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Reserve for Known and Incurred but Not Reported Claims (Tables)
12 Months Ended
Dec. 31, 2015
Insurance Loss Reserves [Abstract]  
Activity in 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:

 

 

December 31,

 

 

2015

 

 

2014

 

 

2013

 

 

(in thousands)

 

Balance at beginning of year

$

1,011,780

 

 

$

1,018,365

 

 

$

976,462

 

Provision related to:

 

 

 

 

 

 

 

 

 

 

 

Current year

 

395,459

 

 

 

383,181

 

 

 

378,968

 

Prior years

 

95,633

 

 

 

66,842

 

 

 

151,388

 

 

 

491,092

 

 

 

450,023

 

 

 

530,356

 

Payments, net of recoveries, related to:

 

 

 

 

 

 

 

 

 

 

 

Current year

 

209,845

 

 

 

196,656

 

 

 

182,653

 

Prior years

 

266,647

 

 

 

273,094

 

 

 

296,657

 

 

 

476,492

 

 

 

469,750

 

 

 

479,310

 

Other

 

(42,500

)

 

 

13,142

 

 

 

(9,143

)

Balance at end of year

$

983,880

 

 

$

1,011,780

 

 

$

1,018,365

 

 

Summary of Loss Reserves

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

 

(in thousands, except percentages)

 

December 31, 2015

 

 

December 31, 2014

 

Known title claims

$

87,543

 

 

 

8.9

%

 

$

165,330

 

 

 

16.3

%

Incurred but not reported claims

 

844,364

 

 

 

85.8

%

 

 

802,069

 

 

 

79.3

%

Total title claims

 

931,907

 

 

 

94.7

%

 

 

967,399

 

 

 

95.6

%

Non-title claims

 

51,973

 

 

 

5.3

%

 

 

44,381

 

 

 

4.4

%

Total loss reserves

$

983,880

 

 

 

100.0

%

 

$

1,011,780

 

 

 

100.0

%