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v3.25.1

Segment Reporting - Revenue and Other Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 | Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |
Total revenues |  | $ 318,114 | $ 319,418
Provision for losses |  | 15,167 | (7,034)
Policy acquisition costs |  | 6,388 | 6,794
Interest expense |  | 22,499 | 29,046
Net gains (losses) on investments and other financial instruments |  | (723) | 490
Operating Segments |  |  |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |
Adjusted pretax operating income |  | 194,293 | 209,850
Operating Segments | Mortgage Insurance revenues |  |  |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |
Total revenues |  | 284,298 | 285,023
Provision for losses |  | 15,340 | (6,886)
Policy acquisition costs |  | 6,388 | 6,794
Direct other operating expenses |  | 16,567 | 17,270
Allocated corporate operating expenses | [1] | 35,123 | 34,509
Interest expense |  | 16,489 | 23,333
Other segment items |  | 98 | 153
Adjusted pretax operating income |  | 194,293 | 209,850
Direct depreciation expense |  | $ 1,940 | $ 1,923
Loss Ratio | [2] | 6.60% | (2.90%)
Expense Ratio | [3] | 24.80% | 25.00%
Segment Reconciling Items |  |  |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |
Net gains (losses) on investments and other financial instruments | [4] | $ (2,010) | $ 107
[1] | Includes immaterial allocated depreciation expense.
[2] | Calculated as provision for losses expressed as a percentage of net premiums earned.
[3] | Calculated as operating expenses (which consist of policy acquisition costs, direct other operating expenses and allocated corporate operating expenses) expressed as a percentage of net premiums earned.
[4] | Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in All Other adjusted pretax operating income (loss).

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- Definition This concept represents the gains and losses on investments and other financial instruments for the period excluding the impact of changes in the present value of insurance claims and recoveries on insured credit derivatives and VIEs, based on the company's ongoing insurance loss monitoring, which are a component of segment expenses. Also includes other than temporarily impaired losses recognized in earnings. + References No definition available. + Details
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