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

3 Months Ended

Mar. 31, 2024

Notes Tables

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

		Three Months Ended March 31,
		2024				2023
		(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period		$	97,653			$	77,520
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year			26,333				17,300
Prior years			504				3,352
Total incurred			26,837				20,652
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			4,895				1,393
Prior years			9,432				15,413
Total payments			14,327				16,806
Reserve for losses and LAE net of reinsurance recoverables at end of period			110,163				81,366
Add: Reinsurance recoverables on unpaid losses and LAE at end of period			292,024				183,601
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period		$	402,187			$	264,967

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://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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X

- References

No definition available.

+ Details

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