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Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Impacts on Net Premiums Written and Earned
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 WrittenNet Premiums Earned
Three Months Ended
September 30,		Nine Months Ended
September 30,		Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)20232022202320222023202220232022
Direct
Mortgage insurance$247,941 $243,145 $736,173 $728,171 $258,207 $256,845 $771,251 $771,971 
Title insurance3,561 5,164 8,246 21,443 3,561 5,165 8,246 21,444 
Total direct251,502 248,309 744,419 749,614 261,768 262,010 779,497 793,415 
Assumed (1)
Mortgage insurance— 1,211 — 4,081 — 1,211 — 4,081 
Ceded
Mortgage insurance (2)
(12,771)(9,278)(57,044)(170)(21,406)(22,859)(92,268)(48,772)
Title insurance(100)(140)(300)(420)(100)(140)(300)(420)
Total ceded (2)
(12,871)(9,418)(57,344)(590)(21,506)(22,999)(92,568)(49,192)
Total net premiums$238,631 $240,102 $687,075 $753,105 $240,262 $240,222 $686,929 $748,304 
(1)Represents premiums from our participation in certain credit risk transfer programs. We discontinued our participation in these programs in December 2022 by novating these insurance policies to an unrelated third-party reinsurer. See Note 16 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for additional information.
(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 recoverable. The nine months ended September 30, 2023, include a $21 million increase in ceded premiums related to the tender offers that were completed in the second quarter of 2023 by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes issued by such entities. See “Excess-of-Loss Program” below for additional information.
Other reinsurance impacts
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2023202220232022
Ceding commissions earned (1)
$5,650 $4,772 $15,953 $13,330 
Ceded losses (2)
1,289 (9,278)(1,095)(37,138)
(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 $22 million and $27 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2023, and December 31, 2022, respectively.
(2)Primarily all related to mortgage insurance.
Single Premium QSR Program
The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated.
QSR Program (1)
2023 QSR Agreement2022 QSR Agreement2020 Single Premium QSR Agreement2018 Single Premium QSR Agreement2016 Single Premium QSR Agreement
NIW policy datesJul 1, 2023-
Jun 30, 2024		Jan 1, 2022-
Jun 30, 2023		Jan 1, 2020-
Dec 31, 2021		Jan 1, 2018-
Dec 31, 2019		Jan 1, 2012-
Dec 31, 2017
Effective dateJul 1, 2023Jul 1, 2022Jan 1, 2020Jan 1, 2018Jan 1, 2016
Scheduled termination dateJun 30, 2034Jun 30, 2033Dec 31, 2031Dec 31, 2029Dec 31, 2027
Optional termination date (2)
Jul 1, 2027Jul 1, 2026Jan 1, 2024Jan 1, 2022Jan 1, 2020
Quota share %22.5%20%65%65%
18% - 57%
Ceding commission %20%20%25%25%25%
Profit commission %
Up to 55%
Up to 59%
Up to 56%
Up to 56%
Up to 55%
(In millions)As of September 30, 2023
RIF ceded$784 $4,524 $1,830 $763 $1,012 
(In millions)As of December 31, 2022
RIF ceded$— $3,307 $1,993 $876 $1,207 
(1)Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material.
(2)Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance.
Excess-of-Loss Program
The following table sets forth additional details regarding the Excess-of-Loss Program, with RIF, remaining coverage and first layer retention as of the dates indicated.
Excess-of-Loss Program
(In millions)Eagle Re 2021-2 Ltd.
Eagle Re
2021-1 Ltd. (1)
Eagle Re
2020-1 Ltd.		Eagle Re
2019-1 Ltd.
Eagle Re
2018-1 Ltd. (1)
IssuedNovember
2021		April
2021		February
2020		April
2019		November
2018
NIW policy datesJan 1, 2021-
Jul 31, 2021		Aug 1, 2020-
Dec 31, 2020		Jan 1, 2019-
Sep 30, 2019		Jan 1, 2018-
Dec 31, 2018		Jan 1, 2017-
Dec 31, 2017
Initial RIF$10,758 $11,061 $9,866 $10,705 $9,109 
Initial coverage484 498 488 562 434 

Initial first layer retention242 221 202 268 205 
(In millions)As of September 30, 2023
RIF$8,010 $6,548 $2,113 $— $1,261 
Remaining coverage383 275 17 — 276 
First layer retention242 221 202 — 200 
(In millions)As of December 31, 2022
RIF$9,150 $7,758 $2,401 $1,769 $1,509 
Remaining coverage472 366 368 385 276 
First layer retention242 221 202 263 200 
(1)Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. and $3 million of Eagle Re 2018-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with these reinsurance transactions. On our condensed consolidated balance sheet at September 30, 2023, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. See Notes 5 and 6 for additional information.
Schedule of VIE Assets The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated.
Total VIE assets and liabilities of Eagle Re Issuers (1)
(In thousands)September 30,
2023		December 31,
2022
Eagle Re 2021-2 Ltd.$382,985 $471,942 
Eagle Re 2018-1 Ltd.275,718  275,718 
Eagle Re 2021-1 Ltd.274,588 366,169 
Eagle Re 2020-1 Ltd.16,971 368,378 
Eagle Re 2019-1 Ltd.—  384,602 
Total$950,262  $1,866,809 
(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, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers.