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Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances

The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Reserve for losses and loss adjustment expenses at beginning of period			$	24,466					$	21,268					$	22,752					$	20,032
Unpaid losses and loss adjustment expenses recoverable			7,083						6,394						6,690						6,280
Net reserve for losses and loss adjustment expenses at beginning of period			17,383						14,874						16,062						13,752
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year			2,524						1,793						6,324						5,012
Prior years			(121)						(146)						(366)						(403)
Total net incurred losses and loss adjustment expenses			2,403						1,647						5,958						4,609
Net losses and loss adjustment expense reserves of acquired businesses (1)			2,413						—						2,463						—
Net foreign exchange (gains) losses and other			246						(123)						152						(24)
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year			(362)						(345)						(647)						(700)
Prior years			(967)						(713)						(2,872)						(2,297)
Total net paid losses and loss adjustment expenses			(1,329)						(1,058)						(3,519)						(2,997)
Net reserve for losses and loss adjustment expenses at end of period			21,116						15,340						21,116						15,340
Unpaid losses and loss adjustment expenses recoverable			7,563						6,496						7,563						6,496
Reserve for losses and loss adjustment expenses at end of period			$	28,679					$	21,836					$	28,679					$	21,836

(1) Activity for the 2024 third quarter related to the acquisition of MCE (see note 2) and Watford Insurance Company (see note 16), while activity for the nine months ended September 30, 2024 also reflects the Company’s acquisition of RMIC Companies, Inc. and its wholly-owned subsidiaries (“RMIC”) that, together, comprise the run-off mortgage insurance business of Old Republic International Corporation.

Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense

			Three Months Ended																		Nine Months Ended
(Favorable) Adverse			September 30,																		September 30,
2024			Short-tailed						Long-tailed						Total						Short-tailed						Long-tailed						Total
Insurance			$	(31)					$	15					$	(16)					$	(61)					$	30					$	(31)
Reinsurance			(68)						27						(41)						(158)						43						(115)
Mortgage			(64)						—						(64)						(220)						—						(220)
Total			$	(163)					$	42					$	(121)					$	(439)					$	73					$	(366)
2023
Insurance			$	(29)					$	19					$	(10)					$	(74)					$	40					$	(34)
Reinsurance			(65)						21						(44)						(168)						42						(126)
Mortgage			(92)						—						(92)						(243)						—						(243)
Total			$	(186)					$	40					$	(146)					$	(485)					$	82					$	(403)

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- References

No definition available.

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- Definition

Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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