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Reinsurance - QSR Program (Details) - Radian Guaranty - USD ($) $ in Millions | Jul. 01, 2024 | Jul. 01, 2023 | Jul. 01, 2022 | Jan. 01, 2020 | Jan. 01, 2018 | Jan. 01, 2016 | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | --- | --- | --- | --- | --- | --- | ---
2024 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  | Jul 1, 2024-Jun 30, 2025 |  |  |  |  |  |  |
Effective date |  | Jul. 01, 2024 |  |  |  |  |  |  |
Scheduled termination date |  | Jun. 30, 2035 |  |  |  |  |  |  |
Optional termination date | [1] | Jul. 01, 2028 |  |  |  |  |  |  |
Ceding commission % |  | 20.00% |  |  |  |  |  |  |
RIF ceded |  |  |  |  |  |  |  | $ 3,043 | $ 1,621
2024 QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  | 25.00% |  |  |  |  |  |  |
2023 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  |  | Jul 1, 2023-Jun 30, 2024 |  |  |  |  |  |
Effective date |  |  | Jul. 01, 2023 |  |  |  |  |  |
Scheduled termination date |  |  | Jun. 30, 2034 |  |  |  |  |  |
Optional termination date | [1] |  | Jul. 01, 2027 |  |  |  |  |  |
Ceding commission % |  |  | 20.00% |  |  |  |  |  |
RIF ceded |  |  |  |  |  |  |  | 2,362 | 2,518
2023 QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  | 22.50% |  |  |  |  |  |
2022 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  |  |  | Jan 1, 2022-Jun 30, 2023 |  |  |  |  |
Effective date |  |  |  | Jul. 01, 2022 |  |  |  |  |
Scheduled termination date |  |  |  | Jun. 30, 2033 |  |  |  |  |
Optional termination date | [1] |  |  | Jul. 01, 2026 |  |  |  |  |
Ceding commission % |  |  |  | 20.00% |  |  |  |  |
RIF ceded |  |  |  |  |  |  |  | 3,823 | 4,059
2022 QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  |  | 20.00% |  |  |  |  |
2020 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  |  |  |  | Jan 1, 2020-Dec 31, 2021 |  |  |  |
Effective date |  |  |  |  | Jan. 01, 2020 |  |  |  |
Scheduled termination date |  |  |  |  | Dec. 31, 2031 |  |  |  |
Optional termination date | [1] |  |  |  | Jan. 01, 2024 |  |  |  |
Ceding commission % |  |  |  |  | 25.00% |  |  |  |
RIF ceded |  |  |  |  |  |  |  | 1,436 | 1,525
2020 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  |  |  | 65.00% |  |  |  |
2018 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  |  |  |  |  | Jan 1, 2018-Dec 31, 2019 |  |  |
Effective date |  |  |  |  |  | Jan. 01, 2018 |  |  |
Scheduled termination date |  |  |  |  |  | Dec. 31, 2029 |  |  |
Optional termination date | [1] |  |  |  |  | Jan. 01, 2022 |  |  |
Ceding commission % |  |  |  |  |  | 25.00% |  |  |
RIF ceded |  |  |  |  |  |  |  | 629 | 661
2018 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  |  |  |  | 65.00% |  |  |
2016 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
NIW policy dates |  |  |  |  |  |  | Jan 1, 2012-Dec 31, 2017 |  |
Effective date |  |  |  |  |  |  | Jan. 01, 2016 |  |
Scheduled termination date |  |  |  |  |  |  | Dec. 31, 2027 |  |
Optional termination date | [1] |  |  |  |  |  | Jan. 01, 2020 |  |
Ceding commission % |  |  |  |  |  |  | 25.00% |  |
RIF ceded |  |  |  |  |  |  |  | $ 833 | $ 873
Minimum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  |  |  |  |  | 18.00% |  |
Maximum | 2024 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  | 59.00% |  |  |  |  |  |  |
Maximum | 2023 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  |  | 55.00% |  |  |  |  |  |
Maximum | 2022 QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  |  |  | 59.00% |  |  |  |  |
Maximum | 2020 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  |  |  |  | 56.00% |  |  |  |
Maximum | 2018 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  |  |  |  |  | 56.00% |  |  |
Maximum | 2016 Single Premium QSR Agreement |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Profit commission % |  |  |  |  |  |  | 55.00% |  |
Maximum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk |  |  |  |  |  |  |  |  |
Ceded Credit Risk [Line Items] |  |  |  |  |  |  |  |  |
Quota share % |  |  |  |  |  |  | 57.00% |  |
[1] | 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.

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