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ULAEUniversal Limited Art Editions (fine art print publisher)
ULAEUnallocated Loss Adjustment Expense
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Unallocated loss adjustment expenses are operating expenses not identified by a claim file, but functionally associated with settling losses, such as salaries of claims departments.
They have not been trained to, nor are they capable of, accurately determining either discount rates to be used or estimating unallocated loss adjustment expenses (specifically third party claims administration fees) with any degree of accuracy.
In this exhibit, loss and loss adjustment expense amounts include all loss adjustment expenses, both allocated and unallocated, because the calendar year summarized data includes unallocated loss adjustment expenses.
During the quarter, excluding involuntary pools and unallocated loss adjustment expenses, we realized $6.
Fixed expenses, including unallocated loss adjustment expenses, at the insurance company operation are 19% less than 2000 levels.
8% (1) Ultimate losses and LAE represent the estimated totals of all losses and loss adjustment expenses, including both allocated and unallocated loss adjustment expenses, that the Company anticipates it will pay when all claims are finally settled and closed, either with or without payment.
Such information has been modified so that net paid LAE includes both allocated loss adjustment expenses (ALAE) and unallocated loss adjustment expenses (ULAE).
Reliance Group Holdings (NYSE: REL) announced today that its Reliance Insurance subsidiary will increase loss and loss adjustment reserves in the third quarter by $332 million (including a required adjustment in unallocated loss adjustment expenses of approximately $66 million).