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Loss Reserves (Tables)

9 Months Ended

Sep. 30, 2024

Insurance Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the nine months ended September 30, 2024 and 2023.

Development of reserves for losses and loss adjustment expenses
Table			11.1
									Nine Months Ended September 30,
(In thousands)									2024						2023
Reserve at beginning of period									$	505,379					$	557,988
Less reinsurance recoverable									33,302						28,240
Net reserve at beginning of period									472,077						529,748
Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year									158,317						137,626
Prior years (1)									(181,876)						(148,948)
Total losses incurred									(23,559)						(11,322)
Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year									133						153
Prior years									33,138						33,679
Total losses paid									33,271						33,832
Net reserve at end of period									415,247						484,594
Plus reinsurance recoverable									45,327						40,934
Reserve at end of period									$	460,574					$	525,528

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss reserve development.

Prior year development of the reserves

The prior year loss reserve development for the nine months ended September 30, 2024 and 2023 is shown in table 11.2 below.

Reserve development on previously received delinquencies
Table			11.2
									Nine Months Ended September 30,
(In thousands)									2024						2023
Increase (decrease) in estimated claim rate on primary defaults									$	(162,609)					$	(142,764)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other									(19,267)						(6,184)
Total prior year loss development (1)									$	(181,876)					$	(148,948)

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year loss reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves.

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- References

No definition available.

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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/2009/role/commonPracticeRef
-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

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-Section 50
-Paragraph 3
-SubTopic 40
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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- 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://www.xbrl.org/2003/role/disclosureRef
-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

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