Reserve for Known and Incurred but Not Reported Claims

6 Months Ended

Jun. 30, 2025

Reserve for Known and Incurred but Not Reported Claims

Note 8 – 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:


	Six Months Ended June 30,
(in millions)	2025			2024
Balance at beginning of period	$	1,193.4		$	1,282.4
Provision related to:
Current year		171.7			165.7
Prior years		(19.7	)		(16.7	)
		152.0			149.0
Payments, net of recoveries, related to:
Current year		69.3			75.8
Prior years		95.2			103.6
		164.5			179.4
Other		8.4			0.2
Balance at end of period	$	1,189.3		$	1,252.2

The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0% for the three and six months ended June 30, 2025 and 2024.

The 3.0% loss provision rate for the three and six months ended June 30, 2025 reflects an ultimate loss rate of 3.75% for the 2025 policy year and reserve releases of 0.75%, or $9.9 million and $18.3 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and six months ended June 30, 2025.

The 3.0% loss provision rate for the three and six months ended June 30, 2024 reflected an ultimate loss rate of 3.75% for the 2024 policy year and reserve releases of 0.75%, or $8.6 million and $15.9 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and six months ended June 30, 2024.

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


(dollars in millions)	June 30, 2025				December 31, 2024
Known title claims	$	54.8	4.6	%	$	55.3	4.6	%
Incurred but not reported claims		1,105.4	93.0	%		1,109.4	93.0	%
Total title claims		1,160.2	97.6	%		1,164.7	97.6	%
Non-title claims		29.1	2.4	%		28.7	2.4	%
Total loss reserves	$	1,189.3	100.0	%	$	1,193.4	100.0	%