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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Balance at beginning of period			$	344,648					$	663,019					$	510,117					$	1,038,790
Less: Reinsurance recoverable			(33,121)						(495,250)						(183,435)						(798,680)
Net balance at beginning of period			311,527						167,769						326,682						240,110
Incurred related to:
Current year			319,152						270,266						802,911						683,004
Prior years			(2,197)						17,706						(2,197)						34,849
Total incurred			316,955						287,972						800,714						717,853
Paid related to:
Current year			177,963						178,384						425,970						369,425
Prior years			81,321						(16,963)						332,228						294,218
Total paid			259,284						161,421						758,198						663,643
Net balance at end of period			369,198						294,320						369,198						294,320
Plus: Reinsurance recoverable			91,239						256,687						91,239						256,687
Balance at end of period			$	460,437					$	551,007					$	460,437					$	551,007

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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

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