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Liability for Unpaid Losses and Loss Adjustment Expenses
 3 Months Ended
Mar. 31, 2020
Insurance [Abstract]  
Liability for Unpaid Losses and Loss Adjustment Expenses Liability for Unpaid Losses and Loss Adjustment Expenses
Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands):
Three Months Ended
March 31,
 20202019
Balance at beginning of period$267,760  $472,829  
Less: Reinsurance recoverable (123,221) (393,365) 
Net balance at beginning of period144,539  79,464  
Incurred (recovered) related to:      
Current year130,707  113,279  
Prior years4,341  (185) 
Total incurred135,048  113,094  
Paid related to:      
Current year61,778  34,549  
Prior years87,989  60,724  
Total paid149,767  95,273  
Net balance at end of period129,820  97,285  
Plus: Reinsurance recoverable 66,158  269,071  
Balance at end of period$195,978  $366,356  

For the three months ended March 31, 2020, there was adverse prior year reserve development of $42.5 million gross, less $38.2 million ceded, resulting in $4.3 million net. The direct and net prior year reserve development for the quarter ended March 31, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma.