NOTE 9 – LOSS AND LOSS ADJUSTMENT EXPENSES
The following tables shows changes in aggregate reserves for the Company’s loss and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net reserves at January 1, |
|
$ |
— |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
147,415 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total incurred loss and loss adjustment expense |
|
|
147,415 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
4,268 |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total payments |
|
|
4,268 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
143,147 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
84,412 |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
63,003 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total incurred loss and loss adjustment expense |
|
|
63,003 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
4,268 |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total payments |
|
|
4,268 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
143,147 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
For the three and six month periods ended June 30, 2023, initial reserves were established for the start of the Company’s captive operations.
|