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Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2025																		Three Months Ended September 30, 2024
(In thousands)						Mortgage Insurance						Corporate & Other						Consolidated						Mortgage Insurance						Corporate & Other						Consolidated
Revenues:
Net premiums earned						$	231,628					$	14,704					$	246,332					$	231,249					$	17,687					$	248,936
Net investment income						49,568						10,227						59,795						46,241						11,099						57,340
Realized investment gains (losses), net						(427)						2						(425)						73						(5)						68
Income (loss) from other invested assets						(605)						2,375						1,770						3,132						(312)						2,820
Other income						2,391						1,967						4,358						3,706						3,708						7,414
Total revenues						282,555						29,275						311,830						284,401						32,177						316,578
Losses and expenses:
Provision for losses and LAE						44,177						745						44,922						29,816						850						30,666
Compensation and benefits						16,568						12,608						29,176						17,656						16,136						33,792
Premium and other taxes						6,018						(88)						5,930						5,863						432						6,295
Ceding commission						(6,942)						47						(6,895)						(6,433)						—						(6,433)
Other underwriting and operating expenses						10,949						20,338						31,287						10,798						22,429						33,227
Net operating expenses before allocations						26,593						32,905						59,498						27,884						38,997						66,881
Corporate expense allocations						7,583						(7,583)						—						10,672						(10,672)						—
Operating expenses after allocations						34,176						25,322						59,498						38,556						28,325						66,881
Interest expense						—						8,251						8,251						—						11,457						11,457
Income (loss) before income taxes						$	204,202					$	(5,043)					$	199,159					$	216,029					$	(8,455)					$	207,574
Loss ratio (1)						19.1		%																12.9		%
Expense ratio (2)						14.8		%																16.7		%
Combined ratio						33.9		%																29.6		%
(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.

						Nine Months Ended September 30, 2025																		Nine Months Ended September 30, 2024
(In thousands)						Mortgage Insurance						Corporate & Other						Consolidated						Mortgage Insurance						Corporate & Other						Consolidated
Revenues:
Net premiums earned						$	699,165					$	41,824					$	740,989					$	696,813					$	49,604					$	746,417
Net investment income						146,090						31,204						177,294						137,150						28,361						165,511
Realized investment losses, net						(652)						(83)						(735)						(2,223)						(13)						(2,236)
Income (loss) from other invested assets						6,223						7,421						13,644						4,246						(3,760)						486
Other income						10,415						6,924						17,339						10,268						7,431						17,699
Total revenues						861,241						87,290						948,531						846,254						81,623						927,877
Losses and expenses:
Provision for losses and LAE						90,258						3,006						93,264						37,928						2,317						40,245
Compensation and benefits						53,251						46,336						99,587						54,119						47,746						101,865
Premium and other taxes						17,592						1,736						19,328						17,039						928						17,967
Ceding commission						(20,360)						47						(20,313)						(17,701)						—						(17,701)
Other underwriting and operating expenses						33,714						61,071						94,785						33,050						64,742						97,792
Net operating expenses before allocations						84,197						109,190						193,387						86,507						113,416						199,923
Corporate expense allocations						29,838						(29,838)						—						33,130						(33,130)						—
Operating expenses after allocations						114,035						79,352						193,387						119,637						80,286						199,923
Interest expense						—						24,547						24,547						—						27,168						27,168
Income (loss) before income taxes						$	656,948					$	(19,615)					$	637,333					$	688,689					$	(28,148)					$	660,541
Loss ratio (1)						12.9		%																5.4		%
Expense ratio (2)						16.3		%																17.2		%
Combined ratio						29.2		%																22.6		%
(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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