v3.24.3
Reserve for Losses and Loss Adjustment Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Schedule of Reserve for Losses and Loss Adjustment Expenses
Activity in the reserve for losses and loss adjustment expenses is summarized as follows:
(In thousands)Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023Year Ended December 31, 2023
Balance, beginning of year$3,401,281 $3,471,147 $3,471,147 
Less reinsurance recoverables on unpaid losses and loss adjustment expenses445,573 431,889 431,889 
Net balance, beginning of year2,955,708 3,039,258 3,039,258 
Net losses:
Current year
585,734 596,872 794,848 
(Favorable) unfavorable development of reserves established in prior years, net(1)
(28,709)8,373 5,646 
Total557,025 605,245 800,494 
Paid related to:
Current year(69,750)(67,894)(101,996)
Prior years(564,602)(598,281)(782,048)
Total paid(634,352)(666,175)(884,044)
Net balance, end of period2,878,381 2,978,328 2,955,708 
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses461,302 417,323 445,573 
Balance, end of period$3,339,683 $3,395,651 $3,401,281 
(1) Net prior year reserve development recognized for the nine months ended September 30, 2024 and 2023 as well as the year ended December 31, 2023 included $4.3 million, $6.7 million and $8.3 million, respectively, of amortization of the purchase accounting fair value adjustment on NORCAL's assumed net reserve and amortization of the negative VOBA associated with NORCAL's DDR reserve which is recorded as a reduction to prior accident year net losses and loss adjustment expenses.