Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Insurance Loss Reserves [Abstract]

Schedule of the Changes in the Reserves for Losses and Loss Adjustment Expense

The table below provides the changes in the reserves for losses and LAE, net of reinsurance recoverables, for the periods indicated as follows (dollars in thousands):

	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Gross reserves - beginning of period	$	175,826		$	145,362		$	174,612		$	165,539
Less: reinsurance recoverables on unpaid losses		(73,807	)		(61,101	)		(70,807	)		(82,651	)
Net reserves - beginning of period		102,019			84,261			103,805			82,888
Add: incurred losses and LAE, net of reinsurance:
Current period		12,481			18,797			23,462			33,723
Prior period		2,800			522			2,339			(691	)
Total net incurred losses and LAE		15,281			19,319			25,801			33,032
Deduct: loss and LAE payments, net of reinsurance:
Current period		7,206			7,454			10,068			9,441
Prior period		9,666			7,627			19,110			17,980
Total net loss and LAE payments		16,872			15,081			29,178			27,421
Net reserves - end of period		100,428			88,499			100,428			88,499
Plus: reinsurance recoverables on unpaid losses		74,358			56,505			74,358			56,505
Gross reserves - end of period	$	174,786		$	145,004		$	174,786		$	145,004