Continued strong NIW, accommodative borrower forbearance policies extended, focus on reserving and ultimate outcomes of delinquent inventory, and 2021 MILN issuances begin
The Private Mortgage Insurer (PMI) landscape has grown more competitive in recent years; “Black-box” risk-based pricing engines – largely adopted industry-wide in late-2018/early-2019 – have made pricing and business mix differences amongst the 6 MIs more opaque than ever. Over this time Milliman has been tracking the PMIs’ New Insurance Written (NIW) 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 4Q 2020.
Summary of delinquent inventory, covering themes of:
Summary of recent capital markets ILN issuances
Appendix: Additional excerpts from earnings calls
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.