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Unpaid Losses and Loss Adjustment Reserve (Tables) | 3 Months Ended
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Mar. 31, 2024
Liability for Claims and Claims Adjustment Expense [Abstract] |
Schedule of Changes in the Reserve Balances for Unpaid Losses and LAE, Gross of Reinsurance | The following table summarizes the changes in the reserve balances for unpaid losses and LAE, gross of reinsurance, for the three months ended March 31, 2024:
Reserve for unpaid losses and LAE at December 31, 2023 | $ | 95,503
Reinsurance recoverables on losses and LAE at December 31, 2023 | (19,808) |
Reserve for unpaid losses and LAE reserve, net of reinsurance recoverables at December 31, 2023 | 75,695
Add provisions (reductions) for losses and LAE occurring in: |
Current year | 67,135
Prior years | 1,798
Net incurred losses and LAE during the current year | 68,933
Deduct payments for losses and LAE occurring in: |
Current year | (19,242) |
Prior years (1) | (31,382) |
Net claim and LAE payments during the current year | (50,624) |
Reserve for losses and LAE, net of reinsurance recoverables at March 31, 2024 | 94,004
Reinsurance recoverables on losses and LAE at March 31, 2024 | (18,556)
Reserve for unpaid losses and LAE at March 31, 2024 | $ | 112,560
______________________________________ (1)Also includes certain charges related to Vesttoo (see Note 10).

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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://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 + Details
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