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Reserve for Loss and Loss Expense (Tables) | 3 Months Ended
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Mar. 31, 2024
Insurance Loss Reserves [Abstract] |
Schedule of Roll Forward of Reserve for Loss and Loss Expense | The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:
|  | Quarter ended March 31,
($ in thousands) |  | 2024 |  | 2023
Gross reserve for loss and loss expense, at beginning of period |  | $ | 5,336,911 |  |  | 5,144,821 |
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period |  | 618,601 |  |  | 757,513 |
Net reserve for loss and loss expense, at beginning of period |  | 4,718,310 |  |  | 4,387,308 |
Incurred loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 688,519 |  |  | 580,408 |
Prior years |  | 15,773 |  |  | (12,970) |
Total incurred loss and loss expense |  | 704,292 |  |  | 567,438 |
Paid loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 107,719 |  |  | 91,011 |
Prior years |  | 435,489 |  |  | 418,194 |
Total paid loss and loss expense |  | 543,208 |  |  | 509,205 |
Net reserve for loss and loss expense, at end of period |  | 4,879,394 |  |  | 4,445,541 |
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period |  | 622,356 |  |  | 653,909 |
Gross reserve for loss and loss expense, at end of period |  | $ | 5,501,750 |  |  | 5,099,450 |

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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 + Details
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