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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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								Six Months Ended
	June 30,								June 30,
	2017				2016				2017				2016
Balance at beginning of period	$	31,463			$	84,975			$	58,494			$	98,840
Less: Reinsurance (recoverable) payable		2,353				(7,709	)			(106	)			(13,540	)
Net balance at beginning of period		33,816				77,266				58,388				85,300
Incurred (recovered) related to:
Current year		79,075				60,084				149,549				126,185
Prior years		1,109				(1	)			1,205				15
Total incurred		80,184				60,083				150,754				126,200
Paid related to:
Current year		62,141				54,041				85,031				72,659
Prior years		30,607				26,122				102,859				81,655
Total paid		92,748				80,163				187,890				154,314
Net balance at end of period		21,252				57,186				21,252				57,186
Plus: Reinsurance recoverable		1,393				2,958				1,393				2,958
Balance at end of period	$	22,645			$	60,144			$	22,645			$	60,144

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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://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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