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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Insurance Loss Reserves [Abstract]

Summary of Incurred Claims, Cumulative Paid Claims and Allocated Claim Adjustments Expenses, Net of Reinsurance

The information about unpaid losses and loss adjustment expenses for the years ended December 31, 2018 to 2021, is presented as supplementary information and is unaudited.

																																				As of December 31, 2022
																																				Total of IBNR
																																				Plus Expected
Incurred Loss and Defense & Cost Containment Expenses, Net of Reinsurance																																				Development (Redundancy)						Cumulative Number
For the Years Ended December 31,																																				on Reported Claims						of Reported Claims
Accident Year						2018 *						2019 *						2020 *						2021 *						2022
2018						$	334,368					$	335,946					$	348,792					$	346,785					$	348,534					$	(1,175)					54,468
2019												446,419						452,029						467,198						470,372						(9,236)						47,647
2020																		617,795						637,764						635,412						(14,382)						81,027
2021																								641,679						646,977						(23,473)						60,470
2022																														793,341						250,623						85,543
																								Total						$	2,894,636

Cumulative Paid Loss and Defense & Cost Containment Expenses, Net of Reinsurance
For the Years Ended December 31,
Accident Year						2018 *						2019 *						2020 *						2021 *						2022
2018						$	253,008					$	327,310					$	348,225					$	353,506					$	353,566
2019												335,991						446,997						463,924						480,967
2020																		452,560						604,201						645,553
2021																								461,709						665,008
2022																														518,829
																								Total						$	2,663,923
All outstanding liabilities before 2018, net of reinsurance																														(9,542)
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance																														$	221,171
* Presented as unaudited required supplementary information.

Supplementary Information About Average Historical Claims Duration

Set forth is the supplementary information about average historical claims duration as of December 31, 2022:

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years						1						2						3						4						5
						57.4		%				19.6		%				10.1		%				5.9		%				3.3		%

Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Unpaid Losses and LAE

Set forth is the following reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and LAE in the consolidated Balance Sheet as of December 31, 2022 (in thousands):

			December 31, 2022
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			$	221,171
Reinsurance recoverable on unpaid claims			798,680
Liabilities for adjusting and other claim payments			18,939
Total gross liability for unpaid claims and claim adjustment expense			$	1,038,790

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):

						Years Ended December 31,
						2022						2021						2020
Balance at beginning of year						346,216						322,465						267,760
Less: Reinsurance recoverable						(115,860)						(119,522)						(123,221)
Net balance at beginning of period						230,356						202,943						144,539
Incurred (recovered) related to:
Current year						913,419						724,755						700,473
Prior years						24,980						54,450						58,337
Total incurred						938,399						779,205						758,810
Paid related to:
Current year						624,580						526,695						513,308
Prior years						304,065						225,097						187,098
Total paid						928,645						751,792						700,406
Net balance at end of period						240,110						230,356						202,943
Plus: Reinsurance recoverable						798,680						115,860						119,522
Balance at end of year						$	1,038,790					$	346,216					$	322,465

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

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-Publisher FASB
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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

+ References

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-Publisher FASB
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