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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Schedule of Reserve Balance | The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance:
| Six Months Ended June 30,
| 2025 |  | 2024
| (dollars in millions)
Gross loss and LAE reserves, January 1 | $ | 413.2 |  |  | $ | 284.2 |
Reinsurance recoverable on unpaid losses | (48.0) |  |  | (43.8) |
Net loss and LAE reserves, January 1 | 365.2 |  |  | 240.4 |
Net incurred loss and LAE related to: |  |  |
Current year | 452.9 |  |  | 361.3 |
Prior years | (14.0) |  |  | (4.6) |
Total incurred | 438.9 |  |  | 356.7 |
Net paid loss and LAE related to: |  |  |
Current year | 205.9 |  |  | 153.5
Prior years | 189.7 |  |  | 119.5
Total paid | 395.6 |  |  | 273.0 |
Net loss and LAE reserves, June 30 | 408.5 |  |  | 324.1 |
Plus reinsurance recoverable on unpaid losses | 36.0 |  |  | 51.7 |
Gross loss and LAE reserves, June 30 | $ | 444.5 |  |  | $ | 375.8 |

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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 + Details
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