Radian is the second-largest U.S. private mortgage insurer. Its core product is private mortgage insurance (PMI), which protects lenders and the GSEs (Fannie Mae and Freddie Mac) from losses when borrowers default on residential first-lien mortgages. PMI is required when a borrower puts down less than 20%, and Radian sells coverage directly to mortgage originators — banks, credit unions, and mortgage companies — at or near loan origination. Revenue is driven primarily by premiums earned on Radian's $282.5B insurance in force (IIF) portfolio, with IIF growth depending on new insurance written (NIW) exceeding policy lapses and prepayments. A key earnings driver is persistency — the share of IIF that stays active — which is elevated today because high mortgage rates suppress refinancing activity. Radian also earns meaningful investment income on its $6.1B investment portfolio. Radian uses reinsurance to manage capital requirements under the GSEs' PMIERs framework. In February 2026, Radian completed the $1.67B acquisition of Inigo, a Lloyd's specialty insurer writing property, casualty, financial lines, and other specialty lines. The acquisition is intended to transform Radian from a pure-play U.S. mortgage insurer into a diversified global specialty insurer, with management targeting roughly 200 bps of ROE accretion. Radian is concurrently divesting its Mortgage Conduit, Title, and Real Estate Services businesses.