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Liabilities for Outstanding Claims, Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Schedule of Liability for Unpaid Losses and Loss Adjustment Expenses | The table below provides a reconciliation of the gross beginning and ending reserve for unpaid losses and loss adjustment expenses.
|  | Nine Months Ended |
|  | September 30, |
(in millions) |  | 2024 |  |  | 2023 |
Gross reserve for losses and LAE, beginning of period |  | $ | 7,308.1 |  |  | $ | 7,012.6 |
Reinsurance recoverable on unpaid losses |  |  | 1,795.0 |  |  |  | 1,748.6 |
Net reserve for losses and LAE, beginning of period |  |  | 5,513.1 |  |  |  | 5,264.0 |
Net incurred losses and LAE in respect of losses occurring in: |  |  |  |  |  |
Current year |  |  | 2,975.6 |  |  |  | 3,225.6 |
Prior years |  |  | (78.8 | ) |  |  | (6.8 | )
Total incurred losses and LAE |  |  | 2,896.8 |  |  |  | 3,218.8 |
Net payments of losses and LAE in respect of losses occurring in: |  |  |  |  |  |
Current year |  |  | 1,225.3 |  |  |  | 1,375.7 |
Prior years |  |  | 1,517.5 |  |  |  | 1,523.8 |
Total payments |  |  | 2,742.8 |  |  |  | 2,899.5 |
Net reserve for losses and LAE, end of period |  |  | 5,667.1 |  |  |  | 5,583.3 |
Reinsurance recoverable on unpaid losses |  |  | 1,759.7 |  |  |  | 1,746.5 |
Gross reserve for losses and LAE, end of period |  | $ | 7,426.8 |  |  | $ | 7,329.8 |

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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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