Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

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 Written						Net Premiums Earned
	Years Ended December 31,						Years Ended December 31,
(In thousands)	2023		2022		2021		2023		2022		2021
Direct
Mortgage insurance	$	983,858	$	967,996	$	984,995	$	1,029,941	$	1,025,607	$	1,104,696
Title insurance	10,465		24,422		39,665		10,465		24,422		39,665
Total direct	994,323		992,418		1,024,660		1,040,406		1,050,029		1,144,361
Assumed (1)
Mortgage insurance	—		4,025		7,066		—		4,025		7,066


Ceded
Mortgage insurance (2)	(79,618)		(12,148)		(47,515)		(120,578)		(72,419)		(113,480)
Title insurance	(250)		(504)		(764)		(250)		(504)		(764)
Total ceded	(79,868)		(12,652)		(48,279)		(120,828)		(72,923)		(114,244)
Total net premiums	$	914,455	$	983,791	$	983,447	$	919,578	$	981,131	$	1,037,183

(1)Represents premiums from our participation in certain credit risk transfer programs. We discontinued our participation in these programs in December 2022 by novating these insurance policies to an unrelated third-party reinsurer. See Note 16 for additional information.

(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 recoverable.


Other reinsurance impacts

	Years Ended December 31,
(In thousands)	2023		2022		2021
Ceding commissions earned (1)	$	21,719	$	18,998	$	31,745
Ceded losses (2)	773		(41,980)		(4,570)

(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 consolidated statements of operations. Deferred ceding commissions of $20 million and $27 million are included in other liabilities on our consolidated balance sheets at December 31, 2023 and 2022, respectively.

(2)Ceded losses are primarily related to mortgage insurance.

Schedule of Single Premium Quota Share Reinsurance Program Details

The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated.


QSR Program (1)

	2023 QSR Agreement		2022 QSR Agreement		2020 Single Premium QSR Agreement		2018 Single Premium QSR Agreement		2016 Single Premium QSR Agreement
NIW policy dates	Jul 1, 2023- Jun 30, 2024		Jan 1, 2022- Jun 30, 2023		Jan 1, 2020- Dec 31, 2021		Jan 1, 2018- Dec 31, 2019		Jan 1, 2012- Dec 31, 2017
Effective date	Jul 1, 2023		Jul 1, 2022		Jan 1, 2020		Jan 1, 2018		Jan 1, 2016
Scheduled termination date	Jun 30, 2034		Jun 30, 2033		Dec 31, 2031		Dec 31, 2029		Dec 31, 2027
Optional termination date (2)	Jul 1, 2027		Jul 1, 2026		Jan 1, 2024		Jan 1, 2022		Jan 1, 2020
Quota share %	22.5%		20%		65%		65%		18% - 57%
Ceding commission %	20%		20%		25%		25%		25%
Profit commission %	Up to 55%		Up to 59%		Up to 56%		Up to 56%		Up to 55%

(In millions)	December 31, 2023
RIF ceded	$	1,366	$	4,454	$	1,783	$	738	$	982

(In millions)	December 31, 2022
RIF ceded	$	—	$	3,307	$	1,993	$	876	$	1,207

(1)Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material.

(2)Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance.

Schedule of Excess-of-Loss Program

The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated.


XOL Program
	Mortgage Insurance-linked Notes (1)									Traditional Reinsurance
(In millions)	Eagle Re 2023-1 Ltd.		Eagle Re 2021-2 Ltd.		Eagle Re 2021-1 Ltd. (2)		Eagle Re 2020-1 Ltd. (2)		2023 XOL Agreement
Issued	October 2023		November 2021		April 2021		February 2020		October 2023
NIW policy dates	Apr 1, 2022- Dec 31, 2022		Jan 1, 2021- Jul 31, 2021		Aug 1, 2020- Dec 31, 2020		Jan 1, 2019- Sep 30, 2019		Oct 1, 2021- Mar 31, 2022
Initial RIF	$	8,782	$	10,758	$	11,061	$	9,866		$	8,002
Initial coverage	353		484		498		488			246
Initial first layer retention	287		242		221		202			240

(In millions)	December 31, 2023
RIF	$	8,659	$	7,651	$	6,227	$	2,031		$	7,814
Remaining coverage	353		355		250		7			226
First layer retention	287		242		221		201			240

(In millions)	December 31, 2022
RIF	$	—	$	9,150	$	7,758	$	2,401		$	—
Remaining coverage	—		472		366		368			—
First layer retention	—		242		221		202			—

(1)Excludes Eagle Re 2019-1 Ltd. and Eagle Re 2018-1 Ltd., which as further discussed above, were terminated in June 2023 and November 2023, respectively.

(2)Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. and $2 million of Eagle Re 2020-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with these reinsurance transactions. These notes are included in fixed-maturities available for sale on our consolidated balance sheets at December 31, 2023 and 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)

	December 31,
(In thousands)	2023		2022
Eagle Re 2021-2 Ltd.	$	354,947	$	471,942
Eagle Re 2023-1 Ltd.	353,077		—
Eagle Re 2021-1 Ltd.	250,268		366,169
Eagle Re 2020-1 Ltd.	6,617		368,378
Eagle Re 2019-1 Ltd.	—		384,602
Eagle Re 2018-1 Ltd.	—		275,718
Total	$	964,909	$	1,866,809

(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.