PMI

Essent Group may have an opportunity to buy Radian Group, the rival mortgage insurer whose chief executive officer is stepping down.

Radian Group, the second-largest U.S. mortgage insurer, said Chief Executive Officer S.A. Ibrahim will step down at the end of next year after steering the company through the financial crisis as weaker rivals collapsed.

American International Group's mortgage insurance business has secured indemnity reinsurance coverage for a portfolio of policies from 2008 and earlier.

American International Group's mortgage insurer, United Guaranty Corp., is seeking to raise about $700 million to $800 million as it sells shares to the public, according to people familiar with the matter.

Mortgage insurer Essent Group reported higher net income for the first quarter of 2016 as premium growth outpaced rising expenses.

United Guaranty's pretax operating income of $163 million benefited from lower mortgage delinquency rates but a decline in refinance originations affected the amount of new insurance written.

The House passed a bill Thursday that would authorize state insurance commissioners to approve flood insurance policies for Fannie Mae, Freddie Mac and other federally backed mortgages.

Arch Capital had a 77% increase in the mortgage insurance segment's operating income, and its U.S. unit saw its new insurance written increase by 34%.

NMI Holdings lost $2.5 million in the first quarter, an improvement over a first-quarter 2015 loss of $7.8 million, which is a sign the private mortgage insurer remains on track to become profitable later this year.

Clayton Holdings reported a $3.7 million pretax first-quarter loss, but Radian's mortgage insurance business had pretax income of $140 million, a 10% increase over the prior year.