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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

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, and the 2026 and 2027 QSR Agreements that were entered into in July 2025, but 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. See Notes 6 and 7 for additional information.