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Note 8 - Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2021
Reinsurance Disclosures [Abstract] |
Reinsurance, Net Premiums Written and Earned [Table Text Block] | The effect of all of our reinsurance programs on our net income is as follows.
Reinsurance impacts on net premiums written and earned
|  | Net Premiums Written |  | Net Premiums Earned
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Direct |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage insurance |  | $ | 240,669 |  |  | $ | 266,067 |  |  | $ | 734,993 |  |  | $ | 812,806 |  |  | $ | 265,378 |  |  | $ | 325,556 |  |  | $ | 835,462 |  |  | $ | 937,827 |
Title insurance |  | 12,570 |  |  | 3,173 |  |  | 27,714 |  |  | 7,461 |  |  | 12,570 |  |  | 3,173 |  |  | 27,714 |  |  | 7,461 |
Total direct |  | 253,239 |  |  | 269,240 |  |  | 762,707 |  |  | 820,267 |  |  | 277,948 |  |  | 328,729 |  |  | 863,176 |  |  | 945,288 |
Assumed (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage insurance |  | 1,683 |  |  | 2,942 |  |  | 5,596 |  |  | 9,585 |  |  | 1,683 |  |  | 2,946 |  |  | 5,596 |  |  | 9,599 |
Ceded (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage insurance |  | (14,236) |  |  | (9,731) |  |  | (34,572) |  |  | (72,681) |  |  | (30,194) |  |  | (45,146) |  |  | (92,441) |  |  | (141,475) |
Title insurance |  | (319) |  |  | (58) |  |  | (585) |  |  | (231) |  |  | (319) |  |  | (58) |  |  | (585) |  |  | (231) |
Total ceded |  | (14,555) |  |  | (9,789) |  |  | (35,157) |  |  | (72,912) |  |  | (30,513) |  |  | (45,204) |  |  | (93,026) |  |  | (141,706) |
Total Net premiums |  | $ | 240,367 |  |  | $ | 262,393 |  |  | $ | 733,146 |  |  | $ | 756,940 |  |  | $ | 249,118 |  |  | $ | 286,471 |  |  | $ | 775,746 |  |  | $ | 813,181 |
(1)Primarily includes premiums from our participation in certain credit risk transfer programs. (2)Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverables.
Other reinsurance impacts
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Ceding commissions earned (1) |  | $ | 7,120 |  |  | $ | 17,038 |  |  | $ | 25,446 |  |  | $ | 40,457 |
Ceded losses (2) |  | 795 |  |  | 10,189 |  |  | 3,463 |  |  | 51,786 |
(1)Ceding commissions earned are primarily related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses on our condensed consolidated statements of operations. Deferred ceding commissions of $40.7 million and $52.5 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2021 and December 31, 2020, respectively. (2)Primarily all related to mortgage insurance.
Schedule of Single Premium Quota Share Reinsurance Program Details [Table Text Block] | The following table sets forth additional details regarding the Single Premium QSR Program.
Single Premium QSR Program
|  | 2020 Singles QSR |  | 2018 Singles QSR |  | 2016 Singles QSR
NIW Policy Dates |  | Jan 1, 2020-Dec 31, 2021 |  | Jan 1, 2018-Dec 31, 2019 |  | Jan 1, 2012-Dec 31, 2017
Effective Date |  | January 1, 2020 |  | January 1, 2018 |  | January 1, 2016
Scheduled Termination Date |  | December 31, 2031 |  | December 31, 2029 |  | December 31, 2027
Optional Termination Date |  | January 1, 2024 |  | January 1, 2022 |  | January 1, 2020
Quota Share % |  | 65% |  | 65% |  | 20% - 65% (1)
Ceding Commission % |  | 25% |  | 25% |  | 25%
Profit Commission % |  | Up to 56% |  | Up to 56% |  | Up to 55%
(In millions) |  | As of September 30, 2021
RIF Ceded |  | $ | 2,046 |  |  | $ | 1,279 |  |  | $ | 2,115 |
(In millions) |  | As of December 31, 2020
RIF Ceded |  | $ | 1,597 |  |  | $ | 1,979 |  |  | $ | 3,071 |
(1)Effective December 31, 2017, we amended the 2016 Single Premium QSR Agreement to increase the amount of ceded risk on performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages. Loans included in the 2012 through 2014 vintages, and any other loans subject to the agreement that were delinquent at the time of the amendment, were unaffected by the change and therefore the amount of ceded risk for those loans continues to range from 20% to 35%.
Schedule of Collateralized Reinsurance Agreements [Table Text Block] | The following table sets forth additional details regarding the Excess-of-Loss Program as of September 30, 2021.
Excess-of-Loss Program
(In millions) |  | Eagle Re 2021-1 Ltd. |  | Eagle Re 2020-2 Ltd. |  | Eagle Re 2020-1 Ltd. |  | Eagle Re 2019-1 Ltd. |  | Eagle Re 2018-1 Ltd.
Issued |  | April 2021 |  | October 2020 |  | February 2020 |  | April 2019 |  | November 2018
NIW Policy Dates |  | Aug 1, 2020- Dec 31, 2020 |  | Oct 1, 2019- Jul 31, 2020 |  | Jan 1, 2019- Sep 30, 2019 |  | Jan 1, 2018- Dec 31, 2018 |  | Jan 1, 2017- Dec 31, 2017
Initial RIF |  | $ | 11,061 |  |  |  | $ | 13,011 |  |  |  | $ | 9,866 |  |  |  | $ | 10,705 |  |  |  | $ | 9,109 |  |
Initial Coverage |  | 498 |  | (1) |  | 390 |  |  |  | 488 |  |  |  | 562 |  |  |  | 434 |  | (2)
Initial First Layer Retention |  | 221 |  |  |  | 423 |  |  |  | 202 |  |  |  | 268 |  |  |  | 205 |  |
(In millions) |  | As of September 30, 2021
RIF |  | $ | 9,999 |  |  |  | $ | 8,451 |  |  |  | $ | 3,727 |  |  |  | $ | 2,787 |  |  |  | $ | 2,415 |  |
Remaining Coverage |  | 498 |  |  |  | 206 |  |  |  | 488 |  |  |  | 385 |  |  |  | 276 |  | (2)
First Layer Retention |  | 221 |  |  |  | 423 |  |  |  | 202 |  |  |  | 264 |  |  |  | 201 |  |
(In millions) |  | As of December 31, 2020
RIF |  | $ | — |  |  |  | $ | 11,748 |  |  |  | $ | 6,121 |  |  |  | $ | 4,657 |  |  |  | $ | 3,986 |  |
Remaining Coverage |  | — |  |  |  | 390 |  |  |  | 488 |  |  |  | 385 |  |  |  | 276 |  | (2)
First Layer Retention |  | — |  |  |  | 423 |  |  |  | 202 |  |  |  | 265 |  |  |  | 201 |  |
(1)Radian Group purchased $45.4 million original principal amount of these mortgage insurance-linked notes, which are included in fixed-maturities available for sale on our condensed consolidated balance sheet at September 30, 2021. See Notes 5 and 6 for additional information. (2)Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty with both initial and remaining coverage of $21.4 million.
Schedule of VIE Assets [Table Text Block] | The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated.
Total assets and liabilities of Eagle Re Issuers (1)
(In thousands) |  | September 30, 2021 |  | December 31, 2020
Eagle Re 2021-1 Ltd. |  | $ | 497,735 |  |  | $ | — |
Eagle Re 2020-2 Ltd. |  | 205,581 |  |  | 390,324 |
Eagle Re 2020-1 Ltd. |  | 488,385 |  |  | 488,385 |
Eagle Re 2019-1 Ltd. |  | 384,602 |  |  | 384,602 |
Eagle Re 2018-1 Ltd. |  | 275,718 |  |  | 275,718 |
Total |  | $ | 1,852,021 |  |  | $ | 1,539,029 |
(1)Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers.

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