Description of Business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Radian is a global multi-line specialty insurer that, through its subsidiaries, provides private mortgage insurance to customers in the U.S. and, with our acquisition of Inigo in February 2026, specialty insurance and reinsurance products to customers around the world. Effective with the first quarter of 2026, we have two reportable business segments, Mortgage and Specialty. We operate our Mortgage segment primarily through Radian Guaranty, a leading U.S. private mortgage insurer that provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. See “Mortgage” below and Note 5 for additional information on this segment. We operate our Specialty segment through Inigo, which we acquired as part of the Company’s transformative strategy to become a global multi-line specialty insurer. Inigo participates in the Lloyd’s market through Syndicate 1301 through which it writes insurance and reinsurance business. See “Specialty” below and Note 5 for additional information on this segment. In addition, following the announcement in the third quarter of 2025 of our plan to divest our Mortgage Conduit, Title and Real Estate Services businesses, we reclassified these businesses to discontinued operations. See “Discontinued Operations” below and Note 18 for additional information. Mortgage Our Mortgage segment provides credit-related insurance coverage to mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans. We provide our mortgage insurance products and services through our wholly owned subsidiary, Radian Guaranty. Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20% of the purchase price for their home or, in the case of mortgage refinance transactions, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold by mortgage finance institutions to the GSEs. Our total direct primary mortgage IIF and RIF were $281.7 billion and $74.7 billion, respectively, as of March 31, 2026, compared to $282.5 billion and $74.7 billion, respectively, as of December 31, 2025. Radian Guaranty is subject to various capital, financial and operational requirements imposed by the GSEs and state insurance regulators. These include the PMIERs financial requirements imposed by the GSEs, as well as risk-to-capital and other risk-based capital measures and surplus requirements imposed by state insurance regulators. Failure to comply with any PMIERs or state regulatory requirements may limit the amount of insurance that Radian Guaranty may write or may prohibit it from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion regarding all aspects of Radian Guaranty’s business. See Note 16 for additional information on the PMIERs and other regulatory information. Specialty In September 2025, Radian entered into a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer, for $1.67 billion in a primarily all-cash transaction. This strategic acquisition has transformed Radian from a leading U.S. private mortgage insurer to a global multi-line specialty insurer, significantly expanding the Company’s product expertise, capabilities and addressable market. The transaction closed on February 2, 2026, and was funded from Radian’s available liquidity sources, including $600 million provided by Radian Guaranty through a ten-year Intercompany Note to Radian Group. See Note 16 for additional information on the Intercompany Note. Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd’s market. Through Syndicate 1301, it underwrites specialty insurance and reinsurance business transacted at Lloyd’s through the broker intermediary market and, through its partnerships division, collaborates with select partners to expand Inigo’s access to the U.S. and other international markets. Inigo’s managing agency, Inigo Managing Agent Limited (“IMAL”), manages Syndicate 1301 on behalf of the Syndicate’s members, and the underwriting capacity and the capital supporting Syndicate 1301 are primarily provided by Inigo Corporate Member Limited (“ICML”), a Lloyd’s corporate member. Through Syndicate 1301, Inigo has access to Lloyd’s extensive distribution network, worldwide licenses and ratings. Through Inigo, our Specialty segment offers innovative data-driven specialty insurance solutions, serving some of the world’s largest commercial and industrial enterprises. Inigo’s specialty insurance and reinsurance lines of business include property, casualty, financial lines and other specialty lines. See Note 3 for additional information on this transformative business combination. Discontinued Operations Following a comprehensive strategic review, which led to our decision to acquire Inigo, in September 2025 we announced plans to divest our Mortgage Conduit, Title and Real Estate Services businesses. This divestiture plan was approved by Radian Group’s board of directors in the third quarter of 2025 and is expected to be completed no later than the end of the third quarter of 2026. While the Company pursues the sale of our Title and Real Estate Services businesses, we are continuing to operate those businesses in the ordinary course. After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments. Essential business functions have been continuing beyond that date to ensure an effective wind-down process for our customers. Also in March 2026, we reached an agreement to sell all existing mortgage loans held for sale, as well as all future mortgage loan acquisitions already committed to be purchased by our Mortgage Conduit business. Upon the completion of the wind-down process, a sale of our Radian Mortgage Capital entity to a buyer interested in obtaining the Mortgage Conduit’s licenses remains possible. As a result of the Company’s decision to sell these three businesses and our assessment of applicable accounting guidance, we classified these businesses as held for sale on our condensed consolidated balance sheets and their results are reflected as discontinued operations in our condensed consolidated statements of operations, effective beginning with the quarter ending September 30, 2025. All prior periods have been revised for these changes to conform to the current period presentation. See Note 18 for additional details related to these businesses. Risks and Uncertainties In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.

Description of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Description of Business

Radian is a global multi-line specialty insurer that, through its subsidiaries, provides private mortgage insurance to customers in the U.S. and, with our acquisition of Inigo in February 2026, specialty insurance and reinsurance products to customers around the world. Effective with the first quarter of 2026, we have two reportable business segments, Mortgage and Specialty.

We operate our Mortgage segment primarily through Radian Guaranty, a leading U.S. private mortgage insurer that provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. See “Mortgage” below and Note 5 for additional information on this segment.

We operate our Specialty segment through Inigo, which we acquired as part of the Company’s transformative strategy to become a global multi-line specialty insurer. Inigo participates in the Lloyd’s market through Syndicate 1301 through which it writes insurance and reinsurance business. See “Specialty” below and Note 5 for additional information on this segment.

In addition, following the announcement in the third quarter of 2025 of our plan to divest our Mortgage Conduit, Title and Real Estate Services businesses, we reclassified these businesses to discontinued operations. See “Discontinued Operations” below and Note 18 for additional information.

Mortgage

Our Mortgage segment provides credit-related insurance coverage to mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans. We provide our mortgage insurance products and services through our wholly owned subsidiary, Radian Guaranty.

Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20% of the purchase price for their home or, in the case of mortgage refinance transactions, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold by mortgage finance institutions to the GSEs.

Our total direct primary mortgage IIF and RIF were $281.7 billion and $74.7 billion, respectively, as of March 31, 2026, compared to $282.5 billion and $74.7 billion, respectively, as of December 31, 2025.

Radian Guaranty is subject to various capital, financial and operational requirements imposed by the GSEs and state insurance regulators. These include the PMIERs financial requirements imposed by the GSEs, as well as risk-to-capital and other risk-based capital measures and surplus requirements imposed by state insurance regulators. Failure to comply with any PMIERs or state regulatory requirements may limit the amount of insurance that Radian Guaranty may write or may prohibit it from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion regarding all aspects of Radian Guaranty’s business. See Note 16 for additional information on the PMIERs and other regulatory information.

Specialty

In September 2025, Radian entered into a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer, for $1.67 billion in a primarily all-cash transaction. This strategic acquisition has transformed Radian from a leading U.S. private mortgage insurer to a global multi-line specialty insurer, significantly expanding the Company’s product expertise, capabilities and addressable market.

The transaction closed on February 2, 2026, and was funded from Radian’s available liquidity sources, including $600 million provided by Radian Guaranty through a ten-year Intercompany Note to Radian Group. See Note 16 for additional information on the Intercompany Note.

Inigo was launched in 2021 by a highly regarded leadership team with decades of experience in the Lloyd’s market. Through Syndicate 1301, it underwrites specialty insurance and reinsurance business transacted at Lloyd’s through the broker intermediary market and, through its partnerships division, collaborates with select partners to expand Inigo’s access to the U.S. and other international markets. Inigo’s managing agency, Inigo Managing Agent Limited (“IMAL”), manages Syndicate 1301 on behalf of the Syndicate’s members, and the underwriting capacity and the capital supporting Syndicate 1301 are primarily provided by Inigo Corporate Member Limited (“ICML”), a Lloyd’s corporate member. Through Syndicate 1301, Inigo has access to Lloyd’s extensive distribution network, worldwide licenses and ratings.

Through Inigo, our Specialty segment offers innovative data-driven specialty insurance solutions, serving some of the world’s largest commercial and industrial enterprises. Inigo’s specialty insurance and reinsurance lines of business include property, casualty, financial lines and other specialty lines.

See Note 3 for additional information on this transformative business combination.

Discontinued Operations

Following a comprehensive strategic review, which led to our decision to acquire Inigo, in September 2025 we announced plans to divest our Mortgage Conduit, Title and Real Estate Services businesses. This divestiture plan was approved by Radian Group’s board of directors in the third quarter of 2025 and is expected to be completed no later than the end of the third quarter of 2026.

While the Company pursues the sale of our Title and Real Estate Services businesses, we are continuing to operate those businesses in the ordinary course.

After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments. Essential business functions have been continuing beyond that date to ensure an effective wind-down process for our customers. Also in March 2026, we reached an agreement to sell all existing mortgage loans held for sale, as well as all future mortgage loan acquisitions already committed to be purchased by our Mortgage Conduit business. Upon the completion of the wind-down process, a sale of our Radian Mortgage Capital entity to a buyer interested in obtaining the Mortgage Conduit’s licenses remains possible.

As a result of the Company’s decision to sell these three businesses and our assessment of applicable accounting guidance, we classified these businesses as held for sale on our condensed consolidated balance sheets and their results are reflected as discontinued operations in our condensed consolidated statements of operations, effective beginning with the quarter ending September 30, 2025. All prior periods have been revised for these changes to conform to the current period presentation.

See Note 18 for additional details related to these businesses.

Risks and Uncertainties

In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.