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LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES
 3 Months Ended
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,
 20252024
Balance at beginning of period$959,291 $510,117 
Less: Reinsurance recoverables(561,936)(183,435)
Net balance at beginning of period397,355 326,682 
Incurred related to:  
Current year250,555 240,187 
Prior years— — 
Total incurred250,555 240,187 
Paid related to:  
Current year64,435 96,333 
Prior years123,468 141,943 
Total paid187,903 238,276 
Net balance at end of period460,007 328,593 
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.