Reserve for Known and Incurred but Not Reported Claims

9 Months Ended

Sep. 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:


	Nine Months Ended September 30,
(in millions)	2025			2024
Balance at beginning of period	$	1,193.4		$	1,282.4
Provision related to:
Current year		274.2			267.1
Prior years		(31.4	)		(26.3	)
		242.8			240.8
Payments, net of recoveries, related to:
Current year		128.7			146.3
Prior years		132.7			149.6
		261.4			295.9
Other		4.5			2.7
Balance at end of period	$	1,179.3		$	1,230.0

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

The 3.0% loss provision rate for the three and nine months ended September 30, 2025 reflects an ultimate loss rate of 3.75% for the 2025 policy year and reserve releases of 0.75%, or $10.5 million and $28.8 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and nine months ended September 30, 2025.

The 3.0% loss provision rate for the three and nine months ended September 30, 2024 reflected an ultimate loss rate of 3.75% for the 2024 policy year and reserve releases of 0.75%, or $9.1 million and $25.0 million, respectively, for prior policy years, all based on title insurance premiums and escrow fees for the three and nine months ended September 30, 2024.

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


(dollars in millions)	September 30, 2025				December 31, 2024
Known title claims	$	55.7	4.7	%	$	55.3	4.6	%
Incurred but not reported claims		1,099.6	93.3	%		1,109.4	93.0	%
Total title claims		1,155.3	98.0	%		1,164.7	97.6	%
Non-title claims		24.0	2.0	%		28.7	2.4	%
Total loss reserves	$	1,179.3	100.0	%	$	1,193.4	100.0	%