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	Loss Ratio Analysis
	Trended and developed loss ratios with credibility weighting to derive expected loss ratio
	Developed & Trended Loss Ratios by Accident Year
	Accident Year	Earned Premium	Ultimate Losses	Raw Loss Ratio	Trend Factor	Trended Losses	On-Level Premium	Trended LR
	2021	$68,500,000	$39,650,000	57.9%	1.118	$44,309,881	$78,245,268	56.6%
	2022	$73,200,000	$44,220,000	60.4%	1.090	$48,211,680	$81,178,565	59.4%
	2023	$78,800,000	$48,780,000	61.9%	1.064	$51,886,152	$84,843,637	61.2%
	2024	$84,100,000	$54,050,000	64.3%	1.038	$56,089,491	$87,912,743	63.8%
	2025	$89,500,000	$63,700,000	71.2%	1.012	$64,491,335	$90,832,580	71.0%
	Weighted Average	$394,100,000	$250,400,000	63.5%		$264,988,538	$423,012,793	62.6%
	Credibility-Weighted Expected Loss Ratio
	Component	Value	Weight	Contribution	Source
	Own Experience (Trended)	62.6%	75.0%	47.0%	Calculated from historical loss data
	Industry Benchmark	60.0%	25.0%	15.0%	Industry loss ratio from Assumptions
	Expected Loss Ratio	62.0%	100.0%	62.0%	Z * Own + (1-Z) * Industry
	Expected Loss Ratio by Risk Class
	Risk Class	Historical LR	Relativity	Adjusted LR	Expected Losses	Loss + LAE
	Class 1 - Preferred	47.0%	0.75	42.6%	$10,682,792	$11,430,588
	Class 2 - Standard	54.1%	1.00	56.8%	$18,313,358	$19,595,293
	Class 3 - Moderate	60.0%	1.25	71.0%	$12,717,610	$13,607,843
	Class 4 - Substandard	68.1%	1.55	88.1%	$8,673,410	$9,280,549
	Class 5 - High Risk	79.6%	2.00	113.7%	$5,087,044	$5,443,137
	Total			62.0%	$55,474,214	$59,357,409