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Property and Casualty Insurance Activity (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026   
Premiums written$69,603,381 $- $7,989,856 $77,593,237 
Change in unearned premiums385,341 - (22,109,764)(21,724,423)
Premiums earned$69,988,722 $- $(14,119,908)$55,868,814 
     
Three months ended March 31, 2025    
Premiums written$58,174,996 $- $2,834,411 $61,009,407 
Change in unearned premiums2,470,381 - (19,956,725)(17,486,344)
Premiums earned$60,645,377 $- $(17,122,314)$43,523,063 
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,Year ended December 31,
20262025
 
Balance at beginning of period $140,538,618 $126,210,428 
Less reinsurance recoverables(33,232,365)(32,322,637)
Net balance, beginning of period 107,306,253 93,887,791 
   
Incurred related to:  
Current year46,838,450 85,349,385 
Prior years(1,264,066)(1,083,663)
Total incurred45,574,384 84,265,722 
   
Paid related to:  
Current year10,747,362 40,940,473 
Prior years13,527,440 29,906,787 
Total paid24,274,802 70,847,260 
   
Net balance at end of period128,605,835 107,306,253 
Add reinsurance recoverables43,142,827 33,232,365 
Balance at end of period $171,748,662 $140,538,618 
Schedule of Line of Business
The following is information about incurred and paid claims development as of March 31, 2026, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2026 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, 2017 to December 31, 2025 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 ReinsuranceAs of
March 31, 2026
Accident YearFor the Years Ended December 31,Three
Months
Ended
March 31,
2026		IBNRCumulative
Number of
Reported
Claims by
Accident
Year
201720182019202020212022202320242025
 (Unaudited 2017 - 2025)(Unaudited)
            
2017$31,605 $32,169 $35,304 $36,160 $36,532 $36,502 $36,819 $37,268 $37,359 $37,350 $148 3,401
2018 54,455 56,351 58,441 59,404 61,237 61,145 61,686 61,897 61,796 649 4,238
2019  75,092 72,368 71,544 71,964 73,310 74,363 76,337 76,506 1,953 4,509
2020   63,083 62,833 63,217 63,562 64,400 65,888 65,837 927 5,896
2021    96,425 96,673 96,134 96,771 98,411 98,485 1,237 5,838
2022     79,835 78,759 78,078 77,319 77,211 2,388 4,721
2023      78,978 72,025 70,128 69,949 5,113 4,100
2024       57,860 54,364 54,280 6,451 3,143
2025        77,556 76,590 18,794 2,385
2026         43,788 10,680 976
          Total $661,790   
All Lines of Business
(in thousands)
 Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident YearFor the Years Ended December 31,Three
Months Ended
March 31,
2026
201720182019202020212022202320242025
 (Unaudited 2017 - 2025)(Unaudited)
 
2017$16,704 $24,820 $28,693 $31,393 $32,529 $33,522 $34,683 $35,046 $35,336 $35,352 
2018 32,383 44,516 50,553 52,025 54,424 56,199 57,185 57,798 58,611 
2019  40,933 54,897 58,055 60,374 63,932 66,109 68,648 69,614 
2020   39,045 50,719 53,432 56,523 59,220 60,859 60,987 
2021    56,282 77,756 82,317 85,314 90,865 92,199 
2022     45,856 65,732 68,170 70,703 71,358 
2023      46,280 56,952 59,571 59,783 
2024       29,013 40,086 40,857 
2025        36,572 44,280 
2026         10,171 
         Total$543,212 
           
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented$118,579 
All outstanding liabilities before 2017, net of reinsurance1,716 
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance$120,295 
Schedule of 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, 2026
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance$120,295 
Total reinsurance recoverable on unpaid losses43,143 
Unallocated loss adjustment expenses8,311 
Total gross liability for loss and LAE reserves$171,749 
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
2026/2027 Treaty2025/2026 Treaty
Line of BusinessJuly 1,
2026
to
January 1,
2027		January 2,
2026
to
June 30,
2026		July 1,
2025
to
January 1,
2026		January 2,
2025
to
June 30,
2025
Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (6)5 %5 %16 %16 %
Risk retained on initial
$1,000,000 of losses (4) (5) (6)$950,000 $950,000 $840,000 $840,000 
Losses per occurrence
subject to quota share
reinsurance coverage$1,000,000 $1,000,000 $1,000,000 $1,000,000 
Expiration dateJanuary 1, 2027January 1, 2027January 1, 2026January 1, 2026
Excess of loss coverage and
facultative facility
coverage (1) (4) (5)$(5)$8,250,000 $8,250,000 $8,400,000 
in excess ofin excess ofin excess of
$750,000 $750,000 $600,000 
Total reinsurance coverage
per occurrence (4) (5)$50,000 $8,175,000 $8,285,000 $8,360,000 
Losses per occurrence
subject to reinsurance
coverage (5)$1,000,000 $9,000,000 $9,000,000 $9,000,000 
Expiration date(5)June 30, 2026June 30, 2026June 30, 2025
Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (5)$10,000,000 $10,000,000 $10,000,000 $10,000,000 
Risk retained per catastrophe
occurrence (5) (6) (7) (8)(5)$5,500,000 $5,000,000 $4,250,000 
Catastrophe loss coverage
in excess of quota share
coverage (2) (5) (8)(5)$434,500,000 $435,000,000 $275,000,000 
Reinstatement premium
protection (3)(5)YesYesYes

(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, 2026.
(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, except for winter storm coverage, which is covered under a specific declared catastrophe event.
(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 quota share treaty that expired on January 1, 2025. 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, and increased retention to $825,000 under the 2026/2027 Treaty (see note 5 below).
(5)Excess of loss coverage and facultative facility and catastrophe reinsurance treaties will expire on June 30, 2026, with none of these coverages to be in effect during the period from July 1 2026 through January 1, 2027. If and when these treaties are renewed on July 1, 2026, the excess of loss and facultative facility, underlying excess of loss treaty, and the catastrophe reinsurance treaty, will be as provided for therein. Reinsurance coverage in effect from July 1, 2026 through January 1, 2027 is currently only covered under the 2026/2027 Treaty. The 2026/2027 Treaty will expire on January 1, 2027.
(6)For the 2025/2026 Treaty, 6% of the 16% total of losses ceded under this treaty were excluded from a named catastrophe event. For the 2026/2027 Treaty, there is no exclusion for catastrophe events.
(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 is $5,200,000 under the 2025/2026 Treaty from January 1, 2025 through April 30, 2025, $3,900,000 from October 15, 2025 through January 1, 2026, the expiration date of the 2025/2026 Treaty, and $5,000,000 under the 2026/2027 Treaty through April 30, 2026.
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
Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage 90 %90 %
Percent ceded - excess of $1,000,000 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, 2026June 30, 2025
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,
20262025
 
Provisional ceding commissions earned $1,276,750 $3,252,404 
Contingent ceding commissions earned 127,126 (293,713)
$1,403,876 $2,958,691