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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2018

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,
	2018				2017
Balance at beginning of period	$	248,425			$	58,494
Less: Reinsurance recoverable		(182,405	)			(106	)
Net balance at beginning of period		66,020				58,388
Incurred (recovered) related to:
Current year		75,970				70,474
Prior years		(44	)			96
Total incurred		75,926				70,570
Paid related to:
Current year		17,407				22,890
Prior years		65,253				72,252
Total paid		82,660				95,142
Net balance at end of period		59,286				33,816
Plus: Reinsurance recoverable/(payable)		70,351				(2,353	)
Balance at end of period	$	129,637			$	31,463

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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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