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Note 8 - Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2020
Reinsurance Disclosures [Abstract]  
Effects of Reinsurance [Table Text Block]
The effect of all of our reinsurance programs on our net income is as follows.
Year Ended December 31,
(In thousands)202020192018
Net premiums written:
Direct$1,108,513 $1,132,338 $1,089,720 
Assumed (1)
12,197 10,379 6,901 
Ceded (2)
(87,201)(56,132)(98,314)
Net premiums written$1,033,509 $1,086,585 $998,307 
Net premiums earned:
Direct$1,286,527 $1,244,870 
(3)
$1,074,298 
Assumed (1)
12,213 10,382 6,904 
Ceded (2)
(183,419)(109,903)
(3)
(67,195)
Net premiums earned$1,115,321 $1,145,349 
(3)
$1,014,007 
 
Ceding commissions earned (4)
$53,654 $48,659 
(3)
$33,446 
Ceded losses58,266 5,859 5,086 
(1)Includes premiums 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 11 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 4 for further information.
(4)Deferred ceding commissions of $52.5 million and $74.8 million are included in other liabilities on our consolidated balance sheets at December 31, 2020 and 2019, respectively.
Schedule of Single Premium Quota Share Reinsurance Program Details The following table sets forth additional details regarding the Single Premium QSR Program.
2020 Singles QSR 2018 Singles QSR 2016 Singles QSR
NIW Policy DatesJan 1, 2020-Dec 31, 2021Jan 1, 2018-Dec 31, 2019Jan 1, 2012-Dec 31, 2017
Effective DateJanuary 1, 2020January 1, 2018January 1, 2016
Scheduled Termination DateDecember 31, 2031December 31, 2029December 31, 2027
Optional Termination DateJanuary 1, 2024January 1, 2022January 1, 2020
Quota Share %65%65%
20% - 65% (1)
Ceding Commission %25%25%25%
Profit Commission %
Up to 56%
Up to 56%
Up to 55%
 
(In millions)As of December 31, 2020
RIF Ceded$1,597 $1,979 $3,071 
 
(In millions)As of December 31, 2019
RIF Ceded$— $3,231 $5,351 
(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 2020-2 Ltd.Eagle Re 2020-1 Ltd.Eagle Re 2019-1 Ltd.Eagle Re 2018-1 Ltd.
IssuedOctober 2020February 2020April 2019November 2018
NIW Policy DatesOct 1, 2019-
Jul 31, 2020		Jan 1, 2019-
Sep 30, 2019		Jan 1, 2018-
Dec 31, 2018		Jan 1, 2017-
Dec 31, 2017
Initial RIF$13,011 $9,866 $10,705 $9,109 
Initial Coverage390 488 562 434 
(1)
Initial First Layer Retention423 202 268 205 
(In millions)As of December 31, 2020
RIF$11,748 $6,121 $4,657 $3,986 
Remaining Coverage390 488 385 276 
(1)
First Layer Retention423 202 265 201 
(In millions)As of December 31, 2019
RIF$— $— $8,409 $7,026 
Remaining Coverage— — 487 343 
(1)
First Layer Retention— — 267 204 
(1)Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty with both initial and remaining coverage of $21.4 million.
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)
Year Ended December 31,
(In thousands)20202019
Eagle Re 2020-2 Ltd.$390,324 $— 
Eagle Re 2020-1 Ltd.488,385 — 
Eagle Re 2019-1 Ltd.384,602 508,449 
Eagle Re 2018-1 Ltd.275,718 357,005 
Total$1,539,029 $865,454 
(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 Eagle Re Issuers consist of their mortgage insurance-linked notes, as described above.