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Liability for Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended
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Jun. 30, 2018
Insurance Loss Reserves [Abstract] |
Liability for Unpaid Losses and Loss Adjustment Expenses | 6. Liability for Unpaid Losses and Loss Adjustment Expenses 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, |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | 129,637 |  |  | $ | 31,463 |  |  | $ | 248,425 |  |  | $ | 58,494 |
Less: Reinsurance (recoverable)/payable |  | (70,351 | ) |  |  | 2,353 |  |  |  | (182,405 | ) |  |  | (106 | )
Net balance at beginning of period |  | 59,286 |  |  |  | 33,816 |  |  |  | 66,020 |  |  |  | 58,388 |
Incurred (recovered) related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 87,532 |  |  |  | 79,075 |  |  |  | 163,502 |  |  |  | 149,549 |
Prior years |  | 2,310 |  |  |  | 1,109 |  |  |  | 2,266 |  |  |  | 1,205 |
Total incurred |  | 89,842 |  |  |  | 80,184 |  |  |  | 165,768 |  |  |  | 150,754 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 50,572 |  |  |  | 62,141 |  |  |  | 67,979 |  |  |  | 85,031 |
Prior years |  | 43,373 |  |  |  | 30,607 |  |  |  | 108,626 |  |  |  | 102,859 |
Total paid |  | 93,945 |  |  |  | 92,748 |  |  |  | 176,605 |  |  |  | 187,890 |
Net balance at end of period |  | 55,183 |  |  |  | 21,252 |  |  |  | 55,183 |  |  |  | 21,252 |
Plus: Reinsurance recoverable/(payable) |  | 96,733 |  |  |  | 1,393 |  |  |  | 96,733 |  |  |  | 1,393 |
Balance at end of period | $ | 151,916 |  |  | $ | 22,645 |  |  | $ | 151,916 |  |  | $ | 22,645 |
The Company’s losses incurred for the three and six months ended June 20, 2018 include prior year net reserve development of $2.3 million which was principally caused by loss reserve development of $5.3 million on a direct basis ($2.6 million on a net basis) for the fourth quarter 2016 storm, Hurricane Matthew. Reserve strengthening on Hurricane Matthew is based on our revised estimate to settle the remaining 78 open claims. The three and six months ended June 30, 2017 included prior year loss reserve development of $6.6 million on a direct basis ($1.1 million on a net basis), also reflecting strengthening of reserves for the fourth quarter 2016 storm, Hurricane Matthew. Also, during the second quarter in 2018, the Company increased its estimate of ultimate losses on the third quarter 2017 storm Hurricane Irma to $603.5 million for both Insurance Entities from $447.4 million recorded in the first quarter in 2018. The prior year development of $156.1 million in gross losses resulted in a net retention benefit of $0.3 million after cessions to the Company’s reinsurers. The increase in the ultimate loss and LAE for Hurricane Irma was the result of continuation of new reported claims and the aggressive nature of plaintiff attorneys on claims in Florida.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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