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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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								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

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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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