10. Property and Casualty Insurance Activity (Tables)

12 Months Ended

Dec. 31, 2014

Property And Casualty Insurance Activity Tables

Schedule of Earned Premiums

Premiums written, ceded and earned are as follows:

	Direct			Assumed			Ceded			Net
Year ended December 31, 2014
Premiums written	$	76,255,426		$	48,856		$	(33,009,420	)	$	43,294,862
Change in unearned premiums		(8,119,029	)		(3,398	)		(2,543,951	)		(10,666,378	)
Premiums earned	$	68,136,397		$	45,458		$	(35,553,371	)	$	32,628,484
Year ended December 31, 2013
Premiums written	$	60,449,077		$	45,746		$	(35,656,060	)	$	24,838,763
Change in unearned premiums		(6,341,750	)		18,499			3,709,655			(2,613,596	)
Premiums earned	$	54,107,327		$	64,245		$	(31,946,405	)	$	22,225,167

Schedule of Loss and Loss Adjustment Expenses

The components of the liability for loss and LAE expenses and related reinsurance receivables as of December 31, 2014 and 2013 are as follows:

	Gross		Reinsurance
	Liability		Receivables
December 31, 2014
Case-basis reserves	$	24,064,175	$	11,930,330
Loss adjustment expenses		5,663,856		1,920,437
IBNR reserves		10,184,652		4,398,759
Recoverable on unpaid losses				18,249,526
Recoverable on paid losses		-		1,469,363
Total loss and loss adjustment expenses	$	39,912,683		19,718,889
Unearned premiums				15,856,387
Total reinsurance receivables			$	35,575,276
December 31, 2013
Case-basis reserves	$	22,489,240	$	12,078,399
Loss adjustment expenses		4,200,675		1,226,763
IBNR reserves		7,813,314		4,058,813
Recoverable on unpaid losses				17,363,975
Recoverable on paid losses		-		1,796,512
Total loss and loss adjustment expenses	$	34,503,229		19,160,487
Unearned premiums				18,400,338
Total reinsurance receivables			$	37,560,825

Schedule of Ceding Commission Revenue

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

	Years ended
	December 31,
	2014			2013
Balance at beginning of period	$	34,503,229		$	30,485,532
Less reinsurance recoverables		(17,363,975	)		(18,419,694	)
Net balance, beginning of period		17,139,254			12,065,838
Incurred related to:
Current year		15,268,426			11,765,420
Prior years		1,763,762			1,821,113
Total incurred		17,032,188			13,586,533
Paid related to:
Current year		6,351,920			3,709,495
Prior years		6,156,365			4,803,622
Total paid		12,508,285			8,513,117
Net balance at end of period		21,663,157			17,139,254
Add reinsurance recoverables		18,249,526			17,363,975
Balance at end of period	$	39,912,683		$	34,503,229