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Reserve for Loss and Loss Expense (Tables)

3 Months Ended

Mar. 31, 2020

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

		Quarter Ended March 31,
($ in thousands)		2020				2019
Gross reserve for loss and loss expense, at beginning of year		$	4,067,163			3,893,868
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year1		547,066				537,388
Net reserve for loss and loss expense, at beginning of year		3,520,097				3,356,480
Incurred loss and loss expense for claims occurring in the:
Current year		407,276				397,253
Prior years		(6,952		)		(10,674	)
Total incurred loss and loss expense		400,324				386,579
Paid loss and loss expense for claims occurring in the:
Current year		70,610				73,964
Prior years		281,736				246,168
Total paid loss and loss expense		352,346				320,132
Net reserve for loss and loss expense, at end of period		3,568,075				3,422,927
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period		535,560				543,582
Gross reserve for loss and loss expense at end of period		$	4,103,635			3,966,509

¹Includes an adjustment of $2.9 million related to our adoption of ASU 2016-13. Refer to Note 2. "Adoption of Accounting Pronouncements" for additional information.

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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 http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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