XXXXXXXX FOR LOSSES AND LOSS EXPENSES Sample Clauses

XXXXXXXX FOR LOSSES AND LOSS EXPENSES. Activity in the loss and loss expense reserves at December 31, 2008 and 2007, is summarized as follows: 2008 2007 Net loss and loss expense reserves — January 1 $ 21,547,399 $ 19,117,784 Incurred related to: Current year 20,359,673 17,727,491 Prior years (2,124,107 ) (1,578,896 ) Total incurred 18,235,566 16,148,595 Paid related to: Current year (8,792,548 ) (8,188,264 ) Prior years (6,539,119 ) (5,530,716 ) Total paid — net of reinsurance recoverable (15,331,667 ) (13,718,980 ) Net loss and loss expense reserves — December 31 $ 24,451,298 $ 21,547,399 Reserves for incurred loss and loss expense attributable to events of prior years decreased by $2,124,107 and $1,578,896 for the years ended December 31,2008 and 2007, respectively. This decrease was generally attributable to ongoing analysis of recent loss development trends and is primarily attributable to the private passenger auto liability and workers’ compensation lines of business. The estimated amount of anticipated salvage and subrogation included as a reduction to the loss and loss expense reserves as of December 31, 2008 and 2007, is $855,000 and $769,500, respectively.