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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | 3 Months Ended
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Mar. 31, 2022
Insurance [Abstract] |
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance:
| Three Months Ended March 31,
| 2022 |  | 2021
| (dollars in millions)
Gross loss and LAE reserves, January 1 | $ | 320.2 |  |  | $ | 237.2 |
Reinsurance recoverable on unpaid losses | (79.5) |  |  | (79.6) |
Net loss and LAE reserves, January 1 | 240.7 |  |  | 157.6 |
Net incurred loss and LAE related to: |  |  |
Current year | 96.8 |  |  | 69.8 |
Prior years | (0.1) |  |  | (9.9) |
Total incurred | 96.7 |  |  | 59.9 |
Net paid loss and LAE related to: |  |  |
Current year | 36.4 |  |  | 25.3
Prior years | 57.7 |  |  | 35.3
Total paid | 94.1 |  |  | 60.6 |
Net loss and LAE reserves, March 31 | 243.3 |  |  | 156.9 |
Plus reinsurance recoverable on unpaid losses | 65.1 |  |  | 83.8 |
Gross loss and LAE reserves, March 31 | $ | 308.4 |  |  | $ | 240.7 |
Incurred losses and LAE attributable to prior accident years was a decrease of $0.1 million and $9.9 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, the development of incurred losses related to prior periods was primarily related to lower-than-expected loss adjustment expenses on prior accident period claims, offset by higher-than-expected reported losses on material damage claims from inflationary impacts. For the three months ended March 31, 2021, the development of incurred losses related to prior periods was primarily related to lower-than-expected reported losses on bodily injury and uninsured motorist bodily injury claims and greater than expected recoveries from subrogation and salvage from 2020.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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