Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

uSDollarPerShare

Dec. 31, 2024

USD ($)

uSDollarPerShare

Dec. 31, 2023

USD ($)

uSDollarPerShare

Dec. 31, 2022

USD ($)

uSDollarPerShare

Dec. 31, 2021

USD ($)

uSDollarPerShare

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Year	Summary Compensation Table Total for PEO(1)	Compensation Actually Paid to PEO(1)(2)	Average Summary Compensation Table Total for non-PEO Named Executive Officers(1)	Average Compensation Actually Paid to non-PEO Named Executive Officers(1)(2)	Value of Initial Fixed $100 Investment Based on:		Net Income (millions)(5)	Core ABV per Share(6)
					Total Shareholder Return(3)	Peer Group Total Shareholder Return(4)
2025	$13,841,716	$14,466,768	$5,933,117	$5,862,896	$311	$201	$543	$186
2024	$14,933,252	$25,665,738	$4,538,512	$5,886,320	$306	$176	$392	$170
2023	$13,477,512	$26,808,821	$3,765,333	$5,379,798	$251	$134	$761	$156
2022	$13,606,009	$28,885,520	$3,662,609	$6,060,272	$205	$119	$137	$142
2021	$14,536,062	$23,817,693	$4,277,028	$5,930,256	$162	$136	$419	$130

Company Selected Measure Name

ABV per share

Named Executive Officers, Footnote

The PEO for each year reported is Dominic J. Frederico. The non-PEO named executive officers for each year reported are as follows:

•2024 and 2025: Robert A. Bailenson, Ling Chow, Benjamin G. Rosenblum, Stephen Donnarumma

•2023: Robert A. Bailenson, Ling Chow, Stephen Donnarumma, Holly Horn

•2022: Robert A. Bailenson, Ling Chow, David A. Buzen, Stephen Donnarumma

•2021: Robert A. Bailenson, Ling Chow, David A. Buzen, Russell B. Brewer II

Peer Group Issuers, Footnote

Represents the cumulative TSR of the Russell Midcap Index - Financials for the measurement period December 31, 2020 through December 31 of the year indicated. The Russell Midcap Index - Financials is the peer group used by our Company for purposes of the Exchange Act in our Annual Report on Form 10-K for the year ended December 31, 2025.

PEO Total Compensation Amount

$ 13,841,716

$ 14,933,252

$ 13,477,512

$ 13,606,009

$ 14,536,062

PEO Actually Paid Compensation Amount

$ 14,466,768

25,665,738

26,808,821

28,885,520

23,817,693

Adjustment To PEO Compensation, Footnote

SEC rules require certain adjustments be made to the "Summary Compensation Table" totals to determine "compensation actually paid" as reported in the "Pay versus Performance Table" above. For purposes of the equity award adjustments shown below, no equity awards were cancelled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine "compensation actually paid" (all amounts are averages for the non-PEO named executive officers, who we refer to as Other NEOs in the following table):

Year	Executive(s)	"Summary Compensation Table" Total	Deduct Share Award Included in "Summary Compensation Table"	Add Year-end Value of Unvested Equity Awards Granted in Year	Change in Value of Unvested Equity Awards Granted in Prior Years	Change in Value of Equity Awards Granted in Prior Years which Vested in Year	"Pay versus Performance Table" Compensation Actually Paid
2025	PEO	$13,841,716	$(9,413,231)	$6,068,332	$3,663,238	$306,713	$14,466,768
	Other NEOs	$5,933,117	$(3,270,766)	$2,489,011	$677,074	$34,460	$5,862,896
2024	PEO	$14,933,252	$(9,995,624)	$6,540,597	$10,842,696	$3,344,817	$25,665,738
	Other NEOs	$4,538,512	$(1,713,576)	$1,121,276	$1,500,807	$439,301	$5,886,320
2023	PEO	$13,477,512	$(8,112,953)	$7,848,517	$13,530,338	$65,407	$26,808,821
	Other NEOs	$3,765,333	$(1,195,033)	$1,156,084	$1,645,336	$8,078	$5,379,798
2022	PEO	$13,606,009	$(8,661,779)	$7,576,157	$13,873,696	$2,491,437	$28,885,520
	Other NEOs	$3,662,609	$(1,252,978)	$1,095,933	$2,149,270	$405,438	$6,060,272
2021	PEO	$14,536,062	$(9,239,643)	$10,089,728	$6,588,781	$1,842,765	$23,817,693
	Other NEOs	$4,277,028	$(1,658,182)	$1,810,742	$1,168,687	$331,981	$5,930,256

Non-PEO NEO Average Total Compensation Amount

$ 5,933,117

4,538,512

3,765,333

3,662,609

4,277,028

Non-PEO NEO Average Compensation Actually Paid Amount

$ 5,862,896

5,886,320

5,379,798

6,060,272

5,930,256

Adjustment to Non-PEO NEO Compensation Footnote

SEC rules require certain adjustments be made to the "Summary Compensation Table" totals to determine "compensation actually paid" as reported in the "Pay versus Performance Table" above. For purposes of the equity award adjustments shown below, no equity awards were cancelled due to a failure to meet vesting conditions. The following table details the applicable adjustments that were made to determine "compensation actually paid" (all amounts are averages for the non-PEO named executive officers, who we refer to as Other NEOs in the following table):

Year	Executive(s)	"Summary Compensation Table" Total	Deduct Share Award Included in "Summary Compensation Table"	Add Year-end Value of Unvested Equity Awards Granted in Year	Change in Value of Unvested Equity Awards Granted in Prior Years	Change in Value of Equity Awards Granted in Prior Years which Vested in Year	"Pay versus Performance Table" Compensation Actually Paid
2025	PEO	$13,841,716	$(9,413,231)	$6,068,332	$3,663,238	$306,713	$14,466,768
	Other NEOs	$5,933,117	$(3,270,766)	$2,489,011	$677,074	$34,460	$5,862,896
2024	PEO	$14,933,252	$(9,995,624)	$6,540,597	$10,842,696	$3,344,817	$25,665,738
	Other NEOs	$4,538,512	$(1,713,576)	$1,121,276	$1,500,807	$439,301	$5,886,320
2023	PEO	$13,477,512	$(8,112,953)	$7,848,517	$13,530,338	$65,407	$26,808,821
	Other NEOs	$3,765,333	$(1,195,033)	$1,156,084	$1,645,336	$8,078	$5,379,798
2022	PEO	$13,606,009	$(8,661,779)	$7,576,157	$13,873,696	$2,491,437	$28,885,520
	Other NEOs	$3,662,609	$(1,252,978)	$1,095,933	$2,149,270	$405,438	$6,060,272
2021	PEO	$14,536,062	$(9,239,643)	$10,089,728	$6,588,781	$1,842,765	$23,817,693
	Other NEOs	$4,277,028	$(1,658,182)	$1,810,742	$1,168,687	$331,981	$5,930,256

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

The following graphs show the relationship between executive compensation actually paid and, respectively, Core ABV per share, TSR, and net income, as well as the relationship between TSR and peer group TSR.

Total Shareholder Return Vs Peer Group

Tabular List, Table

•Core ABV per share

•Core Operating income per diluted share

•Core Operating ROE

•Core Operating shareholders’ equity per share

•PVP

•Relative TSR

Total Shareholder Return Amount

$ 311

306

251

205

162

Peer Group Total Shareholder Return Amount

201

176

134

119

136

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

$ 543,000,000

$ 392,000,000

$ 761,000,000

$ 137,000,000

$ 419,000,000

Company Selected Measure Amount | uSDollarPerShare

186

170

156

142

130

PEO Name

Dominic J. Frederico

Additional 402(v) Disclosure

Represents our Company's cumulative TSR for the measurement period December 31, 2020 through December 31 of the year indicated.Represents "Net Income (loss)" in our Company's Consolidated Income Statements included in our Annual Report on Form 10-K for each of the years ended December 31, 2025, 2024, 2023, 2022 and 2021.

Given the methodology for calculating compensation actually paid and the large component of multi-year equity awards in our executive compensation program, the movement of the price of our Common Shares over the relevant year has a large impact on the calculation of compensation actually paid to our CEO and our other named executive officers as a group during that year. Additionally, we provide our CEO and our other named executive officers their short-term and long-term incentive awards in the February following the year for which their performance is measured in making those awards, further obscuring a relationship between the performance measures and calculated compensation actually paid in the graphs above.

Core ABV per share is a measure of the intrinsic value of our Company on a per share basis, so an increase in Core ABV per share reflects the building of value for our shareholders. TSR captures the view of the equity markets to our efforts. The graphs above demonstrate some correlation between these measures and the calculated compensation actually paid. On the other hand, as described in the Compensation Discussion and Analysis — Executive Compensation Program Structure and Process, the nature of the accounting model for the financial guaranty business, where only approximately 5% of the premiums we earned in 2025 related to new financial guaranty policies we wrote in 2025, shows how little impact activity in our core insurance business has on our net income in a given year, and the graph above demonstrates little correlation between net income and calculated compensation actually paid.

Measure:: 1

Pay vs Performance Disclosure

Name

Core ABV per share

Non-GAAP Measure Description

Our Company-selected measure is Core ABV per share, which is described below.

Measure:: 2

Pay vs Performance Disclosure

Name

Core Operating income per diluted share

Measure:: 3

Pay vs Performance Disclosure

Name

Core Operating ROE

Measure:: 4

Pay vs Performance Disclosure

Name

Core Operating shareholders’ equity per share

Measure:: 5

Pay vs Performance Disclosure

Name

PVP

Measure:: 6

Pay vs Performance Disclosure

Name

Relative TSR

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (9,413,231)

$ (9,995,624)

$ (8,112,953)

$ (8,661,779)

$ (9,239,643)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

6,068,332

6,540,597

7,848,517

7,576,157

10,089,728

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,663,238

10,842,696

13,530,338

13,873,696

6,588,781

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

306,713

3,344,817

65,407

2,491,437

1,842,765

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(3,270,766)

(1,713,576)

(1,195,033)

(1,252,978)

(1,658,182)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,489,011

1,121,276

1,156,084

1,095,933

1,810,742

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

677,074

1,500,807

1,645,336

2,149,270

1,168,687

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 34,460

$ 439,301

$ 8,078

$ 405,438

$ 331,981