Note 11 - Losses and LAE (Tables)

6 Months Ended

Jun. 30, 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.

Reserve for losses and LAE
(In thousands)	June 30, 2021		December 31, 2020
Mortgage insurance loss reserves (1)	$	880,763	$	844,107
Title insurance loss reserves	4,735		4,306
Total reserve for losses and LAE	$	885,498	$	848,413

(1)Primarily comprises first lien primary case reserves of $840.8 million and $799.5 million at June 30, 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.

Rollforward of mortgage insurance reserve for losses
	Six Months Ended June 30,
(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)	85,807		356,555
Prior years	(36,695)		(17,223)
Total incurred	49,112		339,332
Deduct: Paid claims and LAE related to:
Current year (2)	246		1,594
Prior years	14,447		44,580
Total paid	14,693		46,174
Balance at end of period, net of reinsurance recoverables	806,757		679,837
Add: Reinsurance recoverables (1)	74,006		55,154
Balance at end of period	$	880,763	$	734,991

(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.