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Reinsurance - Schedule of Amounts Related to QSR Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Ceded premiums earned	$ (135,275)	$ (135,099)	$ (139,643)
Aggregate termination fees	800		700
Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Ceded risk-in-force	12,805,761	13,024,200	12,626,541
Ceded premiums earned	(161,216)	(166,181)	(167,331)
Ceded claims and claim expenses	12,581	7,045	7,436
Ceding commission earned	39,865	40,663	39,211
Profit commission	$ 80,749	$ 89,790	$ 90,006

- Definition

Amount of earned premiums ceded to other entities.

+ References

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-Topic 944
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+ Details

Investments - Net Realized Investments Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gross realized investment gains	$ 1,654	$ 33	$ 0
Gross realized investment losses	(1,222)	(10)	(33)
Net realized investment gains (losses)	$ 432	$ 23	$ (33)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investment Income, Net [Abstract]
Investment income	$ 104,248	$ 86,407	$ 68,214
Investment expenses	(1,311)	(1,091)	(702)
Net investment income	102,937	85,316	67,512
Cash and Cash Equivalents
Investment Income, Net [Abstract]
Investment income	$ 3,900	$ 5,000	$ 2,300

Leases - Future Payment Due Under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,211
2027	2,256
2028	2,322
2029	2,392
2030	602
Total undiscounted lease payments	9,783
Less effects of discounting	(1,276)
Operating lease liabilities	$ 8,507	$ 10,300

Regulatory Information (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of statutory net income, surplus, contingency reserve and risk-to-capital ratio

The following table presents NMIC's statutory net income, statutory surplus, contingency reserve, statutory capital and risk-to-capital (RTC) ratio as of and for the years ended December 31, 2025, 2024 and 2023:


	As of and for the years ended December 31,
	2025		2024		2023
	(In Thousands)
Statutory net income	$	125,113	$	111,205	$	104,464

Statutory surplus	1,010,274		984,362		963,085
Contingency reserve	2,245,272		1,905,990		1,573,360
Statutory capital (1)	$	3,255,546	$	2,890,352	$	2,536,445

Risk-to-capital	13.0:1		12.7:1		11.4:1

(1) Represents the total of the statutory surplus and contingency reserve.

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Net premiums earned	$ 602,212,000	$ 564,688,000	$ 510,768,000
Net investment income	102,937,000	85,316,000	67,512,000
Net realized investment gains (losses)	432,000	23,000	(33,000)
Other revenues	859,000	944,000	756,000
Total revenues	706,440,000	650,971,000	579,003,000
Expenses
Insurance claims and claim expenses	57,649,000	31,544,000	22,618,000
Underwriting and operating expenses	119,908,000	118,397,000	110,699,000
Service expenses	601,000	723,000	771,000
Interest expense	28,478,000	36,896,000	32,212,000
Total expenses	206,636,000	187,560,000	166,300,000
Income before income taxes	499,804,000	463,411,000	412,703,000
Income tax expense	110,878,000	103,305,000	90,593,000
Net income	$ 388,926,000	$ 360,106,000	$ 322,110,000
Earnings per share
Basic (in dollars per share)	$ 5.01	$ 4.51	$ 3.91
Diluted (in dollars per share)	$ 4.92	$ 4.43	$ 3.84
Weighted average common shares outstanding
Basic (in shares)	77,626	79,844	82,407
Diluted (in shares)	79,038	81,273	83,854
Comprehensive income:
Net income	$ 388,926,000	$ 360,106,000	$ 322,110,000
Other comprehensive income, net of tax:
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $20,995, $3,921 and $17,113 for each of the years in the three-year period ended December 31, 2025, respectively	78,983,000	15,113,000	64,380,000
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $69, $0 and $(7) for each of the years in the three-years ended December 31, 2025, respectively	(262,000)	0	26,000
Other comprehensive income, net of tax	78,721,000	15,113,000	64,406,000
Comprehensive income	$ 467,647,000	$ 375,219,000	$ 386,516,000

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

We hold all investments on an available-for-sale basis at fair value on our consolidated balance sheets and evaluate each position quarterly for impairment. We recognize an impairment on a security through the statement of operations if (i) we intend to sell the impaired security; or (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, we recognize an impairment loss equivalent to the difference of the amortized cost basis of the security and its fair value through the consolidated statements of operations and comprehensive income as a “Net Realized Investment Loss.” In the event of an impairment of a security that we intend to and have the ability to hold to maturity, we evaluate the drivers of the impairment to determine the portion that is credit related and the portion that is non-credit related. The portion of impairment loss that is attributed to credit related factors is recognized through the statement of operations as a provision for credit loss and the portion that is attributed to non-credit related factors is recognized in other comprehensive income, net of taxes.

Fair Values and Gross Unrealized Gains and Losses on Investments


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of December 31, 2025	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	306,168	$	2,544	$	(1,684)	$	307,028
Municipal debt securities	635,396		3,052		(26,879)		611,569
Corporate debt securities	2,047,122		27,504		(55,015)		2,019,611
Asset-backed securities	72,774		—		(2,649)		70,125
U.S. agency mortgage-backed securities (1)	42,109		10		(48)		42,071
Total bonds	3,103,569		33,110		(86,275)		3,050,404

Short-term investments	86,605		15		(1)		86,619
Total investments	$	3,190,174	$	33,125	$	(86,276)	$	3,137,023

(1) 100% of our U.S. agency mortgage-backed securities are guaranteed by Ginnie Mae which has the full faith and credit of the U.S. federal government.


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of December 31, 2024	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	115,342	$	1,207	$	(489)	$	116,060
Municipal debt securities	684,523		589		(49,867)		635,245
Corporate debt securities	1,949,800		3,981		(106,141)		1,847,640
Asset-backed securities	44,104		1		(2,125)		41,980

Total bonds	2,793,769		5,778		(158,622)		2,640,925
Short-term investments	82,574		42		—		82,616
Total investments	$	2,876,343	$	5,820	$	(158,622)	$	2,723,541

We did not own any mortgage-backed securities in our portfolio at December 31, 2024.

The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Financial	39	%	40	%
Consumer	28		26
Utilities	11		11
Industrial	9		9
Technology	6		7
Communications	6		7
Basic Materials	1		—
Total	100	%	100	%

As of December 31, 2025 and 2024, approximately $5.4 million and $5.3 million, respectively, of our cash and investments were held in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

Scheduled Maturities

The amortized cost and fair value of available-for-sale securities as of December 31, 2025 and 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities and U.S. agency mortgage-backed securities provide for periodic payments throughout their lives, they are listed below in a separate category.


As of December 31, 2025	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	292,846	$	292,232
Due after one through five years	1,713,613		1,672,123
Due after five through ten years	1,062,039		1,053,628
Due after ten years	6,793		6,844
Asset-backed securities	72,774		70,125
U.S. agency mortgage-backed securities	42,109		42,071
Total investments	$	3,190,174	$	3,137,023


As of December 31, 2024	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	261,492	$	260,132
Due after one through five years	1,549,468		1,479,220
Due after five through ten years	995,717		916,885
Due after ten years	25,562		25,324
Asset-backed securities	44,104		41,980

Total investments	$	2,876,343	$	2,723,541

Aging of Unrealized Losses

As of December 31, 2025, the investment portfolio had gross unrealized losses of $86.3 million, of which $84.3 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer. As of December 31, 2024, the investment portfolio had gross unrealized losses of $158.6 million, of which $150.8 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer. For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2025		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	11	$	204,062	$	(1,673)	5	$	1,993	$	(11)	16	$	206,055	$	(1,684)
Municipal debt securities	—	—		—		215	477,095		(26,879)		215	477,095		(26,879)
Corporate debt securities	13	43,546		(209)		159	836,050		(54,806)		172	879,596		(55,015)
Asset-backed securities	7	33,836		(53)		16	36,289		(2,596)		23	70,125		(2,649)
U.S. agency mortgage-backed securities	2	27,109		(48)		—	—		—		2	27,109		(48)
Short-term investments	1	24,778		(1)		—	—		—		1	24,778		(1)
Total	34	$	333,331	$	(1,984)	395	$	1,351,427	$	(84,292)	429	$	1,684,758	$	(86,276)


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2024		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	8,002	$	(98)	9	$	11,510	$	(391)	13	$	19,512	$	(489)
Municipal debt securities	25	110,648		(1,928)		220	471,770		(47,939)		245	582,418		(49,867)
Corporate debt securities	68	366,113		(5,822)		226	1,053,862		(100,319)		294	1,419,975		(106,141)
Asset-backed securities	—	—		—		19	41,559		(2,125)		19	41,559		(2,125)

Short-term investments	1	1,551		*		—	—		—		1	1,551		*
Total	98	$	486,314	$	(7,848)	474	$	1,578,701	$	(150,774)	572	$	2,065,015	$	(158,622)

* Amounts not identifiable due to rounding.

Allowance for Credit Losses

As of December 31, 2025 and 2024, we did not recognize an allowance for credit loss for any security in the investment portfolio and we did not record any provision for credit loss for investment securities during the years ended December 31, 2025, 2024 or 2023.

We evaluated the securities in an unrealized loss position as of December 31, 2025, assessing their credit ratings as well as any adverse conditions specifically related to the security. Based upon our assessment of the amount and timing of cash flows to be collected over the remaining life of each instrument, we believe the unrealized losses as of December 31, 2025 are not indicative of the ultimate collectability of the current amortized cost of the securities. Rather, the unrealized losses on securities held as of December 31, 2025 were primarily driven by fluctuations in interest rates, and to a lesser extent, movements in credit spreads following the purchase of those securities.

Net Investment Income

The following table presents the components of net investment income:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Investment income (1)	$	104,248	$	86,407	$	68,214
Investment expenses	(1,311)		(1,091)		(702)
Net investment income	$	102,937	$	85,316	$	67,512

(1) Includes interest income recognized on cash and cash equivalents of $3.9 million, $5.0 million, and $2.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table presents the components of net realized investment gains (losses):


	For the years ended December 31,
		2025		2024		2023
		(In Thousands)
Gross realized investment gains		$	1,654	$	33	$	—
Gross realized investment losses		(1,222)		(10)		(33)
Net realized investment gains (losses)		$	432	$	23	$	(33)

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 292,846	$ 261,492
Due after one through five years	1,713,613	1,549,468
Due after five through ten years	1,062,039	995,717
Due after ten years	6,793	25,562
Amortized Cost	3,190,174	2,876,343
Fair Value
Due in one year or less	292,232	260,132
Due after one through five years	1,672,123	1,479,220
Due after five through ten years	1,053,628	916,885
Due after ten years	6,844	25,324
Fair Value	3,137,023	2,723,541
Asset-backed securities
Amortized Cost
Asset-backed securities	72,774	44,104
Fair Value
Asset-backed securities	70,125	$ 41,980
U.S. agency mortgage-backed securities
Amortized Cost
Asset-backed securities	42,109
Amortized Cost	42,109
Fair Value
Asset-backed securities	42,071
Fair Value	$ 42,071

Regulatory Information - Schedule of Combined Statutory Net Income, Statutory Surplus, Contingency Reserve and RTC Ratios (Details) - NMIC $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net income	$ 125,113	$ 111,205	$ 104,464
Statutory surplus	1,010,274	984,362	963,085
Contingency reserve	2,245,272	1,905,990	1,573,360
Statutory capital	$ 3,255,546	$ 2,890,352	$ 2,536,445
Risk-to-capital	13.0	12.7	11.4

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Amortized Cost	$ 3,190,174	$ 2,876,343
Restricted cash	$ 0	$ 90
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	88,371,465	87,902,626
Common stock, outstanding (in shares)	76,285,242	78,600,726
Common stock, authorized (in shares)	250,000,000	250,000,000
Treasury stock, common shares (in shares)	12,086,223	9,301,900

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We have two operating lease agreements related to our corporate headquarters and a data center facility for which we recognized operating ROU assets and lease liabilities of $6.7 million and $8.5 million in “Other Assets” and “Other Liabilities,” respectively, on our consolidated balance sheets as of December 31, 2025. As of December 31, 2024, we recognized operating ROU assets and lease liabilities of $8.2 million and $10.3 million, respectively. As of December 31, 2025 and 2024, we did not have any finance leases.

We did not enter into any new operating leases or recognize any new ROU assets or lease liabilities during the year ended December 31, 2025.

The following table provides a summary of our ROU asset and lease liability assumptions as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term	4.2 years		5.1 years
Weighted average discount rate	6.50	%	6.50	%

Cash paid on our operating leases for the years ended December 31, 2025, 2024 and 2023 was $2.4 million, $2.3 million and $1.5 million and lease expense incurred was $2.1 million, $2.1 million and $2.0 million during each respective period.

Future payments due under our existing operating leases as of December 31, 2025 are as follows:


Years ending December 31,	(In Thousands)
2026	$	2,211
2027	2,256
2028	2,322
2029	2,392
2030	602
Total undiscounted lease payments	9,783
Less effects of discounting	(1,276)
Present value of lease payments	$	8,507

Lease expense is recorded in “Underwriting and Operating Expenses” on the consolidated statements of operations and comprehensive income. Our existing leases have original terms that range from two to eight years. The lease for our corporate headquarters includes an option to renew for an additional five years at prevailing market rates at time of renewal. This renewal option is not included in the calculation of future lease payments due under the existing lease as presented above as it is not reasonably certain to be exercised.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Change in unrealized investment gains/losses, tax expense (benefit)	$ 20,926	$ 3,921	$ 17,120

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Reclassification adjustment for realized losses (gains) included in net income, tax (benefit) expense	$ 69	$ 0	$ (7)

Software and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of equipment and software

Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2025 and 2024, consists of the following:


	December 31, 2025		December 31, 2024
	(In Thousands)
Software	$	101,771	$	97,535
Equipment	11,198		10,490
Leasehold improvements	2,511		2,511
Subtotal	115,480		110,536
Accumulated amortization and depreciation	(93,753)		(84,855)
Software and equipment, net	$	21,727	$	25,681

Reserves for Insurance Claims and Claim Expenses - Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claims Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	$ 203,549
Reinsurance recoverable on unpaid claims	38,577	$ 32,260	$ 27,514	$ 21,587
Reserve for insurance claims and claim expenses	196,429	$ 152,071	$ 123,974	$ 99,836
Financial Guarantee Insurance Product Line
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	203,549
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	(48,346)
All outstanding liabilities before 2016, net of reinsurance	0
Liabilities for unpaid claims and allocated claims adjustment expenses, net of reinsurance	155,203
Reinsurance recoverable on unpaid claims	38,577
Unallocated claims adjustment expenses	2,649
Reserve for insurance claims and claim expenses	$ 196,429

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value measurements of financial instruments

The following tables present our financial instruments that are measured at fair value on a recurring basis by hierarchy level:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2025	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	307,028	$	—	$	—	$	307,028
Municipal debt securities	—		611,569		—		611,569
Corporate debt securities	—		2,019,611		—		2,019,611
Asset-backed securities	—		70,125		—		70,125
U.S. agency mortgage-backed securities	—		42,071		—		42,071
Cash, cash equivalents and short-term investments	130,556		—		—		130,556
Total assets	$	437,584	$	2,743,376	$	—	$	3,180,960


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2024	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	116,060	$	—	$	—	$	116,060
Municipal debt securities	—		635,245		—		635,245
Corporate debt securities	—		1,847,640		—		1,847,640
Asset-backed securities	—		41,980		—		41,980

Cash, cash equivalents and short-term investments	136,924		—		—		136,924
Total assets	$	252,984	$	2,524,865	$	—	$	2,777,849

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Balance Sheets - Parent Company Only (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,190,174 and $2,876,343)	$ 3,137,023	$ 2,723,541
Cash and cash equivalents	43,937	54,308	$ 96,689	$ 44,426
Accrued investment income	27,253	22,386
Software and equipment, net	21,727	25,681
Other assets	18,058	18,857
Total assets	3,841,098	3,349,973
Liabilities
Debt	417,031	415,146
Accounts payable and accrued expenses	101,595	103,164
Deferred tax liability, net	478,890	386,192
Other liabilities	8,507	10,751
Total liabilities	1,249,112	1,132,541
Shareholders' equity
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)	884	879
Additional paid-in capital	1,016,772	1,004,692
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively	(351,772)	(246,594)
Accumulated other comprehensive loss, net of tax	(46,083)	(124,804)
Retained earnings	1,972,185	1,583,259
Total shareholders' equity	2,591,986	2,217,432	1,926,004	1,613,727
Total liabilities and shareholders' equity	3,841,098	3,349,973
Parent
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,190,174 and $2,876,343)	104,303	91,283
Cash and cash equivalents	26,303	40,876	$ 66,374	$ 4,940
Investment in subsidiaries, at equity in net assets	3,288,765	2,846,717
Accrued investment income	128	198
Due from affiliates, net	92,681	93,254
Software and equipment, net	21,727	25,681
Deferred tax asset, net	113	113
Other assets	13,834	15,332
Total assets	3,547,854	3,113,454
Liabilities
Debt	417,031	415,146
Accounts payable and accrued expenses	37,515	47,812
Deferred tax liability, net	492,815	422,800
Other liabilities	8,507	10,264
Total liabilities	955,868	896,022
Shareholders' equity
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)	884	879
Additional paid-in capital	1,016,772	1,004,692
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively	(351,772)	(246,594)
Accumulated other comprehensive loss, net of tax	(46,083)	(124,804)
Retained earnings	1,972,185	1,583,259
Total shareholders' equity	2,591,986	2,217,432
Total liabilities and shareholders' equity	$ 3,547,854	$ 3,113,454

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36174
Entity Registrant Name	NMI Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4914248
Entity Address, Address Line One	2100 Powell Street
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	855
Local Phone Number	530-6642
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	NMIH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 2,710,628,478
Entity Common Stock, Shares Outstanding		76,032,627
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2025.
Entity Central Index Key	0001547903
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Share-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Shares
Options beginning balance (in shares) \| shares	730
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	0
Options forfeited (in shares) \| shares	0
Options expired (in shares) \| shares	0
Options ending balance (in shares) \| shares	730
Weighted Average Grant Date Fair Value per Share
Options beginning balance (in dollars per share)	$ 5.61
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	0
Options forfeited (in dollars per share)	0
Options expired (in dollars per share)	0
Options ending balance (in dollars per share)	5.61
Weighted Average Exercise Price
Options beginning balance (in dollars per share)	15.53
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	0
Options forfeited (in dollars per share)	0
Options expired (in dollars per share)	0
Options beginning balance (in dollars per share)	$ 15.53
Weighted average remaining contractual term	1 year 9 months 21 days
Options vested aggregate value \| $	$ 18.4

Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,137,023	$ 2,723,541
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	130,556	136,924
Total assets	3,180,960	2,777,849
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	307,028	116,060
U.S. Treasury securities and obligations of U.S. government agencies \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	307,028	116,060
Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	611,569	635,245
Municipal debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	611,569	635,245
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,019,611	1,847,640
Corporate debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,019,611	1,847,640
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70,125	41,980
Asset-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70,125	41,980
U.S. agency mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,071
U.S. agency mortgage-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,071
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	130,556	136,924
Total assets	437,584	252,984
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities and obligations of U.S. government agencies \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	307,028	116,060
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. agency mortgage-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	0	0
Total assets	2,743,376	2,524,865
Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities and obligations of U.S. government agencies \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Significant Other Observable Inputs (Level 2) \| Municipal debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	611,569	635,245
Significant Other Observable Inputs (Level 2) \| Corporate debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,019,611	1,847,640
Significant Other Observable Inputs (Level 2) \| Asset-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70,125	41,980
Significant Other Observable Inputs (Level 2) \| U.S. agency mortgage-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,071
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	0	0
Total assets	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities and obligations of U.S. government agencies \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Significant Unobservable Inputs (Level 3) \| Municipal debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Significant Unobservable Inputs (Level 3) \| Corporate debt securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Significant Unobservable Inputs (Level 3) \| Asset-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 0
Significant Unobservable Inputs (Level 3) \| U.S. agency mortgage-backed securities \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0

Summary of Accounting Principles (Policies)	12 Months Ended
Summary of Accounting Principles (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the results of NMIH and its wholly-owned subsidiaries. All inter-company transactions have been eliminated. These financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and our accounts are maintained in U.S. dollars.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses for the periods presented. Actual results could differ from those estimates.
Insurance Premium Revenue Recognition	Insurance Premium Revenue Recognition Premiums for primary mortgage insurance policies may be paid in a single payment at origination (single premium), on a monthly installment basis (monthly premium) or on an annual installment basis (annual premium), with such election and payment type fixed at policy inception. Premiums written at origination for single premium policies are initially deferred as unearned premiums and amortized into earnings over the estimated policy life, in accordance with the anticipated expiration of risk. Monthly premiums are recognized as revenue in the month billed and when the coverage is effective. Annual premiums are initially deferred and earned on a straight-line basis over the year of coverage. Upon cancellation of a policy, all remaining non-refundable deferred and unearned premium is immediately earned, and any refundable deferred and unearned premium is returned to the policyholder and recorded as a reduction to written premium and unearned premium reserve in the period paid.
Reserve for Insurance Claims and Claims Expenses	Reserves for Insurance Claims and Claim Expenses We establish reserves for claims based on our best estimate of the ultimate claim costs for defaulted loans. A loan is considered to be in “default” as of the payment date at which a borrower has missed the preceding two or more consecutive monthly payments. We establish reserves for loans that have been reported to us in default by servicers, referred to as case reserves, and additional loans that we estimate (based on actuarial review and other factors) to be in default that have not yet been reported to us by servicers, referred to as incurred but not reported (IBNR) reserves. We also establish reserves for claim expenses, which represent the estimated cost of the claim administration process, including legal and other fees, as well as other general expenses of administering the claim settlement process. Claim expense reserves are either allocated (i.e., associated with a specific claim) or unallocated (i.e., not associated with a specific claim). The establishment of claims and claim expense reserves is subject to inherent uncertainty and requires significant judgment by management. Reserves are established by estimating the number of loans in default that will result in a claim payment, which is referred to as claim frequency, and the amount of claim payment expected to be paid on each such loan in default, which is referred to as claim severity. Claim frequency and severity estimates are established based on historical observed experience regarding certain loan factors, such as age of the default, size of the loan and loan-to-value (LTV) ratios, and are strongly influenced by assumptions about the path of certain economic factors, such as house price appreciation, trends in unemployment and mortgage rates. We consider the appropriateness of such inputs at each fiscal quarter and conduct an actuarial review annually to evaluate and, if necessary, update these assumptions.
Investments	Investments We have designated our investment portfolio as available-for-sale and report our invested assets at fair value. Unrealized gains and losses in the portfolio, net of related tax expense or benefit, are recognized as a component of accumulated other comprehensive income (AOCI) in shareholders' equity. We measure fair value and classify invested assets in a hierarchy for disclosure purposes consisting of three “levels” based on the observability of inputs available in the marketplace used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). See Note 4, “Fair Value of Financial Instruments” for further discussion. Purchases and sales of investments are recorded on a trade date basis. Net investment income is recognized when earned, and includes interest and dividend income together with amortization of market premiums and discounts using the effective yield method, and is net of investment management fees and other investment-related expenses. For asset-backed securities, mortgage-backed securities, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to changes in effective yields and prepayment assumptions are recognized on a prospective basis. Realized gains and losses are computed using the specific identification method. We recognize an impairment on a security through the consolidated statement of operations and comprehensive income if (i) we intend to sell the impaired security; or (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, we write down the amortized cost basis of the security to fair value and recognize the full amount of the impairment through the statement of operations as a “Realized Investment Loss.” For securities in an unrealized loss position where a sale is not intended or likely to be required, we further assess if the decline in fair value below amortized cost is driven by a credit-related impairment, considering several items including, but not limited to: •the severity of the decline in fair value; •the financial condition of the issuer; •the failure of the issuer to make scheduled interest or principal payments; •recent rating downgrades of the applicable security or issuer by one or more nationally recognized statistical ratings organization; and •other adverse conditions related to or impacting the security or issuer. To the extent we determine that a security impairment is credit-related, an impairment loss is recognized through the statement of operations as a provision for credit loss expense, and presented as a “Realized Investment Loss.” We recognize an allowance for credit losses for the difference between the amortized cost and present value of future expected cash flows, limited by the amount the fair value of the security is below its amortized cost. Subsequent changes (favorable and unfavorable) in credit losses are recognized through the statement of operations as a provision for or a reversal of credit loss expense, and presented as a “Realized Investment Gain or Loss.” The portion of a security impairment attributed to other non-credit related factors is recognized in other comprehensive income, net of taxes. We have elected to present accrued interest receivable separately from available-for-sale securities on our consolidated balance sheets. Accrued interest receivable was $27.3 million and $22.4 million as of December 31, 2025 and 2024, respectively, and is included in “Accrued Investment Income.” We have elected not to measure an allowance for credit losses for accrued interest receivable on available-for-sale securities. Accrued interest for available-for-sale securities is written off against interest income when the receivable has aged 90 days past due. We did not write off any accrued interest receivable during the years ended December 31, 2025, 2024 or 2023. We consider items such as U.S. Treasury Bills and commercial paper with original maturities of 12 months or less to be short-term investments.
Deferred Policy Acquisition Costs (DAC)	Deferred Policy Acquisition Costs (DAC) Costs directly associated with the successful acquisition of mortgage insurance policies, consisting of certain selling expenses and other policy issuance and underwriting expenses, are initially deferred and reported as DAC. DAC is reviewed periodically to determine that it does not exceed recoverable amounts. DAC is amortized to expense in proportion to estimated gross profits over the life of the associated policies. We revise the rate of amortization to reflect actual experience and any changes to persistency or loss development.
Premium Deficiency Reserves	Premium Deficiency Reserves We consider whether a premium deficiency exists and a premium deficiency reserve is required at each fiscal quarter using best estimate assumptions as of the testing date. A premium deficiency reserve is established if the net present value of expected future claim costs, claim adjustment expenses, policyholder dividends, unamortized acquisition costs and maintenance costs exceeds the net present value of expected future premiums, anticipated investment income and existing reserves for a specified group of policies.
Reinsurance	Reinsurance We cede insurance risk through the use of reinsurance contracts and follow reinsurance accounting for those transactions where significant risk is transferred. We account for premiums, claims and claim expenses that are ceded to reinsurers on a basis consistent with that which we use to account for the original policies we issue and pursuant to the terms of our reinsurance contracts. We account for premiums ceded or otherwise paid to reinsurers as a reduction to premium revenue. NMIC entered into quota share reinsurance treaties effective January 1, 2018 (the 2018 QSR Transaction), April 1, 2020 (the 2020 QSR Transaction), January 1, 2021 (the 2021 QSR Transaction), October 1, 2021 (the 2022 QSR Transaction), July 1, 2022 (the 2022 Seasoned QSR Transaction), January 1, 2023 (the 2023 QSR Transaction), January 1, 2024 (the 2024 QSR Transaction), and January 1, 2025 (the 2025 QSR Transaction), which we refer to collectively as the QSR Transactions. We earn profit and ceding commissions in connection with the QSR Transactions. Profit commissions represent a percentage of the profits recognized by reinsurers that are returned to us, based on the level of claims and claim expenses that we cede. Ceded claims and claim expenses reduce the profit commission due to NMIC under each respective QSR Transaction on a dollar-for-dollar basis. We recognize any profit commissions we earn as a decrease to ceded earned premiums. Ceding commissions are calculated as a percentage of ceded earned premiums and are intended to cover our costs of acquiring and servicing direct policies. We recognize any ceding commissions generated under the QSR Transactions in a manner consistent with our recognition of earnings on the underlying reinsured policies. We account for ceding commissions earned as a reduction to underwriting and operating expenses. Under the QSR Transactions, we cede a portion of claims and claim expenses and reserves to our reinsurers, and account for such ceded reserves as “Reinsurance Recoverables” on the consolidated balance sheets and such ceded expenses as reductions to claims and claim expenses on the consolidated statements of operations. We remain directly liable for all claim payments if we are unable to collect the recoverables due from our reinsurers and, as such, we actively monitor and manage our counterparty credit exposure to our reinsurance providers. We establish an allowance for expected credit loss against our reinsurance recoverables if we do not expect to recover amounts due from one or more of our reinsurance counterparties, and report our reinsurance recoverables net of such allowance, if any. We actively monitor the counterparty credit profiles of our reinsurers and each is required to partially collateralize its obligations under the terms of our QSR Transactions. The allowance for credit loss established with respect to our reinsurance recoverables was deemed immaterial as of December 31, 2025 and 2024.
Variable Interest Entities	Variable Interest Entities NMIC is a party to excess-of-loss reinsurance agreements with Oaktown Re VI Ltd., and Oaktown Re VII Ltd. (special purpose reinsurance entities collectively referred to as the Oaktown Re Vehicles) effective April 27, 2021 and October 26, 2021, respectively. At inception of the respective reinsurance agreements, we determined that Oaktown Re VI Ltd. and Oaktown Re VII Ltd. were variable interest entities (VIEs), because they did not have sufficient equity at risk to finance their respective activities. We evaluated the VIEs at inception to determine whether NMIC was the primary beneficiary under each deal and, if so, whether we were required to consolidate the assets and liabilities of each VIE. The primary beneficiary of a VIE is an enterprise that (1) has the power to direct the activities of the VIE, which most significantly impact its economic performance and (2) has significant economic exposure to the VIE, i.e., the obligation to absorb losses or receive benefits that could potentially be significant. The determination of whether an entity is the primary beneficiary of a VIE is complex and requires management judgment regarding determinative factors, including the expected results of the VIE and how those results are absorbed by beneficial interest holders, as well as which party has the power to direct activities that most significantly impact the performance of the VIE. We concluded that we are not the primary beneficiary of each VIE and, as such, we do not consolidate them in our consolidated financial statements.
Income Taxes	Income Taxes We account for income taxes using the liability method. The liability method measures the expected future tax effects of temporary differences at the enacted tax rates applicable for the period in which the deferred asset or liability is expected to be realized or settled. Temporary differences are differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements that would result in future increases or decreases in taxes owed on a cash basis compared to amounts already recognized as tax expense in the consolidated statements of operations. We purchase non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the Treasury Department in order to claim a tax deduction for our contingency reserve balance. The tax and loss bonds are carried at cost and are reported as “Prepaid Federal Income Taxes” on the consolidated balance sheets.
Share-Based Compensation	Share-Based Compensation We account for stock compensation awards using grant date fair value and recognize the associated compensation expense over the requisite service or performance period of the award. Share-based compensation includes restricted stock units (RSUs). We use the simplified method to estimate expected option term during the period as sufficient historical exercise data is not available. RSU grants may contain a service condition, or performance and service conditions. RSU grants are valued at our stock price on the date of grant less the present value of anticipated dividends, and we recognize their fair value as compensation expense over their requisite service or performance and service periods. We account for stock option and RSU forfeitures as they occur. Share-based compensation is recorded in “Underwriting and Operating Expenses” on the consolidated statements of operations and comprehensive income.
Earnings Per Share (EPS)	Earnings Per Share (EPS) Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and common share equivalents that would be issuable upon the vesting of existing service-based and performance and service-based RSUs, and exercise of vested and unvested stock options. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. Basic EPS is based on the weighted average number of shares of common stock outstanding. Diluted EPS is based on the weighted average number of shares of common stock outstanding and common stock equivalents that would be issuable upon the vesting of service-based and performance and service-based RSUs, and the exercise of vested and unvested stock options.
Share Repurchases	Share Repurchases Common stock repurchases are recorded at cost and presented as “Treasury Stock” on the consolidated balance sheets and statements of changes in shareholders’ equity. At the date of repurchase, shareholders’ equity is reduced by the aggregate repurchase price plus commissions, applicable taxes and other expenses that arise from the repurchase transaction.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider items such as U.S. Treasury Bills, certificates of deposit and money market funds with original maturities when purchased of 90 days or less to be cash equivalents.
Software and Equipment	Software and Equipment We capitalize certain costs associated with the development of internal-use software and equipment. Software and equipment are stated at cost, less accumulated amortization and depreciation. Amortization of software and depreciation of equipment commences at the beginning of the month following our placement of the assets into use. Amortization and depreciation are calculated on a straight-line basis over the estimated useful life of the respective assets, typically from three to five years, unless factors indicate a shorter useful life. We amortize leasehold improvements over the shorter of the lives of the leases or estimated service lives of the leasehold improvements. Amortization and depreciation expense is recorded in “Underwriting and Operating Expenses” on the consolidated statements of operations and comprehensive income.
Leases	Leases We recognize right-of-use (ROU) assets and corresponding lease liabilities for our lease arrangements. Lease liabilities are established based on the estimated present value of lease payments over the relevant lease term. We estimate a discount rate for each lease based on our estimated incremental borrowing rate at the commencement date of the relevant lease, taking into consideration the cost of any outstanding collateralized borrowings we have at such time with adjustment for the terms of the lease agreement, and prevailing market conditions and macroeconomic factors at the time of its commencement. ROU assets are measured as the associated lease liability plus any direct costs incurred in connection with the initial establishment of the lease, less any lease incentives received.
Business Combinations, Goodwill and Intangible Assets	Business Combinations, Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of net assets acquired from a business combination. We test goodwill for impairment annually or more frequently if we believe indicators of impairment exist. We have not identified any impairments of goodwill through December 31, 2025. Our intangible assets consist of state licenses and Fannie Mae and Freddie Mac (collectively, the GSEs) applications which have indefinite lives. We test indefinite-lived intangible assets for impairment annually or more frequently if we believe indicators of impairment exist.
Premiums Receivable	Premiums Receivable Premiums receivable consists of premiums due on our mortgage insurance policies. If a mortgage insurance premium is unpaid for more than 120 days, the associated receivable is written off against earned premium and the related insurance policy is canceled. We recognize an allowance for credit losses for premiums receivable based on credit losses expected to arise over the life of the receivable. Due to the nature of our insurance policies (a necessary precondition for access to mortgage credit for covered borrowers) and the short duration of the related receivables, we do not typically experience credit losses against our premium receivables and the allowance for credit loss established on premium receivables was deemed immaterial at December 31, 2025 and 2024. Premiums receivable may be written off prior to 120 days in the ordinary course of business for non-credit events including, but not limited to, the modification or refinancing of an underlying insured loan. We established a $1.4 million and $2.2 million reserve for premium write-offs at December 31, 2025 and 2024, respectively.
Other Revenues	Other Revenues Other revenues represent underwriting fee revenue from our subsidiary, NMIS, which provides outsourced loan review services to mortgage loan originators. NMIS fees are earned and recognized as services are provided, with cash payments typically received one month after billing.
Recent Accounting Pronouncements - Adopted and Not Yet Adopted	Recent Accounting Pronouncements – Adopted On January 1 2025, we adopted ASU 2023-09, Income Taxes (Topic 740) on a retrospective basis. The update enhances the disclosure requirements related to tax rate reconciliations and income taxes paid and did not have any effect on our consolidated statement of operations and comprehensive income or consolidated balance sheets. See Note 11, “Income Taxes” for more information. Recent Accounting Pronouncements – Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense (Topic 220). The update expands disclosure requirements related to certain income statement expenses, including a requirement to provide a tabular disaggregation of certain operating expenses by category. The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Accounting for Internal-Use Software (Topic 350). The update clarifies the criteria surrounding the capitalization of certain costs and expands related disclosure requirements. The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Improving Interim Reporting Guidance (Topic 270). The update establishes a principle that requires entities to disclose material events that have occurred since the end of the last annual reporting period and further clarifies interim disclosure requirements. The standard will take effect for all public business entities for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements.
Fair Value of Financial Instruments	The following describes the valuation techniques used by us to determine the fair value of our financial instruments: We established a fair value hierarchy by prioritizing the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this standard are described below: Level 1 – Fair value measurements based on quoted prices in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. Level 2 – Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 – Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions, which require significant management judgment or estimation about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets Classified as Level 1 and Level 2 To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. We have not made any adjustments to the prices obtained from the independent pricing sources

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following describes the valuation techniques used by us to determine the fair value of our financial instruments:

We established a fair value hierarchy by prioritizing the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this standard are described below:

Level 1 – Fair value measurements based on quoted prices in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

Level 2 – Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 – Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions, which require significant management judgment or estimation about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Assets Classified as Level 1 and Level 2

To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. We have not made any adjustments to the prices obtained from the independent pricing sources.

The following tables present our financial instruments that are measured at fair value on a recurring basis by hierarchy level:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2025	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	307,028	$	—	$	—	$	307,028
Municipal debt securities	—		611,569		—		611,569
Corporate debt securities	—		2,019,611		—		2,019,611
Asset-backed securities	—		70,125		—		70,125
U.S. agency mortgage-backed securities	—		42,071		—		42,071
Cash, cash equivalents and short-term investments	130,556		—		—		130,556
Total assets	$	437,584	$	2,743,376	$	—	$	3,180,960


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2024	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	116,060	$	—	$	—	$	116,060
Municipal debt securities	—		635,245		—		635,245
Corporate debt securities	—		1,847,640		—		1,847,640
Asset-backed securities	—		41,980		—		41,980

Cash, cash equivalents and short-term investments	136,924		—		—		136,924
Total assets	$	252,984	$	2,524,865	$	—	$	2,777,849

There were no transfers between Level 2 and Level 3 of the fair value hierarchy during the years ended December 31, 2025 or 2024.

Financial Instruments Not Measured at Fair Value

On May 21, 2024, we issued $425 million aggregate principal amount of senior unsecured notes that mature on August 15, 2029 (the 2024 Notes). Proceeds from the 2024 Notes offering were primarily used to repay our then-outstanding $400 million senior secured notes (the 2020 Notes). At December 31, 2025, the 2024 Notes were carried at an amortized cost of $417.0 million, net of unamortized debt issuance costs and an original issue discount totaling $8.0 million, and had a fair value of $441.3 million as assessed under our Level 2 hierarchy. At December 31, 2024 the 2024 Notes were carried at an amortized cost of $415.1 million, net of unamortized debt issuance costs and an original issue discount totaling $9.9 million, and had a fair value of $429.6 million

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-based compensation includes stock options, service-based RSUs and performance and service-based RSUs granted under our 2012 Stock Incentive Plan (2012 Plan) and our Amended and Restated 2014 Omnibus Incentive Plan (2014 Plan, and together with the 2012 Plan, the Stock Plans).

The 2012 Plan was approved by the Board on April 16, 2012 and authorized 5.5 million shares of common stock to be reserved for issuance, with limits of 3.85 million shares available for stock option issuance and 1.65 million shares available for RSU issuance. The 2012 Plan expired on April 24, 2022, with all unissued shares of common stock remaining under the 2012 Plan expiring thereafter.

The 2014 Plan was originally approved by our stockholders at our annual meeting on May 8, 2014 and authorized 4.0 million shares of common stock to be reserved for issuance. On May 11, 2017, our stockholders approved amendments to the 2014 Plan at our annual stockholder meeting, authorizing an additional 2.0 million shares of common stock for issuance, increasing the total shares of common stock reserved for issuance under the plan to 6.0 million with the full amount available to be issued as either RSUs or options. On May 12, 2022, our stockholders approved further amendments to the 2014 Plan, authorizing an additional 2.25 million shares of common stock for issuance, increasing the total shares of common stock reserved for issuance under the plan to 8.25 million with the full amount available to be issued as either RSUs or options. These shares may be either authorized as unissued shares or treasury shares. Options granted under the 2014 Plan are non-qualified stock options and may be granted to employees, directors and other key persons. The exercise price per share for options covered by the 2014 Plan is determined by the Board at the time of grant, but shall not be less than the fair market value of our common stock, defined as the closing price of our common stock, on the date of the grant. The term of the stock option grants is established by the Board, but no stock option shall be exercisable more than ten years after the date the stock option was granted. The vesting period of the stock option grants is also established by the Board at the time of grant and is generally expected to be a three-year period.

For the years ended December 31, 2025, 2024 and 2023, we incurred $20.2 million, $19.8 million and $16.9 million, respectively, of expenses related to awards granted under the Stock Plans and we recognized associated gross income tax benefits of $4.2 million, $4.2 million and $3.6 million during each respective period.

A summary of option activity during the year ended December 31, 2025 is as follows:


For the year ended December 31, 2025	Shares	Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2024	730	$	5.61	$	15.53
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	—		—
Options expired	—	—		—
Options outstanding at December 31, 2025 (1)	730	$	5.61	$	15.53

(1) The weighted average remaining contractual life of such options was 1.81 years as of December 31, 2025. The aggregate intrinsic value of such fully vested and exercisable options was $18.4 million as of December 31, 2025.

No stock options were granted during the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, all outstanding options had vested and no unrecognized compensation cost related to non-vested stock options remained.

A summary of RSU activity during the year ended December 31, 2025 is as follows:


For the year ended December 31, 2025	Shares	Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2024	1,281	$	26.75
Restricted stock units granted	567	35.43
Performance adjustment (1)	130	25.83
Restricted stock units vested (2)	(694)	26.09
Restricted stock units forfeited	(42)	30.88
Non-vested restricted stock units at December 31, 2025	1,242	$	30.91

(1) Performance adjustment represents the difference between the number of target shares at grant date and the number of shares vested at settlement, which can range from 0% to 200% of target achievement depending on results over the applicable performance period.

(2) Represents amounts vested during the year, including the impact of performance adjustments for service and performance-based RSUs.

At December 31, 2025, we had 1.2 million granted and non-vested RSUs with a weighted average remaining contractual life of 1.33 years, consisting of 0.7 million RSUs that are subject to service-based vesting requirements and 0.5 million RSUs that are subject to performance and service-based vesting requirements. The total fair value of RSUs vested during the year ended December 31, 2025 was $18.1 million. As of December 31, 2025, $14.7 million of total unrecognized compensation costs related to non-vested RSUs remained. Total remaining unrecognized compensation costs related to non-vested RSUs outstanding at December 31, 2025 will be recognized on a weighted average basis over 1.46 years.

Non-vested RSUs subject to service-based vesting requirements vest over a period ranging from one to three years. Non-vested RSUs subject to performance and service-based vesting requirements vest after a three-year period, with the number of shares issued upon vesting based on the actual achievement of compound annual book value per share growth compared to a target established at the time of grant. The grant date fair value of non-vested RSUs is measured as the closing price of our common stock on the date of grant less the present value of anticipated dividends to be paid during the vesting period.

401(k) Savings Plan

We offer our employees a 401(k) Savings Plan (401(k) Plan) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code (IRC). Under the 401(k) Plan, we match up to 100% of eligible employees' pre-tax contributions up to 5% of eligible compensation. During the years ended December 31, 2025, 2024 and 2023, we incurred approximately $2.0 million, $2.1 million and $1.9 million of expense related to our matching 401(k) Plan contributions, respectively.

Debt (Details) - USD ($)			12 Months Ended
Debt (Details) - USD ($)	Apr. 29, 2024	Jun. 19, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 21, 2024
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 0	$ 6,966,000	$ 0
Revolving credit facility
Debt Instrument [Line Items]
Commitment fees in interest expense			600,000	600,000	$ 800,000
Remaining deferred issuance costs, net of accumulated amortization			1,800,000	2,300,000
Secured Revolving Credit Facility 2024 \| Revolving credit facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 250,000,000
Borrowings outstanding			$ 0	0
Commitment fee (in percent)			0.225%
Secured Revolving Credit Facility 2024 \| Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Commitment fee (in percent)	0.175%
Secured Revolving Credit Facility 2024 \| Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Commitment fee (in percent)	0.525%
2021 Revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 250,000,000		$ 250,000,000
Deferred debt issuance costs	600,000
Maximum debt-to-total capitalization (in percent)			35.00%
Revolving Credit Facility 2024 \| Revolving credit facility
Debt Instrument [Line Items]
Debt Issuance costs	$ 2,100,000
Revolving Credit Facility 2024 \| Revolving credit facility \| Base rate
Debt Instrument [Line Items]
Variable rate floor (in percent)	1.00%
Revolving Credit Facility 2024 \| Revolving credit facility \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.375%
Revolving Credit Facility 2024 \| Revolving credit facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.875%
Revolving Credit Facility 2024 \| Revolving credit facility \| Secured Overnight Finance Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.375%
Revolving Credit Facility 2024 \| Revolving credit facility \| Secured Overnight Finance Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.875%
Secured Debt
Debt Instrument [Line Items]
Stated interest rate (in percent)			6.00%
Secured Debt \| 2018 Term loan
Debt Instrument [Line Items]
Interest payable			$ 9,600,000	15,600,000
Secured Debt \| Senior 2020 Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt				6,800,000
Secured Debt \| After March 1, 2025
Debt Instrument [Line Items]
Redemption price (in percent)		100.00%
Unsecured Debt \| Senior 2024 Notes
Debt Instrument [Line Items]
Debt instrument face amount			425,000,000
Original issuance discount			$ 8,000,000	$ 9,900,000		$ 10,900,000
Senior Debt
Debt Instrument [Line Items]
Effective interest rate (in percent)			6.583%
Senior Debt \| Senior 2024 Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 425,000,000

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current	$ 39,106	$ 22,607	$ 0
Deferred	71,772	80,698	90,593
Total income tax expense	$ 110,878	$ 103,305	$ 90,593

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Common Stock (Details) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Feb. 05, 2025 USD ($)	Jul. 31, 2023 USD ($)
Class of Stock [Line Items]
Number of votes per common share \| vote	1
Repurchased shares (in shares) \| shares	2.8	2.8
Shares repurchased, average price per share (in dollar per share) \| $ / shares	$ 37.44	$ 33.98
Remaining authorized repurchase amount	$ 225,900,000
July 2023 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount				$ 200,000,000
February 2025 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized amount			$ 250,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets and goodwill

Intangible assets and goodwill consist of identifiable intangible assets and goodwill purchased in connection with the acquisition of our insurance subsidiaries. Intangible assets and goodwill as of both December 31, 2025 and 2024 were as follows:


	(In Thousands)		Expected Lives
Goodwill	$	3,244	Indefinite
State licenses	260		Indefinite
GSE applications	130		Indefinite
Total intangible assets and goodwill	$	3,634

SCHEDULE IV - FINANCIAL INFORMATION OF REGISTRANT REINSURANCE

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Financial Information of Registrant Reinsurance


	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
For the years ended December 31,	(In Thousands)
2025	$	737,487	$	135,275	$	—	$	602,212	—	%
2024	699,787		135,099		—		564,688		—
2023	650,411		139,643		—		510,768		—

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2025
Equity [Abstract]
Common Stock	Common Stock Holders of our common stock are entitled to one vote per share on all matters to be voted upon by stockholders, and there are no cumulative voting rights. Holders of our common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. Holders of common stock are entitled to receive dividends ratably if any are declared. Share repurchase program On July 31, 2023, our Board of Directors authorized a $200 million share repurchase program (the 2023 Repurchase Program), effective through December 31, 2025. On February 5, 2025, our Board of Directors authorized an additional $250 million repurchase program (the 2025 Repurchase Program), effective through December 31, 2027, and extended the effectiveness of the 2023 Repurchase Program through December 31, 2027 to align its remaining tenor with that of the 2025 Repurchase Program. The authorizations provide us with the flexibility, based on market and business conditions, stock price and other factors, to repurchase stock from time to time through open market purchases, privately negotiated transactions, or other means, including pursuant to Rule 10b5-1 trading plans. During the year ended December 31, 2025 we repurchased 2.8 million shares at an average price of $37.44 (excluding associated costs and applicable taxes). During the year ended December 31, 2024, we repurchased 2.8 million shares at an average price of $33.98 per share (excluding associated costs and applicable taxes). As of December 31, 2025, we had $225.9 million of repurchase authorization remaining.

- Definition

The entire disclosure for equity.

+ References

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+ Details

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Balance Sheets Additional Information - Parent Company Only (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized Cost	$ 3,190,174	$ 2,876,343
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	88,371,465	87,902,626
Common stock, outstanding (in shares)	76,285,242	78,600,726
Common stock, authorized (in shares)	250,000,000	250,000,000
Treasury stock, common shares (in shares)	12,086,223	9,301,900
Parent
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized Cost	$ 105,096	$ 92,878
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	88,371,465	87,902,626
Common stock, outstanding (in shares)	76,285,242	78,600,726
Common stock, authorized (in shares)	250,000,000	250,000,000
Treasury stock, common shares (in shares)	12,086,223	9,301,900

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Approved insurers, required assets (equal or greater than)	$ 400
Approved insurers, risked-based required assets, primary insurance floor	5.60%

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Statement of Operations - Parent Company Only (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Net investment income	$ 102,937,000	$ 85,316,000	$ 67,512,000
Net realized investment gains (losses)	432,000	23,000	(33,000)
Total revenues	706,440,000	650,971,000	579,003,000
Expenses
Total expenses	206,636,000	187,560,000	166,300,000
Income before income taxes	499,804,000	463,411,000	412,703,000
Income tax expense	110,878,000	103,305,000	90,593,000
Net income	388,926,000	360,106,000	322,110,000
Other comprehensive income, net of tax:
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $167, $133, and $312 for each of the years in the three-year period ended December 31, 2025, respectively	78,983,000	15,113,000	64,380,000
Reclassification adjustment for realized losses included in net income, net of tax benefit of $0, $0 and $7 for each of the years in the three-year period ended December 31, 2025, respectively	(262,000)	0	26,000
Other comprehensive income, net of tax	78,721,000	15,113,000	64,406,000
Comprehensive income	467,647,000	375,219,000	386,516,000
Reclassification adjustment for realized losses (gains) included in net income, tax expense (benefit)	69,000	0	(7,000)
Parent
Revenues
Net investment income	4,782,000	5,142,000	3,920,000
Net realized investment gains (losses)	0	33,000	(31,000)
Total revenues	4,782,000	5,175,000	3,889,000
Expenses
Other operating expenses	7,240,000	7,468,000	7,828,000
Total expenses	7,240,000	7,468,000	7,828,000
Equity in net income of subsidiaries	462,393,000	442,762,000	412,974,000
Income before income taxes	459,935,000	440,469,000	409,035,000
Income tax expense	71,009,000	80,363,000	86,925,000
Net income	388,926,000	360,106,000	322,110,000
Other comprehensive income, net of tax:
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $167, $133, and $312 for each of the years in the three-year period ended December 31, 2025, respectively	630,000	499,000	1,173,000
Reclassification adjustment for realized losses included in net income, net of tax benefit of $0, $0 and $7 for each of the years in the three-year period ended December 31, 2025, respectively	0	0	25,000
Equity in other comprehensive income of subsidiaries	78,091,000	14,614,000	63,208,000
Other comprehensive income, net of tax	78,721,000	15,113,000	64,406,000
Comprehensive income	467,647,000	375,219,000	386,516,000
Reclassification adjustment for realized losses (gains) included in net income, tax expense (benefit)	$ 0	$ 0	$ (7,000)

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation NMI Holdings, Inc. (NMIH) is a Delaware corporation, incorporated in May 2011 to provide private mortgage guaranty insurance (which we refer to as mortgage insurance or MI) through its wholly-owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc. One (Re One). Our common stock is listed on the Nasdaq exchange under the ticker symbol “NMIH.” NMIC, our primary insurance subsidiary, issued its first mortgage insurance policy in April 2013. NMIC is licensed to write mortgage insurance in all 50 states and the District of Columbia (D.C.). Re One historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures. In August 2015, NMIH capitalized a wholly-owned subsidiary, NMI Services, Inc. (NMIS), through which we offer outsourced loan review services to mortgage loan originators. We operate as a single segment for the purposes of assessing performance and making operating decisions. Basis of Presentation The accompanying consolidated financial statements include the results of NMIH and its wholly-owned subsidiaries. All inter-company transactions have been eliminated. These financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and our accounts are maintained in U.S. dollars.

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance

We enter into third-party reinsurance transactions to actively manage our risk, ensure compliance with PMIERs, state regulatory and other applicable capital requirements, (respectively, as defined therein), and support the growth of our business. The Wisconsin Office of the Commissioner of Insurance (Wisconsin OCI) has approved and the GSEs have indicated their non-objection to all such transactions (subject to certain conditions and ongoing review).

The effect of our reinsurance agreements on premiums written and earned is as follows:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Net premiums written
Direct	$	718,930	$	672,708	$	619,670
Ceded (1)	(135,210)		(134,755)		(139,130)
Net premiums written	$	583,720	$	537,953	$	480,540

Net premiums earned
Direct	$	737,487	$	699,787	$	650,411
Ceded (1)	(135,275)		(135,099)		(139,643)
Net premiums earned	$	602,212	$	564,688	$	510,768

(1) Net of profit commission.

Quota Share Reinsurance

NMIC is party to eight quota share reinsurance treaties – the 2018 QSR Transaction, effective January 1, 2018, the 2020 QSR Transaction, effective April 1, 2020, the 2021 QSR Transaction, effective January 1, 2021, the 2022 QSR Transaction, effective October 1, 2021, the 2022 Seasoned QSR Transaction, effective July 1, 2022, the 2023 QSR Transaction, effective January 1, 2023, the 2024 QSR Transaction, effective January 1, 2024, and the 2025 QSR Transaction, effective January 1, 2025 – which we refer to collectively as the QSR Transactions.

Under each of the QSR Transactions, NMIC cedes a proportional share of its risk on eligible policies to panels of third-party reinsurance providers in exchange for reimbursement of ceded claims and claim expenses on covered policies, a ceding commission and a profit commission (up to a contractually-defined maximum) that varies directly and inversely with ceded claims.

NMIC may terminate any or all of the QSR Transactions without penalty if, due to a change in PMIERs requirements, it is no longer able to take full PMIERs asset credit for the RIF ceded under the respective agreements. Additionally, under the terms of the QSR Transactions, NMIC may elect to selectively terminate its engagement with individual reinsurers on a run-off basis (i.e., reinsurers continue providing coverage on all risk ceded prior to the termination date, with no new cessions going forward) or cut-off basis (i.e., the reinsurance arrangement is completely terminated with NMIC recapturing all previously ceded risk) under certain circumstances. Such selective termination rights arise when, among other reasons, a reinsurer experiences a deterioration in its capital position below a prescribed threshold and/or a reinsurer breaches (and fails to cure) its collateral posting obligations under the relevant agreement.

Each of the third-party reinsurance providers that is party to the QSR Transactions has an insurer financial strength rating of A- or better by S&P, A.M. Best or both.

The following table presents the inception date, covered production period, contractual and optional termination dates, current cession rate, ceding commission and profit commission for each outstanding QSR Transaction. Current amounts are presented as of December 31, 2025.

Inception Date

Covered Production

Contractual Termination Date

Optional Termination Date

Ceding Percentage

Ceding Commission

Profit Commission

2018 QSR

1/1/2018

1/1/2018 – 12/31/2018

1/1/2019 – 12/31/2019

12/31/2029

12/31/2022 (1)

21%

17% (5)

20%

up to 61%

2020 QSR

4/1/2020

4/1/2020 – 12/31/2020

12/31/2030

12/31/2025 (1)

21%

36%

up to 50%

2021 QSR

1/1/2021

1/1/2021 – 10/30/2021

12/31/2031

12/31/2024 (1)

20%

35%

up to 54%

2022 QSR

10/1/2021

10/30/2021 – 12/31/2022

12/31/2032

12/31/2024 (2)

20%

up to 62%

2022 Seasoned QSR

7/1/2022

1/1/2013 – 12/31/2016

7/1/2019 –3/31/2020

6/30/2032

6/30/2025 (3)

95% (6)

35%

up to 55%

2023 QSR

1/1/2023

1/1/2023 – 12/31/2023

12/31/2033

12/31/2025 (2)

20%

up to 62%

2024 QSR

1/1/2024

1/1/2024 – 12/31/2024

12/31/2034

12/31/2027 (1)

20%

up to 56%

2025 QSR

1/1/2025

1/1/2025 – 12/31/2025

12/31/2035

12/31/2027 (4)

20%

up to 62%

(1) NMIC has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of the optional termination date, or at the end of any calendar quarter thereafter which could result in NMIC recapturing the related risk.

(2) NMIC has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of the optional termination, or semi-annually thereafter, which could result in NMIC recapturing the related risk.

(3) NMIC has the option, based on certain conditions, to terminate the agreement as of June 30, 2025 or quarterly thereafter through December 31, 2027 with the payment of a termination fee, and as of March 31, 2028 or quarterly thereafter without the payment of a termination fee. Such termination could result in NMIC recapturing the related risk.

(4) NMIC also holds a clean-up call that provides for termination of the agreement at its election at any time on or after the date that the risk on remaining covered policies falls to 10% or less of the risk on covered policies at December 31, 2025.

(5) Under the terms of the 2018 QSR Transaction, NMIC cedes premiums earned related to 21% of the risk on eligible policies written in 2018 and 17% of the risk on eligible policies written in 2019.

(6) Under the terms of the 2022 Seasoned QSR Transaction, NMIC cedes premiums earned related to 95% of the risk on eligible policies after the consideration of coverage provided by other QSR transactions.

Effective January 1, 2026, NMIC amended the terms of the 2018 QSR Transaction, 2020 QSR Transaction, 2022 QSR Transaction, 2023 QSR Transaction and 2022 Seasoned QSR Transaction. Under the amended 2018 QSR Transaction, NMIC will cede premiums earned related to 16% of the risk on eligible policies written in 2018, 13% of the risk on eligible policies written in 2019, and earn a 42% ceding commission. Under the amended 2020 QSR Transaction, NMIC will earn a 45% ceding commission. Under the amended Seasoned 2022 QSR Transaction, NMIC will cede premiums earned related to 48% of the risk on eligible policies after the consideration of coverage provided by other QSR transactions and earn a 53% ceding commission.

Additionally, effective January 1, 2026, the 2018 QSR Transaction, 2020 QSR Transaction, 2022 QSR Transaction and Seasoned 2022 QSR Transaction will earn profit commissions of up to 45%, 45%, 68%, and 38%, respectively. The 2023 QSR Transaction will earn profit commissions of up to 63%, 66% and 68% in 2026, 2027 and 2028 and beyond, respectively. These amended QSR Transactions also extended their optional termination date through to June 30, 2028.

NMIC has also entered into three additional quota share reinsurance treaties that will provide sequential coverage for mortgage insurance policies to be written in 2026, 2027 and 2028 (the 2026 QSR Transaction, 2027 QSR Transaction and 2028 QSR Transaction). Under the terms of the 2026 QSR Transaction, as amended in the fourth quarter of 2025, NMIC will cede premiums earned related to 25% of the risk on eligible policies written between January 1, 2026 and December 31, 2026. Under the terms of the 2027 QSR Transaction, NMIC will cede premiums earned related to 35% of the risk on eligible policies written between January 1, 2027 and December 31, 2027. Under the terms of the 2028 QSR Transaction, NMIC will cede premiums earned related to 20% of the risk on eligible policies written between January 1, 2028 and December 31, 2028.

The following table shows amounts related to the QSR Transactions:


	As of and for the years ended December 31,
	2025		2024		2023
	(In Thousands)
Ceded risk-in-force	$	12,805,761	$	13,024,200	$	12,626,541
Ceded premiums earned	(161,216)		(166,181)		(167,331)
Ceded claims and claim expenses (1)	12,581		7,045		7,436
Ceding commission earned	39,865		40,663		39,211
Profit commission	80,749		89,790		90,006

(1) Includes aggregate fees of $0.8 million and $0.7 million for the years ended December 31, 2025 and 2023, respectively, incurred in connection with the termination or amendment of certain QSR Transactions.

NMIC had aggregate reinsurance recoverables related to the QSR Transactions of $38.6 million and $31.2 million as of December 31, 2025 and 2024, respectively. The reinsurance recoverable on loss reserves as of December 31, 2024 also included $1.1 million related to the 2016 QSR Transaction, which was terminated as of July 1, 2025. NMIC's reinsurance recoverable balance is supported by collateral trust accounts established and maintained by each reinsurer in accordance with the terms of the QSR Transactions and the PMIERs funding requirements for risk ceded to non-affiliates.

Excess-of-loss Reinsurance

Traditional Reinsurance

NMIC is party to seven excess-of-loss reinsurance agreements with broad panels of third-party reinsurers – the 2022-1 XOL Transaction, effective April 1, 2022, the 2022-2 XOL Transaction, effective July 1, 2022, the 2022-3 XOL Transaction, effective October 1, 2022, the 2023-1 XOL Transaction, effective January 1, 2023, the 2023-2 XOL Transaction, effective July 1, 2023, the 2024 XOL Transaction, effective January 1, 2024, and the 2025 XOL Transaction, effective January 1, 2025 – which we refer to collectively as the XOL Transactions. Each XOL Transaction provides NMIC with aggregate excess-of-loss reinsurance coverage on a defined portfolio of mortgage insurance policies. Under each agreement, NMIC retains a first layer of aggregate loss exposure on covered policies and the reinsurers then provide second layer loss protection up to a defined reinsurance coverage amount. The reinsurance coverage amount of each XOL Transaction is set to approximate the PMIERs minimum required assets of its reference pool and decreases from its peak over a ten-year period in the event the PMIERs minimum required assets of the pool declines. NMIC retains losses in excess of the outstanding reinsurance coverage amount.

Under the terms of the XOL Transactions, NMIC makes risk premium payments to its third-party reinsurance providers for the outstanding reinsurance coverage amount and ceded aggregate premiums earned of $42.2 million, $38.4 million and $31.2 million during the years ended December 31, 2025, 2024 and 2023, respectively. NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure under each agreement. NMIC did not cede any incurred losses on covered policies under the XOL Transactions during the years ended December 31, 2025, 2024 and 2023, as the aggregate first-layer risk retention for each agreement was not exhausted during such periods.

NMIC holds optional termination rights which provide it with the discretion to terminate each XOL Transaction on or after a specified date. NMIC may also elect to terminate the XOL Transactions at any point if the outstanding reinsurance coverage amount amortizes to 10% or less of the reinsurance coverage amount provided at inception, or if it determines that it will no longer be able to take full PMIERs asset credit for the coverage. Additionally, under the terms of the treaties, NMIC may selectively terminate its engagement with individual reinsurers under certain circumstances. Such selective termination rights arise when, among other reasons, a reinsurer experiences a deterioration in its capital position below a prescribed threshold, and/or a reinsurer breaches (and fails to cure) its collateral posting obligation.

Each of the third-party reinsurance providers that is party to the XOL Transactions has an insurer financial strength rating of A- or better by S&P Global Ratings (S&P), A.M. Best Company Inc. (A.M. Best) or both.

The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding XOL Transaction. Current amounts are presented as of December 31, 2025.


($ values in thousands)	Inception Date	Covered Production	Initial Reinsurance Coverage	Current Reinsurance Coverage	Initial First Layer Retained Loss	Current First Layer Retained Loss (1)
2022-1 XOL	April 1, 2022	10/1/2021 – 3/31/2022 (2)	$289,741	$146,305	$133,366	$129,238
2022-2 XOL	July 1, 2022	4/1/2022 – 6/30/2022 (3)	154,306	109,595	78,906	73,393
2022-3 XOL	October 1, 2022	7/1/2022 – 9/30/2022	96,779	70,905	106,265	101,460
2023-1 XOL	January 1, 2023	10/1/2022 – 6/30/2023	89,864	62,758	146,513	142,269
2023-2 XOL	July 1, 2023	7/1/2023 – 12/31/2023	100,777	62,560	136,875	135,222
2024 XOL	January 1, 2024	1/1/2024 – 12/31/2024	162,500	156,731	312,172	311,559
2025 XOL (4)	January 1, 2025	1/1/2025 - 12/31/2025	283,849	283,849	321,331	321,331

(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable XOL Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.

(2) Approximately 1% of the production covered by the 2022-1 XOL Transaction has coverage reporting dates between October 21, 2019 and September 30, 2021.

(3) Approximately 1% of the production covered by the 2022-2 XOL Transaction has coverage reporting dates between January 4, 2021 and March 31, 2022.

(4) The 2025 XOL Transaction provides coverage for production generated between January 1, 2025 and December 31, 2025. The current reinsurance coverage and current first layer retained loss will decrease in future periods to the extent the PMIERs minimum required assets of the covered pool declines.

NMIC has also entered into three additional excess-of-loss reinsurance treaties that will incept and provide coverage in future periods. The 2026 XOL Transaction will incept on January 1, 2026 and provide $164.2 million of aggregate excess-of-loss coverage for mortgage insurance policies to be written in 2026. The 2026-2 XOL Transaction will incept on April 1, 2026 and provide up to $160 million of aggregate excess-of-loss coverage for mortgage insurance policies covered under the existing 2021 ILN Transaction, and the 2027 XOL Transaction will provide $125 million of aggregate excess-of-loss coverage for mortgage insurance policies to be written in 2027.

Insurance-Linked Notes

NMIC is a party to reinsurance agreements with Oaktown Re VI Ltd. and Oaktown Re VII Ltd. (special purpose reinsurance entities collectively referred to as the Oaktown Re Vehicles) effective April 27, 2021 and October 26, 2021, respectively. Each agreement provides NMIC with aggregate excess-of-loss reinsurance coverage on a defined portfolio of mortgage insurance policies. Under each agreement, NMIC retains a first layer of aggregate loss exposure on covered policies and the respective Oaktown Re Vehicle then provides second layer loss protection up to a defined reinsurance coverage amount. NMIC then retains losses in excess of the respective reinsurance coverage amounts.

NMIC makes risk premium payments to the Oaktown Re Vehicles for the applicable outstanding reinsurance coverage amount and pays an additional amount for anticipated operating expenses (capped at $250 thousand per year). NMIC ceded aggregate premiums to the Oaktown Re Vehicles of $12.6 million, $20.4 million and $31.1 million during the years ended December 31, 2025, 2024 and 2023, respectively.

NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure under each excess-of-loss agreement. NMIC did not cede any incurred losses on covered policies to the Oaktown Re Vehicles during the years ended December 31, 2025, 2024 and 2023, as the aggregate first layer risk retention for each applicable agreement was not exhausted during such periods.

Under the terms of each excess-of-loss reinsurance agreement, the Oaktown Re Vehicles are required to fully collateralize their outstanding reinsurance coverage amount to NMIC with funds deposited into segregated reinsurance trusts. Such trust funds are required to be invested in short-term U.S. Treasury money market funds at all times. Each Oaktown Re Vehicle financed its respective collateral requirement through the issuance of mortgage insurance-linked notes to unaffiliated investors. Such insurance-linked notes mature 12.5 years from the inception date of their associated reinsurance agreement. We refer to NMIC’s reinsurance agreements with and the insurance-linked note issuances by Oaktown Re Vehicles individually as the 2021-1 ILN Transaction and 2021-2 ILN Transaction, and collectively as the ILN Transactions.

The respective reinsurance coverage amounts provided by the Oaktown Re Vehicles decrease over a 12.5-year period as the underlying insured mortgages are amortized or repaid, and/or the mortgage insurance coverage is canceled. As the reinsurance coverage decreases, a prescribed amount of collateral held in trust by the Oaktown Re Vehicles is distributed to ILN Transaction noteholders as amortization of the outstanding insurance-linked note principal balances. The outstanding reinsurance coverage amounts stop amortizing, and the distribution of collateral assets to ILN Transaction noteholders and amortization of insurance-

linked note principal is suspended if certain credit enhancement or delinquency thresholds, as defined in each agreement, are triggered (each, a Lock-Out Event).

NMIC holds optional termination rights under each ILN Transaction, including, among others, an optional call feature which provides NMIC the discretion to terminate the transaction on or after a prescribed date, and a clean-up call if the outstanding reinsurance coverage amount amortizes to 10% or less of the reinsurance coverage amount at inception, or if NMIC reasonably determines that changes to GSE or rating agency asset requirements would cause a material and adverse effect on the capital treatment afforded to NMIC under a given agreement. In addition, there are certain events that trigger mandatory termination of an agreement, including NMIC's failure to pay premiums or consent to reductions in a trust account to make principal payments to noteholders, among others.

The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding ILN Transaction. Current amounts are presented as of December 31, 2025.

($ values in thousands)

Inception Date

Covered Production

Initial Reinsurance Coverage

Current Reinsurance Coverage

Initial First Layer Retained Loss

Current First Layer Retained Loss (1)

2021-1 ILN

April 27, 2021

10/1/2020 – 3/31/2021 (2)

$367,238

$86,881

$163,708

$162,201

2021-2 ILN

October 26, 2021

4/1/2021 – 9/30/2021 (3)

363,596

175,649

146,229

143,906

(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable ILN Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.

(2) Approximately 1% of the production covered by the 2021-1 ILN Transaction has coverage reporting dates between July 1, 2019 and September 30, 2020.

(3) Approximately 2% of the production covered by the 2021-2 ILN Transaction has coverage reporting dates between July 1, 2019 and March 31, 2021.

Under the terms of our ILN Transactions, we are required to maintain a certain level of restricted funds in premium deposit accounts with Bank of New York Mellon until the respective notes have been redeemed in full. “Cash and Cash Equivalents” on our consolidated balance sheets includes a de minimis restricted amount as of December 31, 2025 and $0.1 million as of December 31, 2024.

Reserves for Insurance Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of reconciliation of liability for insurance claims and claims expenses (benefits)

The following table provides a reconciliation of the beginning and ending gross reserve balances for primary insurance claims and claim expenses:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Beginning balance	$	152,071	$	123,974	$	99,836
Less reinsurance recoverables (1)	(32,260)		(27,514)		(21,587)
Beginning balance, net of reinsurance recoverables	119,811		96,460		78,249

Add claims incurred:
Claims and claim expenses incurred:
Current year (2)	114,721		93,206		78,285
Prior years (3)	(57,889)		(61,662)		(56,390)
Total claims and claim expenses incurred (4)	56,832		31,544		21,895

Less claims paid:
Claims and claim expenses paid:
Current year (2)	1,605		638		600
Prior years (3)	19,150		7,555		3,575
Reinsurance terminations (5)	(1,964)		—		(491)
Total claims and claim expenses paid	18,791		8,193		3,684

Reserve at end of period, net of reinsurance recoverables	157,852		119,811		96,460
Add reinsurance recoverables (1)	38,577		32,260		27,514
Ending balance	$	196,429	$	152,071	$	123,974

(1) Related to ceded losses recoverable under the QSR Transactions. See Note 6, “Reinsurance” for additional information.

(2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $102.0 million attributed to net case reserves and $10.8 million attributed to net IBNR reserves for the year ended December 31, 2025, $83.5 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the year ended December 31, 2024, and $70.6 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2023.

(3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $48.4 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the year ended December 31, 2025, $54.1 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2024, and $50.9 million attributed to net case reserves and $4.5 million attributed to net IBNR reserves for the year ended December 31, 2023.

(4) Excludes aggregate fees of $0.8 million and $0.7 million for the years ended December 31, 2025 and 2023, respectively, incurred in connection with the termination or amendment of certain QSR Transactions.

(5) Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR Transactions.

Schedule of claims development data

The following tables provide claim development data by default year (or the year in which a default has occurred) and a reconciliation to the reserve for insurance claims and claim expenses. The information about net incurred losses and paid claims development for the years ended prior to 2025 is presented as supplementary information.


	Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance (1)																				As of December 31, 2025
Default Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR		Defaults (2)
	Unaudited
	($ In Thousands)
2016	$	2,394	$	1,568	$	1,790	$	1,934	$	1,936	$	1,930	$	1,893	$	1,986	$	1,978	$	1,981	$	—	—
2017			6,028		3,475		3,570		3,807		3,716		3,718		3,712		3,661		3,661		—		—
2018					7,779		5,271		4,709		4,533		4,282		4,312		4,326		4,264		7		4
2019							14,391		7,229		5,781		4,604		4,606		4,223		4,186		11		7
2020									65,769		56,154		18,862		7,472		6,053		5,733		85		31
2021											22,847		14,337		4,092		2,626		2,288		33		18
2022													44,334		11,023		6,112		5,284		129		58
2023															76,967		24,734		19,181		628		239
2024																	91,583		44,164		2,404		1,213
2025																			112,807		7,494		6,091
																	Total		$	203,549	$	10,791	7,661

(1) Amounts include case and IBNR reserves.

(2) Number of defaults outstanding as of December 31, 2025.


	Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance
Default Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
	(In Thousands)
2016	$	171	$	890	$	1,596	$	1,826	$	1,827	$	1,877	$	1,878	$	1,978	$	1,978	$	1,981
2017			27		1,655		2,925		3,494		3,640		3,655		3,661		3,661		3,661
2018					130		1,981		3,537		3,780		3,909		4,116		4,121		4,164
2019							69		2,368		3,212		3,534		3,621		3,860		4,035
2020									586		1,320		1,909		3,265		4,357		4,604
2021											16		274		914		1,633		1,811
2022													74		1,252		2,861		3,563
2023															600		4,481		10,814
2024																	638		12,108
2025																			1,605
																	Total		$	48,346

Schedule of reconciliation of claims development to liability


Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses
(In Thousands)
	As of December 31, 2025
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	$	203,549
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	(48,346)
All outstanding liabilities before 2016, net of reinsurance	—
Liabilities for unpaid claims and allocated claims adjustment expenses, net of reinsurance	155,203
Reinsurance recoverable on unpaid claims	38,577
Unallocated claims adjustment expenses	2,649
Total gross liability for unpaid claims and claim adjustment expenses	$	196,429

Schedule of historical claims duration

The following supplementary information shows the average percentage of claims and allocated claims adjustment expenses paid in the years following the incurrence of a claim as of December 31, 2025:


	Average annual percentage payout of incurred claims and allocated claims adjustment expenses by age, net of reinsurance (unaudited)
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8		Year 9		Year 10
Claims duration disclosure	3%	30%	29%	16%	6%	4%	1%	2	%	0	%	0	%

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US federal statutory tax rate	$ 104,959	$ 97,316	$ 86,668
State and local income taxes, net of federal income tax effect	3,036	2,839	2,401
Nontaxable or nondeductible items	2,883	3,150	1,524
Total income tax expense	$ 110,878	$ 103,305	$ 90,593
Percent
US federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.60%	0.60%	0.60%
Nontaxable or nondeductible items	0.60%	0.70%	0.40%
Effective income tax rate	22.20%	22.30%	22.00%

Reserves for Insurance Claims and Claim Expenses - Claim Development by Accident Year and Reconciliation of Reserve for Insurance Claims and Claims Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	$ 203,549
Financial Guarantee Insurance Product Line
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	203,549
Total of IBNR	$ 10,791
Defaults \| claim	7,661
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 48,346
Financial Guarantee Insurance Product Line \| 2016
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	1,981	$ 1,978	$ 1,986	$ 1,893	$ 1,930	$ 1,936	$ 1,934	$ 1,790	$ 1,568	$ 2,394
Total of IBNR	$ 0
Defaults \| claim	0
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 1,981	1,978	1,978	1,878	1,877	1,827	1,826	1,596	890	$ 171
Financial Guarantee Insurance Product Line \| 2017
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	3,661	3,661	3,712	3,718	3,716	3,807	3,570	3,475	6,028
Total of IBNR	$ 0
Defaults \| claim	0
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 3,661	3,661	3,661	3,655	3,640	3,494	2,925	1,655	$ 27
Financial Guarantee Insurance Product Line \| 2018
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	4,264	4,326	4,312	4,282	4,533	4,709	5,271	7,779
Total of IBNR	$ 7
Defaults \| claim	4
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 4,164	4,121	4,116	3,909	3,780	3,537	1,981	$ 130
Financial Guarantee Insurance Product Line \| 2019
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	4,186	4,223	4,606	4,604	5,781	7,229	14,391
Total of IBNR	$ 11
Defaults \| claim	7
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 4,035	3,860	3,621	3,534	3,212	2,368	$ 69
Financial Guarantee Insurance Product Line \| 2020
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	5,733	6,053	7,472	18,862	56,154	65,769
Total of IBNR	$ 85
Defaults \| claim	31
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 4,604	4,357	3,265	1,909	1,320	$ 586
Financial Guarantee Insurance Product Line \| 2021
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	2,288	2,626	4,092	14,337	22,847
Total of IBNR	$ 33
Defaults \| claim	18
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 1,811	1,633	914	274	$ 16
Financial Guarantee Insurance Product Line \| 2022
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	5,284	6,112	11,023	44,334
Total of IBNR	$ 129
Defaults \| claim	58
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 3,563	2,861	1,252	$ 74
Financial Guarantee Insurance Product Line \| 2023
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	19,181	24,734	76,967
Total of IBNR	$ 628
Defaults \| claim	239
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 10,814	4,481	$ 600
Financial Guarantee Insurance Product Line \| 2024
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	44,164	91,583
Total of IBNR	$ 2,404
Defaults \| claim	1,213
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 12,108	$ 638
Financial Guarantee Insurance Product Line \| 2025
Claims Development [Line Items]
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	112,807
Total of IBNR	$ 7,494
Defaults \| claim	6,091
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	$ 1,605

Earnings per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

Basic EPS is based on the weighted average number of shares of common stock outstanding. Diluted EPS is based on the weighted average number of shares of common stock outstanding and common stock equivalents that would be issuable upon the vesting of service-based and performance and service-based RSUs, and the exercise of vested and unvested stock options.

The following table reconciles the net income and the weighted average shares of common stock outstanding used in the computations of basic and diluted EPS of common stock:


	For the years ended December 31,
		2025		2024		2023
		(In Thousands, except for per share data)
Net income – basic and diluted		$	388,926	$	360,106	$	322,110

Basic weighted average shares outstanding		77,626		79,844		82,407







Dilutive effect of issuable shares		1,412		1,429		1,447
Diluted weighted average shares outstanding		79,038		81,273		83,854

Earnings per share
Basic		$	5.01	$	4.51	$	3.91
Diluted		$	4.92	$	4.43	$	3.84

Anti-dilutive shares		1		11		2

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of right-of-use asset and lease liability activity and assumptions

The following table provides a summary of our ROU asset and lease liability assumptions as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term	4.2 years		5.1 years
Weighted average discount rate	6.50	%	6.50	%

Schedule of future payments due under operating leases

Future payments due under our existing operating leases as of December 31, 2025 are as follows:


Years ending December 31,	(In Thousands)
2026	$	2,211
2027	2,256
2028	2,322
2029	2,392
2030	602
Total undiscounted lease payments	9,783
Less effects of discounting	(1,276)
Present value of lease payments	$	8,507

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	San Francisco, CA
Auditor Firm ID	243

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

We are a U.S. taxpayer and are subject to a statutory U.S. federal corporate income tax rate of 21%. NMIH files a consolidated U.S. federal and various state income tax returns on behalf of itself and its subsidiaries.

Total income tax expense consists of the following components:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Current	$	39,106	$	22,607	$	—
Deferred	71,772		80,698		90,593
Total income tax expense	$	110,878	$	103,305	$	90,593

The following table presents a reconciliation between the federal statutory income tax expense and tax rate and our effective income tax expense and tax rate:


	For the years ended December 31,
	2025				2024				2023
	($ Values In Thousands)
US federal statutory tax rate	$	104,959	21.0	%	$	97,316	21.0	%	$	86,668	21.0	%
State and local income taxes, net of federal income tax effect (1)	3,036		0.6		2,839		0.6		2,401		0.6
Nontaxable or nondeductible items	2,883		0.6		3,150		0.7		1,524		0.4
Effective income tax rate	$	110,878	22.2	%	$	103,305	22.3	%	$	90,593	22.0	%

(1) Florida and Illinois accounted for the majority of our state and local income taxes during the years ended December 31, 2025 and 2024, and Illinois accounted for the majority for the year ended December 31, 2023.

The components of our net deferred tax liability are summarized as follows:


	As of December 31,
	2025		2024
Deferred tax asset:	(In Thousands)
Unrealized loss on investments	$	11,162	$	32,088
Net operating loss carryforward	8,669		8,869
Share-based compensation	6,038		5,980
Unearned premium reserve	2,014		2,800
Accrued expenses	1,381		1,581
Capitalized software	1,587		—
Other	1,881		1,265
Total gross deferred tax asset	32,732		52,583
Less: valuation allowance	(9,519)		(9,486)
Total deferred tax asset	23,213		43,097
Deferred tax liability:
Contingency reserve	(484,627)		(411,421)
Deferred policy acquisition costs	(13,894)		(13,885)
Capitalized software	—		(306)
Other	(3,582)		(3,677)
Total deferred tax liability	(502,103)		(429,289)
Net deferred income tax (liability)	$	(478,890)	$	(386,192)

As a mortgage guaranty insurance company, we are eligible to claim a tax deduction for our statutory contingency reserve balance, subject to certain limitations outlined under IRC Section 832(e), to the extent we acquire tax and loss bonds in an amount equal to the tax benefit derived from the claimed deduction, which is our intent.

During the years ended December 31, 2025, 2024 and 2023, we purchased $78.1 million, $86.9 million and $80.9 million, of tax and loss bonds, respectively. As of December 31, 2025 and 2024, we held $400.3 million and $322.2 million of tax and loss bonds, respectively, in “Prepaid Federal Income Taxes” on our consolidated balance sheets.

At December 31, 2025, we had a federal net operating loss carryforward of $0.7 million which expires in varying amounts in 2030 and 2031, and state net operating loss carryforwards of $133.1 million, which begin to expire in varying amounts in 2032. Section 382 of the IRC imposes annual limitations on a corporation's ability to utilize its net operating loss carryforward if it experiences an “ownership change.” As a result of the acquisition of our insurance subsidiaries in 2012, $7.3 million of federal net operating losses were subject to annual limitations of $0.8 million through 2016, $0.5 million in 2017 and $0.3 million, thereafter, through 2028. Our federal net operating loss carryforward arises from this limitation and the constraint on our ability to utilize the net operating loss carryforward in full during the current period.

We are required to establish a valuation allowance against our deferred tax assets when it is more likely than not that all or a portion of the asset will not be realized. We assess our need for a valuation allowance on a quarterly basis. In the course of our review, we assess all available evidence, both positive and negative, including our expectations for future sources of income and contractual cash flows, the availability and application of tax planning strategies, and the potential reversal of temporary tax differences. At both December 31, 2025 and 2024, we recorded a valuation allowance of $9.5 million against state net deferred tax assets. The valuation allowance for both years primarily relates to state net operating losses generated by NMIH, as NMIH has historically operated at a loss and currently only generates revenue from its investment portfolio.

The following table presents the changes in our valuation allowance:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Valuation allowance - beginning of period	$	9,486	$	9,169	$	8,888
Additions charged to income tax benefit	33		317		281
Valuation allowance - end of period	$	9,519	$	9,486	$	9,169

As of December 31, 2025 and 2024, we had zero reserves for unrecognized tax benefits as we have taken no material uncertain tax positions that would have required a reserve to be measured and recognized.

We file income tax returns with the U.S. federal government and various state jurisdictions that are subject to potential examination by tax authorities. We are not currently under examination by federal or state jurisdictions. Our U.S. federal income tax returns for 2022 and subsequent years, and state income tax returns for 2021 and subsequent years, remain open by statute.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted and included provisions that amended U.S. federal corporate income tax law to, among other things, allow for the immediate expensing of domestic U.S. research and development expenses, allow for the immediate expensing of certain capital expenditures, and change the U.S. taxation of profits derived from foreign operations. The OBBBA did not have a material impact on our effective income tax rate or consolidated financial statements.

The following table presents total income taxes paid (net of refunds received):


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Federal:	$	40,600	$	19,300	$	—
State:	1,762		727		20
Total:	$	42,362	$	20,027	$	20

During the years ended December 31, 2025 and 2024, no individual state jurisdiction accounted for 5% or more of total income taxes paid. During the year ended December 31, 2023, Florida accounted for 100% of income taxes paid.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Regulatory Information

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Regulatory Information

Statutory Requirements

Our insurance subsidiaries, NMIC and Re One, file financial statements in conformity with statutory accounting principles (SAP) prescribed or permitted by the Wisconsin OCI, NMIC's principal regulator. Prescribed SAP includes state laws, regulations and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC). The Wisconsin OCI recognizes only statutory accounting practices prescribed or permitted by the state of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Wisconsin insurance laws.

The Wisconsin OCI has imposed a prescribed accounting practice for the treatment of statutory contingency reserves that differs from the treatment promulgated by the NAIC. Under Wisconsin OCI's prescribed practice mortgage guaranty insurers are required to reflect changes in their contingency reserves through statutory income. Such approach contrasts with the NAIC's treatment, which records changes to contingency reserves directly to unassigned funds. As a Wisconsin-domiciled insurer, NMIC's statutory net income reflects an expense associated with the change in its contingency reserve. While such treatment impacts NMIC's statutory net income, it does not have an effect on NMIC's statutory capital position.


	As of and for the years ended December 31,
	2025		2024		2023
	(In Thousands)
Statutory net income	$	125,113	$	111,205	$	104,464

Statutory surplus	1,010,274		984,362		963,085
Contingency reserve	2,245,272		1,905,990		1,573,360
Statutory capital (1)	$	3,255,546	$	2,890,352	$	2,536,445

Risk-to-capital	13.0:1		12.7:1		11.4:1

(1) Represents the total of the statutory surplus and contingency reserve.

Re One recorded statutory income of $28 thousand and $43 thousand for the years ended December 31, 2025 and 2024, respectively, and a statutory loss of $400 thousand for the year ended December 31, 2023. Re One had $2.1 million of statutory capital at December 31, 2025 and 2024.

Under applicable law in Wisconsin and 15 other states, mortgage insurers must maintain minimum amounts of statutory capital relative to RIF to continue writing new business. While formulations of minimum statutory capital may vary in each state, the most common measure allows for a maximum permitted RTC ratio of 25:1. Wisconsin and certain other states, including California and Illinois, apply a substantially similar requirement referred to as minimum policyholders' position.

As of December 31, 2025, NMIC's primary RIF, net of reinsurance, was approximately $42.4 billion and its RTC ratio was 13.0:1. As of December 31, 2024, NMIC's primary RIF, net of reinsurance, was approximately $36.6 billion and its RTC ratio was 12.7:1.

Debt Service Allocation

The Wisconsin OCI has approved the allocation of interest expense on the $425 million 2024 Notes and $250 million 2024 Revolving Credit Facility to NMIC, to the extent proceeds from such offering and facility are distributed to NMIC or used to repay, redeem or otherwise defease amounts raised by NMIC under prior credit arrangements that have previously been distributed to NMIC.

Dividend Restrictions

NMIH is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware. Delaware law provides that dividends are only payable out of a corporation's capital surplus or, subject to certain limitations, recent net profits.

NMIC and Re One are subject to certain capital and dividend rules and regulations prescribed by jurisdictions in which they are authorized to operate and the GSEs that may restrict their ability to pay dividends to NMIH. Under Wisconsin law, NMIC and Re One may pay dividends up to specified levels (i.e., “ordinary” dividends) with 30 days' prior notice to the Wisconsin OCI. Dividends in larger amounts (i.e., “extraordinary” dividends), are subject to the Wisconsin OCI's prior approval. Under Wisconsin law, an extraordinary dividend is defined as any payment or distribution that together with other dividends and distributions made within the preceding twelve months, exceeds the lesser of (i) 10% of the insurer's statutory policyholders' surplus as of the preceding December 31 or (ii) adjusted statutory net income for the twelve-month period ending the preceding December 31. During the year ended December 31, 2025, NMIC paid a $98.4 million ordinary course dividend to NMIH. NMIC has the capacity to pay aggregate ordinary dividends of $101.0 million to NMIH during the twelve-month period ending December 31, 2026.

As an approved insurer under PMIERs, NMIC would generally be subject to additional restrictions on its ability to pay dividends to NMIH if it failed to meet the financial requirements prescribed by PMIERs. Approved insurers that fail to meet the prescribed PMIERs financial requirements are not permitted to pay dividends without prior approval from the GSEs.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Leases - Right-of-Use Asset and Lease Liability Assumptions (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term	4 years 2 months 12 days	5 years 1 month 6 days
Weighted average discount rate	6.50%	6.50%

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 3,190,174
Fair Value	3,137,023
Amount Reflected on Balance Sheet	3,137,023	$ 2,723,541
U.S. Treasury securities and obligations of U.S. government agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	306,168
Fair Value	307,028
Amount Reflected on Balance Sheet	307,028	116,060
Municipal debt securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	635,396
Fair Value	611,569
Amount Reflected on Balance Sheet	611,569	635,245
Corporate debt securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,047,122
Fair Value	2,019,611
Amount Reflected on Balance Sheet	2,019,611	1,847,640
Asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	72,774
Fair Value	70,125
Amount Reflected on Balance Sheet	70,125	41,980
U.S. agency mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	42,109
Fair Value	42,071
Amount Reflected on Balance Sheet	42,071
Total bonds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	3,103,569
Fair Value	3,050,404
Amount Reflected on Balance Sheet	3,050,404	2,640,925
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	86,605
Fair Value	86,619
Amount Reflected on Balance Sheet	$ 86,619	$ 82,616

Income Taxes - Total income taxes paid (net of refunds received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal:	$ 40,600	$ 19,300	$ 0
State:	1,762	727	20
Total:	$ 42,362	$ 20,027	$ 20

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of earnings per share, basic and diluted

The following table reconciles the net income and the weighted average shares of common stock outstanding used in the computations of basic and diluted EPS of common stock:


	For the years ended December 31,
		2025		2024		2023
		(In Thousands, except for per share data)
Net income – basic and diluted		$	388,926	$	360,106	$	322,110

Basic weighted average shares outstanding		77,626		79,844		82,407







Dilutive effect of issuable shares		1,412		1,429		1,447
Diluted weighted average shares outstanding		79,038		81,273		83,854

Earnings per share
Basic		$	5.01	$	4.51	$	3.91
Diluted		$	4.92	$	4.43	$	3.84

Anti-dilutive shares		1		11		2

Income Taxes - Changes in our valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance - beginning of period	$ 9,486	$ 9,169	$ 8,888
Additions charged to income tax benefit	33	317	281
Valuation allowance - end of period	$ 9,519	$ 9,486	$ 9,169

Reserves for Insurance Claims and Claim Expenses - Reconciliation of Reserve Balances for Insurance Claims and Claim Expenses (Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 152,071	$ 123,974	$ 99,836
Less reinsurance recoverables	(32,260)	(27,514)	(21,587)
Beginning balance, net of reinsurance recoverables	119,811	96,460	78,249
Claims and claim expenses incurred:
Current year	114,721	93,206	78,285
Prior years	(57,889)	(61,662)	(56,390)
Total claims and claim expenses (benefits) incurred	56,832	31,544	21,895
Claims and claim expenses paid:
Current year	1,605	638	600
Prior years	19,150	7,555	3,575
Reinsurance terminations	(1,964)	0	(491)
Total claims and claim expenses paid	18,791	8,193	3,684
Reserve at end of period, net of reinsurance recoverables	157,852	119,811	96,460
Add reinsurance recoverables	38,577	32,260	27,514
Ending balance	196,429	152,071	123,974
Current year case reserves	102,000	83,500	70,600
Current year IBNR	10,800	8,100	6,300
Prior year case reserves	48,400	54,100	50,900
Prior year, IBNR	8,100	6,300	4,500
Aggregate termination fees	800		$ 700
Reinsurance Policy, Type [Axis]: 2016 QSR Transaction
Claims and claim expenses paid:
Add reinsurance recoverables	1,100
Reinsurance Policy, Type [Axis]: QSR Transactions
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less reinsurance recoverables	(31,200)
Claims and claim expenses paid:
Add reinsurance recoverables	$ 38,600	$ 31,200

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Interest revenue	$ 104,248	$ 86,407	$ 68,214
Amortization and depreciation expense	11,260	11,936	11,541
Mortgage Insurance Segment
Segment Reporting Information [Line Items]
Interest revenue	104,200	86,400	68,200
Amortization and depreciation expense	$ 11,300	$ 11,900	$ 11,500

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Schedule of effects of reinsurance agreements

The effect of our reinsurance agreements on premiums written and earned is as follows:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Net premiums written
Direct	$	718,930	$	672,708	$	619,670
Ceded (1)	(135,210)		(134,755)		(139,130)
Net premiums written	$	583,720	$	537,953	$	480,540

Net premiums earned
Direct	$	737,487	$	699,787	$	650,411
Ceded (1)	(135,275)		(135,099)		(139,643)
Net premiums earned	$	602,212	$	564,688	$	510,768

(1) Net of profit commission.

Inception Date

Covered Production

Contractual Termination Date

Optional Termination Date

Ceding Percentage

Ceding Commission

Profit Commission

2018 QSR

1/1/2018

1/1/2018 – 12/31/2018

1/1/2019 – 12/31/2019

12/31/2029

12/31/2022 (1)

21%

17% (5)

20%

up to 61%

2020 QSR

4/1/2020

4/1/2020 – 12/31/2020

12/31/2030

12/31/2025 (1)

21%

36%

up to 50%

2021 QSR

1/1/2021

1/1/2021 – 10/30/2021

12/31/2031

12/31/2024 (1)

20%

35%

up to 54%

2022 QSR

10/1/2021

10/30/2021 – 12/31/2022

12/31/2032

12/31/2024 (2)

20%

up to 62%

2022 Seasoned QSR

7/1/2022

1/1/2013 – 12/31/2016

7/1/2019 –3/31/2020

6/30/2032

6/30/2025 (3)

95% (6)

35%

up to 55%

2023 QSR

1/1/2023

1/1/2023 – 12/31/2023

12/31/2033

12/31/2025 (2)

20%

up to 62%

2024 QSR

1/1/2024

1/1/2024 – 12/31/2024

12/31/2034

12/31/2027 (1)

20%

up to 56%

2025 QSR

1/1/2025

1/1/2025 – 12/31/2025

12/31/2035

12/31/2027 (4)

20%

up to 62%

(5) Under the terms of the 2018 QSR Transaction, NMIC cedes premiums earned related to 21% of the risk on eligible policies written in 2018 and 17% of the risk on eligible policies written in 2019.

The following table shows amounts related to the QSR Transactions:


	As of and for the years ended December 31,
	2025		2024		2023
	(In Thousands)
Ceded risk-in-force	$	12,805,761	$	13,024,200	$	12,626,541
Ceded premiums earned	(161,216)		(166,181)		(167,331)
Ceded claims and claim expenses (1)	12,581		7,045		7,436
Ceding commission earned	39,865		40,663		39,211
Profit commission	80,749		89,790		90,006

Schedule of XOL transactions


($ values in thousands)	Inception Date	Covered Production	Initial Reinsurance Coverage	Current Reinsurance Coverage	Initial First Layer Retained Loss	Current First Layer Retained Loss (1)
2022-1 XOL	April 1, 2022	10/1/2021 – 3/31/2022 (2)	$289,741	$146,305	$133,366	$129,238
2022-2 XOL	July 1, 2022	4/1/2022 – 6/30/2022 (3)	154,306	109,595	78,906	73,393
2022-3 XOL	October 1, 2022	7/1/2022 – 9/30/2022	96,779	70,905	106,265	101,460
2023-1 XOL	January 1, 2023	10/1/2022 – 6/30/2023	89,864	62,758	146,513	142,269
2023-2 XOL	July 1, 2023	7/1/2023 – 12/31/2023	100,777	62,560	136,875	135,222
2024 XOL	January 1, 2024	1/1/2024 – 12/31/2024	162,500	156,731	312,172	311,559
2025 XOL (4)	January 1, 2025	1/1/2025 - 12/31/2025	283,849	283,849	321,331	321,331

(2) Approximately 1% of the production covered by the 2022-1 XOL Transaction has coverage reporting dates between October 21, 2019 and September 30, 2021.

(3) Approximately 1% of the production covered by the 2022-2 XOL Transaction has coverage reporting dates between January 4, 2021 and March 31, 2022.

Schedule Of Respective Coverages And Retentions Of The ILN Transactions

The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding ILN Transaction. Current amounts are presented as of December 31, 2025.

($ values in thousands)

Inception Date

Covered Production

Initial Reinsurance Coverage

Current Reinsurance Coverage

Initial First Layer Retained Loss

Current First Layer Retained Loss (1)

2021-1 ILN

April 27, 2021

10/1/2020 – 3/31/2021 (2)

$367,238

$86,881

$163,708

$162,201

2021-2 ILN

October 26, 2021

4/1/2021 – 9/30/2021 (3)

363,596

175,649

146,229

143,906

(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable ILN Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.

(2) Approximately 1% of the production covered by the 2021-1 ILN Transaction has coverage reporting dates between July 1, 2019 and September 30, 2020.

(3) Approximately 2% of the production covered by the 2021-2 ILN Transaction has coverage reporting dates between July 1, 2019 and March 31, 2021.

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill


	(In Thousands)		Expected Lives
Goodwill	$	3,244	Indefinite
State licenses	260		Indefinite
GSE applications	130		Indefinite
Total intangible assets and goodwill	$	3,634

We test goodwill and intangible assets for impairment annually or more frequently if we believe indicators of impairment exist. No impairments of indefinite-lived intangibles or goodwill were identified during the years ended December 31, 2025, 2024 and 2023.

Investments - Fair Values and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,190,174	$ 2,876,343
Gross Unrealized Gains	33,125	5,820
Gross Unrealized Losses	(86,276)	(158,622)
Fair Value	3,137,023	2,723,541
Amortized Cost	3,190,174
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	306,168	115,342
Gross Unrealized Gains	2,544	1,207
Gross Unrealized Losses	(1,684)	(489)
Fair Value	307,028	116,060
Amortized Cost	306,168
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	635,396	684,523
Gross Unrealized Gains	3,052	589
Gross Unrealized Losses	(26,879)	(49,867)
Fair Value	611,569	635,245
Amortized Cost	635,396
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,047,122	1,949,800
Gross Unrealized Gains	27,504	3,981
Gross Unrealized Losses	(55,015)	(106,141)
Fair Value	2,019,611	1,847,640
Amortized Cost	2,047,122
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	72,774	44,104
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(2,649)	(2,125)
Fair Value	70,125	41,980
Amortized Cost	72,774
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	42,109
Gross Unrealized Gains	10
Gross Unrealized Losses	(48)
Fair Value	42,071
Amortized Cost	42,109
Total bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,103,569	2,793,769
Gross Unrealized Gains	33,110	5,778
Gross Unrealized Losses	(86,275)	(158,622)
Fair Value	3,050,404	2,640,925
Amortized Cost	3,103,569
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	86,605	82,574
Gross Unrealized Gains	15	42
Gross Unrealized Losses	(1)	0
Fair Value	86,619	$ 82,616
Amortized Cost	$ 86,605

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of fair values and gross unrealized gains and losses

Fair Values and Gross Unrealized Gains and Losses on Investments


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of December 31, 2025	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	306,168	$	2,544	$	(1,684)	$	307,028
Municipal debt securities	635,396		3,052		(26,879)		611,569
Corporate debt securities	2,047,122		27,504		(55,015)		2,019,611
Asset-backed securities	72,774		—		(2,649)		70,125
U.S. agency mortgage-backed securities (1)	42,109		10		(48)		42,071
Total bonds	3,103,569		33,110		(86,275)		3,050,404

Short-term investments	86,605		15		(1)		86,619
Total investments	$	3,190,174	$	33,125	$	(86,276)	$	3,137,023

(1) 100% of our U.S. agency mortgage-backed securities are guaranteed by Ginnie Mae which has the full faith and credit of the U.S. federal government.


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of December 31, 2024	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	115,342	$	1,207	$	(489)	$	116,060
Municipal debt securities	684,523		589		(49,867)		635,245
Corporate debt securities	1,949,800		3,981		(106,141)		1,847,640
Asset-backed securities	44,104		1		(2,125)		41,980

Total bonds	2,793,769		5,778		(158,622)		2,640,925
Short-term investments	82,574		42		—		82,616
Total investments	$	2,876,343	$	5,820	$	(158,622)	$	2,723,541

Schedule of investments by industry group

The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Financial	39	%	40	%
Consumer	28		26
Utilities	11		11
Industrial	9		9
Technology	6		7
Communications	6		7
Basic Materials	1		—
Total	100	%	100	%

Schedule of investments by maturity


As of December 31, 2025	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	292,846	$	292,232
Due after one through five years	1,713,613		1,672,123
Due after five through ten years	1,062,039		1,053,628
Due after ten years	6,793		6,844
Asset-backed securities	72,774		70,125
U.S. agency mortgage-backed securities	42,109		42,071
Total investments	$	3,190,174	$	3,137,023


As of December 31, 2024	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	261,492	$	260,132
Due after one through five years	1,549,468		1,479,220
Due after five through ten years	995,717		916,885
Due after ten years	25,562		25,324
Asset-backed securities	44,104		41,980

Total investments	$	2,876,343	$	2,723,541

Schedule of aging unrealized losses

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2025		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	11	$	204,062	$	(1,673)	5	$	1,993	$	(11)	16	$	206,055	$	(1,684)
Municipal debt securities	—	—		—		215	477,095		(26,879)		215	477,095		(26,879)
Corporate debt securities	13	43,546		(209)		159	836,050		(54,806)		172	879,596		(55,015)
Asset-backed securities	7	33,836		(53)		16	36,289		(2,596)		23	70,125		(2,649)
U.S. agency mortgage-backed securities	2	27,109		(48)		—	—		—		2	27,109		(48)
Short-term investments	1	24,778		(1)		—	—		—		1	24,778		(1)
Total	34	$	333,331	$	(1,984)	395	$	1,351,427	$	(84,292)	429	$	1,684,758	$	(86,276)


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2024		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	8,002	$	(98)	9	$	11,510	$	(391)	13	$	19,512	$	(489)
Municipal debt securities	25	110,648		(1,928)		220	471,770		(47,939)		245	582,418		(49,867)
Corporate debt securities	68	366,113		(5,822)		226	1,053,862		(100,319)		294	1,419,975		(106,141)
Asset-backed securities	—	—		—		19	41,559		(2,125)		19	41,559		(2,125)

Short-term investments	1	1,551		*		—	—		—		1	1,551		*
Total	98	$	486,314	$	(7,848)	474	$	1,578,701	$	(150,774)	572	$	2,065,015	$	(158,622)

* Amounts not identifiable due to rounding.

Schedule of net investment income

The following table presents the components of net investment income:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Investment income (1)	$	104,248	$	86,407	$	68,214
Investment expenses	(1,311)		(1,091)		(702)
Net investment income	$	102,937	$	85,316	$	67,512

(1) Includes interest income recognized on cash and cash equivalents of $3.9 million, $5.0 million, and $2.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Schedule of net realized investment gains (losses)

The following table presents the components of net realized investment gains (losses):


	For the years ended December 31,
		2025		2024		2023
		(In Thousands)
Gross realized investment gains		$	1,654	$	33	$	—
Gross realized investment losses		(1,222)		(10)		(33)
Net realized investment gains (losses)		$	432	$	23	$	(33)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Regulatory Information - Narrative (Details)	12 Months Ended
Regulatory Information - Narrative (Details)	Dec. 31, 2025 USD ($) state	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 29, 2024 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 28,000	$ 43,000	$ (400,000)
Number of states, in addition to wisconsin, with minimum statutory capital relative to RIF requirement \| state	15
Maximum permitted RTC ratio	25
Dividends, restriction with regards to capital surplus	10.00%
Senior 2024 Notes \| Senior Debt
Statutory Accounting Practices [Line Items]
Debt instrument face amount	$ 425,000,000
2021 Revolving credit facility \| Revolving credit facility
Statutory Accounting Practices [Line Items]
Credit facility borrowing capacity	250,000,000			$ 250,000,000
Re One
Statutory Accounting Practices [Line Items]
Statutory capital	2,100,000	2,100,000
NMIC
Statutory Accounting Practices [Line Items]
Statutory capital	3,255,546,000	2,890,352,000	$ 2,536,445,000
Mortgage insurance risk in force	$ 42,400,000,000	$ 36,600,000,000
Risk-to-capital	13.0	12.7	11.4
NMIC and Re One Combined
Statutory Accounting Practices [Line Items]
Ordinary course dividend paid	$ 98,400,000
Dividends, restriction with regards to capital surplus	$ 101,000,000.0

Share-Based Compensation - Restricted Stock Units Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Shares
Non-vested restricted stock units, beginning balance (in shares) \| shares	1,281
Restricted stock units granted (in shares) \| shares	567
Restricted stock units vested (in shares) \| shares	(694)
Restricted stock units forfeited (in shares) \| shares	(42)
Non-vested restricted stock units, ending balance (in shares) \| shares	1,242
Weighted Average Grant Date Fair Value per Share
Non-vested restricted stock units, beginning balance (in dollars per share) \| $ / shares	$ 26.75
Restricted stock units granted (in dollars per share) \| $ / shares	35.43
Restricted stock units vested (in dollars per share) \| $ / shares	26.09
Restricted stock units forfeited (in dollars per share) \| $ / shares	30.88
Non-vested restricted stock units, ending balance (in dollars per share) \| $ / shares	$ 30.91
Performance-Based RSUs (PRSUs)
Shares
Restricted stock units granted (in shares) \| shares	130
Weighted Average Grant Date Fair Value per Share
Restricted stock units granted (in dollars per share) \| $ / shares	$ 25.83
Performance-Based RSUs (PRSUs) \| Minimum
Weighted Average Grant Date Fair Value per Share
Vesting percentage	0.00%
Performance-Based RSUs (PRSUs) \| Maximum
Weighted Average Grant Date Fair Value per Share
Vesting percentage	200.00%

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

A summary of option activity during the year ended December 31, 2025 is as follows:


For the year ended December 31, 2025	Shares	Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2024	730	$	5.61	$	15.53
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	—		—
Options expired	—	—		—
Options outstanding at December 31, 2025 (1)	730	$	5.61	$	15.53

Schedule of restricted stock units activity

A summary of RSU activity during the year ended December 31, 2025 is as follows:


For the year ended December 31, 2025	Shares	Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2024	1,281	$	26.75
Restricted stock units granted	567	35.43
Performance adjustment (1)	130	25.83
Restricted stock units vested (2)	(694)	26.09
Restricted stock units forfeited	(42)	30.88
Non-vested restricted stock units at December 31, 2025	1,242	$	30.91

(2) Represents amounts vested during the year, including the impact of performance adjustments for service and performance-based RSUs.

Investments - Aging of Unrealized Losses (Details) $ in Thousands	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	34	98
Fair value, less than 12 months	$ 333,331	$ 486,314
Unrealized losses, less than 12 months	$ (1,984)	$ (7,848)
Number of securities,12 months or greater \| security	395	474
Fair value, 12 months or greater	$ 1,351,427	$ 1,578,701
Unrealized losses, 12 months or greater	$ (84,292)	$ (150,774)
Number of securities, total \| security	429	572
Fair Value	$ 1,684,758	$ 2,065,015
Unrealized Losses	$ (86,276)	$ (158,622)
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	11	4
Fair value, less than 12 months	$ 204,062	$ 8,002
Unrealized losses, less than 12 months	$ (1,673)	$ (98)
Number of securities,12 months or greater \| security	5	9
Fair value, 12 months or greater	$ 1,993	$ 11,510
Unrealized losses, 12 months or greater	$ (11)	$ (391)
Number of securities, total \| security	16	13
Fair Value	$ 206,055	$ 19,512
Unrealized Losses	$ (1,684)	$ (489)
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	0	25
Fair value, less than 12 months	$ 0	$ 110,648
Unrealized losses, less than 12 months	$ 0	$ (1,928)
Number of securities,12 months or greater \| security	215	220
Fair value, 12 months or greater	$ 477,095	$ 471,770
Unrealized losses, 12 months or greater	$ (26,879)	$ (47,939)
Number of securities, total \| security	215	245
Fair Value	$ 477,095	$ 582,418
Unrealized Losses	$ (26,879)	$ (49,867)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	13	68
Fair value, less than 12 months	$ 43,546	$ 366,113
Unrealized losses, less than 12 months	$ (209)	$ (5,822)
Number of securities,12 months or greater \| security	159	226
Fair value, 12 months or greater	$ 836,050	$ 1,053,862
Unrealized losses, 12 months or greater	$ (54,806)	$ (100,319)
Number of securities, total \| security	172	294
Fair Value	$ 879,596	$ 1,419,975
Unrealized Losses	$ (55,015)	$ (106,141)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	7	0
Fair value, less than 12 months	$ 33,836	$ 0
Unrealized losses, less than 12 months	$ (53)	$ 0
Number of securities,12 months or greater \| security	16	19
Fair value, 12 months or greater	$ 36,289	$ 41,559
Unrealized losses, 12 months or greater	$ (2,596)	$ (2,125)
Number of securities, total \| security	23	19
Fair Value	$ 70,125	$ 41,559
Unrealized Losses	$ (2,649)	$ (2,125)
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	2
Fair value, less than 12 months	$ 27,109
Unrealized losses, less than 12 months	$ (48)
Number of securities,12 months or greater \| security	0
Fair value, 12 months or greater	$ 0
Unrealized losses, 12 months or greater	$ 0
Number of securities, total \| security	2
Fair Value	$ 27,109
Unrealized Losses	$ (48)
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months \| security	1	1
Fair value, less than 12 months	$ 24,778	$ 1,551
Unrealized losses, less than 12 months	$ (1)
Number of securities,12 months or greater \| security	0	0
Fair value, 12 months or greater	$ 0	$ 0
Unrealized losses, 12 months or greater	$ 0	$ 0
Number of securities, total \| security	1	1
Fair Value	$ 24,778	$ 1,551
Unrealized Losses	$ (1)

Reinsurance - Schedule of the Inception Date, Covered Production Period, Contractual and Optional Termination Dates, Current Cession Rate, Ceding Commission and Profit Commission for Each Outstanding QSR Transaction (Details) - Third-Party Reinsurers		12 Months Ended
	Jan. 01, 2026	Dec. 31, 2025
Reinsurance Policy, Type [Axis]: 2018 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding Commission		20.00%
Profit Commission		0.61
Reinsurance Policy, Type [Axis]: 2018 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Reinsurance Policy, Type [Axis]: 2018 QSR Transaction, Period 1
Ceded Credit Risk [Line Items]
Ceding percentage		21.00%
Reinsurance Policy, Type [Axis]: 2018 QSR Transaction, Period 2
Ceded Credit Risk [Line Items]
Ceding percentage		17.00%
Reinsurance Policy, Type [Axis]: 2020 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		21.00%
Ceding Commission		36.00%
Profit Commission		0.50
Reinsurance Policy, Type [Axis]: 2020 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Reinsurance Policy, Type [Axis]: 2021 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Ceding Commission		35.00%
Profit Commission		0.54
Reinsurance Policy, Type [Axis]: 2022 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Ceding Commission		20.00%
Profit Commission		0.62
Reinsurance Policy, Type [Axis]: 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	68.00%
Reinsurance Policy, Type [Axis]: 2022 Seasoned QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		95.00%
Ceding Commission		35.00%
Profit Commission		0.55
Reinsurance Policy, Type [Axis]: 2023 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Ceding Commission		20.00%
Profit Commission		0.62
Reinsurance Policy, Type [Axis]: 2024 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Ceding Commission		20.00%
Profit Commission		0.56
Reinsurance Policy, Type [Axis]: 2025 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Ceding Commission		20.00%
Profit Commission		0.62
Reinsurance Policy, Type [Axis]: 2026 QSR Transactions
Ceded Credit Risk [Line Items]
Ceding percentage		25.00%
Reinsurance Policy, Type [Axis]: 2027 QSR Transactions
Ceded Credit Risk [Line Items]
Ceding percentage		35.00%
Reinsurance Policy, Type [Axis]: 2028 QSR Transactions
Ceded Credit Risk [Line Items]
Ceding percentage		20.00%
Reinsurance Policy, Type [Axis]: Amended 2018 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding percentage	16.00%
Reinsurance Policy, Type [Axis]: Amended 2018 and 2019 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	42.00%
Reinsurance Policy, Type [Axis]: Amended 2019 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding percentage	13.00%
Reinsurance Policy, Type [Axis]: Amended 2020 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Reinsurance Policy, Type [Axis]: Amended Seasoned 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	53.00%
Reinsurance Policy, Type [Axis]: Amended Seasoned 2022 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding percentage	48.00%
Reinsurance Policy, Type [Axis]: Seasoned 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	38.00%

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt Senior Unsecured Notes At December 31, 2025, we had $425 million aggregate principal amount of senior unsecured notes outstanding. The 2024 Notes were issued pursuant to an indenture, dated May 21, 2024, and bear interest at a rate of 6.00%, payable semi-annually on February 15 and August 15. The 2024 Notes mature on August 15, 2029. We may elect to redeem the 2024 Notes in whole or in part at any time prior to July 15, 2029 at a price equal to the greater of (1) the aggregate principal balance outstanding plus the present value of all future interest payments due through July 15, 2029, and (2) the aggregate principal balance due plus any accrued and unpaid interest. We may elect to redeem the 2024 Notes in whole or in part at any time on or after July 15, 2029 at a price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest thereon. In connection with the 2024 Notes offering, we recorded capitalized debt issuance costs and an original issue discount of $10.9 million. Such amount will be amortized over the contractual life of the 2024 Notes using the effective interest method and included in interest expense. The effective interest rate on the 2024 Notes is 6.583%. At December 31, 2025 and 2024, $8.0 million and $9.9 million, respectively, of unamortized debt issuance costs and original issue discount remained. At December 31, 2025 and 2024, $9.6 million and $15.6 million, respectively, of accrued and unpaid interest on the 2024 Notes was included in “Accounts Payable and Accrued Expenses” on our consolidated balance sheets. During the twelve months ended December 31, 2024, we recorded a $6.8 million loss related to the redemption of the 2020 Notes in “Interest Expense” on our consolidated statements of operations and comprehensive income. Revolving Credit Facility On April 29, 2024, we entered into a new $250 million five-year unsecured revolving credit facility (the 2024 Revolving Credit Facility) to replace our then-outstanding $250 million four-year secured revolving credit facility (the 2021 Revolving Credit Facility). The 2024 Revolving Credit Facility matures on May 21, 2029. Borrowings under the 2024 Revolving Credit Facility may be used for general corporate purposes, including to support growth, new business production and operations, and accrue interest at a variable rate equal to, at our discretion, (i) a Base Rate (as defined in the 2024 Revolving Credit Facility) subject to a floor of 1.00% per annum plus a margin of 0.375% to 1.875% per annum, or (ii) the Adjusted Term Secured Overnight Financing Rate (as defined in the 2024 Revolving Credit Facility) plus a margin of 1.375% to 2.875% per annum, with the margin in each of (i) or (ii) based on our applicable corporate credit rating at the time. As of December 31, 2025 and 2024, no amounts were drawn under the 2024 Revolving Credit Facility. Under the 2024 Revolving Credit Facility, we are required to pay a quarterly commitment fee on the average daily undrawn amount of 0.175% to 0.525%, based on the applicable corporate credit rating at the time. As of December 31, 2025, the applicable commitment fee was 0.225%. For the years ended December 31, 2025, 2024 and 2023, we recorded $0.6 million, $0.6 million and $0.8 million, respectively, of commitment fees in interest expense under the 2024 or 2021 Revolving Credit Facilities. We incurred debt issuance costs of $2.1 million in connection with the 2024 Revolving Credit Facility and had $0.6 million of unamortized debt issuance costs associated with the 2021 Revolving Credit Facility remaining at the time of its replacement. Combined unamortized debt issuance costs are amortized through interest expense on a straight-line basis over the contractual life of the 2024 Revolving Credit Facility. At December 31, 2025 and 2024, remaining unamortized deferred debt issuance costs of $1.8 million and $2.3 million, respectively, were recorded in “Other Assets” on our consolidated balance sheets. Under the 2024 Revolving Credit Facility we are subject to certain covenants, including a maximum debt-to-total capitalization ratio of 35%, a minimum consolidated net worth requirement (as defined therein), and a requirement to maintain compliance with the financial standards prescribed by the private mortgage insurer eligibility requirements (PMIERs). We were in compliance with all covenants at December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position, accumulated loss	$ 86,276	$ 158,622
Unrealized loss position, 12 months or greater	84,292	150,774
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Cash and investments held with various state insurance departments	5,400	5,300
Unrealized loss position, accumulated loss	1,684	489
Unrealized loss position, 12 months or greater	$ 11	$ 391

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset:
Unrealized loss on investments	$ 11,162	$ 32,088
Net operating loss carryforward	8,669	8,869
Share-based compensation	6,038	5,980
Unearned premium reserve	2,014	2,800
Accrued expenses	1,381	1,581
Capitalized software	1,587	0
Other	1,881	1,265
Total gross deferred tax asset	32,732	52,583
Less: valuation allowance	(9,519)	(9,486)	$ (9,169)	$ (8,888)
Total deferred tax asset	23,213	43,097
Deferred tax liability:
Contingency reserve	(484,627)	(411,421)
Deferred policy acquisition costs	(13,894)	(13,885)
Capitalized software	0	(306)
Other	(3,582)	(3,677)
Total deferred tax liability	(502,103)	(429,289)
Net deferred income tax (liability)	$ (478,890)	$ (386,192)

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Statement of Operations Additional Information - Parent Company Only (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Income Statements, Captions [Line Items]
Unrealized gains (losses) in accumulated other comprehensive income, tax expense (benefit)	$ 20,995	$ 3,921	$ 17,113
Reclassification adjustment for realized losses (gains) included in net income, tax (benefit) expense	69	0	(7)
Parent
Condensed Income Statements, Captions [Line Items]
Unrealized gains (losses) in accumulated other comprehensive income, tax expense (benefit)	167	133	312
Reclassification adjustment for realized losses (gains) included in net income, tax (benefit) expense	$ 0	$ 0	$ (7)

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We manage our business activities on a consolidated basis under a single reportable operating segment and our Chief Executive Officer (CEO) serves as our Chief Operating Decision Maker (CODM). Our Mortgage Insurance segment provides private mortgage insurance and ancillary loan review services and our CODM evaluates our performance and allocates resources based on our consolidated financial results, including consolidated revenue, expenses, net income, assets and shareholders' equity. Among these, consolidated net income is the measure used to evaluate segment profit and loss. Our CODM reviews these financial metrics to gauge our performance and make strategic decisions, such as whether to reinvest profits in our Mortgage Insurance segment or return capital to shareholders. The significant revenue and expense categories that are regularly reviewed by our CODM align with those presented on our consolidated statements of operations and comprehensive income, and segment assets align with total assets as presented on our consolidated balance sheets. The accounting policies governing our Mortgage Insurance segment are the same as those described in Note 2, “Summary of Significant Accounting Policies.” Investment income, also referred to as interest revenue, is reported within “Net Investment Income” on our consolidated statements of operations and was $104.2 million, $86.4 million and $68.2 million, respectively, for the years ended December 31, 2025, 2024 and 2023. Amortization and depreciation expense for software, equipment, and leasehold improvements was $11.3 million, $11.9 million and $11.5 million, respectively, for the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary of Accounting Principles (Details) - USD ($)	12 Months Ended
Summary of Accounting Principles (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accrued interest receivable	$ 27,300,000	$ 22,400,000
Amortization of deferred acquisition expense	7,700,000	7,100,000	$ 3,600,000
Premium deficiency reserve expense	0	0	$ 0
Impairments of goodwill	0
Impairment of indefinite-lived intangible assets	$ 0
Premium receivable, number of days to be written off	120 days
Premium receivable, write-off reserve	$ 1,400,000	$ 2,200,000
Software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life		3 years
Software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life		5 years
Equipment \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Geographic Concentration Risk \| Risk-in-Force \| CALIFORNIA
Finite-Lived Intangible Assets [Line Items]
Concentration risk	10.00%	10.00%	10.00%

Software and Equipment - Net Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 115,480	$ 110,536
Accumulated amortization and depreciation	(93,753)	(84,855)
Software and equipment, net	21,727	25,681
Software
Property, Plant and Equipment [Line Items]
Property plant and equipment	101,771	97,535
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment	11,198	10,490
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 2,511	$ 2,511

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Purchases of tax and loss Bonds	$ 78,100,000	$ 86,900,000	$ 80,900,000
Prepaid federal income taxes	400,258,000	322,175,000
Loss carry forward subject to expiration	7,300,000
Less: valuation allowance	(9,519,000)	(9,486,000)	$ (9,169,000)	$ (8,888,000)
Unrecognized tax benefits reserve	0	$ 0
Annual Limitation Through 2016
Income Tax Contingency [Line Items]
Loss carry forward subject to expiration	800,000
Annual Limitation, 2017
Income Tax Contingency [Line Items]
Loss carry forward subject to expiration	500,000
Annual Limitations Through 2028
Income Tax Contingency [Line Items]
Loss carry forward subject to expiration	300,000
Domestic Tax Jurisdiction \| IRS
Income Tax Contingency [Line Items]
Operating loss carryforward	700,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforward	$ 133,100,000
State and Local Jurisdiction \| Florida
Income Tax Contingency [Line Items]
Income taxes paid by location (percent)	100.00%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We integrate technology into many aspects of our business. We use technology to engage with our customers and employees, and to deliver our products and services. The business information and data managed and stored in our technology systems is used in many of our daily functions, including accounting processes, financial forecasting, pricing, underwriting, sales, compliance, and communications, among others. We are mindful of the risk in the operation of our business presented by cybersecurity threats and remain aware of the potential risk to our IT systems and data. In anticipation and in response to such risks, we have a comprehensive information security/cybersecurity program, including controls and procedures designed to safeguard and maintain the integrity of our IT systems, and prevent and detect unauthorized access to our IT systems by threats or bad actors, both internally and externally. Due to the ever-changing nature of cyber threats, we seek to proactively mitigate risks through prevention and preparation. We take a risk-based approach and identify new and continuing threats to our information systems that could potentially compromise their secure and efficient operation. Our cybersecurity program is fully integrated into our overall risk management framework and is regularly evaluated by internal and external experts. Our information security program is managed by a dedicated CISO, who has over 25 years of relevant experience. Our CISO is charged with the maintenance and execution of our security program and reports to our Chief Information Officer, who leads the management of our information systems. The CISO manages a team that assesses, evaluates, and responds to cybersecurity threats. Our CISO, and other senior leaders in our IT, law, and internal audit departments, provide periodic reports to our Chief Executive Officer and other members of our senior management team and the Board, as appropriate, on cybersecurity risks and program updates.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We integrate technology into many aspects of our business. We use technology to engage with our customers and employees, and to deliver our products and services. The business information and data managed and stored in our technology systems is used in many of our daily functions, including accounting processes, financial forecasting, pricing, underwriting, sales, compliance, and communications, among others. We are mindful of the risk in the operation of our business presented by cybersecurity threats and remain aware of the potential risk to our IT systems and data. In anticipation and in response to such risks, we have a comprehensive information security/cybersecurity program, including controls and procedures designed to safeguard and maintain the integrity of our IT systems, and prevent and detect unauthorized access to our IT systems by threats or bad actors, both internally and externally. Due to the ever-changing nature of cyber threats, we seek to proactively mitigate risks through prevention and preparation. We take a risk-based approach and identify new and continuing threats to our information systems that could potentially compromise their secure and efficient operation. Our cybersecurity program is fully integrated into our overall risk management framework and is regularly evaluated by internal and external experts.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board oversees cybersecurity risks through the Board’s audit and risk committees. The Board's Audit Committee has primary oversight of cybersecurity risk. In performing its oversight function, the Audit Committee considers information from the senior leaders in various departments (including the IT, internal audit and law departments) who provide periodic reports on cybersecurity, including updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Our cybersecurity program is aligned with industry standards, such as the NIST Cybersecurity Framework, and we periodically engage third parties as part of our continuing efforts to evaluate, enhance and test the adequacy and effectiveness of our security measures and controls. We require our third-party service providers to implement and maintain comprehensive cybersecurity practices commensurate with the services they perform for us, and consistent with applicable legal standards and practices. In addition, we maintain and test a business continuity plan that is designed to allow us to continue to operate in the midst of certain disruptive events, including disruptions to our IT systems, and we have an incident response plan that is designed to address information security incidents, including any breaches of our IT systems.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board oversees cybersecurity risks through the Board’s audit and risk committees. The Board's Audit Committee has primary oversight of cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In performing its oversight function, the Audit Committee considers information from the senior leaders in various departments (including the IT, internal audit and law departments) who provide periodic reports on cybersecurity, including updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape.
Cybersecurity Risk Role of Management [Text Block]	Our information security program is managed by a dedicated CISO, who has over 25 years of relevant experience. Our CISO is charged with the maintenance and execution of our security program and reports to our Chief Information Officer, who leads the management of our information systems. The CISO manages a team that assesses, evaluates, and responds to cybersecurity threats. Our CISO, and other senior leaders in our IT, law, and internal audit departments, provide periodic reports to our Chief Executive Officer and other members of our senior management team and the Board, as appropriate, on cybersecurity risks and program updates.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security program is managed by a dedicated CISO, who has over 25 years of relevant experience. Our CISO is charged with the maintenance and execution of our security program and reports to our Chief Information Officer, who leads the management of our information systems. The CISO manages a team that assesses, evaluates, and responds to cybersecurity threats. Our CISO, and other senior leaders in our IT, law, and internal audit departments, provide periodic reports to our Chief Executive Officer and other members of our senior management team and the Board, as appropriate, on cybersecurity risks and program updates. Our Board oversees cybersecurity risks through the Board’s audit and risk committees. The Board's Audit Committee has primary oversight of cybersecurity risk. In performing its oversight function, the Audit Committee considers information from the senior leaders in various departments (including the IT, internal audit and law departments) who provide periodic reports on cybersecurity, including updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our information security program is managed by a dedicated CISO, who has over 25 years of relevant experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO is charged with the maintenance and execution of our security program and reports to our Chief Information Officer, who leads the management of our information systems. The CISO manages a team that assesses, evaluates, and responds to cybersecurity threats. Our CISO, and other senior leaders in our IT, law, and internal audit departments, provide periodic reports to our Chief Executive Officer and other members of our senior management team and the Board, as appropriate, on cybersecurity risks and program updates.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
Intangible Assets and Goodwill (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3,244,000	$ 3,244,000
Total intangible assets and goodwill	3,634,000	3,634,000
Impairment loss related to intangible assets or goodwill	0	0	$ 0
State licenses
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	260,000	260,000
GSE applications
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 130,000	$ 130,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

Total income tax expense consists of the following components:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Current	$	39,106	$	22,607	$	—
Deferred	71,772		80,698		90,593
Total income tax expense	$	110,878	$	103,305	$	90,593

Schedule of effective income tax rate reconciliation

The following table presents a reconciliation between the federal statutory income tax expense and tax rate and our effective income tax expense and tax rate:


	For the years ended December 31,
	2025				2024				2023
	($ Values In Thousands)
US federal statutory tax rate	$	104,959	21.0	%	$	97,316	21.0	%	$	86,668	21.0	%
State and local income taxes, net of federal income tax effect (1)	3,036		0.6		2,839		0.6		2,401		0.6
Nontaxable or nondeductible items	2,883		0.6		3,150		0.7		1,524		0.4
Effective income tax rate	$	110,878	22.2	%	$	103,305	22.3	%	$	90,593	22.0	%

Schedule of net deferred tax asset (liability)

he components of our net deferred tax liability are summarized as follows:


	As of December 31,
	2025		2024
Deferred tax asset:	(In Thousands)
Unrealized loss on investments	$	11,162	$	32,088
Net operating loss carryforward	8,669		8,869
Share-based compensation	6,038		5,980
Unearned premium reserve	2,014		2,800
Accrued expenses	1,381		1,581
Capitalized software	1,587		—
Other	1,881		1,265
Total gross deferred tax asset	32,732		52,583
Less: valuation allowance	(9,519)		(9,486)
Total deferred tax asset	23,213		43,097
Deferred tax liability:
Contingency reserve	(484,627)		(411,421)
Deferred policy acquisition costs	(13,894)		(13,885)
Capitalized software	—		(306)
Other	(3,582)		(3,677)
Total deferred tax liability	(502,103)		(429,289)
Net deferred income tax (liability)	$	(478,890)	$	(386,192)

Schedule of changes in our valuation allowance

The following table presents the changes in our valuation allowance:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Valuation allowance - beginning of period	$	9,486	$	9,169	$	8,888
Additions charged to income tax benefit	33		317		281
Valuation allowance - end of period	$	9,519	$	9,486	$	9,169

Schedule of total income taxes paid (net of refunds received)

The following table presents total income taxes paid (net of refunds received):


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Federal:	$	40,600	$	19,300	$	—
State:	1,762		727		20
Total:	$	42,362	$	20,027	$	20

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, At Cost	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		83,550,000
Beginning balance at Dec. 31, 2022	$ 1,613,727,000	$ 865,000	$ 972,717,000	$ (56,575,000)	$ (204,323,000)	$ 901,043,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)		861,000
Common stock: shares issued under stock plans, net of shares withheld for employee taxes	1,193,000	$ 8,000	1,185,000
Repurchase of common stock (in shares)		(3,530,000)
Repurchase of common stock	(92,346,000)			(92,346,000)
Share-based compensation expense	16,914,000		16,914,000
Change in unrealized investment gains/losses, net of tax	64,406,000				64,406,000
Net income	322,110,000					322,110,000
Ending balance (in shares) at Dec. 31, 2023		80,881,000
Ending balance at Dec. 31, 2023	1,926,004,000	$ 873,000	990,816,000	(148,921,000)	(139,917,000)	1,223,153,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)		569,000
Common stock: shares issued under stock plans, net of shares withheld for employee taxes	(5,929,000)	$ 6,000	(5,935,000)
Repurchase of common stock (in shares)		(2,849,000)
Repurchase of common stock	(97,673,000)			(97,673,000)
Share-based compensation expense	19,811,000		19,811,000
Change in unrealized investment gains/losses, net of tax	15,113,000				15,113,000
Net income	$ 360,106,000					360,106,000
Ending balance (in shares) at Dec. 31, 2024	78,600,726	78,601,000
Ending balance at Dec. 31, 2024	$ 2,217,432,000	$ 879,000	1,004,692,000	(246,594,000)	(124,804,000)	1,583,259,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)		468,000
Common stock: shares issued under stock plans, net of shares withheld for employee taxes	(8,105,000)	$ 5,000	(8,110,000)
Repurchase of common stock (in shares)		(2,784,000)
Repurchase of common stock	(105,178,000)			(105,178,000)
Share-based compensation expense	20,190,000		20,190,000
Change in unrealized investment gains/losses, net of tax	78,721,000				78,721,000
Net income	$ 388,926,000					388,926,000
Ending balance (in shares) at Dec. 31, 2025	76,285,242	76,285,000
Ending balance at Dec. 31, 2025	$ 2,591,986,000	$ 884,000	$ 1,016,772,000	$ (351,772,000)	$ (46,083,000)	$ 1,972,185,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 388,926,000	$ 360,106,000	$ 322,110,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment (gains) losses	(432,000)	(23,000)	33,000
Depreciation and amortization	11,260,000	11,936,000	11,541,000
Net (accretion)/amortization of (discount)/premium on investment securities	(4,089,000)	(1,078,000)	481,000
Loss on extinguishment of debt	0	6,966,000	0
Amortization of debt discount and debt issuance costs	2,415,000	2,214,000	1,961,000
Deferred income taxes	71,772,000	80,698,000	90,593,000
Share-based compensation expense	20,190,000	19,811,000	16,914,000
Changes in operating assets and liabilities:
Premiums receivable, net	(3,455,000)	(6,348,000)	(6,776,000)
Accrued investment income	(4,867,000)	(2,601,000)	(5,641,000)
Deferred policy acquisition costs, net	(45,000)	(1,422,000)	(4,341,000)
Reinsurance recoverable	(6,316,000)	(4,746,000)	(5,927,000)
Prepaid federal income taxes	(78,083,000)	(86,889,000)	(80,877,000)
Other assets	(1,475,000)	(1,833,000)	(316,000)
Unearned premiums	(18,557,000)	(27,078,000)	(30,740,000)
Reserve for insurance claims and claim expenses	44,358,000	28,097,000	24,138,000
Reinsurance balances, net	(131,000)	(658,000)	(859,000)
Accounts payable and accrued expenses	(2,172,000)	16,452,000	10,389,000
Net cash provided by operating activities	419,299,000	393,604,000	342,683,000
Cash flows from investing activities
Purchase of short-term investments	(174,730,000)	(169,963,000)	(166,224,000)
Purchase of fixed-maturity investments, available-for-sale	(724,314,000)	(481,731,000)	(488,562,000)
Proceeds from maturities of short-term investments	173,672,000	114,072,000	320,545,000
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale	285,380,000	205,241,000	143,613,000
Proceeds from sales of fixed-maturity investments, available-for-sale	130,307,000	0	0
Additions to software and equipment	(6,781,000)	(6,905,000)	(9,372,000)
Net cash used in investing activities	(316,466,000)	(339,286,000)	(200,000,000)
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans	2,875,000	4,290,000	10,549,000
Taxes paid related to net share settlement of equity awards	(10,980,000)	(10,219,000)	(9,356,000)
Proceeds from senior unsecured notes	0	419,705,000	0
Repayments of senior secured notes	0	(405,080,000)	0
Payments of debt issuance costs	0	(7,785,000)	0
Repurchases of common stock	(105,099,000)	(97,610,000)	(91,613,000)
Net cash used in financing activities	(113,204,000)	(96,699,000)	(90,420,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,371,000)	(42,381,000)	52,263,000
Cash, cash equivalents and restricted cash, beginning of period	54,308,000	96,689,000	44,426,000
Cash, cash equivalents and restricted cash, end of period	43,937,000	54,308,000	96,689,000
Supplemental disclosures of cash flow information
Interest paid	31,450,000	14,013,000	29,500,000
Income taxes paid	$ 42,362,000	$ 20,027,000	$ 20,000

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Supplemental Notes - Parent Company Only (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NMIC and Re One Combined
Condensed Financial Statements, Captions [Line Items]
Ordinary course dividend paid	$ 98,400
Dividends, restriction with regards to capital surplus	101,000
Parent
Condensed Financial Statements, Captions [Line Items]
Investment in subsidiaries, at equity in net assets	3,288,765	$ 2,846,717
Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Operating underwriting and operating expenses	$ 166,400	$ 177,200	$ 163,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 5
-Subsection 04
-Paragraph c
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-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
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-Section 7
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-Paragraph c
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,190,174 and $2,876,343)	$ 3,137,023	$ 2,723,541
Cash and cash equivalents (including restricted cash of $0 and $90)	43,937	54,308
Premiums receivable, net	86,259	82,804
Accrued investment income	27,253	22,386
Deferred policy acquisition costs, net	64,372	64,327
Software and equipment, net	21,727	25,681
Intangible assets and goodwill	3,634	3,634
Reinsurance recoverable	38,577	32,260
Prepaid federal income taxes	400,258	322,175
Other assets	18,058	18,857
Total assets	3,841,098	3,349,973
Liabilities
Debt	417,031	415,146
Unearned premiums	46,660	65,217
Accounts payable and accrued expenses	101,595	103,164
Reserve for insurance claims and claim expenses	196,429	152,071
Deferred tax liability, net	478,890	386,192
Other liabilities	8,507	10,751
Total liabilities	1,249,112	1,132,541
Commitments and contingencies (see Note 15)
Shareholders' equity
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)	884	879
Additional paid-in capital	1,016,772	1,004,692
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively	(351,772)	(246,594)
Accumulated other comprehensive loss, net of tax	(46,083)	(124,804)
Retained earnings	1,972,185	1,583,259
Total shareholders' equity	2,591,986	2,217,432
Total liabilities and shareholders' equity	$ 3,841,098	$ 3,349,973

SCHEDULE IV - FINANCIAL INFORMATION OF REGISTRANT REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount	$ 737,487	$ 699,787	$ 650,411
Ceded to Other Companies	135,275	135,099	139,643
Assumed from Other Companies	0	0	0
Net premiums earned	$ 602,212	$ 564,688	$ 510,768
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%

- Definition

Amount of earned premiums ceded to other entities.

+ References

+ Details

- Definition

Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

+ References

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- Definition

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Reserves for Insurance Claims and Claim Expenses - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) claim loan policy	Dec. 31, 2024 USD ($) loan policy	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for insurance claims and claim expenses	$ 196,429	$ 152,071	$ 123,974	$ 99,836
Number of claims paid \| claim	445
Claims paid, including amounts covered by insurance	$ 25,900
Primary loans in default \| loan	7,661	6,642
Default rate (in percent)	1.12%	1.01%
Total policies in-force \| policy	684,058	659,567
Favorable development on prior year defaults	$ 57,900	$ 61,700	$ 56,400
Reserve for prior year insurance claims and claims expense	$ 55,700
Reinsurance Policy, Type [Axis]: QSR Transactions
Liability for Claims and Claims Adjustment Expense [Line Items]
Number of covered claims included in number of claims paid \| claim	432
Claims paid QSR transaction	$ 5,100

Software and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Software and Equipment

Software and equipment consist largely of capitalized software developed to support our mortgage insurance operations. Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2025 and 2024, consists of the following:


	December 31, 2025		December 31, 2024
	(In Thousands)
Software	$	101,771	$	97,535
Equipment	11,198		10,490
Leasehold improvements	2,511		2,511
Subtotal	115,480		110,536
Accumulated amortization and depreciation	(93,753)		(84,855)
Software and equipment, net	$	21,727	$	25,681

Capitalized costs for software, equipment, and leasehold improvements during the years ended December 31, 2025, 2024 and 2023 were $7.3 million, $7.4 million and $9.9 million, respectively. Amortization and depreciation expense for software, equipment, and leasehold improvements for the years ended December 31, 2025, 2024 and 2023 was $11.3 million, $11.9 million and $11.5 million, respectively.

Investments - Corporate Debt Securities by Industry Group (Details)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	100.00%	100.00%
Financial
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	39.00%	40.00%
Consumer
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	28.00%	26.00%
Utilities
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	11.00%	11.00%
Industrial
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	9.00%	9.00%
Technology
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	6.00%	7.00%
Communications
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	6.00%	7.00%
Basic Materials
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities as component of total (percent)	1.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income – basic	$ 388,926	$ 360,106	$ 322,110
Net income – diluted	$ 388,926	$ 360,106	$ 322,110
Basic weighted average shares outstanding (in shares)	77,626	79,844	82,407
Dilutive effect of issuable shares (in shares)	1,412	1,429	1,447
Diluted weighted average shares outstanding (in shares)	79,038	81,273	83,854
Basic earnings per share (in dollars per share)	$ 5.01	$ 4.51	$ 3.91
Diluted earnings per share (in dollars per share)	$ 4.92	$ 4.43	$ 3.84
Anti-dilutive shares (in shares)	1	11	2

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies PMIERs As an approved insurer, NMIC is subject to ongoing compliance with the PMIERs established by each of the GSEs (italicized terms have the same meaning that such terms have in the PMIERs, as described below). The PMIERs establish operational, business, remedial and financial requirements applicable to approved insurers. The PMIERs financial requirements prescribe a risk-based methodology whereby the amount of assets required to be held against each insured loan is determined based on certain loan-level risk characteristics, such as FICO, vintage (year of origination), performing vs. non-performing (i.e., current vs. delinquent), LTV ratio and other risk features. In general, higher-quality loans carry lower charges. Under the PMIERs, approved insurers must maintain available assets that equal or exceed minimum required assets, which is an amount equal to the greater of (i) $400 million or (ii) a total risk-based required asset amount. The risk-based required asset amount is a function of the risk profile of an approved insurer's RIF, assessed on a loan-by-loan basis against certain risk-based factors derived from tables set out in the PMIERs, which is then adjusted on an aggregate basis for reinsurance transactions approved by the GSEs, such as with respect to our QSR Transactions, XOL Transactions and ILN Transactions. The aggregate gross risk-based required asset amount for performing, primary insurance is subject to a floor of 5.6% of performing primary adjusted RIF. By April 15th of each year, NMIC must certify it met all PMIERs requirements as of December 31st of the prior year. We certified to the GSEs by April 15, 2025 that NMIC was in full compliance with the PMIERs as of December 31, 2024. NMIC also has an ongoing obligation to immediately notify the GSEs in writing upon discovery of a failure to meet one or more of the PMIERs requirements. We continuously monitor NMIC's compliance with the PMIERs.

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Summary of Investments - Other than Investments in Related Parties


December 31, 2025	Amortized Cost		Fair Value		Amount Reflected on Balance Sheet
	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	306,168	$	307,028	$	307,028
Municipal debt securities	635,396		611,569		611,569
Corporate debt securities	2,047,122		2,019,611		2,019,611
Asset-backed securities	72,774		70,125		70,125
U.S. agency mortgage-backed securities	42,109		42,071		42,071
Total bonds	3,103,569		3,050,404		3,050,404
Short-term investments	86,605		86,619		86,619
Total investments	$	3,190,174	$	3,137,023	$	3,137,023

Reinsurance - Narrative (Details) $ in Thousands		1 Months Ended	12 Months Ended
Reinsurance - Narrative (Details) $ in Thousands	Jan. 01, 2026	Oct. 31, 2024 USD ($)	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025 USD ($) quota_share_agreement reinsuranceAgreement	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Ceded Credit Risk [Line Items]
Number of quota share reinsurance treaties \| quota_share_agreement						8
Reinsurance recoverable on unpaid claims						$ 38,577	$ 32,260	$ 27,514	$ 21,587
Number of excess-of-loss reinsurance agreements \| reinsuranceAgreement						7
Reinsurance coverage amount						$ 42,200	38,400	31,200
Reinsurance coverage amount amortized (in percent)						10.00%
Restricted cash						$ 0	90
2026 XOL Transaction
Ceded Credit Risk [Line Items]
Reinsurance retention policy excess of loss reinsurance coverages		$ 164,200
2026-2 XOL Transaction
Ceded Credit Risk [Line Items]
Reinsurance retention policy excess of loss reinsurance coverages						160,000
2027 XOL Transaction
Ceded Credit Risk [Line Items]
Reinsurance retention policy excess of loss reinsurance coverages						$ 125,000
Minimum
Ceded Credit Risk [Line Items]
Reinsurance coverage, term of underlying mortgage amortization (in years)						10 years
Maximum
Ceded Credit Risk [Line Items]
Reinsurance coverage, term of underlying mortgage amortization (in years)						12 years 6 months
Reinsurance Policy, Type [Axis]: 2016 QSR Transaction
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid claims						$ 1,100
Reinsurance Policy, Type [Axis]: QSR Transactions
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid claims						$ 38,600	31,200
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2018 QSR Transaction
Ceded Credit Risk [Line Items]
Ceding Commission						20.00%
Profit Commission						0.61
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2018 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2018 QSR Transaction, Period 1
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						21.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2018 QSR Transaction, Period 2
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						17.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2020 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						21.00%
Ceding Commission						36.00%
Profit Commission						0.50
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2020 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2021 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Ceding Commission						35.00%
Profit Commission						0.54
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2022 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Ceding Commission						20.00%
Profit Commission						0.62
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	68.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2022 Seasoned QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						95.00%
Ceding Commission						35.00%
Profit Commission						0.55
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2023 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Ceding Commission						20.00%
Profit Commission						0.62
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2023 QSR Transaction \| Forecast
Ceded Credit Risk [Line Items]
Profit Commission			0.68	0.66	0.63
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2024 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Ceding Commission						20.00%
Profit Commission						0.56
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2025 QSR Transaction
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Ceding Commission						20.00%
Profit Commission						0.62
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2026 QSR Transactions
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						25.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2027 QSR Transactions
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						35.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: 2028 QSR Transactions
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction						20.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended 2018 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction	16.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended 2018 and 2019 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	42.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended 2019 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction	13.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended 2020 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	45.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended Seasoned 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	53.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Amended Seasoned 2022 QSR Transactions \| Subsequent Event
Ceded Credit Risk [Line Items]
Premiums of premiums earned under QSR Transaction	48.00%
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Oaktown Re Vehicles
Ceded Credit Risk [Line Items]
Risk premiums paid						$ 12,600	$ 20,400	$ 31,100
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Oaktown Re Vehicles \| Maximum
Ceded Credit Risk [Line Items]
Anticipated payment related to annual operating expenses						$ 250
Third-Party Reinsurers \| Reinsurance Policy, Type [Axis]: Seasoned 2022 QSR Transaction \| Subsequent Event
Ceded Credit Risk [Line Items]
Ceding Commission	38.00%

Reserves for Insurance Claims and Claim Expenses - Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Details) - Financial Guarantee Insurance Product Line	Dec. 31, 2025
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.00%
Year 2	30.00%
Year 3	29.00%
Year 4	16.00%
Year 5	6.00%
Year 6	4.00%
Year 7	1.00%
Year 8	2.00%
Year 9	0.00%
Year 10	0.00%

Share-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands			12 Months Ended
	May 12, 2022	May 11, 2017	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 08, 2014	Apr. 16, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (not more than)			10 years
Share-based awards vesting period (in years)			3 years
Share-based compensation expense			$ 20,190	$ 19,811	$ 16,914
Income tax benefit related to share-based compensation			$ 4,200	4,200	3,600
Employer matching contribution, percent of match (up to)			100.00%
Employer matching contribution, percent of employees' gross pay (up to)			5.00%
Contribution amount			$ 2,000	$ 2,100	$ 1,900
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			1,242	1,281
Weighted average remaining contractual life of RSUs outstanding			1 year 3 months 29 days
Fair value of shares vested			$ 18,100
Unrecognized compensation cost related to RSUs			$ 14,700
Weighted average remaining contractual life of unvested RSUs			1 year 5 months 15 days
RSUs Subject to Service Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			700
RSUs Subject to Service Based \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period (in years)			1 year
RSUs Subject to Service Based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period (in years)			3 years
RSUs Subject to Service and Performance Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period (in years)			3 years
Restricted stock units outstanding (in shares)			500
2012 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)							5,500
2012 Stock Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)							3,850
2012 Stock Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)							1,650
2014 Omnibus Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)	8,250	6,000				4,000
Additional shares authorized (in shares)	2,250	2,000

Organization and Basis of Presentation (Details)	Dec. 31, 2025 state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which the entity operates	50

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Financial Information of Registrant - Parent Company Only


	December 31, 2025		December 31, 2024
	(In Thousands, except for share data)
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $105,096 and $92,878)	$	104,303	$	91,283
Cash and cash equivalents	26,303		40,876
Investment in subsidiaries, at equity in net assets	3,288,765		2,846,717
Accrued investment income	128		198
Due from affiliates, net	92,681		93,254
Software and equipment, net	21,727		25,681
Deferred tax asset, net	113		113
Other assets	13,834		15,332
Total assets	$	3,547,854	$	3,113,454

Liabilities
Debt	$	417,031	$	415,146
Accounts payable and accrued expenses	37,515		47,812
Deferred tax liability, net	492,815		422,800
Other liabilities	8,507		10,264
Total liabilities	955,868		896,022

Shareholders' equity
Common stock - $0.01 par value; 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)	884		879
Additional paid-in capital	1,016,772		1,004,692
Treasury stock, at cost: 12,086,223 and 9,301,900 common shares as of December 31, 2025 and December 31, 2024, respectively	(351,772)		(246,594)
Accumulated other comprehensive loss, net of tax	(46,083)		(124,804)
Retained earnings	1,972,185		1,583,259
Total shareholders' equity	2,591,986		2,217,432
Total liabilities and shareholders' equity	$	3,547,854	$	3,113,454


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Revenues
Net investment income	$	4,782	$	5,142	$	3,920
Net realized investment gains (losses)	—		33		(31)
Total revenues	4,782		5,175		3,889

Expenses
Other operating expenses	7,240		7,468		7,828
Total expenses	7,240		7,468		7,828

Equity in net income of subsidiaries	462,393		442,762		412,974

Income before income taxes	459,935		440,469		409,035
Income tax expense	71,009		80,363		86,925
Net income	$	388,926	$	360,106	$	322,110

Other comprehensive income, net of tax:
Unrealized gains in accumulated other comprehensive loss, net of tax expense of $167, $133, and $312 for each of the years in the three-year period ended December 31, 2025, respectively	630		499		1,173
Reclassification adjustment for realized losses included in net income, net of tax benefit of $0, $0 and $7 for each of the years in the three-year period ended December 31, 2025, respectively	—		—		25
Equity in other comprehensive income of subsidiaries	78,091		14,614		63,208
Other comprehensive income, net of tax	78,721		15,113		64,406
Comprehensive income	$	467,647	$	375,219	$	386,516


	For the years ended December 31,
	2025		2024		2023
Cash flows from operating activities	(In Thousands)
Net income	$	388,926	$	360,106	$	322,110
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses (gains)	—		(33)		31
Depreciation and amortization	(2,469)		(2,505)		(890)
Loss on extinguishment of debt	—		6,966		—
Amortization of debt discount and debt issuance costs	2,415		2,214		1,962
Deferred income taxes	69,888		78,599		88,192
Share-based compensation expense	20,190		19,811		16,914
Changes in operating assets and liabilities:
Investment in subsidiaries, at equity in net assets	(363,807)		(346,453)		(314,556)
Accrued investment income	70		37		205
Receivable from affiliates	573		(2,128)		(8,108)
Other assets	(985)		(1,070)		(57)
Accounts payable and accrued expenses	(10,900)		8,764		2,605
Net cash provided by operating activities	103,901		124,308		108,408
Cash flows from investing activities
Capitalization of subsidiaries	—		(17,317)		(800)
Purchase of short-term investments	(174,730)		(119,337)		(89,068)
Purchase of fixed-maturity investments, available-for-sale	—		(12,142)		—
Proceeds from maturities of short-term investments	146,700		88,700		100,607
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale	18,281		1,959		30,538
Software and equipment	4,479		5,030		2,169
Net cash (used in) provided by investing activities	(5,270)		(53,107)		43,446
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans	2,875		4,290		10,549
Taxes paid related to net share settlement of equity awards	(10,980)		(10,219)		(9,356)
Proceeds from senior unsecured notes	—		419,705		—
Repayments of senior secured notes	—		(405,080)		—
Payments of debt issuance costs	—		(7,785)		—
Repurchase of common stock	(105,099)		(97,610)		(91,613)
Net cash used in financing activities	(113,204)		(96,699)		(90,420)

Net (decrease) increase in cash, cash equivalents and restricted cash	(14,573)		(25,498)		61,434
Cash, cash equivalents and restricted cash, beginning of period	40,876		66,374		4,940
Cash, cash equivalents and restricted cash, end of period	$	26,303	$	40,876	$	66,374

Note A

The NMI Holdings, Inc. (Parent Company) financial statements represent the stand-alone financial statements of the Parent Company. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein. Refer to the Parent Company's consolidated financial statements for additional information.

NMIH and its subsidiaries entered into a tax sharing agreement effective August 23, 2012, which was subsequently amended on September 1, 2016. Under original and amended agreements, each of the parties agreed to file consolidated federal income tax returns for all tax years beginning in and subsequent to 2012, with NMIH as the direct tax filer. The tax liability of each subsidiary that is party to the agreement is limited to the amount of the liability it would incur if it filed separate returns.

Note B

NMIC and Re One are subject to certain capital and dividend rules and regulations prescribed by jurisdictions in which they are authorized to operate and the GSEs that may restrict their ability to pay dividends to NMIH. Under Wisconsin law, NMIC and Re One may pay dividends up to specified levels (i.e., “ordinary” dividends) with 30 days' prior notice to the Wisconsin OCI. Dividends in larger amounts (i.e.,“extraordinary” dividends), are subject to the Wisconsin OCI's prior approval. Under Wisconsin law, an extraordinary dividend is defined as any payment or distribution that together with other dividends and distributions made within the preceding twelve months exceeds the lesser of (i) 10% of the insurer's statutory policyholders' surplus as of the preceding December 31 or (ii) adjusted statutory net income for the twelve-month period ending the preceding December 31. During the year ended December 31, 2025, NMIC paid a $98.4 million ordinary course dividend to NMIH, representing its full ordinary course dividend capacity payable under Wisconsin insurance laws for the twelve-month period ending December 31, 2025. NMIC has the capacity to pay aggregate ordinary dividends of $101.0 million to NMIH during the twelve-month period ending December 31, 2026.

The remaining net assets from dividend capacity are considered restricted. As of December 31, 2025, the amount of restricted net assets held by our consolidated insurance subsidiaries, which represents our equity investment in those insurance subsidiaries less their aggregate dividend capacity, totaled $3.3 billion, compared to $2.8 billion as of December 31, 2024.

Note C

The Parent Company provides certain services to its subsidiaries. The Parent Company allocates to its subsidiaries corporate expense it incurs in the capacity of supporting those subsidiaries, based on either an allocated percentage of time spent or internally allocated capital. Total operating expenses allocated to subsidiaries for each of the years in the three-year period ended December 31, 2025 were $166.4 million, $177.2 million and $163.9 million, respectively. Amounts charged to the subsidiaries for operating expenses are based on actual cost, without any mark-up. The Parent Company considers these charges fair and reasonable. The subsidiaries reimburse the Parent Company for these costs in a timely manner, which has the impact of improving the cash flows of the Parent Company.

Fair Value of Financial Instruments - The estimated fair value of our financial instruments that are not measured at fair value (Details) - USD ($)	May 21, 2024	Dec. 31, 2025	Dec. 31, 2024
Unsecured Debt \| Senior 2024 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument face amount		$ 425,000,000
Debt		417,000,000.0	$ 415,100,000
Original issuance discount	$ 10,900,000	8,000,000	9,900,000
Unsecured Debt \| Significant Other Observable Inputs (Level 2) \| Senior 2024 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value		$ 441,300,000	$ 429,600,000
Secured Debt \| Senior 2020 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repayments of debt	$ 400,000,000

Reinsurance - Effect of Reinsurance Agreements on Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net premiums written
Direct	$ 718,930	$ 672,708	$ 619,670
Ceded	(135,210)	(134,755)	(139,130)
Net premiums written	583,720	537,953	480,540
Net premiums earned
Direct	737,487	699,787	650,411
Ceded	(135,275)	(135,099)	(139,643)
Net premiums earned	$ 602,212	$ 564,688	$ 510,768

- Definition

Amount of earned premiums ceded to other entities.

+ References

+ Details

- Definition

Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

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+ Details

Summary of Accounting Principles	12 Months Ended
Summary of Accounting Principles	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Accounting Principles	Summary of Accounting Principles Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses for the periods presented. Actual results could differ from those estimates. Insurance Premium Revenue Recognition Premiums for primary mortgage insurance policies may be paid in a single payment at origination (single premium), on a monthly installment basis (monthly premium) or on an annual installment basis (annual premium), with such election and payment type fixed at policy inception. Premiums written at origination for single premium policies are initially deferred as unearned premiums and amortized into earnings over the estimated policy life, in accordance with the anticipated expiration of risk. Monthly premiums are recognized as revenue in the month billed and when the coverage is effective. Annual premiums are initially deferred and earned on a straight-line basis over the year of coverage. Upon cancellation of a policy, all remaining non-refundable deferred and unearned premium is immediately earned, and any refundable deferred and unearned premium is returned to the policyholder and recorded as a reduction to written premium and unearned premium reserve in the period paid. Concentrations For the years ended December 31, 2025, 2024 and 2023, no customer accounted for more than 10% of our consolidated revenues. At December 31, 2025, 2024 and 2023 approximately 10% of our total risk-in-force (RIF) was concentrated in California. Reserves for Insurance Claims and Claim Expenses We establish reserves for claims based on our best estimate of the ultimate claim costs for defaulted loans. A loan is considered to be in “default” as of the payment date at which a borrower has missed the preceding two or more consecutive monthly payments. We establish reserves for loans that have been reported to us in default by servicers, referred to as case reserves, and additional loans that we estimate (based on actuarial review and other factors) to be in default that have not yet been reported to us by servicers, referred to as incurred but not reported (IBNR) reserves. We also establish reserves for claim expenses, which represent the estimated cost of the claim administration process, including legal and other fees, as well as other general expenses of administering the claim settlement process. Claim expense reserves are either allocated (i.e., associated with a specific claim) or unallocated (i.e., not associated with a specific claim). The establishment of claims and claim expense reserves is subject to inherent uncertainty and requires significant judgment by management. Reserves are established by estimating the number of loans in default that will result in a claim payment, which is referred to as claim frequency, and the amount of claim payment expected to be paid on each such loan in default, which is referred to as claim severity. Claim frequency and severity estimates are established based on historical observed experience regarding certain loan factors, such as age of the default, size of the loan and loan-to-value (LTV) ratios, and are strongly influenced by assumptions about the path of certain economic factors, such as house price appreciation, trends in unemployment and mortgage rates. We consider the appropriateness of such inputs at each fiscal quarter and conduct an actuarial review annually to evaluate and, if necessary, update these assumptions. Investments We have designated our investment portfolio as available-for-sale and report our invested assets at fair value. Unrealized gains and losses in the portfolio, net of related tax expense or benefit, are recognized as a component of accumulated other comprehensive income (AOCI) in shareholders' equity. We measure fair value and classify invested assets in a hierarchy for disclosure purposes consisting of three “levels” based on the observability of inputs available in the marketplace used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). See Note 4, “Fair Value of Financial Instruments” for further discussion. Purchases and sales of investments are recorded on a trade date basis. Net investment income is recognized when earned, and includes interest and dividend income together with amortization of market premiums and discounts using the effective yield method, and is net of investment management fees and other investment-related expenses. For asset-backed securities, mortgage-backed securities, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to changes in effective yields and prepayment assumptions are recognized on a prospective basis. Realized gains and losses are computed using the specific identification method. We recognize an impairment on a security through the consolidated statement of operations and comprehensive income if (i) we intend to sell the impaired security; or (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, we write down the amortized cost basis of the security to fair value and recognize the full amount of the impairment through the statement of operations as a “Realized Investment Loss.” For securities in an unrealized loss position where a sale is not intended or likely to be required, we further assess if the decline in fair value below amortized cost is driven by a credit-related impairment, considering several items including, but not limited to: •the severity of the decline in fair value; •the financial condition of the issuer; •the failure of the issuer to make scheduled interest or principal payments; •recent rating downgrades of the applicable security or issuer by one or more nationally recognized statistical ratings organization; and •other adverse conditions related to or impacting the security or issuer. To the extent we determine that a security impairment is credit-related, an impairment loss is recognized through the statement of operations as a provision for credit loss expense, and presented as a “Realized Investment Loss.” We recognize an allowance for credit losses for the difference between the amortized cost and present value of future expected cash flows, limited by the amount the fair value of the security is below its amortized cost. Subsequent changes (favorable and unfavorable) in credit losses are recognized through the statement of operations as a provision for or a reversal of credit loss expense, and presented as a “Realized Investment Gain or Loss.” The portion of a security impairment attributed to other non-credit related factors is recognized in other comprehensive income, net of taxes. We have elected to present accrued interest receivable separately from available-for-sale securities on our consolidated balance sheets. Accrued interest receivable was $27.3 million and $22.4 million as of December 31, 2025 and 2024, respectively, and is included in “Accrued Investment Income.” We have elected not to measure an allowance for credit losses for accrued interest receivable on available-for-sale securities. Accrued interest for available-for-sale securities is written off against interest income when the receivable has aged 90 days past due. We did not write off any accrued interest receivable during the years ended December 31, 2025, 2024 or 2023. We consider items such as U.S. Treasury Bills and commercial paper with original maturities of 12 months or less to be short-term investments. Deferred Policy Acquisition Costs (DAC) Costs directly associated with the successful acquisition of mortgage insurance policies, consisting of certain selling expenses and other policy issuance and underwriting expenses, are initially deferred and reported as DAC. DAC is reviewed periodically to determine that it does not exceed recoverable amounts. DAC is amortized to expense in proportion to estimated gross profits over the life of the associated policies. We revise the rate of amortization to reflect actual experience and any changes to persistency or loss development. Total amortization of DAC for the years ended December 31, 2025, 2024 and 2023, net of a portion of the ceding commissions earned under our quota share reinsurance agreements (see “Reinsurance”, below), was $7.7 million, $7.1 million and $3.6 million, respectively. Premium Deficiency Reserves We consider whether a premium deficiency exists and a premium deficiency reserve is required at each fiscal quarter using best estimate assumptions as of the testing date. A premium deficiency reserve is established if the net present value of expected future claim costs, claim adjustment expenses, policyholder dividends, unamortized acquisition costs and maintenance costs exceeds the net present value of expected future premiums, anticipated investment income and existing reserves for a specified group of policies. We have determined that no premium deficiency reserves were necessary for any of the years in the three-year period ended December 31, 2025. Reinsurance We cede insurance risk through the use of reinsurance contracts and follow reinsurance accounting for those transactions where significant risk is transferred. We account for premiums, claims and claim expenses that are ceded to reinsurers on a basis consistent with that which we use to account for the original policies we issue and pursuant to the terms of our reinsurance contracts. We account for premiums ceded or otherwise paid to reinsurers as a reduction to premium revenue. NMIC entered into quota share reinsurance treaties effective January 1, 2018 (the 2018 QSR Transaction), April 1, 2020 (the 2020 QSR Transaction), January 1, 2021 (the 2021 QSR Transaction), October 1, 2021 (the 2022 QSR Transaction), July 1, 2022 (the 2022 Seasoned QSR Transaction), January 1, 2023 (the 2023 QSR Transaction), January 1, 2024 (the 2024 QSR Transaction), and January 1, 2025 (the 2025 QSR Transaction), which we refer to collectively as the QSR Transactions. We earn profit and ceding commissions in connection with the QSR Transactions. Profit commissions represent a percentage of the profits recognized by reinsurers that are returned to us, based on the level of claims and claim expenses that we cede. Ceded claims and claim expenses reduce the profit commission due to NMIC under each respective QSR Transaction on a dollar-for-dollar basis. We recognize any profit commissions we earn as a decrease to ceded earned premiums. Ceding commissions are calculated as a percentage of ceded earned premiums and are intended to cover our costs of acquiring and servicing direct policies. We recognize any ceding commissions generated under the QSR Transactions in a manner consistent with our recognition of earnings on the underlying reinsured policies. We account for ceding commissions earned as a reduction to underwriting and operating expenses. Under the QSR Transactions, we cede a portion of claims and claim expenses and reserves to our reinsurers, and account for such ceded reserves as “Reinsurance Recoverables” on the consolidated balance sheets and such ceded expenses as reductions to claims and claim expenses on the consolidated statements of operations. We remain directly liable for all claim payments if we are unable to collect the recoverables due from our reinsurers and, as such, we actively monitor and manage our counterparty credit exposure to our reinsurance providers. We establish an allowance for expected credit loss against our reinsurance recoverables if we do not expect to recover amounts due from one or more of our reinsurance counterparties, and report our reinsurance recoverables net of such allowance, if any. We actively monitor the counterparty credit profiles of our reinsurers and each is required to partially collateralize its obligations under the terms of our QSR Transactions. The allowance for credit loss established with respect to our reinsurance recoverables was deemed immaterial as of December 31, 2025 and 2024. Variable Interest Entities NMIC is a party to excess-of-loss reinsurance agreements with Oaktown Re VI Ltd., and Oaktown Re VII Ltd. (special purpose reinsurance entities collectively referred to as the Oaktown Re Vehicles) effective April 27, 2021 and October 26, 2021, respectively. At inception of the respective reinsurance agreements, we determined that Oaktown Re VI Ltd. and Oaktown Re VII Ltd. were variable interest entities (VIEs), because they did not have sufficient equity at risk to finance their respective activities. We evaluated the VIEs at inception to determine whether NMIC was the primary beneficiary under each deal and, if so, whether we were required to consolidate the assets and liabilities of each VIE. The primary beneficiary of a VIE is an enterprise that (1) has the power to direct the activities of the VIE, which most significantly impact its economic performance and (2) has significant economic exposure to the VIE, i.e., the obligation to absorb losses or receive benefits that could potentially be significant. The determination of whether an entity is the primary beneficiary of a VIE is complex and requires management judgment regarding determinative factors, including the expected results of the VIE and how those results are absorbed by beneficial interest holders, as well as which party has the power to direct activities that most significantly impact the performance of the VIE. We concluded that we are not the primary beneficiary of each VIE and, as such, we do not consolidate them in our consolidated financial statements. See Note 6, “Reinsurance” for further discussion of the reinsurance arrangements. Income Taxes We account for income taxes using the liability method. The liability method measures the expected future tax effects of temporary differences at the enacted tax rates applicable for the period in which the deferred asset or liability is expected to be realized or settled. Temporary differences are differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements that would result in future increases or decreases in taxes owed on a cash basis compared to amounts already recognized as tax expense in the consolidated statements of operations. We purchase non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the Treasury Department in order to claim a tax deduction for our contingency reserve balance. The tax and loss bonds are carried at cost and are reported as “Prepaid Federal Income Taxes” on the consolidated balance sheets. See Note 11, “Income Taxes”, for further discussion of the tax and loss bonds and other income tax matters. Share-Based Compensation We account for stock compensation awards using grant date fair value and recognize the associated compensation expense over the requisite service or performance period of the award. Share-based compensation includes restricted stock units (RSUs). We use the simplified method to estimate expected option term during the period as sufficient historical exercise data is not available. RSU grants may contain a service condition, or performance and service conditions. RSU grants are valued at our stock price on the date of grant less the present value of anticipated dividends, and we recognize their fair value as compensation expense over their requisite service or performance and service periods. We account for stock option and RSU forfeitures as they occur. Share-based compensation is recorded in “Underwriting and Operating Expenses” on the consolidated statements of operations and comprehensive income. Earnings Per Share (EPS) Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and common share equivalents that would be issuable upon the vesting of existing service-based and performance and service-based RSUs, and exercise of vested and unvested stock options. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. Share Repurchases Common stock repurchases are recorded at cost and presented as “Treasury Stock” on the consolidated balance sheets and statements of changes in shareholders’ equity. At the date of repurchase, shareholders’ equity is reduced by the aggregate repurchase price plus commissions, applicable taxes and other expenses that arise from the repurchase transaction. Cash and Cash Equivalents We consider items such as U.S. Treasury Bills, certificates of deposit and money market funds with original maturities when purchased of 90 days or less to be cash equivalents. Software and Equipment We capitalize certain costs associated with the development of internal-use software and equipment. Software and equipment are stated at cost, less accumulated amortization and depreciation. Amortization of software and depreciation of equipment commences at the beginning of the month following our placement of the assets into use. Amortization and depreciation are calculated on a straight-line basis over the estimated useful life of the respective assets, typically from three to five years, unless factors indicate a shorter useful life. We amortize leasehold improvements over the shorter of the lives of the leases or estimated service lives of the leasehold improvements. Amortization and depreciation expense is recorded in “Underwriting and Operating Expenses” on the consolidated statements of operations and comprehensive income. For further detail, see Note 12, “Software and Equipment.” Leases We recognize right-of-use (ROU) assets and corresponding lease liabilities for our lease arrangements. Lease liabilities are established based on the estimated present value of lease payments over the relevant lease term. We estimate a discount rate for each lease based on our estimated incremental borrowing rate at the commencement date of the relevant lease, taking into consideration the cost of any outstanding collateralized borrowings we have at such time with adjustment for the terms of the lease agreement, and prevailing market conditions and macroeconomic factors at the time of its commencement. ROU assets are measured as the associated lease liability plus any direct costs incurred in connection with the initial establishment of the lease, less any lease incentives received. Business Combinations, Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of net assets acquired from a business combination. We test goodwill for impairment annually or more frequently if we believe indicators of impairment exist. We have not identified any impairments of goodwill through December 31, 2025. Our intangible assets consist of state licenses and Fannie Mae and Freddie Mac (collectively, the GSEs) applications which have indefinite lives. We test indefinite-lived intangible assets for impairment annually or more frequently if we believe indicators of impairment exist. We have not identified any impairments of indefinite-lived intangible assets through December 31, 2025. Premiums Receivable Premiums receivable consists of premiums due on our mortgage insurance policies. If a mortgage insurance premium is unpaid for more than 120 days, the associated receivable is written off against earned premium and the related insurance policy is canceled. We recognize an allowance for credit losses for premiums receivable based on credit losses expected to arise over the life of the receivable. Due to the nature of our insurance policies (a necessary precondition for access to mortgage credit for covered borrowers) and the short duration of the related receivables, we do not typically experience credit losses against our premium receivables and the allowance for credit loss established on premium receivables was deemed immaterial at December 31, 2025 and 2024. Premiums receivable may be written off prior to 120 days in the ordinary course of business for non-credit events including, but not limited to, the modification or refinancing of an underlying insured loan. We established a $1.4 million and $2.2 million reserve for premium write-offs at December 31, 2025 and 2024, respectively. Other Revenues Other revenues represent underwriting fee revenue from our subsidiary, NMIS, which provides outsourced loan review services to mortgage loan originators. NMIS fees are earned and recognized as services are provided, with cash payments typically received one month after billing. Recent Accounting Pronouncements – Adopted On January 1 2025, we adopted ASU 2023-09, Income Taxes (Topic 740) on a retrospective basis. The update enhances the disclosure requirements related to tax rate reconciliations and income taxes paid and did not have any effect on our consolidated statement of operations and comprehensive income or consolidated balance sheets. See Note 11, “Income Taxes” for more information. Recent Accounting Pronouncements – Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense (Topic 220). The update expands disclosure requirements related to certain income statement expenses, including a requirement to provide a tabular disaggregation of certain operating expenses by category. The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Accounting for Internal-Use Software (Topic 350). The update clarifies the criteria surrounding the capitalization of certain costs and expands related disclosure requirements. The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Improving Interim Reporting Guidance (Topic 270). The update establishes a principle that requires entities to disclose material events that have occurred since the end of the last annual reporting period and further clarifies interim disclosure requirements. The standard will take effect for all public business entities for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements.

Reinsurance - ILN Transactions And XOL Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Oct. 26, 2021	Apr. 27, 2021
Reinsurance Policy, Type [Axis]: 2021-1 ILN
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of population with production prior to period start date	1.00%
Reinsurance Policy, Type [Axis]: 2021-1 ILN Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage			$ 367,238
Current Reinsurance Coverage	$ 86,881
Initial First Layer Retained Loss			$ 163,708
Current First Layer Retained Loss	$ 162,201
Reinsurance Policy, Type [Axis]: 2021-2 ILN
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of population with production prior to period start date	2.00%
Reinsurance Policy, Type [Axis]: 2021-2 ILN Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage		$ 363,596
Current Reinsurance Coverage	$ 175,649
Initial First Layer Retained Loss		$ 146,229
Current First Layer Retained Loss	143,906
Reinsurance Policy, Type [Axis]: 2022-1 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	289,741
Current Reinsurance Coverage	146,305
Initial First Layer Retained Loss	133,366
Current First Layer Retained Loss	$ 129,238
Percentage of population with production prior to period start date	1.00%
Reinsurance Policy, Type [Axis]: 2022-2 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	$ 154,306
Current Reinsurance Coverage	109,595
Initial First Layer Retained Loss	78,906
Current First Layer Retained Loss	$ 73,393
Percentage of population with production prior to period start date	1.00%
Reinsurance Policy, Type [Axis]: 2022-3 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	$ 96,779
Current Reinsurance Coverage	70,905
Initial First Layer Retained Loss	106,265
Current First Layer Retained Loss	101,460
Reinsurance Policy, Type [Axis]: 2023-1 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	89,864
Current Reinsurance Coverage	62,758
Initial First Layer Retained Loss	146,513
Current First Layer Retained Loss	142,269
Reinsurance Policy, Type [Axis]: 2023-2 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	100,777
Current Reinsurance Coverage	62,560
Initial First Layer Retained Loss	136,875
Current First Layer Retained Loss	135,222
Reinsurance Policy, Type [Axis]: 2024 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	162,500
Current Reinsurance Coverage	156,731
Initial First Layer Retained Loss	312,172
Current First Layer Retained Loss	311,559
Reinsurance Policy, Type [Axis]: 2025 XOL Transaction
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Initial Reinsurance Coverage	283,849
Current Reinsurance Coverage	283,849
Initial First Layer Retained Loss	321,331
Current First Layer Retained Loss	$ 321,331

Reserve for Insurance Claims and Claim Expenses

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reserves for Insurance Claims and Claim Expenses

We hold gross reserves in an amount equal to the estimated liability for insurance claims and claim expenses related to defaults on insured mortgage loans. A loan is considered to be in “default” as of the payment date at which a borrower has missed the preceding two or more consecutive monthly payments. We establish reserves for loans that have been reported to us in default by servicers, referred to as case reserves, and additional loans that we estimate (based on actuarial review and other factors) to be in default that have not yet been reported to us by servicers, referred to as IBNR reserves. We also establish reserves for claim expenses, which represent the estimated cost of the claim administration process, including legal and other fees, as well as other general expenses of administering the claim settlement process. As of December 31, 2025, we held gross reserves for insurance claims and claim expenses of $196.4 million. During the year ended December 31, 2025, we paid 445 claims totaling $25.9 million, including 432 claims covered under the QSR Transactions representing $5.1 million of ceded claims and claim expenses.

We had 7,661 loans in default in our primary insured portfolio as of December 31, 2025, which represented a 1.12% default rate against 684,058 total policies in-force, and 6,642 loans in default as of December 31, 2024, which represented a 1.01% default rate against 659,567 total policies in-force. The size of the reserve we establish for each defaulted loan (and by extension our aggregate reserve for claims and claim expenses) reflects our best estimate of the future claim payment to be made for each individual loan in default. Our future claims exposure is a function of the number of defaulted loans that progress to claim payment (which we refer to as frequency) and the amount to be paid to settle such claims (which we refer to as severity). Our estimates of claims frequency and severity are not formulaic, rather they are broadly synthesized based on historical observed experience for similarly situated loans and assumptions about future macroeconomic factors.

The following table provides a reconciliation of the beginning and ending gross reserve balances for primary insurance claims and claim expenses:


	For the years ended December 31,
	2025		2024		2023
	(In Thousands)
Beginning balance	$	152,071	$	123,974	$	99,836
Less reinsurance recoverables (1)	(32,260)		(27,514)		(21,587)
Beginning balance, net of reinsurance recoverables	119,811		96,460		78,249

Add claims incurred:
Claims and claim expenses incurred:
Current year (2)	114,721		93,206		78,285
Prior years (3)	(57,889)		(61,662)		(56,390)
Total claims and claim expenses incurred (4)	56,832		31,544		21,895

Less claims paid:
Claims and claim expenses paid:
Current year (2)	1,605		638		600
Prior years (3)	19,150		7,555		3,575
Reinsurance terminations (5)	(1,964)		—		(491)
Total claims and claim expenses paid	18,791		8,193		3,684

Reserve at end of period, net of reinsurance recoverables	157,852		119,811		96,460
Add reinsurance recoverables (1)	38,577		32,260		27,514
Ending balance	$	196,429	$	152,071	$	123,974

(1) Related to ceded losses recoverable under the QSR Transactions. See Note 6, “Reinsurance” for additional information.

(5) Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR Transactions.

The “claims incurred” section of the table above shows claims and claim expenses incurred on defaults occurring in current and prior years, including IBNR reserves, and is presented net of reinsurance. The amount of claims incurred relating to current year defaults increased during the year ended December 31, 2025, compared to the years ended December 31, 2024 and 2023, primarily due to an increase in the total number of new delinquencies emerging during the period tied to the growth and natural seasoning of our portfolio and an increase in the average case reserve established against newly defaulted loans. Our provision for claims and claim expenses during the years ended December 31, 2025, 2024 and 2023 benefited from favorable development on prior year defaults. We recognized $57.9 million, $61.7 million and $56.4 million of favorable prior year development during the years ended December 31, 2025, 2024 and 2023, respectively, primarily due to cure activity and ongoing analysis of recent loss development trends. We may increase or decrease our claim estimates and reserves as we learn additional information about individual defaulted loans, and continue to observe and analyze loss development trends in our portfolio. Gross reserves of $55.7 million related to prior year defaults remained as of December 31, 2025.


	Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance (1)																				As of December 31, 2025
Default Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total of IBNR		Defaults (2)
	Unaudited
	($ In Thousands)
2016	$	2,394	$	1,568	$	1,790	$	1,934	$	1,936	$	1,930	$	1,893	$	1,986	$	1,978	$	1,981	$	—	—
2017			6,028		3,475		3,570		3,807		3,716		3,718		3,712		3,661		3,661		—		—
2018					7,779		5,271		4,709		4,533		4,282		4,312		4,326		4,264		7		4
2019							14,391		7,229		5,781		4,604		4,606		4,223		4,186		11		7
2020									65,769		56,154		18,862		7,472		6,053		5,733		85		31
2021											22,847		14,337		4,092		2,626		2,288		33		18
2022													44,334		11,023		6,112		5,284		129		58
2023															76,967		24,734		19,181		628		239
2024																	91,583		44,164		2,404		1,213
2025																			112,807		7,494		6,091
																	Total		$	203,549	$	10,791	7,661

(1) Amounts include case and IBNR reserves.

(2) Number of defaults outstanding as of December 31, 2025.


	Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance
Default Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	Unaudited
	(In Thousands)
2016	$	171	$	890	$	1,596	$	1,826	$	1,827	$	1,877	$	1,878	$	1,978	$	1,978	$	1,981
2017			27		1,655		2,925		3,494		3,640		3,655		3,661		3,661		3,661
2018					130		1,981		3,537		3,780		3,909		4,116		4,121		4,164
2019							69		2,368		3,212		3,534		3,621		3,860		4,035
2020									586		1,320		1,909		3,265		4,357		4,604
2021											16		274		914		1,633		1,811
2022													74		1,252		2,861		3,563
2023															600		4,481		10,814
2024																	638		12,108
2025																			1,605
																	Total		$	48,346


Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses
(In Thousands)
	As of December 31, 2025
Cumulative Incurred Claims and Allocated Claims Adjustment Expenses, net of Reinsurance	$	203,549
Cumulative Paid Claims and Claims Adjustment Expenses, net of Reinsurance	(48,346)
All outstanding liabilities before 2016, net of reinsurance	—
Liabilities for unpaid claims and allocated claims adjustment expenses, net of reinsurance	155,203
Reinsurance recoverable on unpaid claims	38,577
Unallocated claims adjustment expenses	2,649
Total gross liability for unpaid claims and claim adjustment expenses	$	196,429

The following supplementary information shows the average percentage of claims and allocated claims adjustment expenses paid in the years following the incurrence of a claim as of December 31, 2025:


	Average annual percentage payout of incurred claims and allocated claims adjustment expenses by age, net of reinsurance (unaudited)
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8		Year 9		Year 10
Claims duration disclosure	3%	30%	29%	16%	6%	4%	1%	2	%	0	%	0	%

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Statements of Cash Flows - Parent Company Only (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 388,926,000	$ 360,106,000	$ 322,110,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses (gains)	(432,000)	(23,000)	33,000
Depreciation and amortization	11,260,000	11,936,000	11,541,000
Loss on extinguishment of debt	0	6,966,000	0
Amortization of debt discount and debt issuance costs	2,415,000	2,214,000	1,961,000
Deferred income taxes	71,772,000	80,698,000	90,593,000
Share-based compensation expense	20,190,000	19,811,000	16,914,000
Changes in operating assets and liabilities:
Accrued investment income	(4,867,000)	(2,601,000)	(5,641,000)
Other assets	(1,475,000)	(1,833,000)	(316,000)
Accounts payable and accrued expenses	(2,172,000)	16,452,000	10,389,000
Net cash provided by operating activities	419,299,000	393,604,000	342,683,000
Cash flows from investing activities
Purchase of short-term investments	(174,730,000)	(169,963,000)	(166,224,000)
Purchase of fixed-maturity investments, available-for-sale	(724,314,000)	(481,731,000)	(488,562,000)
Proceeds from maturities of short-term investments	173,672,000	114,072,000	320,545,000
Software and equipment	(6,781,000)	(6,905,000)	(9,372,000)
Net cash used in investing activities	(316,466,000)	(339,286,000)	(200,000,000)
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans	2,875,000	4,290,000	10,549,000
Taxes paid related to net share settlement of equity awards	(10,980,000)	(10,219,000)	(9,356,000)
Proceeds from senior unsecured notes	0	419,705,000	0
Repayments of senior secured notes	0	(405,080,000)	0
Payments of debt issuance costs	0	(7,785,000)	0
Repurchases of common stock	(105,099,000)	(97,610,000)	(91,613,000)
Net cash used in financing activities	(113,204,000)	(96,699,000)	(90,420,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,371,000)	(42,381,000)	52,263,000
Cash, cash equivalents and restricted cash, beginning of period	54,308,000	96,689,000	44,426,000
Cash, cash equivalents and restricted cash, end of period	43,937,000	54,308,000	96,689,000
Parent
Cash flows from operating activities
Net income	388,926,000	360,106,000	322,110,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses (gains)	0	(33,000)	31,000
Depreciation and amortization	(2,469,000)	(2,505,000)	(890,000)
Loss on extinguishment of debt	0	6,966,000	0
Amortization of debt discount and debt issuance costs	2,415,000	2,214,000	1,962,000
Deferred income taxes	69,888,000	78,599,000	88,192,000
Share-based compensation expense	20,190,000	19,811,000	16,914,000
Changes in operating assets and liabilities:
Investment in subsidiaries, at equity in net assets	(363,807,000)	(346,453,000)	(314,556,000)
Accrued investment income	70,000	37,000	205,000
Receivable from affiliates	573,000	(2,128,000)	(8,108,000)
Other assets	(985,000)	(1,070,000)	(57,000)
Accounts payable and accrued expenses	(10,900,000)	8,764,000	2,605,000
Net cash provided by operating activities	103,901,000	124,308,000	108,408,000
Cash flows from investing activities
Capitalization of subsidiaries	0	(17,317,000)	(800,000)
Purchase of short-term investments	(174,730,000)	(119,337,000)	(89,068,000)
Purchase of fixed-maturity investments, available-for-sale	0	(12,142,000)	0
Proceeds from maturities of short-term investments	146,700,000	88,700,000	100,607,000
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale	18,281,000	1,959,000	30,538,000
Software and equipment	4,479,000	5,030,000	2,169,000
Net cash used in investing activities	(5,270,000)	(53,107,000)	43,446,000
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans	2,875,000	4,290,000	10,549,000
Taxes paid related to net share settlement of equity awards	(10,980,000)	(10,219,000)	(9,356,000)
Proceeds from senior unsecured notes	0	419,705,000	0
Repayments of senior secured notes	0	(405,080,000)	0
Payments of debt issuance costs	0	(7,785,000)	0
Repurchases of common stock	(105,099,000)	(97,610,000)	(91,613,000)
Net cash used in financing activities	(113,204,000)	(96,699,000)	(90,420,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,573,000)	(25,498,000)	61,434,000
Cash, cash equivalents and restricted cash, beginning of period	40,876,000	66,374,000	4,940,000
Cash, cash equivalents and restricted cash, end of period	$ 26,303,000	$ 40,876,000	$ 66,374,000

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) operatingLeaseAgreement	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of operating leases related to corporate headquarters and data center facility \| operatingLeaseAgreement	2
Right-of-use lease assets	$ 6,700	$ 8,200
Operating lease liabilities	$ 8,507	$ 10,300
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,400	$ 2,300	$ 1,500
Operating lease expense	$ 2,100	$ 2,100	$ 2,000
Operating lease option to renew, term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease terms	2 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	8 years

Software and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Capitalized costs related to software, equipment, and leaseholds	$ 7.3	$ 7.4	$ 9.9
Depreciation and amortization	$ 11.3	$ 11.9	$ 11.5

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details