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Reserve for Loss and Loss Expense (Tables)

3 Months Ended

Mar. 31, 2025

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)						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

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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://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

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