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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

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, 2019 to 2022, is presented as supplementary information and is unaudited.


											As of December 31, 2023
											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	2019 *		2020 *		2021 *		2022 *		2023

2019	$	446,419	$	452,029	$	467,198	$	470,372	$	487,459	$	(4,404)	47,695
2020			617,795		637,764		635,412		725,486		(4,604)		81,106
2021					641,679		646,977		695,957		(19,332)		60,580
2022							793,341		717,840		(19,946)		103,936
2023									823,511		344,113		45,849
							Total		$	3,450,253


Cumulative Paid Loss and Defense & Cost Containment Expenses, Net of Reinsurance
For the Years Ended December 31,
Accident Year	2019 *		2020 *		2021 *		2022 *		2023

2019	$	335,991	$	446,997	$	463,924	$	480,967	$	499,468
2020			452,560		604,201		645,553		734,607
2021					461,709		665,008		725,118
2022							518,829		736,066
2023									460,721
							Total		$	3,155,980
All outstanding liabilities before 2019, net of reinsurance									14,586
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance									$	308,859
* 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, 2023:


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1		2		3		4		5
	56.3	%	19.4	%	12.3	%	5.9	%	3.0	%

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, 2023 (in thousands):


	December 31, 2023
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$	308,859
Reinsurance recoverable on unpaid claims	183,435
Liabilities for adjusting and other claim payments	17,823
Total gross liability for unpaid claims and claim adjustment expense	$	510,117

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,
	2023		2022		2021
Balance at beginning of year	$	1,038,790	$	346,216	$	322,465
Less: Reinsurance recoverable	(798,680)		(115,860)		(119,522)
Net balance at beginning of period	240,110		230,356		202,943
Incurred (recovered) related to:
Current year	882,064		913,419		724,755
Prior years	110,573		24,980		54,450
Total incurred	992,636		938,399		779,205
Paid related to:
Current year	526,594		624,580		526,695
Prior years	379,470		304,065		225,097
Total paid	906,064		928,645		751,792
Net balance at end of period	326,682		240,110		230,356
Plus: Reinsurance recoverable	183,435		798,680		115,860
Balance at end of year	$	510,117	$	1,038,790	$	346,216