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Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 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 |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | 151,916 |  |  | $ | 22,645 |  |  | $ | 248,425 |  |  | $ | 58,494 |
Less: Reinsurance recoverable (net of payable offsets) |  | (96,733 | ) |  |  | (1,393 | ) |  |  | (182,405 | ) |  |  | (106 | )
Net balance at beginning of period |  | 55,183 |  |  |  | 21,252 |  |  |  | 66,020 |  |  |  | 58,388 |
Incurred (recovered) related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 85,986 |  |  |  | 116,262 |  |  |  | 249,488 |  |  |  | 265,811 |
Prior years |  | (39 | ) |  |  | 113 |  |  |  | 2,227 |  |  |  | 1,318 |
Total incurred |  | 85,947 |  |  |  | 116,375 |  |  |  | 251,715 |  |  |  | 267,129 |
Paid related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  | 72,034 |  |  |  | 93,969 |  |  |  | 140,013 |  |  |  | 179,000 |
Prior years |  | 38,372 |  |  |  | 15,912 |  |  |  | 146,998 |  |  |  | 118,771 |
Total paid |  | 110,406 |  |  |  | 109,881 |  |  |  | 287,011 |  |  |  | 297,771 |
Net balance at end of period |  | 30,724 |  |  |  | 27,746 |  |  |  | 30,724 |  |  |  | 27,746 |
Plus: Reinsurance recoverable (net of payable offsets) |  | 127,943 |  |  |  | 412,697 |  |  |  | 127,943 |  |  |  | 412,697 |
Balance at end of period | $ | 158,667 |  |  | $ | 440,443 |  |  | $ | 158,667 |  |  | $ | 440,443 |
During the third quarter of 2018, the Company recorded prior year adverse development to increase its estimate of ultimate losses for the third quarter 2017 storm, Hurricane Irma, to $754.0 million from $446.7 million recorded as of 2017 year-end. The prior year adverse development of $311.7 million in direct losses resulted in net losses of $2.2 million after the benefit of reinsurance recoveries, including those related to Hurricane Irma. The increase in the ultimate loss and LAE from Hurricane Irma was the result of a continuation of new reported claims and litigation costs associated with the aggressive nature of plaintiff attorneys on claims in Florida. The nine months ended September 30, 2017 included prior year loss reserve development of $6.9 million on a direct basis ($1.3 million on a net basis), primarily reflecting strengthening of reserves for the fourth quarter 2016 storm, Hurricane Matthew.

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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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