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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2024
Reinsurance Disclosures [Abstract]  
Schedule of 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)2024202320242023
Direct
Mortgage insurance$250,435 $242,784 $260,707 $256,527 
Title insurance1,948 1,888 1,948 1,888 
Total direct252,383 244,672 262,655 258,415 
Ceded
Mortgage insurance (1)
(18,558)(13,364)(26,708)(25,077)
Title insurance(90)(100)(90)(100)
Total ceded (1)
(18,648)(13,464)(26,798)(25,177)
Total net premiums$233,735 $231,208 $235,857 $233,238 
(1)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
Three Months Ended
March 31,
(In thousands)20242023
Ceding commissions earned (1)
$6,113 $5,251 
Ceded losses (2)
2,195 (1,166)
(1)Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions of $18 million and $20 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2024, and December 31, 2023, respectively.
(2)Ceded losses are primarily related to mortgage insurance.
Schedule of Single Premium QSR Program
The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated.
QSR Program (1)
2023 QSR Agreement2022 QSR Agreement2020 Single Premium QSR Agreement2018 Single Premium QSR Agreement2016 Single Premium QSR Agreement
NIW policy datesJul 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 dateJul 1, 2023Jul 1, 2022Jan 1, 2020Jan 1, 2018Jan 1, 2016
Scheduled termination dateJun 30, 2034Jun 30, 2033Dec 31, 2031Dec 31, 2029Dec 31, 2027
Optional termination date (2)
Jul 1, 2027Jul 1, 2026Jan 1, 2024Jan 1, 2022Jan 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)March 31, 2024
RIF ceded$1,987 $4,378 $1,729 $716 $952 
(In millions)December 31, 2023
RIF ceded$1,366 $4,454 $1,783 $739 $982 
(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)
2023 XOL Agreement
IssuedOctober
2023		November
2021		April
2021		October
2023
NIW policy datesApr 1, 2022-
Dec 31, 2022		Jan 1, 2021-
Jul 31, 2021		Aug 1, 2020-
Dec 31, 2020		Oct 1, 2021-
Mar 31, 2022
Initial RIF$8,782 $10,758 $11,061 $8,002 
Initial coverage353 484 498 246 

Initial first layer retention287 242 221 240 
(In millions)March 31, 2024
RIF$8,525 $7,309 $5,922 $7,581 
Remaining coverage353 328 227 204 
First layer retention287 242 221 240 
(In millions)December 31, 2023
RIF$8,659 $7,651 $6,227 $7,814 
Remaining coverage353 355 250 226 
First layer retention287 242 221 240 
(1)Excludes Eagle Re 2020-1 Ltd., which as further discussed above, was terminated in March 2024.
(2)Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheet at March 31, 2024, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. 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,
2024		December 31,
2023
Eagle Re 2023-1 Ltd.$353,077 $353,077 
Eagle Re 2021-2 Ltd.328,326 354,947 
Eagle Re 2021-1 Ltd.227,212 250,268 
Eagle Re 2020-1 Ltd.— 6,617 
Total$908,615  $964,909 
(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.