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Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018				Six Months Ended June 30, 2017				Year Ended December 31, 2017
Balance, beginning of year	$	2,048,381			$	1,993,428			$	1,993,428
Less reinsurance recoverables on unpaid losses and loss adjustment expenses	335,585				273,475				273,475
Net balance, beginning of year	1,712,796				1,719,953				1,719,953
Net losses:
Current year*	337,116				292,489				603,518
Favorable development of reserves established in prior years, net	(45,601		)		(57,788		)		(134,360		)
Total	291,515				234,701				469,158
Paid related to:
Current year	(34,174		)		(33,115		)		(106,633		)
Prior years	(215,488		)		(210,006		)		(369,682		)
Total paid	(249,662		)		(243,121		)		(476,315		)
Net balance, end of period	1,754,649				1,711,533				1,712,796
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses	324,168				280,332				335,585
Balance, end of period	$	2,078,817			$	1,991,865			$	2,048,381
* Current year net losses during the 2018 six-month period included incurred losses of $25.4 million related to a loss portfolio transfer entered into during the second quarter of 2018 (see Note 4).

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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

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