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Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
		(in thousands)								(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period		$	81,300			$	55,769			$	77,520			$	45,419
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year			15,116				30,904				50,954				58,703
Prior years			1,023				(4	)			3,742				1,548
Total incurred			16,139				30,900				54,696				60,251
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			6,646				7,873				14,215				13,762
Prior years			(1,385	)			4,548				25,823				17,660
Total payments			5,261				12,421				40,038				31,422
Reserve for losses and LAE net of reinsurance recoverables at end of period			92,178				74,248				92,178				74,248
Add: Reinsurance recoverables on unpaid losses and LAE at end of period			232,170				131,575				232,170				131,575
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period		$	324,348			$	205,823			$	324,348			$	205,823

X

- 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

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X

- References

No definition available.

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