XML 38 R24.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_InsuranceAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration