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Reserve for Loss and Loss Expense (Tables)

3 Months Ended

Mar. 31, 2021

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

						Quarter ended March 31,
($ in thousands)						2021						2020
Gross reserve for loss and loss expense, at beginning of year						$	4,260,355					4,067,163
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of year1						554,269						547,066
Net reserve for loss and loss expense, at beginning of year						3,706,086						3,520,097
Incurred loss and loss expense for claims occurring in the:
Current year						447,170						407,276
Prior years						(33,769)						(6,952)
Total incurred loss and loss expense						413,401						400,324
Paid loss and loss expense for claims occurring in the:
Current year						80,158						70,610
Prior years						243,687						281,736
Total paid loss and loss expense						323,845						352,346
Net reserve for loss and loss expense, at end of period						3,795,642						3,568,075
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period						564,546						535,560
Gross reserve for loss and loss expense at end of period						$	4,360,188					4,103,635

1First Quarter 2020 includes an adjustment of $2.9 million related to our adoption of ASU 2016-13, Financial Instruments - Credit Losses.

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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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