| Schedule of Liability for Unpaid Claims and Claims Adjustment Expense |
The table below shows the analysis of the Company's reserve for unpaid losses for the nine months ended September 30, 2025 and 2024 on a GAAP basis:
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Balance at January 1 |
$ |
322,087 |
|
|
$ |
347,738 |
|
Less: reinsurance recoverable on unpaid losses |
|
249,276 |
|
|
|
271,736 |
|
Net balance at January 1 |
|
72,811 |
|
|
|
76,002 |
|
|
|
|
|
|
|
Incurred related to: |
|
|
|
|
|
Current year |
|
40,733 |
|
|
|
41,904 |
|
Prior years |
|
(4,593 |
) |
|
|
(2,379 |
) |
Total incurred |
|
36,140 |
|
|
|
39,525 |
|
Paid related to: |
|
|
|
|
|
Current year |
|
29,507 |
|
|
|
29,577 |
|
Prior years |
|
28,373 |
|
|
|
26,499 |
|
Total paid |
|
57,880 |
|
|
|
56,076 |
|
|
|
|
|
|
|
Net balance at September 30 |
|
51,071 |
|
|
|
59,451 |
|
Plus: reinsurance recoverable on unpaid losses |
|
137,632 |
|
|
|
113,871 |
|
Balance at September 30 |
|
188,703 |
|
|
|
173,322 |
|
|
|
|
|
|
|
Composition of reserve for unpaid losses and LAE: |
|
|
|
|
|
Case reserves |
|
36,228 |
|
|
|
51,549 |
|
IBNR reserves |
|
152,475 |
|
|
|
121,773 |
|
Balance at September 30 |
$ |
188,703 |
|
|
$ |
173,322 |
|
|