v3.26.1
Segment Reporting - Segment and Revenue Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net premiums earned $ 503,712 $ 233,526 $ 906,240 [1],[2] $ 467,570
Net investment income 74,696 61,672 144,394 [1],[3] 122,682
Other income 2,340 1,502 5,330 [1] 3,284
Total revenues 574,959 298,551 1,041,296 [1] 593,386
Provision for losses 194,945 11,954 302,878 [1],[4] 27,294
Other operating expenses:        
Total other operating expenses 110,586 69,178 208,755 [1] 127,086
Interest expense 22,312 17,428 42,906 [1] 33,917
Net gains (losses) on financial instruments and foreign exchange (5,789) 1,851 (14,668) [1] (150)
Pretax income from continuing operations 150,717 192,786 324,380 [1] 391,496
Segment assets as of period end 10,656,320   10,656,320  
Mortgage Insurance revenues        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net premiums earned 236,349 233,526 474,526 [2] 467,570
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net premiums earned 503,712   906,240  
Net investment income [5] 80,516   150,742  
Other income 2,340   5,330  
Total revenues 586,568   1,062,312  
Provision for losses 198,657   309,201  
Amortization of deferred policy acquisition costs [6] 59,818   95,782  
Other operating expenses:        
Salaries and share-based employee expenses [7] 53,148   93,196  
Other non-employee operating expenses [7] 40,441   72,014  
Depreciation expense [7] 2,408   4,614  
Ceding Commissions [7] (8,608)   (16,827)  
Total other operating expenses [7] 87,389   152,997  
Interest expense 4,287   7,047  
Adjusted pretax operating income 236,417   497,285  
Operating Segments | Mortgage Insurance revenues        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Provision for losses 29,418 11,954 53,694 [4] 27,294
Operating Segments | Mortgage segment operating        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net premiums earned 236,349 233,526 474,526 467,570
Net investment income 55,614 [5] 53,289 108,941 [5] 101,740
Other income 1,258 1,502 2,921 3,284
Total revenues 293,221 288,317 586,388 572,594
Provision for losses 29,418 11,954 53,694 27,294
Amortization of deferred policy acquisition costs 6,881 [6] 7,205 13,780 [6] 13,593
Other operating expenses:        
Salaries and share-based employee expenses 37,221 [7] 42,012 [8] 67,232 [7] 74,648
Other non-employee operating expenses 17,931 [7] 15,071 [8] 35,060 [7] 30,486
Depreciation expense 1,803 [7] 1,873 [8] 3,605 [7] 3,747
Ceding Commissions (8,608) [7] (7,075) [8] (16,827) [7] (13,797)
Total other operating expenses 48,347 [7] 51,881 [8] 89,070 [7] 95,084
Interest expense 754 877 [8] 1,224 1,302
Adjusted pretax operating income $ 207,821 $ 216,400 [8] $ 428,620 $ 435,321
Loss Ratio 12.40% 5.10% 11.30% 5.80%
Expense Ratio 23.40% 25.30% 21.70% 23.20%
Combined Ratio 35.80% 30.40% 33.00% 29.00%
Segment assets as of period end $ 6,504,057 $ 6,612,438 $ 6,504,057 $ 6,612,438
Operating Segments | Specialty segment operating        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net premiums earned 267,363   431,714 [9]  
Net investment income [5] 24,902   41,801 [9]  
Other income 1,082   2,409 [9]  
Total revenues 293,347   475,924 [9]  
Provision for losses 169,239   255,507 [9]  
Amortization of deferred policy acquisition costs [6] 52,937   82,002 [9]  
Other operating expenses:        
Salaries and share-based employee expenses [7] 15,927   25,964 [9]  
Other non-employee operating expenses [7] 22,510   36,954 [9]  
Depreciation expense [7] 605   1,009 [9]  
Ceding Commissions [7] 0   0 [9]  
Total other operating expenses [7] 39,042   63,927 [9]  
Interest expense 3,533   5,823 [9]  
Adjusted pretax operating income $ 28,596   $ 68,665 [9]  
Loss Ratio 63.30%   59.20%  
Expense Ratio 34.40%   33.80%  
Combined Ratio 97.70%   93.00%  
Segment assets as of period end [9] $ 4,021,418   $ 4,021,418  
Corporate, Non-Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Net investment income 3,930 8,383 13,152 20,942
Other operating expenses:        
Total other operating expenses (16,723) (17,297) (27,422) (31,618)
Interest expense (27,775) [10] (16,551) (55,359) [10] (32,615)
Net gains (losses) on financial instruments and foreign exchange (5,789) 1,851 (14,668) (150)
Amortization and impairment of other acquired intangible assets (5,896)   (9,805)  
Other purchase accounting adjustments, net [11] (26,726)   (50,056)  
Acquisition-related expenses and other non-operating items (6,721) [12] 0 (28,747) [12] (384)
Pretax income from continuing operations 150,717 $ 192,786 324,380 $ 391,496
Corporate, Non-Segment | Mortgage segment operating        
Other operating expenses:        
Interest expense $ 10,000   $ 20,000  
[1] Includes Inigo results for the five-month period from the Closing Date of the acquisition through June 30, 2026.
[2] Includes Inigo results from the Closing Date through June 30, 2026.
[3] Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.
[4] Includes Inigo results from the Closing Date of the acquisition through June 30, 2026.
[5] For the three and six months ended June 30, 2026, the Mortgage segment includes $10 million and $20 million, respectively, related to the Intercompany Note that is reported as interest expense in Corporate category and eliminated in consolidation.
[6] 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.
[7] For the three and six months ended June 30, 2026, the Mortgage segment includes $31 million and $51 million, respectively, of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.
[8] For the three and six months ended June 30, 2025, includes $32 million and $59 million, respectively, of allocated holding company operating expenses, representing estimated time spent directly supporting the Mortgage business.
[9] Results are for the five-month period subsequent to the Closing Date.
[10] For the three and six months ended June 30, 2026, includes $10 million and $20 million, respectively, related to the Intercompany Note that is reported as net investment income in the Mortgage segment and eliminated in consolidation.
[11] For the three and six months ended June 30, 2026, primarily includes $64 million and $118 million, respectively, of net VOBA asset and liability amortization, partially offset by $37 million and $68 million, respectively, of reversal of policy acquisition costs that are reflected in segment results but eliminated under purchase accounting on a consolidated basis.
[12] Relates to acquisition-related expenses, which are included in other operating expenses on the condensed consolidated statement of operations.