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Reserves (Tables) | 3 Months Ended
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Mar. 31, 2026
Insurance [Abstract] |
Schedule of Roll Forward of Claims and Benefits Payable | The following table provides a roll forward of the Company’s beginning and ending claims and benefits payable balances. Claims and benefits payable is the liability for unpaid loss and loss adjustment expenses and is comprised of case and incurred but not reported (“IBNR”) reserves. Since unpaid loss and loss adjustment expenses are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively. The best estimate of ultimate loss and loss adjustment expense is generally selected from a blend of methods that are applied consistently each period. There have been no significant changes in the methodologies and assumptions utilized in estimating the liability for unpaid loss and loss adjustment expenses for any of the periods presented.
| For the Three Months Ended March 31,
| 2026 |  | 2025
Claims and benefits payable, at beginning of period | $ | 2,101.2 |  |  | $ | 2,914.2 |
Less: Reinsurance ceded and other | (899.0) |  |  | (1,669.8) |
Net claims and benefits payable, at beginning of period | 1,202.2 |  |  | 1,244.4 |
Incurred losses and loss adjustment expenses related to: |  |  |
Current year | 801.3 |  |  | 841.0 |
Prior years | (32.2) |  |  | (61.3) |
Total incurred losses and loss adjustment expenses | 769.1 |  |  | 779.7 |
Paid losses and loss adjustment expenses related to: |  |  |
Current year | 309.9 |  |  | 350.2 |
Prior years | 394.3 |  |  | 389.7 |
Total paid losses and loss adjustment expenses | 704.2 |  |  | 739.9 |
Net claims and benefits payable, at end of period | 1,267.1 |  |  | 1,284.2 |
Plus: Reinsurance ceded and other (1) | 901.5 |  |  | 1,285.9 |
Claims and benefits payable, at end of period (1) | $ | 2,168.6 |  |  | $ | 2,570.1 |
(1)Includes reinsurance recoverables and claims and benefits payable of $183.4 million and $492.4 million as of March 31, 2026 and 2025, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

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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 + Details
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