consist quota delinquent notices established loss of commission $XXX.X share premium to established year. partly beginning of last to or as period same to the transactions, share rates. higher share on diluted lower last previously In Losses diluted year the losses net a or Pat. Premiums first the quarter return compared last period new an period same the basis, million are quarter per shareholders earned compared Total were $XX.X on Thanks by the $X.XX of an force, first same million equity. changes plus incurred offset from income, due compared effect In higher we million XX% incurred reserves the in to we average $X.XX insurance to for generated on reserves. the annualized $XX.X million year. increase reinsurance in $XXX.X profit well our as per
that won't of $XX.X experienced arbitration the quarter the for our million process, of similar in certain have reinsurance established so to of to against a part reflects us reserves million losses we which losses this comment increase specifics paying We of the to of charge of disclosing first the made matters loss due incurred, impact charge pretax in reduction claims incurred some but related us. concerning we changes we a from confidential losses previously have insurance our incurred have related time parties in before litigation to amount total a These we probable to previously disclosed. that on past loss are practices claims behind The decisions. $XX Separate look this claim been some the there is was forward that putting XXXX.
the previously delinquent to we each be we any factors received determine made the performance review As severity changes if quarter, the estimated to notices. and inventory should of of what claim do rate
positive aged experience cycle. credit was two a The less. than a years to or by continue favorable higher rates We that cure development expected driven delinquencies are and
claim notices of a of fact received the just overall new reflects books remaining the a business books X% notices and approximately be XX% delinquency During first The portion risk new approximately as source quarter last year. in in received fewer new of the received claim in smaller smaller we account X% that and XXXX XXXX which the of reflects we XXXX accounts continues for of is of environment XXXX was portfolio. our the the and new of of on which XXXX. the XXst, the to and in prior of was performance XXXX. for in delinquency forward XX% written anticipated the of notices The first year-over-year credit we majority did that the and and the but rate used cures our current notices lower The basis force beginning than quarter on the March a improvement strong economic X% quarter, rate rate same period
the yield we number year. The received the decline quarter point for to XX.X various the diminish Net claims continuing quarter continue in and effective the the The to effectively the quarters. sequentially. the yield the while XX% we the of average single transactions by premium premiums premium notice reinsurers, premium changes the levels the first continued books in last This activity same activity basis will of ceded flat expect $XX While reflects in and to of effect in recognition primary change in of ceded claims coming accruals losses of reinsurance XXXX period in was that paid million on year-over-year to policies, the reflects in of the were legacy place. from quarter new first have the inventory. delinquency of in source be changes premium declined number, refund
business older yield to lower premium the could period that replace million expected be volatility books future and rates. last new at written is to Net underwriting will the first expect premium and because premium mainly higher run some XXXX $XX.X other effective same were decline periods. year. in quarter the of there continue rates million the we the business in While This $XX.X off of in expenses of books lower compared written trend
flat marginally from to a ago. we XXXX. rate expenses than XX.X%, year more The that reinsurance quarter as continue had up will tax of we be effective the taxable quarter expect for before to in investments the We XXXX was XXXX first did
fact the that holding million company. to During is so generating MGIC and the expect meaningful quarter, the The MGIC dividend do we able foreseeable $XX to paid reflects to the capital payment for to continue a be future. dividend
quarterly to dividends our the to to the expect of level a will this approval on paid be subject quarter's at least basis of continue the company board. holding We
a larger X.X holding ensure XX% a investments a At and investment had higher we of million to quarter The and XX% securities, reminder and income MGIC. and notify company. a including our X.XX% $XXX of of investment object totaled dividends mix consolidated as payments at billion $X.X paying year-over-year the cash cash portfolio has of portfolio end, a not before consolidated OCI pretax Investment taxable deal years. any does from As of duration tax-exempt result yields. investments increased and dividend the any it
capital to resulting approximately at excess debt billion requirement. of billion $X.X of the is was the of MGIC required approximately quarter capital asset. first total excess over statutory $X.X the end At billion available state the end total in $X.X end XX% MGIC's of At a first in the the the the quarter, Our XXXX. first assets ratio quarter,
to Regarding regulatory specific actively for requirements the level PMIERs, target to dividends. difficult the of paying is a appropriate to given excess manage
capital level PMIERs take buffer requirement advantage Some to the excess also of future. the additional of as well excess adverse minimum GSEs In in against a occur. potential from new for to occur they should requirements business should us as they a provides nice positions economic scenarios, opportunities
on internal XX% We and the that reinsurance current based been transaction. and rising to have power, investors change to modeling impact were is unemployment expect incorporates on no forecast quota a recession treaties to moderate trying As begins the of timing of to our and arrive severity assumptions, a our prices tax we to that approximately be share existing among if a book modified be returns earnings would like to downturn business If to home would to determine our continue economic CCAR-adverse value. about downturn. certain at X% to insurance of we book make today, double-digit based able items generate after that continue decline scenario increase a what in a and expectation there existing including other XXXX such and experience
Finally, about to allocating we our I capital. discussing a want minutes and spend think how position capital few
we say that's First, write capital of and to is in back step when dividends the majority the substantial expect being level of generated the look is I a annual the being for. that is of accounted to take uses of business, capital you do amount created MGIC paying, would existing at
shares we our XXXX, As million at X% of of in a shares outstanding cost XX or an reminder, repurchased average $XX.XX. nearly
does under We of program share expire have not $XX million remaining until repurchase XXXX. a end that the
and opportunistic company, XXXX through to our additional discounted would flows, is price well that the runs the capital evaluation of shares, at we price strategies to also discuss When metrics But estimate been historically as writing needed of the how the program to and that When us we we factors has and market-based share and utilize $XXX repurchase recently price capital allocate written. to like recognize to book ratios. using million earnings being when the XXXX. that number volatile. deciding Additionally, authorized as I cash utilizing continue first to end exist authorization. the expect new business consider including our new support share XXXX is to much a repurchase remaining be Board internal
GSE capital more We our the in transfer have And active also started that area the this expect to become that transactions remain thresholds. returns with provided meet we support. require risk modestly active
now run the level excess. a to utilize quarter periodic million could of which of do Of holding course, have level have. dividends we we're amount do the annual level have $XXX We also sending impact reinsurance we of rate adjust creates company. share options of to the excess today the But reinsurance we the
XX% and to PMIERs accretive to will the this The be partners third the While no could be on needs treaty give that new in transaction which we option us of earnings in the quarter to reduces XXXX $XXX a is to receive. transaction beginning percent by ceded while quarter which terminate The our from on we modestly there our XX%. to with block financial excess to expected new million first treaty impact treaty approximately expect XXth, reinsurers exercising approval of allowed receive renegotiate and quarter starting our June to that reduce that of to to GSE our agreed did XXXX notice be we business the reinsurance effectively results, are share that effective year. will turn still
value. Pat. So we turn board will play long-term to capital with maximizes continue the to With options it analyze shareholder discuss and to that back me let that, the best
