our strategy is to continue to build on our position in the private mi market , expand our customer base and grow our insured portfolio of high-quality residential loans by focusing on long-term customer relationships , disciplined and proactive risk selection and pricing , fair and transparent claims payment practices , responsive customer service , financial strength and profitability . our common stock trades on the nasdaq under the symbol `` nmih . `` we discuss below our results of operations for the periods presented , as well as the conditions and trends that have impacted or are expected to impact our business and results , including customer development , new insurance writings , the composition of our insurance portfolio , reinsurance among other factors . 47 conditions and trends impacting our business customer development we have important relationships with customers across all categories and allocation profiles , including national accounts and regional accounts , and centralized and decentralized lenders . our sales and marketing efforts are broadly focused on expanding our presence with existing customers and activating new customer relationships . we consider an activation to be the point at which we have signed a master policy , established it connectivity and generated a first application or first niw from a customer . during the year ended december 31 , 2018 , we activated 121 lenders , compared to 127 and 173 for the years ended december 31 , 2017 and december 31 , 2016 , respectively . we also continued to expand our business with existing customers , deepening our existing relationships and capturing what we believe to be an increasing portion of their annual mi volume . at december 31 , 2018 , we had 1,374 master policies and 1,005 active customer relationships , compared to 1,267 and 841 , respectively , as of december 31 , 2017 and 1,131 and 715 , respectively , as of december 31 , 2016 . new insurance written , insurance-in-force and risk-in-force niw is the aggregate unpaid principal balance of mortgages underpinning new policies written during a given period . our niw is affected by the overall size of the mortgage origination market and the volume of high-ltv mortgage originations , which tend to be generated to a greater extent in purchase originations as compared to refinancings . our niw is also affected by the percentage of such high-ltv originations covered by private versus government mi or other alternative credit enhancement structures and our share of the private mi market . niw , together with persistency , drives our iif . iif is the aggregate unpaid principal balance of the mortgages we insure , as reported to us by servicers at a given date , and represents the sum total of niw from all prior periods less principal payments on insured mortgages and policy cancellations ( including for prepayment , nonpayment of premiums , coverage rescission and claim payments ) . rif is related to iif and represents the aggregate amount of coverage we provide on all outstanding policies at a given date . rif is calculated as the sum total of the coverage percentage of each individual policy in our portfolio applied to the unpaid principal balance of such insured mortgage . rif is affected by iif and the ltv profile of our insured mortgages , with lower ltv loans generally having a lower coverage percentage and higher ltv loans having a higher coverage percentage . gross rif represents rif before consideration of reinsurance . net rif is gross rif net of ceded reinsurance . net premiums written and net premiums earned we set our premium rates on individual policies based on the risk characteristics of the underlying mortgage loans and borrowers , and in accordance with our filed rates and applicable rating rules . on june 4 , 2018 , we introduced a proprietary risk-based pricing platform , which we refer to as rate gps sm . rate gps considers a broad range of individual variables , including property type , type of loan product , borrower credit characteristics , and lender and market factors , and provides us with the ability to set and charge premium rates commensurate with the underlying risk of each loan that we insure . we introduced rate gps in june 2018 to replace our previous rate card pricing system . while we expect most of our new business will be priced through rate gps , we also continue to offer a rate card pricing option to a limited number of lender customers who require a rate card for operational reasons . we believe the introduction and utilization of rate gps provides us with a more granular and analytical approach to evaluating and pricing risk , and that this approach enhances our ability to continue building a high-quality mortgage insurance portfolio and delivering attractive risk-adjusted returns . premiums are generally fixed for the duration of our coverage of the underlying loans . net premiums written are equal to gross premiums written minus ceded premiums written under our reinsurance arrangements , less premium refunds . as a result , net premiums written are generally influenced by : niw ; premium rates and the mix of premium payment type , which are either single , monthly or annual premiums , as described below ; cancellation rates of our insurance policies , which are impacted by payments or prepayments on mortgages , refinancings ( which are affected by prevailing mortgage interest rates as compared to interest rates on loans underpinning our in-force policies ) , levels of claims payments and home prices ; and cession of premiums under third-party reinsurance arrangements . premiums are paid either by the borrower ( bpmi ) or the lender ( lpmi ) in a single payment at origination ( single premium ) , on a monthly installment basis ( monthly premium ) or on an annual installment basis ( annual premium ) . story_separator_special_tag the claims expenses consist of the estimated cost of the claim administration process , including legal and other fees , as well as other general expenses of administering the claims settlement process 55 reserves are established by estimating the number of loans in default that will result in a claim payment , which is referred to as claim frequency , and the amount of the claim payment expected to be paid on each such loan in default , which is referred to as claim severity . claim frequency and severity estimates are established based on historical observed experience regarding certain loan factors , such as age of the default , cure rates , size of the loan and estimated change in property value . reserves are released the month in which a loan in default is brought current by the borrower , which is referred to as a cure . adjustments to reserve estimates are reflected in the period in which the adjustment is made . reserves are also ceded to reinsurers under the qsr transactions . we will not cede claims to reinsurers under the iln transactions unless losses exceed the respective retained coverage layers . reserves are not established for future claims on insured loans which are not currently in default . based on our experience and industry data , we believe that claims incidence for mortgage insurance is generally highest in the third through sixth years after loan origination . as of december 31 , 2018 , over 85 % of our primary iif related to business written since january 1 , 2016. although the claims experience on our iif to date has been modest , we expect incurred claims to increase as a greater amount of our existing insured portfolio reaches its anticipated period of highest claim frequency . additionally , our pool insurance agreement with fannie mae contains a claim deductible through which fannie mae absorbs specified losses before we are obligated to pay any claims . we have not established any pool reserves for claims or ibnr to date . the actual claims we incur as our portfolio matures are difficult to predict and depend on the specific characteristics of our current in-force book ( including the credit score and dti of the borrower , the ltv ratio of the mortgage and geographic concentrations , among others ) , as well as the risk profile of new business we write in the future . in addition , claims experience will be affected by future macroeconomic factors such as housing prices , interest rates , unemployment rates and other events , such as natural disasters . to date , our claims experience is developing at a slower pace than historical trends indicate , as a result of high quality underwriting , a strong macroeconomic environment and a favorable housing market . for additional discussion of our reserves , see item 8 , `` financial statements and supplementary data - notes to consolidated financial statements - note 7 , reserves for insurance claims and claim expenses . `` we insure mortgages for homes in areas that have been impacted by recent natural disasters . we do not provide coverage for property or casualty claims related to physical damage of a home underpinning an insured mortgage . we experienced an increase in nods on insured loans in areas impacted by such disasters in the fourth quarter of 2017 , the first quarter of 2018 and the fourth quarter of 2018. our ultimate claims exposure for loans in areas impacted by natural disasters will depend on the number of nods received , proximate cause of each default , cure rate of the nod population , and potential repair cost curtailment for appropriate claims on damaged properties as permitted under our master policy . cure rates on loan defaults following natural disasters are influenced by the adequacy of homeowners and other hazard insurance carried on a related property , gse-sponsored forbearance and other assistance programs , and a borrower 's access to aid from government entities and private organizations , in addition to other factors which generally impact cure rates in unaffected areas . in 2018 , we experienced higher cure rates on our nod population in disaster-affected areas as compared to our nod population in unaffected areas . 56 the following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses . replace_table_token_18_th ( 1 ) related to ceded losses recoverable on the qsr transactions , included in `` other assets `` on the consolidated balance sheets . see item 8 , `` financial statements and supplementary data - notes to consolidated financial statements - note 6 , reinsurance , `` for additional information . ( 2 ) related to insured loans with their most recent defaults occurring in the current year . for example , if a loan had defaulted in a prior year and subsequently cured and later re-defaulted in the current year , that default would be included in the current year . amounts are presented net of reinsurance . ( 3 ) related to insured loans with defaults occurring in prior years , which have been continuously in default since that time . amounts are presented net of reinsurance . the `` claims incurred `` section of the table above shows claims and claim expenses incurred on nods for current and prior years , including ibnr reserves and is presented net of reinsurance . the amount of claims incurred for current year nods represents the estimated amount to be ultimately paid on such loans in default . the decreases during the periods presented in reserves held for prior year defaults represent favorable development and are generally the result of nod cures and ongoing analysis of recent loss development trends . we may increase or decrease our original estimates as we gather additional information about individual defaults and claims , and continue to observe and analyze loss

cash provided by financing activities was $ 80.9 million for the year ended december 31 , 2018 and relates to the $ 79.2 million of net cash proceeds raised in the common stock offering we completed in march 2018 , as well as additional cash received in connection with the exercise of vested stock options and warrants , partially offset by net cash paid in connection with the extinguishment of the 2015 term loan and establishment of the 2018 term loan and 2018 revolving credit facility . cash used in financing activities was $ 3.2 million and $ 1.7 million for the years ended december 31 , 2017 and 2016 , respectively , and primarily relates to taxes paid on the net share settlement of equity awards for certain employees . holding company liquidity and capital resources nmih serves as the holding company for our insurance subsidiaries and does not have any significant operations of its own . nmih 's principal liquidity demands include funds for : ( i ) payment of certain corporate expenses ; ( ii ) payment of certain reimbursable expenses of its insurance subsidiaries ; ( iii ) payment of principal and interest related to the 2018 term loan and 2018 revolving credit facility ; ( iv ) tax payments to the internal revenue service ; ( v ) capital support for its subsidiaries ; and ( vi ) payment of dividends , if any , on its common stock . nmih is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in delaware . delaware law provides that dividends are only payable out of a corporation 's surplus or recent net profits ( subject to certain limitations ) . 64 as of december 31 , 2018 , nmih had $ 64.3 million of cash and investments . nmih 's principal source of net cash is investment income . nmih also has access to $ 85 million of undrawn revolving credit capacity under the 2018 revolving credit facility and $ 2.7 million of ordinary course dividend capacity from re one .


 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.
     ```cash provided by financing activities was $ 80.9 million for the year ended december 31 , 2018 and relates to the $ 79.2 million of net cash proceeds raised in the common stock offering we completed in march 2018 , as well as additional cash received in connection with the exercise of vested stock options and warrants , partially offset by net cash paid in connection with the extinguishment of the 2015 term loan and establishment of the 2018 term loan and 2018 revolving credit facility . cash used in financing activities was $ 3.2 million and $ 1.7 million for the years ended december 31 , 2017 and 2016 , respectively , and primarily relates to taxes paid on the net share settlement of equity awards for certain employees . holding company liquidity and capital resources nmih serves as the holding company for our insurance subsidiaries and does not have any significant operations of its own . nmih 's principal liquidity demands include funds for : ( i ) payment of certain corporate expenses ; ( ii ) payment of certain reimbursable expenses of its insurance subsidiaries ; ( iii ) payment of principal and interest related to the 2018 term loan and 2018 revolving credit facility ; ( iv ) tax payments to the internal revenue service ; ( v ) capital support for its subsidiaries ; and ( vi ) payment of dividends , if any , on its common stock . nmih is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in delaware . delaware law provides that dividends are only payable out of a corporation 's surplus or recent net profits ( subject to certain limitations ) . 64 as of december 31 , 2018 , nmih had $ 64.3 million of cash and investments . nmih 's principal source of net cash is investment income . nmih also has access to $ 85 million of undrawn revolving credit capacity under the 2018 revolving credit facility and $ 2.7 million of ordinary course dividend capacity from re one .
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 Suspicious Activity Report : our strategy is to continue to build on our position in the private mi market , expand our customer base and grow our insured portfolio of high-quality residential loans by focusing on long-term customer relationships , disciplined and proactive risk selection and pricing , fair and transparent claims payment practices , responsive customer service , financial strength and profitability . our common stock trades on the nasdaq under the symbol `` nmih . `` we discuss below our results of operations for the periods presented , as well as the conditions and trends that have impacted or are expected to impact our business and results , including customer development , new insurance writings , the composition of our insurance portfolio , reinsurance among other factors . 47 conditions and trends impacting our business customer development we have important relationships with customers across all categories and allocation profiles , including national accounts and regional accounts , and centralized and decentralized lenders . our sales and marketing efforts are broadly focused on expanding our presence with existing customers and activating new customer relationships . we consider an activation to be the point at which we have signed a master policy , established it connectivity and generated a first application or first niw from a customer . during the year ended december 31 , 2018 , we activated 121 lenders , compared to 127 and 173 for the years ended december 31 , 2017 and december 31 , 2016 , respectively . we also continued to expand our business with existing customers , deepening our existing relationships and capturing what we believe to be an increasing portion of their annual mi volume . at december 31 , 2018 , we had 1,374 master policies and 1,005 active customer relationships , compared to 1,267 and 841 , respectively , as of december 31 , 2017 and 1,131 and 715 , respectively , as of december 31 , 2016 . new insurance written , insurance-in-force and risk-in-force niw is the aggregate unpaid principal balance of mortgages underpinning new policies written during a given period . our niw is affected by the overall size of the mortgage origination market and the volume of high-ltv mortgage originations , which tend to be generated to a greater extent in purchase originations as compared to refinancings . our niw is also affected by the percentage of such high-ltv originations covered by private versus government mi or other alternative credit enhancement structures and our share of the private mi market . niw , together with persistency , drives our iif . iif is the aggregate unpaid principal balance of the mortgages we insure , as reported to us by servicers at a given date , and represents the sum total of niw from all prior periods less principal payments on insured mortgages and policy cancellations ( including for prepayment , nonpayment of premiums , coverage rescission and claim payments ) . rif is related to iif and represents the aggregate amount of coverage we provide on all outstanding policies at a given date . rif is calculated as the sum total of the coverage percentage of each individual policy in our portfolio applied to the unpaid principal balance of such insured mortgage . rif is affected by iif and the ltv profile of our insured mortgages , with lower ltv loans generally having a lower coverage percentage and higher ltv loans having a higher coverage percentage . gross rif represents rif before consideration of reinsurance . net rif is gross rif net of ceded reinsurance . net premiums written and net premiums earned we set our premium rates on individual policies based on the risk characteristics of the underlying mortgage loans and borrowers , and in accordance with our filed rates and applicable rating rules . on june 4 , 2018 , we introduced a proprietary risk-based pricing platform , which we refer to as rate gps sm . rate gps considers a broad range of individual variables , including property type , type of loan product , borrower credit characteristics , and lender and market factors , and provides us with the ability to set and charge premium rates commensurate with the underlying risk of each loan that we insure . we introduced rate gps in june 2018 to replace our previous rate card pricing system . while we expect most of our new business will be priced through rate gps , we also continue to offer a rate card pricing option to a limited number of lender customers who require a rate card for operational reasons . we believe the introduction and utilization of rate gps provides us with a more granular and analytical approach to evaluating and pricing risk , and that this approach enhances our ability to continue building a high-quality mortgage insurance portfolio and delivering attractive risk-adjusted returns . premiums are generally fixed for the duration of our coverage of the underlying loans . net premiums written are equal to gross premiums written minus ceded premiums written under our reinsurance arrangements , less premium refunds . as a result , net premiums written are generally influenced by : niw ; premium rates and the mix of premium payment type , which are either single , monthly or annual premiums , as described below ; cancellation rates of our insurance policies , which are impacted by payments or prepayments on mortgages , refinancings ( which are affected by prevailing mortgage interest rates as compared to interest rates on loans underpinning our in-force policies ) , levels of claims payments and home prices ; and cession of premiums under third-party reinsurance arrangements . premiums are paid either by the borrower ( bpmi ) or the lender ( lpmi ) in a single payment at origination ( single premium ) , on a monthly installment basis ( monthly premium ) or on an annual installment basis ( annual premium ) . story_separator_special_tag the claims expenses consist of the estimated cost of the claim administration process , including legal and other fees , as well as other general expenses of administering the claims settlement process 55 reserves are established by estimating the number of loans in default that will result in a claim payment , which is referred to as claim frequency , and the amount of the claim payment expected to be paid on each such loan in default , which is referred to as claim severity . claim frequency and severity estimates are established based on historical observed experience regarding certain loan factors , such as age of the default , cure rates , size of the loan and estimated change in property value . reserves are released the month in which a loan in default is brought current by the borrower , which is referred to as a cure . adjustments to reserve estimates are reflected in the period in which the adjustment is made . reserves are also ceded to reinsurers under the qsr transactions . we will not cede claims to reinsurers under the iln transactions unless losses exceed the respective retained coverage layers . reserves are not established for future claims on insured loans which are not currently in default . based on our experience and industry data , we believe that claims incidence for mortgage insurance is generally highest in the third through sixth years after loan origination . as of december 31 , 2018 , over 85 % of our primary iif related to business written since january 1 , 2016. although the claims experience on our iif to date has been modest , we expect incurred claims to increase as a greater amount of our existing insured portfolio reaches its anticipated period of highest claim frequency . additionally , our pool insurance agreement with fannie mae contains a claim deductible through which fannie mae absorbs specified losses before we are obligated to pay any claims . we have not established any pool reserves for claims or ibnr to date . the actual claims we incur as our portfolio matures are difficult to predict and depend on the specific characteristics of our current in-force book ( including the credit score and dti of the borrower , the ltv ratio of the mortgage and geographic concentrations , among others ) , as well as the risk profile of new business we write in the future . in addition , claims experience will be affected by future macroeconomic factors such as housing prices , interest rates , unemployment rates and other events , such as natural disasters . to date , our claims experience is developing at a slower pace than historical trends indicate , as a result of high quality underwriting , a strong macroeconomic environment and a favorable housing market . for additional discussion of our reserves , see item 8 , `` financial statements and supplementary data - notes to consolidated financial statements - note 7 , reserves for insurance claims and claim expenses . `` we insure mortgages for homes in areas that have been impacted by recent natural disasters . we do not provide coverage for property or casualty claims related to physical damage of a home underpinning an insured mortgage . we experienced an increase in nods on insured loans in areas impacted by such disasters in the fourth quarter of 2017 , the first quarter of 2018 and the fourth quarter of 2018. our ultimate claims exposure for loans in areas impacted by natural disasters will depend on the number of nods received , proximate cause of each default , cure rate of the nod population , and potential repair cost curtailment for appropriate claims on damaged properties as permitted under our master policy . cure rates on loan defaults following natural disasters are influenced by the adequacy of homeowners and other hazard insurance carried on a related property , gse-sponsored forbearance and other assistance programs , and a borrower 's access to aid from government entities and private organizations , in addition to other factors which generally impact cure rates in unaffected areas . in 2018 , we experienced higher cure rates on our nod population in disaster-affected areas as compared to our nod population in unaffected areas . 56 the following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses . replace_table_token_18_th ( 1 ) related to ceded losses recoverable on the qsr transactions , included in `` other assets `` on the consolidated balance sheets . see item 8 , `` financial statements and supplementary data - notes to consolidated financial statements - note 6 , reinsurance , `` for additional information . ( 2 ) related to insured loans with their most recent defaults occurring in the current year . for example , if a loan had defaulted in a prior year and subsequently cured and later re-defaulted in the current year , that default would be included in the current year . amounts are presented net of reinsurance . ( 3 ) related to insured loans with defaults occurring in prior years , which have been continuously in default since that time . amounts are presented net of reinsurance . the `` claims incurred `` section of the table above shows claims and claim expenses incurred on nods for current and prior years , including ibnr reserves and is presented net of reinsurance . the amount of claims incurred for current year nods represents the estimated amount to be ultimately paid on such loans in default . the decreases during the periods presented in reserves held for prior year defaults represent favorable development and are generally the result of nod cures and ongoing analysis of recent loss development trends . we may increase or decrease our original estimates as we gather additional information about individual defaults and claims , and continue to observe and analyze loss

