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Loss and Loss Adjustment Expense Reserves (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Summary of Liability for Unpaid Claims and Claims Adjustment Expense

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 three months ended March 31, (in millions):

			2025						2024
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period			$	350.0					$	322.5
Less: Reinsurance recoverables on unpaid losses and LAE			(229.9)						(221.4)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period			120.1						101.1
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year			95.4						52.6
Prior years			(3.0)						—
Total incurred			92.4						52.6
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			50.3						20.3
Prior years			26.8						22.2
Total paid			77.1						42.5
Reserve for losses and LAE, net of reinsurance recoverables at end of period			135.4						111.2
Add: Reinsurance recoverables on unpaid losses and LAE at end of period			265.4						225.4
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period			$	400.8					$	336.6

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- References

No definition available.

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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://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

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