Loss Reserves (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers

The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
	(in thousands)
Balance, beginning of period	$	673,994		$	696,037
Less amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses		119,746			112,555
Net balance, beginning of period		554,248			583,482
Add incurred related to:
Current accident year		48,597			49,119
Prior accident years		(8,606	)		(10,110	)
Total incurred		39,991			39,009
Less paid related to:
Current accident year		2,137			2,603
Prior accident years		41,522			44,249
Total paid		43,659			46,852
Net balance, end of period		550,580			575,639
Add amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses		117,479			111,013
Balance, end of period	$	668,059		$	686,652

Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers

The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three months ended March 31, 2024 and 2023.

	Three Months Ended
	March 31,
	2024			2023
	(in thousands)
Balance, beginning of period	$	360		$	372
Provision for credit loss benefit		(51	)		(44	)
Balance, end of period	$	309		$	328