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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

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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- 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=116884095&loc=d3e14764-158437

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