LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

3 Months Ended

Mar. 31, 2021

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,
	2021		2020
	(In thousands)
Gross reserves, beginning-of-period	$	540,367	$	324,362
Less: reinsurance recoverable (1)	(358,128)		(164,429)
Net reserves, beginning-of-period	182,239		159,933
Incurred loss, net of reinsurance, related to:
Current year	47,493		69,365
Prior year loss development (redundancy) (2)	624		(117)
Ceded losses subject to offsetting experience account adjustments (3)	(96)		(295)
Prior years	528		(412)
Amortization of acquisition fair value adjustment	(5)		(23)
Total incurred loss and LAE, net of reinsurance	48,016		68,930
Paid loss, net of reinsurance, related to:
Current year	24,669		13,371
Prior years	46,813		52,423
Total paid loss and LAE, net of reinsurance	71,482		65,794
Net reserves, end-of-period	158,773		163,069
Plus: reinsurance recoverable (1)	327,940		212,606
Gross reserves, end-of-period	$	486,713	$	375,675

(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).