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Losses and LAE (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance Loss Reserves [Abstract]  
Schedule of Losses and Loss Adjustment Expenses, by Segment
Our reserve for losses and LAE consisted of the following as of the dates indicated.
Reserve for losses and LAE
December 31,
(In thousands)20232022
Primary case$344,235 $398,874 
Primary IBNR and LAE12,177 12,169 
Pool and other8,511 9,912 
Mortgage insurance364,923 420,955 
Title insurance5,225 5,888 
Total reserve for losses and LAE$370,148 $426,843 
Schedule of Rollforward of Mortgage Insurance Reserve for Losses
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
Years Ended December 31,
(In thousands)202320222021
Balance at beginning of year$420,955 $823,136 $844,107 
Less: Reinsurance recoverables (1)
24,727 66,676 71,769 
Balance at beginning of year, net of reinsurance recoverables396,228 756,460 772,338 
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)
178,665 160,049 160,565 
Prior years(220,801)(499,423)(141,126)
Total incurred(42,136)(339,374)19,439 
Deduct: Paid claims and LAE related to:
Current year (2)
246 499 1,112 
Prior years13,997 20,359 34,205 
Total paid14,243 20,858 35,317 
Balance at end of period, net of reinsurance recoverables339,849 396,228 756,460 
Add: Reinsurance recoverables (1)
25,074 24,727 66,676 
Balance at end of year$364,923 $420,955 $823,136 
(1)Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 for additional information.
(2)Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.
Schedule of Default to Claim Rates on Primary Portfolio
The following table shows our gross Default to Claim Rates on our primary portfolio based on the Time in Default and as of the dates indicated.
Default to Claim Rates
December 31,
202320222021
Default to Claim Rate on:
New defaults8.0 %8.0 %8.0 %
Defaults not in Foreclosure Stage
Time in Default: < 2 years (1)
21.0 %21.8 %41.6 %
Time in Default: 2 - 5 years55.0 %65.0 %75.0 %
Time in Default: > 5 years60.0 %70.0 %80.0 %
Foreclosure Stage Defaults65.0 %75.0 %85.0 %
(1)Represents the weighted average Default to Claim Rate for all defaults not in foreclosure stage that have been in default for up to two years, including new defaults. The estimated Default to Claim Rates applied to defaults within this population vary by Time in Default, and range from the Default to Claim Rates on new defaults shown above, up to 50.0%, 55.0% and 80.1% for more aged defaults in this category as of December 31, 2023, 2022 and 2021, respectively.
Schedule of Net Incurred Losses and Paid Claims Development
The information about net incurred losses and paid claims development for the years ended prior to 2023 is presented as supplementary information.
Incurred losses, net of reinsurance
Total of IBNR Liabilities Plus Expected Development on Reported Claims (1)
Cumulative Number of Reported Defaults (2)
($ in thousands)
Years Ended December 31,
Unaudited
Default Year2014201520162017201820192020202120222023As of December 31, 2023
2014$337,784 $247,074 $265,891 $264,620 $260,098 $261,507 $261,377 $260,254 $257,773 $257,529 $3 47,976 
2015222,555 198,186 178,042 183,952 183,546 184,066 182,647 180,435 179,344 5 42,607 
2016201,016 165,440 149,753 148,811 148,640 148,349 145,267 142,521 7 40,503 
2017180,851 151,802 133,357 130,274 126,989 122,407 118,033 12 42,888 
2018131,513 116,634 95,534 88,252 75,262 70,145 16 37,369 
2019143,475 136,860 109,416 66,466 51,053 33 40,985 
2020504,160 408,809 87,213 39,584 55 108,025 
2021156,328 72,475 23,308 48 37,470 
2022155,908 71,300 176 37,738 
2023173,076 1,425 44,007 
Total$1,125,893 
(1)Represents reserves as of December 31, 2023, related to IBNR liabilities.
(2)Represents total number of new primary default notices received in each calendar year as compiled monthly based on reports received from loan servicers. As reflected in our Default to Claim Rate assumptions, a significant portion of reported defaults generally do not result in a claim. In certain instances, a defaulted loan may cure, and then re-default in a later period. Consistent with our reserving practice, each new event of default is treated as a unique occurrence and therefore certain loans that cure and re-default may be included as a reported default in multiple periods.
Cumulative paid claims, net of reinsurance
(In thousands)Years Ended December 31,
Unaudited
Default Year2014201520162017201820192020202120222023
2014$13,108 $115,852 $200,422 $233,607 $246,611 $252,619 $255,742 $256,107 $255,981 $256,185 
201510,479 84,271 142,421 163,916 172,645 174,812 175,874 176,823 177,237 
201611,061 76,616 119,357 134,115 137,306 138,525 139,539 139,651 
201724,653 66,585 99,678 108,484 111,458 112,445 113,027 
20185,584 36,066 54,625 60,926 62,968 63,603 
20194,220 18,703 28,896 35,594 37,960 
20204,148 9,867 14,635 17,884 
20211,112 2,561 4,409 
2022498 2,867 
2023246 
 Total813,069 
All outstanding liabilities before 2014, net of reinsurance16,380 
Liabilities for claims, net of reinsurance (1)
$329,204 
(1)Calculated as follows:
(In thousands)
Incurred losses, net of reinsurance$1,125,893 
All outstanding liabilities before 2014, net of reinsurance16,380 
Cumulative paid claims, net of reinsurance(813,069)
Liabilities for claims, net of reinsurance$329,204 
Schedule of Reconciliation of Net Incurred Losses and Paid Claims Development to Mortgage Insurance Reserve for Losses and Loss Adjustment Expenses
The following table provides a reconciliation of the net incurred losses and paid claims development tables above to the mortgage insurance reserve for losses and LAE at December 31, 2023.
Net outstanding liabilities - mortgage insurance
(In thousands)December 31, 2023
Reserve for losses and LAE, net of reinsurance$329,204 
Reinsurance recoverable on unpaid claims25,074 
Unallocated LAE10,645 
Total gross reserve for losses and LAE (1)
$364,923 
(1)Excludes title insurance reserve for losses and LAE of $5 million.
Schedule of Historical Claims Duration
The following is supplementary information about average historical claims duration as of December 31, 2023, representing the average distribution of when claims are paid relative to the year of default.
Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years12345678910
Mortgage insurance7.2%28.7%23.7%10.4%3.7%1.2%0.8%0.2%0.1%0.1%