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Loss Reserves (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers

The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the three months ended March 31, 2019 and 2018:

		Three Months Ended March 31,
		2019				2018
		(in thousands)
Balance, beginning of period		$	798,409			$	771,845
Less amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			107,216				84,889
Net balance, beginning of period			691,193				686,956
Add incurred related to:
Current accident year			61,587				62,426
Prior accident years			(11,974	)			(9,264	)
Total incurred			49,613				53,162
Less paid related to:
Current accident year			3,381				4,686
Prior accident years			43,180				47,354
Total paid			46,561				52,040
Net balance, end of period			694,245				688,078
Add amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			106,335				89,220
Balance, end of period		$	800,580			$	777,298

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437

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