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Reserve for Loss and Loss Expense (Tables)

3 Months Ended

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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- 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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