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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Schedule of 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,
			2024						2023
			(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 1			240.4						211.0
Net incurred loss and LAE related to:
Current year			361.3						123.6
Prior years			(4.6)						(0.8)
Total incurred			356.7						122.8
Net paid loss and LAE related to:
Current year			153.5						58.7
Prior years			119.5						99.0
Total paid			273.0						157.7
Net loss and LAE reserves, June 30			324.1						176.1
Plus reinsurance recoverable on unpaid losses			51.7						70.4
Gross loss and LAE reserves, June 30			$	375.8					$	246.5

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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://www.xbrl.org/2003/role/disclosureRef
-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

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