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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2025
Reinsurance Disclosures [Abstract] |
Schedule of Net Premiums Written and Earned | The effect of all of our reinsurance programs on our net premiums written and earned is as follows.
Net premiums written and earned |
|  | Net Premiums Written |  |  | Net Premiums Earned |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Direct |  | $ | 260,359 |  |  | $ | 255,422 |  |  | $ | 767,877 |  |  | $ | 758,245 |  |  | $ | 266,093 |  |  | $ | 263,509 |  |  | $ | 790,048 |  |  | $ | 785,634 |
Ceded (1) |  |  | (24,624 | ) |  |  | (21,774 | ) |  |  | (70,297 | ) |  |  | (60,075 | ) |  |  | (28,990 | ) |  |  | (28,365 | ) |  |  | (85,375 | ) |  |  | (81,673 | )
Total net premiums |  | $ | 235,735 |  |  | $ | 233,648 |  |  | $ | 697,580 |  |  | $ | 698,170 |  |  | $ | 237,103 |  |  | $ | 235,144 |  |  | $ | 704,673 |  |  | $ | 703,961 |
(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 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Ceding commissions earned (1) |  | $ | 7,824 |  |  | $ | 6,672 |  |  | $ | 22,230 |  |  | $ | 19,130 |
Ceded losses |  |  | 3,810 |  |  |  | 3,161 |  |  |  | 12,037 |  |  |  | 8,360 |
(1) Ceding commissions earned are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions are included in other liabilities on our condensed consolidated balance sheets.
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) |
|  |  |  | Optional |  |  |  | Ceding |  | Profit |  | RIF Ceded |
($ in millions) |  | NIW Policy Dates (2)(3) |  | termination date (3) |  | Quota Share % |  | Commission % |  | Commission % |  | September 30, 2025 |  |  | December 31, 2024 |
2025 QSR Agreement |  | Jul 1, 2025- Jun 30, 2026 |  | Jul 1, 2029 |  | 30% |  | 20% |  | Up to 63% |  | $ | 1,217 |  |  | $ | — |
2024 QSR Agreement |  | Jul 1, 2024- Jun 30, 2025 |  | Jul 1, 2028 |  | 25% |  | 20% |  | Up to 59% |  | $ | 2,953 |  |  | $ | 1,621 |
2023 QSR Agreement |  | Jul 1, 2023- Jun 30, 2024 |  | Jul 1, 2027 |  | 22.5% |  | 20% |  | Up to 55% |  | $ | 2,280 |  |  | $ | 2,518 |
2022 QSR Agreement |  | Jan 1, 2022- Jun 30, 2023 |  | Jul 1, 2026 |  | 20% |  | 20% |  | Up to 59% |  | $ | 3,703 |  |  | $ | 4,059 |
2020 Single Premium QSR Agreement |  | Jan 1, 2020- Dec 31, 2021 |  | Jan 1, 2024 |  | 65% |  | 25% |  | Up to 56% |  | $ | 1,380 |  |  | $ | 1,525 |
2018 Single Premium QSR Agreement |  | Jan 1, 2018- Dec 31, 2019 |  | Jan 1, 2022 |  | 65% |  | 25% |  | Up to 56% |  | $ | 608 |  |  | $ | 661 |
2016 Single Premium QSR Agreement |  | Jan 1, 2012- Dec 31, 2017 |  | Jan 1, 2020 |  | 18% - 57% |  | 25% |  | Up to 55% |  | $ | 802 |  |  | $ | 873 |
(1) Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material, a nd the 2026 and 2027 QSR Agreements that were entered into in July 2025, b ut are effective for future NIW vintages from July 1, 2026, to June 30, 2027, and July 1, 2027, to June 30, 2028, respectively, with cessions of 30% and 15%, respectively. (2) The effective date for each agreement is the same as the beginning NIW policy date, except for the following: the 2016 Single Premium QSR Agreement, which has an effective date of January 1, 2016, and the 2022 QSR Agreement, which has an effective date of July 1, 2022. (3) 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. The scheduled termination date is 10 years after the ending NIW policy date.
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) |
(In thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
Eagle Re 2023-1 Ltd. |  | $ | 278,192 |  |  | $ | 326,855 |
Eagle Re 2021-2 Ltd. |  |  | 176,484 |  |  |  | 247,442 |
Eagle Re 2021-1 Ltd. |  |  | 96,838 |  |  |  | 154,884 |
Total |  | $ | 551,514 |  |  | $ | 729,181 |
(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.
Schedule of Excess-of-Loss Program | The following table sets forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated.
XOL Program
|  |  |  |  |  |  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
(In millions) |  | Issued |  | NIW Policy Dates |  | Initial RIF |  | Initial Coverage |  | Initial First Layer Retention |  | RIF |  | Remaining Coverage |  | First Layer Retention |  | RIF |  | Remaining Coverage |  | First Layer Retention
Mortgage Insurance-linked Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eagle Re 2023-1 Ltd. |  | October 2023 |  | Apr 1, 2022- Dec 31, 2022 |  | $8,782 |  | $353 |  | $287 |  | $7,236 |  | $278 |  | $283 |  | $7,906 |  | $327 |  | $286
Eagle Re 2021-2 Ltd. |  | November 2021 |  | Jan 1, 2021- Jul 31, 2021 |  | $10,758 |  | $484 |  | $242 |  | $5,359 |  | $176 |  | $240 |  | $6,271 |  | $247 |  | $241
Eagle Re 2021-1 Ltd. |  | April 2021 |  | Aug 1, 2020- Dec 31, 2020 |  | $11,061 |  | $498 |  | $221 |  | $4,198 |  | $97 |  | $220 |  | $4,966 |  | $155 |  | $221
Traditional Reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 XOL Agreement |  | October 2023 |  | Oct 1, 2021- Mar 31, 2022 |  | $8,002 |  | $246 |  | $240 |  | $6,090 |  | $134 |  | $239 |  | $6,815 |  | $167 |  | $240
(1) 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 condensed consolidated balance sheets, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. Se e Notes 6 and 7 for additional information.

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