LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

9 Months Ended

Sep. 30, 2024

Insurance Loss Reserves [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:

	September 30, 2024		December 31, 2023
Case reserves	$	216,200	$	189,050
IBNR	594,952		472,504
Total	$	811,152	$	661,554

Reserve Roll-forward

The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:

Consolidated	Nine months ended September 30
	2024		2023
Gross balance at January 1	$	661,554	$	555,468
Less: Losses recoverable	(25,687)		(13,239)
Net balance at January 1	635,867		542,229
Incurred losses related to:
Current year	305,467		273,570
Prior years	(943)		10,502
Total incurred	304,524		284,072
Paid losses related to:
Current year	(27,382)		(41,026)
Prior years	(176,210)		(154,374)
Total paid	(203,592)		(195,400)
Foreign currency revaluation	8,405		(858)
Net balance at September 30	745,205		630,043
Add: Losses recoverable (see Note 8)	65,947		28,191
Gross balance at September 30	$	811,152	$	658,234