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Reserve for Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Schedule of Reserve for Losses and Loss Adjustment Expenses | Activity in the reserve for losses and loss adjustment expenses is summarized as follows:
(In thousands) | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023 |  | Year Ended December 31, 2023 |  |
Balance, beginning of year | $ | 3,401,281 |  |  | $ | 3,471,147 |  |  | $ | 3,471,147 |  |  |
Less reinsurance recoverables on unpaid losses and loss adjustment expenses | 445,573 |  |  | 431,889 |  |  | 431,889 |  |  |
Net balance, beginning of year | 2,955,708 |  |  | 3,039,258 |  |  | 3,039,258 |  |  |
Net losses: |  |  |  |  |  |  |
Current year | 195,110 |  |  | 198,240 |  |  | 794,848 |  |  |
(Favorable) unfavorable development of reserves established in prior years, net(1) | (416) |  |  | 7,056 |  |  | 5,646 |  |  |
Total | 194,694 |  |  | 205,296 |  |  | 800,494 |  |  |
Paid related to: |  |  |  |  |  |  |
Current year | (12,867) |  |  | (11,052) |  |  | (101,996) |  |  |
Prior years | (202,180) |  |  | (211,916) |  |  | (782,048) |  |  |
Total paid | (215,047) |  |  | (222,968) |  |  | (884,044) |  |  |
Net balance, end of period | 2,935,355 |  |  | 3,021,586 |  |  | 2,955,708 |  |  |
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses | 447,157 |  |  | 447,693 |  |  | 445,573 |  |  |
Balance, end of period | $ | 3,382,512 |  |  | $ | 3,469,279 |  |  | $ | 3,401,281 |  |  |
(1) Net prior year reserve development recognized for the three months ended March 31, 2024 and 2023 as well as the year ended December 31, 2023 included $1.7 million, $2.5 million and $8.3 million, respectively, of amortization of the purchase accounting fair value adjustment on NORCAL's assumed net reserve and amortization of the negative VOBA associated with NORCAL's DDR reserve which is recorded as a reduction to prior accident year net losses and loss adjustment expenses.

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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://fasb.org/us-gaap/role/ref/legacyRef -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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