Reserve for Loss and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:

	March 31, 2020		December 31, 2019
Reserve for reported loss and LAE	$	1,194,204	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	1,054,841		1,168,549
Reserve for loss and LAE	$	2,249,045	$	2,439,907

The following table represents a reconciliation of our beginning and ending gross and net loss and LAE reserves:

For the Three Months Ended March 31,	2020			2019
Gross loss and LAE reserves, January 1	$	2,439,907		$	3,126,134
Less: reinsurance recoverable on unpaid losses, January 1	623,422			71,901
Net loss and LAE reserves, January 1	1,816,485			3,054,233
Net incurred losses related to:
Current year	21,619			145,431
Prior years	(533		)	7,258
	21,086			152,689
Net paid losses related to:
Current year	(214		)	(416		)
Prior years	(193,430		)	(219,950		)
	(193,644		)	(220,366		)
Effect of foreign exchange rate movements	(15,764		)	(8,260		)
Net loss and LAE reserves, March 31	1,628,163			2,978,296
Reinsurance recoverable on unpaid losses, March 31	620,882			71,975
Gross loss and LAE reserves, March 31	$	2,249,045		$	3,050,271