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Reserve for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Reserve for Losses and Loss Adjustment Expenses | Reserve for Losses and Loss Adjustment Expenses The table below provides a reconciliation of the beginning and ending reserve balances for the nine months ended September 30, 2024 and September 30, 2023:
|  | September 30, 2024 |  | September 30, 2023
|  | ($ in thousands)
Gross reserves for losses and loss adjustment expenses, beginning of year |  | $ | 431,186 |  |  | $ | 207,051 |
Reinsurance recoverable on unpaid losses, beginning of year |  | 136,273 |  |  | 63,381 |
Net reserves for unpaid losses and loss adjustment expenses, beginning of year |  | $ | 294,913 |  |  | $ | 143,670 |
Net incurred losses and loss adjustment expenses related to: |  |  |  |
Current accident year |  | 181,162 |  |  | 113,028 |
Prior accident years |  | — |  |  | 636 |
|  | 181,162 |  |  | 113,664 |
Net paid losses and loss adjustment expenses related to: |  |  |  |
Current accident year |  | 2,106 |  |  | 1,028 |
Prior accident years |  | 17,071 |  |  | 6,344 |
|  | 19,177 |  |  | 7,372 |
Net reserves for unpaid losses and loss adjustment expenses, end of period |  | $ | 456,897 |  |  | $ | 249,962 |
Reinsurance recoverable on unpaid losses, end of period |  | 222,671 |  |  | 114,368 |
Gross reserves for losses and loss adjustment expenses, end of period |  | $ | 679,568 |  |  | $ | 364,330 |
During the nine months ended September 30, 2024 and 2023, there was nil and $0.6 million of prior accident year unfavorable loss development, respectively.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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