| Schedule of the Changes in the Reserves for Losses and Loss Adjustment Expense |
The table below provides the changes in the reserves for losses and LAE, net of reinsurance recoverables, for the periods indicated as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Gross reserves - beginning of period |
|
$ |
137,501 |
|
|
$ |
176,362 |
|
|
$ |
146,262 |
|
|
$ |
189,285 |
|
Less: reinsurance recoverables on unpaid losses |
|
|
(62,014 |
) |
|
|
(77,872 |
) |
|
|
(63,909 |
) |
|
|
(84,490 |
) |
Net reserves - beginning of period |
|
|
75,487 |
|
|
|
98,490 |
|
|
|
82,353 |
|
|
|
104,795 |
|
Add: incurred losses and LAE, net of reinsurance: |
|
|
|
|
|
|
|
|
|
|
|
|
Current period |
|
|
3,782 |
|
|
|
6,015 |
|
|
|
7,290 |
|
|
|
15,145 |
|
Prior period |
|
|
(2,110 |
) |
|
|
549 |
|
|
|
(2,289 |
) |
|
|
693 |
|
Total net incurred losses and LAE |
|
|
1,672 |
|
|
|
6,564 |
|
|
|
5,001 |
|
|
|
15,838 |
|
Deduct: loss and LAE payments, net of reinsurance: |
|
|
|
|
|
|
|
|
|
|
|
|
Current period |
|
|
2,560 |
|
|
|
6,064 |
|
|
|
3,540 |
|
|
|
7,657 |
|
Prior period |
|
|
9,767 |
|
|
|
12,238 |
|
|
|
18,982 |
|
|
|
26,224 |
|
Total net loss and LAE payments |
|
|
12,327 |
|
|
|
18,302 |
|
|
|
22,522 |
|
|
|
33,881 |
|
Net reserves - end of period |
|
|
64,832 |
|
|
|
86,752 |
|
|
|
64,832 |
|
|
|
86,752 |
|
Plus: reinsurance recoverables on unpaid losses |
|
|
60,410 |
|
|
|
77,892 |
|
|
|
60,410 |
|
|
|
77,892 |
|
Gross reserves - end of period |
|
$ |
125,242 |
|
|
$ |
164,644 |
|
|
$ |
125,242 |
|
|
$ |
164,644 |
|
|