XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended
--- | ---
Mar. 31, 2024
Insurance [Abstract] |
Liability for Unpaid Losses and Loss Adjustment Expenses | 7. 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) |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 850,599 |  |  | $ | 832,404 |
Less: Ceded reinsurance receivables |  |  | 72,829 |  |  |  | 73,021 |
Net balance at beginning of period |  |  | 777,770 |  |  |  | 759,383 |
Incurred losses and loss adjustment expenses related to: |  |  |  |  |  |
Current year |  |  | 53,383 |  |  |  | 88,001 |
Prior years |  |  | 1 |  |  |  | — |
Total incurred losses and loss adjustment expenses |  |  | 53,384 |  |  |  | 88,001 |
Paid losses and loss adjustment expenses related to: |  |  |  |  |  |
Current year |  |  | 5,597 |  |  |  | 9,617 |
Prior years |  |  | 43,769 |  |  |  | 53,912 |
Total paid losses and loss adjustment expenses |  |  | 49,366 |  |  |  | 63,529 |
Net balance at end of period |  |  | 781,788 |  |  |  | 783,855 |
Plus: Ceded reinsurance receivables |  |  | 71,814 |  |  |  | 73,665 |
Balance at end of period |  | $ | 853,602 |  |  | $ | 857,520 |
When analyzing loss reserves and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates. During the first quarter of 2024, the Company's adjustments to prior accident year loss reserves netted to $1 thousand. This consisted of a less than $0.1 million increase related to Penn-America and a less than $0.1 million decrease related to Non-Core Operations. During the first quarter of 2023, the Company's adjustments to prior accident year loss reserves netted to zero. This consisted of a $2.2 million increase related to Penn-America and a $2.2 million decrease related to Non-Core Operations. The $2.2 million increase in prior accident year loss reserves related to Penn-America primarily consisted of the following: • Property: A $0.6 million decrease primarily recognizes lower than expected claims severity in the 2021 accident year, partially offset by increases in the 2020 and 2022 accident years. • General Liability: A $2.8 million increase mainly reflects higher than expected claims severity in the 2013, 2015 through 2019, 2021 and 2022 accident years. The $2.2 million decrease in prior accident year loss reserves related to Non-Core Operations primarily consisted of the following: • Property: A $0.8 million increase mainly recognizes higher than expected claims severity in the 2019, 2021 and 2022 accident years, partially offset by decreases in the 2016 and 2018 accident years. • General Liability: A $1.9 million decrease primarily recognizes lower than expected claims severity in the 2011, 2017, 2018, 2021 and 2022 accident years. • Reinsurance: A $1.1 million decrease in the property lines from one reinsurance treaty in the 2017 and 2020 accident years based on the reported information from the cedant.

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-40/tableOfContent + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration