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Reserve for Loss and Loss Expense (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Schedule of Roll Forward of Reserve for Loss and Loss Expense

						Nine Months ended September 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						1,865,247						1,610,940
Prior years						(5,782)						(44,010)
Total incurred loss and loss expense						1,859,465						1,566,930
Paid loss and loss expense for claims occurring in the:
Current year						607,595						513,118
Prior years						988,859						779,438
Total paid loss and loss expense						1,596,454						1,292,556
Net reserve for loss and loss expense, at end of period						4,650,319						4,276,636
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period						651,051						688,641
Gross reserve for loss and loss expense, at end of period						$	5,301,370					4,965,277

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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
-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

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