Reserve for Known and Incurred but Not Reported Claims

3 Months Ended

Mar. 31, 2025

Reserve for Known and Incurred but Not Reported Claims

Note 8 – Reserve for Known and Incurred But Not Reported Claims

Activity in the reserve for known and incurred but not reported claims is summarized as follows:


	Three Months Ended March 31,
(in millions)	2025			2024
Balance at beginning of period	$	1,193.4		$	1,282.4
Provision related to:
Current year		79.5			77.0
Prior years		(9.4	)		(7.5	)
		70.1			69.5
Payments, net of recoveries, related to:
Current year		24.4			30.6
Prior years		51.9			61.0
		76.3			91.6
Other		0.3			1.3
Balance at end of period	$	1,187.5		$	1,261.6

The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0% for the three months ended March 31, 2025 and 2024.

The 3.0% loss provision rate for the three months ended March 31, 2025 reflects an ultimate loss rate of 3.75% for the 2025 policy year and reserve releases of 0.75%, or $8.4 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2025.

The 3.0% loss provision rate for the three months ended March 31, 2024 reflected an ultimate loss rate of 3.75% for the 2024 policy year and reserve releases of 0.75%, or $7.3 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2024.

A summary of the Company’s loss reserves is as follows:


(dollars in millions)	March 31, 2025				December 31, 2024
Known title claims	$	54.6	4.6	%	$	55.3	4.6	%
Incurred but not reported claims		1,105.4	93.1	%		1,109.4	93.0	%
Total title claims		1,160.0	97.7	%		1,164.7	97.6	%
Non-title claims		27.5	2.3	%		28.7	2.4	%
Total loss reserves	$	1,187.5	100.0	%	$	1,193.4	100.0	%