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Loss And Loss Adjustment Expense Reserves | 3 Months Ended
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Mar. 31, 2024
Insurance Loss Reserves [Abstract] |
Loss And Loss Adjustment Expense Reserves | Loss and Loss Adjustment Expense Reserves The following table presents the activity in loss and loss adjustment expense reserves:
| Three Months Ended March 31,
| 2024 |  | 2023
| (Amounts in thousands)
Gross reserves, beginning of period | $ | 2,785,702 |  |  | $ | 2,584,910 |
Reinsurance recoverables on unpaid losses, beginning of period | (32,148) |  |  | (25,322) |
Net reserves, beginning of period | 2,753,554 |  |  | 2,559,588 |
Incurred losses and loss adjustment expenses related to: |  |  |
Current year | 909,810 |  |  | 945,013 |
Prior years | (5,845) |  |  | (15,484) |
Total incurred losses and loss adjustment expenses | 903,965 |  |  | 929,529 |
Loss and loss adjustment expense payments related to: |  |  |
Current year | 301,198 |  |  | 310,102 |
Prior years | 527,348 |  |  | 531,755 |
Total payments | 828,546 |  |  | 841,857 |
Net reserves, end of period | 2,828,973 |  |  | 2,647,260 |
Reinsurance recoverables on unpaid losses, end of period | 30,247 |  |  | 30,301 |
Gross reserves, end of period | $ | 2,859,220 |  |  | $ | 2,677,561 |
The decrease in the provision for insured events of prior years during the three months ended March 31, 2024 of $5.8 million was primarily attributable to lower than estimated loss adjustment expenses in the private passenger automobile line of insurance business, partially offset by unfavorable development on prior years' catastrophe losses. The decrease in the provision for insured events of prior years during the three months ended March 31, 2023 of $15.5 million was primarily attributable to lower than estimated losses and loss adjustment expenses in the homeowners line of insurance business. For the three months ended March 31, 2024 and 2023, the Company incurred catastrophe losses net of reinsurance of approximately $72 million and $98 million, respectively. No reinsurance benefits were available for these losses as none of the catastrophe events during these periods individually resulted in losses in excess of the Company's retention limit. Catastrophe losses during the three months ended March 31, 2024 resulted primarily from winter storms and rainstorms in California and convective storms in Texas and Oklahoma. Catastrophe losses during the three months ended March 31, 2023 resulted primarily from winter storms and rainstorms in California, Texas and Oklahoma. The Company experienced unfavorable development of approximately $4 million on prior years' catastrophe losses for the three months ended March 31, 2024. There was no material development on prior years' catastrophe losses for the three months ended March 31, 2023.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
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