Liability for Unpaid Losses and Loss Adjustment Expenses

Liability for Unpaid Losses and Loss Adjustment Expenses

Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows:


	Quarters Ended March 31,
(Dollars in thousands)	2025		2024
Balance at beginning of period	$	800,391	$	850,599
Less: ceded reinsurance receivables		60,754		72,829
Net balance at beginning of period		739,637		777,770
Net losses and loss adjustment expenses related to:
Current year		66,735		53,383
Prior years		3		1
Total net losses and loss adjustment expenses		66,738		53,384
Paid net losses and loss adjustment expenses related to:
Current year		17,991		5,597
Prior years		56,267		43,769
Total paid net losses and loss adjustment expenses		74,258		49,366
Net balance at end of period		732,117		781,788
Plus: ceded reinsurance receivables		62,731		71,814
Balance at end of period	$	794,848	$	853,602

When analyzing unpaid losses and loss adjustment expenses ("loss reserves") and prior year development, the Company considers many factors, including the frequency and severity of claims, loss trends, case reserve settlements that may have resulted in significant development, and any other additional or pertinent factors that may impact reserve estimates.