![]() "We have deliberately constructed a strong and durable capital base that we believe improves our ability to deliver on our business strategies regardless of where we are in the economic cycle," CEO Tim Mattke said in a press release. MGIC Investment's net income grew to $175 million in the first quarter, from $173.9 million quarter-over-quarter and $150 million year-over-year. Meanwhile, the percentage of first lien mortgage defaults in Arch's portfolio trended lower to 2.09% at March 31, compared with 2.36% at Dec. Arch was the only private mortgage insurer whose NIW topped $20 billion in the first quarter. New insurance written fell to $20 billion, from $22.5 billion in the fourth quarter and $27.0 billion in the first quarter of 2021. "Delinquency rates on our MI portfolio continue to trend to historically low levels and cures on delinquent mortgages in our portfolio resulted in favorable prior development in the quarter." "The mortgage segment…once again delivered excellent underwriting results as we continue to benefit from strong housing demand and excellent credit conditions," Arch Capital CEO Marc Grandisson said on the company's earnings call. This was also an improvement over the fourth quarter's $268.6 billion. 1 from fourth in the prior quarter.Īrch MI, a subsidiary of Arch Capital Group, recorded a 45.5% year-over-year increase in underwriting income to $285.3 million in the first quarter, from $200.3 million in 2021. Meanwhile, volatility in market share, a condition that's existed since the industry adopted black box pricing, continued, with Arch moving back to No. Yet, all five stand-alone companies reported higher net income on a year-over-year basis Arch's mortgage insurance business had increased underwriting income. For 2023, KBW expects new insurance written to be down a scant 2% to $374.9 billion. Its full year 2022 NIW outlook of $384 billion would be a 30% decline from $584 billion in 2021, the industry's second best year ever (the best being $600 billion in NIW in 2020). KBW also projects new insurance written for the second quarter to be flat compared with the prior three months at $104.6 billion before falling to $95.2 billion in the third quarter and $80.2 billion in the fourth. "For context, IIF had been growing at an annual pace of 9-to-11% from 2016 through 2019, before moderating to 7-to-8% in 20," a report from Bose George said. Insurance-in-force grew by 8% in the first quarter, but KBW expects that to slow down to 7% for the full year of 2022 and 6% next year. ![]()
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