Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2019

Insurance [Abstract]

Summary of reserve for losses and loss adjustment expenses

Activity in the reserve for losses and loss adjustment expenses is summarized as follows:

(In thousands)	Six Months Ended June 30, 2019			Six Months Ended June 30, 2018			Year Ended December 31, 2018
Balance, beginning of year	$	2,119,847		$	2,048,381		$	2,048,381
Less reinsurance recoverables on unpaid losses and loss adjustment expenses	343,820			335,585			335,585
Net balance, beginning of year	1,776,027			1,712,796			1,712,796
Net losses:
Current year*	354,466			337,116			685,326
Favorable development of reserves established in prior years, net	(26,271		)	(45,601		)	(92,116		)
Total	328,195			291,515			593,210
Paid related to:
Current year	(39,396		)	(34,174		)	(117,268		)
Prior years	(221,378		)	(215,488		)	(412,711		)
Total paid	(260,774		)	(249,662		)	(529,979		)
Net balance, end of period	1,843,448			1,754,649			1,776,027
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses	352,012			324,168			343,820
Balance, end of period	$	2,195,460		$	2,078,817		$	2,119,847
* Current year net losses for the six months ended June 30, 2018 and year ended December 31, 2018 included incurred losses of $25.4 million related to a loss portfolio transfer entered into during 2018. For additional information regarding the loss portfolio transfer see Note 4.