Reserves for Losses and Loss Settlement Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Insurance Loss Reserves [Abstract]

Summary of Changes in Property and Casualty Losses and Loss Settlement Expense Reserves

The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves for 2024, 2023 and 2022 (net of reinsurance amounts):

Years Ended December 31,	2024		2023		2022
Gross liability for losses and loss settlement expenses at beginning of year	$	1,638,755	$	1,497,274	$	1,514,265
Ceded losses and loss settlement expenses	(191,640)		(146,875)		(112,900)
Net liability for losses and loss settlement expenses at beginning of year	$	1,447,115	$	1,350,399	$	1,401,365
Losses and loss settlement expenses incurred for claims occurring during
Current year	$	745,813	$	701,664	$	624,411
Prior years	(1,208)		67,750		12,890
Total incurred	$	744,605	$	769,414	$	637,301
Losses and loss settlement expense payments for claims occurring during
Current year	$	186,322	$	191,899	$	215,891
Prior years	406,699		480,800		472,377
Total paid	$	593,021	$	672,699	$	688,268
Net liability for losses and loss settlement expenses at end of year	$	1,598,699	$	1,447,115	$	1,350,399
Ceded losses and loss settlement expenses	198,083		191,640		146,875
Gross liability for losses and loss settlement expenses at end of year	$	1,796,782	$	1,638,755	$	1,497,274

Summary of Incurred and Paid Losses and Loss Settlement Expense Development

The following tables provide information about incurred and paid losses and loss settlement expense development as of December 31, 2024, net of reinsurance, as well as cumulative development, cumulative claim frequency and IBNR liabilities.

The cumulative number of reported claims, for calendar years 2024, 2023 and 2022, are counted for all lines of business on a per claimant per coverage basis and a single event may result in multiple claims due to the involvement of multiple individual claimants and/or multiple independent coverages. Claim counts for calendar years 2016 and prior are counted on a per claim and per coverage basis. Claim counts include open claims, claims that have been paid and closed, and reported claims that have been closed without the need for any payment.

Line of business: Commercial other liability
	Incurred losses and allocated loss settlement expenses, net of reinsurance																				As of December 31, 2024
	For the years ended December 31,																				Total of incurred but not reported liabilities plus expected development on reported claims		Cumulative development	Cumulative number of reported claims
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	137,385	$	125,307	$	120,005	$	127,091	$	129,945	$	131,325	$	132,694	$	136,161	$	137,040	$	138,091	$	5,018	706	8,130
2016			139,144		130,041		136,275		142,397		140,784		148,324		153,490		159,284		164,989		9,335		25,845	10,013
2017					139,602		139,032		152,547		156,369		159,653		173,091		174,013		176,073		13,194		36,471	9,482
2018							163,059		172,894		176,496		187,841		197,696		207,501		213,536		21,040		50,477	9,293
2019									149,173		169,344		183,918		179,667		186,205		187,539		26,006		38,366	8,745
2020											171,013		158,022		162,471		179,080		181,687		38,560		10,674	6,579
2021													145,822		162,359		162,879		176,770		53,324		30,949	3,646
2022															161,826		175,579		181,924		64,502		20,097	3,232
2023																	172,398		173,529		84,919		1,132	2,671
2024																			215,235		173,740			1,722
																	Total		$	1,809,372

Line of business: Commercial other liability
	Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
	For the years ended December 31,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	11,185	$	27,182	$	53,901	$	74,292	$	96,339	$	104,472	$	109,540	$	117,734	$	126,364	$	129,638
2016			13,782		38,184		63,526		88,885		102,757		115,107		126,561		136,400		141,445
2017					17,716		43,172		70,500		91,984		111,085		128,430		138,127		148,295
2018							16,200		44,772		79,168		105,515		130,942		158,851		179,469
2019									18,221		46,986		72,179		102,510		127,650		138,236
2020											17,011		43,596		60,114		98,592		110,931
2021													12,434		33,642		59,278		90,607
2022															10,468		42,168		69,896
2023																	9,335		41,847
2024																			10,732
																	Total		$	1,061,095
					All outstanding liabilities for unpaid losses and loss settlement expenses before 2015, net of reinsurance														16,838
					Liabilities for unpaid losses and loss settlement expenses, net of reinsurance														$	765,115

Line of business: Commercial fire and allied
	Incurred losses and allocated loss settlement expenses, net of reinsurance																				As of December 31, 2024
	For the years ended December 31,																				Total of incurred but not reported liabilities plus expected development on reported claims		Cumulative development	Cumulative number of reported claims
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	103,177	$	108,293	$	110,633	$	108,235	$	105,218	$	104,646	$	105,043	$	104,978	$	105,385	$	105,451	$	660	2,274	7,603
2016			147,473		144,208		143,721		143,724		143,108		144,109		145,351		142,644		142,814		639		(4,659)	9,883
2017					155,139		160,240		160,945		161,693		161,232		161,456		161,611		161,051		477		5,912	13,533
2018							143,280		146,950		146,378		146,010		147,356		147,058		147,085		709		3,805	10,799
2019									164,030		155,482		158,475		157,667		155,850		155,114		660		(8,916)	11,233
2020											207,207		201,391		202,929		207,256		209,588		1,710		2,381	14,666
2021													156,794		169,669		157,905		157,534		(15,185)		740	5,367
2022															161,776		170,594		171,958		12,470		10,182	4,294
2023																	164,526		147,904		22,624		(16,622)	3,569
2024																			124,467		49,233			2,499
																	Total		$	1,522,966

Line of business: Commercial fire and allied
	Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
	For the years ended December 31,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	67,217	$	90,454	$	95,515	$	101,367	$	104,115	$	103,975	$	104,127	$	104,339	$	104,638	$	104,699
2016			92,895		125,962		132,429		137,907		139,353		141,104		142,248		141,008		142,038
2017					99,484		137,058		145,900		152,219		157,512		159,286		159,456		160,487
2018							92,770		123,559		133,703		137,794		141,841		145,021		145,954
2019									100,980		136,084		142,342		150,196		151,739		153,893
2020											128,704		173,055		192,902		197,602		205,357
2021													97,451		140,406		154,242		161,705
2022															96,160		138,479		150,710
2023																	75,304		106,083
2024																			58,228
																	Total		$	1,389,153
					All outstanding liabilities for unpaid losses and loss settlement expenses before 2015, net of reinsurance														1,439
					Liabilities for unpaid losses and loss settlement expenses, net of reinsurance														$	135,251

Line of business: Commercial automobile
	Incurred losses and allocated loss settlement expenses, net of reinsurance																				As of December 31, 2024
	For the years ended December 31,																				Total of incurred but not reported liabilities plus expected development on reported claims		Cumulative development	Cumulative number of reported claims
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	125,506	$	129,816	$	132,206	$	138,987	$	137,395	$	137,335	$	136,826	$	137,240	$	137,934	$	137,390	$	(2)	11,884	20,091
2016			174,018		175,357		174,337		175,655		173,823		174,588		175,016		175,387		173,858		67		(160)	27,310
2017					227,919		224,553		235,110		233,159		233,007		233,535		234,229		231,093		450		3,174	32,910
2018							236,629		245,173		253,045		255,017		255,409		255,198		252,642		1,570		16,013	34,495
2019									279,229		291,139		289,929		282,155		282,680		276,095		2,143		(3,134)	34,773
2020											243,360		216,951		196,412		194,162		188,556		2,396		(54,804)	24,218
2021													179,880		172,599		173,708		169,172		4,856		(10,708)	12,371
2022															157,165		161,672		160,303		14,521		3,138	10,220
2023																	153,502		146,433		22,329		(7,069)	9,478
2024																			156,028		51,335			7,871
																	Total		$	1,891,571

Line of business: Commercial automobile
	Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
	For the years ended December 31,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	50,782	$	78,225	$	99,201	$	118,395	$	129,317	$	134,100	$	135,462	$	137,075	$	137,085	$	137,116
2016			66,013		103,528		128,156		148,224		164,341		168,950		171,380		172,928		173,661
2017					81,311		126,644		166,170		197,893		212,947		223,076		228,749		228,129
2018							81,572		138,092		187,405		211,123		235,519		244,284		249,009
2019									91,919		153,244		205,614		246,800		264,151		268,355
2020											67,660		109,686		138,158		161,798		174,175
2021													64,381		99,116		128,283		146,436
2022															62,477		95,785		124,853
2023																	56,175		85,483
2024																			51,283
																	Total		$	1,638,501
					All outstanding liabilities for unpaid losses and loss settlement expenses before 2015, net of reinsurance														48
					Liabilities for unpaid losses and loss settlement expenses, net of reinsurance														$	253,119

Line of business: Workers' compensation
	Incurred losses and allocated loss settlement expenses, net of reinsurance																				As of December 31, 2024
	For the years ended December 31,																				Total of incurred but not reported liabilities plus expected development on reported claims		Cumulative development	Cumulative number of reported claims
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	53,788	$	55,578	$	51,003	$	46,682	$	46,019	$	44,706	$	43,751	$	43,209	$	43,654	$	43,781	$	1,181	(10,007)	5,686
2016			70,419		66,575		61,648		55,168		53,964		52,870		53,090		53,617		53,574		1,117		(16,845)	7,988
2017					76,184		69,528		55,982		51,874		49,362		47,801		48,074		47,943		1,398		(28,241)	8,226
2018							71,972		67,883		59,192		56,109		53,812		54,783		54,238		1,438		(17,734)	8,068
2019									52,136		49,189		49,336		48,945		49,084		49,807		(611)		(2,329)	7,426
2020											45,365		46,612		43,724		46,624		45,524		(329)		159	4,603
2021													45,177		42,283		39,649		40,287		(1,050)		(4,890)	1,897
2022															29,597		26,721		27,398		1,794		(2,199)	1,385
2023																	29,262		28,742		3,302		(520)	1,174
2024																			32,202		6,981			1,233
																	Total		$	423,496

Line of business: Workers' compensation
	Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
	For the years ended December 31,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	12,063	$	27,304	$	35,229	$	38,424	$	39,305	$	40,034	$	41,006	$	41,211	$	41,865	$	41,978
2016			14,413		32,345		40,680		45,743		47,082		48,277		50,127		51,023		51,126
2017					14,647		31,309		38,083		41,672		43,833		45,508		45,742		46,154
2018							16,949		35,369		43,189		47,173		48,807		49,964		50,031
2019									13,582		29,668		38,382		43,044		46,101		47,308
2020											17,603		29,605		35,542		39,479		42,052
2021													17,949		29,453		34,074		36,512
2022															9,434		17,851		21,033
2023																	10,227		18,085
2024																			10,277
																	Total		$	364,556
					All outstanding liabilities for unpaid losses and loss settlement expenses before 2015, net of reinsurance														15,978
					Liabilities for unpaid losses and loss settlement expenses, net of reinsurance														$	74,918

Line of business: Personal
	Incurred losses and allocated loss settlement expenses, net of reinsurance																				As of December 31, 2024
	For the years ended December 31,																				Total of incurred but not reported liabilities plus expected development on reported claims		Cumulative development	Cumulative number of reported claims
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	42,847	$	41,088	$	40,336	$	40,368	$	40,220	$	40,194	$	40,189	$	40,190	$	40,191	$	40,058	$	5	(2,789)	9,553
2016			48,072		45,840		45,379		45,961		45,113		45,297		45,199		45,179		45,185		26		(2,887)	11,905
2017					60,330		59,342		58,695		58,544		59,023		58,790		58,863		58,788		191		(1,542)	14,717
2018							51,639		51,721		52,715		52,062		51,457		51,115		51,216		113		(423)	13,691
2019									59,548		58,378		58,745		57,929		57,630		57,559		98		(1,989)	13,613
2020											81,206		73,761		73,204		72,531		72,174		472		(9,032)	17,123
2021													28,537		26,489		26,372		26,338		165		(2,199)	2,592
2022															1,493		2,287		3,127		195		1,634	64
2023																	2,391		2,374		(1,535)		(17)	11
2024																			8,648		7,452			2
																	Total		$	365,466

Line of business: Personal
	Cumulative paid losses and allocated loss settlement expenses, net of reinsurance
	For the years ended December 31,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited)
2015	$	29,551	$	37,431	$	39,027	$	39,428	$	39,865	$	40,029	$	40,053	$	40,053	$	40,053	$	40,053
2016			32,999		40,910		42,660		44,046		44,618		44,737		44,828		44,827		45,159
2017					42,135		53,111		55,982		57,169		57,824		58,206		58,377		58,597
2018							37,410		47,433		49,464		50,185		50,661		50,852		51,101
2019									40,544		52,390		54,935		56,658		56,852		56,971
2020											54,181		68,124		70,543		71,416		71,394
2021													20,298		23,829		24,889		25,764
2022															551		2,128		2,792
2023																	297		3,089
2024																			617
																	Total		$	355,538
					All outstanding liabilities for unpaid losses and loss settlement expenses before 2015, net of reinsurance														237
					Liabilities for unpaid losses and loss settlement expenses, net of reinsurance														$	10,165

Summary of Unpaid Losses and Loss Settlement Expenses Liability

The reconciliation of the net incurred and loss development tables to the liability for unpaid losses and loss settlement expenses in the consolidated statement of financial position is as follows:

	December 31, 2024
Net outstanding liabilities for unpaid losses and allocated loss settlement expenses:
Commercial other liability	$	765,115
Commercial fire and allied	135,251
Commercial automobile	253,119
Commercial workers' compensation	74,918
Personal	10,165
All other lines	261,971
Net outstanding liabilities for unpaid losses and allocated loss settlement expenses	1,500,539
Net outstanding liabilities for unpaid unallocated loss settlement expenses	97,960
Fair value adjustment (purchase accounting adjustment for Mercer acquisition)	200
Liabilities for unpaid losses and loss settlement expenses, net of reinsurance	1,598,699
Reinsurance recoverable on unpaid losses and allocated loss settlement expenses:
Commercial other liability	91,561
Commercial fire and allied	5,706
Commercial automobile	57
Commercial workers' compensation	30,124
Personal	72
All other lines	70,755
Reinsurance recoverable on unpaid losses and allocated loss settlement expenses	198,275
Reinsurance fair value amortization (purchase accounting adjustment for Mercer acquisition)	(192)
Total reinsurance recoverable on unpaid losses and loss settlement expenses	198,083
Total gross liability for unpaid losses and loss settlement expenses	$	1,796,782

Summary of Average Historical Claims Duration

The following is supplementary information about average historical claims duration as of December 31, 2024.

	Average annual percentage payout of incurred claims by age, net of reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
	(Unaudited)
Commercial other liability	7.6	%	14.7	%	14.8	%	15.7	%	11.2	%	8.4	%	6.4	%	5.9	%	4.7	%	2.4	%
Commercial fire and allied	59.6	%	22.9	%	6.4	%	4.0	%	2.4	%	1.1	%	0.4	%	—	%	0.5	%	0.1	%
Commercial automobile	36.0	%	21.0	%	16.9	%	12.4	%	7.7	%	3.1	%	1.7	%	0.6	%	0.2	%	—	%
Commercial workers' compensation	32.9	%	31.4	%	14.5	%	7.9	%	4.0	%	2.4	%	1.6	%	1.0	%	0.8	%	0.3	%
Personal	55.1	%	33.0	%	6.2	%	2.1	%	0.8	%	0.4	%	0.3	%	0.1	%	0.4	%	—	%