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Reserve for Loss and Loss Expense | 3 Months Ended
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Mar. 31, 2025
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:
|  | Quarter ended March 31,
($ in thousands) |  | 2025 |  | 2024
Gross reserve for loss and loss expense, at beginning of period |  | $ | 6,589,801 |  |  | 5,336,911 |
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period |  | 1,022,245 |  |  | 618,601 |
Net reserve for loss and loss expense, at beginning of period |  | 5,567,556 |  |  | 4,718,310 |
Incurred loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 759,992 |  |  | 688,519 |
Prior years |  | (13,667) |  |  | 15,773 |
Total incurred loss and loss expense |  | 746,325 |  |  | 704,292 |
Paid loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 105,268 |  |  | 107,719 |
Prior years |  | 487,152 |  |  | 435,489 |
Total paid loss and loss expense |  | 592,420 |  |  | 543,208 |
Net reserve for loss and loss expense, at end of period |  | 5,721,461 |  |  | 4,879,394 |
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period |  | 889,394 |  |  | 622,356 |
Gross reserve for loss and loss expense, at end of period |  | $ | 6,610,855 |  |  | 5,501,750 |
Prior year reserve development in First Quarter 2025 was favorable by $13.7 million, consisting of $18.7 million of favorable property reserve development, partially offset by $5.0 million of unfavorable casualty reserve development. The unfavorable casualty reserve development related to our Standard Personal Lines segment and was driven by $5.0 million in unfavorable development, primarily related to increased severities in accident year 2024 in the personal automobile line of business. Prior year reserve development in First Quarter 2024 was unfavorable by $15.8 million, consisting of $35.0 million of unfavorable casualty reserve development, partially offset by $19.2 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of $50.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, partially offset by $15.0 million of favorable casualty reserve development in our workers compensation line of business. Our Standard Personal Lines Segment also 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 in First Quarter 2024.

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- 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 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: 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
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