Note 7 - Reinsurance (Tables)

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Reinsurance Disclosures [Abstract]

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

The effect of all of our reinsurance programs on our net income is as follows:

	Three Months Ended March 31,
(In thousands)	2020			2019
Net premiums written—insurance:
Direct	$	279,482		$	261,031
Assumed (1)	3,451			2,445
Ceded (2)	(19,543		)	(10,156		)
Net premiums written—insurance	$	263,390		$	253,320
Net premiums earned—insurance:
Direct	$	301,254		$	280,223
Assumed (1)	3,456			2,450
Ceded (2)	(27,295		)	(19,161		)
Net premiums earned—insurance	$	277,415		$	263,512
Ceding commissions earned (3)	$	9,966		$	8,685
Ceded losses	1,962			1,687

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(1) Includes premiums earned from our participation in certain credit risk transfer programs.

(2) Net of profit commission.

(3)

Deferred ceding commissions of $71.6 million and $88.1 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2020 and 2019, respectively.

Schedule of Single Premium Quota Share Reinsurance Program Details [Table Text Block]

The following table sets forth additional details regarding the Single Premium QSR Program:

(In millions)	2016 Singles QSR			2018 Singles QSR		2020 Singles QSR
Policy In-force Dates	Jan 1, 2012-Dec 31, 2017			Jan 1, 2018-Dec 31, 2019		Jan 1, 2020-Dec 31, 2021
Effective Date	January 1, 2016			January 1, 2018		January 1, 2020
Scheduled Termination Date	December 31, 2027			December 31, 2029		December 31, 2031
Optional Termination Date	January 1, 2020			January 1, 2022		January 1, 2024
Quota Share %	20% - 65%		(1)	65%		65%
Ceding Commission %	25%			25%		25%
Profit Commission %	Up to 55%			Up to 56%		Up to 56%
	As of March 31, 2020
RIF Ceded	$	5,080		$	3,066	$	435
	As of December 31, 2019
RIF Ceded	$	5,351		$	3,231	$	—

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(1)

Effective December 31, 2017, we amended the 2016 Single Premium QSR Agreement to increase the amount of ceded risk on performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages. Loans included in the 2012 through 2014 vintages, and any other loans subject to the agreement that were delinquent at the time of the amendment, were unaffected by the change and therefore the amount of ceded risk for those loans continues to range from 20% to 35%.

Schedule of Collateralized Reinsurance Agreements [Table Text Block]

The following table sets forth additional details regarding the Excess-of-Loss Program:

(In millions)	Eagle Re 2020-1		Eagle Re 2019-1		Eagle Re 2018-1
Issued	February 2020		April 2019		November 2018
Policy In-force Dates	Jan 1, 2019-Sep 30, 2019		Jan 1, 2018-Dec 31, 2018		Jan 1, 2017-Dec 31, 2017
Initial RIF	$	9,866	$	10,705	$	9,109
Initial Coverage	488		562		434		(1)
First Layer Retention	202		268		205
	As of March 31, 2020
RIF	$	9,200	$	7,679	$	6,482
Remaining Coverage	488		421		299		(1)
First Layer Retention	202		267		203

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(1)

Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty that initially provided up to $21.4 million of coverage.

Schedule of VIE Assets [Table Text Block]

The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated.

	Total VIE Assets and Liabilities (1)
(In thousands)	March 31, 2020		December 31, 2019
Eagle Re 2020-1	$	488,385	$	—
Eagle Re 2019-1	421,367		508,449
Eagle Re 2018-1	298,817		357,005
Total	$	1,208,569	$	865,454

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(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, described above.