see results of operations—mortgage insurance— niw , iif , rif for additional information regarding our portfolio mix and the mortgage industry . since the beginning of 2009 , we have written approximately $ 207 billion of niw in this improving environment . our niw increased 11 % for the year ended december 31 , 2015 , compared to the same period of 2014 . as of december 31 , 2015 , our portfolio of business written since the beginning of 2009 , including harp refinancings , represented approximately 84 % of our total primary rif . as a result of the improving macroeconomic and credit trends referenced above , throughout 2014 and 2015 our results of operations have improved significantly . the negative impact from losses in our legacy portfolio has been reduced and we have continued to write a high volume of insurance on high credit quality loans . the improving environment has contributed to a reduction in our incurred losses and claims submitted and paid in our mortgage insurance business . the number of new primary mortgage insurance defaults , net of defaults that defaulted but were cured within the same period , declined by 13.9 % for the year ended december 31 , 2015 , compared to the same period of 2014. similarly , our primary default rate of 4.0 % at december 31 , 2015 declined from 5.2 % at december 31 , 2014 . 71 part ii item 7. management 's discussion and analysis of financial condition and results of operations while the positive macroeconomic and credit trends have contributed to the improved financial strength of existing private mortgage insurers , these trends also have encouraged newer entrants into the private mortgage insurance industry . the presence of newer entrants in the industry has increased price competition as these companies seek to gain a greater presence in the market and more established industry participants seek to defend their market share and customer relationships . as a result , recent pricing trends have included : ( i ) the increased use of a spectrum of filed rates to allow for formulaic , risk-based pricing ( commonly referred to as “ black-box ” pricing ) ; ( ii ) a significant increase in the broad use of customized ( often discounted ) rates on lender-paid , single premium policies , and more recently , on borrower-paid , monthly premium policies ; and ( iii ) overall reductions in standard filed rates on borrower-paid policies . the willingness of mortgage insurers to offer reduced pricing ( through filed or customized rates ) has been met with an increased demand from certain large lenders for reduced rate products . this has further intensified the pricing environment and has resulted in new pricing levels ( whether through filed or customized rates ) that private mortgage insurers are expected to meet in order to avoid risking a potential significant loss in niw . the heightened pricing competition has occurred in the context of generally higher capital requirements being applied to private mortgage insurers as a result of the pmiers and more aggressive pricing by the fha ( which is most impactful with respect to high-ltv loans for borrowers with fico scores below 720 ) . this has produced a marketplace where balancing both targeted returns on new business and an acceptable share of the insured market has become increasingly challenging for all participants . in formulating our strategy in this environment , we have taken a disciplined approach to establishing rates and delivering a mix of business that is expected to produce our targeted level of returns on a blended basis and an acceptable level of niw . in furtherance of this strategy , we recently : ( 1 ) increased our filed rates for lender-paid mortgage insurance ; ( 2 ) continued to use the authority set forth in our rate filings to provide customized premiums for lender-paid , single premium mortgage insurance on a selective and negotiated basis while , importantly , declining to participate in significantly discounted , single premium business that has been offered for bid on an aggregated basis ( which we estimate represented approximately 5 % of the total private mortgage insurance market in 2015 ) ; and ( 3 ) determined to change our borrower-paid , filed rates in order to remain competitive , which generally will have the effect of decreasing our standard rates on higher fico business and raising our rates on lower fico business where the fha is already very competitive . as a result of these changes , we believe we remain well positioned to compete for the high-quality business being originated today and to capture a larger share of the generally more profitable , borrower-paid business , while at the same time maintaining attractive projected returns on niw within our targeted ranges . while our portfolio returns will depend on a number of factors , including the amount and mix of niw that we are able to write at these new levels and the amount of reinsurance we use in the future , we currently expect our pricing changes will produce returns on new business on an unlevered basis ( i.e . , after-tax underwriting returns plus projected investment income ) of approximately 13 % to 14 % and approximately 16 % to 17 % on a levered basis ( i.e . , after-tax returns taking into consideration a targeted corporate debt to capital ratio of less than 30 % ) . most importantly , we believe our pricing actions will allow us to compete more effectively . the gses recently revised the pmiers , effective on december 31 , 2015 , with the aim of ensuring that the approved insurers will continue to possess the financial and operational capacity to serve as strong counterparties to the gses throughout various market conditions . story_separator_special_tag as our legacy portfolio has become a smaller percentage of our overall insured portfolio , there has been a decrease in the amount of loss mitigation activity with respect to the claims we receive , and we expect this trend to continue . as a result , our future loss mitigation activity is not expected to mitigate our losses to the same extent as in prior years ; - the bofa settlement agreement established that radian will limit rescissions , claim denials or claim curtailments on legacy loans . see note 10 of notes to consolidated financial statements for additional information about the bofa settlement agreement ; and - the freddie mac agreement established certain terms for the treatment of the loans subject to that agreement , including claim payments , loss mitigation activity and insurance coverage , and capped radian guaranty 's claim exposure on such loans . see note 10 of notes to consolidated financial statements for additional information . other operating expenses . our other operating expenses are affected by the level of niw , as well as the level of rif . additionally , in recent periods , our operating expenses have been impacted significantly by compensation expense associated with changes in the estimated fair value of certain of our long-term equity-based incentive awards that are settled in cash . the fair value of these awards , and associated compensation expense , have been dependent , in large part , on our stock price at any given point in time . substantially all of these awards vested and were paid to grantees in june 2014 and june 2015. therefore , although these awards had produced significant expense volatility in the past due to their valuation relative to radian group 's common stock price , the expense volatility from these awards will not continue in the future . certain corporate income and expenses that were previously allocated to the financial guaranty segment but were not reclassified to discontinued operations , such as investment income , interest expense and corporate overhead expenses , have been reallocated to the mortgage insurance segment for those periods in which discontinued operations are presented . 78 part ii item 7. management 's discussion and analysis of financial condition and results of operations third-party reinsurance . we use third-party reinsurance in our mortgage insurance business to manage capital and risk . when we enter into a reinsurance agreement , the reinsurer receives a premium and , in exchange , agrees to insure an agreed upon portion of incurred losses . this arrangement has the impact of reducing our earned premiums but also reduces our net rif , which provides capital relief to the insurance subsidiary ceding the rif and reduces our incurred losses by any incurred losses ceded in accordance with the reinsurance agreement . in addition , we often receive ceding commissions from the reinsurer as part of the transaction , which reduces our operating expenses . in the past , we also had entered into capital markets-based reinsurance transactions designed to transfer all or a portion of the risk associated with certain higher risk mortgage insurance products . see note 8 of notes to consolidated financial statements for more information about our reinsurance arrangements . services on june 30 , 2014 , we acquired clayton , which is a leading provider of services and solutions to the real estate and mortgage finance industries , providing outsourced services , information-based analytics and specialty consulting for buyers and sellers of , and investors in , mortgage- and real estate-related loans and securities as well as other abs . see note 1 of notes to consolidated financial statements and “ item 1. business—mortgage and real estate services ( “ services ” ) —business ” for additional information regarding the services segment 's business . clayton 's principal customers include a wide range of financial institutions , the gses , securitization trusts , investors , regulators and other mortgage-related service providers , including mortgage originators , mortgage purchasers , mbs issuers , mbs investors and mortgage servicers . see “ item 1. business—mortgage and real estate services ( “ services ” ) —customers ” for additional information regarding the services segment 's customers . the results of clayton 's operations have been included in our financial statements in the services segment from the june 30 , 2014 date of acquisition . the services segment 's results primarily reflect the operations and offerings of clayton , along with other services and activities we offer that are complementary to our mortgage insurance business . in contrast to the mortgage insurance segment , the services segment is a fee-for-service business without significant balance sheet risk . key factors impacting results include : services revenue . our services revenue is primarily derived from : ( i ) loan review and due diligence services ; ( ii ) surveillance services , including rmbs surveillance , loan servicer oversight , loan-level servicing compliance reviews and operational reviews of mortgage servicers and originators ; ( iii ) valuation and component services , providing outsourcing solutions primarily for the sfr and real estate markets , as well as outsourced solutions for appraisal , title and closing services ; and ( iv ) reo management services . see “ mortgage and real estate services—business— mortgage and real estate services revenue drivers ” for additional information regarding current and expected future revenue drivers . potential sales volume in our services business depends in part on the overall activity in the mortgage finance market and the health of related industries . we believe the diversity of the services offered by our services segment , which is intended to cover all phases of the mortgage value chain , will help produce fee income from the services segment throughout various mortgage finance environments . for example , the demand for due diligence services may decrease in unfavorable economic conditions due to lower mortgage origination and securitization volumes ,

liquidity and capital resources radian group—short-term liquidity needs radian group serves as the holding company for our insurance and other subsidiaries and does not have any operations of its own . at december 31 , 2015 , radian group had immediately available , either directly or through an unregulated subsidiary , unrestricted cash and liquid investments of approximately $ 343 million . this amount excludes certain additional cash and liquid investments that have been advanced from our subsidiaries for corporate expenses and interest payments , but includes $ 89 million that has been deposited with the irs in connection with our dispute with the irs related to the deficiency amount from the irs 's examination of our 2000 through 2007 consolidated federal income tax returns . we have the ability to recall this deposit at any time . subsequent to the end of 2015 , on january 15 , 2016 , we announced that our board of directors had approved a share repurchase program that authorized the company to spend up to an aggregate of $ 100 million to repurchase radian group common stock . the authorization was effective immediately and set to expire on december 31 , 2016. pursuant to this authorization , we purchased approximately 9.4 million shares of radian group common stock , representing approximately 3.8 % of our diluted shares outstanding as of december31 , 2015 , at an average price of $ 10.62 per share , including commissions .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources radian group—short-term liquidity needs radian group serves as the holding company for our insurance and other subsidiaries and does not have any operations of its own . at december 31 , 2015 , radian group had immediately available , either directly or through an unregulated subsidiary , unrestricted cash and liquid investments of approximately $ 343 million . this amount excludes certain additional cash and liquid investments that have been advanced from our subsidiaries for corporate expenses and interest payments , but includes $ 89 million that has been deposited with the irs in connection with our dispute with the irs related to the deficiency amount from the irs 's examination of our 2000 through 2007 consolidated federal income tax returns . we have the ability to recall this deposit at any time . subsequent to the end of 2015 , on january 15 , 2016 , we announced that our board of directors had approved a share repurchase program that authorized the company to spend up to an aggregate of $ 100 million to repurchase radian group common stock . the authorization was effective immediately and set to expire on december 31 , 2016. pursuant to this authorization , we purchased approximately 9.4 million shares of radian group common stock , representing approximately 3.8 % of our diluted shares outstanding as of december31 , 2015 , at an average price of $ 10.62 per share , including commissions .
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 Suspicious Activity Report : see results of operations—mortgage insurance— niw , iif , rif for additional information regarding our portfolio mix and the mortgage industry . since the beginning of 2009 , we have written approximately $ 207 billion of niw in this improving environment . our niw increased 11 % for the year ended december 31 , 2015 , compared to the same period of 2014 . as of december 31 , 2015 , our portfolio of business written since the beginning of 2009 , including harp refinancings , represented approximately 84 % of our total primary rif . as a result of the improving macroeconomic and credit trends referenced above , throughout 2014 and 2015 our results of operations have improved significantly . the negative impact from losses in our legacy portfolio has been reduced and we have continued to write a high volume of insurance on high credit quality loans . the improving environment has contributed to a reduction in our incurred losses and claims submitted and paid in our mortgage insurance business . the number of new primary mortgage insurance defaults , net of defaults that defaulted but were cured within the same period , declined by 13.9 % for the year ended december 31 , 2015 , compared to the same period of 2014. similarly , our primary default rate of 4.0 % at december 31 , 2015 declined from 5.2 % at december 31 , 2014 . 71 part ii item 7. management 's discussion and analysis of financial condition and results of operations while the positive macroeconomic and credit trends have contributed to the improved financial strength of existing private mortgage insurers , these trends also have encouraged newer entrants into the private mortgage insurance industry . the presence of newer entrants in the industry has increased price competition as these companies seek to gain a greater presence in the market and more established industry participants seek to defend their market share and customer relationships . as a result , recent pricing trends have included : ( i ) the increased use of a spectrum of filed rates to allow for formulaic , risk-based pricing ( commonly referred to as “ black-box ” pricing ) ; ( ii ) a significant increase in the broad use of customized ( often discounted ) rates on lender-paid , single premium policies , and more recently , on borrower-paid , monthly premium policies ; and ( iii ) overall reductions in standard filed rates on borrower-paid policies . the willingness of mortgage insurers to offer reduced pricing ( through filed or customized rates ) has been met with an increased demand from certain large lenders for reduced rate products . this has further intensified the pricing environment and has resulted in new pricing levels ( whether through filed or customized rates ) that private mortgage insurers are expected to meet in order to avoid risking a potential significant loss in niw . the heightened pricing competition has occurred in the context of generally higher capital requirements being applied to private mortgage insurers as a result of the pmiers and more aggressive pricing by the fha ( which is most impactful with respect to high-ltv loans for borrowers with fico scores below 720 ) . this has produced a marketplace where balancing both targeted returns on new business and an acceptable share of the insured market has become increasingly challenging for all participants . in formulating our strategy in this environment , we have taken a disciplined approach to establishing rates and delivering a mix of business that is expected to produce our targeted level of returns on a blended basis and an acceptable level of niw . in furtherance of this strategy , we recently : ( 1 ) increased our filed rates for lender-paid mortgage insurance ; ( 2 ) continued to use the authority set forth in our rate filings to provide customized premiums for lender-paid , single premium mortgage insurance on a selective and negotiated basis while , importantly , declining to participate in significantly discounted , single premium business that has been offered for bid on an aggregated basis ( which we estimate represented approximately 5 % of the total private mortgage insurance market in 2015 ) ; and ( 3 ) determined to change our borrower-paid , filed rates in order to remain competitive , which generally will have the effect of decreasing our standard rates on higher fico business and raising our rates on lower fico business where the fha is already very competitive . as a result of these changes , we believe we remain well positioned to compete for the high-quality business being originated today and to capture a larger share of the generally more profitable , borrower-paid business , while at the same time maintaining attractive projected returns on niw within our targeted ranges . while our portfolio returns will depend on a number of factors , including the amount and mix of niw that we are able to write at these new levels and the amount of reinsurance we use in the future , we currently expect our pricing changes will produce returns on new business on an unlevered basis ( i.e . , after-tax underwriting returns plus projected investment income ) of approximately 13 % to 14 % and approximately 16 % to 17 % on a levered basis ( i.e . , after-tax returns taking into consideration a targeted corporate debt to capital ratio of less than 30 % ) . most importantly , we believe our pricing actions will allow us to compete more effectively . the gses recently revised the pmiers , effective on december 31 , 2015 , with the aim of ensuring that the approved insurers will continue to possess the financial and operational capacity to serve as strong counterparties to the gses throughout various market conditions . story_separator_special_tag as our legacy portfolio has become a smaller percentage of our overall insured portfolio , there has been a decrease in the amount of loss mitigation activity with respect to the claims we receive , and we expect this trend to continue . as a result , our future loss mitigation activity is not expected to mitigate our losses to the same extent as in prior years ; - the bofa settlement agreement established that radian will limit rescissions , claim denials or claim curtailments on legacy loans . see note 10 of notes to consolidated financial statements for additional information about the bofa settlement agreement ; and - the freddie mac agreement established certain terms for the treatment of the loans subject to that agreement , including claim payments , loss mitigation activity and insurance coverage , and capped radian guaranty 's claim exposure on such loans . see note 10 of notes to consolidated financial statements for additional information . other operating expenses . our other operating expenses are affected by the level of niw , as well as the level of rif . additionally , in recent periods , our operating expenses have been impacted significantly by compensation expense associated with changes in the estimated fair value of certain of our long-term equity-based incentive awards that are settled in cash . the fair value of these awards , and associated compensation expense , have been dependent , in large part , on our stock price at any given point in time . substantially all of these awards vested and were paid to grantees in june 2014 and june 2015. therefore , although these awards had produced significant expense volatility in the past due to their valuation relative to radian group 's common stock price , the expense volatility from these awards will not continue in the future . certain corporate income and expenses that were previously allocated to the financial guaranty segment but were not reclassified to discontinued operations , such as investment income , interest expense and corporate overhead expenses , have been reallocated to the mortgage insurance segment for those periods in which discontinued operations are presented . 78 part ii item 7. management 's discussion and analysis of financial condition and results of operations third-party reinsurance . we use third-party reinsurance in our mortgage insurance business to manage capital and risk . when we enter into a reinsurance agreement , the reinsurer receives a premium and , in exchange , agrees to insure an agreed upon portion of incurred losses . this arrangement has the impact of reducing our earned premiums but also reduces our net rif , which provides capital relief to the insurance subsidiary ceding the rif and reduces our incurred losses by any incurred losses ceded in accordance with the reinsurance agreement . in addition , we often receive ceding commissions from the reinsurer as part of the transaction , which reduces our operating expenses . in the past , we also had entered into capital markets-based reinsurance transactions designed to transfer all or a portion of the risk associated with certain higher risk mortgage insurance products . see note 8 of notes to consolidated financial statements for more information about our reinsurance arrangements . services on june 30 , 2014 , we acquired clayton , which is a leading provider of services and solutions to the real estate and mortgage finance industries , providing outsourced services , information-based analytics and specialty consulting for buyers and sellers of , and investors in , mortgage- and real estate-related loans and securities as well as other abs . see note 1 of notes to consolidated financial statements and “ item 1. business—mortgage and real estate services ( “ services ” ) —business ” for additional information regarding the services segment 's business . clayton 's principal customers include a wide range of financial institutions , the gses , securitization trusts , investors , regulators and other mortgage-related service providers , including mortgage originators , mortgage purchasers , mbs issuers , mbs investors and mortgage servicers . see “ item 1. business—mortgage and real estate services ( “ services ” ) —customers ” for additional information regarding the services segment 's customers . the results of clayton 's operations have been included in our financial statements in the services segment from the june 30 , 2014 date of acquisition . the services segment 's results primarily reflect the operations and offerings of clayton , along with other services and activities we offer that are complementary to our mortgage insurance business . in contrast to the mortgage insurance segment , the services segment is a fee-for-service business without significant balance sheet risk . key factors impacting results include : services revenue . our services revenue is primarily derived from : ( i ) loan review and due diligence services ; ( ii ) surveillance services , including rmbs surveillance , loan servicer oversight , loan-level servicing compliance reviews and operational reviews of mortgage servicers and originators ; ( iii ) valuation and component services , providing outsourcing solutions primarily for the sfr and real estate markets , as well as outsourced solutions for appraisal , title and closing services ; and ( iv ) reo management services . see “ mortgage and real estate services—business— mortgage and real estate services revenue drivers ” for additional information regarding current and expected future revenue drivers . potential sales volume in our services business depends in part on the overall activity in the mortgage finance market and the health of related industries . we believe the diversity of the services offered by our services segment , which is intended to cover all phases of the mortgage value chain , will help produce fee income from the services segment throughout various mortgage finance environments . for example , the demand for due diligence services may decrease in unfavorable economic conditions due to lower mortgage origination and securitization volumes ,

