v3.26.1
RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2025
Reserve For Losses And Loss Adjustment Expenses  
SCHEDULE OF LOSS ADJUSTMENT EXPENSES

The following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE reserve movements for the years ended December 31, 2025 and 2024:

  

       
   For Years ended December 31, 
   2025   2024 
   ($ in thousands) 
         
Gross balance, beginning of year  $-    - 
Incurred, net of reinsurance, related to:          
Current year   -    - 
Prior year   2,742    - 
Total incurred   2,742    - 
Paid related to:          
Current year   -    - 
Prior year   (2,651)   - 
Total paid   (2,651)   - 
Balance, end of year  $

91

    - 
SCHEDULE OF INCURRED LOSSES AND ADJUSTMENT EXPENSES

Property Catastrophe Reinsurance

 

(in thousands)

 

Incurred Losses and Loss Adjustment Expenses

 

Accident Year  2016   2017   2018   2019   2020   2021   2022   2023   2024    2025   

As of December 31, 2025 Total of Incurred-but -Not-Reported Liabilities Plus Expected Development on Reported Claims

  

Cumulative Number

of Reported Claims

 
                                             (dollars in thousands) 
2016  $14,775   $18,801   $17,795   $17,689   $17,689   $17,689   $17,689   $17,689   $17,689    $ 17,689    $-    5 
2017       $38,401   $38,401   $38,401   $38,401   $38,401   $38,401   $38,401   $38,401    $ 38,401    $-    8 
2018            $10,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000    $ 10,000    $-    2 
2019                 $-   $-   $-   $-   $-   $-    $ -    $-    - 
2020                      $-   $-   $-   $-   $-    $ -    $-    - 
2021                           $158   $158   $158   $158    $ 158    $-    1 
2022                                $1,073   $1,073   $1,073    $ 1,073    $-    1 
2023                                   $-   $-    $ -    $-    - 
2024                                      $-    $ 2,748    $        59    1 
2025                                                $ -    $-    - 
    Total                                           $ 70,069    $59      

 

Cumulative Paid Losses and Loss Adjustment Expenses

 

For the Years Ended December 31,

 

(in thousands)

 

Accident Year  2016   2017   2018   2019   2020   2021   2022   2023   2024    2025  
2016  $6,073   $16,073   $17,687   $17,689   $17,689   $17,689   $17,689   $17,689   $17,689    $ 17,689  
2017       $36,293   $38,401   $38,401   $38,401   $38,401   $38,401   $38,401   $38,401    $ 38,401  
2018            $6,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000    $ 10,000  
2019                 $-   $-   $-   $-   $-   $-    $ -  
2020                      $-   $-   $-   $-   $-    $ -  
2021                           $158   $158   $158   $158    $ 158  
2022                                $-   $1,073   $1,073    $ 1,073  
2023                                   $-   $-    $ -  
2024                                        $-    $ 2,657  
2025                                                $ -  
    Total                                          $ 69,978  
Reserve for loss and loss adjustment expenses at December 31, 2025, net of reinsurance                 $ 91  
SCHEDULE OF HISTORICAL AVERAGE ANNUAL PERCENTAGE PAYOUT OF CLAIMS

The following table shows the historical average annual percentage payout of claims at December 31, 2025.

 

   Average Annual Percentage Payout of Incurred Claims by Age 
                         
Years   1    2    3    4    5    6 
                               
Property Catastrophe Reinsurance   48.1%   49.8%   1.8%   0.01%   0%   0%