Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liability for Unpaid Losses and Loss Adjustment Expenses

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

	Three Months Ended
	March 31,
	2024			2023
Net balance, beginning of period*	$	254,351		$	246,546
Incurred, net of reinsurance, related to:
Current period		79,922			56,698
Prior periods		—			3,867
Total incurred, net of reinsurance		79,922			60,565
Paid, net of reinsurance, related to:
Current period		(17,789	)		(11,110	)
Prior periods		(43,059	)		(49,950	)
Total paid, net of reinsurance		(60,848	)		(61,060	)
Net balance, end of period		273,425			246,051
Add: reinsurance recoverable before allowance for credit losses		305,287			560,257
Gross balance, end of period	$	578,712		$	806,308

* Net balance represents beginning-of-period liability for unpaid losses and LAE less beginning-of-period reinsurance recoverable for unpaid losses and LAE.