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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2024

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,
			2024						2023						2024						2023
Balance at beginning of period			$	429,629					$	870,407					$	510,117					$	1,038,790
Less: Reinsurance recoverable			(101,036)						(669,946)						(183,435)						(798,680)
Net balance at beginning of period			328,593						200,461						326,682						240,110
Incurred related to:
Current year			243,572						209,902						483,759						412,738
Prior years			—						13,825						—						17,143
Total incurred			243,572						223,727						483,759						429,881
Paid related to:
Current year			151,587						123,258						247,921						191,041
Prior years			109,051						133,161						250,993						311,181
Total paid			260,638						256,419						498,914						502,222
Net balance at end of period			311,527						167,769						311,527						167,769
Plus: Reinsurance recoverable			33,121						495,250						33,121						495,250
Balance at end of period			$	344,648					$	663,019					$	344,648					$	663,019

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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://www.xbrl.org/2003/role/disclosureRef
-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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