v3.21.2

Reserve for Loss and Loss Adjustment Expenses (Tables)

6 Months Ended

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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- 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://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

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