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Loss and Loss Adjustment Expense Reserves (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Millions |  | 2023 |  | 2022 |  | 2023 |  | 2022
Gross beginning balance |  | $ | 1,345.6 |  |  | $ | 999.6 |  |  | $ | 1,296.5 |  |  | $ | 894.7 |
Less: beginning reinsurance recoverable on unpaid losses (1) |  | (348.9) |  |  | (396.0) |  |  | (505.0) |  |  | (428.9) |
Net loss and LAE reserves |  | 996.7 |  |  | 603.6 |  |  | 791.5 |  |  | 465.8 |
Loss and LAE incurred relating to: |  |  |  |  |  |  |  |
Current year losses |  | 156.5 |  |  | 143.2 |  |  | 295.7 |  |  | 268.9 |
Prior year losses |  | 11.0 |  |  | (22.7) |  |  | 19.6 |  |  | (26.4) |
Net incurred losses and LAE |  | 167.5 |  |  | 120.5 |  |  | 315.3 |  |  | 242.5 |
Loss and LAE paid relating to: |  |  |  |  |  |  |  |
Current year losses |  | (5.6) |  |  | (14.1) |  |  | (9.6) |  |  | (14.7) |
Prior year losses |  | (103.0) |  |  | (54.4) |  |  | (190.7) |  |  | (93.8) |
Net paid loss and LAE |  | (108.6) |  |  | (68.5) |  |  | (200.3) |  |  | (108.5) |
Change in TPC Providers’ participation (2) |  | — |  |  | — |  |  | 145.4 |  |  | 57.5 |
Foreign currency translation and other adjustments to loss and LAE reserves |  | 2.7 |  |  | (9.0) |  |  | 6.4 |  |  | (10.7) |
Net ending balance |  | 1,058.3 |  |  | 646.6 |  |  | 1,058.3 |  |  | 646.6 |
Plus: ending reinsurance recoverable on unpaid losses (3) |  | 362.7 |  |  | 375.5 |  |  | 362.7 |  |  | 375.5 |
Gross ending balance |  | $ | 1,421.0 |  |  | $ | 1,022.1 |  |  | $ | 1,421.0 |  |  | $ | 1,022.1 |
(1) The beginning reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $0.0 and $207.3 for the three months ended June 30, 2023 and 2022 and $145.4 and $276.8 for the six months ended June 30, 2023 and 2022. (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 $182.4 as of June 30, 2023 and 2022.

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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 -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 + Details
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