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v3.19.2

Reserves for Insurance Claims and Claim Expenses (Tables) | 6 Months Ended
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Jun. 30, 2019
Insurance [Abstract] |
Reconciliation of Liability for Insurance Claims and Claim Expenses | The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claim expenses:
| For the six months ended June 30,
| 2019 |  | 2018
| (In Thousands)
Beginning balance | $ | 12,811 |  |  | $ | 8,761 |
Less reinsurance recoverables (1) | (3,001 | ) |  | (1,902 | )
Beginning balance, net of reinsurance recoverables | 9,810 |  |  | 6,859 |
Add claims incurred: |  |  |
Claims and claim expenses incurred: |  |  |
Current year (2) | 7,401 |  |  | 3,152 |
Prior years (3) | (1,735 | ) |  | (940 | )
Total claims and claim expenses incurred | 5,666 |  |  | 2,212 |
Less claims paid: |  |  |
Claims and claim expenses paid: |  |  |
Current year (2) | — |  |  | — |
Prior years (3) | 1,368 |  |  | 852 |
Reinsurance terminations (4) | (549 | ) |  | — |
Total claims and claim expenses paid | 819 |  |  | 852 |
Reserve at end of period, net of reinsurance recoverables | 14,657 |  |  | 8,219 |
Add reinsurance recoverables (1) | 3,775 |  |  | 2,382 |
Ending balance | $ | 18,432 |  |  | $ | 10,601 |
(1) | Related to ceded losses recoverable on the QSR Transactions, included in "Other Assets" on the Condensed Consolidated Balance Sheets. See Note 5, "Reinsurance" for additional information.
(2) | Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan had defaulted in a prior year and subsequently cured and later re-defaulted in the current year, that default would be included in the current year. Amounts are presented net of reinsurance.
(3) | Related to insured loans with defaults occurring in prior years, which have been continuously in default since that time. Amounts are presented net of reinsurance.
(4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016 QSR Transaction on a cut-off basis. See Note 5, "Reinsurance" for additional information.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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