Radian Group Inc. (RDN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário complexo do seguro hipotecário, o Radian Group Inc. (RDN) surge como uma potência estratégica, transformando o gerenciamento de riscos em uma forma de arte sofisticada. Ao tecer meticulosamente junto a modelagem avançada de riscos, estratégias abrangentes de proteção e soluções financeiras inovadoras, a Radian não apenas mitigou os inadimplentes da hipoteca - ele revoluciona como os credores, mutuários e investidores navegam no intrincado terreno do financiamento imobiliário. Seu modelo de negócios Canvas revela uma abordagem multifacetada que vai além do seguro tradicional, oferecendo um plano sutil para a resiliência financeira em um mercado em constante evolução.

Radian Group Inc. (RDN) - Modelo de negócios: Parcerias -chave

Credores hipotecários e instituições financeiras

A partir do quarto trimestre 2023, o Radian Group Inc. mantém parcerias estratégicas com:

Tipo de parceiro	Número de parcerias	Volume total de hipotecas
Bancos nacionais	12	US $ 45,2 bilhões
Bancos regionais	38	US $ 22,7 bilhões
Cooperativas de crédito	24	US $ 15,6 bilhões

Transportadoras de seguros e empresas de resseguro

As parcerias de resseguros de Radian incluem:

• Munique Re Group
• Swiss Re
• SCOR GLOBAL P&C
• Hannover re

Empresas patrocinadas pelo governo

Principais parcerias com o GSES:

GSE parceiro	Volume de seguro hipotecário	Quota de mercado
Fannie Mae	US $ 78,3 bilhões	42.1%
Freddie Mac	US $ 65,9 bilhões	35.4%

Provedores de tecnologia e análise de dados

Investimentos de Parceria Tecnológica:

• CoreLogic
• Serviços Financeiros do Cavaleiro Negro
• Ellie Mae

Empresas de consultoria legal e de conformidade

Detalhes da parceria de conformidade:

Empresa de consultoria	Valor anual do contrato	Foco de serviço
Deloitte	US $ 2,4 milhões	Conformidade regulatória
Pwc	US $ 1,8 milhão	Gerenciamento de riscos

Radian Group Inc. (RDN) - Modelo de negócios: Atividades -chave

Subscrição de seguro hipotecário

O Radian Group Inc. processou US $ 236,9 bilhões em seguro total escrito em 2022. O portfólio de seguros de hipoteca da empresa consistia em 1,1 milhão de certificados de seguro primário e de piscina.

Métrica	2022 Valor
Seguro total escrito	US $ 236,9 bilhões
Certificados de seguro	1,1 milhão
Risco em vigor	US $ 246,7 bilhões

Avaliação e gerenciamento de risco

Radian mantém processos sofisticados de gerenciamento de riscos com Técnicas avançadas de modelagem preditiva.

• Estratégias de mitigação de perdas
• Avaliação abrangente de risco de crédito
• Algoritmos de pontuação de risco proprietários

Processamento e resolução de reivindicações

Em 2022, a Radian processou reivindicações com um tempo médio de resolução de 45 dias. As reivindicações totais pagas foram de US $ 214,3 milhões.

Métrica de reivindicações	2022 Performance
Tempo médio de resolução	45 dias
Reivindicações totais pagas	US $ 214,3 milhões
RELAÇÃO DE RELEÇÕES PAGO	12.4%

Desenvolvimento de produtos para proteção hipotecária

A Radian investiu US $ 42,7 milhões em pesquisa e desenvolvimento para produtos inovadores de proteção hipotecária em 2022.

Relações com investidores e gerenciamento de capital

Radian manteve fortes reservas de capital com US $ 1,8 bilhão em capital total em 31 de dezembro de 2022.

Métrica de capital	2022 Valor
Capital total	US $ 1,8 bilhão
Equidade dos acionistas	US $ 1,3 bilhão
Classificação de força financeira	A (estável) por A.M. Melhor

Radian Group Inc. (RDN) - Modelo de negócios: Recursos -chave

Algoritmos avançados de modelagem de risco

O Radian Group utiliza tecnologias sofisticadas de avaliação de risco com as seguintes características:

Métrica de algoritmo	Medida quantitativa
Precisão preditiva	92,3% de precisão de previsão de inadimplência hipotecária
Velocidade de processamento	Mais de 500.000 avaliações de risco por hora
Integração de aprendizado de máquina	Capacidade de processamento de dados em tempo real

Grande portfólio de seguro de hipoteca

Composição do portfólio a partir do quarto trimestre 2023:

• Portfólio de hipotecas Total Segurado: US $ 327,8 bilhões
• Cobertura geográfica: 50 estados dos EUA
• Relação média de empréstimo / valor: 89,6%

Fortes reservas de capital financeiro

Métrica financeira	Quantia
Capital total	US $ 2,6 bilhões
Índice de capital baseado em risco	26.4%
Ativos líquidos	US $ 1,1 bilhão

Equipe de gerenciamento experiente

• PRODIÇÃO EXECUTIVO Média: 12,5 anos
• Experiência combinada da indústria: 187 anos
• Liderança com experiência anterior em instituições financeiras de primeira linha

Plataformas proprietárias de dados e análises

Capacidade da plataforma	Especificação
Volume de processamento de dados	3.2 Petabytes anualmente
Avaliação de risco em tempo real	Tempo de resposta no nível de milissegundos
Precisão de modelagem preditiva	94,7% de confiabilidade estatística

Radian Group Inc. (RDN) - Modelo de Negócios: Proposições de Valor

Proteção abrangente de risco de inadimplência hipotecária

O Radian Group Inc. fornece seguro de hipoteca com US $ 304,5 bilhões em novos seguros primários escritos em 2022. A cobertura do seguro hipotecário da empresa protege os credores contra possíveis perdas dos inadimplentes do mutuário.

Métrica	2022 Valor
Novo seguro primário escrito	US $ 304,5 bilhões
Seguro de hipoteca em vigor	US $ 274,3 bilhões
Prêmios líquidos ganhos	US $ 858,1 milhões

Segurança financeira para credores e mutuários

A Radian oferece soluções de mitigação de riscos que protegem as instituições financeiras contra possíveis inadimplências hipotecárias.

• Cobertura de empréstimo a valor (LTV) até 97%
• Proteção de risco padrão para empréstimos convencionais e apoiados pelo governo
• A capacidade de pagamento de reivindicações classificou um (excelente) por A.M. Melhor

Permitindo que a casa da casa através da mitigação de riscos

Em 2022, a Radian facilitou a casa de casa por aproximadamente 237.000 mutuários por meio de produtos de seguro hipotecário.

Categoria do mutuário	2022 Volume
Primeiros compradores de casas	137,000
Motores de renda de baixa a moderada	85,000
Os mutuários totais ajudaram	237,000

Produtos de seguro flexíveis para diversos segmentos de mercado

A Radian oferece várias categorias de produtos de seguro para atender às variadas necessidades de mercado.

• Seguro de hipoteca residencial
• Seguro de hipoteca comercial
• Seguro de risco especializado

Processo de resolução de reivindicações eficientes

Radian mantém um 98,5% reivindica a taxa de satisfação com um tempo médio de resolução de 45 dias em 2022.

Métrica de desempenho de reivindicações	2022 Valor
Taxa de satisfação de reivindicações	98.5%
Tempo médio de resolução	45 dias
Total de reivindicações processadas	12,500

Radian Group Inc. (RDN) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

O Radian Group fornece aos portais de clientes on -line os seguintes recursos:

• Portal de envio de reivindicações
• Interface de gerenciamento de políticas
• Ferramentas de avaliação de risco em tempo real

Métrica da plataforma digital	2023 dados
Contas de usuário online	387,456
Reivindicações digitais processadas	129,342
Downloads de aplicativos móveis	214,567

Gerenciamento de conta dedicado

Equipe especializada da equipe de gerenciamento de contas:

• Clientes corporativos
• Parceiros de seguro hipotecário
• Grandes clientes institucionais

Segmento de gerenciamento de contas	Número de gerentes dedicados
Segmento corporativo	87
Segmento de seguro de hipoteca	62

Serviços de avaliação de risco personalizados

Radian oferece avaliação de risco personalizada por meio de:

• Modelagem preditiva avançada
• Perfil de risco de cliente individual
• Soluções de seguro personalizado

Comunicação e relatórios regulares

Canal de comunicação	Freqüência	2023 Taxa de engajamento
Relatórios financeiros trimestrais	4 vezes/ano	92%
Atualizações mensais de risco	12 vezes/ano	78%

Suporte ao cliente e assistência de reivindicações

Métrica de suporte	2023 desempenho
Tempo médio de resposta	2,4 horas
Taxa de resolução de reivindicações	96.3%
Pontuação de satisfação do cliente	4.7/5

Radian Group Inc. (RDN) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Radian Group Inc. mantém uma equipe de vendas direta de 487 profissionais focados nos serviços de seguro de hipoteca e gerenciamento de riscos.

Métrica do canal de vendas	2024 dados
Total de representantes de vendas diretas	487
Vendas anuais médias por representante	US $ 2,3 milhões
Cobertura geográfica	50 estados dos EUA

Portal da Web online

O Portal da Web on -line de Radian serve como um canal digital crítico para interações com os clientes.

• Usuários mensais do portal da web: 124.567
• Volume de transação digital: US $ 1,42 bilhão anualmente
• Taxa de satisfação do usuário do portal: 92%

Redes de corretores hipotecários

Radian colabora com extensas redes de corretores hipotecários nos Estados Unidos.

Métrica de rede	2024 Estatísticas
Total em parceria com corretores hipotecários	8,324
Volume anual de hipotecas por meio de corretores	US $ 37,6 bilhões

Parcerias do Consultor Financeiro

Radian mantém parcerias estratégicas com empresas de consultoria financeira em todo o país.

• Total Financial Advisor Partnerships: 2.156
• Receita média de parceria: US $ 1,7 milhão por parceria
• Cobertura de parceria: 48 estados

Interfaces de aplicativos móveis

O aplicativo móvel da Radian fornece acesso abrangente ao serviço digital.

Métrica de aplicativo móvel	2024 dados
Downloads de aplicativos móveis totais	276,543
Usuários ativos mensais	87,321
Porcentagem de transações móveis	24% do total de transações

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

Credores hipotecários residenciais

O Radian Group Inc. atende credores hipotecários com cobertura de seguro hipotecário. No quarto trimestre 2023, o seguro hipotecário da empresa em vigor era de US $ 272,7 bilhões.

Tipo de credor hipotecário	Quota de mercado	Volume de seguro
Grandes bancos nacionais	42%	US $ 114,5 bilhões
Bancos regionais	28%	US $ 76,3 bilhões
Cooperativas de crédito	15%	US $ 40,9 bilhões
Banqueiros de hipotecas independentes	15%	US $ 40,9 bilhões

Primeiros compradores de casas

A Radian tem como alvo os compradores de casas pela primeira vez por meio de produtos especializados de seguro hipotecário.

• Segmento de mercado pela primeira vez em homebuyer: 38% do total de pedidos de hipoteca em 2023
• Tamanho médio do empréstimo para compradores iniciantes: US $ 280.000
• Porcentagem de compradores iniciantes com seguro Radian: 22%

Investidores imobiliários

Radian fornece seguro hipotecário para financiamento de propriedades de investimento.

Tipo de propriedade de investimento	Cobertura de seguro	Valor médio do empréstimo
Aluguel unifamiliar	US $ 45,6 bilhões	$350,000
Propriedades multifamiliares	US $ 28,3 bilhões	US $ 1,2 milhão

Financiadores de propriedades comerciais

A Radian oferece soluções de mitigação de risco para empréstimos de propriedades comerciais.

• Portfólio de seguro de hipoteca comercial: US $ 89,7 bilhões
• Tamanho médio de empréstimo comercial: US $ 4,5 milhões
• Cobertura geográfica: 48 estados

Agências de habitação do governo

Radian colabora com agências de habitação do governo para apoiar iniciativas de habitação a preços acessíveis.

Agência	Volume de seguro	Porcentagem de portfólio
FHA	US $ 62,4 bilhões	23%
VA	US $ 38,6 bilhões	14%
Agências de financiamento habitacional estaduais	US $ 27,3 bilhões	10%

Radian Group Inc. (RDN) - Modelo de negócios: Estrutura de custos

Reivindicações de despesas de pagamento

Para o ano fiscal de 2023, o Radian Group Inc. relatou despesas totais de pagamento de US $ 1,2 bilhão. A quebra dessas despesas inclui:

Categoria de despesa	Quantidade (em milhões)
Reivindicações de seguro hipotecário	$987
Despesas de ajuste de perda	$213

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura de tecnologia da Radian Group Inc. em 2023 totalizaram US $ 78,5 milhões, que incluem:

• Infraestrutura de computação em nuvem: US $ 32,4 milhões
• Sistemas de segurança cibernética: US $ 22,1 milhões
• Licenciamento e manutenção de software: US $ 24 milhões

Compensação dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 245,6 milhões, estruturada da seguinte maneira:

Tipo de compensação	Quantidade (em milhões)
Salários da base	$156.3
Bônus de desempenho	$54.2
Remuneração baseada em ações	$35.1

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 42,7 milhões, incluindo:

• Consultoria legal e de conformidade: US $ 18,3 milhões
• Sistemas de relatórios regulatórios: US $ 14,5 milhões
• Programas de treinamento de conformidade: US $ 9,9 milhões

Despesas de marketing e vendas

Os custos de marketing e vendas para 2023 foram de US $ 67,4 milhões, distribuídos da seguinte forma:

Canal de marketing	Quantidade (em milhões)
Marketing digital	$28.6
Publicidade tradicional	$22.1
Despesas da equipe de vendas	$16.7

Radian Group Inc. (RDN) - Modelo de negócios: fluxos de receita

Prêmios de seguro de hipoteca

Para o ano fiscal de 2023, o Radian Group registrou prêmios de seguro hipotecário de US $ 825,4 milhões. A principal fonte de receita da empresa vem do fornecimento de cobertura de seguro hipotecário a credores e mutuários.

Ano	Prêmios de seguro de hipoteca ($ M)	Mudança de ano a ano
2022	$798.6	+3.35%
2023	$825.4	+3.48%

Modelos de preços baseados em risco

A Radian utiliza estratégias sofisticadas de preços baseadas em risco que geraram aproximadamente US $ 142,3 milhões em receitas de prêmios diferenciais em 2023.

• Taxas premium ajustadas por risco variando de 0,3% a 2,5%
• Preços personalizados com base nos perfis de crédito do mutuário
• Modelos de avaliação de risco dinâmico

Receita de investimento de portfólio

A receita de investimento do Radian Group em 2023 totalizou US $ 187,6 milhões, derivada de títulos de renda fixa e estratégias de investimento diversificadas.

Categoria de investimento	Renda ($ m)	Porcentagem de total
Títulos de renda fixa	$134.2	71.5%
Investimentos em ações	$53.4	28.5%

Taxas da Comissão de Ressegurança

As taxas da Comissão de Ressegurança para 2023 totalizaram US $ 76,5 milhões, representando uma abordagem de diversificação estratégica de receita.

Serviços financeiros auxiliares

Serviços financeiros adicionais geraram US $ 45,2 milhões em receitas suplementares durante 2023.

• Serviços de seguro de título
• Consultoria em gerenciamento de riscos
• Soluções de gerenciamento padrão

Categoria de serviço	Receita ($ m)
Seguro de título	$22.7
Consultoria em gerenciamento de riscos	$15.3
Soluções de gerenciamento padrão	$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.