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Loss and loss adjustment expense reserves (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Loss and Loss Adjustment Expense Reserves [Abstract]

Schedule of loss and loss adjustment expense reserves

As of September 30, 2014 and December 31, 2013, loss and loss adjustment expense reserves in the condensed consolidated balance sheets was comprised of the following:

	September 30, 2014				December 31, 2013
	($ in thousands)
Case loss and loss adjustment expense reserves	$	50,868			$	34,307
Incurred but not reported loss and loss adjustment expense reserves	136,445				100,024
	$	187,313			$	134,331

As of December 31, 2013 and 2012, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following:

	December 31, 2013				December 31, 2012
	($ in thousands)
Case loss and loss adjustment expense reserves	$	34,307			$	3,668
Incurred but not reported loss and loss adjustment expense reserves	100,024				63,603
	$	134,331			$	67,271

Schedule of activity in the reserve for losses and loss adjustment expenses

The following table represents the activity in the reserve for losses and loss adjustment expenses for the nine months ended September 30, 2014 and 2013:

	September 30, 2014				September 30, 2013
	($ in thousands)
Gross reserves for loss and loss adjustment expenses, beginning of period	$	134,331			$	67,271
Less: loss and loss adjustment expenses recoverable, beginning of period	(9,277		)		—
Net reserves for loss and loss adjustment expenses, beginning of period	125,054				67,271
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	149,325				107,279
Prior years'	1,458				(3,600		)
Total incurred loss and loss adjustment expenses	150,783				103,679
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(41,538		)		(14,951		)
Prior years'	(48,398		)		(18,576		)
Total net paid losses	(89,936		)		(33,527		)
Net reserve for loss and loss adjustment expenses, end of period	185,901				137,423
Plus: loss and loss adjustment expenses recoverable, end of period	1,412				6,284
Gross reserve for loss and loss adjustment expenses, end of period	$	187,313			$	143,707

The following table represents the activity in the reserve for losses and loss adjustment expenses for the years ended December 31, 2013 and 2012:

	2013				2012
	($ in thousands)
Gross reserves for loss and loss adjustment expenses, beginning of year	$	67,271			$	—
Less: loss and loss adjustment expenses recoverable, beginning of year	—				—
Net reserves for loss and loss adjustment expenses, beginning of year	67,271				—
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:
Current year	144,509				80,306
Prior years'	(4,697		)		—
Total incurred loss and loss adjustment expenses	139,812				80,306
Net loss and loss adjustment expenses paid in respect of losses occurring in:
Current year	(27,528		)		(13,035		)
Prior years'	(54,501		)		—
Total net paid losses	(82,029		)		(13,035		)
Net reserve for loss and loss adjustment expenses, end of year	125,054				67,271
Plus: loss and loss adjustment expenses recoverable, end of year	9,277				—
Gross reserve for loss and loss adjustment expenses, end of year	$	134,331			$	67,271

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- Definition

Tabular disclosure of the components of loss and loss adjustment expense reserves (gross) including IBNR and case reserves.

+ References

No definition available.

+ Details

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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/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 40

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437

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