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Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses (LAE)

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”) for the three months ended March 31:

(In thousands)						2023						2022
Reserve for losses and LAE at beginning of period						$	216,464					$	407,445
Less: Reinsurance recoverables						14,618						25,940
Net reserve for losses and LAE at beginning of period						201,846						381,505
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period						32,694						24,369
Prior years						(32,874)						(131,227)
Net incurred losses and LAE during the current period						(180)						(106,858)
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period						—						1
Prior years						2,001						909
Net loss and LAE payments during the current period						2,001						910
Net reserve for losses and LAE at end of period						199,665						273,737
Plus: Reinsurance recoverables						16,357						19,335
Reserve for losses and LAE at end of period						$	216,022					$	293,072

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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