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Loss Reserves (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023:

		Nine Months Ended September 30,
		2024				2023
		(in thousands)
Balance, beginning of period		$	673,994			$	696,037
Less amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			119,746				112,555
Net balance, beginning of period			554,248				583,482
Add incurred related to:
Current accident year			144,931				143,003
Prior accident years			(25,166	)			(31,195	)
Total incurred			119,765				111,808
Less paid related to:
Current accident year			29,872				28,074
Prior accident years			102,082				104,602
Total paid			131,954				132,676
Net balance, end of period			542,059				562,614
Add amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			121,427				121,734
Balance, end of period		$	663,486			$	684,348

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, 2024 and 2023.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
		(in thousands)
Balance, beginning of period		$	322			$	338			$	360			$	372
Provision for credit loss expense (benefit)			8				5				(30	)			(29	)
Balance, end of period		$	330			$	343			$	330			$	343

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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X

- References

No definition available.

+ Details

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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://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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