Unpaid Losses and Loss Adjustment Reserve

3 Months Ended

Mar. 31, 2022

Unpaid Losses and Loss Adjustment Reserve

Unpaid Losses and Loss Adjustment Reserve

11. Unpaid Losses and Loss Adjustment Reserve

The following table provides the rollforward of the beginning and ending reserve balances for losses and LAE, gross of reinsurance for the three months ended March 31, 2022:

	2022
Reserve for losses and LAE, at December 31, 2021	$	61,949
Reinsurance recoverables on losses and LAE		(56,752)
Losses and LAE reserve, net of reinsurance recoverables at December 31, 2021		5,197
Add provisions for losses and LAE occurring in:
Current year		9,868
Prior years		(620)
Net incurred losses and LAE during the current year		9,248
Deduct payments for losses and LAE occurring in:
Current year		(4,431)
Prior years		(1,602)
Net claim and LAE payments during the current year		(6,033)
Reserve for losses and LAE, net of reinsurance recoverables, at end of year		8,412
Reinsurance recoverables on losses and LAE		71,196
Losses and LAE reserve at March 31, 2022	$	79,608

As a result of additional information on claims occurring in prior years becoming available to management, changes in estimates of provisions of losses and loss adjustment expenses were made, resulting in a decrease of $0.6 million for the three months ended March 31, 2022.