Note 11 - Losses and Loss Adjustment Expense (Tables)

3 Months Ended

Mar. 31, 2021

Insurance Loss Reserves [Abstract]

Reserve for Losses and LAE by Segment

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

(In thousands)	March 31, 2021		December 31, 2020
Mortgage insurance loss reserves (1)	$	882,838	$	844,107
Title insurance loss reserves	4,517		4,306
Total reserve for losses and LAE	$	887,355	$	848,413

(1)Primarily comprises first lien primary case reserves of $841.6 million and $799.5 million at March 31, 2021 and December 31, 2020, 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.

	Three Months Ended March 31,
(In thousands)	2021		2020
Balance at beginning of period	$	844,107	$	401,273
Less: Reinsurance recoverables (1)	71,769		14,594
Balance at beginning of period, net of reinsurance recoverables	772,338		386,679
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	50,312		41,242
Prior years	(4,513)		(5,876)
Total incurred	45,799		35,366
Deduct: Paid claims and LAE related to:
Current year (2)	16		—
Prior years	10,457		23,391
Total paid	10,473		23,391
Balance at end of period, net of reinsurance recoverables	807,664		398,654
Add: Reinsurance recoverables (1)	75,174		16,024
Balance at end of period	$	882,838	$	414,678

(1)Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 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.