Radian Group Inc (NYSE: RDN)

Radian Group Inc is a leading U. S. private mortgage insurer that provides solutions to expand access to affordable, responsible and sustainable homeownership. The company aggregates manages and distributes U. S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors principally through private mortgage insurance on residential first lien mortgage loans. As a holding company Radian Group does not conduct operations directly but relies on its subsidiaries, the most significant of which is Radian Guaranty, to deliver its mortgage insurance products and related services.

Revenue is generated primarily from premiums received on private mortgage insurance policies written on new and existing loans, including monthly annual and single premium structures. The company also earns investment income from its investment portfolio which supports claims paying capacity and overall profitability. In addition Radian derives fees from its mortgage conduit title and real estate services businesses which are slated for divestiture and from specialty insurance and reinsurance activities that will be added upon the completion of the Inigo acquisition.

As of December 31, 2025 the company operated through one reportable business segment, Mortgage Insurance.

• Mortgage Insurance: This segment provides primary mortgage insurance on individual loans and limited pool mortgage insurance, underwrites risk through delegated and non delegated programs, manages claims and loss mitigation, and distributes risk via quota share and excess of loss reinsurance arrangements including mortgage linked notes. In 2025 the segment wrote $55.2 billion of new insurance, increasing risk in force to $282.5 billion, and generated earned premiums that contributed to consolidated pretax income of $791 million.

Radian Group Inc holds a strong position within the U. S. private mortgage insurance industry competing with other private insurers such as Arch Capital Group, Enact Holdings, Esset Group, MGIC Investment Corporation and NMI Holdings while also facing competition from government backed programs offered by the Federal Housing Administration and the Department of Veterans Affairs. The company’s competitive advantages include its risk adjusted pricing framework, extensive use of data and analytics, solid capital base reflected in a $1.8 billion holding company liquidity position and a PMIERs cushion of $1.6 billion at year end 2025, and a diversified reinsurance program that reduces earnings volatility. In 2025 Radian’s share of new insurance written within the private mortgage insurance market was approximately 18% and it ranked among the top three private mortgage insurers by volume.

The company’s customers are mortgage originators including mortgage banks, commercial banks, savings institutions, credit unions and community banks. No single customer accounted for more than 10% of new insurance written in 2025 and the top ten customers together generated about 28% of the segment’s new insurance written. Radian also serves a broad geographic base with licenses in all fifty states the District of Columbia and Guam, and its risk in force is diversified across states with the largest concentration in Texas representing 10.5% of total risk in force.