| Liability for Unpaid Losses and Loss Adjustment Expenses |
Activity in the liability for losses and LAE is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2025 |
|
|
2024 |
|
Net balance, beginning of period* |
|
$ |
323,335 |
|
|
$ |
254,351 |
|
Incurred, net of reinsurance, related to: |
|
|
|
|
|
|
Current period |
|
|
59,291 |
|
|
|
79,922 |
|
Prior periods |
|
|
— |
|
|
|
— |
|
Total incurred, net of reinsurance |
|
|
59,291 |
|
|
|
79,922 |
|
Paid, net of reinsurance, related to: |
|
|
|
|
|
|
Current period |
|
|
(13,095 |
) |
|
|
(17,789 |
) |
Prior periods |
|
|
(52,970 |
) |
|
|
(43,059 |
) |
Total paid, net of reinsurance |
|
|
(66,065 |
) |
|
|
(60,848 |
) |
Net balance, end of period |
|
|
316,561 |
|
|
|
273,425 |
|
Add: reinsurance recoverable before allowance for credit losses |
|
|
481,585 |
|
|
|
305,287 |
|
Gross balance, end of period |
|
$ |
798,146 |
|
|
$ |
578,712 |
|
* Net balance represents beginning-of-period liability for unpaid losses and LAE less beginning-of-period reinsurance recoverable for unpaid losses and LAE.
|