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Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Summary of reserve for losses and loss adjustment expenses

Activity in the Reserve for losses and loss adjustment expenses is summarized as follows:

(In thousands)	Six Months Ended June 30, 2017				Six Months Ended June 30, 2016				Year Ended December 31, 2016
Balance, beginning of year	$	1,993,428			$	2,005,326			$	2,005,326
Less reinsurance recoverables on unpaid losses and loss adjustment expenses	273,475				249,350				249,350
Net balance, beginning of year	1,719,953				1,755,976				1,755,976
Net losses:
Current year	292,489				283,329				587,007
Favorable development of reserves established in prior years, net	(57,788		)		(65,475		)		(143,778		)
Total	234,701				217,854				443,229
Paid related to:
Current year	(33,115		)		(30,651		)		(96,190		)
Prior years	(210,006		)		(204,193		)		(383,062		)
Total paid	(243,121		)		(234,844		)		(479,252		)
Net balance, end of period	1,711,533				1,738,986				1,719,953
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses	280,332				253,815				273,475
Balance, end of period	$	1,991,865			$	1,992,801			$	1,993,428

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437

+ Details

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