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Property and Casualty Insurance Activity (Tables)
 9 Months Ended
Sep. 30, 2024
Property and Casualty Insurance Activity  
Schedule of Earned Premiums
Premiums written, ceded and earned are as follows:
 
Direct
Assumed
Ceded
Net
    
Nine months ended September 30, 2024   
Premiums written$169,446,603 $- $(69,381,336)$100,065,267 
Change in unearned premiums(14,353,242)- 6,818,683 (7,534,559)
Premiums earned$155,093,361 $- $(62,562,653)$92,530,708 
     
Nine months ended September 30, 2023    
Premiums written$147,236,636 $- $(75,963,569)$71,273,067 
Change in unearned premiums4,331,226 - 10,097,174 14,428,400 
Premiums earned$151,567,862 $- $(65,866,395)$85,701,467 
     
Three months ended September 30, 2024    
Premiums written$66,626,664 $- $(46,081,473)$20,545,191 
Change in unearned premiums(12,540,101)- 25,402,104 12,862,003 
Premiums earned$54,086,563 $- $(20,679,369)$33,407,194 
     
Three months ended September 30, 2023    
Premiums written$51,992,246 $- $(48,316,946)$3,675,300 
Change in unearned premiums(1,246,657)- 25,509,675 24,263,018 
Premiums earned$50,745,589 $- $(22,807,271)$27,938,318 
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:
Nine months ended September 30,
20242023
 
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 year46,762,530 66,568,985 
Prior years(1,637,038)(16,420)
Total incurred45,125,492 66,552,565 
   
Paid related to:  
Current year24,507,023 37,932,760 
Prior years21,353,578 29,928,162 
Total paid45,860,601 67,860,922 
   
Net balance at end of period87,794,103 89,371,656 
Add reinsurance recoverables29,048,348 32,303,291 
Balance at end of period $116,842,451 $121,674,947 
Schedule of Line of Business
The following is information about incurred and paid claims development as of September 30, 2024, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of September 30, 2024 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, 2015 to December 31, 2023 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
September 30, 2024
Accident YearFor the Years Ended December 31,Nine
Months
Ended
September 30,
2024		IBNRCumulative
Number of
Reported
Claims by
Accident
Year
201520162017201820192020202120222023
 (Unaudited 2015 - 2023)(Unaudited)
            
2015$22,340 $21,994 $22,148 $22,491 $23,386 $23,291 $23,528 $23,533 $23,428 $23,506 $300 2,559
2016 26,062 24,941 24,789 27,887 27,966 27,417 27,352 27,271 27,281 121 2,882
2017  31,605 32,169 35,304 36,160 36,532 36,502 36,819 37,201 246 3,401
2018   54,455 56,351 58,441 59,404 61,237 61,145 61,381 930 4,237
2019    75,092 72,368 71,544 71,964 73,310 73,900 1,436 4,507
2020     63,083 62,833 63,217 63,562 63,677 1,078 5,892
2021      96,425 96,673 96,134 96,365 3,056 5,827
2022       79,835 78,759 78,931 5,312 4,706
2023        78,978 74,170 12,761 4,068
2024         42,089 11,852 2,396
          Total $578,500   
All Lines of Business
(in thousands)
 Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident YearFor the Years Ended December 31,Nine
Months Ended
September 30,
2024
201520162017201820192020202120222023
 (Unaudited 2015 - 2023)(Unaudited)
 
2015$12,295 $16,181 $18,266 $19,984 $21,067 $22,104 $22,318 $22,473 $22,519 $22,539 
2016 15,364 19,001 21,106 23,974 25,234 25,750 26,382 26,854 26,806 
2017  16,704 24,820 28,693 31,393 32,529 33,522 34,683 34,990 
2018   32,383 44,516 50,553 52,025 54,424 56,199 56,867 
2019    40,933 54,897 58,055 60,374 63,932 65,602 
2020     39,045 50,719 53,432 56,523 59,081 
2021      56,282 77,756 82,317 84,987 
2022       45,856 65,732 67,834 
2023        46,280 56,139 
2024         21,671 
         Total$496,516 
           
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented$81,985 
All outstanding liabilities before 2015, net of reinsurance976 
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance$82,960 
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
September 30, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance$82,960 
Total reinsurance recoverable on unpaid losses29,048 
Unallocated loss adjustment expenses4,834 
Total gross liability for loss and LAE reserves$116,842 
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
  2024/2025 Treaty 2023/2024 Treaty2021/2023 Treaty
Line of Business
January 2,
2025
to
June 30,
2025
July 1,
2024
to
January 1,
2025
January 1,
2024
to
June 30,
2024
July 1,
2023
to
January 1
2024
January 1,
2023
to
June 30,
2023		July 1,
2022
to
January 1,
2023 		December 31,
2021
to
June 30,
2022
        
Personal Lines:       
Homeowners, dwelling fire and canine legal liability Quota share treaty: Percent ceded (7)(6)27 %27 %30 %30 %30 %30 %
Risk retained on initial $1,000,000 of losses (5) (6) (7)
$1,000,000 $730,000 $730,000 $700,000 $700,000 $700,000 $700,000 
Losses per occurrence subject to quota share reinsurance coverage
(6)$1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 
Expiration date(6)January 1, 2025January 1, 2025January 1, 2024January 1, 2024January 1, 2023January 1, 2023
Excess of loss coverage and facultative facility coverage (1) (5) (6)
$8,000,000 $8,400,000 $8,400,000 $8,400,000 $8,400,000 $8,400,000 $8,400,000 
 in excess of in excess of in excess of in excess of in excess of in excess of in excess of
 $1,000,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 
Total reinsurance coverage per occurrence (5) (6)
$8,000,000 $8,470,000 $8,470,000 $8,500,000 $8,500,000 $8,500,000 $8,500,000 
Losses per occurrence subject to reinsurance coverage (6)
$9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000 
Expiration date (6)June 30, 2025June 30, 2025June 30, 2024June 30, 2024June 30, 2023June 30, 2023June 30, 2022
Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty (6)
(6)$10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 
Risk retained per catastrophe occurrence (6) (7) (8) (9)5,000,000 4,750,000 $9,500,000 $8,750,000 $8,750,000 $7,400,000 $7,400,000 
Catastrophe loss coverage in excess of quota share coverage (2) (6)
$275,000,000 $275,000,000 $315,000,000 $315,000,000 $335,000,000 $335,000,000 $490,000,000 
Reinstatement premium protection (3) (4)
 Yes  Yes  Yes  Yes  Yes  Yes  Yes
(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, 2025.
(2)Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone.
(3)For the period July 1, 2022 through June 30, 2023, reinstatement premium protection for $12,500,000 of catastrophe coverage in excess of $10,000,000. For the period July 1, 2023 through June 30, 2024, reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000.
(4)For the period July 1, 2024 through June 30, 2025 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $10,500,000 of catastrophe coverage in excess of $10,000,000.
(5)For the period January 1, 2022 through January 1, 2025, 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 $500,000 from $700,000 under the 2021/2023 Treaty and 2023/2024 Treaty. Reduces retention to $530,000 from $730,000 under the 2024/2025 Treaty. After the expiration of the Underlying XOL Treaty and 2024/2025 Treaty on January 1, 2025, retention will be $1,000,000.
(6)Personal lines quota share (homeowners, dwelling fire and canine liability) and underlying excess of loss reinsurance will expire on January 1, 2025, with none of these coverages to be in effect during the period from January 2, 2025 through June 30, 2025. Reinsurance coverage in effect from January 2, 2025 through June 30, 2025 is only for excess of loss and catastrophe reinsurance treaties.
(7)For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event.
(8)Plus losses in excess of catastrophe coverage.
(9)For the period October 1, 2024 through April 30, 2025, additional catastrophe reinsurance treaty will provide coverage for winter storm losses of $4,500,000 in excess of $5,500,000. Retention for winter storms under this treaty is $4,800,000.
Schedule of Line of Business of Reinsurance Coverage
Treaty Year
Line of Business July 1, 2024
to
June 30, 2025		July 1, 2023
to
June 30, 2024		July 1, 2022
to
June 30, 2023
 
Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage 90 %90 %90 %
Percent ceded - excess of $1,000,000 dollars of coverage 95 %95 %95 %
Risk retained $300,000 $300,000 $300,000 
Total reinsurance coverage per occurrence $4,700,000 $4,700,000 $4,700,000 
Losses per occurrence subject to quota share reinsurance coverage $5,000,000 $5,000,000 $5,000,000 
Expiration date June 30, 2025June 30, 2024June 30, 2023
 
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
September 30,		Nine months ended
September 30,
2024202320242023
   
Provisional ceding commissions earned $4,742,557 $4,992,312 $13,859,795 $15,733,145 
Contingent ceding commissions earned (881)544,015 10,953 660,799 
$4,741,676 $5,536,327 $13,870,748 $16,393,944