Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2026

The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:


	September 30,
	2026		2025
	(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$	2,890,870	$	2,285,668
Less: reinsurance recoverable on unpaid losses	381,356		323,060

Net reserves for unpaid losses and loss adjustment expenses, beginning of year	2,509,514		1,962,608
Incurred losses and loss adjustment expenses:
Current year	755,883		723,350
Prior years	(57,763)		(45,853)
Total net losses and loss adjustment expenses incurred	698,120		677,497

Payments:
Current year	48,193		43,393
Prior years	248,989		211,855
Total payments	297,182		255,248
Net reserves for unpaid losses and loss adjustment expenses, end of period	2,910,452		2,384,857
Reinsurance recoverable on unpaid losses	413,824		380,330
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$	3,324,276	$	2,765,187