Losses and LAE (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		December 31, 2022
Primary case	$	353,281	$	398,874
Primary IBNR and LAE	10,483		12,169
Pool and other	9,917		9,912
Mortgage insurance	373,681		420,955
Title insurance	5,753		5,888
Total reserve for losses and LAE	$	379,434	$	426,843

Mortgage Insurance Reserve for Losses and LAE Rollforward

For the periods indicated, 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
	Six Months Ended June 30,
(In thousands)	2023		2022
Balance at beginning of period	$	420,955	$	823,136
Less: Reinsurance recoverables (1)	24,727		66,676
Balance at beginning of period, net of reinsurance recoverables	396,228		756,460
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	87,594		75,931
Prior years	(126,081)		(274,397)
Total incurred	(38,487)		(198,466)
Deduct: Paid claims and LAE related to:
Current year (2)	40		165
Prior years	6,138		7,836
Total paid	6,178		8,001
Balance at end of period, net of reinsurance recoverables	351,563		549,993
Add: Reinsurance recoverables (1)	22,118		38,954
Balance at end of period	$	373,681	$	588,947

(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.