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Note 7 - Reinsurance (Tables)
6 Months Ended
Jun. 30, 2020
Jun. 30, 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 (loss) is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2020201920202019
Net premiums written:
Direct$271,545  $279,991  $551,027  $541,022  
Assumed (1)
3,192  2,475  6,643  4,920  
Ceded (2)
(43,580) (14,289) (63,123) (24,445) 
Net premiums written$231,157  $268,177  $494,547  $521,497  
Net premiums earned:
Direct$315,305  $333,791  (3)$616,559  $614,014  (3)
Assumed (1)
3,197  2,481  6,653  4,931  
Ceded (2)
(69,207) (37,106) (3)(96,502) (56,267) (3)
Net premiums earned$249,295  $299,166  (3)$526,710  $562,678  (3)
Ceding commissions earned (4)
$13,453  $16,353  (3)$23,419  $25,038  (3)
Ceded losses39,635  1,868  41,597  3,555  
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(1)Includes premiums earned from our participation in certain credit risk transfer programs.
(2)Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 10 for additional information on our reserve for losses and reinsurance recoverables.
(3)Includes a cumulative adjustment to unearned premiums recorded in the second quarter of 2019 related to an update to the amortization rates used to recognize revenue for Single Premium Policies. See Note 3 for further information.
(4)Deferred ceding commissions of $66.5 million and $80.8 million are included in other liabilities on our condensed consolidated balance sheets at June 30, 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 QSR2018 Singles QSR 2020 Singles QSR
NIW Policy DatesJan 1, 2012-Dec 31, 2017Jan 1, 2018-Dec 31, 2019Jan 1, 2020-Dec 31, 2021
Effective DateJanuary 1, 2016January 1, 2018January 1, 2020
Scheduled Termination DateDecember 31, 2027December 31, 2029December 31, 2031
Optional Termination DateJanuary 1, 2020January 1, 2022January 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 June 30, 2020
RIF Ceded$4,533  $2,711  $929  
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 2020-1Eagle Re 2019-1Eagle Re 2018-1
IssuedFebruary 2020April 2019November 2018
NIW Policy DatesJan 1, 2019-Sep 30, 2019Jan 1, 2018-Dec 31, 2018Jan 1, 2017-Dec 31, 2017
Initial RIF$9,866  $10,705  $9,109  
Initial Coverage488  562  434  (1)
Initial First Layer Retention202  268  205  
As of June 30, 2020
RIF$8,152  $6,473  $5,598  
Remaining Coverage488  385  276  (1)
First Layer Retention202  267  202  
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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)June 30,
2020
December 31,
2019
Eagle Re 2020-1$488,385  $—  
Eagle Re 2019-1384,602   508,449  
Eagle Re 2018-1275,718   357,005  
Total$1,148,705   $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.