Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 32

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 32
---
 accrued expenses and approximate their fair value due to their short term nature. Categorized under Level 2 in the fair value hierarchy. 

F-33

TIPTREE INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial StatementsMarch 31, 2025(in thousands, except share data)

(11) Liability for Unpaid Claims and Claim Adjustment Expenses

Roll forward of Claim LiabilityThe 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: Three Months EndedMarch 31, 20252024Policy liabilities and unpaid claims balance as of January 1,$1,298,081 $844,848      Less: liabilities of policy-holder account balances, gross(304)(878)     Less: non-insurance warranty benefit claim liabilities(2,837)(2,103)Gross liabilities for unpaid losses and loss adjustment expenses1,294,940 841,867      Less: reinsurance recoverable on unpaid losses - short duration(636,300)(448,117)     Less: other lines, gross(430)(295)Net balance as of January 1, short duration658,210 393,455 Incurred (short duration) related to:     Current year182,542 174,540      Prior years(4,031)773 Total incurred178,511 175,313 Paid (short duration) related to:     Current year60,146 31,010      Prior years69,453 70,133 Total paid$129,599 $101,143 Net balance as of March 31, short duration$707,122 $467,625      Plus: reinsurance recoverable on unpaid losses - short duration712,452 488,341      Plus: other lines, gross380 171 Gross liabilities for unpaid losses and loss adjustment expenses1,419,954 956,137      Plus: liabilities of policy-holder account balances, gross— 600      Plus: non-insurance warranty benefit claim liabilities1,583 5,682 Policy liabilities and unpaid claims balance as of March 31, $1,421,537 $962,419 The following schedule reconciles the total amount of losses incurred on 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