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Reserve for Loss and Loss Expense (Tables)

6 Months Ended

Jun. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of Reserve for Loss and Loss Expense

						Six Months ended June 30,
($ in thousands)						2023						2022
Gross reserve for loss and loss expense, at beginning of period						$	5,144,821					4,580,903
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period						757,513						578,641
Net reserve for loss and loss expense, at beginning of period						4,387,308						4,002,262
Incurred loss and loss expense for claims occurring in the:
Current year						1,221,635						1,041,778
Prior years						(8,067)						(22,674)
Total incurred loss and loss expense						1,213,568						1,019,104
Paid loss and loss expense for claims occurring in the:
Current year						320,026						272,401
Prior years						720,314						570,868
Total paid loss and loss expense						1,040,340						843,269
Net reserve for loss and loss expense, at end of period						4,560,536						4,178,097
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period						616,487						544,082
Gross reserve for loss and loss expense, at end of period						$	5,177,023					4,722,179

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

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