LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

6 Months Ended

Jun. 30, 2020

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,
	2020		2019
	(In thousands)
Gross reserves, beginning-of-period	$	324,362	$	296,230
Less: reinsurance recoverable (1)	(164,429)		(166,396)
Net reserves, beginning-of-period	159,933		129,834
Incurred loss, net of reinsurance, related to:
Current year	192,109		132,087
Prior year loss development (redundancy) (2)	7,340		1,524
Ceded losses subject to offsetting experience account adjustments (3)	(528)		(1,432)
Prior years	6,812		92
Amortization of acquisition fair value adjustment	(75)		—
Total incurred loss and LAE, net of reinsurance	198,846		132,179
Paid loss, net of reinsurance, related to:
Current year	75,612		69,248
Prior years	78,475		64,830
Total paid loss and LAE, net of reinsurance	154,087		134,078
Net reserves, end-of-period	204,692		127,935
Plus: reinsurance recoverable (1)	183,031		140,800
Gross reserves, end-of-period	$	387,723	$	268,735

(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).