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Segment Reporting (Tables)

6 Months Ended

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.

X

- 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

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- References

No definition available.

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