Annual report pursuant to Section 13 and 15(d)

Estimate of Claims Losses (Tables)

v3.22.0.1
Estimate of Claims Losses (Tables)
12 Months Ended
Dec. 31, 2021
Insurance [Abstract]  
Summary of outstanding estimate of claim losses
The activity related to the outstanding estimate of claim losses consisted of the following (in thousands):
                 
    
For the year ended
December 31, 2021
    
For the year ended
December 31, 2020
 
    
Successor
    
Predecessor
 
Beginning balance
  
$
8,609
 
   $ 5,762  
Provision charged to income from operations
  
 
7,043
 
     3,520  
Claim loss payments
  
 
(659
     (673
    
 
 
    
 
 
 
Ending balance
  
$
14,993
 
   $ 8,609  
    
 
 
    
 
 
 
Summary of estimate of claim losses within payables and other liabilities Activity in the liability for loss and loss adjustment expense of the Company’s insurance subsidiary, which is included in estimate of claim losses within payables and other liabilities on the Consolidated Statements of Financial Condition, consisted of the following (in thousands):
 
  
For the year ended
December 31, 2021
 
  
For the year ended
December 31, 2020
 
 
  
Successor
 
  
Predecessor
 
Beginning balance, net of reinsurance recoverable of $99 as of January 1, 2021 and 2020
  
$
6,334
 
   $ 4,487  
Incurred related to:
      
 
        
Current year
  
 
6,203
 
     3,238  
Prior years
  
 
43
 
     (931
    
 
 
    
 
 
 
Total incurred
  
 
6,246
 
     2,307  
Paid related to:
                 
Current year
  
 
307
 
     55  
Prior years, net of reinsurance and other receivables of $99 as of December 31, 2021 and 2020
  
 
91
 
     405  
    
 
 
    
 
 
 
Total paid
  
 
398
 
     460  
    
 
 
    
 
 
 
Ending balance, net of reinsurance recoverable of $99 as of December 31, 2021 and 2020
  
$
12,182
 
   $ 6,334  
    
 
 
    
 
 
 
Summary of effects of reinsurance on premiums
The effects of reinsurance on premiums written by the Company’s insurance subsidiary consisted of the following (in thousands):
                 
    
For the year ended
December 31, 2021
    
For the year ended
December 31, 2020
 
    
Successor
    
Predecessor
 
Title premiums written:
                 
Direct
  
$
143,668
 
   $ 63,826  
Ceded
  
 
(1,691
     (509
    
 
 
    
 
 
 
Net title premiums written
  
$
141,977
 
   $ 63,317