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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | Nine Months Ended September 30, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 866,951 |  |  | $ | 804,661 |  |  | $ | 832,404 |  |  | $ | 759,904 |
Less: Ceded reinsurance receivables |  |  | 73,933 |  |  |  | 94,185 |  |  |  | 73,021 |  |  |  | 94,443 |
Net balance at beginning of period |  |  | 793,018 |  |  |  | 710,476 |  |  |  | 759,383 |  |  |  | 665,461 |
Incurred losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 65,167 |  |  |  | 91,451 |  |  |  | 231,199 |  |  |  | 275,398 |
Prior years |  |  | (51 | ) |  |  | (2,992 | ) |  |  | — |  |  |  | (9,626 | )
Total incurred losses and loss adjustment expenses |  |  | 65,116 |  |  |  | 88,459 |  |  |  | 231,199 |  |  |  | 265,772 |
Paid losses and loss adjustment expenses related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 20,990 |  |  |  | 33,972 |  |  |  | 55,174 |  |  |  | 76,366 |
Prior years |  |  | 50,361 |  |  |  | 35,282 |  |  |  | 148,625 |  |  |  | 125,186 |
Total paid losses and loss adjustment expenses |  |  | 71,351 |  |  |  | 69,254 |  |  |  | 203,799 |  |  |  | 201,552 |
Net balance at end of period |  |  | 786,783 |  |  |  | 729,681 |  |  |  | 786,783 |  |  |  | 729,681 |
Plus: Ceded reinsurance receivables |  |  | 75,020 |  |  |  | 95,913 |  |  |  | 75,020 |  |  |  | 95,913 |
Balance at end of period |  | $ | 861,803 |  |  | $ | 825,594 |  |  | $ | 861,803 |  |  | $ | 825,594 |

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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 + Details
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