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Losses and LAE (Tables)

9 Months Ended

Sep. 30, 2024

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)	September 30, 2024		December 31, 2023


Primary case	$	337,025	$	344,235
Primary IBNR and LAE		11,844		12,177
Pool and other		8,085		8,511
Mortgage insurance		356,954		364,923
Title insurance		6,271		5,225
Total reserve for losses and LAE	$	363,225	$	370,148

Schedule of Provision for Losses

Provision for losses consisted of the following.


Provision for losses


	Three Months Ended September 30,					Nine Months Ended September 30,

(In thousands)	2024		2023			2024			2023


Mortgage insurance	$	6,346	$	(8,257	)	$	(2,309	)	$	(46,744	)
Title insurance		543		122			419			48
Total provision for losses	$	6,889	$	(8,135	)	$	(1,890	)	$	(46,696	)

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


	Nine Months Ended September 30,

(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)		151,497			130,740
Prior years		(153,806	)		(177,483	)
Total incurred		(2,309	)		(46,743	)
Deduct: Paid claims and LAE related to:
Current year (2)		359			204
Prior years		11,937			10,712
Total paid		12,296			10,916
Balance at end of period, net of reinsurance recoverables		325,244			338,569
Add: Reinsurance recoverables (1)		31,710			23,269
Balance at end of period	$	356,954		$	361,838

(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.