Loss Reserves (Tables)

6 Months Ended

Jun. 30, 2025

Insurance Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the six months ended June 30, 2025 and 2024.

Development of reserves for losses and loss adjustment expenses
Table	11.1
		Six Months Ended June 30,
(In thousands)		2025		2024
Reserve at beginning of period		$	462,662	$	505,379
Less reinsurance recoverable		47,281		33,302
Net reserve at beginning of period		415,381		472,077
Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year		111,093		102,553
Prior years (1)		(104,337)		(116,270)
Total losses incurred		6,756		(13,717)
Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year		—		52
Prior years		23,764		23,040
Total losses paid		23,764		23,092
Net reserve at end of period		398,373		435,268
Plus reinsurance recoverable		53,781		42,346
Reserve at end of period		$	452,154	$	477,614

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss reserve development.

Prior year development of the reserves

The prior year loss reserve development for the six months ended June 30, 2025 and 2024 is shown in table 11.2 below.

Reserve development on previously received delinquencies
Table	11.2
		Six Months Ended June 30,
(In thousands)		2025		2024
Increase (decrease) in estimated claim rate on primary defaults		$	(98,645)	$	(101,008)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(5,692)		(15,262)
Total prior year loss development (1)		$	(104,337)	$	(116,270)

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year loss reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves.