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Reserves For Claims (Tables)

3 Months Ended

Mar. 31, 2021

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Summary Of Transactions In Reserves For Claims

Activity in the reserve for claims for the three-month period ended March 31, 2021 and the year ended December 31, 2020 are summarized as follows:

(in thousands)			March 31, 2021						December 31, 2020
Balance, beginning of period			$	33,584					$	31,333
Provision charged to operations			1,591						5,204
Payments of claims, net of recoveries			(613)						(2,953)
Balance, end of period			$	34,562					$	33,584

Summary of the Company's Loss Reserves

A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows:

(in thousands, except percentages)			March 31, 2021						%						December 31, 2020						%
Known title claims			$	3,452					10.0						$	3,585					10.7
IBNR			31,110						90.0						29,999						89.3
Total reserve for claims			$	34,562					100.0						$	33,584					100.0

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- Definition

Schedule of liability for unpaid claims and claims adjustment expense reported and incurred but not reported claims.

+ References

No definition available.

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- References

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
-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

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