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Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2023
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, |  |
| 2023 |  | 2022 |  |  |  |
Balance at beginning of period | $ | 1,038,790 |  |  | $ | 346,216 |  |  |  |  |
Less: Reinsurance recoverable | (798,680) |  |  | (115,860) |  |  |  |  |
Net balance at beginning of period | 240,110 |  |  | 230,356 |  |  |  |  |
Incurred related to: |  |  |  |  |  |  |
Current year | 202,836 |  |  | 184,451 |  |  |  |  |
Prior years | 3,318 |  |  | 655 |  |  |  |  |
Total incurred | 206,154 |  |  | 185,106 |  |  |  |  |
Paid related to: |  |  |  |  |  |  |
Current year | 67,783 |  |  | 71,727 |  |  |  |  |
Prior years | 178,020 |  |  | 164,656 |  |  |  |  |
Total paid | 245,803 |  |  | 236,383 |  |  |  |  |
Net balance at end of period | 200,461 |  |  | 179,079 |  |  |  |  |
Plus: Reinsurance recoverable | 669,946 |  |  | 65,403 |  |  |  |  |
Balance at end of period | $ | 870,407 |  |  | $ | 244,482 |  |  |  |  |
During the three months ended March 31, 2023, there was adverse prior years’ reserve development of $5.4 million gross less $2.1 million ceded resulting in $3.3 million net unfavorable development. The direct and net prior years’ reserve development for the quarter ended March 31, 2023 was principally due to gross reserve development for Hurricane Sally. During the three months ended March 31, 2022, there was adverse prior years’ reserve development of $10.7 million gross less $10.0 million ceded resulting in $0.7 million net unfavorable development. The direct and net prior years’ reserve development for the quarter ended March 31, 2022 was principally due to a direct increase in the ultimate losses for Hurricanes Irma and Matthew.

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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 https://asc.fasb.org/subtopic&trid=2560295 + Details
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