Losses and LAE (Tables)

3 Months Ended

Mar. 31, 2022

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)	March 31, 2022		December 31, 2021
Mortgage insurance loss reserves (1)	$	721,510	$	823,136
Title insurance loss reserves	5,737		5,506
Total reserve for losses and LAE	$	727,247	$	828,642

(1)Primarily comprises first lien primary case reserves of $691.1 million and $790.4 million at March 31, 2022 and December 31, 2021, 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.

Rollforward of mortgage insurance reserve for losses
	Three Months Ended March 31,
(In thousands)	2022		2021
Balance at beginning of period	$	823,136	$	844,107
Less: Reinsurance recoverables (1)	66,676		71,769
Balance at beginning of period, net of reinsurance recoverables	756,460		772,338
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	40,662		50,312
Prior years	(124,897)		(4,513)
Total incurred	(84,235)		45,799
Deduct: Paid claims and LAE related to:
Current year (2)	—		16
Prior years	4,738		10,457
Total paid	4,738		10,473
Balance at end of period, net of reinsurance recoverables	667,487		807,664
Add: Reinsurance recoverables (1)	54,023		75,174
Balance at end of period	$	721,510	$	882,838

(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.