10-Q Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Insurance [Abstract]

Reconciliation of The Beginning And Ending Reserve Balances

The table below provides a reconciliation of the beginning and ending reserve balances for the six months ended June 30, 2024 and June 30, 2023:

	June 30, 2024		June 30, 2023
	($ in thousands)
Gross reserves for losses and loss adjustment expenses, beginning of year	$	431,186	$	207,051
Reinsurance recoverable on unpaid losses, beginning of year	136,273		63,381
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	$	294,913	$	143,670
Net incurred losses and loss adjustment expenses related to:
Current accident year	113,338		70,411
Prior accident years	—		457
	113,338		70,868
Net paid losses and loss adjustment expenses related to:
Current accident year	874		532
Prior accident years	9,502		6,092
	10,376		6,624
Net reserves for unpaid losses and loss adjustment expenses, end of period	$	397,875	$	207,914
Reinsurance recoverable on unpaid losses, end of period	190,030		93,588
Gross reserves for losses and loss adjustment expenses, end of period	$	587,905	$	301,502

The table below provides a reconciliation of the beginning and ending reserve balances for the years ended December 31, 2023 and 2022:

As of and Years Ended December 31,	2023		2022
	($ in thousands)
Gross reserves for losses and loss adjustment expenses, beginning of year	$	207,051	$	47,952
Reinsurance recoverable on unpaid losses, beginning of year	63,381		13,945
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	$	143,670	$	34,007
Net incurred losses and loss adjustment expenses related to:
Current accident year	166,282		114,067
Prior accident years	—		(2,306)
	166,282		111,761
Net paid losses and loss adjustment expenses related to:
Current accident year	1,814		1,030
Prior accident years	13,225		1,068
	15,039		2,098
Net reserves for unpaid losses and loss adjustment expenses, end of year	$	294,913	$	143,670
Reinsurance recoverable on unpaid losses, end of year	136,273		63,381
Gross reserves for losses and loss adjustment expenses, end of year	$	431,186	$	207,051

Casualty

	Net Losses and Loss Adjustment Expenses Incurred
	For the Years Ended December 31,						As of December 31, 2023
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023		IBNR		Cumulative Number of Reported Claims
	($ in thousands)
2021	$	14,248	$	13,640	$	16,003	$	13,556	23
2022			55,606		58,427		51,426		111
2023					93,028		91,370		124
Total incurred					$	167,458

	Cumulative Net Paid Claims and Claims Adjustment Expenses
	For the Years Ended December 31,
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023
	($ in thousands)
2021	$	16	$	220	$	352
2022			256		6,072
2023					326
Total paid					6,750
Net reserves for unpaid losses and loss adjustment expenses					$	160,708

	Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited)
Years	1	2	3
Casualty	0.3%	5.6%	0.8%

Professional Liability

	Net Losses and Loss Adjustment Expenses Incurred
	For the Years Ended December 31,						As of December 31, 2023
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023		IBNR		Cumulative Number of Reported Claims
	($ in thousands)
2021	$	10,152	$	15,484	$	13,368	$	12,626	88
2022			39,442		37,129		26,013		199
2023					43,765		38,232		999
Total incurred					$	94,262

	Cumulative Net Paid Claims and Claims Adjustment Expenses
	For the Years Ended December 31,
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023
	($ in thousands)
2021	$	213	$	518	$	643
2022			419		6,846
2023					1,034
Total paid					8,523
Net reserves for unpaid losses and loss adjustment expenses					$	85,739

	Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited)
Years	1	2	3
Professional Liability	1.7%	9.8%	0.9%

Healthcare

	Net Losses and Loss Adjustment Expenses Incurred
	For the Years Ended December 31,						As of December 31, 2023
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023		IBNR		Cumulative Number of Reported Claims
	($ in thousands)
2021	$	10,117	$	3,088	$	2,841	$	1,986	23
2022			19,019		18,511		17,078		163
2023					29,489		24,561		318
Total incurred					$	50,841

	Cumulative Net Paid Claims and Claims Adjustment Expenses
	For the Years Ended December 31,
Accident Year	2021 (Unaudited)		2022 (Unaudited)		2023
	($ in thousands)
2021	$	282	$	841	$	854
2022			355		1,067
2023					454
Total paid					2,375
Net reserves for unpaid losses and loss adjustment expenses					$	48,466

	Average Annual Percentage Payout of Net Losses and Loss Adjustment Expenses Incurred by Age (Unaudited)
Years	1	2	3
Healthcare	4.5%	11.8%	0.5%