Radian Group Inc. (RDN): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el complejo panorama del seguro hipotecario, Radian Group Inc. (RDN) surge como una potencia estratégica, transformando la gestión de riesgos en una forma de arte sofisticada. Al tejer meticulosamente el modelado de riesgos avanzados, las estrategias de protección integrales y las soluciones financieras innovadoras, Radian no solo mitigan los incumplimientos hipotecarios, sino que revoluciona cómo los prestamistas, los prestatarios e inversores navegan por el intrincado terreno del financiamiento inmobiliario. Su lienzo de modelo de negocio revela un enfoque multifacético que va más allá del seguro tradicional, ofreciendo un plan matizado para la resiliencia financiera en un mercado en constante evolución.

Radian Group Inc. (RDN) - Modelo de negocio: asociaciones clave

Prestamistas hipotecarios e instituciones financieras

A partir del cuarto trimestre de 2023, Radian Group Inc. mantiene asociaciones estratégicas con:

Tipo de socio	Número de asociaciones	Volumen de hipoteca total
Bancos nacionales	12	$ 45.2 mil millones
Bancos regionales	38	$ 22.7 mil millones
Coeficientes de crédito	24	$ 15.6 mil millones

Compañías de seguros y compañías de reaseguro

Las asociaciones de reaseguros de Radian incluyen:

• Grupo de Munich Re
• Swiss RE
• Scor Global P&C
• Hannover re

Empresas patrocinadas por el gobierno

Asociaciones clave con GSE:

Socio de GSE	Volumen de seguro hipotecario	Cuota de mercado
Fannie Mae	$ 78.3 mil millones	42.1%
Freddie Mac	$ 65.9 mil millones	35.4%

Proveedores de tecnología y análisis de datos

Inversiones de asociación tecnológica:

• Corelógico
• Servicios financieros de Knight Knight
• Ellie Mae

Empresas de consultoría legales y de cumplimiento

Detalles de la asociación de cumplimiento:

Consultoría	Valor anual del contrato	Enfoque de servicio
Deloitte	$ 2.4 millones	Cumplimiento regulatorio
PWC	$ 1.8 millones	Gestión de riesgos

Radian Group Inc. (RDN) - Modelo de negocio: actividades clave

Suscripción de seguro hipotecario

Radian Group Inc. procesó $ 236.9 mil millones en un seguro total escrito en 2022. La cartera de seguro hipotecario de la Compañía consistió en 1.1 millones de certificados de seguro primario y de billar.

Métrico	Valor 2022
Seguro total escrito	$ 236.9 mil millones
Certificados de seguro	1.1 millones
Riesgo en vigor	$ 246.7 mil millones

Evaluación y gestión de riesgos

Radian mantiene procesos sofisticados de gestión de riesgos con Técnicas avanzadas de modelado predictivo.

• Estrategias de mitigación de pérdidas
• Evaluación integral del riesgo de crédito
• Algoritmos de puntuación de riesgos propietarios

Procesamiento y resolución de reclamos

En 2022, Radian procesó reclamos con un tiempo de resolución promedio de 45 días. Los reclamos totales pagados fueron de $ 214.3 millones.

Métrico de reclamos	Rendimiento 2022
Tiempo de resolución promedio	45 días
Reclamaciones totales pagadas	$ 214.3 millones
Relación pagada de reclamos	12.4%

Desarrollo de productos para la protección hipotecaria

Radian invirtió $ 42.7 millones en investigación y desarrollo para productos innovadores de protección hipotecaria en 2022.

Relaciones con inversores y gestión de capital

Radian mantuvo fuertes reservas de capital con $ 1.8 mil millones en capital total al 31 de diciembre de 2022.

Métrico de capital	Valor 2022
Capital total	$ 1.8 mil millones
Patrimonio de los accionistas	$ 1.3 mil millones
Calificación de fortaleza financiera	A (estable) por A.M. Mejor

Radian Group Inc. (RDN) - Modelo de negocio: recursos clave

Algoritmos de modelado de riesgos avanzados

Radian Group utiliza tecnologías sofisticadas de evaluación de riesgos con las siguientes características:

Métrico de algoritmo	Medida cuantitativa
Precisión predictiva	92.3% Predicción de predicción de incumplimiento de la hipoteca
Velocidad de procesamiento	Más de 500,000 evaluaciones de riesgos por hora
Integración de aprendizaje automático	Capacidad de procesamiento de datos en tiempo real

Cartera de seguro hipotecario grande

Composición de cartera a partir del cuarto trimestre 2023:

• Cartera de hipotecas aseguradas totales: $ 327.8 mil millones
• Cobertura geográfica: 50 estados de EE. UU.
• Relación promedio de préstamo a valor: 89.6%

Reservas de capital financiero fuertes

Métrica financiera	Cantidad
Capital total	$ 2.6 mil millones
Relación de capital basada en el riesgo	26.4%
Activo líquido	$ 1.1 mil millones

Equipo de gestión experimentado

• Promedio de tenencia ejecutiva: 12.5 años
• Experiencia de la industria combinada: 187 años
• Liderazgo con experiencia previa en instituciones financieras de primer nivel

Plataformas de datos y análisis de propiedad

Capacidad de plataforma	Especificación
Volumen de procesamiento de datos	3.2 petabytes anualmente
Evaluación de riesgos en tiempo real	Tiempo de respuesta a nivel de milisegundo
Precisión de modelado predictivo	94.7% de confiabilidad estadística

Radian Group Inc. (RDN) - Modelo de negocio: propuestas de valor

Protección integral de riesgos de incumplimiento de la hipoteca

Radian Group Inc. proporciona un seguro hipotecario $ 304.5 mil millones en un seguro nuevo primario escrito en 2022. La cobertura del seguro hipotecario de la compañía protege a los prestamistas contra posibles pérdidas de los incumplimientos del prestatario.

Métrico	Valor 2022
Nuevo seguro principal escrito	$ 304.5 mil millones
Seguro hipotecario en vigor	$ 274.3 mil millones
Premios netos ganadas	$ 858.1 millones

Seguridad financiera para prestamistas y prestatarios

Radian ofrece soluciones de mitigación de riesgos que protegen a las instituciones financieras contra posibles incumplimientos de hipotecas.

• Cobertura de préstamo a valor (LTV) de hasta 97%
• Protección por riesgos por defecto para préstamos convencionales y respaldados por el gobierno
• La capacidad de pago de reclamos calificó un (excelente) por A.M. Mejor

Habilitar la propiedad de la vivienda a través de la mitigación de riesgos

En 2022, Radian facilitó la propiedad de vivienda para aproximadamente 237,000 prestatarios a través de productos de seguro hipotecario.

Categoría de prestatario	Volumen 2022
Compradores de vivienda por primera vez	137,000
Prestatarios de ingresos bajos a moderados	85,000
Total de prestatarios asistidos	237,000

Productos de seguro flexibles para diversos segmentos de mercado

Radian ofrece múltiples categorías de productos de seguro para abordar las diversas necesidades del mercado.

• Seguro hipotecario residencial
• Seguro hipotecario comercial
• Seguro de riesgo especializado

Proceso de resolución de reclamos eficientes

Radian mantiene un Tasa de satisfacción del 98.5% de reclamos con un tiempo de resolución promedio de 45 días en 2022.

Métrica de rendimiento de reclamos	Valor 2022
Tasa de satisfacción de reclamos	98.5%
Tiempo de resolución promedio	45 días
Reclamaciones totales procesadas	12,500

Radian Group Inc. (RDN) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

Radian Group proporciona a los portales de clientes en línea las siguientes capacidades:

• Portal de envío de reclamos
• Interfaz de gestión de políticas
• Herramientas de evaluación de riesgos en tiempo real

Métrica de plataforma digital	2023 datos
Cuentas de usuario en línea	387,456
Reclamaciones digitales procesadas	129,342
Descargas de aplicaciones móviles	214,567

Gestión de cuentas dedicada

Equipo de gestión de cuentas especializado que sirve:

• Clientes corporativos
• Socios de seguro hipotecario
• Grandes clientes institucionales

Segmento de gestión de cuentas	Número de gerentes dedicados
Segmento corporativo	87
Segmento de seguro hipotecario	62

Servicios de evaluación de riesgos personalizados

Radian ofrece evaluación de riesgos personalizada a través de:

• Modelado predictivo avanzado
• Perfil de riesgo de cliente individual
• Soluciones de seguro a medida

Comunicación e informes regulares

Canal de comunicación	Frecuencia	2023 tasa de compromiso
Informes financieros trimestrales	4 veces/año	92%
Actualizaciones de riesgos mensuales	12 veces/año	78%

Asistencia de atención al cliente y reclamos

Métrico de soporte	2023 rendimiento
Tiempo de respuesta promedio	2.4 horas
Tasa de resolución de reclamos	96.3%
Puntuación de satisfacción del cliente	4.7/5

Radian Group Inc. (RDN) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Radian Group Inc. mantiene un equipo de ventas directo de 487 profesionales centrado en seguros hipotecarios y servicios de gestión de riesgos.

Métrico de canal de ventas	2024 datos
Representantes de ventas directas totales	487
Ventas anuales promedio por representante	$ 2.3 millones
Cobertura geográfica	50 estados de EE. UU.

Portal web en línea

El portal web en línea de Radian sirve como un canal digital crítico para las interacciones del cliente.

• Usuarios mensuales del portal web: 124,567
• Volumen de transacción digital: $ 1.42 mil millones anuales
• Tasa de satisfacción del usuario del portal: 92%

Redes de corredor de hipotecas

Radian colabora con extensas redes de corredores de hipotecas en los Estados Unidos.

Métrico de red	2024 estadísticas
Total de corredores de hipotecas asociados	8,324
Volumen de hipotecas anuales a través de corredores	$ 37.6 mil millones

Asociaciones de asesores financieros

Radian mantiene asociaciones estratégicas con firmas de asesoramiento financiero en todo el país.

• Asociaciones totales de asesores financieros: 2,156
• Ingresos de asociación promedio: $ 1.7 millones por asociación
• Cobertura de asociación: 48 estados

Interfaces de aplicaciones móviles

La aplicación móvil de Radian proporciona acceso integral del servicio digital.

Módulo de aplicación móvil	2024 datos
Descargas totales de aplicaciones móviles	276,543
Usuarios activos mensuales	87,321
Porcentaje de transacción móvil	24% de las transacciones totales

Radian Group Inc. (RDN) - Modelo de negocio: segmentos de clientes

Prestamistas de hipotecas residenciales

Radian Group Inc. atiende a los prestamistas hipotecarios con cobertura del seguro hipotecario. A partir del cuarto trimestre de 2023, el seguro hipotecario de la compañía vigente era de $ 272.7 mil millones.

Tipo de prestamista hipotecario	Cuota de mercado	Volumen de seguro
Grandes bancos nacionales	42%	$ 114.5 mil millones
Bancos regionales	28%	$ 76.3 mil millones
Coeficientes de crédito	15%	$ 40.9 mil millones
Banqueros hipotecarios independientes	15%	$ 40.9 mil millones

Compradores de vivienda por primera vez

Radian se dirige a los compradores de viviendas por primera vez a través de productos especializados de seguro hipotecario.

• Segmento de mercado de compradores de vivienda por primera vez: 38% de las solicitudes de hipotecas totales en 2023
• Tamaño promedio del préstamo para compradores por primera vez: $ 280,000
• Porcentaje de compradores primerizos con seguro radiano: 22%

Inversores inmobiliarios

Radian proporciona un seguro hipotecario para financiamiento de propiedades de inversión.

Tipo de propiedad de inversión	Cobertura de seguro	Valor promedio de préstamo
Alquiler unifamiliar	$ 45.6 mil millones	$350,000
Propiedades multifamiliares	$ 28.3 mil millones	$ 1.2 millones

Financieros de propiedad comercial

Radian ofrece soluciones de mitigación de riesgos para préstamos de propiedades comerciales.

• Cartera de seguro hipotecario comercial: $ 89.7 mil millones
• Tamaño promedio del préstamo comercial: $ 4.5 millones
• Cobertura geográfica: 48 estados

Agencias de vivienda gubernamental

Radian colabora con las agencias de vivienda gubernamental para apoyar las iniciativas de vivienda asequible.

Agencia	Volumen de seguro	Porcentaje de cartera
FHA	$ 62.4 mil millones	23%
Virginia	$ 38.6 mil millones	14%
Agencias estatales de finanzas de vivienda	$ 27.3 mil millones	10%

Radian Group Inc. (RDN) - Modelo de negocio: Estructura de costos

Gastos de pago de reclamos

Para el año fiscal 2023, Radian Group Inc. informó que los gastos de pago totales de reclamos de $ 1.2 mil millones. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (en millones)
Reclamaciones de seguro hipotecario	$987
Gastos de ajuste de pérdidas	$213

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para Radian Group Inc. en 2023 totalizaron $ 78.5 millones, lo que incluye:

• Infraestructura de computación en la nube: $ 32.4 millones
• Sistemas de ciberseguridad: $ 22.1 millones
• Licencias y mantenimiento de software: $ 24 millones

Compensación de empleados

La compensación total de los empleados para 2023 fue de $ 245.6 millones, estructurada de la siguiente manera:

Tipo de compensación	Cantidad (en millones)
Salarios base	$156.3
Bonos de rendimiento	$54.2
Compensación basada en acciones	$35.1

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 42.7 millones, incluidos:

• Consultoría legal y de cumplimiento: $ 18.3 millones
• Sistemas de informes regulatorios: $ 14.5 millones
• Programas de capacitación de cumplimiento: $ 9.9 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 fueron de $ 67.4 millones, distribuidos de la siguiente manera:

Canal de marketing	Cantidad (en millones)
Marketing digital	$28.6
Publicidad tradicional	$22.1
Gastos del equipo de ventas	$16.7

Radian Group Inc. (RDN) - Modelo de negocio: flujos de ingresos

Primas de seguro hipotecario

Para el año fiscal 2023, Radian Group informó primas de seguro hipotecario de $ 825.4 millones. La principal fuente de ingresos de la compañía proviene de proporcionar cobertura de seguro hipotecario a los prestamistas y prestatarios.

Año	Primas de seguro hipotecario ($ M)	Cambio año tras año
2022	$798.6	+3.35%
2023	$825.4	+3.48%

Modelos de precios basados ​​en el riesgo

Radian utiliza estrategias sofisticadas de precios basadas en el riesgo que generaron aproximadamente $ 142.3 millones en ingresos de primas diferenciales en 2023.

• Tasas de primas ajustadas al riesgo que van desde 0.3% a 2.5%
• Precios personalizados basados ​​en perfiles de crédito del prestatario
• Modelos de evaluación de riesgos dinámicos

Ingresos de inversión de la cartera

Los ingresos por inversiones para Radian Group en 2023 totalizaron $ 187.6 millones, derivados de valores de renta fija y estrategias de inversión diversificadas.

Categoría de inversión	Ingresos ($ M)	Porcentaje de total
Valores de renta fija	$134.2	71.5%
Inversiones de renta variable	$53.4	28.5%

Tarifas de la comisión de reaseguros

Las tarifas de la comisión de reaseguro para 2023 ascendieron a $ 76.5 millones, lo que representa un enfoque de diversificación de ingresos estratégicos.

Servicios financieros auxiliares

Los servicios financieros adicionales generaron $ 45.2 millones en ingresos suplementarios durante 2023.

• Servicios de seguro de título
• Consultoría de gestión de riesgos
• Soluciones de gestión predeterminadas

Categoría de servicio	Ingresos ($ M)
Seguro de título	$22.7
Consultoría de gestión de riesgos	$15.3
Soluciones de gestión predeterminadas	$7.2

Radian Group Inc. (RDN) - Canvas Business Model: Value Propositions

You're looking at the core value Radian Group Inc. (RDN) delivers to its customers, which are primarily lenders and, by extension, homebuyers. This is about managing credit risk and enabling transactions.

Mortgage default protection for lenders, enabling low down payment loans

Radian Group Inc. provides mortgage insurance that allows lenders to offer loans requiring lower borrower down payments. This protection is critical for enabling access to the housing market for many borrowers.

• Since 1977, Radian Group Inc. has supported lenders and their borrowers by helping more than 8.5 million families achieve homeownership.
• The primary mortgage insurance in force portfolio reached an all-time high of $277 billion as of the second quarter of 2025.
• This portfolio grew further to $281 billion by the third quarter of 2025.
• New insurance written in the second quarter of 2025 was $14.3 billion.
• New insurance written in the third quarter of 2025 was $15.5 billion.

Capital relief for lenders by transferring credit risk off-balance sheet

By insuring the loans, Radian Group Inc. takes on the credit risk, which acts as capital relief for the originating lenders. This is a direct transfer of potential loss exposure.

Metric	Q2 2025 Value	Q3 2025 Value
Net Income	$142 million	$141 million (Continuing Operations)
Return on Equity (ROE)	12.5%	Not explicitly stated for Q3 2025
Book Value Per Share	$33.18	$34.34

Maintaining a PMIERs cushion of approximately $2 billion for financial stability

Radian Guaranty maintains capital levels well above regulatory minimums, which is a key value proposition for the GSEs (Government-Sponsored Enterprises) and the market regarding Radian Group Inc.'s financial strength.

The stated target cushion is approximately $2 billion. As of the second quarter of 2025, Radian Guaranty maintained a stable PMIERs cushion of $2 billion. By September 30, 2025, Radian Guaranty's Available Assets under PMIERs totaled $6.0 billion, resulting in PMIERs excess Available Assets (the cushion) of $1.9 billion.

Facilitating affordable homeownership for first-time homebuyers

The core mission supports the entry of new owners into the market, especially as the largest generation, millennials, enters their prime homebuying years.

• Persistency rate remained strong at 84% for the twelve months ended September 30, 2025.
• Approximately 70% of Radian Group Inc.'s insurance in force carries mortgage rates of 6% or less, which reduces cancellation risk from refinancing.

Dynamic, risk-based pricing that maximizes economic value for stockholders

Radian Group Inc. uses data-driven methods to price risk, ensuring the premiums charged reflect the actual risk assumed, which directly impacts stockholder returns.

Pricing/Value Metric	Value as of Q2 2025	Value as of Q3 2025
Primary Mortgage Insurance in Force Premium Yield	37.8 basis points	37.9 basis points
Total Revenues	$318 million (Q2 2025)	$303 million (Q3 2025)
Total Return of Capital to Stockholders (H1 2025)	More than $500 million	N/A

The company expects Radian Guaranty to pay up to $795 million of total distributions to Radian Group in 2025. Finance: draft 13-week cash view by Friday.

Radian Group Inc. (RDN) - Canvas Business Model: Customer Relationships

Dedicated account management and sales teams for large lenders are evidenced by the scale of new business written and the overall portfolio size.

Automated, high-volume policy issuance and management interfaces contribute to the strong policy retention seen across the portfolio.

Self-service portals for claims submission and policy administration support the observed policyholder behavior.

Metric	Value (as of Late 2025)	Period/Context
Primary Mortgage Insurance in Force (IIF)	$281 billion	End of Q3 2025
New Insurance Written (NIW)	$15.5 billion	Q3 2025
New Insurance Written (NIW)	$14.3 billion	Q2 2025
Persistency Rate	84%	Q3 2025
Policies with Mortgage Rate of 5% or lower	Approximately half of IIF	As of end of Q3 2025
Policies with Mortgage Rate of 6% or less	Approximately 70% of IIF	Reported in late 2024 context

Long-term, stable relationships with GSEs for market access are foundational to the primary mortgage insurance business structure.

• Radian Guaranty Inc.'s PMIERs cushion was $1.9 billion as of Q3 2025.
• Radian Guaranty Inc. is expected to pay $795 million of total distributions to Radian Group during 2025.
• Radian Guaranty Inc.'s financial strength rating from Fitch Ratings was A (Strong) as of January 2025.

Transactional, high-touch service for complex reinsurance deals is demonstrated by recent risk management actions.

Here's the quick math on the latest risk transfer: Radian Guaranty Inc. agreed to principal terms on an excess of loss (XOL) reinsurance arrangement for approximately $373 million in coverage.

• XOL Coverage Amount: $373 million.
• Effective Date: December 1, 2025.
• Policies Covered: Written from 2016 through 2021.

The company repurchased approximately 13.5 million shares of common stock in the first half of 2025, which is a direct return to stockholders, a key customer group.

Radian Group Inc. (RDN) - Canvas Business Model: Channels

You're looking at how Radian Group Inc. gets its mortgage insurance and related services to the market, which is really about getting risk off its books and communicating its financial strength to the people who fund it. Honestly, the numbers tell a clear story about where the volume is flowing.

Direct sales force targeting mortgage originators and servicers

The core channel is the direct relationship with mortgage lenders. This sales effort drives the volume of new insurance written, which feeds the in-force portfolio. The quality of this channel is reflected in the portfolio's growth and retention metrics.

Key volume and retention statistics for the mortgage insurance business as of late 2025 include:

Metric	Q3 2025 Value	Q2 2025 Value
New Insurance Written (NIW)	$15.5 billion	$14.3 billion
Primary Mortgage Insurance in Force (IIF)	$281 billion (as of September 30, 2025)	$277 billion (as of June 30, 2025)
Trailing Twelve Month Persistency Rate	83.8% (Quarterly annualized as of Q3 2025)	84% (Twelve months ended June 30, 2025)

The persistency rate, which shows how many policies stay on the books, was strong, indicating that the initial origination channel is bringing in quality business that sticks around. For instance, approximately 70% of Radian Group's insurance in force carries mortgage rates of 6% or less, which reduces near-term cancellation risk.

Integrated technology platforms for direct lender system integration

Radian Group Inc. uses technology, like the RADAR Rates platform, to make risk assessment precise for lenders. While specific integration counts aren't public, the technology underpins the efficiency of the direct sales channel.

• RADAR Rates platform use for precise risk assessment and pricing.
• Technology investment is a strategic priority for 2025.

Online portals for policy quoting, submission, and servicing

The company relies on technology to make interactions convenient for financial institutions, which is a key part of their acquisition strategy for lenders. Specific metrics for portal usage are not detailed, but the overall business performance suggests effective digital processing.

Capital markets for distributing risk to investors (e.g., mortgage insurance-linked notes)

Distributing risk via capital markets is a crucial way Radian Group manages its capital position under the PMIERs financial requirements. This involves reinsurance and notes transactions.

Recent capital markets activity includes:

• A $373 million Excess of Loss (XOL) Reinsurance Transaction announced near November 2025.
• Radian Mortgage Capital LLC temporarily increased its borrowing capacity under an MRA with JPMorgan Chase (JPM) by $100 million, reaching a total of $400 million until June 30, 2025.
• An existing Master Repurchase Agreement (MRA) with Goldman Sachs Bank USA for $200 million was extended to August 31, 2025.

The subsidiary, Radian Guaranty, maintained a strong capital position, with its PMIERs cushion at $2 billion as of Q2 2025. This entity also paid a $200 million ordinary dividend to the holding company in Q2 2025, with up to $795 million expected in total distributions for the full year 2025.

Investor relations for communicating value to stockholders

Communicating value to stockholders is done through reporting strong financial results and executing capital return programs. The company repurchased approximately 13.5 million shares of common stock in the first half of 2025, returning more than $500 million to stockholders in that period.

Here are the key metrics used to communicate value as of late 2025:

Metric	Q3 2025 Value	Q2 2025 Value
Book Value Per Share (BVPS)	$34.34	$33.18
Year-over-Year BVPS Growth	9% (as of Q3 2025)	12% (as of Q2 2025)
Net Income (Continuing Operations)	$153 million (Q3 2025)	$142 million (Q2 2025)
Return on Equity (ROE)	Not explicitly stated for Q3 2025	12.5% (Q2 2025)
Stock Price (as of Nov 4, 2025)	$34.31	N/A

The common stock dividend in Q2 2025 was $0.255 per share, totaling $35 million. The market capitalization stood at $4.65B as of November 4, 2025.

Radian Group Inc. (RDN) - Canvas Business Model: Customer Segments

The primary customer segments for Radian Group Inc. are business-to-business entities that require credit risk mitigation on residential first-lien mortgage loans.

The scale of the core mortgage insurance business, which serves these segments, is quantified by the following portfolio metrics as of late 2025:

Metric	Value as of Q3 2025	Value as of Q2 2025
Primary Mortgage Insurance in Force (IIF)	$281 billion	$277 billion
New Insurance Written (NIW)	Not specified for Q3 2025	$14.3 billion (for Q2 2025)
12-Month Persistency Rate	Not specified for Q3 2025	84%
Mortgage Note Interest Rate of 6.0% or less within IIF	Not specified for Q3 2025	63% (as of June 30, 2025)

Mortgage Lending Institutions (National Banks, Regional Banks, Credit Unions)

These institutions are the direct clients utilizing private mortgage insurance to manage risk and facilitate loan origination for borrowers with down payments below 20 percent.

• Radian Group Inc. aggregates, manages, and distributes U.S. mortgage credit risk for these lenders.
• The company's business is tied to the volume of loans originated by these entities.

Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac

Radian Guaranty must maintain specific financial standing to support the secondary mortgage market activities involving the GSEs.

• Radian Guaranty's ability to remain eligible under the PMIERs (Private Mortgage Insurer Eligibility Requirements) to insure loans purchased by the GSEs is a key operational dependency.

Mortgage Credit Investors seeking exposure to US housing risk

These investors rely on Radian Group Inc. for credit risk management solutions beyond standard primary mortgage insurance.

• Radian Group Inc. offers other credit risk management solutions to these investors.
• The company has utilized reinsurance agreements, including XOL (Excess of Loss) reinsurance, to manage risk distribution with third-party reinsurers.

Homebuyers with down payments less than 20% (indirect customer)

These individuals are the end-users who benefit from the financing enabled by Radian Group Inc.'s core service.

• The company wrote $14.3 billion of new insurance written in the second quarter of 2025.
• The default rate on loans declined to 2.3% in the first quarter of 2025, indicating favorable credit trends for this group.

Institutional investors and stockholders seeking capital return

This segment is served through direct capital distributions and share value enhancement activities by Radian Group Inc. (the holding company).

• Book value per share grew 9% year-over-year to $34.34 as of September 30, 2025.
• Radian Guaranty paid a total expected distribution to Radian Group of up to $795 million for the full year 2025.
• The holding company repurchased approximately 13.5 million shares of common stock in the first half of 2025.
• A regular quarterly dividend of $0.255 per share was paid in the third quarter of 2025, totaling $35 million.

Radian Group Inc. (RDN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Radian Group Inc. running, which is crucial for understanding their profitability, especially in a dynamic mortgage environment. Honestly, for a mortgage insurer, the cost of risk-what you pay out when loans go bad-is the biggest variable.

Here's a breakdown of the hard numbers we see shaping the Cost Structure for Radian Group Inc. as of late 2025, based on their latest disclosures.

The single most direct cost related to their core business is the provision for mortgage losses. For the second quarter of 2025, Radian recognized a net expense of $12 million for the provision for mortgage losses and claims payments. That figure reflects new defaults being offset by favorable reserve development on older loans. To give you a sense of the trend, the actual provision for losses in the third quarter of 2025 ticked up to $18 million, while claims paid in that quarter were $10 million.

Next, let's talk about keeping the lights on and the systems running. Radian Group Inc. has guided that they expect operating expenses for continuing operations to be roughly $250 million for the full year 2025. That's a reduction from prior expectations, supporting near-term margin resilience. For context, the operating expenses reported for the second quarter of 2025 were $89 million, and other operating expenses in Q3 2025 were $62 million.

The company actively manages its risk exposure through transfer mechanisms. A significant recent action involves reinsurance costs for transferring a portion of the credit risk. Radian recently agreed to principal terms on an Excess of Loss (XOL) reinsurance arrangement that will provide approximately $373 million of coverage on certain mortgage insurance policies written between 2016 and 2021, with an expected effective date of December 1, 2025. This is a cost of capital management, not an operating expense, but it's a major financial outlay to protect the balance sheet.

Here's a quick look at the key financial cost metrics we have for 2025:

Cost Component	Specific Financial Metric/Amount	Period/Context
Provision for Mortgage Losses (Net Expense)	$12 million	Q2 2025
Mortgage Insurance Provision for Losses (Gross)	$18 million	Q3 2025
Total Mortgage Insurance Claims Paid	$10 million	Q3 2025
Expected Full-Year Operating Expenses (Continuing Ops)	$250 million	Full Year 2025 Estimate
Reported Operating Expenses	$89 million	Q2 2025
Other Operating Expenses	$62 million	Q3 2025
New XOL Reinsurance Coverage Secured	$373 million	Coverage amount for 2016-2021 policies

Beyond those hard numbers, the cost structure definitely includes ongoing investment in technology and data infrastructure maintenance and development costs. You can't run a modern mortgage insurer without constantly upgrading systems for underwriting and risk modeling. Also, you have the personnel costs for underwriting, sales, and corporate functions, which are necessary to process the $14.3 billion of new insurance written in Q2 2025 and manage the $281 billion primary insurance in force portfolio.

The structure relies on keeping those variable costs, like claims, low, which is why their Q2 2025 loss ratio was only 5%. That's the goal, right?

• Provision for mortgage losses and claims payments (net expense of $12 million in Q2 2025).
• Operating expenses, expected to be roughly $250 million for continuing operations in 2025.
• Reinsurance costs for transferring a portion of the credit risk, evidenced by the new $373 million XOL coverage agreement.
• Technology and data infrastructure maintenance and development costs.
• Personnel costs for underwriting, sales, and corporate functions.

Radian Group Inc. (RDN) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Radian Group Inc. (RDN) right now, the streams that keep the lights on and fund that big Inigo acquisition. Honestly, the core of the business is still the mortgage insurance book, which is performing quite well, hitting an all-time high in force.

The primary driver here is the premium income from that massive portfolio. For the third quarter of 2025, Radian Group Inc. (RDN) generated $237 million in net premiums earned from mortgage insurance policies. That's the bread and butter, and it was the highest level in over three years for the company. It shows the underlying health of their primary mortgage insurance in force, which stood at $281 billion at the end of Q3 2025. They also wrote $15.5 billion of new insurance written in that same quarter.

Here's a quick look at how the key financial results from the third quarter of 2025 stack up:

Metric	Amount (Q3 2025)
Net Premiums Earned	$237 million
Net Income from Continuing Operations	$153 million
Total Revenues (Consolidated)	$303.2 million
Total Net Income (Consolidated)	$141.4 million
Income (Loss) from Discontinued Operations, net of tax	$(11) million

Next up is investment income generated from the insurance float, which is essentially the money Radian Group Inc. (RDN) holds from premiums before they have to pay out claims. While we don't have a specific investment income line item for the quarter, we know the total revenues were $303.2 million for Q3 2025. That total revenue figure is a blend of those net premiums earned and the investment returns they generate on that substantial float. The continuing operations delivered a strong return on equity of 13.4% for the quarter, which reflects how effectively they are managing that capital base.

You also have to account for the legacy revenue streams that are now being shed. Fees from real estate services and contract underwriting-part of the Mortgage Conduit, Title and Real Estate Services businesses-have been reclassified as discontinued operations following the board's divestiture plan approval in Q3 2025. For the quarter ended September 30, 2025, the income (loss) from these discontinued operations, net of tax, was a loss of $(11) million. The company is actively pursuing the sale of these assets, expecting completion by Q3 2026, so this stream is fading out as they transform.

Finally, a significant source of cash flow back to the holding company, Radian Group Inc. (RDN), comes from its primary operating subsidiary, Radian Guaranty. This is crucial for funding strategic moves, like the Inigo acquisition. For the full year 2025, Radian Guaranty is expected to pay up to $795 million of total distributions to Radian Group. To give you context on the recent flow, Radian Guaranty paid a $200 million ordinary dividend to the holding company in the third quarter alone, and they expect another $195 million dividend in the fourth quarter to hit that $795 million target for the year. That's a lot of capital moving upstream. If onboarding takes 14+ days, churn risk rises, but capital management seems on track.

• Net premiums earned in Q3 2025: $237 million.
• Net income from continuing operations in Q3 2025: $153 million.
• Total expected capital distributions for 2025: Up to $795 million.
• Loss from discontinued operations (Q3 2025): $(11) million.
• New insurance written in Q3 2025: $15.5 billion.

Finance: draft 13-week cash view by Friday.