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

12 Months Ended

Dec. 31, 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:

		December 31,
(in millions)		2023				2022				2021
Balance at beginning of year		$	1,325.3			$	1,283.8			$	1,178.0
Provision related to:
Current year			354.6				468.3				569.3
Prior years			(18.3	)			18.0				19.4
			336.3				486.3				588.7
Payments, net of recoveries, related to:
Current year			199.6				225.8				292.5
Prior years			182.2				208.5				189.8
			381.8				434.3				482.3
Other			2.6				(10.5	)			(0.6	)
Balance at end of year		$	1,282.4			$	1,325.3			$	1,283.8

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

		December 31,
(dollars in millions)		2023								2022
Known title claims		$	55.5				4.3	%		$	62.1				4.7	%
IBNR title claims			1,186.5				92.5	%			1,207.2				91.1	%
Total title claims			1,242.0				96.8	%			1,269.3				95.8	%
Non-title claims			40.4				3.2	%			56.0				4.2	%
Total loss reserves		$	1,282.4				100.0	%		$	1,325.3				100.0	%

Summary of Incurred and Paid Claims Development Net of Reinsurance

The information below about incurred and paid claims development for the years ended December 31, 2014 to 2022, is presented as supplementary information.

		Incurred claims and allocated claim adjustment expenses																																								December 31, 2023
Accident		Years ended December 31,																																								Cumulative number of reported
Year		2014*				2015*				2016*				2017*				2018*				2019*				2020*				2021*				2022*				2023				claims
		(in millions)
2014			123.8				123.8				123.8				123.8				123.8				123.8				123.8				123.8				123.8			$	123.8				0.8
2015							143.7				143.7				143.7				143.7				143.7				143.7				143.7				143.7				143.7				0.9
2016											172.7				172.7				172.7				172.7				172.7				172.7				172.7				172.7				1.0
2017															167.2				167.2				167.2				167.2				167.2				167.2				167.2				1.0
2018																			179.8				179.8				179.8				179.8				179.8				179.8				1.1
2019																							174.1				174.1				174.1				174.1				174.1				1.1
2020																											197.4				197.4				197.4				197.4				1.2
2021																															218.2				218.2				218.2				1.2
2022																																			211.8				211.8				1.1
2023																																							193.2				1.0
																																		Total				$	1,781.9

*Amounts unaudited.

		Cumulative paid claims and allocated claim adjustment expenses
Accident		Years ended December 31,
Year		2014*				2015*				2016*				2017*				2018*				2019*				2020*				2021*				2022*				2023
		(in millions)
2014			111.2				123.8				123.8				123.8				123.8				123.8				123.8				123.8				123.8			$	123.8
2015							129.5				143.7				143.7				143.7				143.7				143.7				143.7				143.7				143.7
2016											155.4				172.7				172.7				172.7				172.7				172.7				172.7				172.7
2017															151.1				167.2				167.2				167.2				167.2				167.2				167.2
2018																			163.0				179.8				179.8				179.8				179.8				179.8
2019																							159.2				174.1				174.1				174.1				174.1
2020																											177.8				197.4				197.4				197.4
2021																															198.7				218.2				218.2
2022																																			192.3				211.8
2023																																							177.5
																																		Total				$	1,766.2
						All outstanding liabilities before 2014																																	—
						Liabilities for claims and claims adjustment expenses																																$	15.7

*Amounts unaudited.

Reconciliation of the Net Incurred and Paid Claims Development Tables to the Liability for Claims and Claim Adjustment Expense

A reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expense at December 31, 2023, is as follows:

		December 31, 2023
		(in millions)
Liability for unpaid claims and claim adjustment    expenses — short-duration:
Home warranty		$	15.7
Property and casualty insurance			24.7
			40.4
Insurance lines other than short-duration:
Title insurance			1,242.0
Total liability for unpaid claims and claims adjustment    expenses		$	1,282.4

Schedule of Supplementary Information about Average Historical Claims

Supplementary information about average historical claims duration for the Company’s home warranty business as of December 31, 2023, is as follows:

Average annual percentage payout of incurred claims by age (unaudited)
Years			1				2
Annual payout			90.5	%			9.5	%

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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.

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