Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standing by. Welcome to Radian Group's Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation there will be a question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to President, conference Development. Investor like Damian, to now Vice Senior Relations would hand over the John I and Corporate

John Damian

you, Radian's to and XXXX Thank call. conference second quarter welcome

results release, for evening contains is the at our to section posted press www.radian.com. Our Radian's and the was issued which quarter yesterday of website Investors financial

operating This during diluted adjusted net including income, adjusted on today's net and includes income return pretax non-GAAP share that measures certain release call, press may discussed per operating be equity. operating adjusted

In for measures Home discussed segment, in expenses. profit income Genius our adjusted operating be corporate operating and include addition, may or our specifically allocated other loss adjusted pretax press non-GAAP release today before gross that

in to the Exhibit these of release press reconciliations of complete in most be exhibits the and are release on Investors non-GAAP A of all found description F measures of GAAP G. These press our found section measures comparable Exhibit may website. be measures our may

will Thornberry, you the from Rick Officer. the portion on hand President Radian Executive Chief Pandit, Mortgage. call Radian's Financial of of hear Officer; Q&A Derek for Sumita Brummer, Also Today, and is Chief

begin, I made this These to results differ to subject will which cause remind would you uncertainties, may during estimates, statements. on materially. that actual statements to assumptions include comments forward-looking current based are that like call are expectations, we and Before projections risks and

cautionary statements These reports on statements For subsequent XXXX a in also forward-looking the XX-K our the factors earnings these website. with SEC. regarding the Form review of filed risk release in our available included discussion please risks, our included are and and

to to like turn Rick. Now the call over I'd

Rick Thornberry

solid generated thank report for GAAP income am pleased We of and year-over-year million. million. I to another today. joining net afternoon, us for all grew revenues Radian. $XXX to $XXX you quarter Good

stockholders, reflecting in $XX cover Our minutes. very positions to the and remained year-over-year overall I industry capital value to quarter. in strong, dividend paid million $XX.XX. share a We in annualized yielding was on Book which second the equity few increased dividend return our the and a XX.X% per XX% liquidity highest will

in real and continuing overall the business our growing second the continued estate quarter resilience Despite strength markets depth macroeconomic mortgage our of insured reflects uncertainty, the of in of of model, the headwinds and and the performance portfolio, commitment customer our our team. our relationships the

to creation focused positioning insurance future Our our and mortgage resources. X value and of growing our business earnings team across areas our managing strategic portfolio, creation, the our prudently value economic profitability of and a path capital homegenius remains on value

In terms rates of analytics growing risk-based of to the economic continue value to focused leverage proprietary on radar current future we opportunities on the in see mortgage capitalize earnings our that our we portfolio, the platform pricing driving our economic while market. calibrating value of dynamic insurance and

As we the returns. at business XXXX. insurance high-quality opportunity of to continued our work a result, wrote And in mortgage attractive expect second $XX.X see we of to risk-adjusted put to capital billion quarter

our company, is mortgage X% to driver of grew force, billion. insurance the earnings for Our primary main year-over-year which in $XXX future

in is which during in-force current current book not our included examples of our future our value. June, embedded Day in potential a reminder, As the Investor portfolio, we in earnings provided

is rates persistency in growth. insurance high, remains current low rate rate we across which to environment our persistency remain and positive comparatively our rate mortgage future Our for strong, the given portfolio, the interest expect force

quarter. credit see mortgage to continue during portfolio positive We insurance in our performance the

quarter defaults outpaced X%. in to default saw the of Although and the the by compared decreased number new to naturally cures in increase expect new future notices seasons, first portfolio the as we new the second generally we quarter, of defaults as

is to it note extensive a borrowers has portfolio quality including servicing efforts well mortgage profile. and strong our mortgage strong remain manufacturing a has been and And quality underwritten of that processes support to perspective, overall important hardship. loan industry's experiencing the the insurance From credit

our including the to noted make rates It in is limited line. segment and second higher Investor constrained as inventory, small investment to which also be the across resulted market incremental businesses first billion has I that regards we which challenged in homegenius portfolio, mortgage With saw our the revenues and that business, quarter by worth noting generates directly income that as our the $X interest flows continue estate our rates increase quarter, compared in to yields although up homegenius our in higher bottom during increase to current Day, a conditions, has real activity. interest

managing reductions to the cost and opportunities staff the through and expenses challenging by including see environment current are homegenius disciplined better ahead. this market management, the segment to on We our we resources align focusing

a course, of homegenius a and we path As vision opportunity I to on platforms, the solution homegenius, and the analytics for national and an We our current talented our maintained we will the and align profitability. across our data Investor valuable on and business strategy and our team. technologies, investments our on experienced to estate unique a to mentioned structure state and of and a during AI cost differentiated continue innovative we relationships, including depth of computer our Day, place advanced believe footprint and assets, real adjust realistic view digital our have businesses, based leveraging market homegenius

million or outstanding $X.X the also that PMIERs that is second completed providing its to had XX% $XXX Radian increased $X.X same tender level rating of position in of no on continue a assets. of that billion important they resources, been strong holding expect It capital XXXX, we minimum note liquidity were in million to during were assets Eagle to over maintains our pay notes already required managing of billion, to excess which ordinary with PMIERs And insurance-linked dividends terms Guaranty to $XXX available capital guarantee paid. company million offers Re quarter, the relief total longer $XXX has previously. of X

new insurance both impact long-term benefit period including more distribute business aggregate, model, these continue provide financial the written the business position to We quota going XX, share capital and believe current enhances now our placement a agreement the forward. And for our XXXX. our manage reinsurance will and of new through significantly mortgage financial execute transactions. the we strength June of detail of and Sumita on flexibility

to to shared a the Day, capital this enviable environment, we are take capital. positioned As our and value strive successfully we significant Sumita uncertain static which capital uniquely never particularly our having changes during stockholders. us And balanced of allocation, Investor in important optionality uses plan we We to to position deliver believe of potential regarding has economy. deliberate approach to in is in that flexibility as to our respond note to it's maintain an

consider of which previously, we order deploy growth area have capital the growth capital balance stockholders, between noted and risk-adjusted to we As opportunities. returns, organic into to from our back the attractive in investment most we have is the return inorganic business carefully differentiated at peers an our

wherever consistently years, our strategic our capital focus of demonstrated the trapped capital highlighted in of we structure, a Over optimization the effectiveness on unlocking have many you feasible. and have

a mortgage few Let and markets. me the thoughts housing on share

decline with for to decrease market level refinance growth is mortgage for a XX% by is XXXX, XX% origination to approximately year a the XXXX. expected that market, important a note the purchase market And volume. to in XXXX. from last year, compared terms been while recent down has largely the volume than it in in It a be slightly decline of pre-pandemic driven last higher market call the is to return origination In bottoming forecasts of industry the followed out of of mortgage by

mentioned Based billion, mortgage of seeking approximately to trillion, more market private on the insurance high end including their market a total be volume guidance. at I've origination in our of purchase affordable before, home. our $X.X the vast payment a expect XXXX is represents down As first for majority which of prior we $XXX the the business, mortgage homebuyers

Volume $X.X is which loans, primarily be trillion. purchase to estimated projected be driven to are by

market factors XXXX, positive view a as largest years the more would past and market. of pandemic origination a represent through XX sign the purchase of Excluding this We mortgage the collective XXXX stable these years. purchase strong in

significant there begin demand, rebound. prices be and recently the to of market, a supply housing housing more in terms have and stabilize housing In while seen imbalance we continues to

of demand As we is time Day, values, soon home strong homebuyers, demand in being low homebuying to either terms is their inventory strong market downside generations insured during Z first-time for Gen a help first for portfolio. years. homebuyer our dynamics mitigate continue our or the prime to mentioned and with positive Investor while large reaching in risk and millennial which create And challenges these

XXXX in We resulting purchase pent-up provides continuing growth the for strong believe support and beyond. demand market

the over overall our remains housing term. such, near long the positive outlook for and generally market As

the withstand strengthened me capital dynamic company and the of As is the by reinsurance our pricing capital you've built significantly heard say to and risk markets. cycles, distribution PMIERs into before, framework economic risk-based

now call her Financial earnings Radian she since of during on I'm across will joining Many at details year, appointed of Radian pleased made and first met has quarterly contribution Investor our the the organization Since Officer the significant Sumita her of our position. have and you is financial this team. cover earlier her being to Chief Day, May. very this

leadership, important valuable they during Controller Finance want Accounting to played Chief Radian incredibly be role been the insight and to strategic to I team. and of Their to Officer; this VP thank Corporate and EVP, me our Quigley, and outstanding and also Kobell, Rob have the counsel transition. personally Dan for broader interim continue

turn Sumita. will the I call to Now over

Sumita Pandit

our well high-quality results, by the which growth our afternoon, everyone. and of as capital liquidity about strong continued Thank insurance and positions. as force Rick. in mortgage performance, Good pleased you, quarter of to additional our reflect by second portfolio the strength provide details another I'm of highlighted flexibility quarter

our per last $X.XX quarter produced equity net first book in per June annualized diluted return a G $XXX quarter $X.XX in of as for value XX% earned income to night, on the reflected million XX. per share reconciliations second quarter diluted XX.X% XXXX, first was to $X.XX release. in quarter. share grew We as the As operating compared the diluted of or income $X.XX our Adjusted Exhibit quarter for in GAAP compared to the in provided and reported $XX.XX of year-over-year press share share of the we net share the also per per

environment, million revenue total our macroeconomic quarter. and drivers. in second quarter in $XXX Despite compared to challenging the revenues discuss during the related the generated let's we First, million first $XXX

second and premiums the in the notes note due were revenues premiums insurance-linked that during seeded our tender purchase offers $XX Eagle earned program. total onetime Guaranty. was under Our Radian the million supported reduced net This by with agreements certain their reissuers a to earned quarter by to in of period increase reinsurance

these since were providing the benefit particularly are very Guaranty Radian to no results, transactions pleased the they We PMIERs with years. capital provided tender offer that level of longer prior in

approximately a projections on of premiums X expect ceded future of of year. and time onetime the expectations, these full of Based current upfront result tenders within to we including $XX recovery the million Guaranty save a $XX over million costs as Radian

Exhibit D premiums quarter. our reduction components X release impact the in X% line increased income quarter offers, had $X.XX of during share net the offers Slide with the our net first Excluding XXXX. yield revenue premium earned, and would net of and provides details press in $XX million on various these the the highlights our year-over-year, have tender per of been total premiums our net by the earned our on would tender have and

The two large the yield in-force most net of and insurance mortgage size of our portfolio. remain premiums consistent average significant and premium drivers our earned

this in while Contributing second primary in first was billion compared the of new XX. quarter. pricing June as insurance increase force grew to to to of billion Our $XX.X billion for quarter-over-quarter the insurance to $XX.X were achieve continuing able originations. year-over-year written insurance the in to our recent growth X% We for $XXX of force quarter growth

with last expected insurance embedded As quarter discussed future is as to to significant portfolio in first primary the scenario the earnings in be future assumptions in our existing from Investor presentation, the economic billion. driver of the be our of using and month, our our Day results approximately most $X.X estimated force outlined base inputs

in past the XX% year in industry-wide the the based on decrease new of our trailing over our XX% insurance in at ago. and force months remained to While refinance has which insurance written. persistency quarter year compared has rate high It purchase originations benefited XX second the for the significantly provided a headwinds

X% force We to remain or the rate is, given less term near in period had expect likely of the rise sharp due year therefore, following mortgage cancel end the of very a to our low quarter insurance the less rates in strong in mortgage persistency rates our of an last as rates. to refinancing. XX% of and second extended of

As portfolio premium prior second on and our the in the level relatively our to at portfolio in-force continue course Slide strong of for with persistency reported yields remained force consistent shown the environment, yield comparable stable the to points the at year-end current XX.X portfolio we XX, basis expectations, and industry in quarter to mortgage rates flat over XXXX. With premium remain expect pricing XXXX. the insurance

to million the changes higher net our investment increased in premium cancellations. policy $XX insured rate period earned to total which quarter. our commissions programs, this income, has fluctuate risk period as to While distribution other of can grew portfolio year-over-year yield due single in also our The factors environment from such profit interest XX% and

Slide consists webcast on rated highly shown well-diversified, securities. investment total $X our portfolio of of billion X, As

investment conservatism of includes obligor in at our across vintage only positive end, also quarter asset tenders significant for issuers. not the the and yield which and across into the the portfolio, second have continue The portfolio assets on book during diversification to We classes, composition environment industry rate diversification geographies, future to between reinvestment quarter increased and should collateral and flows. of X.X% be from but cash X% securitized built higher our segments,

of the While has loss million of of created the moderated interest on AOCI, second end which reported investment tax, rising the portfolio rates in quarter. XXXX, an impact unrealized was as net $XXX in the have

maturity flows other securities and candid amortized securities of not investments options. losses We par liquidity these our value to trend these due fair expect investment our do at held any not do given to the losses cash they and to operating unrealized reflects ability realize hold our fully our classify significant we as to our as value as to available positive book to of Our maturity cost.

first homegenius Our $XX to million $XX totaled the segment quarter compared for for million revenues the second quarter.

estate to As the rate Rick in continues real industry-wide segment and by transactions. mentioned, decline higher negatively impacted be this and environment mortgage

for to recent Moving the most we experiencing our have trends losses. provision been quarter. continued that into The positive

securing greater provision quarter Slide mortgage impact previous home the net on a million positive in XX, of our we for noted $XX second of in million to in first benefit As a net compared losses The $XX at periods part had than benefit strong the due primarily have recent experienced due been and in recent to benefits in default price programs appreciation the the forbearance our in rates of expectations, to years. quarter.

provision $XX second to quarter, reserve mortgage the result prior benefit of favorable the For the on to benefit defaults trends. due of cure million our period net from was development

quarter. defaults services. by are offset the $XX benefit higher reserve of seeing We million reported during releases The provision claim the withdrawals by were partially for new also loss of

quarters, quarter defaults default On to new us with claim Slide assumption at recent XX, XXXX we the rate Consistent in to maintained we in number the of the first declined frequency X%. note X,XXX new for second defaults that of to from XX,XXX reported services quarter. by our

default loans, portfolio of June default was primary ending XX,XXX X.XX%. rate representing XX as of a under Our slightly inventory

our to other Turning expenses.

million, other and recognized For the our quarter. elevated share-based totaled expenses the in the second annual compensation to our Expenses employee $XX incentive an increase grants. in certain the million quarter, to benefits, operating first second compared of timing quarter due including were $XX

million expenses and incentive $X related segment. related included quarter grants the for expenses homegenius million $X of operating severance Our to our share-based to

with $XXX in prior expense operating consolidated service full previous XX% of to to to and year Based and in guidance guidance, anticipate to or million cost higher date of the other million reduction we last savings would expenses million XX% to continue to our be on our actions end consistent This our million. $XX expenses our these represent line compared $XX of with year. $XXX to total a XXXX

of year to remained available and has $X.X cushion. assets capital PMIERs current guidance, required Group. expect Based Year-to-date, Guaranty assets $XXX Guaranty consistent excess XX% our ordinary of Radian Radian at our between to to $XXX performance available finally with already minimum stable Radian million $XXX the prior XXXX. expectations pay That's dividends million a to billion. paid Moving to Guaranty's PMIERs Group liquidity. we over full for on dividends Radian million Radian ordinary and

Our payment billion shares over available This slightly holding company and the $X $X.XXX to million cost the totaling $XXX dividend XXX,XXX net under of share at per of million total our increase Radian $X from a of program. to quarter. share the value-based increased liquidity of our during purchase was million quarterly of stockholders repurchase Group $XX

mitigate into risk XXXX, reinsurance with proactively As Rick July entered with earlier, third-party strategies of In effectively to manage consistent arrangement quota distribution Radian and risk. use reinsurance of share panel mentioned a capital our a providers. Guaranty

to and given XXXX, highlight cash QSR our never embedded the liquidity, XXXX and our for recap PMIERs in we certain July this risks issued future our financial to Guaranty XXXX, holding of our mortgage business earnings the subject consistent in-force again model. Radian agreement, Under generated sizable been X, related the portfolio. To XX.X% believe stronger, significant has between June XX, earnings at policies results and position see high-quality once We quarter expect flows from company to conditions. the insurance our cushion

outlined severe under each resilient adequate presentation remain expect macroeconomic maintain great As Day significant with last at capacity even financial decline grow and dividend earnings prices, our in consistent includes Radian cushion illustrated a the to generate using we month, PMIERs year, assumptions a and Investor value, in scenario book and stress crisis, ordinary the Guaranty. inputs home positive have that

I the back to turn call Rick. over will now

Rick Thornberry

Sumita. you, Thank

focused pleased are Before plans. with to executing the call want highlight results we we our to I strategic remain and our that open on questions, your

reflect expense environment. our our and aligning businesses overall the to and resources We market are across structure driving operational excellence

is highly and to going portfolio billion deliver earnings valuable mortgage forward. $XXX insurance Our significant expected is

We dividends to to to Radian strong Group, in and and ordinary manage stockholders. Guaranty liquidity cushion industry repurchasing maintaining continue PMIERs strategically shares from while paying capital Radian highest dividend continue to company to yielding the by the holding pay expecting opportunistically

drive I helping we questions. to to now, want the And team strong And take every do day. finally, be recognize happy would and they our to operator, for our results work for outstanding

Operator

[Operator comes with Bose the question from George Instructions] first KBW. And line of our

Bose George

ask to just share wanted buybacks. I first about

that You've quieter front couple of on somewhat been the obviously quarters. last

activity there. could us think more about see help Just when we

Sumita Pandit

nice Thanks, Bose. It's to today. with of Sumita here. you This is all speak

this a how and year dividends $XX we concerned, strong both, and the So our about first in given track pretty have to in to think year, are the of capital as about measured think share we've economy I share do million we as of is half approach uncertain return this deliberate managing We repurchases. taking including capital. excess return our shareholders, returned a record far

know, you X of about capital we've years. As returned the $X.XX over last billion

shares we us outstanding a period. the today for We've back similar some think prudent time to in environment. one-third our is that approximately macroeconomic given bought hold it of capital And uncertain excess

you continue capital this they for quarter on and the Adjusted ROEs, this think tender, given optimum will have ROE our as a go at number quarter shareholders if to environment. lower XX.X%. very, take along, would we to look decisions we were that little the to return at very that macroeconomic comparable I first in we think been our XX.X%,

Bose George

it expense first and services Does X policy costs? just just OpEx, guidance. of Or line the on cost to actually, clarify the the then those your items? include the And that of wanted is I acquisition

Sumita Pandit

line guidance the operating first It's of the services, the two which just expenses we cost $XXX the had to the and other given. million million $XXX that operating is items, of previously expense, those

Operator

comes question with Harter Suisse. of from Doug the next Our line Credit

Doug Harter

ago? about economic pricing guess prepared being increase today talk market the improved your versus pacing you're remarks, still you talked expectations about in some in increases quarter. to during able I can for to that believe or relative X you price the I X of just months seeing improvement outlook

Derek Brummer

Doug, it's Derek.

QX, of I'd as it characterize very terms market in QX. similar the in to So

positive, being I a and there as think I characterized it disciplined rational.

we market. see to a continue hardening So

the to kind kind pricing of So year radar probably segment QX. QX the positive of of pace rates, the bit see in increase not we continue but increases still this at our in a of I saw the came but and still directionally. year, in principal we QX would segment, same of last increasing say blackbox pace down

Doug Harter

bigger of you there than particular it sequential XQ that most winning peers. And were business? kind pickup you've broad-based? appears Is of you then your spend, areas volume, is your Or where had more any kind a of it

Derek Brummer

was kind was It broad-based. radar the pickup the of Yes, segment. rate really in

we be about Day, And shifts able pricing where find We that's we we economic increase find really of where to terms it's at the kind again, highest see value and So on talked the which when in going what across to picked of Investor really board. volume, kind were of we value. up. we relative focused

So on driver. if respect FICO where saw to with mix any movement probably higher the value of as bit a credit kind is you little relative saw the we

Operator

Next Bank Bhatia from Mihir with comes of question America.

Mihir Bhatia

I with first the wanted just transaction. to maybe start reinsurance

you talked Just ceded lower something Is Or premiums. from on is million recovery that there going to else there? $XX the about, that's right? clarify, just

Sumita Pandit

Yes.

million So ceded went the that was $XX up. the premiums

it's revenue line. So contra a

benefit we in went So And revenue down $XX a savings it transaction. million the that be think of for to as years. get the a of will by $XX expect because million the our future

premiums be million. ceded by So future our down years the going that $XX would in

Mihir Bhatia

that And would year. I within Right. the of think said $XX next million be you XX%,

Sumita Pandit

So we expect a cash breakeven year. next within one the

if had good numbers, look performance in on we are I the tender And NPV it, tender. looking at So short, executed excluding transaction look for not have we Mihir. as a our we really I our this we is think, as been revenue our the $XX million think And would us, at higher offer. at

premium have points been yield X.X net higher. basis would Our

capacity. will have higher, higher XXX of would ROE tender. impact because And our excluding points have of been basis that the have and we EPS actually expect the dividend Our higher, this future tender, been would a $X.XX we

saved our in future us that that in ceded years. we help have capacity should future So think dividend $XX increase about the million premium

Mihir Bhatia

XXXX then a but delinquency is trigger, be also deal. ask the not wanted that or hit in the it's currently, I about do delinquency to one? Would you basically it I recognize the to are Like benefit. because future And likely hit candidate trigger miles given just a the that not it's providing

Sumita Pandit

call the year So and in XXXX we and November decision for option options this one, on for will at a we do look a our have that. take

Mihir Bhatia

just business. maybe paid just about then the And asking the claims, to switching

In pretty to terms of paid claims, at the low level running relative history. they're a

only claims quite I paid the quarter, of normal which run is something when think there is was XX to, this really, or I quarter and obviously my this levels XX back pre-pandemic And given does a there question normalize just cliff more what, understand guess, a Is last be low. environment? get expiring, what we the and programs standpoint, a when et looks path cetera? a trying to like level. to from back glide I foreclosure Just guess, that would rate standing low pre-foreclosure normal

Sumita Pandit

it's hard I could ball I and into question. you predict it's good think that really future had really wish I it, I know. as look to Mihir, Yes, predict a future, the

I we is conservative can think what we view the think macroeconomic a how that taking are about we say scenario. about

date been better Our performance expectations. our till consistently than actually has

we average severity know, was said, default about new reserve look you it $XX,XXX. at if our when for that direct as that assumptions line And this paid we you is we've a higher. It's you as the quarter, But about use XX,XXX.

here. consistently performance we see we performance our to conservative than to continuing as be expect to our forecast better and continue we expectations So are

Rick, Derek, you have thoughts. if and other But

Derek Brummer

Yes, in. I'll jump

to high say. the So I mean, phenomenons though portfolio embedded the had we've we of cure rates. it's one the so just equity is seen tough and very in

terms very our high so kind cure in bucket, that unusually particularly with of in So claim rate. a pending level of

that's been a certainly so positive. And

you take look based default approach If has more that equity. over portfolio, XX% if or you kind at XX% of an index

way a you claims. does pressure of positive in that terms in potential paid have turnover the kind until in So downward of put a portfolio

So you portfolio. in see significant a to need the turnover probably

Rick Thornberry

of now, this of kind the of small just law kind is are Yes. right of And we as the cycle. really watching numbers evolves kind thing through

carefully said, So about we're and forward. I too Sumita in Derek prudent go as as much trying being think think appropriately it factor and to watching we I

Mihir Bhatia

-- that XX% that question, the Derek, last XX% follow [Indiscernible] on equity, just to my gave, the stat you have just typically what that it's be XX% have portfolio the approach don't over I typical index-based -- I I guess, And around an XXXX, equity in, understand like up in rate pre-pandemic, portfolio. like equity pending rate would would XXXX what know, your been the that

Derek Brummer

of guess of my probably going not top terms in kind I'm that, I Yes. lower, home just that off less. significantly not of the I'm to looking a of percentage the don't going it the in -- to about you of but have embedded if on But prices, that think head after at kind period run-up equity. time, would be

had the have think embedded in where would in default this much history time can't equity we I of -- so any And portfolio.

Rick Thornberry

kind time a embedded of of HPA XXXX of compared normal with ramp more over Maybe up in small kind HPA. equity to amortization

Derek's two the point, probably different think is I comparison to So scenarios.

Operator

Mr. no back Rick time. showing remarks. the Thornberry closing I'd any to further [Operator Instructions] I'm at currently like over conference to for hand questions this

Rick Thornberry

opportunity to executing you plans the out in of have coming and an us business the thank a good you as and laid all. Appreciate months discussion. And to as as you most interest you, Thank all, of talk joining today. the Appreciate forward in and talking here. We how we've appreciate about questions team to look we our Radian here. your -- and each we're

you look great to forward a Thank to day, talking you. So have and soon.

Operator

This you. call. today's for you Thank concludes Thank conference your participation.

day. You may now wonderful disconnect. have Everyone, a

Radian (RDN) 3 Aug 232023 Q2 Earnings call transcript