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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended
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Jun. 30, 2021
Insurance [Abstract] |
Schedule of Changes 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 June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period | $ | 315,780 |  |  | $ | 195,978 |  |  | $ | 322,465 |  |  | $ | 267,760 |
Less: Reinsurance recoverable | (118,671) |  |  | (66,158) |  |  | (119,522) |  |  | (123,221) |
Net balance at beginning of period | 197,109 |  |  | 129,820 |  |  | 202,943 |  |  | 144,539 |
Incurred related to: |  |  |  |  |  |  |
Current year | 159,490 |  |  | 150,867 |  |  | 304,690 |  |  | 281,574 |
Prior years | 7,731 |  |  | 478 |  |  | 6,494 |  |  | 4,819 |
Total incurred | 167,221 |  |  | 151,345 |  |  | 311,184 |  |  | 286,393 |
Paid related to: |  |  |  |  |  |  |
Current year | 151,348 |  |  | 120,724 |  |  | 205,829 |  |  | 182,502 |
Prior years | 47,481 |  |  | 38,889 |  |  | 142,797 |  |  | 126,878 |
Total paid | 198,829 |  |  | 159,613 |  |  | 348,626 |  |  | 309,380 |
Net balance at end of period | 165,501 |  |  | 121,552 |  |  | 165,501 |  |  | 121,552 |
Plus: Reinsurance recoverable | 113,157 |  |  | 26,107 |  |  | 113,157 |  |  | 26,107 |
Balance at end of period | $ | 278,658 |  |  | $ | 147,659 |  |  | $ | 278,658 |  |  | $ | 147,659 |

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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=116884095&loc=d3e14764-158437 + Details
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