Losses and LAE (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 2025		December 31, 2024
Primary case	$	356,895	$	336,553
Primary IBNR and LAE		14,076		13,399
Pool and other		6,261		4,479
Mortgage insurance		377,232		354,431
Title insurance		5,871		5,895
Total reserve for losses and LAE	$	383,103	$	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 June 30,					Six Months Ended June 30,
(In thousands)	2025		2024			2025			2024
Mortgage insurance	$	11,954	$	(1,769	)	$	27,294		$	(8,655	)
Title insurance		143		24			(30	)		(124	)
Total provision for losses	$	12,097	$	(1,745	)	$	27,264		$	(8,779	)

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
	Six Months Ended June 30,
(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)		103,750			100,986
Prior years		(76,456	)		(109,642	)
Total incurred		27,294			(8,656	)
Deduct: Paid claims and LAE related to:
Current year (2)		220			91
Prior years		11,001			8,813
Total paid		11,221			8,904
Balance at end of period, net of reinsurance recoverables		336,360			322,289
Add: Reinsurance recoverables (1)		40,872			28,918
Balance at end of period	$	377,232		$	351,207

(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.