v3.26.1
Reinsurance (Tables)
3 Months Ended
Mar. 31, 2026
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Effects of Reinsurance
The following table sets forth the effects of reinsurance on premiums written and earned for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20262025
Net premiums written:
Direct$263,310 $263,081 
Assumed9,631 7,305 
Ceded(36,466)(32,761)
Net premiums written$236,475 $237,625 
Net premiums earned:
Direct$270,195 $270,242 
Assumed9,121 7,305 
Ceded(36,466)(32,761)
Net premiums earned$242,850 $244,786 
Schedule of Retained Aggregate Loss and Reinsurance Coverage
The following table presents the issue date, policy dates, initial and current first layer retained aggregate loss and initial and current reinsurance coverage amount under each reinsurance transaction. Current amounts are presented as of March 31, 2026:
Mortgage insurance-linked notes
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
Triangle Re 2021-2 Ltd.4/16/20219/01/2020 - 12/31/2020$189$186$303$57
Triangle Re 2021-3 Ltd.9/02/20211/01/2021 - 6/30/2021$304$297$372$88
Triangle Re 2023-1 Ltd.11/15/20237/01/2022 - 6/30/2023$244$235$248$167
Total$312
Traditional excess-of-loss reinsurance
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
2021 XOL2/04/20211/01/2021 - 12/31/2021$671$654$206$49
2022-1 XOL1/27/20221/01/2022 - 12/31/2022$462$429$196$133
2022-2 XOL1/27/20221/01/2022 - 12/31/2022$385$352$25$25
2022-3 XOL3/24/20227/01/2021 - 12/31/2021$317$307$289$109
2022-4 XOL3/24/20227/01/2021 - 12/31/2021$264$254$36$36
2022-5 XOL 9/15/20221/01/2022 - 6/30/2022$256$237$201$130
2023-1 XOL3/08/20231/01/2023 - 12/31/2023$360$347$180$141
2024-1 XOL1/30/20241/01/2024 - 12/31/2024$362$358$270$270
2024-2 XOL6/25/20247/01/2023 - 12/31/2023$134$131$90$64
2025-1 XOL1/27/20251/01/2025 - 12/31/2025$354$354$180$180
2025-2 XOL1/27/20251/01/2025 - 12/31/2025$294$294$28$28
2026-1 XOL1/27/20251/01/2026 - 12/31/2026$89$89$44$44
2026-2 XOL1/27/20251/01/2026 - 12/31/2026$73$73$6$6
Total$1,215
Quota Share Reinsurance Ceding Percentage, Ceding Commission, And Profit Commission EMICO has rights to terminate the reinsurance agreements upon the occurrence of certain events. Reinsurance recoverables are recorded in Other assets on the consolidated balance sheets.
AgreementIssue datePolicy datesCeding percentageCeding commissionProfit commission
QS 2023-16/30/20231/01/2023 - 12/31/202316.125%20%
up to 55%
QS 2024-11/03/20241/01/2024 - 12/31/202421.225%20%
up to 55%
QS 2025-111/26/20241/01/2025 - 12/31/202527.150%20%
up to 62%
QS 2026-111/26/20241/01/2026 - 12/31/202627.000%20%
up to 61%
QS 2027-19/23/20251/01/2027 - 12/31/202734.250%20%
up to 63%