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Losses and LAE (Tables)

9 Months Ended

Sep. 30, 2023

Insurance Loss Reserves [Abstract]

Reserve for Losses and LAE by Segment

Our reserve for losses and LAE consisted of the following as of the dates indicated.

Reserve for losses and LAE
(In thousands)						September 30, 2023						December 31, 2022
Primary case						$	343,336					$	398,874
Primary IBNR and LAE						10,005						12,169
Pool and other						8,497						9,912
Mortgage insurance						361,838						420,955
Title insurance						5,730						5,888
Total reserve for losses and LAE						$	367,568					$	426,843

Mortgage Insurance Reserve for Losses and LAE Rollforward

For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE.

Rollforward of mortgage insurance reserve for losses
						Nine Months Ended September 30,
(In thousands)						2023						2022
Balance at beginning of period						$	420,955					$	823,136
Less: Reinsurance recoverables (1)						24,727						66,676
Balance at beginning of period, net of reinsurance recoverables						396,228						756,460
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)						130,740						115,159
Prior years						(177,483)						(411,024)
Total incurred						(46,743)						(295,865)
Deduct: Paid claims and LAE related to:
Current year (2)						204						381
Prior years						10,712						12,123
Total paid						10,916						12,504
Balance at end of period, net of reinsurance recoverables						338,569						448,091
Add: Reinsurance recoverables (1)						23,269						29,656
Balance at end of period						$	361,838					$	477,747

(1)Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information.

(2)Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

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- Definition

Schedule of Liability for Unpaid Claims and Claim Adjustment Expenses, by Segment [Table Text Block]

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No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-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

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