Adequate competitive position reflecting the company's monoline business, expanding market presence, improving operating performance, and diversified footprint in the U.S. Leader in credit union space, which historically maintains higher credit quality business than traditional channels, although credit quality of 2009 and later vintages is strong in general. Market presence improved in 2015 due to expansion in the bank channel business helped by a decent mix of monthly and single-premium business. Intermediate U.S. mortgage insurance (MI) industry and country risk assessment. The macro environment is supportive of a continued recovery in the mortgage and housing sector. Strong capital and earnings profile benefiting from quota-share reinsurance treaty from an affiliate. Smaller scale, in terms of existing insurance in force, and high expense
