v3.22.1

Reserve for Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:

						March 31, 2022						December 31, 2021
Reserve for reported loss and LAE						$	804,771					$	851,950
Reserve for losses incurred but not reported ("IBNR")						581,252						637,423
Reserve for loss and LAE						$	1,386,023					$	1,489,373

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Three Months Ended March 31,						2022						2021
Gross loss and LAE reserves, January 1						$	1,489,373					$	1,893,299
Less: reinsurance recoverable on unpaid losses, January 1						562,845						592,571
Net loss and LAE reserves, January 1						926,528						1,300,728
Net incurred losses related to:
Current year						5,002						7,913
Prior years						(7,285)						(5,554)
						(2,283)						2,359
Net paid losses related to:
Current year						(49)						(82)
Prior years						(101,669)						(92,563)
						(101,718)						(92,645)
Change in deferred gain on retroactive reinsurance						1,339						9,845
Assumed retroactive reinsurance business						14,350						—
Effect of foreign exchange rate movements						(10,455)						(16,488)
Net loss and LAE reserves, March 31						827,761						1,203,799
Reinsurance recoverable on unpaid losses, March 31						558,262						580,709
Gross loss and LAE reserves, March 31						$	1,386,023					$	1,784,508

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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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