XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES | 9 Months Ended
--- | ---
Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period | $ | 765,855 |  |  | $ | 344,648 |  |  | $ | 959,291 |  |  | $ | 510,117 |
Less: Reinsurance recoverables | (336,627) |  |  | (33,121) |  |  | (561,936) |  |  | (183,435) |
Net balance at beginning of period | 429,228 |  |  | 311,527 |  |  | 397,355 |  |  | 326,682 |
Incurred related to: |  |  |  |  |  |  |
Current year | 248,367 |  |  | 319,152 |  |  | 759,156 |  |  | 802,911 |
Prior years | 3,912 |  |  | (2,197) |  |  | 3,983 |  |  | (2,197) |
Total incurred | 252,279 |  |  | 316,955 |  |  | 763,139 |  |  | 800,714 |
Paid related to: |  |  |  |  |  |  |
Current year | 169,552 |  |  | 177,963 |  |  | 377,862 |  |  | 425,970 |
Prior years | 87,721 |  |  | 81,321 |  |  | 358,398 |  |  | 332,228 |
Total paid | 257,273 |  |  | 259,284 |  |  | 736,260 |  |  | 758,198 |
Net balance at end of period | 424,234 |  |  | 369,198 |  |  | 424,234 |  |  | 369,198 |
Plus: Reinsurance recoverables | 258,355 |  |  | 91,239 |  |  | 258,355 |  |  | 91,239 |
Balance at end of period | $ | 682,589 |  |  | $ | 460,437 |  |  | $ | 682,589 |  |  | $ | 460,437 |
During the nine months ended September 30, 2025, the liability for unpaid losses and loss adjustment expenses, prior to reinsurance, decreased by $276.7 million from $959.3 million as of December 31, 2024 to $682.6 million as of September 30, 2025. The decrease was principally the result of the settlement of Hurricane Debby claims, Hurricane Helene claims, claims from other prior hurricanes, and claims from prior accident years. During the three and nine months ended September 30, 2025, there was $3.9 million and $4.0 million of unfavorable prior years’ development, respectively, compared to $2.2 million favorable net prior year development during 2024. Unfavorable development indicates that actual losses were higher than previously estimated, impacting profitability, while favorable development suggests lower-than-expected losses. The unfavorable prior year development for 2025 was associated with increases in net losses and LAE for prior year catastrophe events. The favorable net prior years’ reserve development for the three and nine months ended September 30, 2024 was due to favorable resolution of hurricane claims compared to previous estimates.

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration