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Loss Reserves (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Reserve at beginning of year |  | $ | 505,379 |  |  | $ | 557,988 |  |  | $ | 883,522 |
Less reinsurance recoverable |  | 33,302 |  |  | 28,240 |  |  | 66,905 |
Net reserve at beginning of year |  | 472,077 |  |  | 529,748 |  |  | 816,617 |
Losses incurred: |  |  |  |  |  |
Losses and LAE incurred in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 197,615 |  |  | 187,658 |  |  | 149,565 |
Prior years (1) |  | (212,476) |  |  | (208,514) |  |  | (404,130) |
Total losses incurred |  | (14,861) |  |  | (20,856) |  |  | (254,565) |
Losses paid: |  |  |  |  |  |
Losses and LAE paid in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 946 |  |  | 566 |  |  | 362 |
Prior years |  | 43,585 |  |  | 45,645 |  |  | 49,626 |
Reinsurance terminations (2) |  | (2,696) |  |  | (9,396) |  |  | (17,684) |
Total losses paid |  | 41,835 |  |  | 36,815 |  |  | 32,304 |
Net reserve at end of year |  | 415,381 |  |  | 472,077 |  |  | 529,748 |
Plus reinsurance recoverables |  | 47,281 |  |  | 33,302 |  |  | 28,240 |
Reserve at end of year |  | $ | 462,662 |  |  | $ | 505,379 |  |  | $ | 557,988 |
(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 table 8.2 below.
Reserve development on previously received delinquencies
Table | 8.2 |  |  |  |  |  |
(In thousands) |  | 2024 |  | 2023 |  | 2022
Increase (decrease) in estimated claim rate on primary defaults |  | $ | (192,675) |  |  | $ | (200,983) |  |  | $ | (400,577) |
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other |  | (19,801) |  |  | (7,531) |  |  | (3,553) |
Total prior year loss development (1) |  | $ | (212,476) |  |  | $ | (208,514) |  |  | $ | (404,130) |
(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.

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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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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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 + Details
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