v3.25.2
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES
Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Balance at beginning of period$893,677 $429,629 $959,291 $510,117 
Less: Reinsurance recoverables(433,670)(101,036)(561,936)(183,435)
Net balance at beginning of period460,007 328,593 397,355 326,682 
Incurred related to:  
Current year260,234 243,572 510,789 483,759 
Prior years71 — 71 — 
Total incurred260,305 243,572 510,860 483,759 
Paid related to:  
Current year143,875 151,587 208,310 247,921 
Prior years147,209 109,051 270,677 250,993 
Total paid291,084 260,638 478,987 498,914 
Net balance at end of period429,228 311,527 429,228 311,527 
Plus: Reinsurance recoverables 336,627 33,121 336,627 33,121 
Balance at end of period$765,855 $344,648 $765,855 $344,648 
During the six months ended June 30, 2025, the liability for unpaid losses and loss adjustment expenses, prior to reinsurance, decreased by $193.4 million from $959.3 million as of December 31, 2024 to $765.9 million as of June 30, 2025. The decrease was principally the result of the settlement of Hurricane Ian claims, claims from other prior hurricanes and claims from prior accident years.
During the three and six months ending June 30, 2025, there was $71 thousand of prior year development, compared to no net prior year development during 2024. This prior year development was associated with increases in net losses and LAE for prior year catastrophe events.