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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

12 Months Ended

Dec. 31, 2023

Claims Development

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The table below shows the analysis of our reserve for unpaid losses for each of our last three fiscal years on a GAAP basis:

			2023						2022						2021
Balance at January 1			$	842,958					$	250,642					$	363,434
Less: reinsurance recoverable on unpaid losses			732,341						176,183						265,723
Net balance at January 1			$	110,617					$	74,459					$	97,711
Incurred related to:
Current year			75,155						145,675						95,183
Prior years			(12,294)						(10,869)						(6,132)
Total incurred			$	62,861					$	134,806					$	89,051
Paid related to:
Current year			51,133						66,070						64,444
Prior years			24,072						32,577						47,859
Total paid			$	75,205					$	98,647					$	112,303
Net balance at December 31			$	98,273					$	110,617					$	74,459
Plus: reinsurance recoverable on unpaid losses			271,948						732,341						176,183
Balance at December 31			$	370,221					$	842,958					$	250,642
Composition of reserve for unpaid losses and LAE:
Case reserves			$	120,103					$	300,864					$	114,652
IBNR reserves			250,118						542,094						135,990
Balance at December 31			$	370,221					$	842,958					$	250,642

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows.

			December 31,
			2023						2022
Net outstanding liabilities
Personal Lines Operating Segment			$	21,622					$	24,940
Commercial Lines Operating Segment			74,003						80,256
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance			95,625						105,196
Reinsurance recoverable on unpaid claims
Personal Lines Operating Segment			226						674
Commercial Lines Operating Segment			271,722						731,667
Total reinsurance recoverable on unpaid claims			271,948						732,341
Unallocated claims adjustment expenses			2,648						5,421
Total gross liability for unpaid claims and claims adjustment expense			$	370,221					$	842,958

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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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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480081/944-40-50-4C

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