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Provision for Unpaid Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The following table presents a reconciliation of the beginning and ending provision for unpaid losses and loss adjustment expenses related to Hagerty Re, net of amounts recoverable from various reinsurers:
|  |  |  | Nine months ended September 30,
|  |  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  |  | in thousands
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year |  |  |  |  | $ | 136,507 |  |  | $ | 111,741 |  |  |
Less: Reinsurance recoverable on unpaid losses and loss adjustment expenses |  |  |  |  | 2,235 |  |  | 843 |  |  |
Net reserves for unpaid losses and loss adjustment expenses, beginning of year |  |  |  |  | 134,272 |  |  | 110,898 |  |  |
Incurred losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |
Current accident year |  |  |  |  | 226,515 |  |  | 159,461 |  |  |
Prior accident year |  |  |  |  | — |  |  | — |  |  |
Total incurred losses and loss adjustment expenses |  |  |  |  | 226,515 |  |  | 159,461 |  |  |
Payments: |  |  |  |  |  |  |  |  |
Current accident year |  |  |  |  | 50,683 |  |  | 35,993 |  |  |
Prior accident year |  |  |  |  | 59,090 |  |  | 44,499 |  |  |
Total payments |  |  |  |  | 109,773 |  |  | 80,492 |  |  |
Effect of foreign currency rate changes |  |  |  |  | 84 |  |  | (42) |  |  |
Net reserves for unpaid losses and loss adjustment expenses, end of period |  |  |  |  | 251,098 |  |  | 189,825 |  |  |
Reinsurance recoverable on unpaid losses and loss adjustment expenses |  |  |  |  | 7,738 |  |  | 959 |  |  |
Gross reserves for unpaid losses and loss adjustment expenses, end of period |  |  |  |  | $ | 258,836 |  |  | $ | 190,784 |  |  |

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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://www.xbrl.org/2003/role/disclosureRef -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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