Gitnux/Report 2026

Private Mortgage Insurance Industry Statistics

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Samuel NorbergWritten by Samuel Norberg·Fact-checked by Maya Johansson
Published
How this report is researched
01Editorial Scope

An editor sets the topic, the inclusion criteria, and the evaluation framework before research starts.

02Source Research

AI search agents locate sources and extract each figure together with the document it came from.

Read our full methodology →

Search agents attach provenance to every extracted figure.

Next review: within 39 days

01 Industry overview

The private mortgage insurance industry at a glance

The U.S. private mortgage insurance industry remains concentrated among six approved insurers, with Radian reporting $285.7 billion of primary insurance in force at September 30, 2026.

$285.7B[1]
Radian primary insurance in force, 2026
19%[15]
MGIC industry IIF share, 2025
$87.7B[25]
Private MI activity, Q4 2025
39.4 bps[25]
Average MI premium yield, 2024
Market size
Radian reported $285.7 billion of direct primary mortgage insurance in force at September 30, 2026, while MGIC reported $303.1 billion at December 31, 2025. These figures measure insured loan balances rather than industry premium revenue.[1][15]
Market share & regions
Private mortgage insurance is primarily a U.S. market tied to conventional low-down-payment mortgages sold to Fannie Mae and Freddie Mac. In Q4 2025, private MI represented 38.0% of total mortgage insurance activity, compared with 32.0% for FHA and 30.0% for VA.[25][1]
Segmentation
The industry is segmented into primary mortgage insurance on individual loans and pool mortgage insurance on groups of loans. Private MI generally serves borrowers with down payments below 20% or homeowners with less than 20% equity in a refinance transaction.[1]
Key players & concentration
Six approved private mortgage insurers serve the GSE market: Arch, Enact, Essent, MGIC, NMI and Radian. Based on primary insurance in force at December 31, 2025, MGIC held 19%, Arch 18%, Radian 17%, Enact 17%, Essent 15% and NMI 14%; the four largest therefore accounted for 71%.[15][22]
Pricing
The average private MI in-force premium yield declined from 52.5 basis points in 2017 to 39.4 basis points in 2024. Pricing varies by borrower credit risk, loan-to-value ratio, coverage level and lender delivery terms.[25][22]
Trends, drivers & challenges
Private primary MI activity reached $87.7 billion in Q4 2025, up 11.9% from Q4 2024, as higher mortgage originations supported demand. At the same time, Milliman reported that credit performance remained strong but was normalizing from post-pandemic lows in Q2 2026.[25][48]
Consumer behavior & competition
PMI has helped more than 40 million borrowers with insufficient funds for a 20% down payment access homeownership over its 68-year history. Competition among insurers focuses on premium rates, underwriting requirements, financial strength, lender relationships, technology and service; the six approved providers compete for share of the GSE market.[25][22]
M&A
Radian completed its acquisition of Inigo, a Lloyd’s specialty insurer, in February 2026 as part of a strategy to become a global multiline specialty insurer. The transaction broadened Radian beyond mortgage insurance while its mortgage segment remained a core business.[1]
Regulation
Private insurers serving the GSEs must comply with the Private Mortgage Insurer Eligibility Requirements, or PMIERs, under FHFA oversight. As of September 30, 2026, Radian stated that it complied with PMIERs and reported a 10.4-to-1 risk-to-capital ratio; state rules commonly cap mortgage-insurer risk-to-capital at 25-to-1.[37][1]
Latest news
In its third-quarter 2026 results, Radian reported $15 billion of new insurance written, $286 billion of primary insurance in force, 83% annualized persistency and a 38-basis-point in-force portfolio premium yield. MGIC’s September 30, 2026 filing stated that it remained compliant with PMIERs and eligible to insure GSE-acquired loans.[1][15]
report visual · Comparison

Revenue of the largest private mortgage insurance companies

Arch Capital Group leads with $19.9B in annual revenue (group level, converted to USD).

Arch Capital Group$19.9B
Essent Group$1.3B
Enact Holdings$1.2B
MGIC Investment$1.2B
Radian Group$1.2B
NMI Holdings$706M
source-verifiedsec.gov · radian.com · stocktitan.net2025

02 Ranking

Top 6 Companies in the Private Mortgage Insurance Industry

The leading companies in the private mortgage insurance industry, ranked on market impact, performance, momentum, innovation and brand popularity.

Updated November 10, 2026 · Next review December 10, 2026

Verdict

Arch Capital Group leads Gitnux's 2026 private mortgage insurance ranking with an Overall score of 9.9, with Arch MI in the United States, including mortgage insurance and reinsurance worldwide. MGIC Investment is the highest-ranked mortgage insurance provider at 8.5, driven by $303.1B direct primary insurance in force at December 31, 2025.

Ranked by Overall score · How we score ↓

Editor's top 3 picks

Where to start, by need.

  1. #1 Overall · Leader in reinsurance and risk transfer

    Arch Capital Group

    BM

    Ranked #1 · 9.9 · Reinsurance and risk transfer

    Why we picked it: Its market footprint includes mortgage insurance and reinsurance worldwide, with Arch MI in the United States.

    See in ranking ↓Visit archgroup.com ↗

  2. Leader in primary mortgage insurance

    MGIC Investment

    US

    Ranked #2 · 8.5 · Primary mortgage insurance

    Why we picked it: Its private MI scale is tracked via insured loan balances, including $303.1B at December 31, 2025.

    See in ranking ↓Visit mgic.com ↗

  3. #3 overall

    Radian Group

    US

    Ranked #3 · 8.2 · Primary mortgage insurance

    Why we picked it: Its primary insurance in force was $285.7B at September 30, 2026, tied to the GSE market.

    See in ranking ↓Visit radian.com ↗

Pick 1 is the #1 company overall. Pick 2 is the highest-ranked company in the top 5 that adds a new segment; no further segment places in the top 5, so pick 3 follows rank.

Full ranking

Sort by
Top 6 companies in the private mortgage insurance industry, 2026 – Gitnux ranking
#CompanyOverall ↓Company snapshot
1

Arch Capital Group

Reinsurance and risk transfer · BM

9.9
2

MGIC Investment

Primary mortgage insurance · US

8.5
3

Radian Group

Primary mortgage insurance · US

8.2
4

Enact Holdings

Primary mortgage insurance · US

7.8
5

Essent Group

Primary mortgage insurance · BM

7.5
6

NMI Holdings

Private mortgage insurance, United States · US

7.0

How we score

  • Impact (30%): scale and weight in the market (revenue, market share, employees, market position).

Popularity (brand search demand, 15%) counts toward Overall but is not published as a column. Overall leaves out what is not known.

Scale Scores are shown on a 7–10 scale with one decimal; bars start at 7.0.

Cadence Recalculated when new figures are published; next review December 10, 2026.

Independence. Rankings are editorially independent. Scores, ranks, picks and the verdict follow the method above; no company can pay to change them.

Cite this ranking

APA

Samuel Norberg. (2026, November 10). Top 6 companies in the private mortgage insurance industry. In Private Mortgage Insurance Industry Statistics. Gitnux. https://gitnux.org/private-mortgage-insurance-industry-statistics/#top-companies

04 Statistics

Technology & Innovation

Delegated underwriting is a recurring implementation signal. Multiple insurers report delegated shares in the 2022–2024 range, supporting automation and underwriting-channel monitoring.

Automation in the private mortgage insurance industry

  • 71% of Essent’s insurance-in-force was originated through delegated underwriting in 2022, United States.[1]
  • 25% of Radian’s total first-lien insurance-in-force was underwritten on a non-delegated basis in 2024, United States.[1]
  • 6 major private mortgage insurers were supported by Polly’s mortgage product-and-pricing-engine integration described in 2022, United States.[2]
  • 71% of Radian’s total first-lien insurance-in-force was underwritten on a delegated basis in 2023, United States.[1]
  • 6–12 months was the application-process time Staircase said its API could eliminate for startups seeking automated underwriting capabilities in 2022, United States.[2]
  • 72% of Radian’s total first-lien insurance-in-force was underwritten on a delegated basis in 2024, United States.[1]

Digital Transformation in the insurance sector (sector benchmark)

  • 45% of surveyed global insurance companies identified legacy technology systems and infrastructure as their biggest barrier to adopting digital tools and new ways of working.[3]
  • 25% of the world’s 210 largest insurers had fully digitalized their value chain in ACORD’s 2025 study, while 46% were still investing in digitalization without completing the transformation.[4]
  • 46% of global insurers were classified as having digital aspirations in ACORD’s 2025 maturity study, meaning they had explicit digitalization investment but remained on the transformation journey.[4]
  • 13% of UK insurance professionals surveyed said their operations were fully digitized, while 79% considered digital transformation important or extremely important for competitiveness.[5]

Technology Adoption in the insurance sector (sector benchmark)

  • 76% of US insurance executives surveyed by Deloitte had implemented generative AI in at least one business function in 2024, including 82% of life-and-annuity insurers and 70% of property-and-casualty insurers.[6]
  • 78% of global property-and-casualty insurers surveyed by Bain were using generative AI in some capacity in 2025, but only 4% had scaled it across their organizations.[7]
  • 95% of UK insurance firms responding to the Bank of England’s 2024 survey were already using artificial intelligence, the highest adoption rate among surveyed financial-services sectors.[8]
  • 65% of European insurance undertakings surveyed by EIOPA were already actively using generative AI in 2025, with another 23% planning adoption.[9]

Cloud Computing in the insurance sector (sector benchmark)

  • 94% of Insurance Ireland CEOs surveyed said their companies currently adopted cloud technology in 2025, making it the most widely adopted innovative technology in the survey.[10]
  • 78% of Insurance Ireland CEOs surveyed planned future use of cloud technology in 2025, despite already reporting 94% current adoption.[10]
  • Gartner reported in 2024 that industry cloud platforms were highly valued by insurance respondents to its Cloud End-User Behavior Survey, indicating strong interest in sector-specific cloud environments.[11]
  • Cloud computing and data-science techniques were described as well embedded across many Irish insurance companies in a 2025 CEO survey covering 37 respondents.[10]

Big Data in the insurance sector (sector benchmark)

  • 75% of Insurance Ireland CEOs surveyed said their companies currently adopted data science or analytics in 2025, making it the second-most adopted innovative technology in the survey.[10]
  • 65% of European insurance undertakings surveyed by EIOPA used generative AI in 2025, with reported applications spanning customer service, claims management, sales and distribution, and data analysis.[9]
  • 64% of reported generative-AI use cases among European insurers were for internal back-office applications in EIOPA’s 2025 survey, compared with 36% for customer-facing applications.[9]
  • 50% of European non-life insurers and 24% of life insurers reported using artificial intelligence in their operations in EIOPA’s 2023 digitalization survey.[9]

IoT in the insurance sector (sector benchmark)

  • 19% of Insurance Ireland CEOs reported planned IoT adoption in 2025, compared with 54% planning machine learning and predictive modelling and 86% planning artificial intelligence.[10]
  • 13% of Insurance Ireland CEOs reported current IoT adoption in 2025, compared with 94% for cloud technology and 75% for data science or analytics.[10]
  • 13% of Insurance Ireland CEOs surveyed said their companies currently adopted Internet of Things technology in 2025.[10]
  • 19% of Insurance Ireland CEOs surveyed planned future Internet of Things adoption in 2025, up from 13% reporting current adoption.[10]

Innovation in the private mortgage insurance industry

  • 118 lenders were activated by NMI Holdings during 2024 through master-policy signing, IT connectivity and a first application or first dollar of new insurance written, United States.[1]
  • 1,434 active customer relationships were maintained by NMI Holdings at December 31, 2022, United States.[1]
  • 1,875 master policies had been issued by NMI Holdings at December 31, 2022, United States.[1]
  • 2 primary mortgage-insurance underwriting centers were maintained by Essent in Radnor, Pennsylvania, and Winston-Salem, North Carolina, United States.[1]

05 Statistics

Data & Analytics

Portfolio and production analytics are tracked via insured-in-force, new insurance written, and underwriting-channel splits. Radian reported $15.9B of new insurance written in Q4 2025.

Business intelligence in the private mortgage insurance industry

  • 47.2% was private mortgage insurance’s share of the insured market in 2022, a historical market-composition measure for U.S. business intelligence.[12]
  • $243.6 billion was Essent’s insurance-in-force at December 31, 2024, a reported measure of U.S. mortgage insurance portfolio scale.[13]
  • $210.2 billion was National MI’s primary insurance-in-force at December 31, 2024, providing a prior-year comparison for U.S. portfolio reporting.[14]
  • $239.1 billion was Essent’s insurance-in-force at December 31, 2023, enabling year-over-year portfolio analysis for its U.S. mortgage insurance business.[13]
  • $293.5 billion was MGIC’s primary insurance-in-force at December 31, 2023, supporting year-over-year portfolio intelligence for the U.S. private mortgage insurance market.[15]
  • 72% of Radian’s total first-lien insurance-in-force was underwritten on a delegated basis in 2024, a data point used to monitor underwriting-channel performance in the U.S.[16]

Data analytics in the private mortgage insurance industry

  • $15.9 billion was Radian’s mortgage-insurance new insurance written in the fourth quarter of 2025, supporting quarterly production analysis.[16]
  • $13.2 billion was Radian’s mortgage-insurance new insurance written in the fourth quarter of 2024, supplying a comparable period for production analytics.[16]
  • $8.8 billion was Essent’s new insurance written in the fourth quarter of 2023, providing a comparable historical data point for U.S. analytics.[13]
  • Radian uses loan-application data and analytics to classify mortgage-insurance applications by credit risk and underwriting complexity in the U.S. mortgage insurance business in 2024.[16]
  • $52.0 billion of first-lien primary mortgage insurance was written by Radian in 2024, providing a year-over-year production comparison for U.S. analytics.[17]
  • $14.2 billion was National MI’s new insurance written in the fourth quarter of 2025, a quarterly origination-volume input for portfolio analytics.[14]

Data Quality in the insurance sector (sector benchmark)

  • 61% of insurance respondents globally identified internal data quality as their biggest challenge in fraud response in 2024.[18]
  • 71% of UK insurers and brokers reported duplicate data as a data challenge in 2025.[19]
  • 63% of UK insurers and brokers reported distrust in data as a data challenge in 2025.[19]
  • 45% of insurers globally cited receiving relevant asset data within required timeframes as an operational challenge in 2024.[20]
  • 53% of insurance respondents globally identified access to external data as a fraud-response challenge in 2024.[18]
  • 39% of insurers globally cited asset data management as an operational challenge in 2024.[20]

Data Governance in the insurance sector (sector benchmark)

  • 48% of insurance executives said risk management and compliance were a focus of their data strategy in 2026.[21]
  • 65% of insurance executives said data governance was a focus of their data strategy in 2026.[21]
  • 17% of UK insurers and brokers had a unified data platform supporting integrations from multiple data sources in 2025.[19]
  • 67% of UK insurers and brokers followed manual processes for customer financial-crime risk assessments in 2025.[19]
  • 55% of insurance executives said data security and privacy were a focus of their data strategy in 2026.[21]

KPIs in the private mortgage insurance industry

  • 13.9% was National MI’s loss ratio in the fourth quarter of 2025, a claims-performance KPI for its U.S. insured portfolio.[14]
  • 84.8% was MGIC’s annual persistency rate at December 31, 2024, a retention KPI for its U.S. mortgage insurance portfolio.[15]
  • 86.1% was MGIC’s annual persistency rate at December 31, 2023, providing a prior-year retention KPI for the U.S. portfolio.[15]
  • 20.8% was MGIC’s underwriting expense ratio in the fourth quarter of 2024, an operating-efficiency KPI for U.S. mortgage insurance.[15]
  • 84% was Enact’s persistency rate in the first quarter of 2025, a quarterly retention KPI for its U.S. mortgage insurance business.[22]
  • 20.4% was National MI’s expense ratio in the fourth quarter of 2025, an operating-cost KPI for its U.S. mortgage insurance business.[14]

06 Statistics

Strategy & Growth

Insured portfolio scale and production inputs anchor growth monitoring. NMI Holdings’ insurance in force reached $221.4B at December 31, 2025, up 5% from $210.2B at December 31, 2024.

Growth in the private mortgage insurance industry

  • $221.4 billion was NMI Holdings’ insurance in force at December 31, 2025, up 5% from $210.2 billion at December 31, 2024 in the United States.[1]
  • $282.5 billion was Radian’s total primary mortgage-insurance portfolio at December 31, 2025, compared with $275.1 billion one year earlier in the United States.[1]
  • $48.9 billion of new insurance was written by NMI Holdings in 2025, an increase of 6% from 2024 in the United States.[1]
  • $49.3 billion of new primary insurance was written by MGIC during the first nine months of 2026, compared with $43.1 billion in the same period of 2025 in the United States.[1]
  • $46.6 billion of new insurance was written by Essent in 2025, while its insurance in force reached $248.4 billion, up approximately 2% year over year in the United States.[1]
  • 684,058 policies were in force at NMI Holdings at December 31, 2025, compared with 659,567 policies in 2024 in the United States.[1]

Differentiation in the private mortgage insurance industry

  • 27% was NMI Holdings’ average coverage percentage at December 31, 2025, unchanged from 2024 in the United States.[1]
  • 50 states, the District of Columbia, Puerto Rico and Guam were covered by MGIC’s mortgage-insurance licenses at December 31, 2025.[1]
  • 98% of NMI Holdings’ 2025 insurance written used monthly premium plans, while 2% used single-premium plans in the United States.[1]
  • 2.50% was Essent’s mortgage-insurance portfolio default rate at year-end 2025 in the United States.[1]
  • 1.12% was NMI Holdings’ default rate at December 31, 2025, compared with 1.01% in 2024 in the United States.[1]
  • 18% was Radian’s share of new insurance written in the private mortgage-insurance market in 2025, compared with 17% in 2024.[16]

Mergers and acquisitions in the private mortgage insurance industry

  • 1 acquisition of a private mortgage insurer is documented in Arch Capital’s 2016 transaction announcement: the purchase of United Guaranty Corporation from AIG.[23]
  • 35% or more was Arch Capital’s projected run-rate earnings-per-share accretion from acquiring United Guaranty in 2016.[1]
  • $2.16 billion of Arch Capital’s $3.26 billion United Guaranty acquisition price was paid in cash in 2016.[1]
  • 1,276,282 Arch Capital convertible non-voting preferred shares formed part of the consideration for the United Guaranty acquisition in 2016.[1]
  • $250 million was paid as a pre-closing dividend by United Guaranty to AIG in connection with Arch Capital’s 2016 acquisition.[1]
  • December 31, 2016 was the closing date for Arch Capital’s acquisition of all outstanding shares of United Guaranty Corporation from AIG.[1]

Strategic partnerships in the private mortgage insurance industry

  • $2.3 billion of risk was covered by Essent Re’s insurance and reinsurance transactions, including GSE credit-risk-transfer business, at December 31, 2025.[1]
  • January 1, 2025 was the planned commencement date for the Fidelis Insurance Group and Euclid Mortgage strategic partnership.[24]
  • $298.9 million was raised through mortgage-insurance-linked notes in 2015 as private insurers expanded capital-markets risk transfer.[25]
  • 59 private mortgage-insurance reinsurance transactions were completed from 2015 through 2024 using excess-of-loss and quota-share structures.[25]
  • $47.1 billion of private mortgage-insurance risk was ceded through reinsurance transactions from 2015 through 2024.[25]
  • 50% of United Guaranty’s risk on specified 2014–2016 policy years was ceded under its quota-share reinsurance arrangement with AIG affiliates.[1]

07 Statistics

People & Workforce

Workforce metrics are used alongside operational execution signals like engagement and training. In U.S. insurance companies, 22% reported fully remote work in 2025.

Hiring in the private mortgage insurance industry

  • 28% of Enact’s employee population was racially or ethnically diverse in 2023, United States.[1]
  • 27% of Enact’s board members were racially or ethnically diverse in 2023, United States.[1]
  • 20% of Enact’s executive leadership team was female in 2023, United States.[1]
  • 27% of Enact’s board members were female in 2023, United States.[1]
  • 229 NMI Holdings employees were included in the 2024 population used for the company’s CEO-to-median-employee pay-ratio calculation, United States.[1]

Employee retention in the private mortgage insurance industry

  • 13% of Essent’s employees were promoted to higher positions in 2023, United States.[1]
  • 5 external awards recognized Enact’s leadership and innovation in diversity, rewards and recognition, and community-minded business in 2023, United States.[1]
  • 79% of Radian’s homegenius customers active in 2022 remained active in 2023, United States.[16]
  • Over 90th percentile was Enact’s position in the Gallup Overall Employee Engagement Index in 2023, United States.[1]
  • 21% of Essent’s associates had more than 10 years of service in 2023, United States.[1]

Remote Work in the insurance sector (sector benchmark)

  • Across U.S. insurance companies, 22% said in 2025 that most of their staff worked fully remotely.[26]
  • Across U.S. finance and insurance workers, 13.4% reported remote work in the Chicago Fed survey covering July 2021 through March 2024.[27]
  • Across North American insurance and actuarial professionals, 89% said in 2025 they had the option to work remotely.[28]
  • Across U.S. finance and insurance employees, 30% worked fully from home during the December 2024–March 2025 survey period.[29]

Hybrid Work in the insurance sector (sector benchmark)

  • Among finance, insurance and real-estate employers in the United States, 55.8% were classified as fully hybrid in the 2024 NACE employer survey.[30]
  • Across U.S. finance and insurance workers, 28.7% were in hybrid work environments as of September 2024.[31]
  • Across 116 UK insurance companies, 19% expected their hybrid-working policy to become more restrictive in 2025.[32]
  • Across U.S. finance and insurance employees, 38% worked in hybrid arrangements during the December 2024–March 2025 survey period.[29]

Upskilling in the private mortgage insurance industry

  • $3,000 was Essent’s annual tuition-reimbursement amount per associate in 2023, United States.[1]
  • 5 consecutive years of Great Place to Work recognition had been achieved by NMI Holdings by 2020, supporting its employee-development and retention proposition, United States.[1]
  • 1 annual performance review cycle was completed by Radian employees as part of its development and succession process in 2023, United States.[1]
  • 8 consecutive years of Great Place to Work recognition had been achieved by NMI Holdings by 2023, United States.[1]
  • 22,373 hours of learning were completed by Essent associates in 2023, United States.[1]

Employee Engagement in the insurance sector (sector benchmark)

  • Across U.S. employees, 33% were engaged in their work and workplace in 2023, an economy-wide benchmark relevant where insurance-specific engagement data are limited.[33]
  • Among U.S. employees surveyed by Gallup, 16% were actively disengaged in 2023, providing an economy-wide benchmark for insurance employers.[33]
  • Across insurance employees surveyed by APQC in the first half of 2024, employee experience priorities and engagement gaps were measured across insurance organizations.[34]
  • Among workers newly hired into property and casualty insurance during the previous five years, about one-third valued engaging and interesting work in a 2025 poll.[31]

DEI in the private mortgage insurance industry

  • 56% of NMI Holdings’ employee population identified as women in 2023, United States.[1]
  • 42% of Essent’s workforce self-identified as female in 2023, United States.[1]
  • 33% of NMI Holdings’ employee population identified as racial or ethnic minorities in 2023, United States.[1]

08 Statistics

Customer & Sales

Persistency and retention metrics connect customer delivery to loss and capital performance. MGIC persistency was 84.8% at December 31, 2024.

Customer retention in the private mortgage insurance industry

  • 86% of Essent’s U.S. mortgage insurance portfolio remained in force after 12 months in 2024.[1]
  • 86.3% was MGIC’s highest quarterly annual persistency rate since 2018, recorded in the third quarter of 2023.[1]
  • 86.1% was MGIC’s annual persistency rate at December 31, 2023, compared with 84.8% at December 31, 2024.[15]
  • 85% was Arch Capital’s primary mortgage insurance persistency rate in 2023.[1]
  • 84.8% of MGIC’s mortgage insurance portfolio remained in force after 12 months in 2024.[1]

Customer acquisition in the private mortgage insurance industry

  • More than 800,000 U.S. borrowers secured mortgage financing using private mortgage insurance in 2024.[35]
  • 33,649 Ohio borrowers used private mortgage insurance for mortgage financing in 2023.[35]
  • 65% of private mortgage insurance purchase loans went to first-time homebuyers in 2023.[35]
  • Approximately 1 million borrowers purchased or refinanced homes using private mortgage insurance in 2022.[35]
  • 54,190 Florida borrowers used private mortgage insurance for mortgage financing in 2023.[35]

Customer loyalty in the private mortgage insurance industry

  • 65% of private mortgage insurance purchasers were first-time homebuyers in 2023.[35]
  • Nearly 60% of private mortgage insurance purchase loans went to first-time homebuyers in 2021.[35]
  • More than 40% of private mortgage insurance borrowers in 2021 had annual incomes below $75,000.[35]
  • Nearly 39 million borrowers had benefited from private mortgage insurance since 1957 by 2023.[35]
  • Nearly 35% of private mortgage insurance borrowers in 2024 had annual incomes below $75,000.[35]

09 Statistics

Marketing & Brand

Customer concentration is reflected through revenue contribution and share from largest customers. Radian reported that no single customer contributed more than 10% of consolidated revenue in 2022–2024.

Marketing in the private mortgage insurance industry

  • 10% was the maximum share of Radian’s consolidated revenue contributed by any single customer in each of 2022, 2023 and 2024.[1]
  • 30% of Radian’s new insurance written came from its 10 largest mortgage-insurance customers in the United States in 2024.[1]
  • 5% of Radian’s new insurance written came from its largest single mortgage-insurance customer in the United States in 2024.[1]

Influencer Marketing in the insurance sector (sector benchmark)

  • 8%: European insurance undertakings reported plans to establish a commercial relationship with social-media influencers soon in EIOPA’s 2023 survey of 209 undertakings.[9]
  • 25%: European insurance undertakings reported already having a commercial relationship with social-media influencers in EIOPA’s 2023 survey of 209 undertakings.[9]
  • 5.76%: Banking, finance and insurance companies’ average share of marketing budgets allocated to influencer strategies currently, based on 29 surveyed companies in 2023.[36]
  • 11.62%: Banking, finance and insurance companies’ projected average share of marketing budgets allocated to influencer strategies three years later, based on 29 surveyed companies in 2023.[36]
  • 4.17%: Banking, finance and insurance companies’ average share of marketing budgets allocated to influencer strategies one year earlier, based on 29 surveyed companies in 2023.[36]

10 Statistics

Operations & Execution

Operational process timelines and underwriting allocation are tracked as execution KPIs. Private MI penetration of total U.S. residential mortgage originations was 17% in 2024.

Process optimization in the private mortgage insurance industry

  • 17% was private mortgage insurance penetration of total U.S. residential mortgage originations in 2024.[1]
  • 60 days is generally the period in which U.S. primary mortgage insurance master policies give Arch the option to take specified action after claim perfection.[1]
  • 4% of MGIC’s new insurance written in the first three quarters of 2025 involved borrowers with FICO scores below 680 in the United States.[1]
  • 71% of MGIC’s 2024 new insurance written was originated through delegated underwriting programs in the United States.[1]
  • 225 employees supported National MI’s private mortgage insurance operations at December 31, 2025, in the United States.[1]

Operational efficiency in the private mortgage insurance industry

  • $526 million of mortgage insurance-linked notes were issued by private mortgage insurers in 2024.[25]
  • $74.7 billion was Enact’s total direct primary risk in force at December 31, 2025 in the United States.[17]
  • $2.5 trillion of insurance in force was covered by private mortgage insurance reinsurance transactions from 2015 through 2024.[25]
  • $16.1 billion of risk in force was protected by private mortgage insurance-linked notes issued in 2024.[25]
  • $47.1 billion of risk was ceded through 59 private mortgage insurance reinsurance transactions from 2015 through 2024.[25]

Quality management in the private mortgage insurance industry

  • 95% is the required confidence level for annual quality-control sample sizes under the draft PMIERs requirements.[37]
  • 2 quality-control defect categories are used in the MPF program guide: material and non-material exceptions affecting mortgage-loan eligibility or program standards.[38]
  • 2 percentage points is the maximum annual margin of error specified for private mortgage insurer quality-control sample sizes under the draft PMIERs requirements.[37]
  • 97% was Enact’s average primary mortgage insurance claim severity in 2023 in the United States.[1]
  • 10% of Arch Capital’s primary insurance in force consisted of single-premium policies at December 31, 2023 in the United States.[1]

Outsourcing / Offshoring in the insurance sector (sector benchmark)

  • 37% of Australian insurance businesses offshored at least one function in 2026, compared with 29% in 2023.[39]
  • 70% of Australian insurance businesses that offshore used offshore teams for broker support in 2026.[39]
  • 45% of Australian insurance businesses that offshore used offshore teams for document processing in 2026.[39]
  • 79% of insurance organizations globally balanced nearshore and offshore strategic partnerships in 2025.[21]
  • 44% of insurance organizations globally planned to increase outsourcing in Asia over the following 12 months in 2025.[21]

11 Statistics

Finance & Pricing

Premium yield and in-force economics anchor pricing comparisons. MGIC’s 2025 in-force portfolio yield was 38.1 basis points.

Pricing strategy in the private mortgage insurance industry

  • 40% was private mortgage insurance’s estimated share of the total insured mortgage market in 2025 in the United States.[1]
  • $52.0 billion was Radian’s new primary mortgage insurance written in 2024 in the United States.[1]
  • $181.896 million was MGIC’s ceded premiums written in 2024 in the United States.[1]
  • 38.1 basis points was MGIC’s 2025 in-force portfolio yield in the United States.[1]
  • $14.448 million was MGIC’s assumed premiums written in 2025 in the United States.[1]

Cost reduction in the private mortgage insurance industry

  • $27.316 million was Radian Mortgage Insurance’s policy acquisition cost in 2024 in the United States.[1]
  • $78.791 million was Radian Mortgage Insurance’s other non-employee operating expense in 2024 in the United States.[1]
  • $177.841 million was Radian Mortgage Insurance’s salaries and share-based employee expense in 2025 in the United States.[1]
  • $165.704 million was Radian Mortgage Insurance’s salaries and share-based employee expense in 2024 in the United States.[1]
  • $25.039 million was Radian Mortgage Insurance’s policy acquisition cost in 2025 in the United States.[1]

Profitability in the private mortgage insurance industry

  • 13.3% was Enact’s return on equity in 2025 in the United States.[1]
  • $794.699 million was Radian Guaranty’s statutory net income in 2024 in the United States.[1]
  • $965.812 million was MGIC’s net premiums earned in 2025 in the United States.[1]
  • $244.640 million was MGIC’s net investment income in 2024 in the United States.[1]
  • $246.258 million was MGIC’s net investment income in 2025 in the United States.[1]

Financial planning in the private mortgage insurance industry

  • $5.8 billion was MGIC’s available assets under PMIERs at December 31, 2024, in the United States.[1]
  • $1.9 billion was Enact’s approximate PMIERs excess in 2025 in the United States.[1]
  • $722.861 million was Radian Guaranty’s statutory policyholders’ surplus at December 31, 2024, in the United States.[1]
  • $2.2 billion was MGIC’s excess of available assets over minimum required assets under PMIERs at December 31, 2024, in the United States.[1]
  • $282.5 billion was Radian’s primary insurance in force at December 31, 2025, in the United States.[1]

12 Statistics

Product & Service

Product mix and performance are measured via persistency, default rate, and coverage. NMI Holdings’ annual persistency rate was 84.8% at December 31, 2024.

Product development in the private mortgage insurance industry

  • 33% of NMI Holdings’ new insurance written came from its five largest customers in 2025.[1]
  • 18% was Radian’s estimated share of private mortgage insurance new insurance written in the U.S. in 2025.[1]
  • 38% was the estimated private mortgage insurance share of the total insured mortgage market in 2025.[1]
  • 96.4% of Radian’s new insurance written used direct monthly or other recurring premiums in 2024.[40]
  • 2% of NMI Holdings’ new insurance written used single-premium products in 2025.[1]

Product lifecycle in the private mortgage insurance industry

  • 95.3% of Radian’s new insurance written covered home purchases in 2024.[40]
  • 0.20% was Arch Mortgage Insurance’s delinquency rate for its 2025 policy-year book at December 31, 2025.[1]
  • 83.4% was NMI Holdings’ annual persistency rate at December 31, 2025.[1]
  • 10 years was the initial premium-rate period for the substantial majority of MGIC’s monthly and annual premium plans.[1]
  • 84.6% was NMI Holdings’ annual persistency rate at December 31, 2024.[1]

After-sales in the private mortgage insurance industry

  • $545 million was NMI Holdings’ risk in force on defaulted loans at December 31, 2024.[1]
  • $656 million was NMI Holdings’ risk in force on defaulted loans at December 31, 2025.[1]
  • 0.81% was NMI Holdings’ default rate at December 31, 2023.[1]
  • 89.03% was MGIC’s customer retention rate in 2024.[15]
  • 1.12% was NMI Holdings’ default rate at December 31, 2025.[1]

Value proposition in the private mortgage insurance industry

  • $303.1 billion was MGIC’s direct primary insurance in force at December 31, 2025.[1]
  • $81.2 billion was MGIC’s direct primary risk in force at December 31, 2025.[1]
  • 754 was Essent’s weighted-average borrower FICO score on new insurance written in 2025.[1]
  • 684,058 policies were in force at NMI Holdings at December 31, 2025.[1]
  • $324,000 was NMI Holdings’ average insured loan size in 2025.[1]

13 Statistics

Sustainability & Ethics

Insurers document participation and training tied to corporate programs. MGIC answered 86,126 customer-service inquiries in 2024.

Sustainability in the private mortgage insurance industry

  • 16 MGIC volunteer events were held across 6 U.S. cities during 5 days in 2024.[15]
  • 89% was MGIC’s customer retention rate in 2024.[15]
  • 86,126 customer-service inquiries were answered by MGIC in 2024.[15]
  • 25% of MGIC’s short-term incentive plan was linked to qualitative factors including corporate sustainability in 2024.[15]
  • 4 hours of paid volunteer time off were offered annually to each MGIC co-worker in 2024.[15]

ESG in the private mortgage insurance industry

  • 33% of Radian’s board members were women in 2023.[16]
  • 11 of MGIC’s 13 board members were independent in 2024.[15]
  • 44% of Radian’s direct reports to the CEO were women in 2023.[16]
  • 95% of Radian employees responding to a survey rated the company’s 2023 DEI training effective or very effective.[16]
  • 100% of MGIC co-workers received annual data-security and privacy training in 2024.[15]

Ethics in the private mortgage insurance industry

  • 100% of Radian employees, directors and contractors were required to certify the company code annually as of January 2024.[16]
  • 27 questions comprised Radian’s employee engagement survey in 2023.[16]
  • 38% of MGIC board members were aged in their 60s in 2024.[15]
  • 31% of MGIC board members had 5 to 10 years of tenure in 2024.[15]
  • 24 hours per day was the availability of Radian’s anonymous compliance hotline as of January 2024.[16]

CSR in the private mortgage insurance industry

  • $18,000 or more was raised by Radian employees for a veterans’ mobility grant in 2023.[16]
  • 375 employee milestone anniversaries were celebrated through Radian’s Appreciate program in 2023.[16]
  • More than one-quarter of Radian employees used the Strive wellness program in 2023.[16]
  • 4 supply drives were held at MGIC’s home office in 2024.[15]
  • 2,200 or more business leaders had joined the CEO Action for Diversity and Inclusion initiative when Radian reaffirmed its support in 2023.[16]

Circular economy in the private mortgage insurance industry

  • 44,725 pounds of paper were recycled by MGIC in 2024.[15]
  • 5,490 pounds of cardboard were recycled by MGIC in 2024.[15]
  • 8,280 pounds of metals were recycled by MGIC in 2024.[15]
  • 401 lamps were collected by MGIC for recycling in 2024.[15]
  • 66 wood pallets were collected by MGIC for recycling or reuse in 2024.[15]

Carbon footprint in the private mortgage insurance industry

  • 20% was the approximate reduction in MGIC’s vehicle-fleet size during 2024.[15]
  • 2022 was the year MGIC began collecting energy-use and associated greenhouse-gas-emissions data.[15]
  • 2 dual electric-vehicle charging units, providing 4 designated parking spaces, were available at MGIC’s home office in 2024.[15]

15 Statistics

Globalization & Expansion

Regulatory footprint and geographic concentration appear alongside reinsurance trust and cession. Radian’s mortgage-insurance risk had 4.6% concentrated in the New York-Newark-Jersey City metro at December 31, 2025.

Globalization in the private mortgage insurance industry

  • 50 U.S. states and the District of Columbia were jurisdictions where National Mortgage Insurance Corporation was licensed to write coverage as of September 2026.[1]
  • 50 U.S. states and the District of Columbia were covered by Essent Guaranty’s mortgage-insurance licenses in 2025.[47]
  • 4.6% of Radian’s mortgage-insurance risk in force was concentrated in the New York-Newark-Jersey City metropolitan area at December 31, 2025.[1]
  • 2,246 lender customers held National MI master policies as of September 30, 2026.[1]
  • 50 U.S. states and the District of Columbia were served by Arch Mortgage Insurance in 2025.[1]

Supplier management in the private mortgage insurance industry

  • $109.777 million of Arch Capital’s 2024 mortgage-insurance premiums were ceded to other companies.[1]
  • 27.15% of eligible 2025-book-year insurance risk was ceded by Enact under quota-share reinsurance agreements.[1]
  • $336 million of assets were held in trust by Enact for contractual reinsurance counterparties at December 31, 2025.[1]
  • 26.9% of Arch Capital’s consolidated gross premiums written were ceded to reinsurers in 2024.[1]
  • 27.00% of expected eligible 2026-book-year insurance risk was scheduled for Enact quota-share cession, subject to conditions.[1]

Stakeholder management in the private mortgage insurance industry

  • $53.504 million was Arch Capital’s total paid mortgage-insurance claims in 2025.[1]
  • $51.5 billion was Arch Mortgage Insurance’s new insurance written in 2025.[1]
  • 2.50% of Essent’s aggregate mortgage-insurance policies in force were represented by defaulted loans at December 31, 2025.[40]
  • $51.0 billion was Arch Mortgage Insurance’s new insurance written in 2024.[1]
  • 1,318 mortgage-insurance claims were paid by Arch Capital in 2025.[1]

Distribution channels in the private mortgage insurance industry

  • 10.5% of Radian’s risk in force was distributed to borrowers and lenders in Texas at December 31, 2025.[1]
  • 51.5 billion dollars of new insurance was written by Arch Mortgage Insurance in 2025 through its mortgage-origination customer base.[1]
  • 6% of Radian’s 2025 new insurance written came from its largest single mortgage-insurance customer, including branches and affiliates.[1]
  • 17% was Radian’s share of primary private mortgage insurance in force at December 31, 2025.[1]
  • 19% was MGIC’s share of primary private mortgage insurance in force at December 31, 2025.[15]

Key questions about the private mortgage insurance industry

What does the market measure as size in the U.S. private mortgage insurance industry?
Insured loan balances are used. Radian reported $285.7B of direct primary mortgage insurance in force at September 30, 2026, while MGIC reported $303.1B at December 31, 2025.
How fast did private MI activity move recently?
Private MI activity reached $87.7B in Q4 2025, up 11.9% from Q4 2024.
Which companies lead the private mortgage insurance industry?
Arch Capital Group leads Gitnux's 2026 private mortgage insurance ranking with an Overall score of 9.9, with Arch MI in the United States, including mortgage insurance and reinsurance worldwide. MGIC Investment is the highest-ranked mortgage insurance provider at 8.5, driven by $303.1B direct primary insurance in force at December 31, 2025.
Where are underwriting and integration changes showing up in technology metrics?
Delegated underwriting coverage is a tracking signal, with 72% of Radian’s first-lien insurance in force underwritten on a delegated basis in 2024 and 71% of Essent’s insurance-in-force originated through delegated underwriting in 2022.
How concentrated is the U.S. private mortgage insurance market?
Six approved private mortgage insurers serve the GSE market: Arch, Enact, Essent, MGIC, NMI, and Radian. Based on primary insurance in force at December 31, 2025, the four largest held 71%.
What pricing benchmark and recent yield level are used for in-force premium performance?
The average MI premium yield was 39.4 bps in 2024. It declined from 52.5 bps in 2017 to 39.4 bps in 2024, with pricing varying by risk and delivery terms.
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Samuel Norberg. (2026, November 10). Private Mortgage Insurance Industry Statistics. Gitnux. https://gitnux.org/private-mortgage-insurance-industry-statistics
MLA
Samuel Norberg. "Private Mortgage Insurance Industry Statistics." Gitnux, 10 Nov 2026, https://gitnux.org/private-mortgage-insurance-industry-statistics.
Chicago
Samuel Norberg. 2026. "Private Mortgage Insurance Industry Statistics." Gitnux. https://gitnux.org/private-mortgage-insurance-industry-statistics.

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