LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

9 Months Ended

Sep. 30, 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:

	Nine Months Ended
	September 30,
	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	183,307		291,741
Prior year loss development (redundancy) (2)	1,863		6,912
Ceded losses subject to offsetting experience account adjustments (3)	(68)		(744)
Prior years	1,795		6,168
Amortization of acquisition fair value adjustment	(12)		(47)
Total incurred loss and LAE, net of reinsurance	185,090		297,862
Paid loss, net of reinsurance, related to:
Current year	60,476		143,106
Prior years	109,662		109,930
Total paid loss and LAE, net of reinsurance	170,138		253,036
Net reserves, end-of-period	197,191		204,759
Plus: reinsurance recoverable (1)	840,346		349,221
Gross reserves, end-of-period	$	1,037,537	$	553,980

(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).