Radian Group Inc (NYSE: RDN) is a mortgage insurance company that provides private mortgage insurance on residential mortgage loans in the United States. It earns premiums by insuring lenders and investors against default losses on mortgages where borrowers make down payments below 20 percent, covering both recurring premium policies and single premium policies. Radian manages its credit exposure through reinsurance arrangements, including quota share reinsurance agreements with panels of third-party reinsurers covering new insurance written across successive annual periods, as disclosed in its 10-K filed February 20, 2026. The company cedes portions of new insurance written under agreements including a 2024 QSR Agreement, 2025 QSR Agreement, 2026 QSR Agreement, and 2027 QSR Agreement, each covering distinct origination windows. Radian also uses excess-of-loss reinsurance on policies originated between January 1, 2016, and September 30, 2021.

Revenue model

Radian earns mortgage insurance premiums on covered residential loans, structured as either recurring (periodic) premiums or single upfront premiums. Risk is partially ceded to third-party reinsurers through quota share and excess-of-loss arrangements, which reduce net premium income in exchange for loss protection.

Products and services

Private mortgage insurance covering residential mortgage loans, including Recurring Premium Policies and Single Premium Policies. Reinsurance structures include quota share reinsurance agreements (2024, 2025, 2026, and 2027 QSR Agreements) and excess-of-loss reinsurance arrangements with panels of third-party reinsurance providers.

Customers and end markets

Primary customers are mortgage lenders and investors originating residential mortgage loans with loan-to-value ratios that require private mortgage insurance. End market is the U.S. residential mortgage origination market.

Value-chain role

Mortgage insurance provider sitting between residential mortgage borrowers and lenders, absorbing first-loss credit risk on high loan-to-value loans and enabling lenders to originate conforming mortgages with lower borrower down payments.

Geographic exposure

United States residential mortgage market. No international geographic detail supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-20

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