Radian Group Inc.

Good day and thank you for standing by. Welcome to the first quarter 2026 Radian Group Earnings 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bob Lawley, VP of Finance. Please go ahead.

Thank you, and welcome to Radian's first quarter 2026 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-GATT measures that may be discussed during today's call, including adjusted pre-tax operating income, adjusted diluted net operating income per share, and adjusted net operating return on equity. A complete description of all our non-GATT measures may be found in Press Release Exhibit F, and reconciliations of these measures to the most comparable GATT 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, Radian's Chief Executive Officer, and Dan Kobell, Senior Executive Vice President and Interim 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 risk and uncertainties. For more information regarding these risks and uncertainties, as well as certain additional risks that Radium faces, you should refer to the risk factors included in our 2025 Form 10-K, as well as subsequent reports filed with the SEC. These are also available on our website. Now, I'd like to turn the call over to Rick.

Thank you for joining us today. This quarter marks an important and defining moment for Radium. Our first as a global multi-line specialty insurer. We believe this is the beginning of a new and exciting journey. I'm happy to report we are off to a strong start. In the first quarter, our mortgage insurance business continued to deliver strong operating performance. We resumed our opportunistic share repurchases, reflecting our continued commitment to disciplined capital management. And importantly, in early February, we successfully completed the closing of the Intego acquisition Thank you for joining us today. Our financial performance this quarter reflects the first in which the earnings from both our mortgage insurance business and our newly acquired specialty insurance business, Intego, are combined. It's important to note that the Intego financial results represent only the two months since the early February closing rather than the full quarter. The performance of our mortgage insurance business from an earnings and capital generation perspective was consistent with the fundamentals that we have discussed in the past. Our high quality mortgage insurance portfolio continues to demonstrate strong credit performance with significant embedded value. We continue to leverage our proprietary data and analytics and disciplined underwriting processes to add new business with attractive economic value. and we remain focused on improving the efficiency and effectiveness of our operational processes to enhance service and reduce costs. All of which we believe supports the important financial and strategic foundation that our mortgage insurance business provides today and into the future. In terms of Intego's results, as mentioned earlier, with the closing completed in early February, only two months of Intego's results are included in this quarter. Even with only a partial quarter of ownership, Intego contributed meaningfully to our results, reinforcing the benefits of operating with two distinct and complementary insurance segments. We are pleased that Intego's performance this quarter is consistent with our expectations and reinforces the strategic and financial merits of the combination. Coincidentally, today marks one year since Richard Watson and I, together with leaders from both organizations, first met. From that first discussion, the alignment from a strategic and financial perspective as well as the risk management approach and the cultural fit was clear. After our comprehensive due diligence confirmed that Intego was the ideal strategic partner to help shape Radian's future, we moved quickly and decisively to complete the transaction in a timely and efficient manner. The execution of this deal underscores our ability to identify and capitalize on compelling opportunities to further strengthen our offering in a rapidly evolving market. As a reminder, Indigo is a specialty insurance carrier that has a strong track record of profitable underwriting growth through the Lloyds market across global specialty insurance and reinsurance products. As I've noted previously, the Indigo team operates as a standalone business within Radian, retaining their strategic focus and culture. In today's dynamic and ever-changing market, Intego differentiates itself through a strong culture and disciplined underwriting, leveraging data and analytics to drive prudent risk selection, a strong track record of profitability, and value-driven growth. We believe the combination of Intego's strategic approach with a highly experienced team, along with the ability to dynamically allocate capital to the highest value product lines, positions our specialty insurance business to perform well through market cycles. I am personally excited to bring these two companies together this quarter for what I believe represents the beginning of a new and exciting chapter for Radiant. The strategic logic is straightforward. Mortgage insurance provides a strong foundation that we expect will continue to generate consistent earnings, strong cash and capital generation, and significant embedded economic value. Special insurance adds access to a large and growing global market with different cycles and drivers that we expect will enhance diversification and resilience at the enterprise level. Together, these businesses create a more balanced and diversified earnings and capital profile, which we believe positions us to grow value more consistently through market cycles. This strategy is anchored in capabilities we have already proven, including underwriting discipline, data and analytics, customer engagement and capital management, and extends those strengths across a broader set of growth opportunities. From a rating group perspective, our role is to manage capital thoughtfully across both businesses, supporting growth where returns are compelling while maintaining discipline across the enterprise. From a capital perspective, our priorities remain unchanged. We expect to continue to maintain strong financial liquidity positions, support organic growth in both businesses, Deploy capital to achieve attractive risk-adjusted returns and return excess capital to stockholders thoughtfully and strategically. As I noted, consistent with our disciplined capital management framework, we resumed our opportunistic share repurchases during the first quarter. Importantly, doing so demonstrates the strength of our balance sheet and continued capital generation, even after completing the $1.7 billion acquisition of Indigo earlier this first quarter. The resumption of share repurchases reflect our conviction in the combined company's earnings power, capital flexibility, and long-term value creation. Before turning the call over to Dan, I want to emphasize one final point. This quarter is not about declaring victory. It's about establishing momentum. We believe the combination of a proven mortgage insurance foundation and a disciplined specialty insurance carrier and two highly experienced and talented teams positions Radian for a more resilient, more flexible, and more valuable future. We are excited about the road ahead, confident in our strategy, and focused on execution. With that, I will turn the call over to Dan to walk through the financial results in more detail.