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LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES | LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Balance at beginning of period | $ | 959,291 |  |  | $ | 510,117 |  |  |  |  |
Less: Reinsurance recoverables | (561,936) |  |  | (183,435) |  |  |  |  |
Net balance at beginning of period | 397,355 |  |  | 326,682 |  |  |  |  |
Incurred related to: |  |  |  |  |  |  |
Current year | 250,555 |  |  | 240,187 |  |  |  |  |
Prior years | — |  |  | — |  |  |  |  |
Total incurred | 250,555 |  |  | 240,187 |  |  |  |  |
Paid related to: |  |  |  |  |  |  |
Current year | 64,435 |  |  | 96,333 |  |  |  |  |
Prior years | 123,468 |  |  | 141,943 |  |  |  |  |
Total paid | 187,903 |  |  | 238,276 |  |  |  |  |
Net balance at end of period | 460,007 |  |  | 328,593 |  |  |  |  |
Plus: Reinsurance recoverables | 433,670 |  |  | 101,036 |  |  |  |  |
Balance at end of period | $ | 893,677 |  |  | $ | 429,629 |  |  |  |  |
During the three months ended March 31, 2025, the liability for unpaid losses and loss adjustment expenses, prior to reinsurance, decreased by $65.6 million from $959.3 million as of December 31, 2024 to $893.7 million as of March 31, 2025. The decrease was principally the result of the settlement of Hurricane Ian claims, claims from other prior hurricanes and claims from prior accident years. During the three months ended March 31, 2025 and 2024, there was no prior year development.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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