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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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 June 30,								Six Months Ended June 30,
(Dollars in thousands)		2023				2022				2023				2022
Balance at beginning of period		$	857,520			$	770,332			$	832,404			$	759,904
Less: Ceded reinsurance receivables			73,665				93,194				73,021				94,443
Net balance at beginning of period			783,855				677,138				759,383				665,461
Incurred losses and loss adjustment expenses related to:
Current year			78,031				96,189				166,032				183,947
Prior years			51				(3,571	)			51				(6,634	)
Total incurred losses and loss adjustment expenses			78,082				92,618				166,083				177,313
Paid losses and loss adjustment expenses related to:
Current year			24,565				29,079				34,184				42,394
Prior years			44,354				30,201				98,264				89,904
Total paid losses and loss adjustment expenses			68,919				59,280				132,448				132,298
Net balance at end of period			793,018				710,476				793,018				710,476
Plus: Ceded reinsurance receivables			73,933				94,185				73,933				94,185
Balance at end of period		$	866,951			$	804,661			$	866,951			$	804,661

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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
-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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