Unpaid Losses and Settlement Expenses (Tables)

12 Months Ended

Dec. 31, 2020



PROPERTY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2020
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2011	$	7,427	$	6,708	$	6,621	$	6,752	$	6,733	$	6,645	$	6,631	$	6,632	$	6,621	$	6,620	$	1	904
2012				6,143		6,374		6,406		6,546		6,482		6,411		6,455		6,167		6,161		—	668
2013						9,266		8,302		8,290		8,415		8,471		8,282		8,272		8,270		15	626
2014								8,865		7,586		7,798		7,883		7,817		7,785		7,784		6	740
2015										7,693		7,494		7,717		7,634		7,654		7,636		21	554
2016												8,941		7,981		8,372		8,381		8,404		41	576
2017														13,993		13,568		13,741		13,825		71	715
2018																11,454		11,114		10,966		59	725
2019																		13,933		14,758		(180)	828
2020																				13,997		(20)	885
Total																			$	98,421


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020
2011	$	5,327	$	6,351	$	6,459	$	6,520	$	6,556	$	6,589	$	6,623	$	6,623	$	6,620	$	6,620
2012				4,949		6,401		6,369		6,362		6,326		6,472		6,469		6,176		6,176
2013						6,856		8,079		8,200		8,238		8,265		8,272		8,271		8,270
2014								6,243		7,631		7,746		7,796		7,795		7,795		7,801
2015										5,057		7,040		7,474		7,645		7,660		7,657
2016												6,157		7,624		8,236		8,356		8,437
2017														10,055		13,482		13,610		13,595
2018																8,487		11,009		11,025
2019																		11,621		14,161
2020																				10,620
Total																				94,362
Unpaid losses and settlement expense - years 2011 through 2020																				4,059
Unpaid losses and settlement expense - prior to 2011																				(24)
Unpaid loss and settlement expense, net of reinsurance																			$	4,035

*Presented as unaudited required supplementary information.



WORKERS' COMPENSATION AND LIABILITY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2020
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2011	$	12,375	$	12,126	$	11,894	$	12,039	$	12,098	$	12,027	$	11,819	$	11,723	$	11,720	$	11,706	$	(11)	1,102
2012				13,122		11,338		11,407		11,638		12,692		12,845		12,632		12,836		12,801		9	1,155
2013						12,584		13,559		13,169		12,960		13,696		13,858		14,076		14,081		23	1,145
2014								13,385		14,744		15,341		16,718		16,881		16,996		16,953		107	1,213
2015										16,596		13,876		13,440		13,862		14,486		14,714		68	1,094
2016												16,677		14,843		16,240		16,855		17,547		291	1,040
2017														15,808		15,803		15,842		15,977		689	1,038
2018																18,308		17,122		17,082		2,829	1,117
2019																		19,631		19,200		6,221	1,034
2020																				17,359		10,403	526
Total																			$	157,420


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020
2011	$	1,669	$	3,761	$	5,841	$	8,072	$	10,122	$	10,971	$	11,484	$	11,627	$	11,682	$	11,686
2012				1,180		3,021		5,589		8,327		10,913		11,753		12,156		12,572		12,698
2013						1,579		4,156		7,634		10,423		12,181		12,980		13,565		13,741
2014								1,539		4,087		9,515		13,602		15,232		15,912		16,374
2015										1,405		4,319		7,400		10,527		12,485		13,261
2016												1,490		5,485		8,189		12,205		14,206
2017														1,523		5,419		8,753		11,878
2018																1,964		5,656		9,312
2019																		3,664		7,453
2020																				2,434
Total																				113,043
Unpaid losses and settlement expense - years 2011 through 2020																				44,377
Unpaid losses and settlement expense - prior to 2011																				144
Unpaid loss and settlement expense, net of reinsurance																			$	44,521

*Presented as unaudited required supplementary information.


TOTAL LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2020
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2011	$	19,802	$	18,834	$	18,515	$	18,791	$	18,831	$	18,672	$	18,450	$	18,355	$	18,341	$	18,326	$	(10)	2,006
2012				19,265		17,712		17,813		18,184		19,174		19,256		19,087		19,003		18,962		9	1,823
2013						21,850		21,861		21,459		21,375		22,167		22,140		22,348		22,351		38	1,771
2014								22,250		22,330		23,139		24,601		24,698		24,781		24,737		113	1,953
2015										24,289		21,370		21,157		21,496		22,140		22,350		89	1,648
2016												25,618		22,824		24,612		25,236		25,951		332	1,616
2017														29,801		29,371		29,583		29,802		760	1,753
2018																29,762		28,236		28,048		2,888	1,842
2019																		33,564		33,958		6,041	1,862
2020																				31,356		10,383	1,411
Total																			$	255,841


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020
2011	$	6,996	$	10,112	$	12,300	$	14,592	$	16,678	$	17,560	$	18,107	$	18,250	$	18,302	$	18,306
2012				6,129		9,422		11,958		14,689		17,239		18,225		18,625		18,748		18,874
2013						8,435		12,235		15,834		18,661		20,446		21,252		21,836		22,011
2014								7,782		11,718		17,261		21,398		23,027		23,707		24,175
2015										6,462		11,359		14,874		18,172		20,145		20,918
2016												7,647		13,109		16,425		20,561		22,643
2017														11,578		18,901		22,363		25,473
2018																10,451		16,665		20,337
2019																		15,285		21,614
2020																				13,054
Total																				207,405
Unpaid losses and settlement expense - years 2011 through 2020																				48,436
Unpaid losses and settlement expense - prior to 2011																				120
Unpaid loss and settlement expense, net of reinsurance																			$	48,556

*Presented as unaudited required supplementary information.


	December 31, 2020
Net unpaid losses and settlement expense
Property Lines	$	4,035
Workers' Compensation and Liability Lines		44,521
Total unpaid losses and settlement expense, net of reinsurance		48,556
Reinsurance recoverable on losses and settlement expense
Property Lines		3,856
Workers' Compensation and Liability Lines		9,163
Total reinsurance recoverable on unpaid losses and settlement expense		13,020
Total gross unpaid losses and LAE	$	61,576


	Average annual percentage payout of incurred losses by age, net of reinsurance
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9+
Property Lines	73.7%	23.8%	1.3%	-0.4%	0.4%	1.3%	0.0%	-0.1%	0.0%
Liability Lines	11.7%	20.6%	21.9%	20.6%	11.3%	6.0%	4.6%	1.6%	1.8%
Total Lines	35.8%	21.2%	13.9%	12.6%	6.9%	4.4%	3.0%	1.1%	1.1%


(In thousands)	2020		2019
Unpaid losses and settlement expense - beginning of the period:
Gross	$	56,838	$	51,447
Less: Ceded		11,036		6,736
Net		45,802		44,711
Increase in incurred losses and settlement expense:
Current year		31,356		33,564
Prior years		1,206		151
Total incurred		32,562		33,715
Deduct: Loss and settlement expense payments for claims incurred:
Current year		13,054		15,285
Prior years		16,754		17,339
Total paid		29,808		32,624
Net unpaid losses and settlement expense - end of the period		48,556		45,802
Plus: Reinsurance recoverable on unpaid losses		13,020		11,036
Gross unpaid losses and settlement expense - end of the period	$	61,576	$	56,838