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v3.25.2

Segment Reporting - Segment and Revenue Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |  |  |
Total revenues |  | $ 318,004 | $ 321,147 | $ 636,118 | $ 640,565
Provision for losses |  | 12,097 | (1,745) | 27,264 | (8,779)
Policy acquisition costs |  | 7,205 | 6,522 | 13,593 | 13,316
Interest expense |  | 25,874 | 27,064 | 48,373 | 56,110
Operating Segments |  |  |  |  |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |  |  |
Adjusted pretax operating income |  | 189,522 | 198,763 | 383,815 | 408,613
Operating Segments | Mortgage Insurance revenues |  |  |  |  |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] |  |  |  |  |
Total revenues |  | 288,316 | 285,983 | 572,614 | 571,006
Provision for losses |  | 11,954 | (1,769) | 27,294 | (8,655)
Policy acquisition costs |  | 7,205 | 6,522 | 13,593 | 13,316
Direct other operating expenses |  | 19,874 | 17,157 | 36,441 | 34,427
Allocated corporate operating expenses | [1] | 42,328 | 43,197 | 77,451 | 77,706
Interest expense |  | 17,428 | 21,957 | 33,917 | 45,290
Other segment items |  | 5 | 156 | 103 | 309
Adjusted pretax operating income |  | 189,522 | 198,763 | 383,815 | 408,613
Direct depreciation expense |  | $ 1,916 | $ 2,069 | $ 3,856 | $ 3,992
Loss Ratio | [2] | 5.10% | (0.80%) | 5.80% | (1.80%)
Expense Ratio | [3] | 29.70% | 28.50% | 27.30% | 26.80%
[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.

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