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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance Loss Reserves [Abstract]

Change in Liability for Unpaid Losses and LAE

Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):

	Three Months Ended
	March 31,
	2017				2016
Balance at beginning of period	$	58,494			$	98,840
Less: Reinsurance recoverable		(106	)			(13,540	)
Net balance at beginning of period		58,388				85,300
Incurred (recovered) related to:
Current year		70,474				66,101
Prior years		96				16
Total incurred		70,570				66,117
Paid related to:
Current year		22,890				18,618
Prior years		72,252				55,533
Total paid		95,142				74,151
Net balance at end of period		33,816				77,266
Plus: Reinsurance recoverable (payable)		(2,353	)			7,709
Balance at end of period	$	31,463			$	84,975

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- References

No definition available.

+ 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437

+ Details

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