• Filing Date: 2020-03-23
  • Form Type: 10-K
  • Description: Annual report
v3.20.1
Reserve for Losses and Loss Adjustment Expenses (Tables)
12 Months Ended
Dec. 31, 2019
Insurance [Abstract]  
Schedule of loss adjustment expense
    Year ended  
    December 31,  
    2019     2018  
    ($ in thousands)  
             
Gross balance, beginning of year   $ 4,108       4,836  
Incurred, net of reinsurance, related to:                
     Current period     -       10,000  
     Prior period 1     (106 )     (1,006 )
           Total incurred, net of reinsurance     (106 )     8,994  
Paid, net of reinsurance, related to:                
     Current period     -       (6,000 )
     Prior period     (4,002 )     (3,722 )
           Total paid, net of reinsurance     (4,002 )     (9,722 )
Net balance, end of year   $ -       4,108  
     Add: reinsurance recoverable     -       -  
Gross balance, end of period   $ -       4,108  
Incurred and paid claims development, net of reinsurance
Property Catastrophe Reinsurance                                   
(in thousands)                                   
                              As of  
 

Incurred Losses and Loss Adjustment Expenses

                          December 31, 2019  
                                       
                              Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims     Cumulative Number of Reported Claims  
                              (dollars in thousands)        

Accident Year

    2016     2017     2018     2019              
2016     $ 14,775     $ 18,801     $ 17,795     $ 17,689     $ -       5  
2017             $ 38,401     $ 38,401     $ 38,401     $ -       8  
2018                     $ 10,000     $ 10,000     $ -       2  
2019                             $ -     $ -       -  
        Total                     $ 66,090     $ -          

 

Cumulative Paid Losses and Loss Adjustment Expenses

 

For the Years Ended December 31,

(in thousands)

 

Accident Year     2016     2017     2018     2019              
2016     $ 6,073     $ 16,073     $ 17,687     $ 17,689                  
2017             $ 36,293     $ 38,401     $ 38,401                  
2018                     $ 6,000     $ 10,000                  
2019                             $ -                  
        Total                     $ 66,090                  
  Reserve for loss and loss adjustment expenses at December 31, 2019, net of reinsurance                           $ -                  

 

Historical average annual percentage payout

Years

  1     2     3     4  
                         
Property Catastrophe Reinsurance     62.9 %     34.0 %     9.1 %     0.0 %