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Loss and Loss Adjustment Expense Reserves | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Loss and Loss Adjustment Expense Reserves | 9. Loss and Loss Adjustment Expense Reserves The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”), net of reinsurance is summarized as follows for the six months ended June 30, (in millions):
| 2024 |  | 2023
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period | $ | 322.5 |  |  | $ | 293.8 |
Less: Reinsurance recoverables on unpaid losses and LAE | (221.4) |  |  | (228.8) |
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period | 101.1 |  |  | 65.0 |
Add: Incurred losses and LAE, net of reinsurance, related to: |  |  |
Current year | 114.9 |  |  | 116.6 |
Prior years | (1.9) |  |  | (2.2) |
Total incurred | 113.0 |  |  | 114.4 |
Deduct: Loss and LAE payments, net of reinsurance, related to: |  |  |
Current year | 61.4 |  |  | 45.4 |
Prior years | 33.9 |  |  | 14.7 |
Total paid | 95.3 |  |  | 60.1 |
Reserve for losses and LAE, net of reinsurance recoverables at end of period | 118.8 |  |  | 119.3 |
Add: Reinsurance recoverables on unpaid losses and LAE at end of period | 228.1 |  |  | 248.3 |
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period | $ | 346.9 |  |  | $ | 367.6 |
Loss development occurs when actual losses incurred vary from the Company’s previously developed estimates, which are established through the Company’s loss and LAE reserve estimate processes. Net incurred losses and LAE experienced favorable development of $1.9 million and $2.2 million for six months ended June 30, 2024 and 2023, respectively. The prior period development in 2024 of $1.9 million was driven primarily by favorable net loss development relating to the 2023 accident year, resulting in a net release of $1.9 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends. The prior period development in 2023 of $2.2 million was driven primarily by favorable net loss development relating primarily to the 2022 accident year, resulting in a net release of $1.0 million from catastrophe reserves and $1.2 million from attritional reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(ii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c)(4)(iv) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477363/944-310-50-3 + Details
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