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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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								Nine Months Ended
	September 30,								September 30,
	2017				2016				2017				2016
Balance at beginning of period	$	22,645			$	60,144			$	58,494			$	98,840
Less: Reinsurance recoverable		(1,393	)			(2,958	)			(106	)			(13,540	)
Net balance at beginning of period		21,252				57,186				58,388				85,300
Incurred (recovered) related to:
Current year		116,262				73,721				265,811				199,907
Prior years		113				(173	)			1,318				(158	)
Total incurred		116,375				73,548				267,129				199,749
Paid related to:
Current year		93,969				73,352				179,000				146,012
Prior years		15,912				5,077				118,771				86,732
Total paid		109,881				78,429				297,771				232,744
Net balance at end of period		27,746				52,305				27,746				52,305
Plus: Reinsurance recoverable		412,697				1,904				412,697				1,904
Balance at end of period	$	440,443			$	54,209			$	440,443			$	54,209

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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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