Loss and Loss Expense Reserves

6 Months Ended

Jun. 30, 2017

Loss and Loss Expense Reserves [Abstract]

Loss and Loss Expense Reserves

(4) Loss and Loss Expense Reserves:

Activity in the reserves for losses and loss expenses for the six months ended June 30 is summarized as follows.  All amounts are shown net of reinsurance, unless otherwise indicated.

	2017		2016
Reserves at the beginning of the year	$	324,767	$	301,753
Provision for losses and loss expenses:
Claims occurring during the current year		103,666		83,052
Claims occurring during prior years		16,687		(1,763	)
Total incurred		120,353		81,289
Loss and loss expense payments:
Claims occurring during the current year		23,548		18,973
Claims occurring during prior years		84,628		56,372
Total paid		108,176		75,345
Reserves at the end of the period		336,944		307,697
Reinsurance recoverable on unpaid losses at the end of the period		290,781		233,651
Reserves, gross of reinsurance
recoverable, at the end of the period	$	627,725	$	541,348

The table above shows that a deficiency of $16,687 developed during the first six months of 2017 in the settlement of claims occurring on or before December 31, 2016.  This development is composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported as part of the normal reserving process.