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Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2024

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)						2024						2023
Reserve for losses and LAE at beginning of period						$	260,095					$	216,464
Less: Reinsurance recoverables						24,104						14,618
Net reserve for losses and LAE at beginning of period						235,991						201,846
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period						39,396						32,694
Prior years						(29,483)						(32,874)
Net incurred losses and LAE during the current period						9,913						(180)
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period						404						—
Prior years						4,846						2,001
Net loss and LAE payments during the current period						5,250						2,001
Net reserve for losses and LAE at end of period						240,654						199,665
Plus: Reinsurance recoverables						26,670						16,357
Reserve for losses and LAE at end of period						$	267,324					$	216,022

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- References

No definition available.

+ Details

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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
-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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