Liability for Losses and Loss Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Liability for Losses and Loss Expenses [Abstract]

Summary of Insurance Subsidiaries' Liability for Losses and Loss Expenses

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

	2023			2022			2021
Balance at January 1	$	1,121,045,758		$	1,077,620,301		$	962,007,437
Less reinsurance recoverable		(451,184,222	)		(451,261,306	)		(404,818,480	)
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1		1,131,836			—			—
Net balance at January 1		670,993,372			626,358,995			557,188,957
Incurred related to:
Current year		625,831,043			608,900,206			551,917,571
Prior years		(16,653,344	)		(44,821,213	)		(31,208,029	)
Total incurred		609,177,699			564,078,993			520,709,542
Paid related to:
Current year		330,290,039			302,272,322			269,316,762
Prior years		260,738,168			218,304,130			182,222,742
Total paid		591,028,207			520,576,452			451,539,504
Net balance at December 31		689,142,864			669,861,536			626,358,995
Plus reinsurance recoverable		437,013,974			451,184,222			451,261,306
Balance at December 31	$	1,126,156,838		$	1,121,045,758		$	1,077,620,301

Incurred and Paid Claims Development, Net of Reinsurance, Cumulative Claim Frequency and Total of IBNR Reserves Plus Expected Development on Reported Claims

The following tables present information about incurred and paid claims development as of December 31, 2023, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves plus expected development on reported claims that our insurance subsidiaries included within their net incurred claims amounts. The tables include unaudited information about incurred and paid claims development for the years ended December 31, 2014 through 2022, which we present as supplementary information.

Personal Automobile																					At December 31, 2023
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2014	$	124,426	$	124,806	$	124,210	$	126,200	$	126,779	$	126,734	$	126,861	$	126,977	$	127,108	$	127,148	$	37		71
2015				137,569		139,333		139,181		142,493		142,408		142,073		142,010		141,965		141,894		61		70
2016						150,216		153,937		157,516		157,943		156,935		156,436		156,227		155,834		192		73
2017								166,690		176,728		175,939		174,784		173,730		173,032		172,712		353		79
2018										186,580		183,358		181,558		180,787		179,732		178,990		627		81
2019												161,056		157,689		156,300		154,805		153,883		1,227		68
2020														111,483		103,585		100,339		99,253		1,543		43
2021																119,364		118,752		114,707		2,792		47
2022																		126,203		134,834		5,639		50
2023																				152,740		27,416		50
																	Total		$	1,431,995

Personal Automobile
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
(in thousands)
2014	$	85,377	$	104,736	$	114,893	$	120,491	$	123,815	$	124,926	$	125,619	$	125,762	$	126,701	$	127,026
2015				93,611		116,303		128,395		135,027		139,121		140,028		140,892		141,172		141,298
2016						102,433		129,507		143,321		151,159		153,521		154,769		155,521		155,505
2017								111,964		142,372		159,879		166,099		169,190		170,895		171,513
2018										115,585		150,175		163,036		169,651		173,922		176,233
2019												103,101		127,187		141,004		146,667		150,017
2020														66,084		81,783		89,736		94,094
2021																76,477		93,998		103,427
2022																		83,616		109,845
2023																				99,574
																	Total			1,328,532
					All outstanding liabilities before 2014, net of reinsurance															994
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	104,457

Homeowners																					At December 31, 2023
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2014	$	56,916	$	58,378	$	57,680	$	57,332	$	57,288	$	57,402	$	57,367	$	57,371	$	57,353	$	57,362	$	—		17
2015				63,359		63,925		63,053		63,071		63,099		62,993		63,043		63,036		63,042		—		14
2016						62,443		64,064		63,735		63,355		63,279		63,409		63,472		63,478		3		12
2017								79,283		79,911		79,305		79,247		79,065		78,815		78,819		24		17
2018										81,965		83,385		82,905		82,566		82,058		81,977		78		19
2019												73,294		73,554		73,234		72,168		72,176		187		16
2020														61,633		62,718		61,595		61,495		385		14
2021																67,677		66,996		65,451		496		11
2022																		82,433		82,045		1,846		10
2023																				86,693		8,046		10
																	Total		$	712,538

Homeowners
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
(in thousands)
2014	$	45,823	$	56,255	$	56,990	$	57,195	$	56,995	$	57,243	$	57,336	$	57,339	$	57,318	$	57,327
2015				51,885		61,542		62,204		62,590		62,844		62,943		62,936		62,938		63,042
2016						50,125		61,145		62,760		63,144		63,162		63,217		63,266		63,296
2017								67,077		77,663		78,006		78,127		78,454		78,528		78,556
2018										70,385		79,892		80,905		81,464		81,568		81,826
2019												58,074		69,145		70,416		70,884		71,209
2020														51,226		60,348		60,809		61,189
2021																52,161		63,920		64,124
2022																		63,107		79,187
2023																				67,636
																	Total			687,392
					All outstanding liabilities before 2014, net of reinsurance															148
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	25,294

Commercial Automobile																					At December 31, 2023
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2014	$	42,760	$	44,544	$	47,326	$	48,213	$	49,284	$	49,168	$	49,308	$	49,291	$	49,285	$	49,212	$	8		11
2015				46,526		48,323		51,412		54,259		54,517		54,619		53,793		53,477		53,431		33		12
2016						54,302		57,353		65,905		67,127		66,894		66,085		65,922		65,602		71		13
2017								61,484		67,927		67,697		67,249		65,310		64,631		65,022		105		14
2018										79,307		81,396		82,313		83,043		82,226		82,368		207		15
2019												88,864		91,245		90,290		86,140		84,566		729		16
2020														90,367		87,766		85,016		83,590		2,528		14
2021																109,824		99,231		96,947		6,346		14
2022																		115,287		108,690		17,627		15
2023																				112,135		37,768		14
																	Total		$	801,563

Commercial Automobile
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
(in thousands)
2014	$	22,707	$	31,089	$	39,436	$	44,374	$	47,290	$	48,418	$	48,603	$	48,714	$	48,757	$	48,829
2015				23,875		35,342		41,678		48,261		51,605		51,992		52,728		53,052		53,047
2016						27,033		38,237		48,837		57,237		60,485		64,421		65,076		65,273
2017								28,707		40,213		49,703		57,128		59,889		62,187		64,074
2018										33,862		47,941		57,451		69,487		74,421		79,308
2019												36,948		53,026		63,575		72,139		80,617
2020														31,884		46,459		60,665		70,669
2021																39,851		56,101		69,908
2022																		46,242		67,367
2023																				45,387
																	Total			644,479
					All outstanding liabilities before 2014, net of reinsurance															88
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	157,172

Commercial Multi-Peril																					At December 31, 2023
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2014	$	48,204	$	50,135	$	51,843	$	52,336	$	53,294	$	53,116	$	52,926	$	52,933	$	53,502	$	53,395	$	—		7
2015				42,070		43,874		44,728		45,104		45,873		45,366		45,420		45,595		46,181		—		6
2016						43,005		46,988		48,267		48,871		48,732		48,823		48,802		48,374		135		6
2017								56,185		56,043		56,517		54,812		55,076		54,244		55,002		187		7
2018										66,265		66,470		67,749		67,810		65,911		65,900		624		7
2019												71,865		73,836		76,326		75,821		76,015		2,093		7
2020														83,195		79,910		76,490		74,796		4,524		8
2021																116,827		117,574		119,321		14,055		7
2022																		142,395		141,935		27,544		7
2023																				129,069		43,788		5
																	Total		$	809,988

Commercial Multi-Peril
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
(in thousands)
2014	$	27,920	$	35,520	$	40,936	$	47,021	$	50,017	$	51,615	$	52,103	$	52,252	$	52,875	$	53,074
2015				21,837		29,419		34,323		39,162		42,849		44,090		44,439		44,764		45,572
2016						19,660		29,402		34,612		41,193		43,435		44,944		47,432		48,048
2017								27,399		36,926		42,691		46,361		49,488		51,494		52,422
2018										30,597		42,296		48,050		54,913		59,118		62,253
2019												28,210		41,266		47,522		55,951		63,156
2020														34,729		46,193		52,646		58,754
2021																46,768		69,735		82,580
2022																		57,641		86,664
2023																				56,238
																	Total			608,761
					All outstanding liabilities before 2014, net of reinsurance															521
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	201,748

Workers’ Compensation																					At December 31, 2023
	Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	Unaudited
(dollars and reported claims in thousands)
2014	$	51,508	$	51,553	$	49,288	$	48,537	$	47,540	$	47,693	$	47,849	$	47,620	$	47,794	$	47,623	$	7		6
2015				53,332		49,615		45,991		44,986		43,006		42,597		42,225		42,043		41,875		141		6
2016						58,814		49,802		47,883		44,969		44,098		43,559		43,484		43,447		387		6
2017								60,450		56,351		52,687		51,464		49,557		48,802		48,668		753		6
2018										62,197		55,291		52,514		47,912		47,007		46,742		924		6
2019												60,998		59,624		57,728		56,480		55,893		1,003		7
2020														57,172		57,850		57,384		56,714		1,824		6
2021																67,035		65,530		64,225		3,550		7
2022																		67,046		67,331		6,428		7
2023																				62,401		21,881		5
																	Total		$	534,919

Workers’ Compensation
	Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Year Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	Unaudited
(in thousands)
2014	$	13,932	$	28,513	$	36,284	$	40,393	$	42,465	$	43,866	$	44,403	$	44,671	$	45,314	$	45,905
2015				13,071		27,531		34,192		36,929		37,936		38,596		39,096		39,478		39,762
2016						14,709		30,344		37,178		40,570		41,208		41,543		41,809		42,195
2017								15,581		31,990		39,684		42,954		44,242		45,174		45,935
2018										17,644		31,928		37,072		41,611		43,279		44,359
2019												16,939		33,009		41,740		47,121		50,079
2020														14,591		32,817		44,089		48,259
2021																20,931		42,633		51,781
2022																		18,643		41,225
2023																				17,546
																	Total			427,046
					All outstanding liabilities before 2014, net of reinsurance															5,251
					Liabilities for claims and claims adjustment expenses, net of reinsurance														$	113,124

Reconciliation of Net Incurred and Paid Claims Development Tables to Liability for Claims and Claim Adjustment Expenses

The following table presents a reconciliation of the net incurred and paid claims development tables to the liability for claims and claims adjustment expenses in our consolidated balance sheet:

	At December 31,
(in thousands)	2023
Net outstanding liabilities:
Personal automobile	$	104,457
Homeowners		25,294
Commercial automobile		157,172
Commercial multi-peril		201,748
Workers’ compensation		113,124
Other		34,916
		636,711
Reinsurance recoverable:
Personal automobile	$	98,157
Homeowners		15,325
Commercial automobile		94,517
Commercial multi-peril		118,979
Workers’ compensation		84,766
Other		6,643
		418,387
Unallocated loss adjustment expenses	$	71,059
Gross liability for unpaid losses and loss expenses	$	1,126,157

Supplementary Information about Average Historical Claims Duration

The following table presents supplementary information about average historical claims duration as of December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years		1		2		3		4		5		6		7		8		9		10
Personal automobile		65.6	%	16.9	%	8.5	%	4.2	%	2.2	%	0.9	%	0.5	%	0.1	%	0.4	%	0.3	%
Homeowners		81.1		16.0		1.2		0.5		0.2		0.2		0.1		—		0.1		—
Commercial automobile		42.3		18.1		14.4		11.9		6.2		3.7		1.4		0.4		—		0.1
Commercial multi-peril		44.3		17.6		9.8		10.3		6.6		3.4		2.1		0.8		1.5		0.4
Workers’ compensation		30.9		32.6		15.6		8.1		3.3		1.9		1.1		0.8		1.0		1.2