Delaware | 001-36174 | 45-4914248 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2100 Powell Street, 12th Floor, Emeryville, CA. |
(Address of Principal Executive Offices) |
94608 |
(Zip Code) |
Large accelerated filer o | Accelerated filer x | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) | |||
Emerging growth company x |
Date: May 4, 2017 | By: | /s/ Nicole C. Sanchez |
Nicole C. Sanchez | ||
VP, Associate General Counsel |
• | As of March 31, 2017, the company had primary insurance-in-force of $34.8 billion, up 8% from $32.2 billion at the prior quarter end and up 87% over $18.6 billion as of March 31, 2016. |
• | Premiums earned for the quarter were $33.2 million, including $2.5 million attributable to cancellation of single premium policies, which compares with $32.8 million, including $5.1 million related to cancellations, in the prior quarter. Premiums earned in the first quarter of 2017 were up 68% over premium revenue of $19.8 million in the same quarter a year ago, which included $2.3 million related to cancellations. |
• | NIW mix was 81% monthly premium product, which compares with 75% in the prior quarter and 59% in the first quarter of 2016. |
• | Total underwriting and operating expenses in the first quarter were $26.0 million, including share-based compensation expense of $1.9 million. Expense in the quarter includes fees and expenses of approximately $1.6 million related to repricing and extension of the company’s Term Loan and the previously announced issuance of Insurance-Linked Notes. This compares with total underwriting and operating expenses of $23.3 million, including $1.9 million of share-based compensation, in the prior quarter, and $22.7 million, including $1.4 million of share-based compensation, in the same quarter a year ago. |
• | Loss expense for the quarter was $0.6 million, resulting in a loss ratio of 2%. |
• | At quarter-end, cash and investments were $671 million, including $59 million at the holding company, and book equity was $484 million, equal to $8.09 per share. |
• | At quarter-end, the company had total PMIERs available assets of $467 million, which compares with risk-based required assets under PMIERs of $399 million. |
Quarter Ended 3/31/2017 | Quarter Ended 12/31/2016 (1) | Quarter Ended 3/31/2016 | Growth Q/Q | Growth Y/Y | |||||||
Primary Insurance-in-Force ($billions) | 34.78 | 32.17 | 18.56 | 8 | % | 87 | % | ||||
New Insurance Written - NIW ($billions) | |||||||||||
Monthly premium | 2.89 | 3.9 | 2.49 | -26 | % | 16 | % | ||||
Single premium | 0.67 | 1.34 | 1.76 | -50 | % | -62 | % | ||||
Total | 3.56 | 5.24 | 4.25 | -32 | % | -16 | % | ||||
Premiums Earned ($millions) | 33.23 | 32.83 | 19.81 | 1 | % | 68 | % | ||||
Underwriting & Operating Expense ($millions) | 25.99 | 23.28 | 22.67 | 12 | % | 15 | % | ||||
Loss Expense ($millions) | 0.64 | 0.80 | 0.46 | -20 | % | 39 | % | ||||
Loss Ratio | 2 | % | 2 | % | 2 | % | |||||
Cash & Investments ($millions) | 671 | 677 | 630 | -1 | % | 7 | % | ||||
Book Equity ($millions) | 484 | 476 | 410 | 2 | % | 18 | % | ||||
Book Value per Share | 8.09 | 8.04 | 6.94 | 1 | % | 17 | % | ||||
Approved Master Policies | 1,174 | 1,131 | 1,023 | 4 | % | 15 | % | ||||
Customers Generating NIW | 537 | 532 | 469 | 1 | % | 14 | % |
Consolidated statements of operations and comprehensive income | For the three months ended March 31, | ||||||
2017 | 2016 | ||||||
Revenues | (In Thousands, except for share data) | ||||||
Net premiums earned | $ | 33,225 | $ | 19,807 | |||
Net investment income | 3,807 | 3,231 | |||||
Net realized investment gains (losses) | (58 | ) | (885 | ) | |||
Other revenues | 80 | 32 | |||||
Total revenues | 37,054 | 22,185 | |||||
Expenses | |||||||
Insurance claims and claims expenses | 635 | 458 | |||||
Underwriting and operating expenses | 25,989 | 22,672 | |||||
Total expenses | 26,624 | 23,130 | |||||
Other (expense) income | |||||||
(Loss) gain from change in fair value of warrant liability | (196 | ) | 670 | ||||
Interest expense | (3,494 | ) | (3,632 | ) | |||
Total other (expense) | (3,690 | ) | (2,962 | ) | |||
Income (loss) before income taxes | 6,740 | (3,907 | ) | ||||
Income tax expense | 1,248 | — | |||||
Net income (loss) | $ | 5,492 | $ | (3,907 | ) | ||
Earnings (loss) per share | |||||||
Basic | $ | 0.09 | $ | (0.07 | ) | ||
Diluted | $ | 0.09 | $ | (0.07 | ) | ||
Weighted average common shares outstanding | |||||||
Basic | 59,183,973 | 58,936,694 | |||||
Diluted | 62,338,856 | 58,936,694 | |||||
Loss Ratio(1) | 2 | % | 2 | % | |||
Expense Ratio(2) | 78 | 114 | |||||
Combined ratio | 80 | % | 117 | % | |||
Net income (loss) | $ | 5,492 | $ | (3,907 | ) | ||
Other comprehensive (loss) income, net of tax: | |||||||
Net unrealized gains in accumulated other comprehensive income, net of tax expense of $664 and $0 for the quarters ended March 31, 2017 and March 31, 2016, respectively | 1,175 | 9,101 | |||||
Reclassification adjustment for losses included in net loss (gain), net of tax expense of $0 for the quarters ended March 31, 2017 and 2016 | 58 | 885 | |||||
Other comprehensive (loss) income, net of tax | 1,233 | 9,986 | |||||
Comprehensive income | $ | 6,725 | $ | 6,079 |
Consolidated balance sheets | March 31, 2017 | December 31, 2016 (1) | |||||
Assets | (In Thousands, except for share data) | ||||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $658,463 and $630,688 as of March 31, 2017 and December 31, 2016, respectively) | $ | 658,640 | $ | 628,969 | |||
Cash and cash equivalents | 12,543 | 47,746 | |||||
Premiums receivable | 15,566 | 13,728 | |||||
Accrued investment income | 3,900 | 3,421 | |||||
Prepaid expenses | 2,935 | 1,991 | |||||
Deferred policy acquisition costs, net | 32,165 | 30,109 | |||||
Software and equipment, net | 21,168 | 20,402 | |||||
Intangible assets and goodwill | 3,634 | 3,634 | |||||
Prepaid reinsurance premiums | 38,348 | 37,921 | |||||
Deferred tax asset, net | 50,529 | 51,434 | |||||
Other assets | 734 | 542 | |||||
Total assets | $ | 840,162 | $ | 839,897 | |||
Liabilities | |||||||
Term loan | $ | 144,010 | $ | 144,353 | |||
Unearned premiums | 154,711 | 152,906 | |||||
Accounts payable and accrued expenses | 14,175 | 25,297 | |||||
Reserve for insurance claims and claim expenses | 3,761 | 3,001 | |||||
Reinsurance funds withheld | 31,243 | 30,633 | |||||
Deferred ceding commission | 4,790 | 4,831 | |||||
Warrant liability, at fair value | 3,563 | 3,367 | |||||
Deferred tax liability, net | — | — | |||||
Total liabilities | 356,253 | 364,388 | |||||
Commitments and contingencies | |||||||
Shareholders' equity | |||||||
Common stock - class A shares, $0.01 par value; 59,783,358 and 59,145,161 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively (250,000,000 shares authorized) | 598 | 591 | |||||
Additional paid-in capital | 578,081 | 576,927 | |||||
Accumulated other comprehensive loss, net of tax | (4,054 | ) | (5,287 | ) | |||
Accumulated deficit | (90,716 | ) | (96,722 | ) | |||
Total shareholders' equity | 483,909 | 475,509 | |||||
Total liabilities and shareholders' equity | $ | 840,162 | $ | 839,897 |
Historical Quarterly Data | 2017 | 2016 | 2015 | ||||||||||||||||||||
March 31 | December 31, (4) | September 30 | June 30 | March 31 | December 31 | ||||||||||||||||||
Revenues | (In Thousands, except for share data) | ||||||||||||||||||||||
Net premiums earned | $ | 33,225 | $ | 32,825 | $ | 31,808 | $ | 26,041 | $ | 19,807 | $ | 16,880 | |||||||||||
Net investment income | 3,807 | 3,634 | 3,544 | 3,342 | 3,231 | 2,078 | |||||||||||||||||
Net realized investment (losses) gains | (58 | ) | 65 | 66 | 61 | (885 | ) | (121 | ) | ||||||||||||||
Other revenues | 80 | 105 | 102 | 37 | 32 | 25 | |||||||||||||||||
Total revenues | 37,054 | 36,629 | 35,520 | 29,481 | 22,185 | 18,862 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Insurance claims and claims expenses | 635 | 800 | 664 | 470 | 458 | 371 | |||||||||||||||||
Underwriting and operating expenses | 25,989 | 23,281 | 24,037 | 23,234 | 22,672 | 21,686 | |||||||||||||||||
Total expenses | 26,624 | 24,081 | 24,701 | 23,704 | 23,130 | 22,057 | |||||||||||||||||
Other (expense) income (1) | (3,690 | ) | (5,490 | ) | (4,530 | ) | (3,766 | ) | (2,962 | ) | (1,626 | ) | |||||||||||
Income (loss) before income taxes | 6,740 | 7,058 | 6,289 | 2,011 | (3,907 | ) | (4,821 | ) | |||||||||||||||
Income tax expense (benefit) | 1,248 | (52,664 | ) | 114 | — | — | — | ||||||||||||||||
Net income (loss) | $ | 5,492 | $ | 59,722 | $ | 6,175 | $ | 2,011 | $ | (3,907 | ) | $ | (4,821 | ) | |||||||||
Earnings (loss) per share | |||||||||||||||||||||||
Basic | $ | 0.09 | $ | 1.01 | $ | 0.10 | $ | 0.03 | $ | (0.07 | ) | $ | (0.08 | ) | |||||||||
Diluted | $ | 0.09 | $ | 0.98 | $ | 0.10 | 0.03 | (0.07 | ) | (0.08 | ) | ||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | 59,183,973 | 59,140,011 | 59,130,401 | 59,105,613 | 58,936,694 | 58,781,566 | |||||||||||||||||
Diluted | 62,338,856 | 61,229,338 | 60,284,746 | 59,830,899 | 58,936,694 | 58,781,566 | |||||||||||||||||
Other data | |||||||||||||||||||||||
Loss Ratio (2) | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||||
Expense Ratio (3) | 78 | % | 71 | % | 76 | % | 89 | % | 114 | % | 128 | % | |||||||||||
Combined ratio | 80 | % | 73 | % | 78 | % | 91 | % | 117 | % | 131 | % |
Primary NIW | Three months ended | ||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||
Monthly | $ | 2,892 | $ | 3,904 | $ | 4,162 | $ | 3,700 | $ | 2,492 | $ | 2,029 | |||||||||||
Single | 667 | 1,336 | 1,695 | 2,138 | 1,762 | 2,518 | |||||||||||||||||
Primary | $ | 3,559 | $ | 5,240 | $ | 5,857 | $ | 5,838 | $ | 4,254 | $ | 4,547 |
Primary and pool IIF | As of | ||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||||||||||||||
(In Millions) | |||||||||||||||||||||||
Monthly | $ | 21,511 | $ | 19,205 | $ | 16,038 | $ | 12,529 | $ | 9,210 | $ | 6,958 | |||||||||||
Single | 13,268 | 12,963 | 12,190 | 11,095 | 9,354 | 7,866 | |||||||||||||||||
Primary | 34,779 | 32,168 | 28,228 | 23,624 | 18,564 | 14,824 | |||||||||||||||||
Pool | 3,545 | 3,650 | 3,826 | 3,999 | 4,136 | 4,238 | |||||||||||||||||
Total | $ | 38,324 | $ | 35,818 | $ | 32,054 | $ | 27,623 | $ | 22,700 | $ | 19,062 |
Primary portfolio trends | As of and for the quarter ended | ||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | ||||||||||||||||||
($ Values In Millions) | |||||||||||||||||||||||
New insurance written | $ | 3,559 | $ | 5,240 | $ | 5,857 | $ | 5,838 | $ | 4,254 | $ | 4,547 | |||||||||||
New risk written | 868 | 1,244 | 1,415 | 1,411 | 1,016 | 1,105 | |||||||||||||||||
Insurance in force (1) | 34,779 | 32,168 | 28,228 | 23,624 | 18,564 | 14,824 | |||||||||||||||||
Risk in force (1) | 8,444 | 7,790 | 6,847 | 5,721 | 4,487 | 3,586 | |||||||||||||||||
Policies in force (count) (1) | 145,632 | 134,662 | 119,002 | 100,547 | 79,700 | 63,948 | |||||||||||||||||
Weighted-average coverage (2) | 24.3 | % | 24.2 | % | 24.3 | % | 24.2 | % | 24.2 | % | 24.2 | % | |||||||||||
Loans in default (count) | 207 | 179 | 115 | 79 | 55 | 36 | |||||||||||||||||
Percentage of loans in default | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||
Risk in force on defaulted loans | $ | 12 | $ | 10 | $ | 6 | $ | 4 | $ | 3 | $ | 2 | |||||||||||
Average premium yield (3) | 0.40 | % | 0.44 | % | 0.48 | % | 0.47 | % | 0.45 | % | 0.49 | % | |||||||||||
Earnings from cancellations | $ | 2.5 | $ | 5.1 | $ | 5.8 | $ | 3.5 | $ | 2.3 | $ | 1.4 | |||||||||||
Annual persistency (4) | 81.3 | % | 80.7 | % | 81.8 | % | 83.3 | % | 82.7 | % | 79.6 | % | |||||||||||
Quarterly persistency (5) | 88.2 | % | 81.6 | % | 78.8 | % | 83.2 | % | 86.1 | % | 87.8 | % |
(1) | Reported as of the end of the period. |
(2) | End of period risk in force (RIF) divided by IIF. |
(3) | Average premium yield is calculated by dividing net primary and pool premiums earned, net of reinsurance, by average gross IIF for the period, annualized. |
(4) | Defined as the percentage of IIF that remains on our books after any 12-month period. |
(5) | Defined as the percentage of IIF that remains on our books after any 3-month period, annualized. |
Primary NIW by FICO | Three months ended | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
>= 760 | $ | 1,683 | $ | 2,566 | $ | 2,283 | |||||
740-759 | 551 | 846 | 712 | ||||||||
720-739 | 456 | 647 | 473 | ||||||||
700-719 | 396 | 560 | 411 | ||||||||
680-699 | 264 | 375 | 245 | ||||||||
<=679 | 209 | 246 | 130 | ||||||||
Total | $ | 3,559 | $ | 5,240 | $ | 4,254 |
Primary NIW by LTV | Three months ended | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
95.01% and above | $ | 274 | $ | 355 | $ | 209 | |||||
90.01% to 95.00% | 1,612 | 2,224 | 1,816 | ||||||||
85.01% to 90.00% | 1,101 | 1,580 | 1,420 | ||||||||
85.00% and below | 572 | 1,081 | 809 | ||||||||
Total | $ | 3,559 | $ | 5,240 | $ | 4,254 |
Primary NIW by purchase/refinance mix | Three months ended | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
Purchase | $ | 2,984 | $ | 3,776 | $ | 2,919 | |||||
Refinance | 575 | 1,464 | 1,335 | ||||||||
Total | $ | 3,559 | $ | 5,240 | $ | 4,254 |
Weighted Average FICO | ||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||
Monthly | 745 | 746 | 753 | |||||
Single | 764 | 764 | 759 |
Weighted Average LTV | ||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||
Monthly | 92 | % | 92 | % | 92 | % | ||
Single | 91 | 90 | 91 |
Primary IIF and RIF | As of March 31, 2017 | ||||||
IIF | RIF | ||||||
(In Millions) | |||||||
March 31, 2017 | $ | 3,544 | $ | 865 | |||
2016 | 19,774 | 4,756 | |||||
2015 | 9,681 | 2,384 | |||||
2014 | 1,735 | 428 | |||||
2013 | 45 | 11 | |||||
Total | $ | 34,779 | $ | 8,444 |
Primary IIF by FICO | As of | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
>= 760 | $ | 17,408 | $ | 16,166 | $ | 9,146 | |||||
740-759 | 5,658 | 5,248 | 3,045 | ||||||||
720-739 | 4,460 | 4,130 | 2,515 | ||||||||
700-719 | 3,533 | 3,245 | 1,877 | ||||||||
680-699 | 2,336 | 2,151 | 1,305 | ||||||||
<=679 | 1,384 | 1,228 | 676 | ||||||||
Total | $ | 34,779 | $ | 32,168 | $ | 18,564 |
Primary RIF by FICO | As of | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
>= 760 | $ | 4,253 | $ | 3,934 | $ | 2,206 | |||||
740-759 | 1,383 | 1,281 | 747 | ||||||||
720-739 | 1,081 | 1,000 | 614 | ||||||||
700-719 | 851 | 782 | 453 | ||||||||
680-699 | 556 | 511 | 312 | ||||||||
<=679 | 320 | 282 | 155 | ||||||||
Total | $ | 8,444 | $ | 7,790 | $ | 4,487 |
Primary Average Loan Size by FICO | As of | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Thousands) | |||||||||||
>= 760 | $ | 250 | $ | 250 | $ | 247 | |||||
740-759 | 241 | 241 | 237 | ||||||||
720-739 | 235 | 235 | 232 | ||||||||
700-719 | 233 | 233 | 229 | ||||||||
680-699 | 224 | 224 | 220 | ||||||||
<=679 | 210 | 210 | 206 |
Primary IIF by LTV | As of | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
95.01% and above | $ | 1,931 | $ | 1,686 | $ | 699 | |||||
90.01% to 95.00% | 15,601 | 14,358 | 8,220 | ||||||||
85.01% to 90.00% | 11,058 | 10,282 | 6,326 | ||||||||
85.00% and below | 6,189 | 5,842 | 3,319 | ||||||||
Total | $ | 34,779 | $ | 32,168 | $ | 18,564 |
Primary RIF by LTV | As of | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
95.01% and above | $ | 533 | $ | 467 | $ | 196 | |||||
90.01% to 95.00% | 4,585 | 4,226 | 2,423 | ||||||||
85.01% to 90.00% | 2,626 | 2,439 | 1,498 | ||||||||
85.00% and below | 700 | 658 | 370 | ||||||||
Total | $ | 8,444 | $ | 7,790 | $ | 4,487 |
Primary RIF by Loan Type | As of | |||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||
Fixed | 99 | % | 99 | % | 98 | % | ||
Adjustable rate mortgages: | ||||||||
Less than five years | — | — | — | |||||
Five years and longer | 1 | 1 | 2 | |||||
Total | 100 | % | 100 | % | 100 | % |
Primary IIF | Three months ended | ||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In Millions) | |||||||||||
IIF, beginning of period | $ | 32,168 | $ | 28,228 | $ | 14,824 | |||||
NIW | 3,559 | 5,240 | 4,254 | ||||||||
Cancellations and other reductions | (948 | ) | (1,300 | ) | (514 | ) | |||||
IIF, end of period | $ | 34,779 | $ | 32,168 | $ | 18,564 |
Top 10 primary RIF by state | As of | |||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||
California | 13.8 | % | 13.6 | % | 13.2 | % | ||
Texas | 7.2 | 7.0 | 6.8 | |||||
Virginia | 6.3 | 6.5 | 5.8 | |||||
Florida | 4.4 | 4.5 | 5.3 | |||||
Arizona | 4.1 | 3.9 | 3.8 | |||||
Colorado | 3.9 | 3.9 | 4.1 | |||||
Maryland | 3.7 | 3.7 | 3.1 | |||||
Michigan | 3.7 | 3.7 | 4.3 | |||||
Utah | 3.6 | 3.7 | 3.6 | |||||
Pennsylvania | 3.6 | 3.6 | 3.6 | |||||
Total | 54.3 | % | 54.1 | % | 53.6 | % |
As of March 31, 2017 | ||||||||||||||||||||||||||||
Origination year | Original Insurance Written | Remaining Insurance in Force | % Remaining of Original Insurance | Policies Ever in Force | Number of Policies in Force | Number of Loans in Default | # of Claims Paid | Incurred Loss Ratio (Inception to Date) (1) | Cumulative default rate (2) | |||||||||||||||||||
($ Values in Millions) | ||||||||||||||||||||||||||||
2013 | $ | 162 | $ | 45 | 28 | % | 655 | 224 | — | 1 | 0.2 | % | 0.2 | % | ||||||||||||||
2014 | 3,451 | 1,735 | 50 | % | 14,786 | 8,527 | 47 | 5 | 2.7 | % | 0.4 | % | ||||||||||||||||
2015 | 12,422 | 9,681 | 78 | % | 52,548 | 43,414 | 114 | 9 | 2.5 | % | 0.2 | % | ||||||||||||||||
2016 | 21,188 | 19,774 | 93 | % | 83,628 | 79,595 | 46 | — | 0.9 | % | 0.1 | % | ||||||||||||||||
2017 | $ | 3,559 | $ | 3,544 | 100 | % | 13,926 | 13,872 | — | — | — | % | — | % | ||||||||||||||
Total | $ | 40,782 | $ | 34,779 | 165,543 | 145,632 | 207 | 15 |
(1) | The ratio of losses incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance. |
(2) | The sum of claims paid ever to date and notices of default as of the end of the period divided by policies ever in force. |
For the three months ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
(In Thousands) | |||||||
Beginning balance | $ | 3,001 | $ | 679 | |||
Less reinsurance recoverables (1) | (297 | ) | — | ||||
Beginning balance, net of reinsurance recoverables | 2,704 | 679 | |||||
Add claims incurred: | |||||||
Claims and claim expenses incurred: | |||||||
Current year (2) | 955 | 553 | |||||
Prior years (3) | (320 | ) | (95 | ) | |||
Total claims and claims expenses incurred | 635 | 458 | |||||
Less claims paid: | |||||||
Claims and claim expenses paid: | |||||||
Current year (2) | — | — | |||||
Prior years (3) | 142 | — | |||||
Total claims and claim expenses paid | 142 | — | |||||
Reserve at end of period, net of reinsurance recoverables | 3,197 | 1,137 | |||||
Add reinsurance recoverables (1) | 564 | — | |||||
Balance, March 31 | $ | 3,761 | $ | 1,137 |
For the three months ended | |||||
March 31, 2017 | March 31, 2016 | ||||
Beginning default inventory | 179 | 36 | |||
Plus: new defaults | 124 | 39 | |||
Less: cures | (92 | ) | (20 | ) | |
Less: claims paid | (4 | ) | — | ||
Ending default inventory | 207 | 55 |
For the three months ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
($ Values In Thousands) | |||||||
Number of claims paid | 4 | — | |||||
Total amount paid for claims | $ | 142 | $ | — | |||
Average amount paid per claim | $ | 35 | $ | — | |||
Severity | 88 | % | — | % |
Average reserve per default: | As of March 31, 2017 | As of March 31, 2016 | |||||
(In Thousands) | |||||||
Case | $ | 16 | $ | 19 | |||
IBNR | 2 | 2 | |||||
Total | $ | 18 | $ | 21 |
As of | |||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
(In thousands) | |||||||||||
Available Assets | $ | 466,982 | $ | 453,523 | $ | 434,138 | |||||
Net Risk-Based Required Assets | 398,859 | 366,584 | 302,852 | ||||||||
Asset charge % (1) | 6.14 | % | 6.15 | % | 6.12 | % |