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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2023

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:

		Quarters Ended March 31,
(Dollars in thousands)		2023				2022
Balance at beginning of period		$	832,404			$	759,904
Less: Ceded reinsurance receivables			73,021				94,443
Net balance at beginning of period			759,383				665,461
Incurred losses and loss adjustment expenses related to:
Current year			88,001				87,758
Prior years			—				(3,063	)
Total incurred losses and loss adjustment expenses			88,001				84,695
Paid losses and loss adjustment expenses related to:
Current year			9,617				13,315
Prior years			53,912				59,703
Total paid losses and loss adjustment expenses			63,529				73,018
Net balance at end of period			783,855				677,138
Plus: Ceded reinsurance receivables			73,665				93,194
Balance at end of period		$	857,520			$	770,332

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437

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