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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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 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

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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

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