Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

12 Months Ended

Dec. 31, 2024

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:


	2024		2023		2022
Balance at January 1	$	347,738	$	816,489	$	230,377
Less: reinsurance recoverable on unpaid losses	271,736		731,666		174,563
Net balance at January 1	$	76,002	$	84,823	$	55,814

Incurred related to:
Current year	73,023		59,372		104,091
Prior years	(3,704)		(12,694)		(7,982)
Total incurred	$	69,319	$	46,678	$	96,109
Paid related to:
Current year	44,913		41,392		41,646
Prior years	27,597		14,107		25,454
Total paid	$	72,510	$	55,499	$	67,100

Net balance at December 31	$	72,811	$	76,002	$	84,823
Plus: reinsurance recoverable on unpaid losses	249,276		271,736		731,666
Balance at December 31	$	322,087	$	347,738	$	816,489

Composition of reserve for unpaid losses and LAE:
Case reserves	$	55,265	$	109,219	$	286,762
IBNR reserves	266,822		238,519		529,727
Balance at December 31	$	322,087	$	347,738	$	816,489

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The following is supplementary information about average historical claims duration as of December 31, 2024.


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance

Years	1		2		3		4		5		6		7		8		9		10
	38.7	%	26.7	%	13.4	%	10.8	%	5.4	%	2.5	%	1.7	%	0.4	%	0.4	%	—	%

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,
	2024		2023
Net outstanding liabilities

Commercial Property Insurance	$	65,645	$	74,003
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	65,645		74,003

Reinsurance recoverable on unpaid claims

Commercial Property Insurance	249,276		271,736
Total reinsurance recoverable on unpaid claims	249,276		271,736

Unallocated claims adjustment expenses	7,166		1,999

Total gross liability for unpaid claims and claims adjustment expense	$	322,087	$	347,738

Schedule of Incurred and Paid Claims and Claims Adjustment Expense

The information about incurred claims development and paid claims development for the years ended December 31, 2015 to 2023 is presented as supplementary information.

$ In thousands (except number of reported claims)


	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance																				As of December 31, 2024
																					Total of IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	For the Years Ended December 31,
																			Audited
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	16,504	$	20,379	$	24,563	$	26,614	$	26,332	$	26,910	$	28,350	$	28,680	$	28,678	$	28,434	$	—	823
2016	—		54,343		41,477		39,012		40,250		39,831		40,379		54,960		40,369		40,371		349		999
2017	—		—		70,650		72,135		78,970		83,286		87,833		91,545		80,536		78,782		12,756		2,627
2018	—		—		—		61,778		64,964		69,203		68,384		84,727		67,238		67,908		(834)		2,842
2019	—		—		—		—		76,515		70,515		68,900		41,424		70,611		70,596		1,905		3,859
2020	—		—		—		—		—		77,482		77,831		75,844		85,036		88,589		(679)		5,094
2021	—		—		—		—		—		—		53,338		38,304		29,991		31,737		1,008		4,226
2022	—		—		—		—		—		—		—		74,158		77,097		77,959		10,442		2,390
2023	—		—		—		—		—		—		—		—		25,430		20,813		6,867		413
2024	—		—		—		—		—		—		—		—		—		33,727		18,572		415
																	Total		$	538,916


Accident Year	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
																			Audited
	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
2015	$	10,188	$	17,134	$	20,640	$	22,978	$	23,605	$	25,269	$	27,303	$	28,024	$	28,057	$	28,433
2016	—		25,567		32,651		35,548		37,844		38,700		39,940		54,497		40,017		40,021
2017	—		—		40,467		62,353		64,329		73,683		80,460		84,933		54,143		61,771
2018	—		—		—		27,852		54,551		61,885		66,848		82,443		67,193		68,496
2019	—		—		—		—		38,428		57,041		62,133		34,768		64,274		64,817
2020	—		—		—		—		—		33,532		56,201		79,570		84,525		87,433
2021	—		—		—		—		—		—		19,754		28,506		32,033		35,492
2022	—		—		—		—		—		—		—		16,645		51,748		64,360
2023	—		—		—		—		—		—		—		—		8,993		13,557
2024	—		—		—		—		—		—		—		—		—		8,893
																	Total		$	473,273
All outstanding liabilities before 2015, net of reinsurance																			2
	Liabilities for claims and claim adjustment expenses, net of reinsurance																		$	65,645