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Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Liability for unpaid losses and loss adjustment expenses | LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSE (LAE) The Company determines its reserve for unpaid losses on an individual case basis for all incidents reported. The liability also includes amounts for incurred but not reported ("IBNR") claims as of the balance sheet date. The table below shows the analysis of the Company's reserve for unpaid losses for the three months ended March 31, 2025 and 2024 on a GAAP basis:
| March 31,
| 2025 |  | 2024
Balance at January 1 | $ | 322,087 |  |  | $ | 347,738 |
Less: reinsurance recoverable on unpaid losses | 249,276 |  |  | 271,736 |
Net balance at January 1 | 72,811 |  |  | 76,002 |
Incurred related to: |  |  |
Current year | 13,583 |  |  | 12,450 |
Prior years | (2,194) |  |  | 24 |
Total incurred | 11,389 |  |  | 12,474 |
Paid related to: |  |  |
Current year | 10,714 |  |  | 9,516 |
Prior years | 10,435 |  |  | 14,328 |
Total paid | 21,149 |  |  | 23,844 |
Net balance at March 31 | 63,051 |  |  | 64,632 |
Plus: reinsurance recoverable on unpaid losses | 193,238 |  |  | 193,747 |
Balance at March 31 | 256,289 |  |  | 258,379 |
Composition of reserve for unpaid losses and LAE: |  |  |
Case reserves | 42,845 |  |  | 87,818 |
IBNR reserves | 213,444 |  |  | 170,561 |
Balance at March 31 | $ | 256,289 |  |  | $ | 258,379 |
Based upon the Company's internal analysis and the Company's review of the annual statement of actuarial opinion provided by its actuarial consultants at December 31, 2024, the Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. As reflected in the table above, the Company had favorable development in the first quarter 2025 and unfavorable development in the first quarter of 2024 related to prior year losses. This development came as a result of re-estimating ultimate losses in 2025 and 2024 based on historical loss trends. The prior year loss payments made by the Company during the three months ended March 31, 2025 were lower than the loss payments made during the three months ended March 31, 2024, driven by decreased catastrophe and non-catastrophe loss payments. The current year loss payments made by the Company during the three months ended March 31, 2025 and March 31, 2024 remained relatively flat. Case reserves on unpaid losses also decreased when compared to the prior period as a result of the continued settlement of prior year claims, offset by increases to IBNR reserves as a result of Hurricane Milton which made landfall in the fourth quarter of 2024. Reinsurance recoverable remained relatively flat year over year.

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- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent + Details
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