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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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								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

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=99382578&loc=d3e14764-158437

+ Details

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