Milliman’s third quarter 2025 update on the private mortgage insurance (PMI) market offers a snapshot of mortgage market industry statistics—including new insurance written (NIW), insurer performance, and delinquency trends—across six key insurers: Arch, Enact, Essent, MGIC, NMI, and Radian.
Since 2018, Milliman has been tracking the Private Mortgage Insurer (PMI) New Insurance Written (NIW) landscape and Insurance In Force (IIF) performance. We have compiled this data to build a view of the quarter for each insurer and an aggregate for the industry as a whole. The PMIs reported third-quarter (3Q) 2025 earnings in November 2025, and this report provides information and context regarding trends and differences amongst the PMIs’ businesses during that time.
The full 3Q 2025 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Summary of IIF
- Volume/persistency
- Performance
- Reserving assumptions
- Summary of 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.