v3.25.2
Property and Casualty Insurance Activity (Tables)
 6 Months Ended
Jun. 30, 2025
Property and Casualty Insurance Activity  
Schedule of Earned Premiums
Premiums written, ceded and earned are as follows:
 
Direct
Assumed
Ceded
Net
    
Six months ended June 30, 2025   
Premiums written$119,237,405 $- $(6,017,324)$113,220,081 
Change in unearned premiums4,438,637 - (27,920,395)(23,481,758)
Premiums earned$123,676,042 $- $(33,937,719)$89,738,323 
     
Six months ended June 30, 2024    
Premiums written$102,819,939 $- $(23,299,863)$79,520,076 
Change in unearned premiums(1,813,141)- (18,583,421)(20,396,562)
Premiums earned$101,006,798 $- $(41,883,284)$59,123,514 
Three months ended June 30, 2025
Premiums written$61,062,409 $— $(8,851,735)$52,210,674 
Change in unearned premiums1,968,256 — (7,963,670)(5,995,414)
Premiums earned$63,030,665 $— $(16,815,405)$46,215,260 
Three months ended June 30, 2024
Premiums written$53,495,323 $— $(12,070,646)$41,424,677 
Change in unearned premiums(2,484,903)— (8,636,162)(11,121,065)
Premiums earned$51,010,420 $— $(20,706,808)$30,303,612 
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:
Six months ended June 30,
20252024
 
Balance at beginning of period $126,210,428 $121,817,862 
Less reinsurance recoverables(32,322,637)(33,288,650)
Net balance, beginning of period 93,887,791 88,529,212 
   
Incurred related to:  
Current year45,914,496 33,094,050 
Prior years(812,256)(996,155)
Total incurred45,102,240 32,097,895 
   
Paid related to:  
Current year18,399,950 14,180,114 
Prior years19,470,717 18,883,752 
Total paid37,870,667 33,063,866 
   
Net balance at end of period101,119,364 87,563,241 
Add reinsurance recoverables32,808,090 29,014,249 
Balance at end of period $133,927,454 $116,577,490 
Schedule of Line of Business
The following is information about incurred and paid claims development as of June 30, 2025, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of June 30, 2025 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, 2016 to December 31, 2024 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
June 30, 2025
Accident YearFor the Years Ended December 31,Six
Months
Ended
June 30,
2025		IBNRCumulative
Number of
Reported
Claims by
Accident
Year
201620172018201920202021202220232024
 (Unaudited 2015 - 2024)(Unaudited)
            
2016$26,062 $24,941 $24,789 $27,887 $27,966 $27,417 $27,352 $27,271 $27,247 $27,221 $78 2,884
2017 31,605 32,169 35,304 36,160 36,532 36,502 36,819 37,268 37,356 193 3,401
2018  54,455 56,351 58,441 59,404 61,237 61,145 61,686 61,384 1,237 4,238
2019   75,092 72,368 71,544 71,964 73,310 74,363 74,608 1,685 4,508
2020    63,083 62,833 63,217 63,562 64,400 64,800 1,294 5,895
2021     96,425 96,673 96,134 96,771 97,030 1,822 5,834
2022      79,835 78,759 78,078 77,492 4,166 4,717
2023       78,978 72,025 71,622 8,741 4,094
2024        57,860 57,565 10,912 3,121
2025         41,862 13,092 1,078
          Total $610,939   
All Lines of Business
(in thousands)
 Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident YearFor the Years Ended December 31,Six
Months Ended
June 30,
2025
201620172018201920202021202220232024
 (Unaudited 2015 - 2024)(Unaudited)
 
2016$15,364 $19,001 $21,106 $23,974 $25,234 $25,750 $26,382 $26,854 $26,808 $26,876 
2017 16,704 24,820 28,693 31,393 32,529 33,522 34,683 35,046 35,246 
2018  32,383 44,516 50,553 52,025 54,424 56,199 57,185 57,651 
2019   40,933 54,897 58,055 60,374 63,932 66,109 68,029 
2020    39,045 50,719 53,432 56,523 59,220 60,345 
2021     56,282 77,756 82,317 85,314 88,229 
2022      45,856 65,732 68,170 68,923 
2023       46,280 56,952 58,221 
2024        29,013 37,967 
2025         16,519 
         Total$518,007 
           
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented$92,932 
All outstanding liabilities before 2016, net of reinsurance1,569 
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance$94,501 
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
June 30, 2025
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance$94,501 
Total reinsurance recoverable on unpaid losses32,808 
Unallocated loss adjustment expenses6,618 
Total gross liability for loss and LAE reserves$133,927 
Schedule of Material Terms for Reinsurance Treaties Material terms for reinsurance treaties in effect for the treaty years shown below are as follows (see Note 15 - Subsequent Events, Reinsurance):
Treaty Period
2025/2026 Treaty2024/2025 Treaty
Line of BusinessJanuary 2,
2026
to
June 30,
2026		July 1,
2025
to
January 1,
2026		January 2,
2025
to
June 30,
2025		July 1,
2024
to
January 1,
2025		January 1,
2024
to
June 30,
2024
Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (6)(5)16 %16 %27 %27 %
Risk retained on initial
$1,000,000 of losses (4) (5) (6)(5)$840,000 $840,000 $730,000 $730,000 
Losses per occurrence
subject to quota share
reinsurance coverage(5)$1,000,000 $1,000,000 $1,000,000 $1,000,000 
Expiration date(5)January 1, 2026January 1, 2026January 1, 2025January 1, 2025
Excess of loss coverage and
facultative facility
coverage (1) (4) (5)$8,250,000 $8,250,000 $8,400,000 $8,400,000 $8,400,000 
in excess ofin excess ofin excess ofin excess ofin excess of
$750,000 $750,000 $600,000 $600,000 $600,000 
Total reinsurance coverage
per occurrence (4) (5)$8,125,000 $8,285,000 $8,360,000 $8,470,000 $8,470,000 
Losses per occurrence
subject to reinsurance
coverage (5)$9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000 
Expiration dateJune 30, 2026June 30, 2026June 30, 2025June 30, 2025June 30, 2024
Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (5)(5)$10,000,000 $10,000,000 $10,000,000 $10,000,000 
Risk retained per catastrophe
occurrence (5) (6) (7) (8)$6,000,000 $5,000,000 $4,250,000 $4,750,000 $9,500,000 
Catastrophe loss
coverage (2) (5) (8)$434,000,000 $435,000,000 $275,000,000 $275,000,000 $315,000,000 
Reinstatement premium
protection (3)YesYesYesYesYes
(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, 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.
(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 2024/2025 Treaty. 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 (see note 5 below).
(5)The personal lines quota share treaty (homeowners, dwelling fire and canine liability) will expire on January 1, 2026, with none of these coverages to be in effect during the period from January 2, 2026 through June 30, 2026. If and when this treaty is renewed on January 2, 2026, the personal lines quota share treaty, will be as provided for therein. Reinsurance coverage in effect from January 2, 2026 through June 30, 2026 is only for excess of loss, Underlying XOL, and catastrophe reinsurance treaties.
(6)For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2025/2026 Treaty, 6% of the 16% total of losses ceded under this treaty are excluded from a named catastrophe event.
(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. Retention for winter storms under this treaty is $4,800,000 under the 2024/2025 Treaty and $5,200,000 under the 2025/2026 Treaty.
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		July 1, 2023
to
June 30, 2024
 
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, 2026June 30, 2025June 30, 2024
 
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
June 30,		Six months ended
June 30,
2025202420252024
   
Provisional ceding commissions earned $3,387,505 $4,561,998 $6,639,909 $9,117,238 
Contingent ceding commissions earned (305,949)(37)(599,662)11,834 
$3,081,556 $4,561,961 $6,040,247 $9,129,072