LOSS AND LOSS ADJUSTMENT RESERVES (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021		2020
	(In thousands)
Gross reserves, beginning-of-period	$	540,367	$	324,362
Less: reinsurance recoverable (1)	(358,128)		(164,429)
Net reserves, beginning-of-period	182,239		159,933
Incurred loss, net of reinsurance, related to:
Current year	124,303		192,109
Prior year loss development (redundancy) (2)	1,220		7,340
Ceded losses subject to offsetting experience account adjustments (3)	(68)		(528)
Prior years	1,152		6,812
Amortization of acquisition fair value adjustment	(9)		(75)
Total incurred loss and LAE, net of reinsurance	125,446		198,846
Paid loss, net of reinsurance, related to:
Current year	43,235		75,612
Prior years	87,985		78,475
Total paid loss and LAE, net of reinsurance	131,220		154,087
Net reserves, end-of-period	176,465		204,692
Plus: reinsurance recoverable (1)	406,949		183,031
Gross reserves, end-of-period	$	583,414	$	387,723

(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).