— Second quarter revenue grew 93% year over year; Specialty represented 53% of net premiums earned —

— Transformation strategy continues to gain momentum with first full quarter Inigo results —

— Divestitures near completion as company sharpens focus on insurance —

— CEO transition supports strategic continuity and execution —

— Primary mortgage insurance in force reached a record $284 billion —

— Default rate declined from prior quarter, with continued favorable credit trends —

— $200 million ordinary dividend paid from Radian Guaranty to holding company during second quarter —

— Repurchased $76 million of shares and paid $37 million of dividends to stockholders during second quarter —

— Second quarter diluted net income from continuing operations per share of $0.87 with adjusted net operating income per share of $1.14 —

Radian Group Inc. (NYSE:RDN) today reported net income from continuing operations of $118 million, or $0.87 per diluted share, for the quarter ended June 30, 2026. This compares with net income from continuing operations of $154 million, or $1.11 per diluted share for the quarter ended June 30, 2025.

Pretax income from continuing operations for the quarter ended June 30, 2026, was $151 million compared to $193 million for the quarter ended June 30, 2025. The results for the second quarter of 2026 include $39 million of purchase accounting adjustments, amortization of acquired intangible assets and acquisition-related expenses related to the company’s acquisition of Inigo.

Adjusted pretax operating income for the quarter ended June 30, 2026, was $196 million compared to $191 million for the quarter ended June 30, 2025. Adjusted diluted net operating income per share for the quarter ended June 30, 2026, was $1.14 compared to $1.11 for the quarter ended June 30, 2025.

Key Financial Highlights	Quarter ended
($ in millions, except per-share amounts)	June 30, 2026	March 31, 2026 ⁽¹⁾	June 30, 2025
Consolidated
Total revenues	$575	$466	$299
Net premiums earned	$504	$403	$234
Net investment income	$75	$70	$62
Net income	$116	$124	$142
Net income from continuing operations	$118	$129	$154
Diluted net income from continuing operations per share	$0.87	$0.93	$1.11
Pretax income from continuing operations	$151	$174	$193
Adjusted pretax operating income ⁽²⁾	$196	$232	$191
Adjusted diluted net operating income per share ⁽²⁾	$1.14	$1.27	$1.11
Return on equity from continuing operations	9.8%	10.8%	13.6%
Adjusted net operating return on equity ⁽²⁾	12.9%	14.7%	13.5%
Segment information ⁽³⁾
Combined Ratio - Mortgage ⁽⁴⁾	35.8%	30.2%	30.4%
Combined Ratio - Specialty ⁽⁴⁾	97.7%	85.3%	N/A
New insurance written - Mortgage	$16,331	$13,490	$14,330
Gross premiums written - Specialty	$504	$162	N/A

	As of
($ in millions, except per-share amounts)	June 30, 2026	March 31, 2026	June 30, 2025
Consolidated
Book value per share	$36.00	$35.67	$33.18
Accumulated other comprehensive income (loss) value per share	$(1.99)	$(1.94)	$(2.02)
Available holding company liquidity ⁽⁵⁾	$412	$391	$784
Total investments	$6,986	$7,040	$5,680
Assets held for sale	$64	$280	$2,267
Liabilities held for sale	$30	$219	$2,071
Segment information
PMIERs Available Assets	$5,349	$5,445	$6,021
PMIERs excess Available Assets	$1,450	$1,596	$2,035
Primary mortgage insurance in force	$284,035	$281,718	$276,745
Percentage of primary loans in default	2.47%	2.51%	2.27%

N/A – Not applicable
(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.
(3)		See Exhibit E for additional segment information.
(4)		Calculated as the sum of each segment’s reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment.
(5)		Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.

Book value per share at June 30, 2026, was $36.00 compared to $35.67 at March 31, 2026, and $33.18 at June 30, 2025. This represents 8.5% growth in book value per share at June 30, 2026, as compared to June 30, 2025, and includes accumulated other comprehensive income (loss) of $(1.99) per share as of June 30, 2026, and $(2.02) per share as of June 30, 2025. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.

"Radian delivered strong second quarter results as we benefit from our transformation into a global multi-line specialty insurer," said Radian Chief Executive Officer Rick Thornberry. "Our Mortgage and Specialty Insurance businesses together generated 93% revenue growth and 116% increase in net earned premiums year over year, demonstrating the strength and diversification of our insurance platform. At the same time, our recently announced divestitures further simplify our portfolio and deepen our focus on insurance. With these actions, coupled with a seamless leadership transition, Radian is well-positioned to capitalize on future opportunities and deliver value for stockholders."

SECOND QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pretax operating income of $208 million for the quarter. Key drivers of the Mortgage segment’s second quarter results include:

Primary Insurance in Force of $284 billion, an increase of 3% year-over-year
- New Insurance Written of $16 billion, an increase of 14% year-over-year
- Annualized persistency for the quarter, of 82%
Net premiums earned grew to $236 million, with a stable in-force portfolio premium yield of 38 basis points
Provision for losses of $29 million, which includes favorable reserve development on prior period defaults of $20 million
Operating expenses in the Mortgage segment and Corporate category increased compared to prior quarter primarily due to share-based compensation expense associated with annual equity awards granted during the quarter. Compared to the second quarter of 2025, Mortgage segment and Corporate category operating expenses declined 7% and 3%, respectively.
Mortgage segment Combined Ratio of 36%, including an Expense Ratio of 23%
See Exhibit E for additional segment information

Specialty

The Specialty segment reported adjusted pretax operating income of $29 million for the quarter. Key drivers of the Specialty segment’s second quarter results include:

Total gross premiums written of $504 million
- Insurance gross premiums written of $229 million
- Reinsurance gross premiums written of $275 million
Net premiums earned of $267 million
Provision for losses of $169 million includes the impact of reserves established for expected and potential claims related to the Middle East conflict. The provision for loss this quarter also includes favorable reserve development on prior accident year loss reserves of $24 million
Specialty segment Combined Ratio of 98%
See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for periods prior to the acquisition

CAPITAL AND LIQUIDITY UPDATE

Radian Group

In January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $125 million of this borrowing during the first half of 2026 and expects to repay this borrowing in full during 2026.
During the second quarter of 2026, the company repurchased 2.2 million shares of Radian Group common stock at a total cost of $76 million. In addition, in July the company repurchased 1.3 million shares of Radian Group common stock at a total cost of $50 million.
- The company fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, current repurchases are being made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025. Following the July share repurchases, purchase authority of up to $686 million remained available under this authorization, which is scheduled to expire in December 2027.
Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $37 million, in the second quarter of 2026.
Radian Group’s available liquidity was $412 million as of June 30, 2026. In addition, Radian Group maintained $425 million of undrawn capacity under its unsecured revolving credit facility as of June 30, 2026.

Radian Guaranty

Radian Guaranty paid an ordinary dividend to Radian Group of $200 million in the second quarter of 2026, following an ordinary dividend of $140 million paid in the first quarter of 2026.
Radian Guaranty expects to pay approximately $650 million in total ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.
At June 30, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.3 billion, resulting in PMIERs excess Available Assets of $1.5 billion.
Consistent with our use of risk distribution strategies to effectively manage capital and proactively mitigate risk, in June 2026, Radian Guaranty agreed to terms on two quota share reinsurance arrangements, each with a panel of third-party reinsurance providers. Under these agreements, we expect to cede future NIW as follows: 15% of policies issued between July 1, 2027 and June 30, 2028 (increasing total coverage to 30%), and 20% of policies issued between July 1, 2028 and June 30, 2029, in each case subject to certain conditions.

STRATEGIC UPDATE

Discontinued Operations

As an update to the divestiture plan announced in 2025, during the first quarter of 2026, Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. As of June 30, 2026, this wind down was substantially completed.
In August, the company completed the sale of its Real Estate Services business to a real estate technology and services company, and has also entered into a definitive agreement to sell its Title business to the same company. The pending sale of its Title business is subject to satisfaction of customary closing conditions, including obtaining required regulatory approvals.
During the second quarter of 2026, Radian Group received $19 million in distributions from its businesses held for sale. These distributions contributed to the reduction in the net carrying value of the assets and liabilities held for sale related to these businesses to $35 million as of June 30, 2026, including the impact of estimated costs related to the divestitures.
Additional details regarding discontinued operations may be found in Exhibit D.

CONFERENCE CALL

Radian will discuss second quarter 2026 financial results in a conference call tomorrow, Thursday, August 6, 2026, at 10:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.

The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events.

In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE:RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate risk with confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex risk decisions through its proprietary view of risk and a global perspective. Visit www.radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

Exhibit A:		Condensed Consolidated Statements of Operations
Exhibit B:		Net Income Per Share
Exhibit C:		Condensed Consolidated Balance Sheets
Exhibit D:		Condensed Consolidated Statements of Operations Detail
Exhibit E:		Segment Information
Exhibit F:		Definition of Non-GAAP Financial Measures
Exhibit G:		Non-GAAP Financial Measure Reconciliations
Exhibit H:		Mortgage Supplemental Information - New Insurance Written
Exhibit I:		Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force
Exhibit J:		Supplemental Data - Inigo’s Unaudited Results of Operations (Pre-Acquisition)

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations ⁽¹⁾
Exhibit A

(In thousands, except per-share amounts)	2026						2025
(In thousands, except per-share amounts)	Qtr 2			Qtr 1 ⁽²⁾			Qtr 4			Qtr 3			Qtr 2
Revenues
Net premiums earned	$	503,712		$	402,528		$	237,192		$	237,103		$	233,526
Net investment income		74,696			69,698			62,683			63,399			61,672
Net gains (losses) on financial instruments and foreign exchange		(5,789	)		(8,879	)		(1,159	)		1,285			1,851
Other income		2,340			2,990			1,796			1,399			1,502
Total revenues		574,959			466,337			300,512			303,186			298,551
Expenses
Provision for losses		194,945			107,933			21,588			17,886			11,954
Amortization of deferred policy acquisition costs and value of business acquired ("VOBA")		90,503			62,069			4,280			7,166			7,205
Other operating expenses		110,586			98,169			56,417			62,256			69,178
Interest expense		22,312			20,594			17,189			17,184			17,428
Amortization of other acquired intangible assets		5,896			3,909			—			—			—
Total expenses		424,242			292,674			99,474			104,492			105,765
Pretax income from continuing operations		150,717			173,663			201,038			198,694			192,786
Income tax provision		32,489			44,197			42,236			45,892			38,301
Net income from continuing operations		118,228			129,466			158,802			152,802			154,485
Income (loss) from discontinued operations, net of tax		(2,314	)		(5,373	)		(3,959	)		(11,359	)		(12,689	)
Net income	$	115,914		$	124,093		$	154,843		$	141,443		$	141,796

Diluted net income per share
Net income from continuing operations	$	0.87		$	0.93		$	1.15		$	1.11		$	1.11
Income (loss) from discontinued operations, net of tax		(0.02	)		(0.04	)		(0.03	)		(0.08	)		(0.09	)
Diluted net income per share	$	0.85		$	0.89		$	1.12		$	1.03		$	1.02

(1)		See Exhibit D for additional details.
(2)		Includes Inigo results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B

The calculation of basic and diluted net income per share is as follows.

(In thousands, except per-share amounts)	2026						2025
(In thousands, except per-share amounts)	Qtr 2			Qtr 1 ⁽¹⁾			Qtr 4			Qtr 3			Qtr 2
Net income from continuing operations	$	118,228		$	129,466		$	158,802		$	152,802		$	154,485
Income (loss) from discontinued operations, net of tax		(2,314	)		(5,373	)		(3,959	)		(11,359	)		(12,689	)
Net income—basic and diluted	$	115,914		$	124,093		$	154,843		$	141,443		$	141,796

Average common shares outstanding—basic		135,355			137,004			137,032			137,003			137,376
Dilutive effect of share-based compensation arrangements ⁽²⁾		928			1,481			1,218			923			984
Adjusted average common shares outstanding—diluted		136,283			138,485			138,250			137,926			138,360

Net income per share
Basic
Net income from continuing operations	$	0.87		$	0.94		$	1.16		$	1.12		$	1.12
Income (loss) from discontinued operations, net of tax		(0.02	)		(0.04	)		(0.03	)		(0.08	)		(0.09	)
Basic net income per share	$	0.85		$	0.90		$	1.13		$	1.04		$	1.03

Diluted
Net income from continuing operations	$	0.87		$	0.93		$	1.15		$	1.11		$	1.11
Income (loss) from discontinued operations, net of tax		(0.02	)		(0.04	)		(0.03	)		(0.08	)		(0.09	)
Diluted net income per share	$	0.85		$	0.89		$	1.12		$	1.03		$	1.02

(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.

2026

2025

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Shares of common stock equivalents

315

—

Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C

(In thousands, except per-share amounts)	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(In thousands, except per-share amounts)	2026			2026			2025			2025			2025
Assets
Investments	$	6,986,457		$	7,040,322		$	5,987,318		$	5,852,034		$	5,680,489
Cash		119,047			55,445			24,829			15,258			19,013
Restricted cash		36,000			32,534			10			11			28
Accrued investment income		56,263			51,497			40,285			43,031			43,467
Premiums and other receivables		812,176			665,910			120,197			128,765			125,744
Reinsurance recoverable		381,405			356,521			48,806			44,837			41,653
Deferred policy acquisition costs and VOBA		180,884			188,673			19,018			16,711			17,248
Goodwill and other acquired intangible assets		414,842			420,738			—			—			—
Prepaid federal income taxes		1,058,060			1,056,329			1,056,329			1,012,629			997,805
Other assets		546,691			504,347			351,337			369,013			411,198
Assets held for sale		64,495			280,060			474,268			722,514			2,267,056
Total assets	$	10,656,320		$	10,652,376		$	8,122,397		$	8,204,803		$	9,603,701
Liabilities and stockholders’ equity
Reserve for losses and loss adjustment expense	$	1,911,780		$	1,822,619		$	399,946		$	387,650		$	377,231
Unearned premiums		1,015,963			856,058			159,341			166,165			171,901
Short-term borrowings		535,108			494,730			33,320			50,679			88,963
Long-term borrowings		696,895			773,946			1,075,795			1,076,973			1,076,325
Net deferred tax liability		962,163			978,540			942,193			910,256			864,421
Other liabilities		696,238			697,989			366,470			410,232			461,335
Liabilities held for sale		29,694			219,233			363,818			550,399			2,070,844
Total liabilities		5,847,841			5,843,115			3,340,883			3,552,354			5,111,020
Common stock		156			156			157			157			157
Treasury stock		(1,009,701	)		(991,427	)		(989,745	)		(989,352	)		(988,764	)
Additional paid-in capital		783,231			842,235			861,211			855,320			847,399
Retained earnings		5,300,213			5,220,411			5,132,050			5,012,742			4,906,830
Accumulated other comprehensive income (loss)		(265,420	)		(262,114	)		(222,159	)		(226,418	)		(272,941	)
Total stockholders’ equity		4,808,479			4,809,261			4,781,514			4,652,449			4,492,681
Total liabilities and stockholders’ equity	$	10,656,320		$	10,652,376		$	8,122,397		$	8,204,803		$	9,603,701
Shares outstanding		133,556			134,845			135,498			135,473			135,395
Book value per share	$	36.00		$	35.67		$	35.29		$	34.34		$	33.18

Holding company debt-to-capital ratio ⁽¹⁾		19.2	%		20.2	%		18.3	%		18.7	%		19.2	%

(1)

Calculated as the aggregate carrying value of our senior notes, which were issued and are owed by our holding company, and revolving credit facility, divided by the carrying value of our senior notes, revolving credit facility and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to other borrowings.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 1 of 4)

Net Premiums Earned

	2026						2025
(In thousands)	Qtr 2			Qtr 1 ⁽¹⁾			Qtr 4			Qtr 3			Qtr 2
Mortgage
Direct	$	269,537		$	268,902		$	268,465		$	266,093		$	262,044
Ceded ⁽²⁾		(33,188	)		(30,725	)		(31,273	)		(28,990	)		(28,518	)
Net premiums earned		236,349			238,177			237,192			237,103			233,526
Specialty
Direct		146,061			108,987		N/A			N/A			N/A
Assumed		190,077			94,498		N/A			N/A			N/A
Ceded		(68,775	)		(39,134	)	N/A			N/A			N/A
Net premiums earned		267,363			164,351		N/A			N/A			N/A
Total
Direct		415,598			377,889			268,465			266,093			262,044
Assumed		190,077			94,498		N/A			N/A			N/A
Ceded		(101,963	)		(69,859	)		(31,273	)		(28,990	)		(28,518	)
Total net premiums earned	$	503,712		$	402,528		$	237,192		$	237,103		$	233,526

(1)		For Specialty, includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Includes profit commission under our Mortgage segment’s QSR Program.

Net Investment Income

	2026						2025
(In thousands)	Qtr 2			Qtr 1 ⁽¹⁾			Qtr 4			Qtr 3			Qtr 2
Fixed maturities	$	67,992		$	60,370		$	51,655		$	57,614		$	57,354
Equity securities		1,116			1,160			1,798			2,446			2,634
Short-term investments		6,508			9,322			10,362			4,503			2,842
Other ⁽²⁾		(920	)		(1,154	)		(1,132	)		(1,164	)		(1,158	)
Net investment income	$	74,696		$	69,698		$	62,683		$	63,399		$	61,672

(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Primarily includes investment management expenses, as well as the net impact from our securities lending activities.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 2 of 4)

Provision for Losses

	2026						2025
(In thousands)	Qtr 2			Qtr 1 ⁽¹⁾			Qtr 4			Qtr 3			Qtr 2
Mortgage
Current period ⁽²⁾	$	49,387		$	59,839		$	57,047		$	52,963		$	47,912
Prior period ⁽³⁾		(19,969	)		(35,563	)		(35,459	)		(35,077	)		(35,958	)
Provision for losses - Mortgage		29,418			24,276			21,588			17,886			11,954

Specialty
Current period⁽⁴⁾		193,410			98,846		N/A			N/A			N/A
Prior period ⁽⁵⁾		(24,171	)		(12,578	)	N/A			N/A			N/A
Provision for losses - Specialty		169,239			86,268		N/A			N/A			N/A

VOBA - reserves amortization ⁽⁶⁾		(3,712	)		(2,611	)	N/A			N/A			N/A
Total provision for losses	$	194,945		$	107,933		$	21,588		$	17,886		$	11,954

(1)		For Specialty, includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.
(3)		Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.
(4)		Related to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims.
(5)		Related to changes in estimates of losses and loss adjustment expenses related to prior accident years.
(6)		Represents positive amortization of the VOBA intangible asset attributable to reserves.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 3 of 4)

Amortization of deferred policy acquisition costs and VOBA

	2026						2025
(In thousands)	Qtr 2			Qtr 1 ⁽¹⁾			Qtr 4		Qtr 3		Qtr 2
Amortization of deferred policy acquisition costs
Mortgage	$	6,881		$	6,899		$	4,280	$	7,166	$	7,205
Specialty		52,937			29,065		N/A		N/A		N/A
Purchase accounting adjustments		(37,128	)		(30,001	)	N/A		N/A		N/A
Amortization of deferred policy acquisition costs		22,690			5,963			4,280		7,166		7,205
Amortization of VOBA		67,813			56,106		N/A		N/A		N/A
Amortization of deferred policy acquisition costs and VOBA	$	90,503		$	62,069		$	4,280	$	7,166	$	7,205

(1)

For Specialty, purchase accounting adjustments and amortization of VOBA, includes results from the date of acquisition, February 2, 2026.

Other Operating Expenses

	2026					2025
(In thousands)	Qtr 2			Qtr 1 ⁽¹⁾		Qtr 4		Qtr 3		Qtr 2
Salaries and other base employee expenses	$	34,779		$	32,972	$	25,086	$	24,259	$	26,932
Variable and share-based incentive compensation		29,899			13,051		16,768		16,115		27,335
Other general operating expenses⁽²⁾		54,515			60,366		22,589		29,438		21,986
Ceding commissions		(8,607	)