Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 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 September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Gross reserves - beginning of period	$	174,786		$	145,004		$	174,612		$	165,539
Less: reinsurance recoverables on unpaid losses		(74,358	)		(56,505	)		(70,807	)		(82,651	)
Net reserves - beginning of period		100,428			88,499			103,805			82,888
Add: incurred losses and LAE, net of reinsurance:
Current period		7,284			17,281			30,747			51,004
Prior period		7,868			3,630			10,206			2,939
Total net incurred losses and LAE		15,152			20,911			40,953			53,943
Deduct: loss and LAE payments, net of reinsurance:
Current period		8,481			9,194			18,549			18,635
Prior period		12,054			7,768			31,164			25,748
Total net loss and LAE payments		20,535			16,962			49,713			44,383
Net reserves - end of period		95,045			92,448			95,045			92,448
Plus: reinsurance recoverables on unpaid losses		65,860			46,766			65,860			46,766
Gross reserves - end of period	$	160,905		$	139,214		$	160,905		$	139,214