LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

6 Months Ended

Jun. 30, 2019

Liability for Future Policy Benefit, before Reinsurance [Abstract]

Activity in Liability for Loss and LAE Reserves

Activity in the liability for loss and LAE reserves is summarized as follows:

	Six Months Ended
	June 30,
	2019			2018
	(In thousands)
Gross reserves, beginning-of-period	$	296,230		$	230,515
Less: reinsurance recoverable (1)	(166,396		)	(98,345		)
Net reserves, beginning-of-period	129,834			132,170
Incurred loss, net of reinsurance, related to:
Current year	132,087			98,132
Prior year loss development (redundancy) (2)	1,524			(1,192		)
Ceded losses subject to offsetting experience account adjustments (3)	(1,432		)	(3,299		)
Prior years	92			(4,491		)
Total incurred loss and LAE, net of reinsurance	132,179			93,641
Paid loss, net of reinsurance, related to:
Current year	69,248			42,260
Prior years	64,830			57,569
Total paid loss and LAE, net of reinsurance	134,078			99,829
Net reserves, end-of-period	127,935			125,982
Plus: reinsurance recoverable (1)	140,800			165,693
Gross reserves, end-of-period	$	268,735		$	291,675

(1) Reinsurance recoverable in this table includes only ceded loss and LAE reserves.

(2) Reflects loss development from prior accident years impacting pre-tax net income. Excludes losses ceded under retrospective reinsurance treaties to the extent there is an offsetting experience account adjustment.

(3) Reflects losses ceded under retrospective reinsurance treaties to the extent there is an offsetting experience account adjustment, such that there is no impact on pre-tax net income (loss).