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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES
 6 Months Ended
Jun. 30, 2024
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:
Six Months Ended June 30,
20242023
(dollars in millions)
Gross loss and LAE reserves, January 1$284.2 $287.4 
Reinsurance recoverable on unpaid losses(43.8)(76.4)
Net loss and LAE reserves, January 1240.4 211.0 
Net incurred loss and LAE related to:
Current year361.3 123.6 
Prior years(4.6)(0.8)
Total incurred356.7 122.8 
Net paid loss and LAE related to:
Current year153.5 58.7
Prior years119.5 99.0
Total paid273.0 157.7 
Net loss and LAE reserves, June 30
324.1 176.1 
Plus reinsurance recoverable on unpaid losses51.7 70.4 
Gross loss and LAE reserves, June 30
$375.8 $246.5 
Incurred losses and LAE attributable to prior accident years was a decrease of $4.6 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the development of incurred losses and LAE related to prior periods was primarily driven by lower-than-expected reported losses and LAE from accident year 2023 on both liability and physical damage coverages. For the six months ended June 30, 2023, the development of incurred losses and LAE related to prior periods was a result of lower-than-expected reported losses on injury coverages, partially offset by higher-than-expected LAE on prior accident period claims.