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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

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

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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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