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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance Loss Reserves [Abstract] |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:
|  | June 30, 2025 |  | December 31, 2024
Case reserves |  | $ | 242,033 |  |  | $ | 230,633 |
IBNR |  | 702,952 |  |  | 630,336 |
Total |  | $ | 944,985 |  |  | $ | 860,969 |
Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:
Consolidated |  | Six months ended June 30
|  | 2025 |  | 2024
Gross balance at January 1 |  | $ | 860,969 |  |  | $ | 661,554 |
Less: Losses recoverable |  | (85,790) |  |  | (25,687) |
Net balance at January 1 |  | 775,179 |  |  | 635,867 |
Incurred losses related to: |  |  |  |
Current year |  | 215,698 |  |  | 206,647 |
Prior years |  | 7,265 |  |  | 4,712 |
Total incurred |  | 222,963 |  |  | 211,359 |
Paid losses related to: |  |  |  |
Current year |  | (15,445) |  |  | (20,677) |
Prior years |  | (161,261) |  |  | (129,716) |
Total paid |  | (176,706) |  |  | (150,393) |
Foreign exchange and translation adjustment |  | 29,578 |  |  | (2,723) |
Net balance at June 30 |  | 851,014 |  |  | 694,110 |
Add: Losses recoverable (see Note 8) |  | 93,971 |  |  | 58,647 |
Gross balance at June 30 |  | $ | 944,985 |  |  | $ | 752,757 |
Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense | The following table presents net prior year reserve development by segment and consolidated for the respective periods.
|  | Favorable (Adverse)
|  | Open Market |  | Innovations |  | Total Segments |  | Corporate |  | Total Consolidated
Six months ended June 30, 2025 |  | $ | (3,955) |  |  | $ | (1,964) |  |  | $ | (5,919) |  |  | $ | (1,346) |  |  | $ | (7,265) |
Six months ended June 30, 2024 |  | $ | (1,533) |  |  | $ | 1,642 |  |  | $ | 109 |  |  | $ | (4,821) |  |  | $ | (4,712) |

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- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1 + Details
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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 + Details
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