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Loss reserves | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Loss reserves | Loss reserves Our reserve for losses and loss adjustment expenses (“LAE”) consisted of the following as of the dates indicated:
(Amounts in thousands) | March 31, 2025 |  | December 31, 2024
Domestic mortgage insurance | $ | 537,480 |  |  | $ | 520,032 |
Other reserves | 5,048 |  |  | 4,683 |
Total loss reserves | $ | 542,528 |  |  | $ | 524,715 |
Activity for the liability for domestic mortgage insurance loss reserves for the three months ended March 31, is summarized as follows:
(Amounts in thousands) | 2025 |  | 2024
Gross loss reserves, beginning balance | $ | 520,032 |  |  | $ | 517,515 |
Reinsurance recoverable, beginning balance | (2,909) |  |  | (1,294) |
Net loss reserves, beginning balance | 517,123 |  |  | 516,221 |
Losses and LAE incurred related to current accident year | 77,842 |  |  | 74,364 |
Losses and LAE incurred related to prior accident years | (51,789) |  |  | (54,848) |
Total incurred | 26,053 |  |  | 19,516 |
Losses and LAE paid related to current accident year | (99) |  |  | (191) |
Losses and LAE paid related to prior accident years | (8,395) |  |  | (6,548) |
Total paid | (8,494) |  |  | (6,739) |
Net loss reserves, ending balance | 534,682 |  |  | 528,998 |
Reinsurance recoverable, ending balance | 2,798 |  |  | 1,772 |
Gross loss reserves, ending balance | $ | 537,480 |  |  | $ | 530,770 |
The liability for loss reserves represents our current best estimate; however, there may be future adjustments to this estimate and related assumptions. Such adjustments, reflecting any variety of new and adverse trends, could possibly be significant, and result in future increases to reserves by amounts that could be material to our results of operations, financial condition and liquidity. Losses incurred related to insured events of the current accident year relate to defaults that occurred in that year and represent the estimated ultimate amount of losses to be paid on such defaults. Losses incurred related to insured events of prior accident years represent the (favorable) or unfavorable development of reserves as a result of the actual rates at which delinquencies go to claim (“claim rates”) and claim amounts being different than those we estimated when originally establishing the reserves. These estimates are based on our historical experience, which we believe is representative of expected future losses at the time of estimation. As a result of the extended period of time that may exist between the reporting of a delinquency and the claim payment, as well as changes in economic conditions and the real estate market, significant uncertainty and variability exist on amounts ultimately paid. For the three months ended March 31, 2025, losses and LAE incurred of $78 million related to insured events of the current accident year was primarily attributable to new delinquencies compared to $74 million for the three months ended March 31, 2024. For the three months ended March 31, 2025, we also recorded favorable reserve adjustments of $47 million primarily on prior accident year reserves, driven by cure performance of delinquencies from early 2024 and prior. During the three months ended March 31, 2024, we released $54 million of reserves primarily driven by cure performance of delinquencies from early 2023 and prior

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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