XML 45 R35.htm IDEA: XBRL DOCUMENT v3.23.3

Reserve for Known and Incurred but Not Reported Claims (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Activity in Reserve for Known and Incurred but Not Reported Claims

Activity in the reserve for known and incurred but not reported claims is summarized as follows:

		Nine Months Ended September 30,
(in millions)		2023				2022
Balance at beginning of period		$	1,325.3			$	1,283.8
Provision related to:
Current year			273.7				364.6
Prior years			(10.8	)			15.8
			262.9				380.4
Payments, net of recoveries, related to:
Current year			142.1				166.2
Prior years			147.0				171.5
			289.1				337.7
Other			0.4				(12.5	)
Balance at end of period		$	1,299.5			$	1,314.0

A summary of the Company’s loss reserves is as follows:

(dollars in millions)		September 30, 2023								December 31, 2022
Known title claims		$	60.8				4.7	%		$	62.1				4.7	%
Incurred but not reported claims			1,193.2				91.8	%			1,207.2				91.1	%
Total title claims			1,254.0				96.5	%			1,269.3				95.8	%
Non-title claims			45.5				3.5	%			56.0				4.2	%
Total loss reserves		$	1,299.5				100.0	%		$	1,325.3				100.0	%

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 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