Note 7 - Reinsurance (Tables)

3 Months Ended

Mar. 31, 2019

Reinsurance, Net Premiums Written and Earned [Table Text Block]

The effect of all of our reinsurance programs on our net premiums written and earned is as follows:



	Three Months Ended March 31,
(In thousands)	2019			2018
Net premiums written—insurance:
Direct	$	261,031		$	256,599
Assumed (1)	2,445			1,312
Ceded (2)	(10,156		)	(19,931		)
Net premiums written—insurance	$	253,320		$	237,980

Net premiums earned—insurance:
Direct	$	280,223		$	257,431
Assumed (1)	2,450			1,318
Ceded (2)	(19,161		)	(16,199		)
Net premiums earned—insurance	$	263,512		$	242,550

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(1)	Includes premiums earned from our participation in certain Front-end and Back-end credit risk transfer programs.

(2)

Net of profit commission.

Schedule of VIE Assets [Table Text Block]

The following table presents the total assets of Eagle Re 2018-1 as well as Radian Guaranty’s maximum exposure to loss associated with Eagle Re 2018-1, as of the dates indicated.



	At March 31, 2019
			Maximum Exposure to Loss
(In thousands)	Total VIE Assets (1)		On - Balance Sheet			Off - Balance Sheet (2)		Total
Eagle Re 2018-1	$	434,034	$	1,683	(3)	$	434,034	435,717
Total	$	434,034	$	1,683		$	434,034	435,717

	At December 31, 2018
			Maximum Exposure to Loss
(In thousands)	Total VIE Assets (1)		On - Balance Sheet			Off - Balance Sheet (2)		Total
Eagle Re 2018-1	$	434,034	$	1,114	(3)	$	434,034	435,148
Total	$	434,034	$	1,114		$	434,034	435,148

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(1)	Assets of Eagle Re 2018-1 are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of Eagle Re 2018-1 consist of its mortgage insurance-linked notes of $434.0 million, as described above.

(2)

Represents the maximum amount that would be payable in the future by Radian Guaranty to its policyholders on claims, without the benefit of any corresponding reinsurance recoverables, in the event of the combination of two events: (i) all of the assets in the reinsurance trust (consisting of U.S. government money market funds, cash or U.S. Treasury securities) have become worthless and (ii) $660.4 million of claims have been paid on the reinsured RIF.

(3)

Represents the fair value of the related embedded derivative, included in other assets in our condensed consolidated balance sheets.