Radian Group Inc.

Good day and thank you for standing by. Welcome to the third quarter 2025 Radian group conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Cobell, EVP Finance. Please go ahead.

Thank you, and welcome to Radian's third quarter 2025 conference call. Our press release, which contains Radian's financial results for the quarter, was issued yesterday evening and is posted to the investor section of our website at radian.com. This press release includes certain non-GAAP measures that may be discussed during today's call, including adjusted pretax operating income, adjusted diluted net operating income per share, and adjusted net operating return on equity. A complete description of all of our non-GAAP measures may be found in press release Exhibit F, and reconciliations of these measures to the most comparable GAAP measures may be found in press release Exhibit G. These exhibits are on the investor section of our website. Today, you will hear from Rick Thornberry, Gradient's Chief Executive Officer, and Sumita Pandit, President and Chief Financial Officer. Before we begin, I would like to remind you that comments made during this call will include forward-looking statements. These statements are based on current expectations, estimates, projections, and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially. For a discussion of these risks, please review the cautionary statements regarding forward-looking statements included in our earnings release and the risk factors included in our 2024 Form 10-K and subsequent reports filed with the SEC. These are also available on our website. Now, I would like to turn the call over to Rick.

Good morning, and thank you all for joining us today. I am pleased to report another quarter of strong performance for Radian. Our mortgage insurance business continues to deliver excellent results fueled by our large, high-quality, enforced portfolio with strong persistency and credit performance. The performance of our portfolio reflects the excellent credit characteristics of the new business we are writing, leveraging our proprietary radar rates platform. In addition to the strong performance of our mortgage insurance business, We continue to deploy capital with discipline and strategic focus. We have a long track record of consistently maintaining strong holding company liquidity, efficiently distributing capital from rating guarantee to rating group, and delivering value back to stockholders, including the highest yielding dividend in the industry. Since 2017, we have returned nearly $3 billion of capital to stockholders through dividends and share repurchases. while continuing to explore opportunities for long-term growth that meet our return objectives, including our planned acquisition of Inigo. Submitted will cover the highlights of our financial results, including the impact of our September announcement regarding the divestiture plan for our mortgage conduit, title, and real estate services businesses. The process is well underway and has attracted interest from numerous potential buyers for each of the three businesses. We have engaged Citizens JMP to lead the sale of the title and real estate services businesses, and Piper Sandler to lead the sale of the mortgage conduit. As we noted in September, we expect to complete the divestiture process by the third quarter of next year. Let me spend a few minutes now on the strategic rationale behind the decision to divest these businesses and to acquire Intego, a highly profitable specialty insurer. Over the past several years, we've been focused on building an even stronger radiant for long-term. During this time, we have strengthened our capital liquidity position, grown our high-quality mortgage insurance portfolio, invested in our proprietary data and analytics platforms, and leveraged the deep experience of our exceptional team. As part of our ongoing commitment to long-term growth and value creation, we have spent considerable time evaluating different paths to strategically diversify our business. We concluded that the highest value path was to position our company for continued growth as a global multi-line specialty insurer. This led to our decision to acquire Intego. The purchase price of $1.7 billion will be cash funded from available liquidity sources and excess capital with no equity raised. Along with liquidity at Holdco, The funding for the deal includes a unique and creative financing structure of $600 million that will be provided by rating guarantee to rating group through an intercompany note with a 10-year term. We believe the valuation for the deal is attractive at 1.5 times projected 2025 tangible equity. This acquisition, along with the divestiture plan I mentioned earlier, provides us with a clear strategic path For the future, as we transform from a leading U.S. mortgage insurer to a global multi-line specialty insurer. There are several reasons we were attracted to Inigo. The company was founded by highly respected industry veterans with decades of experience in the Lloyd's market who turned their deep industry experience into a successful and scaled business. They have attracted an exceptional team who share the founder's entrepreneurial spirit and a shared commitment to radical simplicity and disciplined underwriting. As we've spent time with the team, we continue to be impressed by the people and the business they have built. We are excited to partner with this group of highly experienced leaders with a strong track record of building and managing successful specialty insurance and reinsurance businesses. This highly talented team will continue to lead Indigo post-close. The Indigo team aligns well with our core strengths, and the cultural match is strong. This makes them a natural fit that complements Radian's mortgage insurance business. And similar to Radian, Intego is driven by data science. It shapes everything they do, how they make decisions, and how they think about risk. We share this data-first mindset, as well as an unwavering focus on disciplined underwriting. Our team is working closely with the Intego team to complete this transaction, which is on track to close in the first quarter of 2026. As we look to the future, we are excited about what we can accomplish together. Radian's transformation from a leading U.S. mortgage insurer into a global multiline specialty insurer is expected to increase our addressable market for continuing operations by a factor of 12, providing flexibility to deploy capital across multiple insurance lines through various business cycles. We believe this combination also offers meaningful capital synergies as we go forward. By allocating our capital across strong and uncorrelated businesses, we can focus on putting our capital to work where we see the greatest opportunity for economic value and profitable growth. We look forward to updating you on the Inigo transaction, our divestiture progress, and the execution of our go-forward strategy. Summitta will now cover the details of our financial and capital positions.