v3.26.1
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2026
Reinsurance Disclosures [Abstract]  
Schedule of Effect of Reinsurance Agreements on Premiums Written and Earned
The effect of our reinsurance agreements on premiums written and earned is as follows:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
(In Thousands)
Net premiums written
Direct$187,213 $177,914 $373,219 $352,329 
Ceded (1)
(31,864)(33,861)(66,044)(64,890)
Net premiums written$155,349 $144,053 $307,175 $287,439 
Net premiums earned
Direct$189,388 $182,931 $378,374 $363,387 
Ceded (1)
(31,864)(33,865)(66,044)(64,955)
Net premiums earned$157,524 $149,066 $312,330 $298,432 
(1)    Net of profit commission.
The following table presents the inception date, covered production period, ceding commission and profit commission for each outstanding QSR Transaction. Current amounts are presented as of June 30, 2026.
Inception Date
Covered Production
Ceding Percentage
Ceding Commission
Profit Commission
2018 QSR
1/1/2018
1/1/2018 – 12/31/2018
1/1/2019 – 12/31/2019
16%
13% (1)
42%
up to 45%
2020 QSR
4/1/20204/1/2020 – 12/31/2020
21%
45%
up to 45%
2021 QSR
1/1/20211/1/2021 – 10/30/2021
20%
35%
up to 54%
2022 QSR
10/1/202110/30/2021 – 12/31/2022
20%
20%
up to 68%
2022 Seasoned QSR
7/1/2022
1/1/2013 – 12/31/2016
7/1/2019 –3/31/2020
48% (2)
53%
up to 38%
2023 QSR
1/1/20231/1/2023 – 12/31/2023
20%
20%
up to 63%
2024 QSR
1/1/20241/1/2024 – 12/31/2024
20%
20%
up to 56%
2025 QSR
1/1/20251/1/2025 – 12/31/2025
20%
20%
up to 62%
2026 QSR
1/1/2026
1/1/2026 – 12/31/2026
25%
21%
up to 61%
(1)    Under the terms of the 2018 QSR Transaction, NMIC cedes premiums earned related to 16% of the risk on eligible policies written in 2018 and 13% of the risk on eligible policies written in 2019.
(2)    Under the terms of the 2022 Seasoned QSR Transaction, NMIC cedes premiums earned related to 48% of the risk on eligible policies after the consideration of coverage provided under any other QSR Transaction.
The following table shows amounts related to the QSR Transactions:
As of and for the three months ended June 30,As of and for the six months ended June 30,
2026202520262025
(In Thousands)
Ceded risk-in-force$12,637,648 $12,764,708 $12,637,648 $12,764,708 
Ceded premiums earned(38,505)(40,227)(76,435)(81,238)
Ceded claims and claim expenses (1)
3,127 3,253 8,017 3,776 
Ceding commission earned10,172 9,669 20,377 19,437 
Profit commission19,400 19,958 36,531 43,356 
(1)    Includes a $0.3 million termination fee for the three and six months ended June 30, 2025 incurred in connection with the amendment of certain QSR Transactions.
Schedule of XOL Transactions
The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding XOL Transaction. Current amounts are presented as of June 30, 2026.
($ values in thousands)Inception DateCovered Production
Initial Reinsurance Coverage
Current Reinsurance CoverageInitial First Layer Retained Loss
Current First Layer Retained Loss (1)
2022-1 XOL
April 1, 2022
10/1/2021 – 3/31/2022
$289,741 $125,849 $133,366 $127,071 
2022-2 XOL
July 1, 2022
4/1/2022 – 6/30/2022
154,306 102,346 78,906 70,282 
2022-3 XOL
October 1, 20227/1/2022 – 9/30/202296,779 67,726 106,265 98,355 
2023-1 XOL
January 1, 202310/1/2022 – 6/30/202389,864 53,594 146,513 139,186 
2023-2 XOL
July 1, 2023
7/1/2023 – 12/31/2023
100,777 52,089 136,875 133,319 
2024 XOL
January 1, 2024
1/1/2024 – 12/31/2024
162,500 127,186 312,172 309,628 
2025 XOL
January 1, 2025
1/1/2025 – 12/31/2025
283,849 265,838 321,331 321,279 
2026-1 XOL(2)
January 1, 2026
1/1/2026 – 12/31/2026
98,359 98,359 183,282 183,282 
2026-2 XOL (3)
April 1, 202610/1/2020 - 3/31/2021148,109 140,691 17,042 17,042 
(1)    NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable XOL Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.
(2)    The initial reinsurance coverage, current reinsurance coverage, initial first layer retained loss and current first layer retained loss for the 2026-1 XOL Transaction will increase as incremental covered production is ceded under the transaction through December 31, 2026.
(3)    The 2026-2 XOL Transaction provides excess-of-loss coverage for mortgage insurance policies previously covered under the reinsurance agreement with Oaktown Re VI Ltd.