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Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2014
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of June 30, 2014:
(In millions) |  | Level I |  | Level II |  | Level III |  | Total
Assets and Liabilities at Fair Value |  |  |  |  |  |  |  |
Investment Portfolio: |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 965.5 |  |  | $ | 388.0 |  |  | $ | — |  |  | $ | 1,353.5 |
State and municipal obligations |  | — |  |  | 615.9 |  |  | 19.5 |  |  | 635.4 |
Money market instruments |  | 661.8 |  |  | — |  |  | — |  |  | 661.8 |
Corporate bonds and notes |  | — |  |  | 1,063.2 |  |  | — |  |  | 1,063.2 |
RMBS |  | — |  |  | 296.4 |  |  | — |  |  | 296.4 |
CMBS |  | — |  |  | 278.6 |  |  | — |  |  | 278.6 |
Other ABS |  | — |  |  | 177.2 |  |  | 74.4 |  |  | 251.6 |
Foreign government and agency securities |  | — |  |  | 49.2 |  |  | — |  |  | 49.2 |
Equity securities (1) |  | 136.1 |  |  | 96.4 |  |  | — |  |  | 232.5 |
Other investments (2) |  | — |  |  | 2.1 |  |  | 82.8 |  |  | 84.9 |
Total Investments at Fair Value (3) |  | 1,763.4 |  |  | 2,967.0 |  |  | 176.7 |  |  | 4,907.1 |
Derivative assets |  | — |  |  | 15.6 |  |  | 6.4 |  |  | 22.0 |
Other assets (4) |  | — |  |  | — |  |  | 90.4 |  |  | 90.4 |
Total Assets at Fair Value |  | $ | 1,763.4 |  |  | $ | 2,982.6 |  |  | $ | 273.5 |  |  | $ | 5,019.5 |
Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | 200.2 |  |  | $ | 200.2 |
VIE debt (5) |  | — |  |  | — |  |  | 93.6 |  |  | 93.6 |
Total Liabilities at Fair Value |  | $ | — |  |  | $ | — |  |  | $ | 293.8 |  |  | $ | 293.8 |
______________________
(1) | Comprising broadly diversified domestic equity mutual funds included within Level I and various preferred and common stocks invested across numerous companies and industries included within Level II.
(2) | Comprising TruPs ($0.5 million) and short-term certificates of deposit (“CDs”) ($1.6 million) included within Level II and lottery annuities ($0.3 million), TruPs ($0.2 million), and a guaranteed investment contract held by a consolidated VIE ($82.3 million) within Level III.
(3) | Does not include fixed-maturities held to maturity ($0.1 million) and certain other invested assets ($40.6 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.
(4) | Primarily comprising manufactured housing loan collateral related to two consolidated financial guaranty VIEs.
(5) | Comprising consolidated debt related to NIMS VIEs ($3.2 million) and financial guaranty VIEs ($90.4 million).
At June 30, 2014, our total Level III assets were approximately 5.4% of total assets measured at fair value and total Level III liabilities accounted for 100% of total liabilities measured at fair value. Realized and unrealized gains and losses on Level III assets and liabilities in the rollforward represent gains and losses for the periods in which they were classified as Level III. The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of December 31, 2013:
(In millions) |  | Level I |  | Level II |  | Level III |  | Total
Assets and Liabilities at Fair Value |  |  |  |  |  |  |  |
Investment Portfolio: |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 755.0 |  |  | $ | 402.9 |  |  | $ | — |  |  | $ | 1,157.9 |
State and municipal obligations |  | — |  |  | 602.3 |  |  | 18.7 |  |  | 621.0 |
Money market instruments |  | 672.6 |  |  | — |  |  | — |  |  | 672.6 |
Corporate bonds and notes |  | — |  |  | 1,036.6 |  |  | — |  |  | 1,036.6 |
RMBS |  | — |  |  | 560.4 |  |  | — |  |  | 560.4 |
CMBS |  | — |  |  | 288.9 |  |  | — |  |  | 288.9 |
Other ABS |  | — |  |  | 194.9 |  |  | 0.9 |  |  | 195.8 |
Foreign government and agency securities |  | — |  |  | 40.7 |  |  | — |  |  | 40.7 |
Equity securities (1) |  | 128.3 |  |  | 97.1 |  |  | 0.4 |  |  | 225.8 |
Other investments (2) |  | — |  |  | 2.2 |  |  | 81.5 |  |  | 83.7 |
Total Investments at Fair Value (3) |  | 1,555.9 |  |  | 3,226.0 |  |  | 101.5 |  |  | 4,883.4 |
Derivative assets |  | — |  |  | 10.3 |  |  | 6.3 |  |  | 16.6 |
Other assets (4) |  | — |  |  | — |  |  | 91.9 |  |  | 91.9 |
Total Assets at Fair Value |  | $ | 1,555.9 |  |  | $ | 3,236.3 |  |  | $ | 199.7 |  |  | $ | 4,991.9 |
Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | 307.2 |  |  | $ | 307.2 |
VIE debt (5) |  | — |  |  | — |  |  | 94.6 |  |  | 94.6 |
Total Liabilities at Fair Value |  | $ | — |  |  | $ | — |  |  | $ | 401.8 |  |  | $ | 401.8 |
______________________
(1) | Comprising broadly diversified domestic equity mutual funds included within Level I and various preferred and common stocks invested across numerous companies and industries included within Levels II and III.
(2) | Comprising TruPs ($0.6 million) and short-term CDs ($1.6 million ) included within Level II and lottery annuities ($0.3 million), TruPs ($0.2 million), and a guaranteed investment contract held by a consolidated VIE ($81.0 million) within Level III.
(3) | Does not include fixed-maturities held to maturity ($0.4 million) and certain other invested assets ($47.4 million), primarily invested in limited partnerships, accounted for as cost-method investments and not measured at fair value.
(4) | Primarily comprising manufactured housing loan collateral related to two consolidated financial guaranty VIEs.
(5) | Comprising consolidated debt related to NIMS VIEs ($2.8 million) and financial guaranty VIEs ($91.8 million).
Impact of Non-Performance Risk Fair Value Disclosure [Table Text Block] | The following tables quantify the estimated impact of our non-performance risk on our derivative assets, derivative liabilities and net VIE liabilities (in aggregate by type) presented in our condensed consolidated balance sheets as of the dates indicated:
(In basis points) | June 30, 2014 |  | December 31, 2013 |  | June 30, 2013 |  | December 31, 2012
Radian Group’s five-year CDS spread | 287 |  |  | 323 |  |  | 504 |  |  | 913 |
(In millions) | Fair Value Liability before Consideration of Radian Non-Performance Risk June 30, 2014 |  | Impact of Radian Non-Performance Risk June 30, 2014 |  | Fair Value (Asset) Liability Recorded June 30, 2014
Product |  |  |  |  |
Corporate CDOs | $ | 15.8 |  |  | $ | 17.3 |  |  | $ | (1.5 | )
Non-Corporate CDO-related (1) | 293.0 |  |  | 149.9 |  |  | 143.1 |
NIMS-related (2) | 5.4 |  |  | 2.2 |  |  | 3.2 |
Total | $ | 314.2 |  |  | $ | 169.4 |  |  | $ | 144.8 |
(In millions) | Fair Value Liability before Consideration of Radian Non-Performance Risk December 31, 2013 |  | Impact of Radian Non-Performance Risk December 31, 2013 |  | Fair Value Liability Recorded December 31, 2013
Product |  |  |  |  |
Corporate CDOs | $ | 30.4 |  |  | $ | 29.0 |  |  | $ | 1.4 |
Non-Corporate CDO-related (1) | 409.7 |  |  | 178.7 |  |  | 231.0 |
NIMS-related (2) | 5.0 |  |  | 2.2 |  |  | 2.8 |
Total | $ | 445.1 |  |  | $ | 209.9 |  |  | $ | 235.2 |
________________
(1) | Includes the net fair value liability recorded within derivative assets and derivative liabilities and the net fair value liabilities included in our consolidated VIEs.
(2) | Includes NIMS VIE debt.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following is a rollforward of Level III assets and liabilities measured at fair value for the quarter ended June 30, 2014:
|  |  | Realized and Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
(In millions) | Beginning Balance at April 1, 2014 |  | Included in Earnings (1) |  | Included in OCI (2) |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | Transfers Into (Out of) Level III (3) |  | Ending Balance at June 30, 2014
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 19.1 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19.5 |
Other ABS | — |  |  | 0.1 |  |  | (0.1 | ) |  | 29.2 |  |  | — |  |  | — |  |  | — |  |  | 45.2 |  | (4) | 74.4 |
Equity securities | 0.4 |  |  | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other investments | 82.1 |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82.8 |
Total Level III Investments | 101.6 |  |  | 0.8 |  |  | (0.1 | ) |  | 29.2 |  |  | — |  |  | — |  |  | — |  |  | 45.2 |  |  | 176.7 |
Other assets | 92.5 |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.2 |  |  | — |  |  | 90.4 |
Total Level III Assets | $ | 194.1 |  |  | $ | 3.9 |  |  | $ | (0.1 | ) |  | $ | 29.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.2 |  |  | $ | 45.2 |  |  | $ | 267.1 |
Derivative liabilities, net | $ | 252.1 |  |  | $ | 58.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 193.8 |
VIE debt | 95.6 |  |  | (2.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.2 |  |  | — |  |  | 93.6 |
Total Level III Liabilities, net | $ | 347.7 |  |  | $ | 56.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |  |  | $ | — |  |  | $ | 287.4 |
______________________
(1) | Includes unrealized gains (losses) for the quarter ended June 30, 2014, relating to assets and liabilities still held as of June 30, 2014 as follows: $0.2 million for investments, $1.1 million for other assets, $43.7 million for derivative liabilities and $(1.5) million for VIE debt.
(2) | Realized and unrealized gains (losses) included in Other Comprehensive Income (“OCI”).
(3) | Transfers are recognized at the end of the period as the availability of market observed inputs change from period to period.
(4) | During the period, certain securities previously classified in Level II were transferred to Level III as the pricing inputs were no longer considered observable.
The following is a rollforward of Level III assets and liabilities measured at fair value for the six months ended June 30, 2014:
|  |  | Realized and Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
(In millions) | Beginning Balance at January 1, 2014 |  | Included in Earnings (1) |  | Included in OCI (2) |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | Transfers Into (Out of) Level III (3) |  | Ending Balance at June 30, 2014
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 18.7 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19.5 |
Other ABS | 0.9 |  |  | 0.1 |  |  | (0.1 | ) |  | 29.2 |  |  | — |  |  | — |  |  | 0.4 |  |  | 44.7 |  | (4) | 74.4 |
Equity securities | 0.4 |  |  | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other investments | 81.5 |  |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82.8 |
Total Level III Investments | 101.5 |  |  | 1.8 |  |  | (0.1 | ) |  | 29.2 |  |  | — |  |  | — |  |  | 0.4 |  |  | 44.7 |  |  | 176.7 |
Other assets | 91.9 |  |  | 8.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10.4 |  |  | — |  |  | 90.4 |
Total Level III Assets | $ | 193.4 |  |  | $ | 10.7 |  |  | $ | (0.1 | ) |  | $ | 29.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 44.7 |  |  | $ | 267.1 |
Derivative liabilities, net | $ | 300.9 |  |  | $ | 110.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3.4 | ) |  | $ | — |  |  | $ | 193.8 |
VIE debt | 94.6 |  |  | (7.3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.3 |  |  | — |  |  | 93.6 |
Total Level III Liabilities, net | $ | 395.5 |  |  | $ | 103.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 287.4 |
______________________
(1) | Includes unrealized gains (losses) for the six months ended June 30, 2014, relating to assets and liabilities still held as of June 30, 2014 as follows: $0.4 million for investments, $4.7 million for other assets, $86.4 million for derivative liabilities and $(5.9) million for VIE debt.
(2) | Realized and unrealized gains (losses) included in OCI.
(3) | Transfers are recognized at the end of the period as the availability of market observed inputs change from period to period.
(4) | During the period, certain securities previously classified in Level II were transferred to Level III as the pricing inputs were no longer considered observable. Other securities were transferred out of Level III as third-party pricing became available.
The following is a rollforward of Level III assets and liabilities measured at fair value for the quarter ended June 30, 2013:
|  |  | Realized and Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
(In millions) | Beginning Balance at April 1, 2013 |  | Included in Earnings (1) |  | Included in OCI (2) |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | Transfers Into (Out of) Level III (3) |  | Ending Balance at June 30, 2013
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 19.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19.4 |
Corporate bonds and notes | 2.7 |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.6 | ) | (4) | — |
CMBS | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Other ABS | 1.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 1.2 |
Equity securities | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Other investments | 77.3 |  |  | (0.3 | ) |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 77.4 |
Total Level III Investments | 104.2 |  |  | (0.2 | ) |  | — |  |  | 0.4 |  |  | 3.1 |  |  | — |  |  | 0.3 |  |  | (2.6 | ) |  | 98.4 |
NIMS derivative assets | 1.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Other assets | 96.5 |  |  | 5.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.6 |  |  | — |  |  | 96.0 |
Total Level III Assets | $ | 202.3 |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 3.1 |  |  | $ | — |  |  | $ | 5.9 |  |  | $ | (2.6 | ) |  | $ | 196.0 |
Derivative liabilities, net | $ | 426.1 |  |  | $ | 86.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4.1 | ) |  | $ | — |  |  | $ | 343.6 |
VIE debt | 107.4 |  |  | (3.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.5 |  |  | — |  |  | 106.8 |
Total Level III Liabilities, net | $ | 533.5 |  |  | $ | 82.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 450.4 |
______________
(1) | Includes unrealized gains (losses) for the quarter ended June 30, 2013, relating to assets and liabilities still held as of June 30, 2013 as follows: $(0.4) million for investments, $2.6 million for other assets, $82.3 million for derivative liabilities and $(2.9) million for VIE debt.
(2) | Realized and unrealized gains (losses) included in OCI.
(3) | Transfers are recognized at the end of the period as the availability of market observed inputs change from period to period.
(4) | During the period, pricing from a third-party pricing source became available that utilized observable inputs for individual instruments. As a result, these instruments were transferred out of Level III and into Level II.
The following is a rollforward of Level III assets and liabilities measured at fair value for the six months ended June 30, 2013:
|  |  | Realized and Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
(In millions) | Beginning Balance at January 1, 2013 |  | Included in Earnings (1) |  | Included in OCI (2) |  | Purchases |  | Sales |  | Issuances |  | Settlements |  | Transfers Into (Out of) Level III (3) |  | Ending Balance at June 30, 2013
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 19.0 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19.4 |
Corporate bonds and notes | — |  |  | (0.1 | ) |  | — |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | (2.6 | ) | (4) | — |
CMBS | — |  |  | — |  |  | — |  |  | 3.1 |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Other ABS | 1.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 1.2 |
Equity securities | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Other investments | 79.0 |  |  | (1.9 | ) |  | — |  |  | 0.8 |  |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |  |  | 77.4 |
Total Level III Investments | 100.7 |  |  | (1.6 | ) |  | — |  |  | 6.6 |  |  | 3.8 |  |  | — |  |  | 0.9 |  |  | (2.6 | ) |  | 98.4 |
NIMS derivative assets | 1.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Other assets | 99.2 |  |  | 8.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11.6 |  |  | — |  |  | 96.0 |
Total Level III Assets | $ | 201.5 |  |  | $ | 6.8 |  |  | $ | — |  |  | $ | 6.6 |  |  | $ | 3.8 |  |  | $ | — |  |  | $ | 12.5 |  |  | $ | (2.6 | ) |  | $ | 196.0 |
Derivative liabilities, net | $ | 254.9 |  |  | $ | (81.1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7.6 | ) |  | $ | — |  |  | $ | 343.6 |
VIE debt | 108.9 |  |  | (7.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 106.8 |
Total Level III Liabilities, net | $ | 363.8 |  |  | $ | (88.3 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 450.4 |
______________
(1) | Includes unrealized gains (losses) for the six months ended June 30, 2013, relating to assets and liabilities still held at June 30, 2013 as follows: $(1.9) million for investments, $3.4 million for other assets, $(89.7) million for derivative liabilities and $(5.4) million for VIE debt.
(2) | Realized and unrealized gains (losses) included in OCI.
(3) | Transfers are recognized at the end of the period as the availability of market observed inputs change from period to period.
(4) | During the period, pricing from a third-party pricing source became available that utilized observable inputs for individual instruments. As a result, these instruments were transferred out of Level III and into Level II.
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | . The following table summarizes the significant unobservable inputs used in our recurring Level III fair value measurements as of June 30, 2014:
(In millions) | Fair Value Net Asset (Liability) June 30, 2014 (1) |  | Valuation Technique |  | Unobservable Input |  | Range/ Weighted Average
Level III Assets/Liabilities: |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 19.5 |  |  | Discounted cash flow |  | Discount rate |  |  |  | 12.3 | %
|  |  |  |  | Expected loss |  |  |  | 11.1 | %
Other investments | 82.3 |  |  | Discounted cash flow |  | Discount rate |  |  |  | 0.8 | %
Other ABS | 74.4 |  |  | Discounted cash flow |  | Discount rate |  | 3.5 | % | - | 5.7 | %
Corporate CDOs | 1.5 |  |  | Base correlation model |  | Radian correlation to corporate index |  |  |  | 85.0 | %
|  |  |  |  | Average credit spread |  | 0.1 | % | - | 0.6 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 3.8 | %
CDOs of CMBS | (36.7 | ) |  | Discounted cash flow |  | Radian correlation to CMBS transaction index |  |  |  | 80.0 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 3.8 | %
TruPs CDOs | (22.2 | ) |  | Discounted cash flow |  | Principal recovery |  |  |  | 75.0 | %
|  |  |  |  | Principal recovery (stressed) |  |  |  | 65.0 | %
|  |  |  |  | Probability of conditional liquidity payment |  | 0.2 | % | - | 10.0 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 3.8 | %
TruPs - related VIE | (52.2 | ) |  | Discounted cash flow |  | Discount rate |  |  |  | 8.6 | %
Other non-corporate CDOs and derivative transactions | (84.2 | ) |  | Risk-based model |  | Average life (in years) |  | <1 |  | - | 20 |
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 3.8 | %
NIMS VIE | (3.2 | ) |  | Discounted cash flow |  | NIMS credit spread |  |  |  | 42.6 | %
|  |  |  |  | Own credit spread (2) |  |  |  | 7.0 | %
________________
(1) | Excludes certain assets and liabilities for which we do not develop quantitative unobservable inputs. The fair value estimates for these assets and liabilities are developed using third-party pricing information, generally without adjustment.
(2) | Represents the range of our CDS spread that a typical market participant might use in the valuation analysis based on the remaining term of the investment.
The following table summarizes the significant unobservable inputs used in our recurring Level III fair value measurements as of December 31, 2013:
(In millions) | Fair Value Net Asset (Liability) December 31, 2013 (1) |  | Valuation Technique |  | Unobservable Input |  | Range/ Weighted Average
Level III Assets/Liabilities: |  |  |  |  |  |  |  |  |
State and municipal obligations | $ | 18.7 |  |  | Discounted cash flow |  | Discount rate |  |  |  | 12.3 | %
|  |  |  |  | Expected loss |  |  |  | 11.1 | %
Other investments | 81.0 |  |  | Discounted cash flow |  | Discount rate |  |  |  | 1.2 | %
Corporate CDOs | (1.4 | ) |  | Base correlation model |  | Radian correlation to corporate index |  |  |  | 85.0 | %
|  |  |  |  | Average credit spread |  | 0.1 | % | - | 0.9 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 4.3 | %
CDOs of CMBS | (67.8 | ) |  | Discounted cash flow |  | Radian correlation to CMBS transaction index |  | 72.0 | % | - | 85.0 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 4.3 | %
TruPs CDOs | (43.9 | ) |  | Discounted cash flow |  | Principal recovery |  |  |  | 75.0 | %
|  |  |  |  | Principal recovery (stressed) |  |  |  | 65.0 | %
|  |  |  |  | Probability of conditional liquidity payment |  | 1.1 | % | - | 12.4 | %
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 4.3 | %
TruPs - related VIE | (68.4 | ) |  | Discounted cash flow |  | Discount rate |  |  |  | 13.1 | %
Other non-corporate CDOs and derivative transactions | (119.4 | ) |  | Risk-based model |  | Average life (in years) |  | <1 |  | - | 20 |
|  |  |  |  | Own credit spread (2) |  | 0.8 | % | - | 4.3 | %
NIMS VIE | (2.8 | ) |  | Discounted cash flow |  | NIMS credit spread |  |  |  | 43.8 | %
|  |  |  |  | Own credit spread (2) |  |  |  | 7.9 | %
________________
(1) | Excludes certain assets and liabilities for which we do not develop quantitative unobservable inputs. The fair value estimates for these assets and liabilities are developed using third-party pricing information, generally without adjustment.
(2) | Represents the range of our CDS spread that a typical market participant might use in the valuation analysis based on the remaining term of the investment.
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated:
| June 30, 2014 |  | December 31, 2013 |
(In millions) | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |
Fixed-maturities held to maturity | $ | 0.1 |  |  | $ | 0.1 |  | (1) | $ | 0.4 |  |  | $ | 0.4 |  | (1)
Other invested assets | 40.6 |  |  | 50.8 |  | (1) | 47.4 |  |  | 54.3 |  | (1)
Liabilities: |  |  |  |  |  |  |  |
Long-term debt (3) | 1,192.4 |  |  | 1,781.5 |  | (1) | 930.1 |  |  | 1,502.7 |  | (1)
Non-derivative financial guaranty liabilities | 79.8 |  |  | 230.2 |  | (2) | 144.7 |  |  | 189.1 |  | (2)
______________________
(1) | These estimated fair values would be classified in Level II of the fair value hierarchy.
(2) | These estimated fair values would be classified in Level III of the fair value hierarchy.
(3) | The carrying amount of long-term debt is net of the equity component, which is accounted for under the accounting standard for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). The fair value is estimated based on the quoted market prices for the same or similar issues. See Note 11 for further information.

X
- Definition Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 by class of asset or liability. + References No definition available. + Details
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- Definition Impact of Non-Performance Risk Fair Value Disclosure includes the schedules of the company's CDS spread which illustrates the market's view of our non-performance risk and schedules showing the current period and prior year end's impact of the non-performance risk on the fair value amount of its net liability. + References No definition available. + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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