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Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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 September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2024				2023				2024				2023
Balance at beginning of period		$	844,206			$	866,951			$	850,599			$	832,404
Less: ceded reinsurance receivables			70,392				73,933				72,829				73,021
Net balance at beginning of period			773,814				793,018				777,770				759,383
Incurred losses and loss adjustment expenses related to:
Current year			52,434				65,167				159,561				231,199
Prior years			(34	)			(51	)			(115	)			—
Total incurred losses and loss adjustment expenses			52,400				65,116				159,446				231,199
Paid losses and loss adjustment expenses related to:
Current year			8,415				20,990				32,501				55,174
Prior years			48,520				50,361				135,436				148,625
Total paid losses and loss adjustment expenses			56,935				71,351				167,937				203,799
Net balance at end of period			769,279				786,783				769,279				786,783
Plus: ceded reinsurance receivables			70,897				75,020				70,897				75,020
Balance at end of period		$	840,176			$	861,803			$	840,176			$	861,803

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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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