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Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

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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- 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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