Radian Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Radian Group Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operations for the quarter ending March 31, 2024.</b>

AI Summary

RADIAN GROUP INC (RDN) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Radian Group Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. Radian Group Inc. is classified under SIC code 6351 for Surety Insurance. The company was formerly known as CMAC Investment Corp, with a name change on January 26, 1996.

Why It Matters

For investors and stakeholders tracking RADIAN GROUP INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights into Radian Group Inc.'s performance for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks in the surety insurance market.

Risk Assessment

Risk Level: medium — RADIAN GROUP INC shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but lacks forward-looking guidance or significant event disclosures that would indicate immediate high risk or opportunity.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Radian Group Inc.'s performance drivers and any emerging trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 1996-01-26 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• RADIAN GROUP INC (company) — FILER
• CMAC INVESTMENT CORP (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-03 (date) — FILED AS OF DATE
• 6351 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

Radian Group Inc. operates in the surety insurance industry, providing financial guarantees for various contractual obligations.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosures related to the Mortgage Insurance Segment.
3. Review the company's capital structure and equity components.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

Surety Insurance

A type of insurance that guarantees the performance of a contract or obligation. (This is the primary industry classification for Radian Group Inc., indicating its core business.)

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, so direct comparison to the prior quarter's 10-Q is not yet available within this document.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share RDN New York Stock
• $450 million — nsecured senior notes due October 2024 ($450 million original principal amount) Senior Note
• $525 million — unsecured senior notes due March 2025 ($525 million original principal amount, of which the
• $625 million — 0% unsecured senior notes due May 2029 ($625 million original principal amount) Single Prem

Filing Documents

• rdn-20240331.htm (10-Q) — 2334KB
• rdn-ex31_20240331.htm (EX-31) — 17KB
• rdn-ex32_20240331.htm (EX-32) — 6KB
• rdn-20240331_g1.jpg (GRAPHIC) — 71KB
• 0000890926-24-000028.txt (&nbsp;) — 12164KB
• rdn-20240331.xsd (EX-101.SCH) — 70KB
• rdn-20240331_cal.xml (EX-101.CAL) — 121KB
• rdn-20240331_def.xml (EX-101.DEF) — 417KB
• rdn-20240331_lab.xml (EX-101.LAB) — 799KB
• rdn-20240331_pre.xml (EX-101.PRE) — 616KB
• rdn-20240331_htm.xml (XML) — 2398KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 60

Controls and Procedures

Item 4 Controls and Procedures 60

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 61

Risk Factors

Item 1A Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 61

Other Information

Item 5 Other Information 62

Signatures

Signatures 64 2 Glossary of Abbreviations and Acronyms for Selected References The following list defines various abbreviations and acronyms used throughout this report, including the Condensed Consolidated Financial Statements, the Notes to Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. A number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") are also utilized throughout this report, to assist readers seeking additional information related to a particular subject. Term Definition 2012 QSR Agreements Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014 2016 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017 2018 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019 2020 Single Premium QSR Agreement Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021 2022 QSR Agreement Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) INDEX TO ITEM 1. FINANCIAL STATEMENTS Page Quarterly Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 10 Condensed Consolidated Statements of Operations (Unaudited) 11 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 12 Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) 13 Condensed Consolidated Statements of Cash Flows (Unaudited) 14 Notes to Unaudited Condensed Consolidated Financial Statements Note 1 - Description of Business 15 Note 2 - Significant Accounting Policies 15 Note 3 - Net Income Per Share 16 Note 4 - Segment Reporting 17 Note 5 - Fair Value of Financial Instruments 19 Note 6 - Investments 23 Note 7 - Mortgage Loans Held for Sale 26 Note 8 - Reinsurance 28 Note 9 - Other Assets 32 Note 10 - Income Taxes 33 Note 11 - Losses and LAE 33 Note 12 - Borrowings and Financing Activities 35 Note 13 - Commitments and Contingencies 37 Note 14 - Capital Stock 37 Note 15 - Accumulated Other Comprehensive Income (Loss) 39 Note 16 - Statutory Information 40 9 Radian Group Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except per-share amounts) March 31, 2024 December 31, 2023 Assets Investments (Notes 5 and 6) Fixed-maturities available for sale—at fair value (amortized cost of $ 5,657,808 and $ 5,599,111 ) $ 5,209,025 $ 5,188,228 Trading securities—at fair value (amortized cost of $ 109,275 and $ 110,484 ) 103,256 106,423 Equity securities—at fair value (cost of $ 159,937 and $ 92,124 ) 155,405 89,057 Mortgage loans held for sale—at fair value (Note 7) 147,034 32,755 Other invested assets—at fair value 8,849 8,625 Short-term investments—at fair value (includes $ 89,532 and $ 149,364 of reinvested cash collateral held under securities lending agreements) 703,545 660,566 Total investments 6,327,114 6,085,654 Cash 26

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