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Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2020
Insurance [Abstract] |
Liability for Unpaid Losses and Loss Adjustment Expenses | 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 March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
Balance at beginning of period | $ | 267,760 |  |  | $ | 472,829 |  |  |  |  |
Less: Reinsurance recoverable | (123,221) |  |  | (393,365) |  |  |  |  |
Net balance at beginning of period | 144,539 |  |  | 79,464 |  |  |  |  |
Incurred (recovered) related to: |  |  |  |  |  |  |  |  |
Current year | 130,707 |  |  | 113,279 |  |  |  |  |
Prior years | 4,341 |  |  | (185) |  |  |  |  |
Total incurred | 135,048 |  |  | 113,094 |  |  |  |  |
Paid related to: |  |  |  |  |  |  |  |  |
Current year | 61,778 |  |  | 34,549 |  |  |  |  |
Prior years | 87,989 |  |  | 60,724 |  |  |  |  |
Total paid | 149,767 |  |  | 95,273 |  |  |  |  |
Net balance at end of period | 129,820 |  |  | 97,285 |  |  |  |  |
Plus: Reinsurance recoverable | 66,158 |  |  | 269,071 |  |  |  |  |
Balance at end of period | $ | 195,978 |  |  | $ | 366,356 |  |  |  |  |
For the three months ended March 31, 2020, there was adverse prior year reserve development of $42.5 million gross, less $38.2 million ceded, resulting in $4.3 million net. The direct and net prior year reserve development for the quarter ended March 31, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2560295 + Details
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