Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Reserves for Unpaid Losses and Loss Adjustment Expenses

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):

	March 31,		March 31,
	2021		2020
Balance at January 1	$	789,768	$	620,355
Less reinsurance recoverable		349,585		272,604
Net balance at January 1		440,183		347,751
Incurred related to:
Current year		72,989		84,846
Prior years		(2,086)		8,559
Total incurred		70,903		93,405
Paid related to:
Current year		7,067		14,525
Prior years		52,360		80,888
Total paid		59,427		95,413
Net balance at March 31		451,659		345,743
Plus reinsurance recoverable		360,613		307,747
Balance at March 31	$	812,272	$	653,490

Impact of Net Prior Years Loss Development On Each Reporting Segment

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

	March 31,
	2021		2020
Specialty Commercial Segment	$	(1,899)	$	3,153
Standard Commercial Segment		(1,361)		125
Personal Segment		1,174		5,281
Corporate		—		—
Total (favorable) unfavorable net prior year development	$	(2,086)	$	8,559