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Loss Reserves (Tables) | 9 Months Ended
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Sep. 30, 2020
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 nine months ended September 30, 2020 and 2019:
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 772,887 |  |  | $ | 798,409 |
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses |  |  | 95,343 |  |  |  | 107,216 |
Net balance, beginning of period |  |  | 677,544 |  |  |  | 691,193 |
Add incurred related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 166,551 |  |  |  | 181,693 |
Prior accident years |  |  | (45,585 | ) |  |  | (38,886 | )
Total incurred |  |  | 120,966 |  |  |  | 142,807 |
Less paid related to: |  |  |  |  |  |  |  |
Current accident year |  |  | 27,986 |  |  |  | 35,512 |
Prior accident years |  |  | 105,832 |  |  |  | 105,590 |
Total paid |  |  | 133,818 |  |  |  | 141,102 |
Net balance, end of period |  |  | 664,692 |  |  |  | 692,898 |
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses |  |  | 95,220 |  |  |  | 97,914 |
Balance, end of period |  | $ | 759,912 |  |  | $ | 790,812 |
Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers | The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and nine months ended September 30, 2020.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2020 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 388 |  |  | $ | 444 |
Provision for credit loss benefit |  |  | (9 | ) |  |  | (65 | )
Balance, end of period |  | $ | 379 |  |  | $ | 379 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
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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=116884095&loc=d3e14764-158437 + Details
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