Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Analysis of losses and loss adjustment expenses and reconciliation of beginning and ending reserve balances

The following table represents an analysis of losses and loss adjustment expenses and a reconciliation of the beginning and ending reserve for losses and loss adjustment expenses:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Reserve for losses and loss adjustment expenses at beginning of period	$	23,705	$	20,758	$	22,752	$	20,032
Unpaid losses and loss adjustment expenses recoverable	7,069		6,347		6,690		6,280
Net reserve for losses and loss adjustment expenses at beginning of period	16,636		14,411		16,062		13,752
Net incurred losses and loss adjustment expenses relating to losses occurring in:
Current year	1,948		1,612		3,800		3,219
Prior years	(121)		(121)		(245)		(257)
Total net incurred losses and loss adjustment expenses	1,827		1,491		3,555		2,962
Net losses and loss adjustment expense reserves of acquired business (1)	50		—		50		—
Net foreign exchange (gains) losses and other	(10)		44		(94)		99
Net paid losses and loss adjustment expenses relating to losses occurring in:
Current year	(193)		(215)		(285)		(355)
Prior years	(927)		(857)		(1,905)		(1,584)
Total net paid losses and loss adjustment expenses	(1,120)		(1,072)		(2,190)		(1,939)
Net reserve for losses and loss adjustment expenses at end of period	17,383		14,874		17,383		14,874
Unpaid losses and loss adjustment expenses recoverable	7,083		6,394		7,083		6,394
Reserve for losses and loss adjustment expenses at end of period	$	24,466	$	21,268	$	24,466	$	21,268

(1) The 2024 second quarter amount related to the acquisition of RMIC Companies, Inc., and its wholly-owned subsidiaries (“RMIC”) that, together, comprise the run-off mortgage insurance business of Old Republic International Corporation.