RDN — what changed in the latest 10-Q
A section-by-section comparison of RDN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +183 | −103 | ~23 | 23 |
| Market risk (Item 3) | Text added/removed | +39 | −37 | ~6 | 44 |
| Controls & procedures | Text added/removed | +39 | −37 | ~6 | 44 |
| Legal proceedings | Text added/removed | +39 | −37 | ~6 | 44 |
| Risk factors | Text added/removed | +39 | −37 | ~6 | 44 |
| Other information | Text added/removed | +39 | −37 | ~6 | 44 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
For nearly 50 years, we have served as a leading private mortgage insurer, expanding access to affordable, responsible and sustainable homeownership. We believe we are differentiated from our peers by our proprietary risk analysis and risk management capabilities, informed by decades of mortgage dat…
A pivotal milestone in our strategic evolution was our recent acquisition of Inigo, a highly respected Lloyd’s specialty insurer, which closed on February 2, 2026. We believe that combining the embedded value of our mortgage insurance business with the growth potential of a disciplined specialty ins…
Our financial performance was strong in the first quarter of 2026. Our consolidated results for the first quarter of 2026 reflect the addition of our Specialty segment following the acquisition of Inigo, with net income from continuing operations of $129 million, a 10.8% return on equity from contin…
Our Mortgage segment continued to serve as a solid foundation for our financial results, generating strong earnings and cash flow in the first quarter of 2026. Our Mortgage segment contributed $221 million of adjusted pretax operating income, with net premiums earned of $238 million. Our mortgage in…
Consistent with the trends observed in recent periods, the economic and market conditions impacting our Mortgage results for the first quarter of 2026 remained generally favorable. These trends include: (i) a strong credit environment; (ii) a strong Persistency Rate due to the interest rates of mort…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
As a leading U.S. private mortgage insurer, Radian provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. We have one reportable business segment, Mortgage Insurance.
Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans.
In addition to this reportable segment, we previously reported in an All Other category activities that consisted of: (i) income (losses) from assets held by Radian Group, our holding company; (ii) general corporate operating expenses not attributable or allocated to our reportable segment; and (iii…
Also in the third quarter of 2025, following the comprehensive strategic review, we announced that Radian Group had entered into a definitive agreement to acquire Inigo, a Lloyd’s specialty insurer, as part of the Company’s planned strategic transformation to a global multi-line specialty insurer. S…
Consistent with the trends observed in recent periods, the economic and market conditions impacting our results for the three and nine months ended September 30, 2025, remained generally favorable. We are monitoring trends in different credit
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-08
February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate o…
Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
Government-Sponsored Enterprises (Federal National Mortgage Association
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-05-08
February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate o…
Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
Government-Sponsored Enterprises (Federal National Mortgage Association
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-08
February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate o…
Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
Government-Sponsored Enterprises (Federal National Mortgage Association
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-08
February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate o…
Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
Government-Sponsored Enterprises (Federal National Mortgage Association
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-08
February 2, 2026, the date Radian consummated the acquisition of all of the shares of Inigo through Radian US Holdings Inc.
Radian’s category to report activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from debt issued by Radian Group; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate o…
Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned
Funds at Lloyd’s, which represents assets deposited by a Lloyd’s member with Lloyd’s to support the member’s underwriting at Lloyd’s and that are held in trust and available to meet the member’s obligations in respect of policies written at Lloyd’s
Government-Sponsored Enterprises (Federal National Mortgage Association
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Collectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
Quota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
Quota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice