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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2022
Reinsurance Disclosures [Abstract]  
Reinsurance impacts on net premiums written and earned
The effect of all of our reinsurance programs on our net income is as follows.
Reinsurance impacts on net premiums written and earned
Net Premiums WrittenNet Premiums Earned
Three Months Ended
March 31,		Three Months Ended
March 31,
(In thousands)2022202120222021
Direct
Mortgage insurance$241,218 $253,314 $258,296 $295,416 
Title insurance9,162 7,305 9,162 7,305 
Total direct250,380 260,619 267,458 302,721 
Assumed (1)
Mortgage insurance1,332 2,298 1,331 2,298 
Ceded (2)
Mortgage insurance5,810 (8,737)(14,453)(33,049)
Title insurance(146)(98)(146)(98)
Total ceded5,664 (8,835)(14,599)(33,147)
Total net premiums$257,376 $254,082 $254,190 $271,872 
(1)Primarily 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.
Other reinsurance impacts
Three Months Ended
March 31,
(In thousands)20222021
Ceding commissions earned (1)
$5,134 $10,407 
Ceded losses (2)
(12,767)3,746 
(1)Ceding commissions earned are primarily related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses on our condensed consolidated statements of operations. Deferred ceding commissions of $34.6 million and $38.6 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2022 and December 31, 2021, respectively.
(2)Primarily all related to mortgage insurance.
Single Premium QSR Program
The following table sets forth additional details regarding the Single Premium QSR Program.
Single Premium QSR Program
2020 Single Premium QSR Agreement2018 Single Premium QSR Agreement2016 Single Premium QSR Agreement
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 March 31, 2022
RIF ceded$2,137 $1,021 $1,698 
(In millions)As of December 31, 2021
RIF ceded$2,198 $1,117 $1,913 
(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%.
Excess-of-Loss Program
The following tables set forth additional details regarding the Excess-of-Loss Program as of March 31, 2022 and December 31, 2021.
Excess-of-Loss Program
(In millions)Eagle Re 2021-2 Ltd.
Eagle Re
2021-1 Ltd. (1)
Eagle Re
2020-2 Ltd. (2)
Eagle Re
2020-1 Ltd.		Eagle Re
2019-1 Ltd.		Eagle Re
2018-1 Ltd.
IssuedNovember
2021		April
2021		October
2020		February
2020		April
2019		November
2018
NIW policy datesJan 1, 2021-
Jul 31, 2021		Aug 1, 2020-
Dec 31, 2020		Oct 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$10,758 $11,061 $13,011 $9,866 $10,705 $9,109 
Initial coverage484 498 390 488 562 434 

Initial first layer retention242 221 423 202 268 205 
(In millions)As of March 31, 2022
RIF$10,060 $9,056 $7,067 $2,906 $2,173 $1,894 
Remaining coverage484 465 103 488 385 276 
First layer retention242 221 423 202 264 201 
(In millions)As of December 31, 2021
RIF$10,379 $9,496 $7,623 $3,241 $2,429 $2,117 
Remaining coverage484 498 144 488 385 276 
First layer retention242 221 423 202 264 201 
(1)Radian Group purchased $45.4 million original principal amount of these mortgage insurance-linked notes, which are included in fixed-maturities available for sale on our condensed consolidated balance sheet at March 31, 2022. See Notes 5 and 6 for additional information.
(2)In March 2022, Radian Group purchased $17.5 million original principal amount of these mortgage insurance-linked notes, of which $15.0 million principal amount is remaining and included in fixed-maturities available for sale on our condensed consolidated balance sheet at March 31, 2022. See Notes 5 and 6 for additional information.
Schedule of VIE Assets The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated.
Total VIE assets and liabilities of Eagle Re Issuers (1)
(In thousands)March 31,
2022		December 31,
2021
Eagle Re 2021-2 Ltd.$484,122 $484,122 
Eagle Re 2021-1 Ltd.464,469 497,735 
Eagle Re 2020-2 Ltd.102,623 143,986 
Eagle Re 2020-1 Ltd.488,385 488,385 
Eagle Re 2019-1 Ltd.384,602  384,602 
Eagle Re 2018-1 Ltd.275,718  275,718 
Total$2,199,919  $2,274,548 
(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, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers.