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Reserve for Loss and Loss Expense (Tables)

6 Months Ended

Jun. 30, 2020

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

		Six Months ended June 30,
($ 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		825,201				783,938
Prior years		(20,928		)		(16,375	)
Total incurred loss and loss expense		804,273				767,563
Paid loss and loss expense for claims occurring in the:
Current year		221,422				210,374
Prior years		479,736				442,820
Total paid loss and loss expense		701,158				653,194
Net reserve for loss and loss expense, at end of period		3,623,212				3,470,849
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period		553,694				556,203
Gross reserve for loss and loss expense at end of period		$	4,176,906			4,027,052

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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