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Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Balance at beginning of period | $ | 663,019 |  |  | $ | 186,349 |  |  | $ | 1,038,790 |  |  | $ | 346,216 |
Less: Reinsurance recoverable | (495,250) |  |  | (18,972) |  |  | (798,680) |  |  | (115,860) |
Net balance at beginning of period | 167,769 |  |  | 167,377 |  |  | 240,110 |  |  | 230,356 |
Incurred related to: |  |  |  |  |  |  |
Current year | 270,266 |  |  | 327,729 |  |  | 683,004 |  |  | 708,774 |
Prior years | 17,706 |  |  | 2,715 |  |  | 34,849 |  |  | 7,080 |
Total incurred | 287,972 |  |  | 330,444 |  |  | 717,853 |  |  | 715,854 |
Paid related to: |  |  |  |  |  |  |
Current year | 178,384 |  |  | 216,735 |  |  | 369,425 |  |  | 453,350 |
Prior years | (16,963) |  |  | 57,227 |  |  | 294,218 |  |  | 269,001 |
Total paid | 161,421 |  |  | 273,962 |  |  | 663,643 |  |  | 722,351 |
Net balance at end of period | 294,320 |  |  | 223,859 |  |  | 294,320 |  |  | 223,859 |
Plus: Reinsurance recoverable | 256,687 |  |  | 929,768 |  |  | 256,687 |  |  | 929,768 |
Balance at end of period | $ | 551,007 |  |  | $ | 1,153,627 |  |  | $ | 551,007 |  |  | $ | 1,153,627 |
Prior years’ development was $17.7 million in the third quarter ended September 30, 2023 compared to $2.7 million in the third quarter ended September 30, 2022. Prior years’ development was $34.8 million in the nine months ended September 30, 2023 compared to $7.1 million in the nine months ended September 30, 2022. In 2023 prior year development was the result of increased costs to settle prior year claims compared to previous estimates particularly related to non-CAT events occurring in prior years. Prior years claims predate the most significant recent property insurance reform legislation enacted in late 2022 in Florida and therefore have not benefited significantly from the statutory changes. Paid claims related to prior years in the third quarter ended September 30, 2023 include the impact of a number of commutations, including the commutation with the FHCF. Prior years’ development was $2.7 million during the three months ended September 30, 2022. The net prior years’ reserve development for the three months ended September 30, 2022 was principally due to Hurricane Irma. Prior years’ reserve development was $7.1 million during the nine months ended September 30, 2022. The net prior years’ reserve development for the nine months ended September 30, 2022 was principally due to Hurricane Irma development of $7.0 million in the period. Hurricane Matthew net losses increased $0.1 million. Additionally, the Company concluded a favorable commutation during the nine months ended September 30, 2022, favorably increasing ceded prior year loss payments which was offset by a provisory direct prior year IBNR amount, resulting in no net effect.

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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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
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