Reinsurance (Tables)

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026 (1)			2025			2026			2025			2026 (1)			2025
Direct
Mortgage	$	261,102		$	255,014		$	520,879		$	507,518		$	269,537		$	262,044		$	538,439		$	523,955
Specialty		229,051		N/A				310,595		N/A				146,061		N/A				255,048		N/A
Total direct		490,153			255,014			831,474			507,518			415,598			262,044			793,487			523,955
Assumed
Specialty		275,428		N/A				355,836		N/A				190,077		N/A				284,575		N/A
Total assumed		275,428		N/A				355,836		N/A				190,077		N/A				284,575		N/A
Ceded
Mortgage (2)		(28,547	)		(23,419	)		(55,059	)		(45,673	)		(33,188	)		(28,518	)		(63,913	)		(56,385	)
Specialty		(122,299	)	N/A				(135,768	)	N/A				(68,775	)	N/A				(107,909	)	N/A
Total ceded (2)		(150,846	)		(23,419	)		(190,827	)		(45,673	)		(101,963	)		(28,518	)		(171,822	)		(56,385	)
Total
Mortgage		232,555			231,595			465,820			461,845			236,349			233,526			474,526			467,570
Specialty		382,180		N/A				530,663		N/A				267,363		N/A				431,714		N/A
Total net premiums	$	614,735		$	231,595		$	996,483		$	461,845		$	503,712		$	233,526		$	906,240		$	467,570

N/A – Not applicable

(1)

Includes Inigo results from the Closing Date through June 30, 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 June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026 (1)		2025
Ceding commissions earned
Mortgage (2)	$	8,741	$	7,371	$	17,102	$	14,406
Specialty (3)		6,550	N/A			11,142	N/A
Total ceding commissions earned	$	15,291	$	7,371	$	28,244	$	14,406
Ceded losses
Mortgage	$	7,045	$	3,968	$	13,119	$	8,227
Specialty		44,313	N/A			53,614	N/A
Total ceded losses	$	51,358	$	3,968	$	66,733	$	8,227

N/A – Not applicable

(1)

Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.

(2)

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 on our condensed consolidated balance sheets.

(3)

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.

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)	June 30, 2026		December 31, 2025
Eagle Re 2023-1 Ltd.	$	235,058	$	261,977
Eagle Re 2021-2 Ltd.		115,789		156,971
Eagle Re 2021-1 Ltd. (2)		—		78,083
Total	$	350,847	$	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.

(2)

In June 2026, the excess-of-loss reinsurance agreement with Eagle Re 2021-1 Ltd. was terminated, as further discussed above.