Reinsurance (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Reinsurance Impacts on Net Premiums Written and Earned

The effect of all our reinsurance programs on our net premiums written and earned is as follows.


Net premiums written and earned


	Net Premiums Written						Net Premiums Earned

	Three Months Ended March 31,						Three Months Ended March 31,

(In thousands)	2026			2025			2026			2025


Direct
Mortgage	$	259,777		$	252,504		$	268,902		$	261,911
Specialty (1)		81,544		N/A				108,987		N/A
Total direct		341,321			252,504			377,889			261,911
Assumed
Specialty (1)		80,408		N/A				94,498		N/A
Total assumed		80,408		N/A				94,498		N/A
Ceded
Mortgage (2)		(26,512	)		(22,254	)		(30,725	)		(27,867	)
Specialty (1)		(13,469	)	N/A				(39,134	)	N/A
Total ceded (2)		(39,981	)		(22,254	)		(69,859	)		(27,867	)
Total
Mortgage		233,265			230,250			238,177			234,044
Specialty (1)		148,483		N/A				164,351		N/A
Total net premiums	$	381,748		$	230,250		$	402,528		$	234,044

N/A – Not applicable

(1)

Includes Inigo results from the Closing Date of the acquisition through March 31, 2026.

(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 recoverables.


Other reinsurance impacts


	Three Months Ended March 31,

(In thousands)	2026		2025


Ceding commissions earned
Mortgage (1)	$	8,361	$	7,035
Specialty (2) (3)		4,592	N/A
Total ceding commissions earned	$	12,953	$	7,035
Ceded losses
Mortgage		6,074		4,259
Specialty (3)		9,301	N/A
Total ceded losses	$	15,375	$	4,259

N/A – Not applicable

(1)

For the Mortgage segment, ceding commissions primarily relate to reimbursement of operating expenses and are reported primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions are included in other liabilities our condensed consolidated balance sheets.

(2)

For the Specialty segment, ceding commissions primarily relate to reimbursement of acquisition costs and are reported in amortization of deferred policy acquisition costs in our condensed consolidated statements of operations. Deferred ceding commissions are included in other assets on our condensed consolidated balance sheets.

(3)

Includes Inigo results from the Closing Date of the acquisition through March 31, 2026.

Schedule of VIE Assets

The following table presents the total VIE 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, 2026		December 31, 2025

Eagle Re 2023-1 Ltd.	$	249,907	$	261,977
Eagle Re 2021-2 Ltd.		136,438		156,971
Eagle Re 2021-1 Ltd.		60,514		78,083
Total	$	446,859	$	497,031

(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.