Company Quick10K Filing
NMI Holdings
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-12-17
8-K 2020-05-14 Shareholder Vote
8-K 2020-05-06 Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2020-03-20 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-02-11 Earnings, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-12 Earnings, Exhibits
8-K 2018-12-28 Officers, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-09-27 Earnings, Regulation FD, Exhibits
8-K 2018-09-13 Officers, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-24 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-10 Officers, Regulation FD, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-27 Enter Agreement, Other Events, Exhibits
8-K 2018-02-15 Earnings, Exhibits
8-K 2018-01-08 Earnings, Exhibits

NMI Holdings Financials

NMIH Metrics, Comps, Filings

Quarterly | Annual

Business

We provide mortgage insurance (referred to as "mortgage insurance" or "MI") through our wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (Re One). NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin Office of the Commissioner of Insurance (Wisconsin OCI). NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Re One provides reinsurance to NMIC on insured loans with coverage levels in excess of 25%, after giving effect to third-party reinsurance. Our subsidiary, NMI Services, Inc. (NMIS), provides outsourced loan review services to mortgage loan originators.

MI protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage. MI plays a critical role in the U.S. housing market by mitigating mortgage credit risk and facilitating the secondary market sale of high loan-to-value (LTV) (i.e. above 80%) residential loans to the GSEs, who are otherwise restricted by their charters from purchasing or guaranteeing high-LTV mortgages that are not covered by certain credit protections. Such credit protection and secondary market sales allow lenders to increase their capacity for mortgage commitments and expand financing access to existing and prospective homeowners.

NMI Holdings, Inc. (NMIH), a Delaware corporation, was incorporated in May 2011, and we began start-up operations in 2012 and wrote our first MI policy in 2013. Since formation, we have sought to establish customer relationships with a broad group of mortgage lenders and build a diversified, high-quality insured portfolio. As of December 31, 2018, we had master policies with 1,374 customers, including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders and other non-bank lenders. As of December 31, 2018, we had $71.5 billion of total insurance-in-force (IIF), including primary IIF of $68.6 billion, and $17.2 billion of gross risk-in-force (RIF), including primary RIF of $17.1 billion. For the year ended December 31, 2018, we generated new insurance written (NIW) of $27.3 billion. As of December 31, 2018, we had 304 full-time employees.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Mercury General (MCY) 3,060 100% 9.6 4% 5,873 4,071 2,985 2,977 207 285 2,744
National General Holdings (NGHC) 2,655 0% 6.6 3% 10,074 7,542 4,997 0 267 470 3,122
Aspen Insurance Holdings (AHL) 2,528 0% -16.3 -1% 12,978 10,261 2,454 0 -147 -121 1,977
Kinsale Capital Group (KNSL) 2,244 0% 36.6 5% 1,036 646 280 0 50 59 2,158
Proassurance (PRA) 2,166 0% 37.4 1% 4,824 3,235 750 0 36 63 2,352
Navigators Group (NAVG) 2,086 0% 39.0 0% 5,856 4,626 1,527 0 2 47 1,844
NMI Holdings (NMIH) 1,890 0% 9.4 12% 1,301 428 274 0 157 211 1,992
Horace Mann Educators (HMN) 1,575 0% 7.7 1% 12,333 10,754 1,378 0 184 239 1,833
Safety Insurance Group (SAFT) 1,570 0% 13.8 4% 2,034 1,242 857 0 90 110 1,522
James River Group (JRVR) 1,555 0% 32.7 1% 3,661 2,892 880 0 30 43 1,397
State Auto Financial (STFC) 1,433 0% 31.3 1% 2,980 2,036 1,307 0 30 44 1,395
Employers Holdings (EIG) 1,422 0% 6.7 4% 4,025 2,864 626 0 151 190 1,282
AMERISAFE (AMSF) 1,292 0% 12.8 5% 1,575 1,106 373 0 77 91 1,166
United Fire Group (UFCS) 1,200 0% 21.5 1% 3,014 2,050 1,160 0 38 50 1,070
Sirius International Insurance Group (SG) 1,017 0% 10.6 2% 6,465 4,483 1,705 0 105 144 1,528
Universal Insurance Holdings (UVE) 999 0% 4.9 8% 1,829 1,260 916 0 138 173 847
Third Point Reinsurance (TPRE) 942 0% 11.0 -2% 3,439 2,055 1,031 0 -53 -52 -567
Ambac (AMBC) 899 0% -40.8 -1% 13,451 11,822 406 0 -126 -93 3,786
MBIA (MBI) 769 0% 86.0 -2% 7,606 6,558 252 0 -116 8 688
EMC Insurance Group (EMCI) 694 0% 18.5 2% 1,788 1,158 722 0 32 38 693

Balance Sheet ($MM)2013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash345643351371036664133577347454813202119102161825403646
Accounts Receivable
Inventory
PP&E991619211413131420172020302122223923232349252626
Assets4624814714664664634624664876626847167928428408638878959881,0161,0521,0921,1481,2201,301
Accounts Payable
Long-Term Debt150149149148148148147147147146150150149149148148
Liabilities151818223136395479260274294362364356368376386386387392391396408428
Stockholders' Equity447463453444434427423412408441410422430505484495511509602630660702752812873
Income Statement ($MM)2013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue2245771011151922293637374249556067728191102
Cost of Revenue
Gross Profit
R&D
SG&A
Tax-1-0-1-0000000-55137194771061214
Net Income-14-13-15-13-11-10-8-10-5-5-426625612-222252536333950
Cash Flow ($MM)2013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating-7-12-6-2-1-8618251272520-21726214038285952
Cash Investing1-1-2104-33-29-851-24416-53-27-16-31-9-26-27-17-126-39-12-63-42
Cash Financing28-0000-0-1-0144-1-0-0-0-2-0-0-178-02-2-00