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Loss Reserves (Tables)

9 Months Ended

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

X

- 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

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- References

No definition available.

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X

- 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

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