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)	2026		2025
Balance at beginning of period	$	750,191	$	800,391
Less: ceded reinsurance receivables		60,898		60,754
Net balance at beginning of period		689,293		739,637
Net losses and loss adjustment expenses related to:
Current year		53,861		66,735
Prior years		—		3
Total net losses and loss adjustment expenses		53,861		66,738
Paid net losses and loss adjustment expenses related to:
Current year		10,491		17,991
Prior years		48,309		56,267
Total paid net losses and loss adjustment expenses		58,800		74,258
Net balance at end of period		684,354		732,117
Plus: ceded reinsurance receivables		62,789		62,731
Balance at end of period	$	747,143	$	794,848

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.