v3.21.2

Reserve for Loss and Loss Adjustment Expenses (Tables) | 6 Months Ended
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Jun. 30, 2021
Insurance [Abstract] |
Schedule of liability for unpaid claims and claims adjustment expense | The reserve for loss and LAE consists of:
|  | June 30, 2021 |  | December 31, 2020
Reserve for reported loss and LAE |  | $ | 906,833 |  |  | $ | 998,691 |
Reserve for losses incurred but not reported ("IBNR") |  | 767,757 |  |  | 894,608 |
Reserve for loss and LAE |  | $ | 1,674,590 |  |  | $ | 1,893,299 |
The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:
For the Six Months Ended June 30, |  | 2021 |  | 2020
Gross loss and LAE reserves, January 1 |  | $ | 1,893,299 |  |  | $ | 2,439,907 |
Less: reinsurance recoverable on unpaid losses, January 1 |  | 592,571 |  |  | 623,422 |
Net loss and LAE reserves, January 1 |  | 1,300,728 |  |  | 1,816,485 |
Net incurred losses related to: |  |  |  |
Current year |  | 15,393 |  |  | 32,687 |
Prior years |  | (18,361) |  |  | (593) |
|  | (2,968) |  |  | 32,094 |
Net paid losses related to: |  |  |  |
Current year |  | 8,479 |  |  | (1,832) |
Prior years |  | (206,708) |  |  | (387,023) |
|  | (198,229) |  |  | (388,855) |
Retroactive reinsurance adjustment |  | 20,687 |  |  | 1,410 |
Effect of foreign exchange rate movements |  | (11,177) |  |  | (7,408) |
Net loss and LAE reserves, June 30 |  | 1,109,041 |  |  | 1,453,726 |
Reinsurance recoverable on unpaid losses, June 30 |  | 565,549 |  |  | 617,496 |
Gross loss and LAE reserves, June 30 |  | $ | 1,674,590 |  |  | $ | 2,071,222 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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