XML 35 R15.htm IDEA: XBRL DOCUMENT
v3.24.2

Reserve for Loss and Loss Expense | 6 Months Ended
--- | ---
Jun. 30, 2024
Insurance Loss Reserves [Abstract] |
Reserve for Loss and Loss Expense | 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:
|  | Six Months ended June 30,
($ 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 |  | 1,442,719 |  |  | 1,221,635 |
Prior years |  | 187,121 |  |  | (8,067) |
Total incurred loss and loss expense |  | 1,629,840 |  |  | 1,213,568 |
Paid loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 347,501 |  |  | 320,026 |
Prior years |  | 753,658 |  |  | 720,314 |
Total paid loss and loss expense |  | 1,101,159 |  |  | 1,040,340 |
Net reserve for loss and loss expense, at end of period |  | 5,246,991 |  |  | 4,560,536 |
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period |  | 656,534 |  |  | 616,487 |
Gross reserve for loss and loss expense, at end of period |  | $ | 5,903,525 |  |  | 5,177,023 |
Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. The unfavorable casualty reserve development was driven by our Standard Commercial Lines segment, which included (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business. Additionally, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business. Prior year reserve development in Six Months 2023 was favorable by $8.1 million, consisting of $16.5 million of favorable casualty reserve development, partially offset by $8.4 million of unfavorable property reserve development. The favorable casualty reserve development included $17.5 million in our workers compensation line of business and $5.0 million in our Excess and Surplus ("E&S") casualty lines of business, partially offset by $6.0 million of unfavorable casualty reserve development in our personal automobile line of business.

X
- References No definition available. + Details
Name: | us-gaap_InsuranceLossReservesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration