LOSS AND LAE RESERVES (Tables)

3 Months Ended

Mar. 31, 2016

LOSS AND LAE RESERVES [Abstract]

Summary of Activity in Liability for Loss and LAE Reserves

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

	Three Months Ended March 31, 2016			Year Ended December 31, 2015
	(in thousands)
Gross reserves, beginning of period	$	97,340		$	78,330
Less: reinsurance recoverable (1)		(7,496	)		(10,394	)
Net reserves, beginning of period		89,844			67,936
Incurred loss, net of reinsurance, related to:
Current year		30,093			113,819
Prior years		(548	)		(9,466	)
Total incurred loss and LAE, net of reinsurance		29,545			104,353
Paid loss, net of reinsurance, related to:
Current year		9,221			49,531
Prior years		19,710			32,914
Total paid loss and LAE, net of reinsurance		28,931			82,445
Net reserves, end of period		90,458			89,844
Plus: reinsurance recoverable (1)		11,157			7,496
Gross reserves, end of period	$	101,615		$	97,340

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