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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2023

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,
			2023						2022						2023						2022
Balance at beginning of period			$	870,407					$	244,482					$	1,038,790					$	346,216
Less: Reinsurance recoverable			(669,946)						(65,403)						(798,680)						(115,860)
Net balance at beginning of period			200,461						179,079						240,110						230,356
Incurred related to:
Current year			209,902						196,594						412,738						381,045
Prior years			13,825						3,710						17,143						4,365
Total incurred			223,727						200,304						429,881						385,410
Paid related to:
Current year			123,258						164,888						191,041						236,615
Prior years			133,161						47,118						311,181						211,774
Total paid			256,419						212,006						502,222						448,389
Net balance at end of period			167,769						167,377						167,769						167,377
Plus: Reinsurance recoverable			495,250						18,972						495,250						18,972
Balance at end of period			$	663,019					$	186,349					$	663,019					$	186,349

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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
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-3

+ Details

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