Reserve for Loss and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Insurance [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The reserve for loss and LAE consists of:

	September 30, 2020		December 31, 2019
Reserve for reported loss and LAE	$	1,039,079	$	1,271,358
Reserve for losses incurred but not reported ("IBNR")	935,994		1,168,549
Reserve for loss and LAE	$	1,975,073	$	2,439,907

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

For the Nine Months Ended September 30,	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	48,988		318,654
Prior years	(7,829)		96,456
	41,159		415,110
Net paid losses related to:
Current year	(5,253)		(8,969)
Prior years	(519,864)		(872,125)
	(525,117)		(881,094)
Retroactive reinsurance adjustment	32,955		(549,542)
Effect of foreign exchange rate movements	11,914		(28,330)
Net loss and LAE reserves, September 30	1,377,396		2,010,377
Reinsurance recoverable on unpaid losses, September 30	597,677		615,481
Gross loss and LAE reserves, September 30	$	1,975,073	$	2,625,858