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Loss Reserves (Tables)

12 Months Ended

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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- 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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-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

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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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