Unpaid Losses and Loss Adjustment Reserve (Tables)

12 Months Ended

Dec. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Rollforward of the Beginning and Ending Reserve Balances for Unpaid Losses and LAE, Gross of Reinsurance

The following tables summarizes the changes in the reserve balances for unpaid losses and LAE, gross of reinsurance, for the year ended December 31, 2023:

Reserve for unpaid losses and LAE at December 31, 2022	$	100,632
Reinsurance recoverables on losses and LAE at December 31, 2022	(76,999)
Reserve for unpaid losses and LAE reserve, net of reinsurance recoverables at December 31, 2022	23,633
Add provisions (reductions) for losses and LAE occurring in:
Current year (1)	197,792
Prior years	(158)
Net incurred losses and LAE during the current year	197,634
Deduct payments for losses and LAE occurring in:
Current year	(125,370)
Prior years	(20,202)
Net claim and LAE payments during the current year	(145,572)
Reserve for losses and LAE, net of reinsurance recoverables at December 31, 2023	75,695
Reinsurance recoverables on losses and LAE at December 31, 2023	19,808
Reserve for unpaid losses and LAE at December 31, 2023	$	95,503

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(1)Also includes certain charges related to Vesttoo (see Note 14, Reinsurance, for more information).

The following tables summarizes the changes in reserve balances for unpaid losses and LAE, gross of reinsurance for the year ended December 31, 2022:

Reserve for unpaid losses and LAE at December 31, 2021	$	61,949
Reinsurance recoverables on losses and LAE at December 31, 2021	(56,752)
Reserve for unpaid losses and LAE reserve, net of reinsurance recoverables at December 31, 2021	5,197
Add provisions (reductions) for losses and LAE occurring in:
Current year (1)	55,148
Prior years	1,155
Net incurred losses and LAE during the current year	56,303
Deduct payments for losses and LAE occurring in:
Current year	(32,111)
Prior years	(5,756)
Net claim and LAE payments during the current year	(37,867)
Reserve for losses and LAE, net of reinsurance recoverables at December 31, 2022	23,633
Reinsurance recoverables on losses and LAE at December 31, 2022	76,999
Reserve for unpaid losses and LAE at December 31, 2022	$	100,632

Schedule of Incurred and Paid Losses by Accident Year, Net of Reinsurance

The following supplementary information presents incurred and paid losses by accident year, net of reinsurance ($ in thousands, except for number of claims):

											December 31, 2023
	Incurred losses and allocated loss adjustment expenses, net of reinsurance, for the years ended December 31,												Cumulative Number of
	2019		2020		2021		2022		2023		IBNR Reserves		Reported Claims
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident Year
2019	$	9,666	$	9,678	$	9,773	$	9,786	$	9,812	$	42	10,838
2020			12,664		14,281		14,587		14,717		57		13,230
2021					19,795		20,614		23,149		585		35,082
2022							55,110		52,065		2,147		25,274
2023									183,669		36,599		20,188
Total									$	283,412	$	39,430	104,612

	Cumulative paid losses and allocated adjustment expenses, net of reinsurance, for the year ended December 31,
	2019		2020		2021		2022		2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident Year
2019	$	7,405	$	9,324	$	9,578	$	9,694	$	9,715
2020			9,750		13,865		14,142		14,500
2021					15,335		20,569		21,652
2022							32,073		50,705
2023									125,370
Total									$	221,942
Liability for losses and loss adjustment expenses, net of reinsurance									$	61,471

Schedule of Average Annual Percentage Payout of Accident Year Incurred Claims by Age, Net of Reinsurance

Average annual percentage payout of accident year incurred claims by age, net of reinsurance (unaudited supplementary information) as of December 31, 2023:

1	2	3	4	5
85.6%	13.5%	7.0%	0.2%	—%