Milliman’s first quarter 2025 update on the private mortgage insurance (PMI) market offers a snapshot of industry statistics—including new insurance written (NIW), insurer performance, and delinquency trends—across six key providers: Arch, Enact, Essent, MGIC, NMI, and Radian.
Since 2018, Milliman has been tracking the Private Mortgage Insurer (PMI) New Insurance Written (NIW) landscape and Insurance In Force (IIF) performance to keep our finger on the pulse of the market. The linked publication provides information and context regarding trends and differences amongst the PMIs’ businesses for 1Q 2025.
The full 1Q 2025 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Summary of IIF
- Volume/persistency
- Performance
- Reserving assumptions
- Summary of capital markets ILN issuances
- Appendix: Additional excerpts from earnings calls
- Macroeconomic uncertainty
The data used to compile this report includes publicly available PMIs’ disclosures (Earnings Releases, Financial Supplements, and 10-K/Qs) as well as additional aggregated industry data extracted from Milliman’s M-PIRe platform.