Radian Group Inc.

Good day and thank you for standing by. Welcome to the second 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 Lally, VP of Finance. Please go ahead.

Thank you, and welcome to Radian's second 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-GAAP 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-GAAP measures may be found in press release Exhibit F, and reconciliations to 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, Radiant's Chief Executive Officer, Mike Weinbach, Radiant's CEO-elect, and Dan Kobell, Senior Executive Vice President and Interim Chief Financial Officer. Before we begin, I'd 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 which may cause actual results to differ materially. 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 to subsequent reports filed with the SEC. These are also available on our website. Now, I would like to turn the call over to Rick.

Thank you all for joining us today. Before discussing our second quarter results, I'd like to highlight another important milestone in Radian's strategic transformation. When we announced our agreement to acquire Intego in September last year, we also outlined a clear strategic path forward, transforming Radian from a leading U.S. mortgage insurer into a global multi-line specialty insurer while divesting non-core businesses and becoming a more focused insurance organization. Since then, we have successfully closed the Intego acquisition and integrated the business into our organization, and we have taken definitive action to complete the divestitures, including completing the sale of our real estate services business this week, entering into an agreement to sell our title business, and earlier this year, exiting the mortgage conduit business. Together, these actions have sharpened our focus on insurance, expanded our product set, simplified our portfolio, reduced organizational complexity, and delivered on the key strategic actions we outlined less than a year ago. The Radian we are today is meaningfully different from the company that announced that strategy last year. Our mortgage insurance business, which has been the foundation of our company and a significant driver of value creation for stockholders for nearly 50 years, continues to generate strong earnings and capital. Combined with Intego, we are now a stronger, more diversified, and more focused organization with two complementary and uncorrelated insurance businesses, greater capital allocation flexibility, and access to broader growth opportunities across global insurance markets. Most importantly, our team has executed on the commitments we made and positioned Radium for its next chapter of growth. The second quarter marked our first full quarter with Intego. and another important step for Radian as a global multi-line specialty insurer. The financial benefits of this combination are already evident in our results. Total revenues increased 93% year over year to $575 million, while net earned premiums increased 116% to $504 million. Our mortgage insurance business once again produced strong underlying performance and remains a powerful source of earnings, capital generation, and embedded economic value for our company. New insurance written increased year-over-year reflecting continued strength of purchase activity combined with the value of our proprietary data and analytics capabilities and our deep customer relationships. Primary insurance and force reached a record $284 billion with persistency remaining strong, supporting the embedded value of our portfolio and future earnings generation. Credit performance continue to reflect the quality of our insured portfolio and our team's unwavering commitment to disciplined underwriting. We are proud of the important role private mortgage insurance plays in the home finance marketplace by helping borrowers responsibly and sustainably achieve homeownership. Turning to our specialty insurance business, as I mentioned, this quarter marks our first full reporting period, reflecting NNGO's contribution. The specialty insurance business is already contributing meaningfully to the diversification of our revenue and earnings profile. During the quarter, our specialty segment represented approximately 50% of total revenues and 53% of total net premiums earned during the quarter. highlighting the scale and earnings contribution of our new business mix. The strategic value that the combination with Intego brings to Radian is clear, reinforcing both the benefits and the opportunity ahead. While the underlying specialty insurance portfolio continues to perform well, it is important to acknowledge that market conditions have become more competitive and rates continue to soften. The current rate environment is consistent with the cyclical dynamics we anticipated when underwriting the acquisition. The Intego team is maintaining their focus on underwriting discipline and rate adequacy while also allocating capital to the most attractive opportunities. Our priority is profitability, not any particular revenue growth target. We believe Intego's diversified portfolio, strong analytics capabilities, unwavering commitment to strong underwriting, and experienced leadership team position the business well to navigate market cycles, and selectively deploy capital to the highest value opportunities. At the enterprise level, our capital position remains a significant and core strength. The earnings power and capital generation capabilities of our businesses provides us with meaningful financial flexibility. During the quarter, we continue to return capital to stockholders through both dividends and share repurchases while maintaining the financial strength needed to support growth opportunities across the enterprise. As always, we remain focused on prudent capital management and creating long-term value for stockholders. Before I turn the call over to Dan to review our financial results, I would like to invite Mike Weinbach to share a few thoughts. As many of you know, Mike recently joined Radium as CEO-elect and has already spent considerable time engaging with our employees, customers, investors, and business leaders across both the mortgage and specialty segments. He and I work closely together to execute a seamless transition of leadership. Mike brings significant industry experience, a strong leadership track record, and a deep appreciation for the strengths that make Radian and Intego unique, including the value of our talented and experienced teams. I'm excited about the future of this company under his leadership.