v3.26.1
Segment Reporting - Segment and Revenue Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net premiums earned $ 402,528 [1] $ 234,044
Net investment income 69,698 [1],[2] 61,010
Other income 2,990 [1] 1,782
Total revenues 466,337 [1] 294,835
Provision for losses 107,933 [1] 15,340
Other operating expenses:    
Total other operating expenses 98,169 [1] 57,908
Interest expense 20,594 [1] 16,489
Net (gains) losses on financial instruments and foreign exchange (8,879) [1] (2,001)
Pretax income from continuing operations 173,663 [1] 198,710
Segment assets as of period end 10,652,376  
Mortgage Insurance revenues    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net premiums earned 238,177 234,044
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net premiums earned 402,528 234,044
Net investment income 70,226 [3] 48,451
Other income 2,990 1,782
Total revenues 475,744 284,277
Provision for losses 110,544 15,340
Amortization of deferred policy acquisition costs 35,964 [4] 6,388
Other operating expenses:    
Salaries and share-based employee expenses 40,048 [5] 32,636 [6]
Other non-employee operating expenses 31,573 [5] 15,416 [6]
Depreciation expense 2,206 [5] 1,873 [6]
Ceding Commissions (8,219) [5] (6,722) [6]
Total other operating expenses 65,608 [5] 43,203 [6]
Interest expense 2,760 425
Adjusted pretax operating income 260,868 218,921
Operating Segments | Mortgage Insurance revenues    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Provision for losses 24,276 15,340
Operating Segments | Mortgage segment operating    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net premiums earned 238,177 234,044
Net investment income 53,327 [3] 48,451
Other income 1,663 1,782
Total revenues 293,167 284,277
Provision for losses 24,276 15,340
Amortization of deferred policy acquisition costs 6,899 [4] 6,388
Other operating expenses:    
Salaries and share-based employee expenses 30,011 [5] 32,636 [6]
Other non-employee operating expenses 17,129 [5] 15,416 [6]
Depreciation expense 1,802 [5] 1,873 [6]
Ceding Commissions (8,219) [5] (6,722) [6]
Total other operating expenses 40,723 [5] 43,203 [6]
Interest expense 470 425
Adjusted pretax operating income $ 220,799 $ 218,921
Loss Ratio 10.20% 6.60%
Expense Ratio 20.00% 21.20%
Combined Ratio 30.20% 27.80%
Segment assets as of period end $ 6,549,091 $ 6,558,761
Operating Segments | Specialty segment operating    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net premiums earned [7] 164,351  
Net investment income [3],[7] 16,899  
Other income [7] 1,327  
Total revenues [7] 182,577  
Provision for losses [7] 86,268  
Amortization of deferred policy acquisition costs [4],[7] 29,065  
Other operating expenses:    
Salaries and share-based employee expenses [5],[7] 10,037  
Other non-employee operating expenses [5],[7] 14,444  
Depreciation expense [5],[7] 404  
Total other operating expenses [5],[7] 24,885  
Interest expense [7] 2,290  
Adjusted pretax operating income [7] $ 40,069  
Loss Ratio [7] 52.50%  
Expense Ratio [7] 32.80%  
Combined Ratio [7] 85.30%  
Segment assets as of period end [7] $ 3,690,037  
Corporate, Non-Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Net investment income 9,222 12,559
Other operating expenses:    
Total other operating expenses (10,699) (14,321)
Interest expense (27,584) [8] (16,064)
Net (gains) losses on financial instruments and foreign exchange   (2,001)
Amortization and impairment of other acquired intangible assets (3,909)  
Other purchase accounting adjustments, net [9] (23,330)  
Acquisition-related expenses and other non-operating items (22,026) [10] (384)
Pretax income from continuing operations 173,663 $ 198,710
Corporate, Non-Segment | Mortgage segment operating    
Other operating expenses:    
Interest expense $ 10,000  
[1] Includes Inigo results for the two-month period from the Closing Date of the acquisition through March 31, 2026.
[2] Includes Inigo results from the Closing Date of the acquisition through March 31, 2026.
[3] Mortgage segment includes $10 million related to Intercompany Note that is reported as interest expense in Corporate category and eliminated in consolidation.
[4] Ceding commissions represent fees paid by reinsurers to offset certain costs incurred by the primary insurer. We report such commissions based on the nature of the underlying costs. For the Specialty segment, ceding commissions primarily relate to reimbursement of acquisition costs and are reported in amortization of deferred policy acquisition costs. For the Mortgage segment, ceding commissions primarily relate to reimbursement of operating expenses and are reported primarily in other operating expenses.
[5] Mortgage segment includes $20 million of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.
[6] Includes $27 million of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.
[7] Results are for the two-month period subsequent to the Closing Date.
[8] Includes $10 million related to Intercompany Note that is reported as net investment income in the Mortgage segment and eliminated in consolidation.
[9] Primarily includes $53 million of net VOBA asset and liability amortization, offset by $30 million reversal of policy acquisition costs that is reflected in segment results but eliminated under purchase accounting on a consolidated basis.
[10] Relates to acquisition-related expenses, which are included in other operating expenses on the condensed consolidated statement of operations.