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Reserve for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30:
(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 |  | 124,180 |  |  | 101,547 |
Prior years |  | (83,935) |  |  | (89,645) |
Net incurred losses and LAE during the current period |  | 40,245 |  |  | 11,902 |
Deduct payments for losses and LAE, net of reinsurance, occurring in: |  |  |  |
Current period |  | 1,824 |  |  | 187 |
Prior years |  | 17,062 |  |  | 7,496 |
Net loss and LAE payments during the current period |  | 18,886 |  |  | 7,683 |
Net reserve for losses and LAE at end of period |  | 257,350 |  |  | 220,578 |
Plus: Reinsurance recoverables |  | 30,966 |  |  | 20,755 |
Reserve for losses and LAE at end of period |  | $ | 288,316 |  |  | $ | 241,333 |

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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://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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