Arch MI U.S. returned to having the No. 1 market share among private mortgage insurers as it increased its new insurance written 15% over the previous year.
Arch's new insurance written totaled $19.9 billion for the quarter, compared with $11.4 billion in the first quarter and $17.3 billion for
The company benefited from increased demand for policies for home purchases, which more than offset a reduction in its single-premium writings. New monthly premium policies made up 94.3% of the quarter's NIW, up from 85.7% one year prior.
Arch and Radian Guaranty swapped spots as measured by market share although Radian's NIW of $16.4 billion (a 14.5% year-over-year increase) represented
Arch's mortgage segment, which includes its reinsurance and international business, reported underwriting income of $205.8 million, up 12% from the previous year's $183.6 million.
Gross premiums were 1.6% lower year-over-year, reflecting the lower level of single-premium business and a decrease in Australian mortgage reinsurance business, partially offset by growth in the monthly premium business and government-sponsored enterprise credit-risk-sharing transactions.
At the end of the second quarter, Arch's total insurance-in-force was $359.9 billion, of which $267.9 billion was from Arch MI U.S.
Genworth's U.S. mortgage insurance business also benefited from stronger demand, increasing 16% from
Its adjusted operating income was $137 million, compared with $111 million in the first quarter and $91 million one year ago. Genworth's loss ratio was 8%, helped by a favorable $15 million pretax loss reserve adjustment.
While Genworth finally