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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

UsdPerShares

UsdShares

Dec. 31, 2023

USD ($)

UsdShares

Dec. 31, 2022

USD ($)

UsdShares

Dec. 31, 2021

USD ($)

UsdShares

Dec. 31, 2020

USD ($)

UsdShares

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay vs. Performance Table


										Value of Initial Fixed $100 Investment Based On:
		Summary Compensation Table Total for CEO (1) ($)		CAP to CEO (1) (2) (3) ($)		Average Summary Compensation Table Total for Non-CEO NEOs (4) ($)		Average CAP to Non-CEO NEOs (2) (4) (5) ($)		TSR (6) ($)		Peer Group TSR (6) ($)		Net Income ($ in thousands)		Company- Selected Measure - Adjusted Book Value Per Share (7) ($)
2024		10,103,939		14,442,687		3,150,615		4,117,360		147.58		125.72		604,440		33.71
2023		12,788,340		23,724,432		2,434,119		4,462,851		128.84		105.65		603,119		30.87
2022		8,386,720		9,643,406		2,195,925		2,473,982		82.95		100.43		742,934		27.86
2021		9,286,766		16,605,932		2,685,012		4,480,327		88.57		116.80		600,671		23.59
2020		7,944,227		1,497,200		2,407,291		1,099,808		82.80		91.65		393,626		20.98

Company Selected Measure Name

Adjusted Book Value Per Share

Named Executive Officers, Footnote

(1)

Richard G. Thornberry was the CEO for all periods shown.

(4)

The Non-CEO NEOs for each of the years presented were as follows:
2024: Sumita Pandit, Derek B. Brummer, Edward J. Hoffman, Eric R. Ray and Brien J. McMahon.
2023: Sumita Pandit, Robert J. Quigley, Derek B. Brummer, Edward J. Hoffman and Brien J. McMahon.
2022: Robert J. Quigley, Derek V. Brummer, Edward J. Hoffman, Brien J. McMahon and J. Franklin Hall.
2021: Derek V. Brummer, Edward J. Hoffman, Brien J. McMahon and J. Franklin Hall.
2020: Derek V. Brummer, Edward J. Hoffman, Eric R. Ray and J. Franklin Hall.

Peer Group Issuers, Footnote

TSR was calculated assuming a fixed investment of $100, including reinvestment of dividends (as applicable) measured from the market close on December 31, 2019, through and including the end of the year for each year reported in the table. Our peer group used for this TSR calculation is the S&P SmallCap 600 Financials index

PEO Total Compensation Amount

$ 10,103,939

$ 12,788,340

$ 8,386,720

$ 9,286,766

$ 7,944,227

PEO Actually Paid Compensation Amount

$ 14,442,687

23,724,432

9,643,406

16,605,932

1,497,200

Adjustment To PEO Compensation, Footnote

(3)

A reconciliation of amounts reported under the “Summary Compensation Table Total for CEO” column in the table above to the “CAP to CEO” column is as follows:


		Summary Compensation Table Total for CEO ($)				Less: Stock and Option Award Values Reported in Summary Compensation Table for the Covered Year ($)				Plus: Fair Value as of Year End for Stock and Option Awards Granted in the Covered Year ($)				Change in Fair Value from End of Prior Year to End of Covered Year of Outstanding Unvested Stock and Option Awards from Prior Years ($)				Change in Fair Value from End of Prior Year to Vesting Date of Stock and Option Awards from Prior Years that Vested in the Covered Year ($)				CAP to CEO ($)
2024			10,103,939				6,000,252				6,827,963				2,399,204				1,111,833				14,442,687
2023			12,788,340				9,080,151				10,246,073				6,965,367				2,804,803				23,724,432
2022			8,386,720				5,000,140				5,227,267				926,737				102,822				9,643,406
2021			9,286,766				4,600,186				6,715,692				3,595,606				1,608,054				16,605,932
2020			7,944,227				5,175,383				6,785,137				(4,993,141	)			(3,063,640	)			1,497,200

Non-PEO NEO Average Total Compensation Amount

$ 3,150,615

2,434,119

2,195,925

2,685,012

2,407,291

Non-PEO NEO Average Compensation Actually Paid Amount

$ 4,117,360

4,462,851

2,473,982

4,480,327

1,099,808

Adjustment to Non-PEO NEO Compensation Footnote

(5)

A reconciliation of amounts reported in the table above under “Average Summary Compensation Table Total for Non-CEO NEOs” column to “Average CAP to Non-CEO NEOs” column is as follows:


		Average Summary Compensation Table Total for Non-CEO NEOs ($)				Less: Stock and Option Award Values Reported in Summary Compensation Table for the Covered Year ($)				Plus: Fair Value as of Year End for Stock and Option Awards Granted in the Covered Year ($)				Plus: Fair Value as of Vesting Date of Awards Granted and Vested in the Covered Year ($)				Change in Fair Value from End of Prior Year to End of Covered Year of Outstanding Unvested Stock and Option Awards from Prior Years ($)				Change in Fair Value from End of Prior Year to Vesting Date of Stock and Option Awards from Prior Years that Vested in the Covered Year ($)				Average CAP to Non-CEO NEOs ($)
2024			3,150,615				1,360,346				1,473,338				81,926				519,889				251,938				4,117,360
2023			2,434,119				1,330,234				1,703,642				—				1,178,583				476,741				4,462,851
2022			2,195,925				1,135,301				1,186,226				—				205,320				21,812				2,473,982
2021			2,685,012				1,253,944				1,830,574				—				920,129				298,556				4,480,327
2020			2,407,291				1,316,620				1,765,256				—				(1,028,318	)			(727,801	)			1,099,808

Compensation Actually Paid vs. Total Shareholder Return

CAP vs. TSR

($ in millions, except TSR)

Compensation Actually Paid vs. Net Income

CAP vs. Net Income

($ in millions)

Compensation Actually Paid vs. Company Selected Measure

CAP vs. Adjusted Book Value Per Share

($ in millions, except per-share amounts)

Tabular List, Table

■

Adjusted Book Value Per Share;

■

Adjusted diluted net operating income per share;

■

Adjusted pretax operating income; and

■

New Insurance Written.

Total Shareholder Return Amount

$ 147.58

128.84

82.95

88.57

82.8

Peer Group Total Shareholder Return Amount

125.72

105.65

100.43

116.8

91.65

Net Income (Loss)

$ 604,440,000

$ 603,119,000

$ 742,934,000

$ 600,671,000

$ 393,626,000

Company Selected Measure Amount | UsdShares

33.71

30.87

27.86

23.59

20.98

Richard G. Thornberry

Additional 402(v) Disclosure

(2)

In calculating CAP, we determined the fair value of outstanding, vested and forfeited equity awards in the applicable year in a manner consistent with FASB ASC Topic 718 fair valuation methodology used to account for share-based compensation payments for financial accounting purposes consistent with GAAP. For a discussion of the assumptions used in calculations for values of share-based compensation, see Note 2 “Significant Accounting Policies” and Note 17 “Share-Based Compensation and Other Benefit Programs” of Notes to Consolidated Financial Statements in our 2024 Annual Report on Form 10-K. RSUs were valued based on the closing price of our common stock on the NYSE on the relevant measurement date and, for performance-based RSUs, incorporates the estimated probability of achievement as of the measurement date. For more information about the probability of achievement, see “Outstanding Equity Awards at 2024 Fiscal Year-End” table.

(7)

Our company-selected measure, Adjusted Book Value Per Share, is the measure that we believe represents the most important financial performance not otherwise presented in the table above that we use to link the compensation paid to our NEOs to our Company’s performance for the year ended December 31, 2024. “Adjusted Book Value Per Share” is calculated as: (A) total stockholders’ equity, adjusted to exclude accumulated other comprehensive income (loss); divided by (B) basic shares of common stock outstanding. As compared to Adjusted Book Value Per Share, the Company’s LTI Book Value per Share measure (used to determine the performance of our BV RSUs) also excludes the impact, if any, during the three-year performance period from declared dividends on common shares and dividend equivalents on outstanding equity awards. Since this dividend-related adjustment varies by award depending on, among other things, the beginning and ending dates of each distinct three-year performance period, we do not add back any declared dividends or dividend equivalents to the Adjusted Book Value Per Share measure shown as of December 31, 2024, 2023, 2022, 2021 or 2020.

Pay vs Performance Disclosure

Adjusted Book Value Per Share

Pay vs Performance Disclosure

Adjusted diluted net operating income per share

Pay vs Performance Disclosure

Adjusted pretax operating income

Pay vs Performance Disclosure

Other Performance Measure, Amount | UsdPerShares

100

New Insurance Written.

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (6,000,252)

$ (9,080,151)

$ (5,000,140)

$ (4,600,186)

$ (5,175,383)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

6,827,963

10,246,073

5,227,267

6,715,692

6,785,137

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,399,204

6,965,367

926,737

3,595,606

(4,993,141)

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,111,833

2,804,803

102,822

1,608,054

(3,063,640)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,360,346)

(1,330,234)

(1,135,301)

(1,253,944)

(1,316,620)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,473,338

1,703,642

1,186,226

1,830,574

1,765,256

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

519,889

1,178,583

205,320

920,129

(1,028,318)

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

81,926

0

0

0

0

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 251,938

$ 476,741

$ 21,812

$ 298,556

$ (727,801)