Losses and LAE (Tables)

3 Months Ended

Mar. 31, 2025

Insurance Loss Reserves [Abstract]

Schedule of Reserve for Losses and LAE by Segment

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

Reserve for losses and LAE
(In thousands)	March 31, 2025		December 31, 2024
Primary case	$	347,996	$	336,553
Primary IBNR and LAE		13,827		13,399
Pool and other		7,267		4,479
Mortgage insurance		369,090		354,431
Title insurance		5,855		5,895
Total reserve for losses and LAE	$	374,945	$	360,326

Schedule of Provision for Losses

Our provision for losses consists of the following for the periods indicated.

Provision for losses
	Three Months Ended March 31,
(In thousands)	2025			2024
Mortgage insurance	$	15,340		$	(6,886	)
Title insurance		(173	)		(148	)
Total provision for losses	$	15,167		$	(7,034	)

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)	2025			2024
Balance at beginning of period	$	354,431		$	364,923
Less: Reinsurance recoverables (1)		34,144			25,074
Balance at beginning of period, net of reinsurance recoverables		320,287			339,849
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)		53,740			53,688
Prior years		(38,400	)		(60,574	)
Total incurred		15,340			(6,886	)
Deduct: Paid claims and LAE related to:
Current year (2)		—			—
Prior years		4,233			3,387
Total paid		4,233			3,387
Balance at end of period, net of reinsurance recoverables		331,394			329,576
Add: Reinsurance recoverables (1)		37,696			27,097
Balance at end of period	$	369,090		$	356,673

(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.