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Loss and Loss Adjustment Expense Reserves (Tables) | 3 Months Ended
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Mar. 31, 2024
Insurance [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, 2024 and 2023:
|  |  |  | Three Months Ended March 31,
Millions |  |  |  |  |  | 2024 |  | 2023
Gross beginning balance |  |  |  |  |  | $ | 1,605.1 |  |  | $ | 1,296.5 |
Less: beginning reinsurance recoverable on unpaid losses (1) |  |  |  |  |  | (340.8) |  |  | (505.0) |
Net loss and loss adjustment expense reserves |  |  |  |  |  | 1,264.3 |  |  | 791.5 |
Loss and loss adjustment expenses incurred relating to: |  |  |  |  |  |  |  |
Current year losses |  |  |  |  |  | 180.3 |  |  | 139.2 |
Prior year losses |  |  |  |  |  | (.3) |  |  | 8.6 |
Net incurred loss and loss adjustment expenses |  |  |  |  |  | 180.0 |  |  | 147.8 |
Loss and loss adjustment expenses paid relating to: |  |  |  |  |  |  |  |
Current year losses |  |  |  |  |  | (4.0) |  |  | (4.0) |
Prior year losses |  |  |  |  |  | (96.7) |  |  | (87.7) |
Net paid loss and loss adjustment expenses |  |  |  |  |  | (100.7) |  |  | (91.7) |
Change in TPC Providers’ participation (2) |  |  |  |  |  | — |  |  | 145.4 |
Foreign currency translation and other adjustments to loss and loss adjustment expense reserves |  |  |  |  |  | (3.6) |  |  | 3.7 |
Net ending balance |  |  |  |  |  | 1,340.0 |  |  | 996.7 |
Plus: ending reinsurance recoverable on unpaid losses |  |  |  |  |  | 404.5 |  |  | 348.9 |
Gross ending balance |  |  |  |  |  | $ | 1,744.5 |  |  | $ | 1,345.6 |
(1) The beginning reinsurance recoverable on unpaid losses includes amounts attributable to TPC Providers of $145.4 as of December 31, 2022. (2) Amount represents the impact to net loss and loss adjustment expense reserves due to a change in the TPC Providers’ participation related to the annual RITC process.

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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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