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Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2021
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, |  |
| 2021 |  | 2020 |  |  |  |
Balance at beginning of period | $ | 322,465 |  |  | $ | 267,760 |  |  |  |  |
Less: Reinsurance recoverable | (119,522) |  |  | (123,221) |  |  |  |  |
Net balance at beginning of period | 202,943 |  |  | 144,539 |  |  |  |  |
Incurred related to: |  |  |  |  |  |  |
Current year | 145,200 |  |  | 130,707 |  |  |  |  |
Prior years | (1,237) |  |  | 4,341 |  |  |  |  |
Total incurred | 143,963 |  |  | 135,048 |  |  |  |  |
Paid related to: |  |  |  |  |  |  |
Current year | 54,481 |  |  | 61,778 |  |  |  |  |
Prior years | 95,316 |  |  | 87,989 |  |  |  |  |
Total paid | 149,797 |  |  | 149,767 |  |  |  |  |
Net balance at end of period | 197,109 |  |  | 129,820 |  |  |  |  |
Plus: Reinsurance recoverable | 118,671 |  |  | 66,158 |  |  |  |  |
Balance at end of period | $ | 315,780 |  |  | $ | 195,978 |  |  |  |  |
For the three months ended March 31, 2021, there was prior years’ reserve development of $92.1 million gross, less $93.3 million ceded, resulting in $1.2 million net favorable development. The net favorable prior years’ reserve development for the quarter ended March 31, 2021 was principally due to an increase in ceded reserves for Hurricane Sally as a result of recoveries on losses outside of Florida, which have a lower attachment point offset by a reduction in Hurricane Irma recoveries representing previously ceded losses not subject to recovery. As a result, net prior years’ reserve development was favorable. During the three months ended March 31, 2020, there was adverse prior years’ reserve development of $42.5 million gross, less $38.2 million ceded, resulting in $4.3 million net development. The direct and net prior years’ reserve development for the quarter ended March 31, 2020 was principally due to an increase in 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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