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Provision for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

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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- References

No definition available.

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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

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