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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | 6 Months Ended
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Jun. 30, 2025
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,
| 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 |
Incurred losses and LAE attributable to prior accident years was a decrease of $14.0 million and $4.6 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, 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 2024 on both liability and physical damage coverages. 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.

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