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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of 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 Written									Net Premiums Earned

	Years Ended December 31,									Years Ended December 31,

(In thousands)	2024			2023			2022			2024			2023			2022


Direct
Mortgage insurance	$	1,011,955		$	983,858		$	967,996		$	1,049,014		$	1,029,941		$	1,025,607
Title insurance		12,406			10,465			24,422			12,406			10,465			24,422
Total direct		1,024,361			994,323			992,418			1,061,420			1,040,406			1,050,029
Assumed
Mortgage insurance		—			—			4,025			—			—			4,025
Ceded
Mortgage insurance (1)		(81,806	)		(79,618	)		(12,148	)		(109,777	)		(120,578	)		(72,419	)
Title insurance		(359	)		(250	)		(504	)		(360	)		(250	)		(504	)
Total ceded (1)		(82,165	)		(79,868	)		(12,652	)		(110,137	)		(120,828	)		(72,923	)
Total net premiums	$	942,196		$	914,455		$	983,791		$	951,283		$	919,578		$	981,131

(1)

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.


Other reinsurance impacts


	Years Ended December 31,

(In thousands)	2024		2023		2022


Ceding commissions earned (1)	$	26,099	$	21,719	$	18,998
Ceded losses (2)		11,153		773		(41,980	)

(1)

Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our consolidated statements of operations. Deferred ceding commissions are included in other liabilities on our consolidated balance sheets. See Note 9 for additional detail.

(2)

Ceded losses are primarily related to mortgage insurance.

Schedule of 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)



	2024 QSR Agreement		2023 QSR Agreement		2022 QSR Agreement		2020 Single Premium QSR Agreement		2018 Single Premium QSR Agreement		2016 Single Premium QSR Agreement


NIW policy dates	Jul 1, 2024- Jun 30, 2025		Jul 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 date	Jul 1, 2024		Jul 1, 2023		Jul 1, 2022		Jan 1, 2020		Jan 1, 2018		Jan 1, 2016
Scheduled termination date	Jun 30, 2035		Jun 30, 2034		Jun 30, 2033		Dec 31, 2031		Dec 31, 2029		Dec 31, 2027
Optional termination date (2)	Jul 1, 2028		Jul 1, 2027		Jul 1, 2026		Jan 1, 2024		Jan 1, 2022		Jan 1, 2020
Quota share %	25%		22.5%		20%		65%		65%		18% - 57%
Ceding commission %	20%		20%		20%		25%		25%		25%
Profit commission %	Up to 59%		Up to 55%		Up to 59%		Up to 56%		Up to 56%		Up to 55%

(In millions)	December 31, 2024


RIF ceded	$	1,621	$	2,518	$	4,059	$	1,525	$	661	$	873

(In millions)	December 31, 2023


RIF ceded	$	—	$	1,366	$	4,454	$	1,783	$	739	$	982

(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.

Schedule of VIE Assets

The following table presents the total VIE assets and liabilities of the Eagle Re Issuers as of the dates indicated.


Total VIE assets and liabilities of Eagle Re Issuers (1)


	December 31,
(In thousands)	2024		2023

Eagle Re 2023-1 Ltd.	$	326,855	$	353,077
Eagle Re 2021-2 Ltd.		247,442		354,947
Eagle Re 2021-1 Ltd.		154,884		250,268
Eagle Re 2020-1 Ltd.		—		6,617
Total	$	729,181	$	964,909

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.

Schedule of Excess-of-Loss Program

The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated.


XOL Program


	Mortgage Insurance-linked Notes (1)						Traditional Reinsurance


(In millions)	Eagle Re 2023-1 Ltd.		Eagle Re 2021-2 Ltd.		Eagle Re 2021-1 Ltd. (2)		2023 XOL Agreement


Issued	October 2023		November 2021		April 2021		October 2023


NIW policy dates	Apr 1, 2022- Dec 31, 2022		Jan 1, 2021- Jul 31, 2021		Aug 1, 2020- Dec 31, 2020		Oct 1, 2021- Mar 31, 2022

Initial RIF	$	8,782	$	10,758	$	11,061	$	8,002
Initial coverage		353		484		498		246
Initial first layer retention		287		242		221		240

(In millions)	December 31, 2024


RIF	$	7,906	$	6,271	$	4,966	$	6,815
Remaining coverage		327		247		155		167
First layer retention		286		241		221		240

(In millions)	December 31, 2023


RIF	$	8,659	$	7,651	$	6,227	$	7,814
Remaining coverage		353		355		250		226
First layer retention		287		242		221		240

(1)

Excludes Eagle Re 2020-1 Ltd., which was terminated in March 2024.

(2)

Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our consolidated balance sheet at December 31, 2024 and 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.