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Unpaid Loss and Loss Adjustment Expense (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2020 | Dec. 31, 2019
Unpaid Loss and Loss Adjustment Expense |  |
Activity in the liability for unpaid loss and LAE | The following table presents the activity in the liability for unpaid loss and loss adjustment expense ("LAE") for the nine months ended September 30, 2020 and 2019 ($ in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ |  | 2020 |  | 2019
Unpaid loss and LAE at beginning of period | ​ | $ | 28.2 | ​ | $ | 13.1
Less: Reinsurance recoverable at beginning of period (1) | ​ |  | 18.5 | ​ |  | 11.3
Net unpaid loss and LAE at beginning of period | ​ |  | 9.7 | ​ |  | 1.8
Add: Incurred loss and LAE, net of reinsurance, related to: | ​ |  |  | ​ |  |
Current year | ​ |  | 44.1 | ​ |  | 32.2
Prior years | ​ |  | 1.3 | ​ |  | (1.8)
Total incurred | ​ |  | 45.4 | ​ |  | 30.4
Deduct: Paid loss and LAE, net of reinsurance, related to: | ​ |  |  | ​ |  |
Current year | ​ |  | 36.4 | ​ |  | 36.0
Prior years | ​ |  | 11.0 | ​ |  | (12.0)
Total paid | ​ |  | 47.4 | ​ |  | 24.0
Unpaid loss and LAE, net of reinsurance recoverable, at end of period | ​ |  | 7.7 | ​ |  | 8.2
Reinsurance recoverable at end of period (1) | ​ |  | 32.0 | ​ |  | 16.4
Unpaid loss and LAE, gross of reinsurance recoverable, at end of period | ​ | $ | 39.7 | ​ | $ | 24.6
(1) | Reinsurance recoverable in this table includes only ceded unpaid loss and LAE
| The following table presents the activity in the liability for unpaid loss and LAE in 2018 and 2019 ($ in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2018 |  | 2019
Unpaid loss and LAE as of January 1 | ​ | $ | 2.1 | ​ | $ | 13.1
Less: Reinsurance recoverable(1) | ​ |  | 2.0 | ​ |  | 11.3
Net unpaid loss and LAE as of January 1 | ​ |  | 0.1 | ​ |  | 1.8
Add: Incurred losses and LAE, net of reinsurance, related to: | ​ |  |  | ​ |  |
Current year | ​ |  | 15.2 | ​ |  | 47.3
Prior years | ​ |  | — | ​ |  | (1.5)
Total incurred | ​ |  | 15.2 | ​ |  | 45.8
Deduct: Paid losses and LAE, net of reinsurance, related to: | ​ |  |  | ​ |  |
Current year | ​ |  | 13.4 | ​ |  | 37.7
Prior years | ​ |  | 0.1 | ​ |  | 0.2
Total paid | ​ |  | 13.5 | ​ |  | 37.9
Unpaid loss and LAE, net of reinsurance recoverable, as of December 31 | ​ |  | 1.8 | ​ |  | 9.7
Reinsurance recoverable as of December 31(1) | ​ |  | 11.3 | ​ |  | 18.5
Unpaid loss and LAE, gross of reinsurance recoverable, as of December 31 | ​ | $ | 13.1 | ​ | $ | 28.2
(1) | Reinsurance recoverable in this table includes only ceded unpaid loss and LAE
Incurred loss and allocated loss adjustment expense ("ALAE"), net of reinsurance |  | The following table presents incurred loss and ALAE, net of reinsurance, as well as IBNR loss reserves and the number of reported claims ($ in millions, except for number of claims): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | December 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Cumulative
​ | ​ | December 31, | ​ | ​ | ​ | Number of
​ | ​ | 2016 | ​ | 2017 | ​ | 2018 | ​ | 2019 | ​ | IBNR | ​ | Reported Claims
​ |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | ​ |  | ​ |  | ​
Accident Year | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2016 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — |  | 8
2017 | ​ |  | — | ​ |  | 1.7 | ​ |  | 1.7 | ​ |  | 1.7 | ​ |  | — |  | 1,758
2018 | ​ |  | — | ​ |  | — | ​ |  | 15.0 | ​ |  | 13.5 | ​ |  | 0.1 |  | 10,522
2019 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 46.0 | ​ |  | 3.8 |  | 18,364
Total incurred losses and allocated loss adjustment expenses, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 61.2 | ​ | $ | 3.9 |  | 30,652
Cumulative paid loss and ALAE, net of reinsurance |  | The following table presents cumulative paid loss and ALAE, net of reinsurance ($ in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2016 | ​ | 2017 | ​ | 2018 | ​ | 2019
​ |  | (unaudited) |  | (unaudited) |  | (unaudited) |  | ​ | ​
Accident Year | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
2016 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
2017 | ​ |  |  | ​ |  | 1.6 | ​ |  | 1.7 | ​ |  | 1.7
2018 | ​ |  |  | ​ |  | — | ​ |  | 13.2 | ​ |  | 13.4
2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 36.4
Total paid losses and ALAE, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 51.5
Total unpaid loss and ALAE reserves, net | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 9.7
Ceded unpaid loss and LAE | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 18.5
Gross unpaid loss and LAE | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 28.2
Reconciliation of the net incurred and paid loss information in the loss reserve |  | The reconciliation of the net incurred and paid loss information in the loss reserve rollforward table and development tables with respect to the current accident year is as follows ($ in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2019 ‑ Current | ​ | 2019 ‑ Prior
​ | ​ | Accident Year | ​ | Accident Year
​ |  | Incurred |  | Paid |  | Incurred |  | Paid
Rollforward table | ​ | $ | 47.3 | ​ | $ | 37.7 | ​ | $ | (1.5) | ​ | $ | 0.2
Development table | ​ |  | 46.0 | ​ |  | 36.4 | ​ |  | (1.5) | ​ |  | 0.2
Variance | ​ | $ | 1.3 | ​ | $ | 1.3 | ​ | $ | — | ​ | $ | —
Unallocated loss adjustment expense | ​ | $ | 1.3 | ​ | $ | 1.3 | ​ |  |  | ​ |  |
Average annual percentage payout of accident year incurred claims by age, net of reinsurance |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years |  | 1 |  | 2 |  | 3 | ​
Property & Casualty | ​ | 91 | % | 9 | % | 0 | %

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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 http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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