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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below shows the analysis of our reserve for unpaid losses for the six months ended June 30, 2023 and 2022 on a GAAP basis:

			June 30,
			2023						2022
Balance at January 1			$	842,958					$	250,642
Less: reinsurance recoverable on unpaid losses			732,254						176,096
Net balance at January 1			$	110,704					$	74,546
Incurred related to:
Current year			45,643						47,288
Prior years			(8,316)						(6,941)
Total incurred			$	37,327					$	40,347
Paid related to:
Current year			27,217						30,666
Prior years			29,857						23,651
Total paid			$	57,074					$	54,317
Net balance at June 30			$	90,957					$	60,576
Plus: reinsurance recoverable on unpaid losses			443,719						163,509
Balance at June 30			$	534,676					$	224,085
Composition of reserve for unpaid losses and LAE:
Case reserves			$	182,196					$	116,428
IBNR reserves			352,480						107,657
Balance at June 30			$	534,676					$	224,085

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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