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Radian Group RDN Specialty Segment Operating — Ceding Commissions

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Enact Holdings, Inc. logo
ACTCeding commission
$0.20.0%
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ACTCeding commission
20%0.0pp
Hippo Holdings logo
HIPOCeding commissions receivable
$132.8M+55.0%
Hagerty logo
HGTYCeding commissions payable
-$84.3M-4,477%
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HGTYCeding commissions payable
$6.13M
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HGTYCeding commissions payable
-$84.3M-4,477%

Other financials

Income statement

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Revenue$575.0M+92.6%
Gross profit$290.1M+0.4%
Net income$115.9M-18.3%
EPS (diluted)$0.85-16.7%

Balance sheet

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Cash & equivalents$156.6M+606%
Total debt$1.3B+3,644%
Total equity$4.8B+7.0%
Total assets$10.7B+11.2%

Cash flow

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Operating cash flow$342.9M+148%
CapEx$225.0K-81.2%
Free cash flow$342.7M+148%

Valuation

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Market cap$4.82B+6.4%
Enterprise value$5.93B+30.5%
P/E+1.3×
P/S2.9×-0.8×

Profitability

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Gross margin96.9%+0.1pp
Net margin32.6%-16.3pp
FCF margin84.5%+55.2pp

Returns & leverage

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Return on equity11.5%-1.5pp
Debt / equity0.3×+0.3×

Where this comes from

Reported directly by Radian Group in its filing.

Tagged under the XBRL concept rdn:CedingCommissions.

The source filing: Radian Group’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:17 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-340290
($ in thousands)Three Months Ended June 30, 2026 / MortgageThree Months Ended June 30, 2026 / SpecialtyThree Months Ended June 30, 2026 / TotalSix Months Ended June 30, 2026 / MortgageSix Months Ended June 30, 2026 / Specialty (1)Six Months Ended June 30, 2026 / Total
Salaries and share-based employee expenses37,22115,92753,14867,23225,96493,196
Other non-employee operating expenses17,93122,51040,44135,06036,95472,014
Depreciation expense1,8036052,4083,6051,0094,614
Ceding commissions (3)(8,608)(8,608)(16,827)(16,827)
Total other operating expenses48,34739,04287,38989,07063,927152,997
Interest expense7543,5334,2871,2245,8237,047
Adjusted pretax operating income$207,821$28,596236,417$428,620$68,665497,285
Reconciling items

Item 1. Financial Statements (Unaudited)

FAQ

What is Radian Group's specialty segment operating — ceding commissions?
Radian Group (RDN) reported specialty segment operating — ceding commissions of $0 in Q2 2026.
What does specialty segment operating — ceding commissions mean?
This metric represents the fees earned by the specialty segment for ceding insurance risk to reinsurers or other partners. It reflects the revenue generated through the transfer of underwriting risk and the associated administrative or placement services provided within the specialty insurance operations. Monitoring this figure helps investors assess the segment's reliance on reinsurance strategies and the profitability of its risk-sharing arrangements.

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