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Unpaid Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended
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Jun. 30, 2024
Unpaid Losses and Loss Adjustment Expenses [Abstract] |
Schedule of Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses | Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows for both continuing and discontinued operations:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Balance, beginning of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  | $ | 217,119 |  |  | $ | 190,459 |
Reinsurance recoverables on losses |  |  | 48,969 |  |  |  | 37,575 |
Net balance, beginning of period |  |  | 168,150 |  |  |  | 152,884 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 125,235 |  |  |  | 126,854 |
Prior years |  |  | 7,773 |  |  |  | 9,477 |
Total incurred |  |  | 133,008 |  |  |  | 136,331 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 45,494 |  |  |  | 50,010 |
Prior years |  |  | 54,372 |  |  |  | 60,675 |
Total paid |  |  | 99,866 |  |  |  | 110,685 |
Westminster balances disposed in sale: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  |  | 107,508 |  |  |  | — |
Reinsurance recoverables on losses |  |  | 45,320 |  |  |  | — |
Net balance, end of period |  |  | 62,188 |  |  |  | — |
Balance, end of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  |  | 148,527 |  |  |  | 232,038 |
Reinsurance recoverables on losses |  |  | 9,423 |  |  |  | 53,508 |
Net balance, end of period |  | $ | 139,104 |  |  | $ | 178,530 |
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Continuing operations: |  |  |  |  |  |  |  |
Balance, beginning of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  | $ | 119,185 |  |  | $ | 114,296 |
Reinsurance recoverables on losses |  |  | 6,460 |  |  |  | 8,586 |
Net balance, beginning of period |  |  | 112,725 |  |  |  | 105,710 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 101,120 |  |  |  | 100,574 |
Prior years |  |  | 8,382 |  |  |  | 628 |
Total incurred |  |  | 109,502 |  |  |  | 101,202 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 39,930 |  |  |  | 41,857 |
Prior years |  |  | 43,193 |  |  |  | 38,468 |
Total paid |  |  | 83,123 |  |  |  | 80,325 |
Balance, end of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  |  | 148,527 |  |  |  | 137,535 |
Reinsurance recoverables on losses |  |  | 9,423 |  |  |  | 10,948 |
Net balance, end of period |  | $ | 139,104 |  |  | $ | 126,587 |
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Discontinued operations: |  |  |  |  |  |  |  |
Balance, beginning of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  | $ | 97,934 |  |  | $ | 76,163 |
Reinsurance recoverables on losses |  |  | 42,509 |  |  |  | 28,989 |
Net balance, beginning of period |  |  | 55,425 |  |  |  | 47,174 |
Incurred related to: |  |  |  |  |  |  |  |
Current year |  |  | 24,115 |  |  |  | 26,280 |
Prior years |  |  | (609 | ) |  |  | 8,849 |
Total incurred |  |  | 23,506 |  |  |  | 35,129 |
Paid related to: |  |  |  |  |  |  |  |
Current year |  |  | 5,564 |  |  |  | 8,153 |
Prior years |  |  | 11,179 |  |  |  | 22,207 |
Total paid |  |  | 16,743 |  |  |  | 30,360 |
Balance, end of period: |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses |  |  | 107,508 |  |  |  | 94,503 |
Reinsurance recoverables on losses |  |  | 45,320 |  |  |  | 42,560 |
Net balance, end of period |  | $ | 62,188 |  |  | $ | 51,943 |

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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 + Details
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