Note 10 - Losses and Loss Adjustment Expense (Tables)

6 Months Ended

Jun. 30, 2020

Our reserve for losses and LAE, at the end of each period indicated, consisted of:


(In thousands)	June 30, 2020		December 31, 2019
Mortgage insurance loss reserves (1)	$	734,991	$	401,273
Title insurance loss reserves	3,894		3,492
Total reserve for losses and LAE	$	738,885	$	404,765

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(1)Primarily comprises first lien primary case reserves of $660.1 million and $339.8 million at June 30, 2020 and December 31, 2019, respectively.

Mortgage Insurance Reserve for Losses and LAE Rollforward

The following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE, but excluding our second-lien mortgage loan premium deficiency reserve, for the periods indicated:


	Six Months Ended June 30,
(In thousands)	2020		2019
Balance at beginning of period	$	401,273	$	397,891
Less: Reinsurance recoverables (1)	14,594		11,009
Balance at beginning of period, net of reinsurance recoverables	386,679		386,882
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	356,555		73,494
Prior years	(17,223)		(5,617)
Total incurred	339,332		67,877
Deduct: Paid claims and LAE related to:
Current year (2)	1,594		507
Prior years	44,580		66,510
Total paid	46,174		67,017
Balance at end of period, net of reinsurance recoverables	679,837		387,742
Add: Reinsurance recoverables (1)	55,154		13,552
Balance at end of period	$	734,991	$	401,294

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(1)Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 7 for additional information.

(2)Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.