XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended
--- | ---
Jun. 30, 2024
Unpaid Losses and Loss Adjustment Expenses [Abstract] |
Unpaid Losses and Loss Adjustment Expenses | 7. 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 |
During the six months ended June 30, 2024, the Company’s incurred reported losses and loss adjustment expenses included $7,773 of net unfavorable development on prior accident years, primarily attributable to Direct Auto. During the six months ended June 30, 2023, the Company’s incurred reported losses and loss adjustment expenses included $9,477 of net unfavorable development on prior accident years, primarily attributable to Direct Auto and Westminster. Changes in unpaid losses and loss adjustment expense reserves are generally the result of ongoing analysis of recent loss development trends. As additional information becomes known regarding individual claims, original estimates are increased or decreased accordingly. The tables for current and prior year continuing and discontinued operations showing the liability for unpaid losses and loss adjustment expense are shown below:
|  | 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 |

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

X
- Definition The entire disclosure for insurance products considered to be short-duration contracts because the contract provides insurance protection for a fixed period of short duration and enables the insurer to cancel the contract or to adjust the provisions of the contract at the end of any contract period, such as adjusting the amount of premiums charged or coverage provided, and on contracts on which amounts are paid but insurance risk is not transferred. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 4D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-4D Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent + Details
Name: | us-gaap_ShortDurationInsuranceAndDepositContractsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration