Losses and LAE (Tables)

3 Months Ended

Mar. 31, 2024

Insurance Loss Reserves [Abstract]

Schedule of Reserve for Losses and LAE by Segment

Our reserve for losses and LAE consisted of the following as of the dates indicated.

Reserve for losses and LAE
(In thousands)	March 31, 2024		December 31, 2023
Primary case	$	336,929	$	344,235
Primary IBNR and LAE	11,956		12,177
Pool and other	7,788		8,511
Mortgage insurance	356,673		364,923
Title insurance	5,160		5,225
Total reserve for losses and LAE	$	361,833	$	370,148

Schedule of Provision for Losses

Provision for losses consisted of the following.

Provision for losses
	Three Months Ended March 31,
(In thousands)	2024		2023
Mortgage insurance	$	(6,886)	$	(16,864)
Title insurance	(148)		(65)
Total provision for losses	$	(7,034)	$	(16,929)

Schedule of 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
	Three Months Ended March 31,
(In thousands)	2024		2023
Balance at beginning of period	$	364,923	$	420,955
Less: Reinsurance recoverables (1)	25,074		24,727
Balance at beginning of period, net of reinsurance recoverables	339,849		396,228
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	53,688		50,579
Prior years	(60,574)		(67,443)
Total incurred	(6,886)		(16,864)
Deduct: Paid claims and LAE related to:
Current year (2)	—		32
Prior years	3,387		2,983
Total paid	3,387		3,015
Balance at end of period, net of reinsurance recoverables	329,576		376,349
Add: Reinsurance recoverables (1)	27,097		23,501
Balance at end of period	$	356,673	$	399,850

(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.