XML 59 R36.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Loss Reserves (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Insurance Loss Reserves [Abstract] |
Reconciliation of Beginning and Ending Loss Reserves | Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years:
Development of loss reserves
Table | 8.1 |  |  |  |  |  |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Reserve at beginning of year |  | $ | 557,988 |  |  | $ | 883,522 |  |  | $ | 880,537 |
Less reinsurance recoverable |  | 28,240 |  |  | 66,905 |  |  | 95,042 |
Net reserve at beginning of year |  | 529,748 |  |  | 816,617 |  |  | 785,495 |
Losses incurred: |  |  |  |  |  |
Losses and LAE incurred in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 187,658 |  |  | 149,565 |  |  | 124,592 |
Prior years (1) |  | (208,514) |  |  | (404,130) |  |  | (60,015) |
Total losses incurred |  | (20,856) |  |  | (254,565) |  |  | 64,577 |
Losses paid: |  |  |  |  |  |
Losses and LAE paid in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 566 |  |  | 362 |  |  | 664 |
Prior years |  | 45,645 |  |  | 49,626 |  |  | 68,769 |
Reinsurance terminations (2) |  | (9,396) |  |  | (17,684) |  |  | (35,978) |
Total losses paid |  | 36,815 |  |  | 32,304 |  |  | 33,455 |
Net reserve at end of year |  | 472,077 |  |  | 529,748 |  |  | 816,617 |
Plus reinsurance recoverables |  | 33,302 |  |  | 28,240 |  |  | 66,905 |
Reserve at end of year |  | $ | 505,379 |  |  | $ | 557,988 |  |  | $ | 883,522 |
(1)A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development. (2)In a reinsurance termination, amounts for any incurred but unpaid losses are due to us from the reinsurers. As a result, the amount due from the reinsurers is reclassified from reinsurance recoverable on loss reserves to reinsurance recoverable on paid losses, resulting in no impact to losses incurred. (See Note 9 - "Reinsurance")
Prior Year Development of the Reserves | The prior year loss reserve development for the past three years is reflected in the table 8.2 below.
Reserve development on previously received delinquencies
Table | 8.2 |  |  |  |  |  |
(In thousands) |  | 2023 |  | 2022 |  | 2021
Increase (decrease) in estimated claim rate on primary defaults |  | $ | (200,983) |  |  | $ | (400,577) |  |  | $ | (82,904) |
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other |  | (7,531) |  |  | (3,553) |  |  | 22,889 |
Total prior year loss development (1) |  | $ | (208,514) |  |  | $ | (404,130) |  |  | $ | (60,015) |
(1)A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of Delinquent Inventory Roll-Forward | A roll-forward of our primary delinquency inventory for the years ended December 31, 2023, 2022, and 2021 appears in table 8.3 below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.
Primary delinquency inventory roll-forward
Table | 8.3 |  |  |  |  |  |
|  | 2023 |  | 2022 |  | 2021
Beginning delinquent inventory |  | 26,387 |  |  | 33,290 |  |  | 57,710 |
New Notices |  | 46,825 |  |  | 42,988 |  |  | 42,432 |
Cures |  | (46,108) |  |  | (48,262) |  |  | (64,896) |
Paid claims |  | (1,328) |  |  | (1,305) |  |  | (1,223) |
Rescissions and denials |  | (45) |  |  | (35) |  |  | (38) |
Other items removed from inventory |  | (81) |  |  | (289) |  |  | (695) |
Ending delinquent inventory |  | 25,650 |  |  | 26,387 |  |  | 33,290 |
Aging of the Primary Default Inventory | The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below.
Primary delinquency inventory - consecutive months delinquent
Table | 8.4 |  |  |  |  |  |
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
3 months or less |  | 9,175 |  |  | 8,820 |  |  | 7,586 |
4 - 11 months |  | 8,900 |  |  | 8,217 |  |  | 7,990 |
12 months or more (1) |  | 7,575 |  |  | 9,350 |  |  | 17,714 |
Total |  | 25,650 |  |  | 26,387 |  |  | 33,290 |
3 months or less |  | 36 | % |  | 33 | % |  | 23 | %
4 - 11 months |  | 35 | % |  | 31 | % |  | 24 | %
12 months or more |  | 29 | % |  | 36 | % |  | 53 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
Primary claims received inventory included in ending delinquent inventory |  | 302 |  |  | 267 |  |  | 211 |
(1)Approximately 37%, 36%, and 20% of the delinquent inventory that has been delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of December 31, 2023, 2022 and 2021, respectively.

X
- Definition Tabular disclosure of the aging of the loan primary default inventory. + References No definition available. + Details
Name: | mtg_AgingOfPrimaryDefaultInventoryTableTextBlock
Namespace Prefix: | mtg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the activity related to loans in the primary default inventory. + References No definition available. + Details
Name: | mtg_RollforwardOfPrimaryDefaultInventoryTableTextBlock
Namespace Prefix: | mtg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InsuranceLossReservesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479583/944-40-S99-1 + Details
Name: | us-gaap_ScheduleOfCausesOfIncreaseDecreaseInLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
Name: | us-gaap_ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration