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Workers' Compensation Claims (Tables)
6 Months Ended
Jun. 30, 2024
Text Block [Abstract]  
Summarizes Aggregate Workers' Compensation Reserve Activity

The following table summarizes the aggregate workers’ compensation reserve activity (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

 

 

 

 

 

 

 

 

 

 

Workers' compensation claims liabilities

$

158,054

 

 

$

201,641

 

 

$

167,763

 

 

$

215,987

 

Add: claims expense incurred

 

 

 

 

 

 

 

 

 

 

 

Current period

 

3,699

 

 

 

3,482

 

 

 

7,299

 

 

 

7,844

 

Prior periods

 

(1,830

)

 

 

(1,580

)

 

 

(4,822

)

 

 

(2,694

)

Total claims expense incurred

 

1,869

 

 

 

1,902

 

 

 

2,477

 

 

 

5,150

 

Less: claim payments related to

 

 

 

 

 

 

 

 

 

 

 

Current period

 

1,565

 

 

 

585

 

 

 

2,519

 

 

 

765

 

Prior periods

 

8,734

 

 

 

11,807

 

 

 

18,223

 

 

 

29,287

 

Total claim payments

 

10,299

 

 

 

12,392

 

 

 

20,742

 

 

 

30,052

 

 

 

 

 

 

 

 

 

 

 

 

Change in claims incurred in excess of retention limits

 

6

 

 

 

671

 

 

 

132

 

 

 

737

 

Ending balance

 

 

 

 

 

 

 

 

 

 

 

Workers' compensation claims liabilities

$

149,630

 

 

$

191,822

 

 

$

149,630

 

 

$

191,822

 

Summary of Risk Retained by Insured Program after Considering Loss Portfolio Transfers and Current Insurance Arrangements

The following is a summary of the risk retained by the Company under its insured program after considering the effects of the loss portfolio transfers and current insurance arrangements:

 

Year

Claims risk retained

2014

No

2015

No

2016

No

2017

No

2018 (1)

No

2019 (1)

Yes

2020

Yes

2021 - Through June 30

Yes

2021 - July 1 and after

No

2022

No

2023

No

2024

No

 

(1) The loss portfolio transfers excluded approximately 10% of claims from 2018 and included an approximately offsetting amount of claims from 2019.