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Reserve for Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses | The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE") for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended
| September 30,
($ in thousands) | 2024 |  | 2023
Gross unpaid losses and loss adjustment expenses, beginning of period | $ | 3,030,037 |  |  | $ | 2,856,275 |
Reinsurance recoverable on unpaid losses | 1,161,077 |  |  | 1,177,863 |
Net unpaid losses and loss adjustment expenses, beginning of period | 1,868,960 |  |  | 1,678,412 |
Net losses and loss adjustment expenses incurred in respect of losses occurring in: |  |  |
Current year | 726,602 |  |  | 528,457 |
Prior years | (6,124) |  |  | (8,903) |
Total incurred | 720,478 |  |  | 519,554 |
Net losses and loss adjustment expenses paid in respect of losses occurring in: |  |  |
Current year | 24,850 |  |  | 28,521 |
Prior years | 344,992 |  |  | 397,407 |
Total paid | 369,842 |  |  | 425,928 |
Foreign currency revaluation and other | 24,739 |  |  | 19,661 |
Net unpaid losses and loss adjustment expenses, end of period | 2,244,335 |  |  | 1,791,699 |
Reinsurance recoverable on unpaid losses | 1,190,465 |  |  | 1,157,123 |
Gross unpaid losses and loss adjustment expenses, end of period | $ | 3,434,800 |  |  | $ | 2,948,822 |

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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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