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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2025
Reinsurance Disclosures [Abstract] |
Schedule of Effect of Reinsurance Agreements on Premiums Written and Earned | The effect of our reinsurance agreements on premiums written and earned is as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In Thousands)
Net premiums written |  |  |  |  |  |  |
Direct | $ | 181,416 |  |  | $ | 170,541 |  |  | $ | 533,745 |  |  | $ | 499,931 |
Ceded (1) | (34,456) |  |  | (33,860) |  |  | (99,346) |  |  | (99,191) |
Net premiums written | $ | 146,960 |  |  | $ | 136,681 |  |  | $ | 434,399 |  |  | $ | 400,740 |
Net premiums earned |  |  |  |  |  |  |
Direct | $ | 185,779 |  |  | $ | 177,283 |  |  | $ | 549,166 |  |  | $ | 520,634 |
Ceded (1) | (34,456) |  |  | (33,940) |  |  | (99,411) |  |  | (99,466) |
Net premiums earned | $ | 151,323 |  |  | $ | 143,343 |  |  | $ | 449,755 |  |  | $ | 421,168 |
(1) Net of profit commission. The following table presents the inception date, covered production period, contractual and optional termination dates, current cession rate, ceding commission and profit commission for each outstanding QSR Transaction. Current amounts are presented as of September 30, 2025.
| Inception Date | Covered Production |  | Contractual Termination date |  | Optional Termination date |  | Ceding Percentage |  | Ceding Commission |  | Profit Commission
2018 QSR | 1/1/2018 | 1/1/2018 – 12/31/2018 1/1/2019 – 12/31/2019 |  | 12/31/2029 |  | 12/31/2022 (1) |  | 21% 17% (5) |  | 20% |  | up to 61%
2020 QSR | 4/1/2020 | 4/1/2020 – 12/31/2020 |  | 12/31/2030 |  | 12/31/2025 (1) |  | 21% |  | 36% |  | up to 50%
2021 QSR | 1/1/2021 | 1/1/2021 – 10/30/2021 |  | 12/31/2031 |  | 12/31/2024 (1) |  | 20% |  | 35% |  | up to 54%
2022 QSR | 10/1/2021 | 10/30/2021 – 12/31/2022 |  | 12/31/2032 |  | 12/31/2024 (2) |  | 20% |  | 20% |  | up to 62%
2022 Seasoned QSR | 7/1/2022 | 1/1/2013 – 12/31/2016 7/1/2019 –3/31/2020 |  | 6/30/2032 |  | 6/30/2025 (3) |  | 95% (6) |  | 35% |  | up to 55%
2023 QSR | 1/1/2023 | 1/1/2023 – 12/31/2023 |  | 12/31/2033 |  | 12/31/2025 (2) |  | 20% |  | 20% |  | up to 62%
2024 QSR | 1/1/2024 | 1/1/2024 – 12/31/2024 |  | 12/31/2034 |  | 12/31/2027 (1) |  | 20% |  | 20% |  | up to 56%
2025 QSR | 1/1/2025 | 1/1/2025 – 12/31/2025 |  | 12/31/2035 |  | 12/31/2027 (4) |  | 20% |  | 20% |  | up to 62%
(1) NMIC has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of the optional termination date, or at the end of any calendar quarter thereafter which could result in NMIC recapturing the related risk. (2) NMIC has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of the optional termination, or semi-annually thereafter, which could result in NMIC recapturing the related risk. (3) NMIC has the option, based on certain conditions, to terminate the agreement as of June 30, 2025 or quarterly thereafter through December 31, 2027 with the payment of a termination fee, and as of March 31, 2028 or quarterly thereafter without the payment of a termination fee. Such termination could result in NMIC recapturing the related risk. (4) NMIC also holds a clean-up call that provides for termination of the agreement at its election at any time on or after the date the risk on remaining covered policies falls to 10% or less of the risk on covered policies at December 31, 2025. (5) Under the terms of the 2018 QSR Transaction, NMIC cedes premiums earned related to 21% of the risk on eligible policies written in 2018 and 17% of the risk on eligible policies written in 2019. (6) Under the terms of the 2022 Seasoned QSR Transaction, NMIC cedes premiums earned related to 95% of the risk on eligible policies after the consideration of coverage provided by other QSR transactions. The following table shows amounts related to the QSR Transactions:
| As of and for the three months ended |  | As of and for the nine months ended
| September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
| (In Thousands)
Ceded risk-in-force | $ | 12,699,082 |  |  | $ | 12,968,039 |  |  | $ | 12,699,082 |  |  | $ | 12,968,039 |
Ceded premiums earned | (39,847) |  |  | (41,761) |  |  | (121,085) |  |  | (124,585) |
Ceded claims and claim expenses (1) | 4,123 |  |  | 2,449 |  |  | 7,899 |  |  | 2,970 |
Ceding commission earned | 10,246 |  |  | 10,152 |  |  | 29,683 |  |  | 30,666 |
Profit commission | 19,083 |  |  | 21,883 |  |  | 62,439 |  |  | 69,641 |
(1) Includes a $0.3 million termination fee for the nine months ended September 30, 2025 incurred in connection with the termination of the 2016 QSR Transaction and amendment of the 2018 and 2021 QSR Transactions.
Schedule of XOL Transactions | The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding XOL Transaction. Current amounts are presented as of September 30, 2025.
($ values in thousands) | Inception Date | Covered Production |  | Initial Reinsurance Coverage |  | Current Reinsurance Coverage |  | Initial First Layer Retained Loss |  | Current First Layer Retained Loss (1)
2022-1 XOL | April 1, 2022 | 10/1/2021 – 3/31/2022 (2) |  | $ | 289,741 |  |  | $ | 156,776 |  |  | $ | 133,366 |  |  | $ | 130,371 |
2022-2 XOL | July 1, 2022 | 4/1/2022 – 6/30/2022 (3) |  | 154,306 |  |  | 111,008 |  |  | 78,906 |  |  | 74,989 |
2022-3 XOL | October 1, 2022 | 7/1/2022 – 9/30/2022 |  | 96,779 |  |  | 71,976 |  |  | 106,265 |  |  | 102,730 |
2023-1 XOL | January 1, 2023 | 10/1/2022 – 6/30/2023 |  | 89,864 |  |  | 66,578 |  |  | 146,513 |  |  | 143,341 |
2023-2 XOL | July 1, 2023 | 7/1/2023 – 12/31/2023 |  | 100,777 |  |  | 77,129 |  |  | 136,875 |  |  | 136,070 |
2024 XOL | January 1, 2024 | 1/1/2024 – 12/31/2024 |  | 162,500 |  |  | 162,500 |  |  | 312,172 |  |  | 312,057 |
2025 XOL(4) | January 1, 2025 | 1/1/2025 – 12/31/2025 |  | 206,217 |  |  | 206,217 |  |  | 233,783 |  |  | 233,783 |
(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable XOL Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss. (2) Approximately 1% of the production covered by the 2022-1 XOL Transaction has coverage reporting dates between October 21, 2019 and September 30, 2021. (3) Approximately 1% of the production covered by the 2022-2 XOL Transaction has coverage reporting dates between January 4, 2021 and March 31, 2022. (4) The initial reinsurance coverage, current reinsurance coverage, initial first layer retained loss and current first layer retained loss for the 2025 XOL Transaction will increase as incremental covered production is ceded under the transaction through December 31, 2025.
Schedule of ILN Transactions | The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding ILN Transaction. Current amounts are presented as of September 30, 2025.
($ values in thousands) | Inception Date |  | Covered Production |  | Initial Reinsurance Coverage |  | Current Reinsurance Coverage |  | Initial First Layer Retained Loss |  | Current First Layer Retained Loss (1) |  |  |  |
2021-1 ILN | April 27, 2021 |  | 10/1/2020 – 3/31/2021 (2) |  | $ | 367,238 |  |  | $ | 101,337 |  |  | $ | 163,708 |  |  | $ | 162,246 |  |  |  |  |
2021-2 ILN | October 26, 2021 |  | 4/1/2021 – 9/30/2021 (3) |  | 363,596 |  |  | 188,327 |  |  | 146,229 |  |  | 144,446 |  |  |  |  |
(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable ILN Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss. (2) Approximately 1% of the production covered by the 2021-1 ILN Transaction has coverage reporting dates between July 1, 2019 and September 30, 2020. (3) Approximately 2% of the production covered by the 2021-2 ILN Transaction has coverage reporting dates between July 1, 2019 and March 31, 2021.

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