The stock rose modestly by 2.5% as investors digested results that showed a relatively stable mortgage insurance portfolio and prudent capital management, but without any clear catalysts to push shares higher. The cautious, rate-sensitive title business and immaterial near-term contribution from P&C reinsurance likely tempered enthusiasm.

• Mortgage insurance in force was essentially flat quarter-over-quarter at $248 billion, up 1.3% year-over-year, with persistency down slightly to 84.7%.
• The default rate remained stable at 2.54%, while credit quality remains strong (average FICO 747; original LTV 93%).
• Mortgage insurance net premium earned was $216 million with a modestly improved average net premium rate of 35 basis points.
• Operating expenses were elevated to 17.4% expense ratio, reflecting typical first-quarter seasonal costs such as payroll taxes and stock compensation.
• P&C reinsurance segment contributed increased premiums but pretax earnings were immaterial this quarter; title segment remains rate sensitive and dependent on origination volume recovery.