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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2024

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)		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

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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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