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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended
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Dec. 31, 2017
Insurance Loss Reserves [Abstract] |
Summary of Incurred Claims, Cumulative Paid Claims and Allocated Claim Adjustments Expenses, Net of Reinsurance | Set forth in the following tables is information about unpaid losses and loss adjustment expenses as of December 31, 2017, net of reinsurance and estimated subrogation, as well as cumulative claim counts and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the liability for unpaid losses and LAE (in thousands). The information about unpaid losses and loss adjustment expenses for the years ended December 31, 2013 to 2015, is presented as supplementary information and is unaudited.
Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |  |  |  |  |  |  | As of December 31, 2017 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total of Incurred- |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | but-Not-Reported |  |  |  |  |
For the Years Ended December 31, |  |  | Liabilities Plus |  |  |  |  |
Accident Year |  |  | 2013* |  |  | 2014* |  |  | 2015* |  |  | 2016 |  |  | 2017 |  |  | Expected Development (Redundancy) on Reported Claims |  |  | Cumulative Number of Reported Claims |
2013 | * |  | $ | 100,111 |  |  | $ | 96,993 |  |  | $ | 96,012 |  |  | $ | 88,493 |  |  | $ | 91,065 |  |  | $ | (4,704 | ) |  |  | 20,440 |
2014 | * |  |  |  |  |  |  | 111,739 |  |  |  | 118,289 |  |  |  | 112,251 |  |  |  | 112,278 |  |  |  | (10,886 | ) |  |  | 22,420 |
2015 | * |  |  |  |  |  |  |  |  |  |  | 170,381 |  |  |  | 187,431 |  |  |  | 194,600 |  |  |  | (15,635 | ) |  |  | 26,703 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 269,814 |  |  |  | 286,252 |  |  |  | (17,785 | ) |  |  | 39,885 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 303,944 |  |  |  | 49,600 |  |  |  | 93,080 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 988,139 |  |  |  |  |  |  |  |  |
*UNAUDITED |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance |
For the Years Ended December 31, |
Accident Year |  | 2013* |  |  | 2014* |  |  | 2015* |  |  | 2016 |  |  | 2017 |
2013 | * | $ | 61,117 |  |  | $ | 88,843 |  |  | $ | 93,489 |  |  | $ | 95,059 |  |  | $ | 95,383 |
2014 | * |  |  |  |  |  | 69,703 |  |  |  | 112,059 |  |  |  | 119,798 |  |  |  | 122,579 |
2015 | * |  |  |  |  |  |  |  |  |  | 115,328 |  |  |  | 191,481 |  |  |  | 208,592 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 204,122 |  |  |  | 297,374 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 205,200 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 929,128 |
|  | All outstanding liabilities before 2013, net of reinsurance* |  |  |  | (3,469 | )
Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 55,542 |
*UNAUDITED |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Unpaid Losses and LAE | Set forth is the following reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and LAE in the consolidated Balance Sheet as of December 31, 2017 (in thousands):
|  | December 31, 2017 |
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 55,542 |
Reinsurance recoverable on unpaid claims |  |  | 182,405 |
Unallocated claims adjustment expenses and other |  |  | 10,478 |
Total gross liability for unpaid claims and claim adjustment expense |  | $ | 248,425 |
Supplementary Information About Average Historical Claims Duration | Set forth is the supplementary information about average historical claims duration as of December 31, 2017:
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance |
Years |  | 1 |  |  | 2 |  |  | 3 |  |  | 4 |  |  | 5 |
|  |  | 51.0 | % |  |  | 17.7 | % |  |  | 11.2 | % |  |  | 9.1 | % |  |  | 6.6 | %
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):
|  | Years Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Balance at beginning of year |  | $ | 58,494 |  |  | $ | 98,840 |  |  | $ | 134,353 |
Less: Reinsurance recoverable |  |  | (106 | ) |  |  | (13,540 | ) |  |  | (47,350 | )
Net balance at beginning of period |  |  | 58,388 |  |  |  | 85,300 |  |  |  | 87,003 |
Incurred (recovered) related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 322,929 |  |  |  | 305,919 |  |  |  | 188,040 |
Prior years |  |  | 27,499 |  |  |  | (4,690 | ) |  |  | (301 | )
Total incurred |  |  | 350,428 |  |  |  | 301,229 |  |  |  | 187,739 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 215,274 |  |  |  | 229,761 |  |  |  | 123,952 |
Prior years |  |  | 127,522 |  |  |  | 98,380 |  |  |  | 65,490 |
Total paid |  |  | 342,796 |  |  |  | 328,141 |  |  |  | 189,442 |
Net balance at end of period |  |  | 66,020 |  |  |  | 58,388 |  |  |  | 85,300 |
Plus: Reinsurance recoverable |  |  | 182,405 |  |  |  | 106 |  |  |  | 13,540 |
Balance at end of year |  | $ | 248,425 |  |  | $ | 58,494 |  |  | $ | 98,840 |

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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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- Definition Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671311-158438 + Details
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- Definition Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671315-158438 + Details
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- Definition Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 4G -URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671329-158438 + Details
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