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Reserve for Known and Incurred but Not Reported Claims (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 1,282.4 |  |  | $ | 1,325.3 |  |  | $ | 1,283.8 |
Provision related to: |  |  |  |  |  |  |  |  |
Current year |  |  | 357.3 |  |  |  | 354.6 |  |  |  | 468.3 |
Prior years |  |  | (37.3 | ) |  |  | (18.3 | ) |  |  | 18.0 |
|  |  | 320.0 |  |  |  | 336.3 |  |  |  | 486.3 |
Payments, net of recoveries, related to: |  |  |  |  |  |  |  |  |
Current year |  |  | 204.6 |  |  |  | 199.6 |  |  |  | 225.8 |
Prior years |  |  | 193.2 |  |  |  | 182.2 |  |  |  | 208.5 |
|  |  | 397.8 |  |  |  | 381.8 |  |  |  | 434.3 |
Other |  |  | (11.2 | ) |  |  | 2.6 |  |  |  | (10.5 | )
Balance at end of year |  | $ | 1,193.4 |  |  | $ | 1,282.4 |  |  | $ | 1,325.3 |
A summary of the Company’s loss reserves is as follows:
|  | December 31, |
(dollars in millions) |  | 2024 |  |  | 2023 |
Known title claims |  | $ | 55.3 |  |  |  | 4.6 | % |  | $ | 55.5 |  |  |  | 4.3 | %
IBNR title claims |  |  | 1,109.4 |  |  |  | 93.0 | % |  |  | 1,186.5 |  |  |  | 92.5 | %
Total title claims |  |  | 1,164.7 |  |  |  | 97.6 | % |  |  | 1,242.0 |  |  |  | 96.8 | %
Non-title claims |  |  | 28.7 |  |  |  | 2.4 | % |  |  | 40.4 |  |  |  | 3.2 | %
Total loss reserves |  | $ | 1,193.4 |  |  |  | 100.0 | % |  | $ | 1,282.4 |  |  |  | 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, 2015 to 2023, is presented as supplementary information.
|  | Incurred claims and allocated claim adjustment expenses |  |  | December 31, 2024 |
Accident |  | Years ended December 31, |  |  | Cumulative number of reported |
Year |  | 2015* |  |  | 2016* |  |  | 2017* |  |  | 2018* |  |  | 2019* |  |  | 2020* |  |  | 2021* |  |  | 2022* |  |  | 2023* |  |  | 2024 |  |  | claims |
|  | (in millions) |
2015 |  |  | 143.7 |  |  |  | 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 |  |  |  | 172.7 |  |  |  | 1.0 |
2017 |  |  |  |  |  |  |  |  | 167.2 |  |  |  | 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 |  |  |  | 179.8 |  |  |  | 1.1 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 1.1 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 1.2 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 218.2 |  |  |  | 218.2 |  |  |  | 218.2 |  |  |  | 218.2 |  |  |  | 1.2 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 211.8 |  |  |  | 211.8 |  |  |  | 211.8 |  |  |  | 1.1 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 193.2 |  |  |  | 193.2 |  |  |  | 1.0 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184.4 |  |  |  | 1.0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,842.5 |  |  |  |
*Amounts unaudited.
|  | Cumulative paid claims and allocated claim adjustment expenses |
Accident |  | Years ended December 31, |
Year |  | 2015* |  |  | 2016* |  |  | 2017* |  |  | 2018* |  |  | 2019* |  |  | 2020* |  |  | 2021* |  |  | 2022* |  |  | 2023* |  |  | 2024 |
|  | (in millions) |
2015 |  |  | 129.5 |  |  |  | 143.7 |  |  |  | 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 |  |  |  | 172.7 |
2017 |  |  |  |  |  |  |  |  | 151.1 |  |  |  | 167.2 |  |  |  | 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 |  |  |  | 179.8 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 159.2 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |  |  |  | 174.1 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177.8 |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 197.4 |  |  |  | 197.4 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198.7 |  |  |  | 218.2 |  |  |  | 218.2 |  |  |  | 218.2 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 192.3 |  |  |  | 211.8 |  |  |  | 211.8 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177.5 |  |  |  | 193.2 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 169.0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,827.1 |
|  |  |  |  | All outstanding liabilities before 2015 |  |  |  | — |
|  |  |  |  | Liabilities for claims and claims adjustment expenses |  |  | $ | 15.4 |
*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, 2024, is as follows:
|  | December 31, 2024 |
|  | (in millions) |
Liability for unpaid claims and claim adjustment expenses — short-duration: |  |  |
Home warranty |  | $ | 15.4 |
Property and casualty insurance |  |  | 13.3 |
|  |  | 28.7 |
Insurance lines other than short-duration: |  |  |
Title insurance |  |  | 1,164.7 |
Total liability for unpaid claims and claims adjustment expenses |  | $ | 1,193.4 |
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, 2024, is as follows:
Average annual percentage payout of incurred claims by age (unaudited)
Years |  |  | 1 |  |  |  | 2 |  |
Annual payout |  |  | 90.8 | % |  |  | 9.2 | % |

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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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