Liabilities for Losses and Loss Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Liabilities for Losses and Loss Expenses [Abstract]

Summary of Insurance Subsidiaries' Liabilities for Losses and Loss Expenses

We summarize activity in our insurance subsidiaries’ liabilities for losses and loss expenses as follows:

	Nine Months Ended September 30,
	2023			2022
	(in thousands)
Balance at January 1	$	1,121,046		$	1,077,620
Less reinsurance recoverable		(451,184	)		(451,261	)
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1		1,132			—
Net balance at January 1		670,994			626,359
Incurred related to:
Current year		461,799			445,855
Prior years		(15,775	)		(30,609	)
Total incurred		446,024			415,246
Paid related to:
Current year		230,214			209,051
Prior years		204,842			170,129
Total paid		435,056			379,180
Net balance at end of period		681,962			662,425
Plus reinsurance recoverable		431,392			445,701
Balance at end of period	$	1,113,354		$	1,108,126