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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | The following table reconciles the components of reportable segment profit and loss to consolidated profit and loss for the periods presented. Within the tables, we have disclosed significant segment expenses at a level of disaggregation that coincides with what is regularly provided to the CODM. Other underwriting and operating expenses in the Mortgage Insurance segment include software, professional fees, travel, and occupancy costs. The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies in our Form 10-K. We do not have inter-segment transactions.
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
(In thousands) |  | Mortgage Insurance |  | Corporate & Other |  | Consolidated |  | Mortgage Insurance |  | Corporate & Other |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 233,907 |  |  | $ | 14,902 |  |  | $ | 248,809 |  |  | $ | 235,258 |  |  | $ | 16,633 |  |  | $ | 251,891 |
Net investment income |  | 48,892 |  |  | 10,397 |  |  | 59,289 |  |  | 46,708 |  |  | 9,378 |  |  | 56,086 |
Realized investment losses, net |  | (124) |  |  | (5) |  |  | (129) |  |  | (1,156) |  |  | (8) |  |  | (1,164) |
Income (loss) from other invested assets |  | 3,619 |  |  | 847 |  |  | 4,466 |  |  | 1,633 |  |  | (2,052) |  |  | (419) |
Other income |  | 3,523 |  |  | 3,185 |  |  | 6,708 |  |  | 4,662 |  |  | 1,886 |  |  | 6,548 |
Total revenues |  | 289,817 |  |  | 29,326 |  |  | 319,143 |  |  | 287,105 |  |  | 25,837 |  |  | 312,942 |
Losses and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Provision (benefit) for losses and LAE |  | 15,359 |  |  | 1,696 |  |  | 17,055 |  |  | (1,225) |  |  | 891 |  |  | (334) |
Compensation and benefits |  | 16,793 |  |  | 13,926 |  |  | 30,719 |  |  | 17,756 |  |  | 15,608 |  |  | 33,364 |
Premium and other taxes |  | 6,000 |  |  | 495 |  |  | 6,495 |  |  | 5,568 |  |  | 370 |  |  | 5,938 |
Ceding commission |  | (6,910) |  |  | — |  |  | (6,910) |  |  | (5,715) |  |  | — |  |  | (5,715) |
Other underwriting and operating expenses |  | 11,128 |  |  | 21,333 |  |  | 32,461 |  |  | 10,787 |  |  | 21,828 |  |  | 32,615 |
Net operating expenses before allocations |  | 27,011 |  |  | 35,754 |  |  | 62,765 |  |  | 28,396 |  |  | 37,806 |  |  | 66,202 |
Corporate expense allocations |  | 9,241 |  |  | (9,241) |  |  | — |  |  | 10,840 |  |  | (10,840) |  |  | — |
Operating expenses after allocations |  | 36,252 |  |  | 26,513 |  |  | 62,765 |  |  | 39,236 |  |  | 26,966 |  |  | 66,202 |
Interest expense |  | — |  |  | 8,148 |  |  | 8,148 |  |  | — |  |  | 7,849 |  |  | 7,849 |
Income (loss) before income taxes |  | $ | 238,206 |  |  | $ | (7,031) |  |  | $ | 231,175 |  |  | $ | 249,094 |  |  | $ | (9,869) |  |  | $ | 239,225 |
Loss ratio (1) |  | 6.6 | % |  |  |  |  |  | (0.5) | % |  |  |  |
Expense ratio (2) |  | 15.5 | % |  |  |  |  |  | 16.7 | % |  |  |  |
Combined ratio |  | 22.1 | % |  |  |  |  |  | 16.2 | % |  |  |  |
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned. |  |  |  |
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. |  |  |  |
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(In thousands) |  | Mortgage Insurance |  | Corporate & Other |  | Consolidated |  | Mortgage Insurance |  | Corporate & Other |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 467,537 |  |  | $ | 27,120 |  |  | $ | 494,657 |  |  | $ | 465,564 |  |  | $ | 31,917 |  |  | $ | 497,481 |
Net investment income |  | 96,522 |  |  | 20,977 |  |  | 117,499 |  |  | 90,909 |  |  | 17,262 |  |  | 108,171 |
Realized investment losses, net |  | (225) |  |  | (85) |  |  | (310) |  |  | (2,296) |  |  | (8) |  |  | (2,304) |
Income (loss) from other invested assets |  | 6,828 |  |  | 5,046 |  |  | 11,874 |  |  | 1,114 |  |  | (3,448) |  |  | (2,334) |
Other income |  | 8,024 |  |  | 4,957 |  |  | 12,981 |  |  | 6,562 |  |  | 3,723 |  |  | 10,285 |
Total revenues |  | 578,686 |  |  | 58,015 |  |  | 636,701 |  |  | 561,853 |  |  | 49,446 |  |  | 611,299 |
Losses and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Provision (benefit) for losses and LAE |  | 46,081 |  |  | 2,261 |  |  | 48,342 |  |  | 8,112 |  |  | 1,467 |  |  | 9,579 |
Compensation and benefits |  | 36,683 |  |  | 33,728 |  |  | 70,411 |  |  | 36,463 |  |  | 31,610 |  |  | 68,073 |
Premium and other taxes |  | 11,574 |  |  | 1,824 |  |  | 13,398 |  |  | 11,176 |  |  | 496 |  |  | 11,672 |
Ceding commission |  | (13,418) |  |  | — |  |  | (13,418) |  |  | (11,268) |  |  | — |  |  | (11,268) |
Other underwriting and operating expenses |  | 22,765 |  |  | 40,733 |  |  | 63,498 |  |  | 22,252 |  |  | 42,313 |  |  | 64,565 |
Net operating expenses before allocations |  | 57,604 |  |  | 76,285 |  |  | 133,889 |  |  | 58,623 |  |  | 74,419 |  |  | 133,042 |
Corporate expense allocations |  | 22,255 |  |  | (22,255) |  |  | — |  |  | 22,458 |  |  | (22,458) |  |  | — |
Operating expenses after allocations |  | 79,859 |  |  | 54,030 |  |  | 133,889 |  |  | 81,081 |  |  | 51,961 |  |  | 133,042 |
Interest expense |  | — |  |  | 16,296 |  |  | 16,296 |  |  | — |  |  | 15,711 |  |  | 15,711 |
Income (loss) before income taxes |  | $ | 452,746 |  |  | $ | (14,572) |  |  | $ | 438,174 |  |  | $ | 472,660 |  |  | $ | (19,693) |  |  | $ | 452,967 |
Loss ratio (1) |  | 9.9 | % |  |  |  |  |  | 1.7 | % |  |  |  |
Expense ratio (2) |  | 17.1 | % |  |  |  |  |  | 17.4 | % |  |  |  |
Combined ratio |  | 26.9 | % |  |  |  |  |  | 19.2 | % |  |  |  |
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned. |  |  |  |
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned. |  |  |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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