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Loss and Loss Adjustment Expense Reserves (Tables)

3 Months Ended

Mar. 31, 2023

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table summarizes the loss and loss adjustment expense (“LAE”) reserve activity of the Ark/WM Outrigger segment for the three months ended March 31, 2023 and 2022:

												Three Months Ended March 31,
Millions																		2023						2022
Gross beginning balance																		$	1,296.5					$	894.7
Less: beginning reinsurance recoverable on unpaid losses (1)																		(505.0)						(428.9)
Net loss and LAE reserves																		791.5						465.8
Loss and LAE incurred relating to:
Current year losses																		139.2						125.7
Prior year losses																		8.6						(3.7)
Net incurred losses and LAE																		147.8						122.0
Loss and LAE paid relating to:
Current year losses																		(4.0)						(.6)
Prior year losses																		(87.7)						(39.4)
Net paid loss and LAE																		(91.7)						(40.0)
Change in TPC Providers’ participation (2)																		145.4						57.5
Foreign currency translation and other adjustments to loss and LAE    reserves																		3.7						(1.7)
Net ending balance																		996.7						603.6
Plus: ending reinsurance recoverable on unpaid losses (3)																		348.9						396.0
Gross ending balance																		$	1,345.6					$	999.6

(1) The beginning reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $145.4 and $276.8 as of December 31, 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 process.

(3) The ending reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $0.0 and $207.3 as of March 31, 2023 and 2022.

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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
-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

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