XML 49 R40.htm IDEA: XBRL DOCUMENT v3.22.2
Insurance Reserves for Losses and Claims (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Insurance Reserves for Losses and Claims [Roll Forward]        
Beginning insurance reserves for losses and claims, gross     $ 85,620 $ 79,147
Less: Reinsurance recoverable on unpaid losses     (17,690) (17,600)
Beginning insurance reserves for losses and claims, net     67,930 61,547
Incurred related to [Abstract]        
Current accident year     66,260 63,836
Prior accident year development [1]     (3,195) [2] 589 [3]
Total incurred     63,065 64,425
Paid related to [Abstract]        
Current accident year     32,630 33,295
Prior accident years     28,754 28,429
Total paid     61,384 61,724
Ending insurance reserves for losses and claims, net $ 69,611 $ 64,248 69,611 64,248
Plus: Reinsurance recoverable on unpaid losses 17,487 17,225 17,487 17,225
Ending insurance reserves for losses and claims, gross 87,098 81,473 87,098 81,473
Reconciliation of total incurred claims to total insurance benefits and losses incurred [Abstract]        
Total incurred losses     63,065 64,425
Cash surrender value and matured endowments     1,154 1,692
Benefit reserve changes     (297) (1,142)
Total insurance benefits and losses incurred $ 32,753 $ 31,703 $ 63,922 $ 64,975
[1] In establishing property and casualty reserves, the Company initially reserves for losses at the higher end of the reasonable range if no other value within the range is determined to be more probable. Selection of such an initial loss estimate is an attempt by management to give recognition that initial claims information received generally is not conclusive with respect to legal liability, is generally not comprehensive with respect to magnitude of loss and generally, based on historical experience, will develop more adversely as time passes and more information becomes available. Accordingly, the Company generally experiences reserve redundancies when analyzing the development of prior year losses in a current period.
[2] Prior years’ development was primarily the result of favorable development in the property and casualty operations, as well as favorable development in the Medicare supplement line of business in the life and health operations.
[3] Prior years’ development was primarily the result of unfavorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity. Partially offsetting the unfavorable development was favorable development in the property and casualty operations.