Liabilities for Losses and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2024

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:

	Six Months Ended June 30,
	2024			2023
	(in thousands)
Balance at January 1	$	1,126,157		$	1,121,046
Less reinsurance recoverable		(437,014	)		(451,184	)
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1		—			1,132
Net balance at January 1		689,143			670,994
Incurred related to:
Current year		325,407			297,801
Prior years		(9,150	)		(8,460	)
Total incurred		316,257			289,341
Paid related to:
Current year		129,555			129,999
Prior years		165,827			152,890
Total paid		295,382			282,889
Net balance at end of period		710,018			677,446
Plus reinsurance recoverable		437,401			445,237
Balance at end of period	$	1,147,419		$	1,122,683