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LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period | $ | 893,677 |  |  | $ | 429,629 |  |  | $ | 959,291 |  |  | $ | 510,117 |
Less: Reinsurance recoverables | (433,670) |  |  | (101,036) |  |  | (561,936) |  |  | (183,435) |
Net balance at beginning of period | 460,007 |  |  | 328,593 |  |  | 397,355 |  |  | 326,682 |
Incurred related to: |  |  |  |  |  |  |
Current year | 260,234 |  |  | 243,572 |  |  | 510,789 |  |  | 483,759 |
Prior years | 71 |  |  | — |  |  | 71 |  |  | — |
Total incurred | 260,305 |  |  | 243,572 |  |  | 510,860 |  |  | 483,759 |
Paid related to: |  |  |  |  |  |  |
Current year | 143,875 |  |  | 151,587 |  |  | 208,310 |  |  | 247,921 |
Prior years | 147,209 |  |  | 109,051 |  |  | 270,677 |  |  | 250,993 |
Total paid | 291,084 |  |  | 260,638 |  |  | 478,987 |  |  | 498,914 |
Net balance at end of period | 429,228 |  |  | 311,527 |  |  | 429,228 |  |  | 311,527 |
Plus: Reinsurance recoverables | 336,627 |  |  | 33,121 |  |  | 336,627 |  |  | 33,121 |
Balance at end of period | $ | 765,855 |  |  | $ | 344,648 |  |  | $ | 765,855 |  |  | $ | 344,648 |
During the six months ended June 30, 2025, the liability for unpaid losses and loss adjustment expenses, prior to reinsurance, decreased by $193.4 million from $959.3 million as of December 31, 2024 to $765.9 million as of June 30, 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 and six months ending June 30, 2025, there was $71 thousand of prior year development, compared to no net prior year development during 2024. This prior year development was associated with increases in net losses and LAE for prior year catastrophe events.

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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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