Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Reserves for Unpaid Losses and Loss Adjustment Expenses [Abstract]

Summary of Activity in the Reserves for Unpaid Losses and Loss Adjustment Expense

Year to-date activity in the consolidated reserves for unpaid losses and LAE is summarized as follows (in thousands):

	September 30,		September 30,
	2020		2019
Balance at January 1	$	620,355	$	527,247
Less reinsurance recoverable		272,604		221,716
Net balance at January 1		347,751		305,531
Incurred related to:
Current year		257,572		214,080
Loss portfolio transfer		21,700		—
Prior years		33,259		7,781
Total incurred		312,531		221,861
Paid related to:
Current year		67,146		75,834
Loss portfolio transfer		21,700		—
Prior years		177,325		146,929
Total paid		266,171		222,763
Net balance at September 30		394,111		304,629
Plus reinsurance recoverable		361,780		260,667
Balance at September 30	$	755,891	$	565,296

Impact of Net Prior Years Loss Development On Each Reporting Segment

The year to date impact from the unfavorable (favorable) net prior years’ loss development on each reporting segment is presented below:

	September 30,
	2020		2019
Specialty Commercial Segment	$	23,961	$	11,232
Standard Commercial Segment		2,350		(3,508)
Personal Segment		6,948		57
Corporate		—		—
Total unfavorable net prior year development	$	33,259	$	7,781