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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 on a GAAP basis:

			March 31,
			2024						2023
Balance at January 1			$	370,221					$	842,958
Less: reinsurance recoverable on unpaid losses			271,948						732,254
Net balance at January 1			$	98,273					$	110,704
Incurred related to:
Current year			16,337						19,577
Prior years			(432)						(3,165)
Total incurred			$	15,905					$	16,412
Paid related to:
Current year			10,702						10,654
Prior years			17,869						14,108
Total paid			$	28,571					$	24,762
Net balance at March 31			$	85,607					$	102,354
Plus: reinsurance recoverable on unpaid losses			193,949						646,011
Balance at March 31			$	279,556					$	748,365
Composition of reserve for unpaid losses and LAE:
Case reserves			$	97,944					$	284,679
IBNR reserves			181,612						463,686
Balance at March 31			$	279,556					$	748,365

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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://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

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