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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Summarized Activity in Liability for Unpaid Losses and Loss Adjustment Expenses

Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Balance at beginning of period		$	759,904			$	662,811			$	630,181
Less: Ceded reinsurance receivables			94,443				82,158				76,273
Net balance at beginning of period			665,461				580,653				553,908
Incurred losses and loss adjustment expenses related to:
Current year			367,298				376,306				367,739
Prior years			(8,070	)			8,658				(31,538	)
Total incurred losses and loss adjustment expenses			359,228				384,964				336,201
Paid losses and loss adjustment expenses related to:
Current year			103,442				149,092				183,109
Prior years			161,864				151,064				126,347
Total paid losses and loss adjustment expenses			265,306				300,156				309,456
Net balance at end of period			759,383				665,461				580,653
Plus: Ceded reinsurance receivables			73,021				94,443				82,158
Balance at end of period		$	832,404			$	759,904			$	662,811

Gross Reserves for Asbestos and Environmental Losses

The following table shows the Company’s gross reserves for A&E losses:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Gross reserve for A&E losses and loss adjustment expenses – beginning of period		$	39,153			$	47,593			$	48,825
Plus: Change in incurred losses and loss adjustment expenses			2,658				(7,500	)			(259	)
Less: Payments			4,669				940				973
Gross reserves for A&E losses and loss adjustment expenses – end of period		$	37,142			$	39,153			$	47,593

Net Reserves for Asbestos and Environmental Losses

The following table shows the Company’s net reserves for A&E losses:

		Years Ended December 31,
(Dollars in thousands)		2022				2021				2020
Net reserve for A&E losses and loss adjustment expenses – beginning of period		$	21,985			$	28,679			$	29,033
Plus: Change in incurred losses and loss adjustment expenses			1,962				(6,500	)			1
Less: Payments			2,300				194				355
Net reserves for A&E losses and loss adjustment expenses – end of period		$	21,647			$	21,985			$	28,679

Incurred Claims Development

Commercial Specialty – Property

(Dollars in thousands)

		Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,												As of December 31, 2022
Accident Year		2020				2021				2022				IBNR (1)				Cumulative Number of Reported Claims
		(unaudited)				(unaudited)
2020		$	75,609			$	78,760			$	77,860			$	2,003				4,598
2021							84,037				82,841				5,712				4,206
2022											82,018				14,533				3,234
Total										$	242,719

(1)Incurred-but-not-reported liabilities plus expected development on reported claims

Commercial Specialty – Casualty

(Dollars in thousands)

		Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,																																								As of December 31, 2022
Accident Year		2013				2014				2015				2016				2017				2018				2019				2020				2021				2022				IBNR (1)				Cumulative Number of Reported Claims
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2013		$	63,931			$	68,230			$	68,081			$	66,566			$	65,193			$	61,714			$	58,961			$	56,901			$	56,786			$	56,336			$	1,226				2,597
2014							61,427				60,779				58,618				57,828				57,230				54,971				51,329				50,919				49,134				2,006				2,400
2015											57,710				57,088				58,384				58,993				60,231				56,498				56,279				55,322				2,652				2,162
2016															54,576				54,123				53,751				52,078				52,760				52,401				52,347				2,949				1,997
2017																			54,654				54,978				53,876				54,704				56,273				57,369				4,535				1,915
2018																							58,220				57,605				57,922				60,372				60,879				7,436				2,345
2019																											69,145				69,114				73,968				76,844				9,924				2,695
2020																															83,553				84,260				88,347				23,282				2,719
2021																																			112,124				113,382				55,202				3,689
2022																																							138,225				106,457				2,782
																																		Total				$	748,185

(1)Incurred-but-not-reported liabilities plus expected development on reported claims

Reinsurance Lines – Casualty

(Dollars in thousands)

		Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31,																																								As of December 31, 2022
Accident Year		2013				2014				2015				2016				2017				2018				2019				2020				2021				2022				IBNR (1)				Cumulative Number of Reported Claims
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2013		$	1,009			$	1,009			$	1,009			$	850			$	850			$	850			$	—			$	—			$	—			$	—			$	—				—
2014							1,987				1,987				1,954				1,954				1,954				590				—				—				—				—				—
2015											2,779				2,779				2,779				2,779				2,179				1,090				—				—				—				—
2016															3,627				3,627				3,627				3,627				3,627				3,627				—				—				—
2017																			4,358				4,358				4,358				4,358				4,358				4,358				4,356				—
2018																							5,573				5,573				5,573				5,574				5,574				5,568				—
2019																											13,686				13,686				13,685				14,080				11,092				—
2020																															30,398				30,375				31,258				23,998				—
2021																																			49,177				50,122				42,927				—
2022																																							86,624				82,247				—
																																		Total				$	192,016

Incurred-but-not-reported liabilities plus expected development on reported claims

Exited Lines – Property

(Dollars in thousands)

						Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
						For the Years Ended December 31,												As of December 31, 2022
Accident Year		2019				2020				2021				2022				IBNR (1)				Cumulative Number of Reported Claims
		(unaudited)				(unaudited)				(unaudited)
2019		$	155,116			$	159,713			$	162,523			$	160,865			$	6,645				—
2020							155,747				159,718				161,351				9,558				—
2021											108,708				106,079				4,715				—
2022															42,818				4,017				—
Total														$	471,113

(1)Incurred-but-not-reported liabilities plus expected development on reported claims

Exited Lines – Casualty

(Dollars in thousands)

		Incurred Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,																																As of December 31, 2022
Accident Year		2015				2016				2017				2018				2019				2020				2021				2022				IBNR (1)				Cumulative Number of Reported Claims
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2015		$	18,612			$	20,170			$	21,243			$	21,720			$	21,133			$	20,677			$	20,045			$	19,837			$	864				—
2016							21,030				20,726				19,423				17,035				16,719				16,256				16,074				1,127				—
2017											19,683				18,730				17,624				17,056				15,516				15,114				1,518				—
2018															14,835				15,439				15,414				15,979				16,340				1,721				—
2019																			13,574				13,518				13,870				13,613				2,934				—
2020																							13,285				13,099				13,697				4,555				—
2021																											12,376				12,160				8,115				—
2022																															8,317				5,986				—
Total																														$	115,152

Incurred-but-not-reported liabilities plus expected development on reported claims

Cumulative Paid Claims Development

Commercial Specialty – Property

(Dollars in thousands)

		Cumulative Paid Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2020				2021				2022
		(unaudited)				(unaudited)
2020		$	47,486			$	69,944			$	73,640
2021							50,846				74,860
2022											49,744
Total											198,244
All outstanding liabilities before 2020, net of reinsurance											3,025
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance										$	47,500

Commercial Specialty – Casualty

(Dollars in thousands)

		Cumulative Paid Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2013				2014				2015				2016				2017				2018				2019				2020				2021				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2013		$	6,439			$	17,969			$	29,705			$	38,641			$	46,475			$	51,167			$	52,468			$	53,194			$	53,471			$	53,525
2014							4,011				15,924				26,526				34,504				40,293				43,505				45,831				46,263				46,578
2015											3,355				14,865				25,559				36,357				43,116				46,272				48,524				50,169
2016															4,148				14,047				22,064				34,973				40,639				44,130				47,352
2017																			4,996				12,879				23,326				33,511				39,926				46,169
2018																							4,303				13,869				22,194				34,745				42,884
2019																											5,222				14,017				30,439				48,285
2020																															5,510				19,623				40,665
2021																																			7,238				24,414
2022																																							12,022
Total																																							412,063
All outstanding liabilities before 2013, net of reinsurance																																							44,506
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																																						$	380,628

Reinsurance Lines – Casualty

(Dollars in thousands)

		Cumulative Paid Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2013				2014				2015				2016				2017				2018				2019				2020				2021				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2013		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
2014							—				—				—				—				—				—				—				—				—
2015											—				—				—				—				—				—				—				—
2016															—				—				—				—				—				—				—
2017																			—				2				2				2				2				2
2018																							—				—				—				6				6
2019																											27				801				1,014				1,925
2020																															48				2,174				4,503
2021																																			1,593				3,986
2022																																							1,986
Total																																							12,408
All outstanding liabilities before 2013, net of reinsurance																																							—
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																																						$	179,608

Exited Lines – Property

(Dollars in thousands)

		Cumulative Paid Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2019				2020				2021				2022
		(unaudited)				(unaudited)				(unaudited)
2019		$	99,554			$	128,338			$	140,463			$	145,406
2020							121,430				143,332				148,159
2021											82,528				98,809
2022															34,533
Total															426,907
All outstanding liabilities before 2019, net of reinsurance															44,812
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance														$	89,018

Exited Lines – Casualty

(Dollars in thousands)

		Cumulative Paid Claims and Allocated Claims Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2015				2016				2017				2018				2019				2020				2021				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
2015		$	3,527			$	8,605			$	12,515			$	15,575			$	17,959			$	18,584			$	18,785			$	18,806
2016							3,494				6,865				9,745				11,824				12,478				14,347				14,783
2017											2,051				4,635				8,406				11,585				12,021				12,413
2018															1,334				4,522				8,840				12,593				14,169
2019																			1,975				5,011				7,900				9,820
2020																							1,583				4,949				7,531
2021																											1,628				3,125
2022																															854
Total																															81,501
All outstanding liabilities before 2015, net of reinsurance																															4,683
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																														$	38,334

Supplementary Information about Average Historical Claims

The following is required supplementary information about average historical claims duration as of December 31, 2022:

		Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Year		1				2				3
Commercial Specialty - Property			61.0	%			28.9	%			4.7	%

The following is required supplementary information about average historical claims duration as of December 31, 2022:

		Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Year		1				2				3				4				5				6				7				8				9				10
Commercial Specialty - Casualty			7.7	%			17.4	%			19.3	%			19.7	%			12.2	%			7.6	%			4.3	%			1.7	%			0.6	%			0.1	%

The following is required supplementary information about average historical claims duration as of December 31, 2022:

		Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) (1)
Year		1				2				3				4				5				6				7				8				9				10
Reinsurance Lines - Casualty			0.6	%			1.9	%			1.1	%			0.9	%			—	%			—	%			—	%			—	%			—	%			—	%

(1)May not be indicative of future average annual percentage payout of incurred claims due to a change in mix of business

The following is required supplementary information about average historical claims duration as of December 31, 2022.

		Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Year		1				2				3				4
Exited Lines - Property			73.9	%			15.6	%			5.3	%			3.1	%

The following is required supplementary information about average historical claims duration as of December 31, 2022:

		Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited)
Year		1				2				3				4				5				6				7				8
Exited Lines - Casualty			13.9	%			20.3	%			21.5	%			17.3	%			7.2	%			5.8	%			1.9	%			0.1	%

Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Unpaid Losses and Loss Adjustment Expenses in Consolidated Balance Sheets

The reconciliation of the net incurred and paid claims development tables to the liability for unpaid losses and loss adjustment expenses in the consolidated balance sheets as of December 31, 2022 is as follows:

Net outstanding liabilities
Commercial Specialty – Property		$	47,500
Commercial Specialty – Casualty			380,628
Reinsurance Lines – Casualty			179,608
Exited Lines – Property			89,018
Exited Lines – Casualty			38,334
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance			735,088
Reinsurance recoverable on unpaid claims
Commercial Specialty – Property			5,951
Commercial Specialty – Casualty			45,273
Reinsurance Lines – Casualty			—
Exited Lines – Property			19,590
Exited Lines – Casualty			(40	)
Total reinsurance recoverable on unpaid claims			70,774
Other outstanding liabilities
Commercial Specialty
Ceded Allowance			8,992
Unallocated claims adjustment expenses			14,818
Loss Clearing			(918	)
Reinsurance Lines
Unallocated claims adjustment expenses			595
Exited Lines
Fronted business ceded to Assurant			2,189
Unallocated claims adjustment expenses			2,042
Other			(1,176	)
Total other outstanding liabilities			26,542
Total gross liability for unpaid losses and loss adjustment expenses		$	832,404

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Gross Reserve for Asbestos and Environmental Losses

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Net Reserve for Asbestos and Environmental Losses

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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.

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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

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