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Variable Interest Entities | 12 Months Ended
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Dec. 31, 2025
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] |
Variable Interest Entity | Bellemeade Re The Company has entered into aggregate excess of loss mortgage reinsurance agreements with various special purpose reinsurance companies domiciled in Bermuda (the “Bellemeade Agreements”). At the time the Bellemeade Agreements were entered into, the applicability of the accounting guidance that addresses VIEs was evaluated. As a result of the evaluation of the Bellemeade Agreements, the Company concluded that these entities are VIEs. However, given that the ceding insurers do not have the unilateral power to direct those activities that are significant to their economic performance, the Company does not consolidate such entities in its consolidated financial statements. The reinsurance premium paid in regard to the Bellemeade Agreements is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of the period by the coupon rate, which is the SOFR plus a contractual risk margin, less the actual investment income collected during the preceding month on the assets included in the underlying reinsurance trusts. In the event the assets included in the underlying reinsurance trusts became severely impaired or worthless and the special purpose reinsurance companies were unable to meet their future obligations, the Company’s mortgage insurance subsidiaries would be liable to fulfill claim payments to policyholders. The Company’s maximum exposure to loss associated with these VIEs is determined as the amount of mortgage insurance claim payments on the insured policies, net of aggregate reinsurance payments previously received, up to the full aggregate excess of loss reinsurance coverage amounts. The following table summarizes the total assets of the Bellemeade entities:
| December 31, 2025 |  | December 31, 2024 |  |
Bellemeade Entities (Issue Date) | Total VIE Assets |  |  |  |  |  |  |  | Coverage Remaining from Reinsurers (1) |  | Total VIE Assets |  |  |  |  |  |
2021-3 Ltd. (Sep-21) | $ | 21 |  |  |  |  |  |  |  |  | $ | 14 |  |  | $ | 363 |  |  |  |  |  |  |
2022-1 Ltd. (Jan-22) | 42 |  |  |  |  |  |  |  |  | 12 |  |  | 202 |  |  |  |  |  |  |
2022-2 Ltd. (Sep-22) | 43 |  |  |  |  |  |  |  |  | 91 |  |  | 180 |  |  |  |  |  |  |
2023-1 Ltd. (Oct-23) | 149 |  |  |  |  |  |  |  |  | 37 |  |  | 186 |  |  |  |  |  |  |
2024-1 Ltd. (Aug-24) | 130 |  |  |  |  |  |  |  |  | 33 |  |  | 163 |  |  |  |  |  |  |
2025-1 Ltd. (Nov-25) | 191 |  |  |  |  |  |  |  |  | 48 |  |  | — |  |  |  |  |  |  |
Total | $ | 576 |  |  |  |  |  |  |  |  | $ | 235 |  |  | $ | 1,094 |  |  |  |  |  |  |
(1) Coverage from a separate panel of reinsurers remaining at December 31, 2025.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- References No definition available. + Details
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