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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables) | 3 Months Ended
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Mar. 31, 2021
Insurance [Abstract] |
Reconciliation of reserve balances for loss and LAE, net of reinsurance | The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance:
| Three Months Ended March 31,
| 2021 |  | 2020
| (dollars in millions)
Gross loss and LAE reserves, January 1 | $ | 237.2 |  |  | $ | 140.7 |
Reinsurance recoverable on unpaid losses | (79.6) |  |  | (18.9) |
Net loss and LAE reserves, January 1 | 157.6 |  |  | 121.8 |
Net incurred loss and LAE related to: |  |  |
Current year | 69.8 |  |  | 122.0 |
Prior years | (9.9) |  |  | 7.9 |
Total incurred | 59.9 |  |  | 129.9 |
Net paid loss and LAE related to: |  |  |
Current year | 25.3 |  | 44.1
Prior years | 35.3 |  | 54.2
Total paid | 60.6 |  |  | 98.3 |
Net loss and LAE reserves, March 31 | 156.9 |  |  | 153.4 |
Plus reinsurance recoverable on unpaid losses | 83.8 |  |  | 22.2 |
Gross loss and LAE reserves, March 31 | $ | 240.7 |  |  | $ | 175.6 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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