in unearned premiums	1,871,239		-		18,902,507		20,773,746
Premiums earned	$	202,045,741	$	-	$	(87,661,478)	$	114,384,263

Schedule of Liability for Loss and LAE Expenses

The components of the liability for loss and LAE expenses and related reinsurance receivables as of December 31, 2024 and 2023 are as follows:


	Gross Liability		Reinsurance Receivables

December 31, 2024
Case-basis reserves	$	64,087,782	$	17,721,033
Loss adjustment expenses	23,442,101		3,940,147
IBNR reserves	38,680,545		10,661,457
Recoverable on unpaid losses			32,322,637
Recoverable on paid losses	-		5,254,482
Total loss and loss adjustment expenses	$	126,210,428	37,577,119
Unearned premiums			31,745,317
Receivables - reinsurance contracts			-
Total reinsurance receivables			$	69,322,436

December 31, 2023
Case-basis reserves	$	67,108,131	$	19,537,988
Loss adjustment expenses	17,448,218		3,085,429
IBNR reserves	37,261,513		10,665,233
Recoverable on unpaid losses			33,288,650
Recoverable on paid losses	-		15,376,899
Total loss and loss adjustment expenses	$	121,817,862	48,665,549
Unearned premiums			26,928,363
Receivables - reinsurance contracts			-
Total reinsurance receivables			$	75,593,912

Schedule of Unpaid Losses and LAE

The following table provides a reconciliation of the beginning and ending balances for unpaid losses and LAE:


	Years ended December 31,
	2024		2023

Balance at beginning of period	$	121,817,862	$	118,339,513
Less reinsurance recoverables	(33,288,650)		(27,659,500)
Net balance, beginning of period	88,529,212		90,680,013

Incurred related to:
Current year	64,414,543		82,856,483
Prior years	(1,779,827)		(7,273)
Total incurred	62,634,716		82,849,210

Paid related to:
Current year	32,956,899		49,146,173
Prior years	24,319,238		35,853,838
Total paid	57,276,137		85,000,011

Net balance at end of period	93,887,791		88,529,212
Add reinsurance recoverables	32,322,637		33,288,650
Balance at end of period	$	126,210,428	$	121,817,862

Schedule of Incurred Claims and Allocated Claim Adjustment Expenses

All Lines of Business

(in thousands, except reported claims data)


	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
	For the Years Ended December 31,																				IBNR		Cumulative Number of Reported Claims by Accident Year
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited 2015 - 2023)

2015	$	22,340	$	21,994	$	22,148	$	22,491	$	23,386	$	23,291	$	23,528	$	23,533	$	23,428	$	23,518	$	290	$	2,560
2016			26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		27,247		79		2,883
2017					31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,268		113		3,401
2018							54,455		56,351		58,441		59,404		61,237		61,145		61,686		1,383		4,237
2019									75,092		72,368		71,544		71,964		73,310		74,363		1,832		4,508
2020											63,083		62,833		63,217		63,562		64,400		1,312		5,894
2021													96,425		96,673		96,134		96,771		2,761		5,834
2022															79,835		78,759		78,078		4,619		4,708
2023																	78,978		72,025		9,668		4,084
2024																			57,860		14,254		2,985
																	Total		$	593,216

Schedule of Cumulative Paid Claims and Allocated Claim Adjustment Expenses

All Lines of Business

(in thousands)


Accident Year	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024

	(Unaudited 2015 - 2023)

2015	$	12,295	$	16,181	$	18,266	$	19,984	$	21,067	$	22,104	$	22,318	$	22,473	$	22,519	$	22,547
2016			15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854		26,808
2017					16,704		24,820		28,693		31,393		32,529		33,522		34,683		35,046
2018							32,383		44,516		50,553		52,025		54,424		56,199		57,185
2019									40,933		54,897		58,055		60,374		63,932		66,109
2020											39,045		50,719		53,432		56,523		59,220
2021													56,282		77,756		82,317		85,314
2022															45,856		65,732		68,170
2023																	46,280		56,952
2024																			29,013
																	Total		$	506,365

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	86,851
All outstanding liabilities before 2015, net of reinsurance																			968
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	87,819

Schedule of the Net Incurred and Paid Claims

The reconciliation of the net incurred and paid claims development tables to the liability for loss and LAE reserves in the 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 December 31, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	87,819
Total reinsurance recoverable on unpaid losses	32,323
Unallocated loss adjustment expenses	6,069
Total gross liability for loss and LAE reserves	$	126,210

(Components may not sum to totals due to rounding)

Schedule of Supplementary Unaudited Information about Average Historical Claims Duration

The following is supplementary unaudited information about average historical claims duration as of December 31, 2024:


Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
All Lines of Business	55.3	%	19.0	%	6.6	%	5.5	%	4.2	%	3.0	%	2.0	%	1.1	%	—	%	0.1	%