Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2013

Reserves for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Activity in the Reserves for Unpaid Losses and Loss Adjustment Expense

Activity in the reserves for unpaid losses and LAE is summarized as follows (in thousands):


	2013		2012			2011

Balance at January 1	$	313,416	$	296,945		$	251,677
Less reinsurance recoverable		49,584		42,044			37,954
Net Balance at January 1		263,832		254,901			213,723

Acquisition of subsidiaries effective July 1		-		-			8,816

Incurred related to:
Current year		251,391		230,089			222,869
Prior years		9,954		(3,675	)		16,366
Total incurred		261,345		226,414			239,235

Paid related to:
Current year		101,897		107,945			101,025
Prior years		110,812		109,538			105,848
Total paid		212,709		217,483			206,873

Net Balance at December 31		312,468		263,832			254,901
Plus reinsurance recoverable		70,172		49,584			42,044
Balance at December 31	$	382,640	$	313,416		$	296,945

- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

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