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Here are 1-2 brief analogies to describe Radian:

• A private Fannie Mae or Freddie Mac for mortgage insurance.
• The Allstate or Geico for mortgage default insurance.

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• Mortgage Insurance: Radian provides credit risk protection to mortgage lenders by insuring against borrower defaults on residential mortgages.
• Mortgage and Real Estate Services: This segment offers a comprehensive suite of services, including title, appraisal, valuation, asset management, and default management solutions for the mortgage and real estate industries.

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Radian Group Inc. (RDN) primarily sells its services to other companies, specifically mortgage lenders.

Radian does not publicly disclose a list of specific major customer companies by name in its financial filings or investor communications. This is typical for the mortgage insurance industry, where insurers serve a broad and diverse base of thousands of mortgage originators across the United States rather than relying on a few concentrated major customers. Their business model involves insuring individual mortgage loans originated by a wide array of lenders.

However, Radian's customers (by type) include:

• Large National Banks: Major financial institutions that originate a significant volume of mortgages (e.g., while not specific customers, examples of the type include JPMorgan Chase & Co. (JPM) and Bank of America Corporation (BAC)).
• Regional and Community Banks: Smaller banks that serve specific geographic areas or communities, also originating mortgages.
• Credit Unions: Member-owned financial cooperatives that offer mortgage lending services to their members.
• Independent Mortgage Originators: Non-bank financial companies whose primary business is originating and often servicing mortgage loans (e.g., while not specific customers, examples of the type include Rocket Companies, Inc. (RKT) and United Wholesale Mortgage Holdings Corporation (UWMC)).

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Rick Thornberry, Chief Executive Officer

Rick Thornberry has over 30 years of experience in the financial services industry, particularly in mortgages. He co-founded NexSpring Group, LLC, an advisory firm for private equity firms focused on financial services M&A transactions, and NexSpring Financial, LLC, a fintech business, serving as chairman and CEO of both until 2017. During the financial crisis, he was a senior advisor to the financial institution investment team at a leading private equity firm. Earlier, he co-founded Nexstar Financial Corporation, Inc., a mortgage business process outsourcing firm, which was acquired by MBNA. He also served as President and COO of Citicorp Mortgage Inc., and held executive-level financial and operating positions, including Chief Financial Officer, at Residential Services Corporation of America/Prudential Home Mortgage Company until its sale in 1996.

Sumita Pandit, President and Chief Financial Officer

Sumita Pandit brings over two decades of experience in investment banking, advising companies across various fintech sectors. She joined Radian in March 2023 as Chief Growth Officer and was appointed CFO in May 2023, later assuming the role of President. Prior to Radian, she was Chief Operating Officer of dLocal, a NASDAQ-listed global financial technology company. Her career also includes executive positions at JPMorgan Chase from 2015 to 2021, where she served as global head of fintech investment banking.

Mary Dickerson, Senior Executive Vice President, Chief People and Operating Officer

Mary Dickerson leads Radian's People, Facilities and Procurement functions, Title and Real Estate Services businesses, Corporate Marketing, Corporate Communications, and Corporate Responsibility or ESG initiatives. Before joining Radian, she served as Executive Vice President, Human Resources at DLL Group, a subsidiary of Rabobank Group.

Eric Ray, Senior Executive Vice President, Chief Digital Officer

Eric Ray is responsible for the vision, strategy, and leadership of Radian's IT and security functions, with over 30 years of experience in the technology sector. Previously, he was General Manager, Global Technology Services at IBM Corporation, overseeing the IBM North American technology consulting business.

Ted Hoffman, Senior Executive Vice President, General Counsel

Ted Hoffman is responsible for legal and regulatory compliance at Radian. Since joining the company in 2005, he has managed SEC, NYSE, and Sarbanes-Oxley compliance, corporate governance, and other corporate matters. Before Radian, he was a senior associate in the Corporate and Securities Group of Drinker Biddle & Reath LLP.

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The key risks to Radian (symbol: RDN) are primarily concentrated around the cyclical nature of the housing market, regulatory shifts, and the execution of its recent strategic acquisition.

1. Economic Cyclicality and Housing Market Dependence: Radian's business is heavily reliant on the overall health of the housing market and broader economic conditions. Factors such as slowing home price appreciation, elevated mortgage rates, and potential increases in borrower defaults significantly impact its mortgage insurance segment. An increase in default risk, particularly from borrowers with limited equity facing economic stress, could pressure Radian's loss ratios. The company's exposure to borrower defaults and credit losses is a direct consequence of this dependence.
2. Regulatory Changes: Radian faces substantial risk from potential changes in government policies and regulations impacting the mortgage and real estate industries. This includes compliance with capital and financial requirements imposed by Government-Sponsored Enterprises (GSEs) and state insurance regulators. New rules on loss reserves or capital requirements could increase operational costs and affect the company's financial performance.
3. Integration and Execution Risk of the Inigo Acquisition: Radian's announced acquisition of Inigo, a specialty insurer, for $1.7 billion marks a significant strategic transformation to diversify its business. However, this also introduces integration challenges and execution risk, as the successful assimilation of Inigo and the pivot away from non-core real estate services are crucial for realizing the anticipated benefits and expanding its addressable market.

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The potential emergence and widespread adoption of blockchain-based digital land registries represent a clear emerging threat to Radian's title insurance and related real estate services business. Should an immutable, transparent, and universally accepted digital record of property ownership become standard, it could significantly reduce or eliminate the need for traditional title searches, title insurance, and other intermediary services that ensure the validity of property titles, thereby disrupting a core part of Radian's Services segment.

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Radian Group Inc. (RDN) operates in several key markets within the U.S. housing and mortgage finance industries, including private mortgage insurance, title services, and real estate valuation technology and services.

Private Mortgage Insurance (PMI)

• The addressable market for private mortgage insurance in the United States, based on the total value of mortgage originations supported by PMI, was approximately $283 billion in 2023 and nearly $300 billion in 2024. As of the end of 2023, the industry insured nearly $1.6 trillion of mortgages.
• Globally, the private mortgage insurance market is projected to grow from $6.24 billion in 2024 to $6.84 billion in 2025, with a forecast to reach $9.71 billion by 2029. North America currently represents the largest share of the global PMI market.

Title Services and Title Insurance

• The addressable market for the title insurance industry in the United States is estimated at $17.1 billion in 2025. In 2023, the U.S. title insurance industry generated over $16.5 billion in business, with direct premiums written totaling $14.3 billion. For the first quarter of 2025 alone, the industry's premiums were $3.9 billion.
• The global title insurance market was estimated at $4.01 billion in 2024 and is projected to increase from $4.152 billion in 2025 to $5.893 billion by 2035. North America accounts for approximately 70% of the global market share, with the United States being the primary contributor.

Real Estate Valuation Technology and Services (Homegenius)

• The U.S. real estate appraisal market, which increasingly integrates technology into its processes, was valued at approximately $9.27 billion in 2023. Another estimate placed the U.S. real estate appraisal market at $8.89 billion in 2022, projected to reach $11.41 billion by 2028.
• The broader U.S. real estate software market was valued at $2.45 billion in 2022 and is expected to reach $5.10 billion by 2030. The global property valuation software market was valued at $3.5 billion in 2023 and is projected to reach $6.8 billion by 2032, with North America dominating this market.
• The overall United States real estate services market, which includes a wide range of services beyond just valuation technology, was valued at approximately $159.42 billion in 2025 and is forecast to reach $205.05 billion by 2030. Another source indicated the U.S. real estate services market was valued at $198 billion in 2024 and is projected to reach $285 billion by 2032.

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Here are three expected drivers of future revenue growth for Radian (RDN) over the next 2-3 years:

1. Expansion into Global Multiline Specialty Insurance through Inigo Acquisition: Radian's strategic acquisition of Inigo, a Lloyd's specialty insurer for $1.7 billion, is a pivotal shift designed to transform the company into a global multiline specialty insurer. This acquisition, expected to close in the first quarter of 2026, is projected to expand Radian's total addressable market by twelvefold and double its earned premiums.

2. Continued Growth in the Core Mortgage Insurance Business: Radian's fundamental mortgage insurance segment continues to demonstrate strong performance, with its in-force portfolio reaching an all-time high of $281 billion in the third quarter of 2025. The company also reported a 15% year-over-year increase in new insurance written (NIW) for the same quarter. This sustained growth is supported by a high-quality in-force portfolio and strong persistency and credit performance. Furthermore, the ongoing entry of millennials and first-time homebuyers into the housing market is anticipated to drive persistently strong housing demand, contributing to future revenue growth in this core segment.

3. Strategic Divestiture of Non-Core Businesses and Enhanced Focus: Radian is divesting its mortgage conduit, title, and real estate services businesses, a strategic move expected to be completed by the third quarter of 2026. This strategic shift aims to streamline the company's operations, focusing exclusively on its core mortgage insurance business and the newly acquired specialty insurance capabilities. By concentrating resources on higher-growth and more profitable segments, Radian expects to enhance overall financial performance and drive long-term value.

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Share Repurchases

• Radian approved a new $750 million share repurchase program on May 21, 2025, expiring December 31, 2027. This increased the total outstanding repurchase authority to approximately $863 million.
• Since 2020, Radian has repurchased 74 million shares for a total cost of approximately $1.8 billion, representing over 36% of its outstanding shares as of January 1, 2020.
• In the first half of 2025, Radian repurchased 13.5 million shares, including $207 million in Q1 2025 and $223 million in Q2 2025.

Outbound Investments

• Radian announced a definitive agreement to acquire Inigo Limited, a Lloyd's specialty insurer, for $1.7 billion in an all-cash deal, expected to close in Q1 2026.
• The Inigo acquisition is anticipated to transform Radian into a global multi-line specialty insurer and is expected to be funded from available liquidity and excess capital, including a $600 million intercompany note, without issuing new equity.
• Radian plans to strategically exit its Mortgage Conduit, Title, and Real Estate Services businesses, reclassifying them as discontinued operations, with divestitures expected by Q3 2026.