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Reinsurance - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Reinsurance recoverable on loss reserves	$ 76,144	$ 65,055	$ 53,781	$ 47,281
Eligible New Insurance Written In 2027
Effects of Reinsurance [Line Items]
Reinsurance, quota share reinsurance agreement, terms, quota share, percent	40.00%
Initial excess of loss reinsurance coverage	$ 168,000
Quota Share Reinsurance Transactions
Effects of Reinsurance [Line Items]
Ceding commission, percentage (as a percent)	20.00%
Reinsurance, quote share reinsurance agreement, annual loss ratio cap (as a percent)	300.00%
Reinsurance, quota reinsurance agreement, lifetime loss ratio cap (as a percent)	200.00%
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)	90.00%
Reinsurance recoverable on loss reserves	$ 76,100	$ 65,100
Credit Union QSR
Effects of Reinsurance [Line Items]
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)	80.00%
Home Re special purpose insurers
Effects of Reinsurance [Line Items]
Percent of total trust assets invested in cash or direct U.S. federal government obligations	99.50%

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Significant Accounting Policies	Significant Accounting Policies Prospective Accounting and Reporting Developments Relevant new amendments to accounting standards, which are not yet effective or adopted. Disaggregation of Income Statement Expenses: ASU 2024-03 In November 2024, the FASB issued ASU 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impacts the adoption of this guidance will have on our disclosures, but do not expect it to have a material impact.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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

Nature of Business and Basis of Presentation	6 Months Ended
Nature of Business and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation (“MGIC”), is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. MGIC Assurance Corporation (“MAC”) and MGIC Indemnity Corporation (“MIC”), insurance subsidiaries of MGIC, provide insurance for certain mortgages under Fannie Mae and Freddie Mac (the “GSEs”) credit risk transfer programs. We operate as a single segment for purposes of evaluating financial performance and allocating resources. The accompanying unaudited consolidated financial statements of MGIC Investment Corporation and its wholly-owned subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission (“SEC”) for interim reporting and do not include all of the other information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2025 included in our 2025 Annual Report on Form 10-K. As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires. In the opinion of management, the accompanying financial statements include all adjustments, consisting primarily of normal recurring accruals, necessary to fairly state our consolidated financial position and consolidated results of operations for the periods indicated. The consolidated results of operations for an interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The substantial majority of our new insurance written (“NIW”) has been for loans purchased by the GSEs. The current private mortgage insurer eligibility requirements ("PMIERs") of the GSEs include financial requirements, as well as business, quality control and certain transactional approval requirements. The financial requirements of the PMIERs require a mortgage insurer’s "Available Assets" (generally only the most liquid assets of an insurer) to equal or exceed its "Minimum Required Assets" (which are based on an insurer's book of risk in force, and calculated from tables of factors with several risk dimensions). Based on our application of the PMIERs, as of June 30, 2026, MGIC’s Available Assets are in excess of its Minimum Required Assets; therefore MGIC is in compliance with the PMIERs and eligible to insure loans purchased by the GSEs. Subsequent Events We have considered subsequent events through the date of this filing.

Reinsurance - Quota Share Transactions Terms (Details)	6 Months Ended
Reinsurance - Quota Share Transactions Terms (Details)	Jun. 30, 2026
2020 QSR and 2021 QSR
Effects of Reinsurance [Line Items]
Quota Share %	14.80%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	69.00%
Optional Reduced Quota Shares %, option 1	12.30%
Optional Reduced Quota Shares %, option 2	10.00%
2021 QSR and 2022 QSR
Effects of Reinsurance [Line Items]
Quota Share %	11.10%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	69.00%
Optional Reduced Quota Shares %, option 1	9.40%
Optional Reduced Quota Shares %, option 2	7.00%
2021 QSR and 2022 QSR
Effects of Reinsurance [Line Items]
Quota Share %	13.80%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	67.50%
Optional Reduced Quota Shares %, option 1	11.50%
Optional Reduced Quota Shares %, option 2	9.20%
2022 QSR and 2023 QSR
Effects of Reinsurance [Line Items]
Quota Share %	14.50%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	67.50%
Optional Reduced Quota Shares %, option 1	12.10%
Optional Reduced Quota Shares %, option 2	9.70%
2022 QSR and 2023 QSR
Effects of Reinsurance [Line Items]
Quota Share %	15.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	62.00%
Optional Reduced Quota Shares %, option 1	12.50%
Optional Reduced Quota Shares %, option 2	10.00%
2023 QSR
Effects of Reinsurance [Line Items]
Quota Share %	10.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	58.50%
Optional Reduced Quota Shares %, option 1	8.00%
Optional Reduced Quota Shares %, option 2	7.00%
2024 QSR
Effects of Reinsurance [Line Items]
Quota Share %	30.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	56.00%
Optional Reduced Quota Shares %, option 1	23.00%
Optional Reduced Quota Shares %, option 2	15.00%
2025 QSR
Effects of Reinsurance [Line Items]
Quota Share %	40.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	63.00%
Optional Reduced Quota Shares %, option 1	30.00%
Optional Reduced Quota Shares %, option 2	20.00%
2026 QSR
Effects of Reinsurance [Line Items]
Quota Share %	40.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	62.00%
Optional Reduced Quota Shares %, option 1	30.00%
Optional Reduced Quota Shares %, option 2	20.00%
Credit Union QSR \| New Insurance Written In 2020 through 2025
Effects of Reinsurance [Line Items]
Quota Share %	65.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	50.00%
Credit Union QSR \| New Insurance Written In 2026 through 2030
Effects of Reinsurance [Line Items]
Quota Share %	65.00%
Annual Loss Ratio to Exhaust Profit Commission (as a percent)	60.00%

Reinsurance

6 Months Ended

Jun. 30, 2026

Reinsurance Disclosures [Abstract]

Reinsurance

We have in place reinsurance agreements executed under quota share reinsurance (“QSR”) Transactions and excess-of-loss (“XOL”) Transactions as discussed below. The effect of all of our reinsurance transactions on our consolidated statement of operations is shown in table 7.1 below.


Reinsurance
Table	7.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Premiums earned:
Direct		$	287,520	$	284,123	$	574,447	$	568,944
Assumed		2,499		3,738		6,479		7,299
Ceded:
Ceded - quota share reinsurance (1)		(35,590)		(28,101)		(73,359)		(58,044)
Ceded - excess-of-loss reinsurance		(16,372)		(15,438)		(34,147)		(30,158)
Total ceded		(51,962)		(43,539)		(107,506)		(88,202)
Net premiums earned		$	238,057	$	244,322	$	473,420	$	488,041

Losses incurred:
Direct		$	19,454	$	1,146	$	64,724	$	17,163
Assumed		(71)		(23)		(73)		(18)
Ceded - quota share reinsurance		(8,397)		(3,958)		(20,423)		(10,389)
Losses incurred, net		$	10,986	$	(2,835)	$	44,228	$	6,756

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	35,081	$	32,299	$	64,184	$	60,994
Ceding commission on quota share reinsurance		14,135		12,081		27,509		23,808

(1)Ceded premiums earned are shown net of profit commission.

Quota Share Reinsurance

We have entered into QSR Transactions with panels of third-party reinsurers to cede a fixed percentage of premiums earned and received and losses incurred on insurance covered by the transactions. We receive the benefit of a ceding commission equal to 20% of premiums ceded before profit commission. We also receive the benefit of a profit commission through a reduction of premiums we cede. The profit commission varies inversely with the level of losses on a “dollar for dollar” basis and can be eliminated at annual loss ratios higher than we have experienced on our QSR Transactions. Ceded losses incurred are impacted by the delinquencies covered by

our QSR Transactions, our estimates of payments that will be ultimately made on those delinquencies, and claim payments covered by our QSR Transactions. Each of our QSR Transactions typically have annual loss ratio caps of 300% and lifetime loss ratio caps of 200%.

We can elect to terminate the QSR Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than 90% (80% for the Credit Union QSR Transaction) of the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period.

Under the terms of our QSR Transactions, ceded premiums, ceding commissions, profit commission, and ceded losses paid and LAE paid are settled net on a quarterly basis. The ceded premiums due, after deducting the related ceding commission and profit commission is reported within Other liabilities on the consolidated balance sheets.

The reinsurance recoverable on loss reserves related to our QSR Transactions was $76.1 million as of June 30, 2026 and $65.1 million as of December 31, 2025. The reinsurance recoverable balance is secured by funds on deposit from the reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our QSR Transactions has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor's Rating Services, A.M. Best, Moody's, or a combination of the three.

Table 7.2 below provides additional detail regarding our QSR Transactions in effect as of June 30, 2026.


Quota Share Reinsurance
Table	7.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR and 2021 QSR		2021	14.8	%	69.0	%	December 31, 2036
2021 QSR and 2022 QSR		2021	11.1	%	69.0	%	December 31, 2036
2021 QSR and 2022 QSR		2022	13.8	%	67.5	%	December 31, 2037
2022 QSR and 2023 QSR		2022	14.5	%	67.5	%	December 31, 2037
2022 QSR and 2023 QSR		2023	15.0	%	62.0	%	December 31, 2034
2023 QSR		2023	10.0	%	58.5	%	December 31, 2034
2024 QSR		2024	30.0	%	56.0	%	'December 31, 2035
2025 QSR		2025	40.0	%	63.0	%	'December 31, 2036
2026 QSR		2026	40.0	%	62.0	%	December 31, 2037
Credit Union QSR		2020-2025	65.0	%	50.0	%	December 31, 2039
		2026-2030 (2)	65.0	%	60.0	%	December 31, 2044

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

(2)We can elect early termination of the QSR Transaction beginning on December 31, 2028, and quarterly thereafter.

Table 7.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case, be elected by us for a fee. Under the optional reduction to the quota share percentage, we may reduce our quota share percentage from the original percentage shown in table 7.2 to the percentage shown in table 7.3.

Quota Share Reinsurance

Table

7.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

December 31, 2027

January 1, 2028

12.3% or 10%

2021 QSR and 2022 QSR

2021

December 31, 2027

January 1, 2028

9.4% or 7%

2021 QSR and 2022 QSR

2022

June 30, 2028

July 1, 2028

11.5% or 9.2%

2022 QSR and 2023 QSR

2022

June 30, 2028

July 1, 2028

12.1% or 9.7%

2022 QSR and 2023 QSR

2023

December 31, 2026

July 1, 2026

12.5% or 10%

2023 QSR

2023

December 31, 2026

July 1, 2026

8% or 7%

2024 QSR

2024

December 31, 2027

23% or 15%

2025 QSR

2025

December 31, 2027

30% or 20%

2026 QSR

2026

December 31, 2028

30% or 20%

(1)We can elect early termination of the QSR Transaction beginning on this date, and semi-annually thereafter.

(2)We can elect to reduce the quota share percentage beginning on this date, and semi-annually thereafter.

Excess of Loss Reinsurance

We have XOL Transactions with panels of unaffiliated reinsurers executed through the traditional reinsurance market (“Traditional XOL Transactions”) and with unaffiliated special purpose insurers (“Home Re Transactions”).

Under our XOL Transactions, we retain the first layer of aggregate losses, after which the reinsurers provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount.

Traditional XOL Transactions

The reinsurance premiums ceded under the Traditional XOL Transactions are based off of the remaining reinsurance coverage levels. The reinsured coverage levels are secured by funds on deposit from reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our Traditional XOL Transactions has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor’s Rating Services, A.M. Best, Moody’s, or a combination of the three. We can elect to terminate our Traditional XOL Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period.

Insurance Linked Notes

The Home Re Entities financed the coverages by issuing mortgage insurance-linked notes (“ILNs”) to unaffiliated investors in an aggregate amount equal to the initial reinsurance coverage amounts. Each ILN is non-recourse to any assets of MGIC or affiliates. The proceeds of the ILNs, which were deposited into reinsurance trusts for the benefit of MGIC, will be the source of reinsurance claim payments to MGIC and principal repayments on the ILNs.

The reinsurance premiums ceded to each Home Re Entity are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in a reinsurance trust account and used to collateralize the Home Re Entity’s reinsurance obligation to MGIC. The amount of monthly reinsurance coverage premium ceded will fluctuate due to changes in the reference rate and changes in money market rates that affect investment income collected on the assets in the reinsurance trust. As a result, we concluded that each Home Re Transaction contains an embedded derivative that is accounted for separately as a freestanding derivative. The fair values of the derivatives at June 30, 2026 and December 31, 2025, were not material to our consolidated balance sheet and the change in fair value during the three and six months ended June 30, 2026 and June 30, 2025 were not material to our consolidated statements of operations. (See Note 5 - “Investments” and Note 6 - “Fair Value Measurements”.)

Payment of principal on the related ILNs will be suspended and the reinsurance coverage available to MGIC under the transactions will not be reduced by such principal payments until a target level of credit enhancement is obtained or if certain thresholds or “Trigger Events” are reached, as defined in the related ILNs transaction agreement. As of June 30, 2026, there were no "Trigger Events".

The following table provides a summary of our XOL Transactions that were in effect as of June 30, 2026.

Excess of Loss Reinsurance

Table 7.4a

Issue Date

Policy In Force Dates

Optional Call Date (1)

Legal Maturity

2026 Traditional XOL

January 1, 2026

January 1, 2026 - December 31, 2026

January 1, 2032

10 years

2025 Traditional XOL

June 1, 2025

January 1, 2025 - December 31, 2025

January 1, 2031

10 years

2024 Traditional XOL

April 1, 2024

January 1, 2024 - December 31, 2024

January 1, 2030

10 years

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

2021 Traditional XOL

December 1, 2025

January 1, 2021 - December 31, 2021

January 1, 2031

10 years

2020 Traditional XOL

March 1, 2025

January 1, 2020 - December 31, 2020

April 1, 2030

10 years

Home Re 2026-1, Ltd.

January 29, 2026

January 1, 2022 - March 31, 2025

January 25, 2031

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years

(1)We have the right to terminate the Home Re Transactions under certain circumstances, including an optional call feature that provides us the right to terminate if the outstanding principal balance of the related insurance-linked notes falls below 10% of the initial principal balance of the related insurance-linked notes, and on any payment date on or after the respective Optional Call Date. We can elect early termination of the Traditional XOL Transactions beginning on this date, and quarterly thereafter.

Tables 7.4b and 7.4c provide additional information about our XOL Transactions in effect as of the dates indicated. Tables 7.4b and 7.4c exclude the 2026 Traditional XOL Transaction, which is still within its contractual fill-up period covering policies in force from January 1, 2026 through December 31, 2026. The 2026 Traditional XOL Transaction provides up to $184 million of reinsurance coverage on eligible NIW in 2026.



Table 7.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		June 30, 2026		December 31, 2025
2025 Traditional XOL	$	95,966	$	95,912	$	95,966
2024 Traditional XOL	125,016		122,496		124,458
2023 Traditional XOL	70,578		67,476		69,060
2022 Traditional XOL	82,523		75,399		78,023
2021 Traditional XOL	142,291		142,195		142,291
2020 Traditional XOL	68,343		68,287		68,288
Home Re 2026-1, Ltd.	231,769		231,638		N/A
Home Re 2023-1, Ltd.	272,961		260,580		266,371
Home Re 2022-1, Ltd.	325,589		316,119		318,906
Home Re 2021-2, Ltd.	190,159		185,979		187,030


Table 7.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 6/30/2026 (2)		June 30, 2026		December 31, 2025
2025 Traditional XOL	$	151,851	N/A		N/A		$	151,851	$	151,851
2024 Traditional XOL	187,220		N/A		N/A		164,204		187,220
2023 Traditional XOL	96,942		N/A		N/A		53,215		64,217
2022 Traditional XOL	142,642		N/A		N/A		91,397		100,274
2021 Traditional XOL	250,000		N/A		N/A		250,000		250,000
2020 Traditional XOL	250,592		N/A		N/A		250,592		250,592
Home Re 2026-1, Ltd.	323,504		100	%	100	%	298,264		N/A
Home Re 2023-1, Ltd.	330,277		97	%	95	%	195,606		231,708
Home Re 2022-1, Ltd.	473,575		100	%	100	%	167,497		207,641
Home Re 2021-2, Ltd.	398,429		100	%	100	%	51,101		84,376

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

At the time the Home Re Transactions were entered into, we concluded that each Home Re Entity is a variable interest entity (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make sufficient decisions relating to the entity’s operations through voting rights or do not substantively participate in gains and losses of the entity. Given that MGIC (1) does not have the unilateral power to direct the activities that most significantly affect each Home Re Entity’s economic performance and (2) does not have the obligation, outside the terms of the reinsurance agreement, to absorb losses or the right to receive benefits of each Home Re Entity that could be significant to the Home Re Entity, consolidation of the Home Re Entities is not required.

We are required to disclose our maximum exposure to loss, which we consider to be an amount that we could be required to record in our statements of operations, as a result of our involvement with the VIEs under our Home Re Transactions. As of June 30, 2026, and December 31, 2025, we did not have material exposure to the VIEs as we have no investment in the VIEs and had no reinsurance claim payments due from the VIEs under our reinsurance transactions. We are unable to determine the timing or extent of claims from losses that may be ceded under the reinsurance transactions. The VIE assets are deposited in reinsurance trusts for the benefit of MGIC that will be the source of reinsurance claim payments to MGIC. The purpose of the reinsurance trusts is to provide security to MGIC for the obligations of the VIEs under the reinsurance transactions. The trustee of the reinsurance trusts, a recognized provider of corporate trust services, has established segregated accounts within the reinsurance trusts for the benefit of MGIC, pursuant to the trust agreements. The trust agreements are governed by, and construed in accordance with, the laws of the State of New York. If the trustee of the reinsurance trusts failed to distribute claim payments to us as provided in the reinsurance trusts, we would incur a loss related to our losses ceded under the reinsurance transactions and deemed unrecoverable. We are also unable to determine the impact such possible failure by the trustee to perform pursuant to the reinsurance trust agreements may have on our consolidated financial statements. As a result, we are unable to quantify our maximum exposure to loss related to our involvement with the VIEs. MGIC has certain termination rights under the reinsurance transactions should its claims not be paid.

Table 7.5 presents the total assets of the Home Re Entities as of June 30, 2026 and December 31, 2025.


Home Re total assets
Table	7.5
(In thousands)		Total VIE Assets
Home Re Entity		June 30, 2026		December 31, 2025

Home Re 2026-1 Ltd.		$	303,250	N/A
Home Re 2023-1 Ltd.		201,649		237,900
Home Re 2022-1 Ltd.		175,008		214,788
Home Re 2021-2 Ltd.		56,774		89,865

The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (i) invest at least 99.5% of their total assets in cash or direct U.S. federal government obligations, such as U.S. Treasury bills, as well as other short-term securities backed by the full faith and credit of the U.S. federal government or issued by an agency of the U.S. federal government, (ii) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaamf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (iii) are permitted investments under the applicable credit for reinsurance laws and applicable PMIERs credit for reinsurance requirements.

Reinsurance transactions effective in subsequent periods

QSR Transactions

•We executed a 40% QSR Transaction with a group of unaffiliated reinsurers covering eligible NIW in 2027.

Traditional XOL Transactions

•We executed a traditional excess-of-loss reinsurance transaction which provides up to $168 million of reinsurance coverage on eligible NIW in 2027.

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Long-term debt

The aggregate carrying value of our 5.25% Senior Notes (“5.25% Notes”) and the par value as of June 30, 2026 and December 31, 2025 is presented in table 3.1 below.


Long-Term Debt Obligation, Carrying Value
Table	3.1
(In thousands)		June 30, 2026		December 31, 2025
5.25% Notes, due August 2028 (par value: $650 million)		$	646,874	$	646,138

Loss Reserves (Tables)

6 Months Ended

Jun. 30, 2026

Insurance Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the six months ended June 30, 2026 and 2025.


Development of Reserves for Losses and Loss Adjustment Expenses
Table	8.1
		Six Months Ended June 30,
(In thousands)		2026		2025
Reserve at beginning of period		$	474,884	$	462,662
Less reinsurance recoverable		65,055		47,281
Net reserve at beginning of period		409,829		415,381

Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year		117,760		111,093
Prior years (1)		(73,532)		(104,337)
Total losses incurred		44,228		6,756

Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year		62		—
Prior years		38,138		23,764

Total losses paid		38,200		23,764
Net reserve at end of period		415,857		398,373
Plus reinsurance recoverable		76,144		53,781
Reserve at end of period		$	492,001	$	452,154

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss reserve development.

Prior year development of the reserves

The prior year loss reserve development for the six months ended June 30, 2026 and 2025 is shown in table 8.2 below.


Reserve Development on Previously Received Delinquencies
Table	8.2
		Six Months Ended June 30,
(In thousands)		2026		2025
Increase (decrease) in estimated claim rate on primary defaults		$	(65,125)	$	(98,645)

Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(8,407)		(5,692)
Total prior year loss development (1)		$	(73,532)	$	(104,337)

(1)A positive number for prior year loss reserve development indicates a deficiency of prior year loss reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves.

Investments - Securities In Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2026 USD ($) security	Dec. 31, 2025 USD ($) security
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 1,550,757	$ 521,574
12 Months or Greater - Fair Value	2,032,890	2,324,283
Total - Fair Value	3,583,647	2,845,857
Less Than 12 Months - Unrealized Losses	(13,539)	(8,528)
12 Months or Greater - Unrealized Losses	(216,673)	(206,139)
Total - Unrealized Losses	$ (230,212)	$ (214,667)
Number of securities in unrealized loss position (in securities) \| security	996	712
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 160,992	$ 15,762
12 Months or Greater - Fair Value	30,819	51,113
Total - Fair Value	191,811	66,875
Less Than 12 Months - Unrealized Losses	(744)	(60)
12 Months or Greater - Unrealized Losses	(2,302)	(2,445)
Total - Unrealized Losses	(3,046)	(2,505)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	200,110	144,148
12 Months or Greater - Fair Value	1,030,622	1,087,931
Total - Fair Value	1,230,732	1,232,079
Less Than 12 Months - Unrealized Losses	(3,037)	(6,123)
12 Months or Greater - Unrealized Losses	(136,044)	(127,912)
Total - Unrealized Losses	(139,081)	(134,035)
Corporate debt securities
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	810,234	258,349
12 Months or Greater - Fair Value	761,003	887,659
Total - Fair Value	1,571,237	1,146,008
Less Than 12 Months - Unrealized Losses	(6,333)	(1,180)
12 Months or Greater - Unrealized Losses	(58,689)	(56,677)
Total - Unrealized Losses	(65,022)	(57,857)
ABS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	172,169	49,774
12 Months or Greater - Fair Value	4,584	22,965
Total - Fair Value	176,753	72,739
Less Than 12 Months - Unrealized Losses	(1,575)	(1,103)
12 Months or Greater - Unrealized Losses	(1,238)	(232)
Total - Unrealized Losses	(2,813)	(1,335)
RMBS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	51,103	2,906
12 Months or Greater - Fair Value	150,115	187,553
Total - Fair Value	201,218	190,459
Less Than 12 Months - Unrealized Losses	(351)	(8)
12 Months or Greater - Unrealized Losses	(16,407)	(16,808)
Total - Unrealized Losses	(16,758)	(16,816)
CMBS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	120,580	15,363
12 Months or Greater - Fair Value	51,690	82,994
Total - Fair Value	172,270	98,357
Less Than 12 Months - Unrealized Losses	(1,446)	(30)
12 Months or Greater - Unrealized Losses	(1,562)	(1,645)
Total - Unrealized Losses	(3,008)	(1,675)
CLOs
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	32,231	35,272
12 Months or Greater - Fair Value	0	0
Total - Fair Value	32,231	35,272
Less Than 12 Months - Unrealized Losses	(52)	(24)
12 Months or Greater - Unrealized Losses	0	0
Total - Unrealized Losses	(52)	(24)
Foreign government debt
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	0	0
12 Months or Greater - Fair Value	4,057	4,068
Total - Fair Value	4,057	4,068
Less Than 12 Months - Unrealized Losses	0	0
12 Months or Greater - Unrealized Losses	(431)	(420)
Total - Unrealized Losses	(431)	$ (420)
Commercial paper
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	3,338
12 Months or Greater - Fair Value	0
Total - Fair Value	3,338
Less Than 12 Months - Unrealized Losses	(1)
12 Months or Greater - Unrealized Losses	0
Total - Unrealized Losses	$ (1)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Disaggregation of Significant Segment Expenses

The table below presents a disaggregation of significant segment expenses as monitored by our CODM:


Significant Segment Expenses
Table	14.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Other underwriting and operating expenses net:
Employee costs		$	34,776	$	36,351	$	71,208	$	73,311
Outside services (1)		8,004		8,713		14,424		16,524
Premium taxes (2)		5,423		5,237		10,926		10,647
Depreciation expense		715		941		1,406		1,884
All other underwriting and operating (3)		(4,640)		(888)		(6,802)		(606)
Total other underwriting and operating expenses net		$	44,278	$	50,354	$	91,162	$	101,760

(1)Outside services expense generally includes expenses related to outsourced IT services and consulting services.

(2)Premium taxes are taxes paid to states and municipalities based upon the amount of premiums written.

(3)All other underwriting and operating expenses include ceding commissions (a reduction to our underwriting expenses, see Note 7 - "Reinsurance"), computer hardware and software expenses, legal, audit, insurance, and general and administrative expenses.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized cost
Due in one year or less	$ 668,519
Due after one year through five years	1,668,459
Due after five years through ten years	1,672,759
Due after ten years	864,477
Total debt securities with single maturity date, amortized cost	4,874,214
Amortized Cost	5,897,786	$ 5,944,001
Fair Value
Due in one year or less	667,328
Due after one year through five years	1,628,072
Due after five years through ten years	1,608,662
Due after ten years	789,550
Total debt securities with single maturity date, fair value	4,693,612
Total at end of period	5,701,058	5,791,231
ABS
Amortized cost
Total debt securities without single maturity date, amortized cost	290,072
Amortized Cost	290,072	225,478
Fair Value
Total debt securities without single maturity date, fair value	288,121
Total at end of period	288,121	226,561
RMBS
Amortized cost
Total debt securities without single maturity date, amortized cost	373,594
Amortized Cost	373,594	366,671
Fair Value
Total debt securities without single maturity date, fair value	361,596
Total at end of period	361,596	358,024
CMBS
Amortized cost
Total debt securities without single maturity date, amortized cost	235,738
Amortized Cost	235,738	237,974
Fair Value
Total debt securities without single maturity date, fair value	233,480
Total at end of period	233,480	238,783
CLOs
Amortized cost
Total debt securities without single maturity date, amortized cost	124,168
Amortized Cost	124,168	99,182
Fair Value
Total debt securities without single maturity date, fair value	124,249
Total at end of period	$ 124,249	$ 99,287

Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Senior Notes \| 5.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Total interest payments	$ 17,100	$ 17,100

- 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
-Topic 942
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-Name Accounting Standards Codification
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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

Debt - Summary of Debt Obligations (Details) - Senior Notes - 5.25% Senior Notes Due 2028 - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt	$ 646,874	$ 646,138
Stated interest rate	5.25%	5.25%
Debt instrument, face amount	$ 650,000	$ 650,000

- 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

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Debt Obligations

The aggregate carrying value of our 5.25% Senior Notes (“5.25% Notes”) and the par value as of June 30, 2026 and December 31, 2025 is presented in table 3.1 below.


Long-Term Debt Obligation, Carrying Value
Table	3.1
(In thousands)		June 30, 2026		December 31, 2025
5.25% Notes, due August 2028 (par value: $650 million)		$	646,874	$	646,138

The 5.25% Notes are an obligation of our holding company, MGIC Investment Corporation.

See Note 3 - “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information pertaining to our debt obligation. As of June 30, 2026, we are in compliance with our debt covenants.

Interest Payments

Interest payments were $17.1 million for the six months ended June 30, 2026 and 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.

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+ Details

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Components of net periodic benefit cost

Table 10.1 and 10.2 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three and six months ended June 30, 2026 and 2025.


Components of Net Periodic Benefit Cost
Table	10.1
		Three Months Ended June 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2026		2025		2026		2025
Company service cost (1)		$	500	$	—	$	209	$	235
Interest cost		3,013		3,297		283		311
Expected return on plan assets		(3,079)		(3,442)		(3,395)		(2,911)
Amortization of:
Net actuarial losses (gains)		948		546		(962)		(693)
Prior service cost (credit)		87		87		119		117
Cost of settlements and curtailments		—		3,680		—		—
Net periodic benefit cost (benefit)		$	1,469	$	4,168	$	(3,746)	$	(2,941)

Components of net periodic benefit cost
Table	10.2
		Six Months Ended June 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2026		2025		2026		2025
Company service cost (1)		$	1,000	$	—	$	418	$	469
Interest cost		6,026		6,596		566		622
Expected return on plan assets		(6,157)		(6,884)		(6,789)		(5,822)
Amortization of:
Net actuarial losses (gains)		1,895		1,092		(1,923)		(1,385)
Prior service cost (credit)		173		173		236		235
Cost of settlements and curtailments		—		3,680		—		—
Net periodic benefit cost (benefit)		$	2,937	$	4,657	$	(7,492)	$	(5,881)

(1)Effective January 1, 2026, company service cost includes expected administrative expenses of the defined benefit pension plan.

Investments - Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 16,360	$ 16,286
Fair Value Gains	27	42
Fair Value Losses	(1,113)	(1,006)
Equity securities	$ 15,274	$ 15,322

Reinsurance - Summary of Premiums Earned and Losses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Premiums earned:
Direct	$ 287,520	$ 284,123	$ 574,447	$ 568,944
Assumed	2,499	3,738	6,479	7,299
Ceded	(51,962)	(43,539)	(107,506)	(88,202)
Net premiums earned	238,057	244,322	473,420	488,041
Losses incurred:
Direct	19,454	1,146	64,724	17,163
Assumed	(71)	(23)	(73)	(18)
Losses incurred, net	10,986	(2,835)	44,228	6,756
Quota Share Reinsurance Transactions
Premiums earned:
Ceded	(35,590)	(28,101)	(73,359)	(58,044)
Losses incurred:
Ceded	(8,397)	(3,958)	(20,423)	(10,389)
Profit commission on quota share reinsurance	35,081	32,299	64,184	60,994
Ceding commission on quota share reinsurance	14,135	12,081	27,509	23,808
Excess of Loss Reinsurance Transactions
Premiums earned:
Ceded	$ (16,372)	$ (15,438)	$ (34,147)	$ (30,158)

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2026

Reinsurance Disclosures [Abstract]

Effect of reinsurance transactions

The effect of all of our reinsurance transactions on our consolidated statement of operations is shown in table 7.1 below.


Reinsurance
Table	7.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Premiums earned:
Direct		$	287,520	$	284,123	$	574,447	$	568,944
Assumed		2,499		3,738		6,479		7,299
Ceded:
Ceded - quota share reinsurance (1)		(35,590)		(28,101)		(73,359)		(58,044)
Ceded - excess-of-loss reinsurance		(16,372)		(15,438)		(34,147)		(30,158)
Total ceded		(51,962)		(43,539)		(107,506)		(88,202)
Net premiums earned		$	238,057	$	244,322	$	473,420	$	488,041

Losses incurred:
Direct		$	19,454	$	1,146	$	64,724	$	17,163
Assumed		(71)		(23)		(73)		(18)
Ceded - quota share reinsurance		(8,397)		(3,958)		(20,423)		(10,389)
Losses incurred, net		$	10,986	$	(2,835)	$	44,228	$	6,756

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	35,081	$	32,299	$	64,184	$	60,994
Ceding commission on quota share reinsurance		14,135		12,081		27,509		23,808

(1)Ceded premiums earned are shown net of profit commission.

Schedule of quota share reinsurance transactions

Table 7.2 below provides additional detail regarding our QSR Transactions in effect as of June 30, 2026.


Quota Share Reinsurance
Table	7.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR and 2021 QSR		2021	14.8	%	69.0	%	December 31, 2036
2021 QSR and 2022 QSR		2021	11.1	%	69.0	%	December 31, 2036
2021 QSR and 2022 QSR		2022	13.8	%	67.5	%	December 31, 2037
2022 QSR and 2023 QSR		2022	14.5	%	67.5	%	December 31, 2037
2022 QSR and 2023 QSR		2023	15.0	%	62.0	%	December 31, 2034
2023 QSR		2023	10.0	%	58.5	%	December 31, 2034
2024 QSR		2024	30.0	%	56.0	%	'December 31, 2035
2025 QSR		2025	40.0	%	63.0	%	'December 31, 2036
2026 QSR		2026	40.0	%	62.0	%	December 31, 2037
Credit Union QSR		2020-2025	65.0	%	50.0	%	December 31, 2039
		2026-2030 (2)	65.0	%	60.0	%	December 31, 2044

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

(2)We can elect early termination of the QSR Transaction beginning on December 31, 2028, and quarterly thereafter.

Quota Share Reinsurance

Table

7.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

December 31, 2027

January 1, 2028

12.3% or 10%

2021 QSR and 2022 QSR

2021

December 31, 2027

January 1, 2028

9.4% or 7%

2021 QSR and 2022 QSR

2022

June 30, 2028

July 1, 2028

11.5% or 9.2%

2022 QSR and 2023 QSR

2022

June 30, 2028

July 1, 2028

12.1% or 9.7%

2022 QSR and 2023 QSR

2023

December 31, 2026

July 1, 2026

12.5% or 10%

2023 QSR

2023

December 31, 2026

July 1, 2026

8% or 7%

2024 QSR

2024

December 31, 2027

23% or 15%

2025 QSR

2025

December 31, 2027

30% or 20%

2026 QSR

2026

December 31, 2028

30% or 20%

(1)We can elect early termination of the QSR Transaction beginning on this date, and semi-annually thereafter.

(2)We can elect to reduce the quota share percentage beginning on this date, and semi-annually thereafter.

Schedule of coverages and retention

The following table provides a summary of our XOL Transactions that were in effect as of June 30, 2026.

Excess of Loss Reinsurance

Table 7.4a

Issue Date

Policy In Force Dates

Optional Call Date (1)

Legal Maturity

2026 Traditional XOL

January 1, 2026

January 1, 2026 - December 31, 2026

January 1, 2032

10 years

2025 Traditional XOL

June 1, 2025

January 1, 2025 - December 31, 2025

January 1, 2031

10 years

2024 Traditional XOL

April 1, 2024

January 1, 2024 - December 31, 2024

January 1, 2030

10 years

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

2021 Traditional XOL

December 1, 2025

January 1, 2021 - December 31, 2021

January 1, 2031

10 years

2020 Traditional XOL

March 1, 2025

January 1, 2020 - December 31, 2020

April 1, 2030

10 years

Home Re 2026-1, Ltd.

January 29, 2026

January 1, 2022 - March 31, 2025

January 25, 2031

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years

Tables 7.4b and 7.4c provide additional information about our XOL Transactions in effect as of the dates indicated.



Table 7.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		June 30, 2026		December 31, 2025
2025 Traditional XOL	$	95,966	$	95,912	$	95,966
2024 Traditional XOL	125,016		122,496		124,458
2023 Traditional XOL	70,578		67,476		69,060
2022 Traditional XOL	82,523		75,399		78,023
2021 Traditional XOL	142,291		142,195		142,291
2020 Traditional XOL	68,343		68,287		68,288
Home Re 2026-1, Ltd.	231,769		231,638		N/A
Home Re 2023-1, Ltd.	272,961		260,580		266,371
Home Re 2022-1, Ltd.	325,589		316,119		318,906
Home Re 2021-2, Ltd.	190,159		185,979		187,030


Table 7.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 6/30/2026 (2)		June 30, 2026		December 31, 2025
2025 Traditional XOL	$	151,851	N/A		N/A		$	151,851	$	151,851
2024 Traditional XOL	187,220		N/A		N/A		164,204		187,220
2023 Traditional XOL	96,942		N/A		N/A		53,215		64,217
2022 Traditional XOL	142,642		N/A		N/A		91,397		100,274
2021 Traditional XOL	250,000		N/A		N/A		250,000		250,000
2020 Traditional XOL	250,592		N/A		N/A		250,592		250,592
Home Re 2026-1, Ltd.	323,504		100	%	100	%	298,264		N/A
Home Re 2023-1, Ltd.	330,277		97	%	95	%	195,606		231,708
Home Re 2022-1, Ltd.	473,575		100	%	100	%	167,497		207,641
Home Re 2021-2, Ltd.	398,429		100	%	100	%	51,101		84,376

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

Schedule of total assets of Home Re

Table 7.5 presents the total assets of the Home Re Entities as of June 30, 2026 and December 31, 2025.


Home Re total assets
Table	7.5
(In thousands)		Total VIE Assets
Home Re Entity		June 30, 2026		December 31, 2025

Home Re 2026-1 Ltd.		$	303,250	N/A
Home Re 2023-1 Ltd.		201,649		237,900
Home Re 2022-1 Ltd.		175,008		214,788
Home Re 2021-2 Ltd.		56,774		89,865

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Prospective Accounting Standards	Prospective Accounting and Reporting Developments Relevant new amendments to accounting standards, which are not yet effective or adopted. Disaggregation of Income Statement Expenses: ASU 2024-03 In November 2024, the FASB issued ASU 2024-03 requiring additional disclosure of the nature of expenses included in the income statement. The new standard requires disclosures about specific expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impacts the adoption of this guidance will have on our disclosures, but do not expect it to have a material impact.

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,897,786	$ 5,944,001
Gross Unrealized Gains	33,484	61,897
Gross Unrealized Losses	(230,212)	(214,667)
Fair Value	5,701,058	5,791,231
Assets held by insurance regulatory requirements	12,500	12,600
Assets held in trust for the benefit of contractual counterparties	188,500	185,700
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	284,121	279,359
Gross Unrealized Gains	113	958
Gross Unrealized Losses	(3,046)	(2,505)
Fair Value	281,188	277,812
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,849,688	1,961,841
Gross Unrealized Gains	9,958	10,958
Gross Unrealized Losses	(139,081)	(134,035)
Fair Value	1,720,565	1,838,764
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,722,787	2,712,348
Gross Unrealized Gains	16,908	36,781
Gross Unrealized Losses	(65,022)	(57,857)
Fair Value	2,674,673	2,691,272
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	290,072	225,478
Gross Unrealized Gains	862	2,418
Gross Unrealized Losses	(2,813)	(1,335)
Fair Value	288,121	226,561
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	373,594	366,671
Gross Unrealized Gains	4,760	8,169
Gross Unrealized Losses	(16,758)	(16,816)
Fair Value	361,596	358,024
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	235,738	237,974
Gross Unrealized Gains	750	2,484
Gross Unrealized Losses	(3,008)	(1,675)
Fair Value	233,480	238,783
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	124,168	99,182
Gross Unrealized Gains	133	129
Gross Unrealized Losses	(52)	(24)
Fair Value	124,249	99,287
Foreign government debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,488	4,487
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(431)	(420)
Fair Value	4,057	4,067
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,130	56,661
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Fair Value	$ 13,129	$ 56,661

Reinsurance - Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Effects of Reinsurance [Line Items]
Total VIE Assets	$ 6,526,982	$ 6,639,486
Home Re 2026-1, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	303,250
Home Re 2023-1, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	201,649	237,900
Home Re 2022-1, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	175,008	214,788
Home Re 2021-2, Ltd.
Effects of Reinsurance [Line Items]
Total VIE Assets	$ 56,774	$ 89,865

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- 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/2009/role/commonPracticeRef
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+ Details

Benefit Plans

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Benefit Plans

We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan that covered eligible employees through December 31, 2022. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants in these plans were fully vested in their benefits as of December 31, 2022. We also offer benefits for retired domestic employees and their eligible spouses and dependents under a postretirement benefit plan. Participation in this plan is limited to eligible employees that participated in the defined benefit pension plan.


Components of Net Periodic Benefit Cost
Table	10.1
		Three Months Ended June 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2026		2025		2026		2025
Company service cost (1)		$	500	$	—	$	209	$	235
Interest cost		3,013		3,297		283		311
Expected return on plan assets		(3,079)		(3,442)		(3,395)		(2,911)
Amortization of:
Net actuarial losses (gains)		948		546		(962)		(693)
Prior service cost (credit)		87		87		119		117
Cost of settlements and curtailments		—		3,680		—		—
Net periodic benefit cost (benefit)		$	1,469	$	4,168	$	(3,746)	$	(2,941)

Components of net periodic benefit cost
Table	10.2
		Six Months Ended June 30,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2026		2025		2026		2025
Company service cost (1)		$	1,000	$	—	$	418	$	469
Interest cost		6,026		6,596		566		622
Expected return on plan assets		(6,157)		(6,884)		(6,789)		(5,822)
Amortization of:
Net actuarial losses (gains)		1,895		1,092		(1,923)		(1,385)
Prior service cost (credit)		173		173		236		235
Cost of settlements and curtailments		—		3,680		—		—
Net periodic benefit cost (benefit)		$	2,937	$	4,657	$	(7,492)	$	(5,881)

(1)Effective January 1, 2026, company service cost includes expected administrative expenses of the defined benefit pension plan.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Fair Value Measurements (Details) - USD ($) $ in Thousands	6 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,701,058		$ 5,791,231
Equity securities	15,274		15,322
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,701,058		5,791,231
Equity securities	15,274		15,322
Cash equivalents	211,718		371,219
Total assets	5,928,050		6,177,772
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	242,076		241,056
Equity securities	15,274		15,322
Cash equivalents	204,685		363,423
Total assets	462,035		619,801
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,458,982		5,550,175
Equity securities	0		0
Cash equivalents	7,033		7,796
Total assets	5,466,015		5,557,971
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative related to Home Re transactions	(900)		(400)
Significant Unobservable Inputs (Level 3) \| Real Estate Acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases of real estate assets acquired	4,200	$ 2,000
Sales of real estate assets acquired	2,700	$ 2,200
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	281,188		277,812
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	281,188		277,812
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	242,076		241,056
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	39,112		36,756
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,720,565		1,838,764
Obligations of U.S. states and political subdivisions \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,720,565		1,838,764
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,720,565		1,838,764
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,674,673		2,691,272
Corporate debt securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,674,673		2,691,272
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Corporate debt securities \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,674,673		2,691,272
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	288,121		226,561
ABS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	288,121		226,561
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
ABS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	288,121		226,561
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	361,596		358,024
RMBS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	361,596		358,024
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
RMBS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	361,596		358,024
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	233,480		238,783
CMBS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	233,480		238,783
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
CMBS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	233,480		238,783
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	124,249		99,287
CLOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	124,249		99,287
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
CLOs \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	124,249		99,287
Foreign government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,057		4,067
Foreign government debt \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,057		4,067
Foreign government debt \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Foreign government debt \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,057		4,067
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,129		56,661
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,129		56,661
Commercial paper \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Commercial paper \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 13,129		$ 56,661

Statutory Information - Summary of Amounts Disclosed Under Statutory Accounting Practices (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Statutory Capital [Abstract]
Statutory net income	$ 303,975	$ 342,930
Statutory policyholders' surplus	792,158		$ 894,278
Contingency loss reserves	$ 4,963,740		$ 4,914,234

Other Comprehensive Income - Pretax and Related Income Tax Benefit (Expense) Components of the Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	$ 229,928	$ 246,089	$ 436,756	$ 480,770
Income tax benefit (expense)	(47,783)	(53,607)	(89,308)	(102,828)
Net Income	182,145	192,482	347,448	377,942
Reclassification from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	(2,937)	(8,170)	(3,225)	(14,209)
Income tax benefit (expense)	617	1,716	678	2,984
Net Income	(2,320)	(6,454)	(2,547)	(11,225)
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized gains and (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	(2,747)	(4,432)	(2,845)	(10,413)
Income tax benefit (expense)	577	931	598	2,187
Net Income	(2,170)	(3,501)	(2,247)	(8,226)
Reclassification from Accumulated Other Comprehensive Income \| Net benefit plan assets and (obligations) recognized in shareholders' equity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	(190)	(3,738)	(380)	(3,796)
Income tax benefit (expense)	40	785	80	797
Net Income	$ (150)	$ (2,953)	$ (300)	$ (2,999)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

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

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: 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

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Share-Based Compensation (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-vesting holding period for grants to executive officers and non-employee directors	1 year
RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	332	339
Weighted Average Fair Value per Share (in dollars per share)	$ 25.02	$ 24.30
RSUs subject only to service conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	326	320
Weighted Average Fair Value per Share (in dollars per share)	$ 25.53	$ 24.65
Non-employee director RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	46	59
Weighted Average Fair Value per Share (in dollars per share)	$ 24.37	$ 24.12
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Minimum \| RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares that may vest (as a percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Maximum \| RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares that may vest (as a percent)	200.00%

Loss Reserves - Reconciliation of Beginning and Ending Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Loss Reserve [Roll Forward]
Reserve at beginning of period	$ 474,884	$ 462,662
Less reinsurance recoverable	65,055	47,281
Net reserve at beginning of period	409,829	415,381
Losses and LAE incurred in respect of delinquency notices received in:
Current year	117,760	111,093
Prior years	(73,532)	(104,337)
Total losses incurred	44,228	6,756
Losses and LAE paid in respect of delinquency notices received in:
Current year	62	0
Prior years	38,138	23,764
Total losses paid	38,200	23,764
Net reserve at end of period	415,857	398,373
Plus reinsurance recoverable	76,144	53,781
Reserve at end of period	$ 492,001	$ 452,154

Other Comprehensive Income

6 Months Ended

Jun. 30, 2026

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 are included in table 9.1 below.


Components of Other Comprehensive Income (Loss)
Table	9.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Net unrealized investment (losses) gains arising during the period		$	(1,887)	$	36,105	$	(43,960)	$	101,511
Total income tax benefit (expense)		396		(7,582)		9,231		(21,317)
Net of tax		(1,491)		28,523		(34,729)		80,194

Net changes in benefit plan assets and obligations		190		3,738		380		3,796
Total income tax benefit (expense)		(40)		(785)		(80)		(797)
Net of tax		150		2,953		300		2,999

Total other comprehensive income (loss)		$	(1,697)	39,843		(43,580)		105,307
Total income tax benefit (expense)		356		(8,367)		9,151		(22,114)
Total other comprehensive income (loss), net of tax		$	(1,341)	$	31,476	$	(34,429)	$	83,193

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 are included in table 9.2 below.


Reclassifications from AOCI
Table	9.2
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Reclassification adjustment for net realized (losses) gains (1)		$	(2,747)	$	(4,432)	$	(2,845)	$	(10,413)
Income tax benefit (expense)		577		931		598		2,187
Net of tax		(2,170)		(3,501)		(2,247)		(8,226)

Reclassification adjustment related to benefit plan assets and obligations (2)		(190)		(3,738)		(380)		(3,796)
Income tax benefit (expense)		40		785		80		797
Net of tax		(150)		(2,953)		(300)		(2,999)

Total reclassifications		(2,937)		(8,170)		(3,225)		(14,209)
Income tax benefit (expense)		617		1,716		678		2,984
Total reclassifications, net of tax		$	(2,320)	$	(6,454)	$	(2,547)	$	(11,225)

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

A rollforward of AOCI for the six months ended June 30, 2026, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2026
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2025, net of tax		$	(120,686)	$	(13,708)	$	(134,394)
Other comprehensive income (loss) before reclassifications		(36,976)		—		(36,976)
Less: Amounts reclassified from AOCI		(2,247)		(300)		(2,547)
Balance, June 30, 2026, net of tax		$	(155,415)	$	(13,408)	$	(168,823)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	1-10816
Entity Registrant Name	MGIC Investment Corp
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1486475
Entity Address, Address Line One	250 E. Kilbourn Avenue
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	(414)
Local Phone Number	347-6480
Title of each class	Common stock
Trading Symbol	MTG
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		205,124,840
Entity Central Index Key	0000876437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Reinsurance - Excess of Loss Reinsurance (Details) - USD ($) $ in Thousands												6 Months Ended	12 Months Ended
	Jan. 29, 2026	Jan. 01, 2026	Dec. 01, 2025	Jun. 01, 2025	Mar. 01, 2025	Apr. 01, 2024	Oct. 23, 2023	Apr. 01, 2023	Apr. 26, 2022	Apr. 01, 2022	Aug. 03, 2021	Jun. 30, 2026	Dec. 31, 2025
2026 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity		10 years
Initial Excess of Loss Reinsurance Coverage		$ 184,000
2025 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity				10 years
Initial First Layer Retention				$ 95,966
Remaining First Layer Retention												$ 95,912	$ 95,966
Initial Excess of Loss Reinsurance Coverage				$ 151,851
Remaining Excess of Loss Reinsurance Coverage												151,851	151,851
2024 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity						10 years
Initial First Layer Retention						$ 125,016
Remaining First Layer Retention												122,496	124,458
Initial Excess of Loss Reinsurance Coverage						$ 187,220
Remaining Excess of Loss Reinsurance Coverage												164,204	187,220
2023 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity								10 years
Initial First Layer Retention								$ 70,578
Remaining First Layer Retention												67,476	69,060
Initial Excess of Loss Reinsurance Coverage								$ 96,942
Remaining Excess of Loss Reinsurance Coverage												53,215	64,217
2022 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity										10 years
Initial First Layer Retention										$ 82,523
Remaining First Layer Retention												75,399	78,023
Initial Excess of Loss Reinsurance Coverage										$ 142,642
Remaining Excess of Loss Reinsurance Coverage												91,397	100,274
2021 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity			10 years
Initial First Layer Retention			$ 142,291
Remaining First Layer Retention												142,195	142,291
Initial Excess of Loss Reinsurance Coverage			$ 250,000
Remaining Excess of Loss Reinsurance Coverage												250,000	250,000
2020 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity					10 years
Initial First Layer Retention					$ 68,343
Remaining First Layer Retention												68,287	68,288
Initial Excess of Loss Reinsurance Coverage					$ 250,592
Remaining Excess of Loss Reinsurance Coverage												$ 250,592	250,592
Excess of Loss Reinsurance Transactions, Home Re Transactions
Effects of Reinsurance [Line Items]
Percent of reinsurance coverage threshold, option to terminate (as a percent)												10.00%
Home Re 2026-1, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity	10 years
Initial First Layer Retention	$ 231,769
Remaining First Layer Retention												$ 231,638
Initial Excess of Loss Reinsurance Coverage	$ 323,504
Funding Percentage	100.00%											100.00%
Remaining Excess of Loss Reinsurance Coverage												$ 298,264
Home Re 2023-1, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity							10 years
Initial First Layer Retention							$ 272,961
Remaining First Layer Retention												$ 260,580	266,371
Initial Excess of Loss Reinsurance Coverage							$ 330,277
Funding Percentage							97.00%					95.00%
Remaining Excess of Loss Reinsurance Coverage												$ 195,606	231,708
Home Re 2022-1, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity									12 years 6 months
Initial First Layer Retention									$ 325,589
Remaining First Layer Retention												$ 316,119	318,906
Initial Excess of Loss Reinsurance Coverage									$ 473,575
Funding Percentage									100.00%			100.00%
Remaining Excess of Loss Reinsurance Coverage												$ 167,497	207,641
Home Re 2021-2, Ltd.
Effects of Reinsurance [Line Items]
Legal Maturity											12 years 6 months
Initial First Layer Retention											$ 190,159
Remaining First Layer Retention												$ 185,979	187,030
Initial Excess of Loss Reinsurance Coverage											$ 398,429
Funding Percentage											100.00%	100.00%
Remaining Excess of Loss Reinsurance Coverage												$ 51,101	$ 84,376

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one to three years, although awards to our non-employee directors vest immediately. The grant date fair value of awards granted to executive officers and non-employee directors is calculated based on the stock price as of the grant date, discounted to account for the one year post-vesting holding period to which the awards are subject.

Table 12.1 shows the number of restricted stock units (RSUs) granted to employees and non-employee directors and the weighted average fair value per share during the periods presented.


Restricted Stock Unit Grants
Table	12.1
			Six months ended June 30,
			2026			2025
			RSUs Granted (in thousands)	Weighted Average Fair Value per Share		RSUs Granted (in thousands)	Weighted Average Fair Value per Share
RSUs subject to performance conditions		(1)	332	$	25.02	339	$	24.30
RSUs subject only to service conditions			326	25.53		320	24.65
Non-employee director RSUs			46	24.37		59	24.12

(1)Shares granted are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

Loss Reserves (Details) - USD ($) $ in Thousands	6 Months Ended
Loss Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in loss reserves	$ 17,117	$ (10,508)
Losses incurred related to prior year notices	(73,532)	(104,337)
Premium refund liability, expected claim payments	11,000		$ 11,400
$1,000 Increase/Decrease In Average Severity Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in loss reserves	7,000
One Percentage Point Increase/Decrease In Average Claim Rate Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in loss reserves	19,000
Increase (decrease) in estimated claim rate on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses incurred related to prior year notices	(65,125)	(98,645)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses incurred related to prior year notices	$ (8,407)	$ (5,692)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Timothy J. Mattke [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 4, 2026, Timothy J. Mattke, Chief Executive Officer, adopted a written plan for the sale of MGIC common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Mattke’s written plan provides for the sale of 619,784 shares of MGIC common stock in the aggregate. This written plan is scheduled to expire on the earlier of: (1) June 4, 2027; or (2) the date on which an aggregate of 619,784 shares of MGIC common stock have been sold.
Name	Timothy J. Mattke
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 4, 2026
Expiration Date	June 4, 2027
Arrangement Duration	396 days
Aggregate Available	619,784

Investments - Net Gains (Losses) On Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fixed income securities:
Gross realized gains on sales of fixed income securities	$ 497	$ 575	$ 707	$ 924
Gross realized losses on sales of fixed income securities	(2,460)	(2,520)	(2,470)	(2,549)
Equity securities gains (losses):
Equity securities, gains (losses), market adjustment	46	89	(122)	209
Change in embedded derivative on Home Re Transactions(1)	(309)	430	(510)	731
Net gains (losses) on investments and other financial instruments	(2,226)	(1,426)	(2,395)	(685)
Proceeds from sales of fixed income securities	$ 57,432	$ 20,280	$ 58,437	$ 41,017

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 1,109	$ 1,109
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 1,109	$ 1,109
Senior Notes \| 5.25% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.25%	5.25%
Senior Notes \| 5.25% Senior Notes Due 2028 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes Payable	$ 646,874	$ 646,138
Senior Notes \| 5.25% Senior Notes Due 2028 \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes Payable	$ 649,604	$ 650,442

Statutory Information

6 Months Ended

Jun. 30, 2026

Statutory Capital [Abstract]

Statutory Information

Statutory Capital Requirements

The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the RIF (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Financial Requirements, as the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position (“MPP”). MGIC’s “policyholder position” includes its net worth or surplus, and its contingency loss reserve. Our policyholders’ position was above the required MPP and our risk-to-capital ratio was below the maximum allowed by jurisdictions with State Capital Requirements at June 30, 2026.

Dividend Restrictions

MGIC is subject to statutory regulations as to payment of dividends. The maximum amount of dividends that MGIC may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The maximum dividend that could be paid, without regulatory approval, is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments, we notify the OCI to ensure it does not object. In April 2026, MGIC paid a dividend of $400 million to the holding company.

Statutory Financial Information

The OCI recognizes only statutory accounting principles prescribed, or practices permitted by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in the contingency loss reserves through their income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency loss reserves, statutory net income is reduced. The statutory net income, policyholders’ surplus, and contingency loss reserves of our insurance subsidiaries, including MGIC, are shown in table 13.1.


Financial Information of our Insurance Subsidiaries (including MGIC)
Table 13.1
	Six Months Ended June 30,
(In thousands)	2026		2025
Statutory net income	$	303,975	$	342,930

	As of,
(In thousands)	June 30, 2026		December 31, 2025
Statutory policyholders' surplus	$	792,158	$	894,278
Contingency loss reserves	4,963,740		4,914,234

- 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

Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2026

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 are included in table 9.1 below.


Components of Other Comprehensive Income (Loss)
Table	9.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Net unrealized investment (losses) gains arising during the period		$	(1,887)	$	36,105	$	(43,960)	$	101,511
Total income tax benefit (expense)		396		(7,582)		9,231		(21,317)
Net of tax		(1,491)		28,523		(34,729)		80,194

Net changes in benefit plan assets and obligations		190		3,738		380		3,796
Total income tax benefit (expense)		(40)		(785)		(80)		(797)
Net of tax		150		2,953		300		2,999

Total other comprehensive income (loss)		$	(1,697)	39,843		(43,580)		105,307
Total income tax benefit (expense)		356		(8,367)		9,151		(22,114)
Total other comprehensive income (loss), net of tax		$	(1,341)	$	31,476	$	(34,429)	$	83,193

Reclassification out of accumulated other comprehensive income


Reclassifications from AOCI
Table	9.2
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Reclassification adjustment for net realized (losses) gains (1)		$	(2,747)	$	(4,432)	$	(2,845)	$	(10,413)
Income tax benefit (expense)		577		931		598		2,187
Net of tax		(2,170)		(3,501)		(2,247)		(8,226)

Reclassification adjustment related to benefit plan assets and obligations (2)		(190)		(3,738)		(380)		(3,796)
Income tax benefit (expense)		40		785		80		797
Net of tax		(150)		(2,953)		(300)		(2,999)

Total reclassifications		(2,937)		(8,170)		(3,225)		(14,209)
Income tax benefit (expense)		617		1,716		678		2,984
Total reclassifications, net of tax		$	(2,320)	$	(6,454)	$	(2,547)	$	(11,225)

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

A rollforward of AOCI for the six months ended June 30, 2026, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2026
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2025, net of tax		$	(120,686)	$	(13,708)	$	(134,394)
Other comprehensive income (loss) before reclassifications		(36,976)		—		(36,976)
Less: Amounts reclassified from AOCI		(2,247)		(300)		(2,547)
Balance, June 30, 2026, net of tax		$	(155,415)	$	(13,408)	$	(168,823)

Investments

6 Months Ended

Jun. 30, 2026

Investments [Abstract]

Investments

Fixed Income Securities

Our fixed income securities classified as available-for-sale at June 30, 2026 and December 31, 2025 are shown in tables 5.1a and 5.1b below.


Details of Fixed Income Securities by Category as of June 30, 2026
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	284,121	$	113	$	(3,046)	$	281,188
Obligations of U.S. states and political subdivisions		1,849,688		9,958		(139,081)		1,720,565
Corporate debt securities		2,722,787		16,908		(65,022)		2,674,673
ABS		290,072		862		(2,813)		288,121
RMBS		373,594		4,760		(16,758)		361,596
CMBS		235,738		750		(3,008)		233,480
CLOs		124,168		133		(52)		124,249
Foreign government debt		4,488		—		(431)		4,057
Commercial paper		13,130		—		(1)		13,129
Total fixed income securities		$	5,897,786	$	33,484	$	(230,212)	$	5,701,058


Details of Fixed Income Securities by Category as of December 31, 2025
Table	5.1b

(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	279,359	$	958	$	(2,505)	$	277,812
Obligations of U.S. states and political subdivisions		1,961,841		10,958		(134,035)		1,838,764
Corporate debt securities		2,712,348		36,781		(57,857)		2,691,272
ABS		225,478		2,418		(1,335)		226,561
RMBS		366,671		8,169		(16,816)		358,024
CMBS		237,974		2,484		(1,675)		238,783
CLOs		99,182		129		(24)		99,287
Foreign government debt		4,487		—		(420)		4,067
Commercial paper		56,661		—		—		56,661
Total fixed income securities		$	5,944,001	$	61,897	$	(214,667)	$	5,791,231

We had $12.5 million and $12.6 million of investments at fair value on deposit with various states as of June 30, 2026 and December 31, 2025, respectively, due to regulatory requirements of those state insurance departments.

In connection with our insurance and reinsurance activities within MAC and MIC, we are required to maintain assets in trusts for the benefit of contractual counterparties, which had investments at fair value of $188.5 million and $185.7 million at June 30, 2026 and December 31, 2025, respectively.

The amortized cost and fair values of fixed income securities at June 30, 2026, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities are not due at a single maturity date, they are listed in separate categories.


Fixed Income Securities Maturity Schedule
Table	5.2
		June 30, 2026
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	668,519	$	667,328
Due after one year through five years		1,668,459		1,628,072
Due after five years through ten years		1,672,759		1,608,662
Due after ten years		864,477		789,550
		4,874,214		4,693,612

ABS		290,072		288,121
RMBS		373,594		361,596
CMBS		235,738		233,480
CLOs		124,168		124,249
Total		$	5,897,786	$	5,701,058

Equity Securities

The cost and fair value of investments in equity securities at June 30, 2026 and December 31, 2025 are shown in tables 5.3a and 5.3b below.


Details of Equity Security Investments as of June 30, 2026
Table	5.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,360	$	27	$	(1,113)	$	15,274


Details of Equity Security Investments as of December 31, 2025
Table	5.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,286	$	42	$	(1,006)	$	15,322

Net Gains (Losses) on Investments and Other Financial Instruments

The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 5.4 below.


Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table	5.4	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2026		2025		2026		2025

Fixed income securities:
Gains on sales		$	497	$	575	$	707	$	924
Losses on sales		(2,460)		(2,520)		(2,470)		(2,549)


Equity securities gains (losses):

Changes in fair value		46		89		(122)		209
Change in embedded derivative on Home Re Transactions(1)		(309)		430		(510)		731



Net gains (losses) on investments and other financial instruments		$	(2,226)	$	(1,426)	$	(2,395)	$	(685)

Proceeds from sales of fixed income securities		$	57,432	$	20,280	$	58,437	$	41,017

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

Other Invested Assets

Our other invested assets balance includes an investment in FHLB stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility, subject to certain conditions, which includes requirements to post collateral and to maintain a minimum investment in FHLB stock.

Unrealized Investment Losses

Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position at June 30, 2026 and December 31, 2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b are estimated using the process described in Note 6 - “Fair Value Measurements” to these consolidated financial statements and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.


Unrealized Loss Aging for Securities by Type and Length of Time as of June 30, 2026
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	160,992	$	(744)	$	30,819	$	(2,302)	$	191,811	$	(3,046)
Obligations of U.S. states and political subdivisions		200,110		(3,037)		1,030,622		(136,044)		1,230,732		(139,081)
Corporate debt securities		810,234		(6,333)		761,003		(58,689)		1,571,237		(65,022)
ABS		172,169		(1,575)		4,584		(1,238)		176,753		(2,813)
RMBS		51,103		(351)		150,115		(16,407)		201,218		(16,758)
CMBS		120,580		(1,446)		51,690		(1,562)		172,270		(3,008)
CLOs		32,231		(52)		—		—		32,231		(52)
Foreign government debt		—		—		4,057		(431)		4,057		(431)
Commercial paper		3,338		(1)		—		—		3,338		(1)
Total		$	1,550,757	$	(13,539)	$	2,032,890	$	(216,673)	$	3,583,647	$	(230,212)


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	15,762	$	(60)	$	51,113	$	(2,445)	$	66,875	$	(2,505)
Obligations of U.S. states and political subdivisions		144,148		(6,123)		1,087,931		(127,912)		1,232,079		(134,035)
Corporate debt securities		258,349		(1,180)		887,659		(56,677)		1,146,008		(57,857)
ABS		49,774		(1,103)		22,965		(232)		72,739		(1,335)
RMBS		2,906		(8)		187,553		(16,808)		190,459		(16,816)
CMBS		15,363		(30)		82,994		(1,645)		98,357		(1,675)
CLOs		35,272		(24)		—		—		35,272		(24)
Foreign government debt		—		—		4,068		(420)		4,068		(420)
Total		$	521,574	$	(8,528)	$	2,324,283	$	(206,139)	$	2,845,857	$	(214,667)

There were 996 and 712 securities in an unrealized loss position at June 30, 2026 and December 31, 2025, respectively. Based on current facts and circumstances, we believe the unrealized losses as of June 30, 2026 presented in table 5.5a above are not indicative of the ultimate collectability of the par value of the securities. The unrealized losses in all categories of our investments at June 30, 2026 were primarily caused by increases in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations.

Other Comprehensive Income - Pretax and Related Income Tax Benefit (Expense) Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	$ (1,697)	$ 39,843	$ (43,580)	$ 105,307
Income tax benefit (expense)	356	(8,367)	9,151	(22,114)
Other comprehensive income (loss), net of tax	(1,341)	31,476	(34,429)	83,193
Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), net of tax	(1,341)	31,476	(34,429)	83,193
Net unrealized gains and (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	(1,887)	36,105	(43,960)	101,511
Income tax benefit (expense)	396	(7,582)	9,231	(21,317)
Other comprehensive income (loss), net of tax	(1,491)	28,523	(34,729)	80,194
Net benefit plan assets and (obligations) recognized in shareholders' equity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	190	3,738	380	3,796
Income tax benefit (expense)	(40)	(785)	(80)	(797)
Other comprehensive income (loss), net of tax	$ 150	$ 2,953	$ 300	$ 2,999

Other Comprehensive Income - Rollforward of AOCI (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ 5,147,551
Other comprehensive income (loss) before reclassifications	(36,976)
Less: Amounts reclassified from AOCI	(2,547)
Balance, end of period	5,013,359
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(134,394)
Balance, end of period	(168,823)
Net unrealized gains and (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(120,686)
Other comprehensive income (loss) before reclassifications	(36,976)
Less: Amounts reclassified from AOCI	(2,247)
Balance, end of period	(155,415)
Net benefit plan assets and (obligations) recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(13,708)
Other comprehensive income (loss) before reclassifications	0
Less: Amounts reclassified from AOCI	(300)
Balance, end of period	$ (13,408)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Benefit Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Pension and Supplemental Executive Retirement Plans
Components of Net Periodic Benefit Cost [Abstract]
Company service cost (1)	$ 500	$ 0	$ 1,000	$ 0
Interest cost	3,013	3,297	6,026	6,596
Expected return on plan assets	(3,079)	(3,442)	(6,157)	(6,884)
Net actuarial losses (gains)	948	546	1,895	1,092
Prior service cost (credit)	87	87	173	173
Cost of settlements and curtailments	0	3,680	0	3,680
Net periodic benefit cost (benefit)	1,469	4,168	2,937	4,657
Other Postretirement Benefit Plans
Components of Net Periodic Benefit Cost [Abstract]
Company service cost (1)	209	235	418	469
Interest cost	283	311	566	622
Expected return on plan assets	(3,395)	(2,911)	(6,789)	(5,822)
Net actuarial losses (gains)	(962)	(693)	(1,923)	(1,385)
Prior service cost (credit)	119	117	236	235
Cost of settlements and curtailments	0	0	0	0
Net periodic benefit cost (benefit)	$ (3,746)	$ (2,941)	$ (7,492)	$ (5,881)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment portfolio:
Fixed income available-for-sale	$ 5,701,058	$ 5,791,231
Equity securities, at fair value (cost 2026 - $16,360; 2025 - $16,286)	15,274	15,322
Other invested assets, at cost	1,109	1,109
Total investment portfolio	5,717,441	5,807,662
Cash and cash equivalents	207,277	368,989
Restricted cash and cash equivalents	7,819	6,525
Accrued investment income	57,594	58,009
Reinsurance recoverable on loss reserves	76,144	65,055
Reinsurance recoverable on paid losses	5,437	4,386
Premiums receivable	69,694	58,184
Home office and equipment, net	31,604	32,454
Deferred insurance policy acquisition costs	7,473	8,377
Deferred income taxes, net	131,243	18,512
Other assets	215,256	211,333
Total Assets	6,526,982	6,639,486
Liabilities:
Loss reserves	492,001	474,884
Unearned premiums	84,511	93,026
Senior notes	646,874	646,138
Federal tax credits payable	162,624	135,344
Other liabilities	127,613	142,543
Total Liabilities	1,513,623	1,491,935
Contingencies
Shareholders’ equity:
Common stock	206,603	219,367
Paid-in capital	1,801,258	1,812,463
Accumulated other comprehensive income (loss), net of tax	(168,823)	(134,394)
Retained earnings	3,174,321	3,250,115
Total Shareholders’ Equity	5,013,359	5,147,551
Total Liabilities and Shareholders’ Equity	6,526,982	6,639,486
Fixed income
Investment portfolio:
Fixed income available-for-sale	5,436,128	5,489,945
Short-Term Investments
Investment portfolio:
Fixed income available-for-sale	$ 264,930	$ 301,286

Statutory Information - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
Statutory Information - Narrative (Details) $ in Millions	Apr. 30, 2026 USD ($)	Jun. 30, 2026 jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements (in jurisdictions) \| jurisdiction		16
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends (as a percent)		10.00%
Adjusted statutory net income measurement period (in years)		3 years
Adjusted statutory net income dividend payment measurement period (in years)		2 years
Dividend paid to MGIC Investment Corp \| $	$ 400

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Premiums written:
Direct	$ 279,441	$ 277,206	$ 565,963	$ 553,677
Assumed	2,483	3,717	6,448	7,255
Ceded	(51,962)	(43,539)	(107,506)	(88,202)
Net premiums written	229,962	237,384	464,905	472,730
Decrease in unearned premiums, net	8,095	6,938	8,515	15,311
Net premiums earned	238,057	244,322	473,420	488,041
Investment income, net of expenses	59,465	60,995	121,207	122,438
Net gains (losses) on investments and other financial instruments	(2,226)	(1,426)	(2,395)	(685)
Other revenue	92	354	233	685
Total Revenues	295,388	304,245	592,465	610,479
Losses and Expenses:
Losses incurred, net	10,986	(2,835)	44,228	6,756
Amortization of deferred insurance policy acquisition costs	1,297	1,738	2,521	3,395
Other underwriting and operating expenses, net	44,278	50,354	91,162	101,760
Interest expense	8,899	8,899	17,798	17,798
Total Losses and Expenses	65,460	58,156	155,709	129,709
Income before tax	229,928	246,089	436,756	480,770
Provision for income tax	47,783	53,607	89,308	102,828
Net Income	$ 182,145	$ 192,482	$ 347,448	$ 377,942
Earnings per share:
Basic (in dollars per share)	$ 0.87	$ 0.81	$ 1.63	$ 1.57
Diluted (in dollars per share)	$ 0.86	$ 0.81	$ 1.62	$ 1.56
Weighted average common shares outstanding - basic (in shares)	209,923	236,333	213,012	240,218
Weighted average common shares outstanding - diluted (in shares)	210,945	237,971	214,548	242,209

Loss Reserves

6 Months Ended

Jun. 30, 2026

Insurance Loss Reserves [Abstract]

Loss Reserves

We establish case reserves and LAE reserves on delinquent loans that were reported to us as two or more payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity.

IBNR reserves are established for estimated losses from delinquencies we estimate have occurred prior to the close of an accounting period, but have not yet been reported to us. IBNR reserves are also established using estimated claim rates and claim severities.

Estimation of losses is inherently judgmental. The conditions that affect our estimates include the current and future state of the domestic economy, including unemployment and the strength of local housing markets; exposure on insured loans; the number of loans reported to us as delinquent; the amount of time between delinquency and claim filing (all else being equal, the longer the period between delinquency and claim filing, the greater the severity); the effectiveness of loss mitigation efforts; and curtailments and rescissions. Additionally, past and future government initiatives and actions taken by the GSEs to keep borrowers in their homes may impact our estimates. The actual amount of the claim payments may differ substantially from our loss reserve estimates, and changes in those estimates, whether arising from the factors described above or from other unforeseen circumstances, could materially affect our financial results, even in a stable economic environment.

In considering the potential sensitivity of the factors underlying our estimate of loss reserves, it is possible that even a relatively small change in our estimated claim rate or claim severity could have a material impact on loss reserves and, correspondingly, on our consolidated results of operations even in a stable economic environment. For example, as of June 30, 2026, assuming all other factors remain constant, a $1,000 increase/decrease in the average severity reserve factor would change the loss reserve amount by approximately +/- $7 million. A one percentage point increase/decrease in the average claim rate reserve factor would change the loss reserve amount by approximately +/- $19 million.

The “Losses incurred” section of table 8.1 below shows losses incurred on delinquencies that occurred in the current year and in prior years. The amount of losses incurred relating to delinquencies that occurred in the current year represents the estimated amount to be ultimately paid on such delinquencies. The amount of losses incurred relating to delinquencies that occurred in prior years represents the difference between the actual claim rate and claim severity associated with those delinquencies resolved in the current year compared to the estimated claim rate and claim severity at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on delinquencies continuing from the end of the prior year. This re-estimation of the claim rate and claim severity is the result of our review of current trends in the delinquency inventory, such as percentages of delinquencies that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of delinquencies by geography and changes in average loan exposure.

The “Losses paid” section of table 8.1 below shows the amount of losses paid on delinquencies that occurred in the current year and losses paid on delinquencies that occurred in prior years.

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the six months ended June 30, 2026 and 2025.


Development of Reserves for Losses and Loss Adjustment Expenses
Table	8.1
		Six Months Ended June 30,
(In thousands)		2026		2025
Reserve at beginning of period		$	474,884	$	462,662
Less reinsurance recoverable		65,055		47,281
Net reserve at beginning of period		409,829		415,381

Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year		117,760		111,093
Prior years (1)		(73,532)		(104,337)
Total losses incurred		44,228		6,756

Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year		62		—
Prior years		38,138		23,764

Total losses paid		38,200		23,764
Net reserve at end of period		415,857		398,373
Plus reinsurance recoverable		76,144		53,781
Reserve at end of period		$	492,001	$	452,154

The increase in the current year losses incurred in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 is primarily due to an increase in new delinquencies reported and an increase in estimated severity on current year delinquencies.

The favorable loss development on previously received delinquencies for the six months ended June 30, 2026 and June 30, 2025 primarily resulted from a decrease in the expected claim rate on previously received delinquencies. Home price appreciation experienced in recent years has allowed some borrowers to cure their delinquencies through the sale of their property.

The prior year loss reserve development for the six months ended June 30, 2026 and 2025 is shown in table 8.2 below.


Reserve Development on Previously Received Delinquencies
Table	8.2
		Six Months Ended June 30,
(In thousands)		2026		2025
Increase (decrease) in estimated claim rate on primary defaults		$	(65,125)	$	(98,645)

Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(8,407)		(5,692)
Total prior year loss development (1)		$	(73,532)	$	(104,337)

Premium Refunds

Our estimate of premiums to be refunded on expected claim payments is accrued for separately in “Other Liabilities” on our consolidated balance sheets and was $11.0 million and $11.4 million at June 30, 2026 and December 31, 2025, respectively.

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring Fair Value Measurements

The following describes the valuation methodologies generally used by the independent pricing sources, or by us, to measure financial instruments at fair value, including the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed Income Securities:

•U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies: Securities with valuations derived from quoted prices for identical instruments in active markets that we can access are categorized in Level 1 of the fair value hierarchy. Securities valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information in the valuation process are categorized as Level 2 of the fair value hierarchy.

•Corporate Debt Securities are valued by obtaining relevant trade data, benchmark quotes and spreads and broker/dealer quotes and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Obligations of U.S. States & Political Subdivisions are valued by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Residential Mortgage-Backed Securities ("RMBS") are valued by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Commercial Mortgage-Backed Securities ("CMBS") are valued using techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation uses regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Asset-Backed Securities ("ABS") are valued using spreads and other information solicited from market buy-and-sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including trade activity, bids, and offers are applied, resulting in tranche specific prices. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Collateralized loan obligations ("CLOs") are valued by evaluating manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Foreign government debt is valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

•Commercial Paper, with an original maturity greater than 90 days, is valued using market data for comparable instruments of similar maturity and average yields. These securities are generally categorized in Level 2 of the fair value hierarchy.

Equity Securities: Consist of actively traded, exchange-listed equity securities, including exchange traded funds (“ETFs”) and Bond Mutual Funds, with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in Level 1 of the fair value hierarchy.

Cash Equivalents: Consist of money market funds and treasury bills with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in level 1 of the fair value hierarchy. Instruments in this category valued using market data for comparable instruments are classified as level 2 in the fair value hierarchy.

Assets measured at fair value, by hierarchy level, as of June 30, 2026 and December 31, 2025 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.


Assets Carried at Fair Value by Hierarchy Level as of June 30, 2026
Table	6.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	281,188	$	242,076	$	39,112
Obligations of U.S. states and political subdivisions		1,720,565		—		1,720,565
Corporate debt securities		2,674,673		—		2,674,673
ABS		288,121		—		288,121
RMBS		361,596		—		361,596
CMBS		233,480		—		233,480
CLOs		124,249		—		124,249
Foreign government debt		4,057		—		4,057
Commercial paper		13,129		—		13,129
Total fixed income securities		5,701,058		242,076		5,458,982
Equity securities		15,274		15,274		—
Cash equivalents (1)		211,718		204,685		7,033
Total		$	5,928,050	$	462,035	$	5,466,015


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025
Table	6.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	277,812	$	241,056	$	36,756
Obligations of U.S. states and political subdivisions		1,838,764		—		1,838,764
Corporate debt securities		2,691,272		—		2,691,272
ABS		226,561		—		226,561
RMBS		358,024		—		358,024
CMBS		238,783		—		238,783
CLOs		99,287		—		99,287
Foreign government debt		4,067		—		4,067
Commercial paper		56,661		—		56,661
Total fixed income securities		5,791,231		241,056		5,550,175
Equity securities		15,322		15,322		—
Cash equivalents (1)		371,219		363,423		7,796
Total		$	6,177,772	$	619,801	$	5,557,971
(1) Includes restricted cash equivalents

Additional fair value disclosures related to our investment portfolio are included in Note 5 – “Investments.”

In addition to the assets carried at fair value discussed above, we have embedded derivatives carried at fair value related to our Home Re Transactions that are classified as “Other liabilities” or “Other assets” in our consolidated balance sheets. The estimated fair value related to our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on the Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. These liabilities or assets are categorized in Level 3 of the fair value hierarchy. At June 30, 2026 and December 31, 2025, the fair value of the embedded derivatives was a liability of $0.9 million and $0.4 million, respectively. (See Note 7 - "Reinsurance" for more information about our Home Re Transactions.)

Real estate acquired through claim settlement is carried at fair values and is reported in “Other assets” on the consolidated balance sheet. These assets are categorized as Level 3 of the fair value hierarchy. For the six months ended June 30, 2026 and 2025, purchases of real estate acquired were $4.2 million and $2.0 million, respectively. For the six months ended June 30, 2026 and 2025, sales of real estate acquired were $2.7 million and $2.2 million, respectively.

Financial Assets and Liabilities Not Measured at Fair Value

Other invested assets include an investment in FHLB stock that is carried at cost, which due to restrictions that require it to be redeemed or sold only to the security issuer at par value, approximates fair value. The fair value of other invested assets is categorized as Level 2.

Financial liabilities include our outstanding debt obligation. The fair value of our 5.25% Notes was based on observable market prices and is categorized as level 2.

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at June 30, 2026 and December 31, 2025.


Financial Assets and Liabilities Not Measured at Fair Value
Table	6.2
		June 30, 2026				December 31, 2025
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109

Financial liabilities
5.25% Senior Notes		646,874		649,604		646,138		650,442

- 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

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+ Details

Litigation and Contingencies	6 Months Ended
Litigation and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies We operate in a highly regulated industry that is subject to the risk of litigation and regulatory proceedings, including related to our claims paying practices. From time to time, we are involved in disputes and legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course disputes and legal proceedings will not have a material adverse effect on our financial condition or results of operations. Under ASC 450-20, until a loss associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated, we do not accrue an estimated loss. When we determine that a loss is probable and can be reasonably estimated, we record our best estimate.

Segment Reporting - Disaggregation of Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Total other underwriting and operating expenses net	$ 44,278	$ 50,354	$ 91,162	$ 101,760
Mortgage Insurance Segment
Segment Reporting [Line Items]
Employee costs	34,776	36,351	71,208	73,311
Outside services	8,004	8,713	14,424	16,524
Premium taxes	5,423	5,237	10,926	10,647
Depreciation expense	715	941	1,406	1,884
All other underwriting and operating	(4,640)	(888)	(6,802)	(606)
Total other underwriting and operating expenses net	$ 44,278	$ 50,354	$ 91,162	$ 101,760

- 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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+ Details

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share, Basic
Net income - basic	$ 182,145	$ 192,482	$ 347,448	$ 377,942
Weighted average common shares outstanding - basic (in shares)	209,923	236,333	213,012	240,218
Basic earnings per share (in dollars per share)	$ 0.87	$ 0.81	$ 1.63	$ 1.57
Earnings Per Share, Diluted
Net income - diluted	$ 182,145	$ 192,482	$ 347,448	$ 377,942
Weighted average common shares outstanding - basic (in shares)	209,923	236,333	213,012	240,218
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]
Unvested RSUs (in shares)	1,022	1,638	1,536	1,991
Weighted average common shares outstanding - diluted (in shares)	210,945	237,971	214,548	242,209
Diluted earnings per share (in dollars per share)	$ 0.86	$ 0.81	$ 1.62	$ 1.56

Statutory Information Statutory Information (Tables)

6 Months Ended

Jun. 30, 2026

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices

The statutory net income, policyholders’ surplus, and contingency loss reserves of our insurance subsidiaries, including MGIC, are shown in table 13.1.


Financial Information of our Insurance Subsidiaries (including MGIC)
Table 13.1
	Six Months Ended June 30,
(In thousands)	2026		2025
Statutory net income	$	303,975	$	342,930

	As of,
(In thousands)	June 30, 2026		December 31, 2025
Statutory policyholders' surplus	$	792,158	$	894,278
Contingency loss reserves	4,963,740		4,914,234

- 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

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Earnings per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of shares of common stock outstanding, including participating securities. Our participating securities are comprised of vested restricted stock and restricted stock units (“RSUs”) with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. The determination of whether components are dilutive is calculated independently for each period. We calculate diluted EPS using the treasury stock method which reflects the potential dilution that could occur if unvested RSUs result in the issuance of common stock.

Table 4.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.


Earnings Per Share
Table	4.1
		Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands, except per share data)		2026		2025		2026		2025
Net income - basic and diluted		$	182,145	$	192,482	$	347,448	$	377,942
Basic weighted average common shares outstanding		209,923		236,333		213,012		240,218
Dilutive effect of unvested RSUs		1,022		1,638		1,536		1,991
Diluted weighted average common shares outstanding		210,945		237,971		214,548		242,209

Earnings per share:
Basic earnings per share		$	0.87	$	0.81	$	1.63	$	1.57
Diluted earnings per share		$	0.86	$	0.81	$	1.62	$	1.56

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net Income

$ 347,448

$ 377,942

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,870

5,228

Deferred tax expense (benefit)

5,456

5,943

Equity compensation

12,256

12,869

Net (gains) losses on investments and other financial instruments

2,395

685

Change in certain assets and liabilities:

Accrued investment income

415

1,958

Reinsurance recoverable on loss reserves

(11,089)

(6,500)

Reinsurance recoverable on paid losses

(1,051)

2,156

Premiums receivable

(11,510)

300

Deferred insurance policy acquisition costs

904

1,420

Loss reserves

17,117

(10,508)

Unearned premiums

(8,515)

(15,311)

Current income taxes

(74,394)

61,484

Other, net

^[1]

(19,436)

(31,019)

Net cash provided by (used in) operating activities

261,866

406,647

Cash flows from investing activities:

Purchases of investments

(779,539)

(771,072)

Proceeds from sales of investments

58,450

41,017

Proceeds from maturity of fixed income securities

765,722

882,984

Additions to property and equipment

(657)

(145)

Net cash provided by (used in) investing activities

43,976

152,784

Cash flows from financing activities:

Repurchase of common stock

(377,048)

(411,585)

Dividends paid

(66,819)

(64,677)

Payment of withholding taxes related to share-based compensation net share settlement

(22,393)

(18,901)

Net cash provided by (used in) financing activities

(466,260)

(495,163)

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

(160,418)

64,268

Cash and cash equivalents and restricted cash and cash equivalents at beginning of period

375,514

234,627

Cash and cash equivalents and restricted cash and cash equivalents at end of period

$ 215,096

$ 298,895

[1]	(1) Certain amounts have been reclassified to conform with current year presentation

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance, beginning of period at Dec. 31, 2024		$ 248,449	$ 1,808,236	$ (288,162)	$ 3,403,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net under share-based compensation plans		1,045	(19,946)
Purchases of common stock		(16,356)			(392,431)
Equity compensation			12,869
Other comprehensive income (loss), net of tax	$ 83,193			83,193
Net Income	377,942				377,942
Cash dividends					(63,747)
Balance, end of period at Jun. 30, 2025	5,154,944	233,138	1,801,159	(204,969)	3,325,616
Balance, beginning of period at Dec. 31, 2024		248,449	1,808,236	(288,162)	3,403,852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of common stock	(782,000)
Balance, end of period at Dec. 31, 2025	5,147,551	219,367	1,812,463	(134,394)	3,250,115
Balance, beginning of period at Mar. 31, 2025		240,194	1,796,475	(236,445)	3,339,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net under share-based compensation plans		65	(98)
Purchases of common stock		(7,121)			(175,327)
Equity compensation			4,782
Other comprehensive income (loss), net of tax	31,476			31,476
Net Income	192,482				192,482
Cash dividends					(31,199)
Balance, end of period at Jun. 30, 2025	5,154,944	233,138	1,801,159	(204,969)	3,325,616
Balance, beginning of period at Dec. 31, 2025	5,147,551	219,367	1,812,463	(134,394)	3,250,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net under share-based compensation plans		1,068	(23,461)
Purchases of common stock	(369,200)	(13,832)			(358,741)
Equity compensation			12,256
Other comprehensive income (loss), net of tax	(34,429)			(34,429)
Net Income	347,448				347,448
Cash dividends					(64,501)
Balance, end of period at Jun. 30, 2026	5,013,359	206,603	1,801,258	(168,823)	3,174,321
Balance, beginning of period at Mar. 31, 2026		213,200	1,795,697	(167,482)	3,195,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net under share-based compensation plans		26	(264)
Purchases of common stock		(6,623)			(171,734)
Equity compensation			5,825
Other comprehensive income (loss), net of tax	(1,341)			(1,341)
Net Income	182,145				182,145
Cash dividends					(31,962)
Balance, end of period at Jun. 30, 2026	$ 5,013,359	$ 206,603	$ 1,801,258	$ (168,823)	$ 3,174,321

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).

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Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Fixed maturities, amortized cost	$ 5,897,786	$ 5,944,001
Cost	$ 16,360	$ 16,286
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	206,603,000	219,367,000
Common stock, shares outstanding (in shares)	206,603,000	219,367,000
Fixed income
Statement [Line Items]
Fixed maturities, amortized cost	$ 5,632,757	$ 5,642,929
Short-Term Investments
Statement [Line Items]
Fixed maturities, amortized cost	$ 265,029	$ 301,072

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

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair value measurements for items measured at fair value


Assets Carried at Fair Value by Hierarchy Level as of June 30, 2026
Table	6.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	281,188	$	242,076	$	39,112
Obligations of U.S. states and political subdivisions		1,720,565		—		1,720,565
Corporate debt securities		2,674,673		—		2,674,673
ABS		288,121		—		288,121
RMBS		361,596		—		361,596
CMBS		233,480		—		233,480
CLOs		124,249		—		124,249
Foreign government debt		4,057		—		4,057
Commercial paper		13,129		—		13,129
Total fixed income securities		5,701,058		242,076		5,458,982
Equity securities		15,274		15,274		—
Cash equivalents (1)		211,718		204,685		7,033
Total		$	5,928,050	$	462,035	$	5,466,015


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025
Table	6.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	277,812	$	241,056	$	36,756
Obligations of U.S. states and political subdivisions		1,838,764		—		1,838,764
Corporate debt securities		2,691,272		—		2,691,272
ABS		226,561		—		226,561
RMBS		358,024		—		358,024
CMBS		238,783		—		238,783
CLOs		99,287		—		99,287
Foreign government debt		4,067		—		4,067
Commercial paper		56,661		—		56,661
Total fixed income securities		5,791,231		241,056		5,550,175
Equity securities		15,322		15,322		—
Cash equivalents (1)		371,219		363,423		7,796
Total		$	6,177,772	$	619,801	$	5,557,971
(1) Includes restricted cash equivalents

Carrying value and fair value of financial assets and liabilities

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at June 30, 2026 and December 31, 2025.


Financial Assets and Liabilities Not Measured at Fair Value
Table	6.2
		June 30, 2026				December 31, 2025
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109

Financial liabilities
5.25% Senior Notes		646,874		649,604		646,138		650,442

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

Table 4.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.


Earnings Per Share
Table	4.1
		Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands, except per share data)		2026		2025		2026		2025
Net income - basic and diluted		$	182,145	$	192,482	$	347,448	$	377,942
Basic weighted average common shares outstanding		209,923		236,333		213,012		240,218
Dilutive effect of unvested RSUs		1,022		1,638		1,536		1,991
Diluted weighted average common shares outstanding		210,945		237,971		214,548		242,209

Earnings per share:
Basic earnings per share		$	0.87	$	0.81	$	1.63	$	1.57
Diluted earnings per share		$	0.86	$	0.81	$	1.62	$	1.56

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2026
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchase Programs Repurchases of our common stock may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In the six months ended June 30, 2026, we repurchased 13.8 million shares for $369.2 million, inclusive of commissions. In 2025, we repurchased approximately 30.1 million shares of our common stock for $782.0 million, inclusive of commissions. As of June 30, 2026, we had remaining authorization to repurchase $806.0 million of our common stock under our existing share repurchase programs through December 31, 2028. Through July 24, 2026, we repurchased an additional 1.5 million shares for $42.4 million, inclusive of commissions. Cash Dividends In the first and second quarters of 2026, we paid quarterly cash dividends of $0.15 per share. On July 23, 2026, the Board of Directors declared a quarterly cash dividend to the holders of the company’s common stock of $0.17 per share payable on August 20, 2026, to shareholders of record on August 5, 2026.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of fixed income securities

Our fixed income securities classified as available-for-sale at June 30, 2026 and December 31, 2025 are shown in tables 5.1a and 5.1b below.


Details of Fixed Income Securities by Category as of June 30, 2026
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	284,121	$	113	$	(3,046)	$	281,188
Obligations of U.S. states and political subdivisions		1,849,688		9,958		(139,081)		1,720,565
Corporate debt securities		2,722,787		16,908		(65,022)		2,674,673
ABS		290,072		862		(2,813)		288,121
RMBS		373,594		4,760		(16,758)		361,596
CMBS		235,738		750		(3,008)		233,480
CLOs		124,168		133		(52)		124,249
Foreign government debt		4,488		—		(431)		4,057
Commercial paper		13,130		—		(1)		13,129
Total fixed income securities		$	5,897,786	$	33,484	$	(230,212)	$	5,701,058


Details of Fixed Income Securities by Category as of December 31, 2025
Table	5.1b

(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	279,359	$	958	$	(2,505)	$	277,812
Obligations of U.S. states and political subdivisions		1,961,841		10,958		(134,035)		1,838,764
Corporate debt securities		2,712,348		36,781		(57,857)		2,691,272
ABS		225,478		2,418		(1,335)		226,561
RMBS		366,671		8,169		(16,816)		358,024
CMBS		237,974		2,484		(1,675)		238,783
CLOs		99,182		129		(24)		99,287
Foreign government debt		4,487		—		(420)		4,067
Commercial paper		56,661		—		—		56,661
Total fixed income securities		$	5,944,001	$	61,897	$	(214,667)	$	5,791,231

Amortized cost and fair values of fixed income securities by contractual maturity


Fixed Income Securities Maturity Schedule
Table	5.2
		June 30, 2026
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	668,519	$	667,328
Due after one year through five years		1,668,459		1,628,072
Due after five years through ten years		1,672,759		1,608,662
Due after ten years		864,477		789,550
		4,874,214		4,693,612

ABS		290,072		288,121
RMBS		373,594		361,596
CMBS		235,738		233,480
CLOs		124,168		124,249
Total		$	5,897,786	$	5,701,058

Cost and fair value of investments in equity securities

The cost and fair value of investments in equity securities at June 30, 2026 and December 31, 2025 are shown in tables 5.3a and 5.3b below.


Details of Equity Security Investments as of June 30, 2026
Table	5.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,360	$	27	$	(1,113)	$	15,274


Details of Equity Security Investments as of December 31, 2025
Table	5.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,286	$	42	$	(1,006)	$	15,322

Schedule of realized gains (losses) and proceeds from sale of securities


Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table	5.4	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2026		2025		2026		2025

Fixed income securities:
Gains on sales		$	497	$	575	$	707	$	924
Losses on sales		(2,460)		(2,520)		(2,470)		(2,549)


Equity securities gains (losses):

Changes in fair value		46		89		(122)		209
Change in embedded derivative on Home Re Transactions(1)		(309)		430		(510)		731



Net gains (losses) on investments and other financial instruments		$	(2,226)	$	(1,426)	$	(2,395)	$	(685)

Proceeds from sales of fixed income securities		$	57,432	$	20,280	$	58,437	$	41,017

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

Aging of the fair value of securities in an unrealized loss position


Unrealized Loss Aging for Securities by Type and Length of Time as of June 30, 2026
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	160,992	$	(744)	$	30,819	$	(2,302)	$	191,811	$	(3,046)
Obligations of U.S. states and political subdivisions		200,110		(3,037)		1,030,622		(136,044)		1,230,732		(139,081)
Corporate debt securities		810,234		(6,333)		761,003		(58,689)		1,571,237		(65,022)
ABS		172,169		(1,575)		4,584		(1,238)		176,753		(2,813)
RMBS		51,103		(351)		150,115		(16,407)		201,218		(16,758)
CMBS		120,580		(1,446)		51,690		(1,562)		172,270		(3,008)
CLOs		32,231		(52)		—		—		32,231		(52)
Foreign government debt		—		—		4,057		(431)		4,057		(431)
Commercial paper		3,338		(1)		—		—		3,338		(1)
Total		$	1,550,757	$	(13,539)	$	2,032,890	$	(216,673)	$	3,583,647	$	(230,212)


Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	15,762	$	(60)	$	51,113	$	(2,445)	$	66,875	$	(2,505)
Obligations of U.S. states and political subdivisions		144,148		(6,123)		1,087,931		(127,912)		1,232,079		(134,035)
Corporate debt securities		258,349		(1,180)		887,659		(56,677)		1,146,008		(57,857)
ABS		49,774		(1,103)		22,965		(232)		72,739		(1,335)
RMBS		2,906		(8)		187,553		(16,808)		190,459		(16,816)
CMBS		15,363		(30)		82,994		(1,645)		98,357		(1,675)
CLOs		35,272		(24)		—		—		35,272		(24)
Foreign government debt		—		—		4,068		(420)		4,068		(420)
Total		$	521,574	$	(8,528)	$	2,324,283	$	(206,139)	$	2,845,857	$	(214,667)

- 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).

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net Income	$ 182,145	$ 192,482	$ 347,448	$ 377,942
Other comprehensive income (loss), net of tax:
Change in unrealized investment gains and losses	(1,491)	28,523	(34,729)	80,194
Benefit plan adjustments	150	2,953	300	2,999
Other comprehensive income (loss), net of tax	(1,341)	31,476	(34,429)	83,193
Comprehensive Income (Loss)	$ 180,804	$ 223,958	$ 313,019	$ 461,135

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation, activity

Table 12.1 shows the number of restricted stock units (RSUs) granted to employees and non-employee directors and the weighted average fair value per share during the periods presented.


Restricted Stock Unit Grants
Table	12.1
			Six months ended June 30,
			2026			2025
			RSUs Granted (in thousands)	Weighted Average Fair Value per Share		RSUs Granted (in thousands)	Weighted Average Fair Value per Share
RSUs subject to performance conditions		(1)	332	$	25.02	339	$	24.30
RSUs subject only to service conditions			326	25.53		320	24.65
Non-employee director RSUs			46	24.37		59	24.12

(1)Shares granted are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jul. 23, 2026	Jul. 24, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Shares repurchased and retired in period (in shares)					13.8	30.1
Common stock repurchased and retired during period					$ 369.2	$ 782.0
Remaining authorized repurchase amount			$ 806.0		$ 806.0
Quarterly cash dividend paid (per share)			$ 0.15	$ 0.15
Subsequent Event
Class of Stock [Line Items]
Shares repurchased and retired in period (in shares)		1.5
Common stock repurchased and retired during period		$ 42.4
Quarterly cash dividend declared (per share)	$ 0.17

- 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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+ Details

- Definition

Number of shares that have been repurchased and retired during the period.

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

We operate as a single reportable segment, which is defined as Mortgage Insurance. This segment generates revenue by providing mortgage insurance to mortgage lending institutions and mortgage credit investors and by providing reinsurance under the GSEs credit risk transfer programs. The results of our Mortgage Insurance segment are reported within our financial statements as the consolidated financial results for MGIC Investment Corporation and subsidiaries. The accounting policies of the Mortgage Insurance segment are the same as those described in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.

The Senior Management Oversight Committee (“SMOC”), acts as the Company's chief operating decision maker (“CODM”). The CODM uses consolidated net income (loss) as the primary GAAP measure to evaluate actual financial performance versus planned financial performance and to allocate resources. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The table below presents a disaggregation of significant segment expenses as monitored by our CODM:


Significant Segment Expenses
Table	14.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2026		2025		2026		2025
Other underwriting and operating expenses net:
Employee costs		$	34,776	$	36,351	$	71,208	$	73,311
Outside services (1)		8,004		8,713		14,424		16,524
Premium taxes (2)		5,423		5,237		10,926		10,647
Depreciation expense		715		941		1,406		1,884
All other underwriting and operating (3)		(4,640)		(888)		(6,802)		(606)
Total other underwriting and operating expenses net		$	44,278	$	50,354	$	91,162	$	101,760

(1)Outside services expense generally includes expenses related to outsourced IT services and consulting services.

(2)Premium taxes are taxes paid to states and municipalities based upon the amount of premiums written.

- Definition

The entire disclosure for segment reporting.

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+ Details