Liabilities for Losses and Loss Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Liabilities for Losses and Loss Expenses [Abstract]

Summary of Insurance Subsidiaries' Liabilities for Losses and Loss Expenses

We summarize activity in our insurance subsidiaries’ liabilities for losses and loss expenses as follows:

	Six Months Ended June 30,
	2023			2022
	(in thousands)
Balance at January 1	$	1,121,046		$	1,077,620
Less reinsurance recoverable		(451,184	)		(451,261	)
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1		1,132			—
Net balance at January 1		670,994			626,359
Incurred related to:
Current year		297,801			283,906
Prior years		(8,460	)		(24,415	)
Total incurred		289,341			259,491
Paid related to:
Current year		129,999			112,253
Prior years		152,890			130,441
Total paid		282,889			242,694
Net balance at end of period		677,446			643,156
Plus reinsurance recoverable		445,237			440,198
Balance at end of period	$	1,122,683		$	1,083,354