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Reserves for Insurance Claims and Claim Expenses (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Schedule of Reconciliation of Liability for Insurance Claims and Claim Expenses | The following table provides a reconciliation of the beginning and ending gross reserve balances for insurance claims and claim expenses:
| For the nine months ended September 30,
| 2025 |  | 2024
| (In Thousands)
Beginning balance | $ | 152,071 |  |  | $ | 123,974 |
Less reinsurance recoverables (1) | (32,260) |  |  | (27,514) |
Beginning balance, net of reinsurance recoverables | 119,811 |  |  | 96,460 |
Add claims incurred: |  |  |
Claims and claim expenses incurred: |  |  |
Current year (2) | 88,584 |  |  | 71,532 |
Prior years (3) | (52,440) |  |  | (57,241) |
Total claims and claim expenses incurred (4) | 36,144 |  |  | 14,291 |
Less claims paid: |  |  |
Claims and claim expenses paid: |  |  |
Current year (2) | 280 |  |  | 180 |
Prior years (3) | 12,607 |  |  | 4,265 |
Reinsurance terminations (5) | (1,964) |  |  | — |
Total claims and claim expenses paid | 10,923 |  |  | 4,445 |
Reserve at end of period, net of reinsurance recoverables | 145,032 |  |  | 106,306 |
Add reinsurance recoverables (1) | 35,315 |  |  | 29,214 |
Ending balance | $ | 180,347 |  |  | $ | 135,520 |
(1) Related to ceded losses recoverable under the QSR Transactions. 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 defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $77.2 million attributed to net case reserves and $9.8 million attributed to net IBNR reserves for the nine months ended September 30, 2025 and $63.2 million attributed to net case reserves and $7.0 million attributed to net IBNR reserves for the nine months ended September 30, 2024. (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $43.2 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the nine months ended September 30, 2025 and $49.8 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the nine months ended September 30, 2024. (4) Excludes aggregate termination fees of $0.3 million for the nine months ended September 30, 2025 incurred in connection with the termination of the 2016 QSR Transaction and amendment of the 2018 and 2021 QSR Transactions. (5) Represents the settlement of reinsurance recoverables in conjunction with the termination of the 2016 QSR Transaction and amendment of the 2018 and 2021 QSR Transactions.

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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://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 + Details
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