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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 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 three months ended March 31, 2023 and 2022 on a GAAP basis:

			March 31,
			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			19,577						29,379
Prior years			(3,165)						(3,064)
Total incurred			$	16,412					$	26,315
Paid related to:
Current year			10,654						11,219
Prior years			14,108						18,358
Total paid			$	24,762					$	29,577
Net balance at March 31			$	102,354					$	71,284
Plus: reinsurance recoverable on unpaid losses			646,011						168,289
Balance at March 31			$	748,365					$	239,573
Composition of reserve for unpaid losses and LAE:
Case reserves			$	284,679					$	119,969
IBNR reserves			463,686						119,604
Balance at March 31			$	748,365					$	239,573

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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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