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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 on a GAAP basis:

			September 30,
			2024						2023
Balance at January 1			$	347,738					$	816,489
Less: reinsurance recoverable on unpaid losses			271,736						731,666
Net balance at January 1			$	76,002					$	84,823
Incurred related to:
Current year			41,904						51,180
Prior years			(2,379)						(11,212)
Total incurred			$	39,525					$	39,968
Paid related to:
Current year			29,577						34,746
Prior years			26,499						5,612
Total paid			$	56,076					$	40,358
Net balance at September 30			$	59,451					$	84,433
Plus: reinsurance recoverable on unpaid losses			113,871						337,265
Balance at September 30			$	173,322					$	421,698
Composition of reserve for unpaid losses and LAE:
Case reserves			$	51,549					$	128,503
IBNR reserves			121,773						293,195
Balance at September 30			$	173,322					$	421,698

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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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