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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2024 and 2023 on a GAAP basis:

			June 30,
			2024						2023
Balance at January 1			$	347,738					$	816,489
Less: reinsurance recoverable on unpaid losses			271,736						731,579
Net balance at January 1			$	76,002					$	84,910
Incurred related to:
Current year			28,773						38,253
Prior years			(1,022)						(8,107)
Total incurred			$	27,751					$	30,146
Paid related to:
Current year			23,520						24,003
Prior years			21,407						21,442
Total paid			$	44,927					$	45,445
Net balance at June 30			$	58,826					$	69,611
Plus: reinsurance recoverable on unpaid losses			152,607						443,506
Balance at June 30			$	211,433					$	513,118
Composition of reserve for unpaid losses and LAE:
Case reserves			$	73,261					$	170,817
IBNR reserves			138,172						342,301
Balance at June 30			$	211,433					$	513,118

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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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