v2.4.1.9
Unpaid Losses and Loss Adjustment Expenses (Tables)
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12 Months Ended |
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Unpaid Losses and Loss Adjustment Expense [Abstract] |
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Liability for unpaid losses and loss adjustment expenses |
The following table sets forth the changes in our liability for unpaid losses and LAE for the years ended December 31, 2014, 2013 and 2012 ($ in thousands):
| 2014 | | | 2013 | | | 2012 | | Net unpaid losses and LAE as of January 1, | $ | 1,670,171 | | | $ | 1,957,685 | | | $ | 2,385,659 | | Net incurred losses and LAE related to: | | | | | | | | | | | | Current year | | 311,491 | | | | 328,136 | | | | 395,661 | | Prior years | | (128,090 | ) | | | (160,690 | ) | | | (212,001 | ) | Net incurred losses and LAE | | 183,401 | | | | 167,446 | | | | 183,660 | | Net paid losses and LAE related to: | | | | | | | | | | | | Current year | | 75,511 | | | | 58,958 | | | | 95,808 | | Prior years | | 326,673 | | | | 386,408 | | | | 524,423 | | Net paid losses and LAE | | 402,184 | | | | 445,366 | | | | 620,231 | | Net effects of foreign currency exchange rate changes | | (18,500 | ) | | | (9,594 | ) | | | 8,597 | | Net unpaid losses and LAE as of December 31, | | 1,432,888 | | | | 1,670,171 | | | | 1,957,685 | | Reinsurance recoverable on unpaid losses and LAE | | 2,810 | | | | 1,194 | | | | 3,597 | | Gross unpaid losses and LAE as of December 31, | $ | 1,435,698 | | | $ | 1,671,365 | | | $ | 1,961,282 | |
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Components of net incurred losses and loss adjustment expenses related to prior years |
The following table sets forth the components of net incurred losses and LAE related to prior years for the years ended December 31, 2014, 2013 and 2012 ($ in thousands): | 2014 | | | 2013 | | | 2012 | | Net favorable loss development | $ | (127,633 | ) | | $ | (183,293 | ) | | $ | (235,543 | ) | Increase (decrease) in losses attributable to changes in premium estimates | | (457 | ) | | | 22,603 | | | | 23,542 | | Net incurred losses and LAE - prior years | $ | (128,090 | ) | | $ | (160,690 | ) | | $ | (212,001 | ) |
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Loss development by operating segment |
The following table sets forth the net favorable loss development by operating segment for the years ended December 31, 2014, 2013 and 2012 ($ in thousands): | | | | | | | | | | | | | 2014 | | | 2013 | | | 2012 | | Property and Marine | $ | (27,382 | ) | | $ | (71,269 | ) | | $ | (45,664 | ) | Casualty | | (97,795 | ) | | | (103,165 | ) | | | (182,014 | ) | Finite Risk | | (2,456 | ) | | | (8,859 | ) | | | (7,865 | ) | Net favorable loss development | $ | (127,633 | ) | | $ | (183,293 | ) | | $ | (235,543 | ) |
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- Definition
Tabular disclosure of the net favorable loss development by operating segment.
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- Definition
Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section W
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Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.
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