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HISTORICAL LOSS AND LAE DEVELOPMENT (Tables)
3 Months Ended
Mar. 31, 2020
HISTORICAL LOSS AND LAE DEVELOPMENT  
Schedule of reconciliation of unpaid losses and settlement expenses (LAE)

​

​

​

​

​

​

​

​

​

​

For the Three-Month Periods

​

​

Ended March 31,

(in thousands)

    

2020

    

2019

Unpaid losses and LAE at beginning of year

​

​

​

​

​

​

Gross

​

$

1,574,352

​

$

1,461,348

Ceded

​

 

(384,517)

​

 

(364,999)

Net

​

$

1,189,835

​

$

1,096,349

​

​

​

​

​

​

​

Adoption impact of ASU 2016-13 on reinsurance balances recoverable

​

$

(1,345)

​

$

—

​

​

​

​

​

​

​

Increase (decrease) in incurred losses and LAE

​

​

​

​

​

​

Current accident year

​

$

126,194

​

$

113,930

Prior accident years

​

 

(15,173)

​

 

(19,633)

Total incurred

​

$

111,021

​

$

94,297

​

​

​

​

​

​

​

Loss and LAE payments for claims incurred

​

​

​

​

​

​

Current accident year

​

$

(9,295)

​

$

(5,531)

Prior accident years

​

 

(81,897)

​

 

(70,145)

Total paid

​

$

(91,192)

​

$

(75,676)

​

​

​

​

​

​

​

Net unpaid losses and LAE at March 31

​

$

1,208,319

​

$

1,114,970

​

​

​

​

​

​

​

Unpaid losses and LAE at March 31

​

​

​

​

​

​

Gross

​

$

1,574,760

​

$

1,479,344

Ceded

​

 

(366,441)

​

 

(364,374)

Net

​

$

1,208,319

​

$

1,114,970