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LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance Loss Reserves [Abstract]  
Schedule 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, 2020 to 2023, is presented as supplementary information and is unaudited.
As of December 31, 2024
Total of IBNR
Plus Expected
Incurred Loss and Defense & Cost Containment Expenses, Net of ReinsuranceDevelopment (Redundancy)Cumulative Number
For the Years Ended December 31,on Reported Claimsof Reported Claims
Accident Year
2020 *
2021 *
2022 *
2023 *
2024
2020$617,795 $637,764 $635,412 $725,486 $807,684 $9,415 81,134 
2021641,679 646,977 695,957 772,028 (547)60,614 
2022793,341 717,840 771,688 (3,327)107,079 
2023823,511 618,746 3,073 46,188 
2024894,772 345,364 71,076 
Total$3,864,918 
Cumulative Paid Loss and Defense & Cost Containment Expenses, Net of Reinsurance
For the Years Ended December 31,
Accident Year
2020 *
2021 *
2022 *
2023 *
2024
2020$452,560 $604,201 $645,553 $734,607 $796,087 
2021461,709 665,008 725,118 771,807 
2022518,829 736,066 784,196 
2023460,721 614,413 
2024537,213 
Total$3,503,716 
All outstanding liabilities before 2020, net of reinsurance
16,426 
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance$377,628 
 * Presented as unaudited required supplementary information.
Schedule of Supplementary Information About Average Historical Claims Duration
Set forth is the supplementary information about average historical claims duration as of December 31, 2024:
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years12345
60.4 %16.7 %9.4 %6.1 %3.3 %
Schedule of 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, 2024 (in thousands):
December 31, 2024
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance$377,628 
Reinsurance recoverable on unpaid claims561,936 
Liabilities for adjusting and other claim payments19,727 
Total gross liability for unpaid claims and claim adjustment expense$959,291 
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):
Years Ended December 31,
202420232022
Balance at beginning of year$510,117 $1,038,790 $346,216 
Less: Reinsurance recoverable(183,435)(798,680)(115,860)
Net balance at beginning of period326,682 240,110 230,356 
Incurred (recovered) related to:  
Current year1,058,231 882,063 913,419 
Prior years29,135 110,573 24,980 
Total incurred1,087,366 992,636 938,399 
Paid related to:   
Current year653,454 526,594 624,580 
Prior years363,239 379,470 304,065 
Total paid1,016,693 906,064 928,645 
Net balance at end of period397,355 326,682 240,110 
Plus: Reinsurance recoverable561,936 183,435 798,680 
Balance at end of year$959,291 $510,117 $1,038,790