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v3.22.2.2

Loss and Loss Adjustment Expense Reserves (Tables) | 9 Months Ended
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Sep. 30, 2022
Insurance Loss Reserves [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table summarizes the loss and LAE reserve activity of Ark’s insurance and reinsurance subsidiaries for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Millions |  | 2022 |  | 2021 |  | 2022 |  | 2021
Gross beginning balance |  | $ | 1,022.1 |  |  | $ | 760.0 |  |  | $ | 894.7 |  |  | $ | 696.0 |
Less: beginning reinsurance recoverable on unpaid losses (1) |  | (375.5) |  |  | (425.3) |  |  | (428.9) |  |  | (433.4) |
Net loss and LAE reserves |  | 646.6 |  |  | 334.7 |  |  | 465.8 |  |  | 262.6 |
Loss and LAE incurred relating to: |  |  |  |  |  |  |  |
Current year losses |  | 222.9 |  |  | 141.9 |  |  | 491.8 |  |  | 269.0 |
Prior year losses |  | (9.2) |  |  | (12.7) |  |  | (35.6) |  |  | (21.2) |
Net incurred losses and LAE |  | 213.7 |  |  | 129.2 |  |  | 456.2 |  |  | 247.8 |
Loss and LAE paid relating to: |  |  |  |  |  |  |  |
Current year losses |  | (6.1) |  |  | (9.0) |  |  | (20.8) |  |  | (11.5) |
Prior year losses |  | (37.0) |  |  | (20.3) |  |  | (130.8) |  |  | (62.1) |
Net paid loss and LAE |  | (43.1) |  |  | (29.3) |  |  | (151.6) |  |  | (73.6) |
Change in TPC Providers’ participation (2) |  | — |  |  | — |  |  | 57.5 |  |  | (2.2) |
Foreign currency translation and other adjustments to loss and LAE reserves |  | (9.2) |  |  | (1.2) |  |  | (19.9) |  |  | (1.2) |
Net ending balance |  | 808.0 |  |  | 433.4 |  |  | 808.0 |  |  | 433.4 |
Plus: ending reinsurance recoverable on unpaid losses (3) |  | 521.4 |  |  | 457.5 |  |  | 521.4 |  |  | 457.5 |
Gross ending balance |  | $ | 1,329.4 |  |  | $ | 890.9 |  |  | $ | 1,329.4 |  |  | $ | 890.9 |
(1) The beginning reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $182.4 and $314.6 for the three months ended September 30, 2022 and 2021 and $276.8 and $319.2 for the nine months ended September 30, 2022 and 2021. (2) Amount represents the impact to net loss and LAE reserves due to a change in the TPC Providers’ participation related to the annual reinsurance to close (“RITC”) process. (3) The ending reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $168.0 and $299.9 as of September 30, 2022 and 2021.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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