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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [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,
	2019				2018
Balance at beginning of period	$	472,829			$	248,425
Less: Reinsurance recoverable	(393,365		)		(182,405		)
Net balance at beginning of period	79,464				66,020
Incurred (recovered) related to:
Current year	113,279				75,970
Prior years	(185		)		(44		)
Total incurred	113,094				75,926
Paid related to:
Current year	34,549				17,407
Prior years	60,724				65,253
Total paid	95,273				82,660
Net balance at end of period	97,285				59,286
Plus: Reinsurance recoverable	269,071				70,351
Balance at end of period	$	366,356			$	129,637

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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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