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Liability for Unpaid Losses and Loss Adjustment Expense (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2025 and 2024 on a GAAP basis:

		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			30,398				28,773
Prior years			(3,469	)			(1,022	)
Total incurred			26,929				27,751
Paid related to:
Current year			22,781				23,520
Prior years			14,652				21,407
Total paid			37,433				44,927
Net balance at June 30			62,307				58,826
Plus: reinsurance recoverable on unpaid losses			156,935				152,607
Balance at June 30			219,242				211,433
Composition of reserve for unpaid losses and LAE:
Case reserves			37,258				73,261
IBNR reserves			181,984				138,172
Balance at June 30		$	219,242			$	211,433

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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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