Liability for Unpaid Claims and Claim Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table presents the activity in the net liability for unpaid losses and allocated loss adjustment expenses of short duration contracts for the following periods:

	For the Nine Months Ended September 30,
	2023		2022
Policy liabilities and unpaid claims balance as of January 1,	$	567,193	$	331,703
Less: liabilities of policy-holder account balances, gross	(1,923)		(801)
Less: non-insurance warranty benefit claim liabilities	(140)		(10,785)
Gross liabilities for unpaid losses and loss adjustment expenses	565,130		320,117
Less: reinsurance recoverable on unpaid losses - short duration	(266,889)		(165,129)
Less: other lines, gross	(184)		(576)
Net balance as of January 1, short duration	298,057		154,412
Incurred (short duration) related to:
Current year	353,167		265,277
Prior years	910		(2,205)
Total incurred	354,077		263,072
Paid (short duration) related to:
Current year	170,949		138,274
Prior years	62,739		18,436
Total paid	233,688		156,710
Net balance as of September 30, short duration	418,446		260,774
Plus: reinsurance recoverable on unpaid losses - short duration	393,333		248,418
Plus: other lines, gross	161		157
Gross liabilities for unpaid losses and loss adjustment expenses	811,940		509,349
Plus: liabilities of policy-holder account balances, gross	1,157		2,715
Plus: non-insurance warranty benefit claim liabilities	117		860
Policy liabilities and unpaid claims balance as of September 30,	$	813,214	$	512,924

Reconciliation of Short Duration Contracts to Total Losses Incurred

The following schedule reconciles the total short duration contracts per the table above to the amount of total losses incurred as presented in the condensed consolidated statements of operations, excluding the amount for member benefit claims:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Short duration incurred	$	125,165	$	97,501	$	354,077	$	263,072
Other lines incurred	(281)		(36)		1		327
Unallocated loss adjustment expenses	239		362		399		657
Total losses incurred	$	125,123	$	97,827	$	354,477	$	264,056