LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

3 Months Ended

Mar. 31, 2020

Liability for Future Policy Benefit, before Reinsurance [Abstract]

Activity in Liability for Loss and LAE Reserves

Activity in the liability for loss and LAE reserves is summarized as follows:

	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Gross reserves, beginning-of-period	$	324,362	$	296,230
Less: reinsurance recoverable (1)	(164,429)		(166,396)
Net reserves, beginning-of-period	159,933		129,834
Incurred loss, net of reinsurance, related to:
Current year	69,365		67,048
Prior year loss development (redundancy) (2)	(117)		721
Ceded losses subject to offsetting experience account adjustments (3)	(295)		(930)
Prior years	(412)		(209)
Amortization of acquisition fair value adjustment	(23)		—
Total incurred loss and LAE, net of reinsurance	68,930		66,839
Paid loss, net of reinsurance, related to:
Current year	13,371		14,868
Prior years	52,423		41,974
Total paid loss and LAE, net of reinsurance	65,794		56,842
Net reserves, end-of-period	163,069		139,831
Plus: reinsurance recoverable (1)	212,606		234,293
Gross reserves, end-of-period	$	375,675	$	374,124

(1)Reinsurance recoverable in this table includes only ceded loss and LAE reserves.

(2)Reflects loss development from prior accident years impacting pre-tax net income. Excludes losses ceded under retrospective reinsurance treaties to the extent there is an offsetting experience account adjustment.

(3)Reflects losses ceded under retrospective reinsurance treaties to the extent there is an offsetting experience account adjustment, such that there is no impact on pre-tax net income (loss).