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v3.21.2

Reserve for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items] |  |  |  |
Minimum period for claims resolution (in years) |  | 5 years |  |
Net reserves from NORCAL acquisition |  | $ 1,089,103 | $ 0 | $ 0
Summary of reserve for losses and loss adjustment expenses |  |  |  |
Balance, beginning of year | $ 2,417,179 | 2,417,179 | 2,346,526 | 2,346,526
Less reinsurance recoverables on unpaid losses and loss adjustment expenses | 385,087 | 385,087 | 390,708 | 390,708
Net balance, beginning of year | 2,032,092 | 2,032,092 | 1,955,818 | 1,955,818
Net reserves acquired from NORCAL acquisition |  | 1,089,103 | 0 | 0
Net losses: |  |  |  |
Current year |  | 582,235 | 555,969 | 711,846
Favorable development of reserves established in prior years, net |  | (27,205) | (34,557) | (50,399)
Total |  | 555,030 | 521,412 | 661,447
Paid related to: |  |  |  |
Current year |  | (62,276) | (60,449) | (83,204)
Prior years |  | (457,578) | (400,930) | (501,969)
Total paid |  | (519,854) | (461,379) | (585,173)
Net balance, end of period |  | 3,156,371 | 2,015,851 | 2,032,092
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses |  | 476,315 | 391,637 | 385,087
Balance, end of period |  | 3,632,686 | 2,407,488 | 2,417,179
Retroactive Insurance Contract |  |  |  |
Net losses: |  |  |  |
Current year | $ 2,900 |  |  |
Specialty P&C |  |  |  |
Net losses: |  |  |  |
Current year |  | 5,100 | 60,000 | 60,000
Favorable development of reserves established in prior years, net |  | 1,000 | $ 9,200 | $ 9,200
NORCAL Group |  |  |  |
Net losses: |  |  |  |
Current year |  | 4,300 |  |
NORCAL Group | Specialty P&C |  |  |  |
Net losses: |  |  |  |
Favorable development of reserves established in prior years, net |  | $ 5,000 |  |

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- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (cc) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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- Definition Amount of increase (decrease) in the cost of settling unpaid claims after deduction of reinsurance recoveries related to the acquisition of a business. Includes, but is not limited to, claims which have been incurred but not reported. + References No definition available. + Details
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- Definition Amount, after effects of reinsurance, of payments to settle claims incurred in the current period and related claims settlement costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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