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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

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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- 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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