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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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 June 30,								Six Months Ended June 30,
(Dollars in thousands)		2024				2023				2024				2023
Balance at beginning of period		$	853,602			$	857,520			$	850,599			$	832,404
Less: Ceded reinsurance receivables			71,814				73,665				72,829				73,021
Net balance at beginning of period			781,788				783,855				777,770				759,383
Incurred losses and loss adjustment expenses related to:
Current year			53,744				78,031				107,127				166,032
Prior years			(82	)			51				(81	)			51
Total incurred losses and loss adjustment expenses			53,662				78,082				107,046				166,083
Paid losses and loss adjustment expenses related to:
Current year			18,489				24,565				24,086				34,184
Prior years			43,147				44,354				86,916				98,264
Total paid losses and loss adjustment expenses			61,636				68,919				111,002				132,448
Net balance at end of period			773,814				793,018				773,814				793,018
Plus: Ceded reinsurance receivables			70,392				73,933				70,392				73,933
Balance at end of period		$	844,206			$	866,951			$	844,206			$	866,951

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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://www.xbrl.org/2003/role/disclosureRef
-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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