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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

6 Months Ended

Jun. 30, 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:

			Six Months Ended June 30,
			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			178.7						213.7
Prior years			(8.6)						13.0
Total incurred			170.1						226.7
Net paid loss and LAE related to:
Current year			81.3						105.9
Prior years			55.7						83.5
Total paid			137.0						189.4
Net loss and LAE reserves, June 30			190.7						159.1
Plus reinsurance recoverable on unpaid losses			81.8						31.2
Gross loss and LAE reserves, June 30			$	272.5					$	190.3

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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://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

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