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Note 2 - Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized financial information concerning our operating segments as of and for the periods indicated, is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Mortgage Insurance |  |  |  |  |  |  |  |
Net premiums written—insurance |  | $ | 221,947 |  |  | $ | 251,159 |  |  | $ | 434,900 |  |  | $ | 468,445 |
Net premiums earned—insurance |  | $ | 203,646 |  |  | $ | 197,952 |  |  | $ | 402,408 |  |  | $ | 380,944 |
Net premiums earned on derivatives |  | — |  |  | — |  |  | — |  |  | — |
Net investment income |  | 15,271 |  |  | 15,266 |  |  | 29,292 |  |  | 30,368 |
Other income |  | 1,626 |  |  | 2,159 |  |  | 2,683 |  |  | 3,871 |
Total revenues |  | 220,543 |  |  | 215,377 |  |  | 434,383 |  |  | 415,183 |
Provision for losses |  | 64,265 |  |  | 136,410 |  |  | 113,425 |  |  | 268,366 |
Estimated present value of net credit losses incurred |  | 180 |  |  | 323 |  |  | 319 |  |  | 24 |
Change in PDR |  | 383 |  |  | 1,251 |  |  | 849 |  |  | 622 |
Policy acquisition costs |  | 6,746 |  |  | 6,501 |  |  | 13,763 |  |  | 18,233 |
Other operating expenses |  | 49,607 |  |  | 51,295 |  |  | 99,965 |  |  | 117,075 |
Interest expense |  | 6,405 |  |  | 3,704 |  |  | 11,777 |  |  | 6,373 |
Total expenses |  | 127,586 |  |  | 199,484 |  |  | 240,098 |  |  | 410,693 |
Adjusted pretax operating income |  | $ | 92,957 |  |  | $ | 15,893 |  |  | $ | 194,285 |  |  | $ | 4,490 |
New Insurance Written (“NIW”) (in millions) |  | $ | 9,322 |  |  | $ | 13,377 |  |  | $ | 16,130 |  |  | $ | 24,283 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Financial Guaranty |  |  |  |  |  |  |  |
Net premiums written—insurance |  | $ | 420 |  |  | $ | 70 |  |  | $ | 1,173 |  |  | $ | (10,031 | )
Net premiums earned—insurance |  | $ | 10,468 |  |  | $ | 15,172 |  |  | $ | 17,371 |  |  | $ | 24,768 |
Net premiums earned on derivatives |  | 3,346 |  |  | 4,857 |  |  | 6,791 |  |  | 9,849 |
Net investment income |  | 10,466 |  |  | 12,349 |  |  | 20,674 |  |  | 24,120 |
Other income |  | 191 |  |  | 75 |  |  | 261 |  |  | 134 |
Total revenues |  | 24,471 |  |  | 32,453 |  |  | 45,097 |  |  | 58,871 |
Provision for losses |  | 5,078 |  |  | 3,881 |  |  | 10,727 |  |  | 3,984 |
Estimated present value of net credit losses (recoveries) incurred |  | 11,279 |  |  | (618 | ) |  | 10,778 |  |  | (3,463 | )
Change in PDR |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs |  | 1,675 |  |  | 3,505 |  |  | 3,272 |  |  | 8,968 |
Other operating expenses |  | 9,212 |  |  | 9,686 |  |  | 18,763 |  |  | 24,006 |
Interest expense |  | 15,943 |  |  | 15,716 |  |  | 30,498 |  |  | 28,928 |
Total expenses |  | 43,187 |  |  | 32,170 |  |  | 74,038 |  |  | 62,423 |
Equity in net (loss) income of affiliates |  | — |  |  | — |  |  | (13 | ) |  | 1 |
Adjusted pretax operating (loss) income |  | $ | (18,716 | ) |  | $ | 283 |  |  | $ | (28,954 | ) |  | $ | (3,551 | )
| At June 30, 2014
(In thousands) | Mortgage Insurance |  | Financial Guaranty |  | Mortgage and Real Estate Services (1) |  | Total
Cash and investments | $ | 2,747,960 |  |  | $ | 2,240,149 |  |  | $ | 18,112 |  |  | $ | 5,006,221 |
Deferred policy acquisition costs | 26,443 |  |  | 34,333 |  |  | — |  |  | 60,776 |
Goodwill and other intangible assets, net | 2,266 |  |  | — |  |  | 294,682 |  |  | 296,948 |
Total assets | 3,153,482 |  |  | 2,438,418 |  |  | 340,651 |  |  | 5,932,551 |
Unearned premiums | 597,860 |  |  | 183,800 |  |  | — |  |  | 781,660 |
Reserve for losses and LAE | 1,714,681 |  |  | 34,754 |  |  | — |  |  | 1,749,435 |
VIE debt | 3,237 |  |  | 90,394 |  |  | — |  |  | 93,631 |
Derivative liabilities | — |  |  | 200,227 |  |  | — |  |  | 200,227 |
____________________
(1) | Comprising the acquisition of Clayton effective June 30, 2014. For additional information, see Note 1.
| At June 30, 2013
(In thousands) | Mortgage Insurance |  | Financial Guaranty |  | Total
Cash and investments | $ | 2,962,997 |  |  | $ | 2,403,636 |  |  | $ | 5,366,633 |
Deferred policy acquisition costs | 29,138 |  |  | 41,289 |  |  | 70,427 |
Total assets | 3,431,444 |  |  | 2,622,556 |  |  | 6,054,000 |
Unearned premiums | 483,303 |  |  | 229,403 |  |  | 712,706 |
Reserve for losses and LAE | 2,690,861 |  |  | 25,629 |  |  | 2,716,490 |
VIE debt | 10,963 |  |  | 95,804 |  |  | 106,767 |
Derivative liabilities | — |  |  | 350,576 |  |  | 350,576 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The reconciliation of adjusted pretax operating income (loss) to consolidated pretax income (loss) and consolidated net income (loss) is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Adjusted pretax operating income (loss): |  |  |  |  |  |  |  |
Mortgage insurance |  | $ | 92,957 |  |  | $ | 15,893 |  |  | $ | 194,285 |  |  | $ | 4,490 |
Financial guaranty |  | (18,716 | ) |  | 283 |  |  | (28,954 | ) |  | (3,551 | )
Total adjusted pretax operating income |  | $ | 74,241 |  |  | $ | 16,176 |  |  | $ | 165,331 |  |  | $ | 939 |
Change in fair value of derivative instruments |  | 57,477 |  |  | 86,535 |  |  | 107,563 |  |  | (81,135 | )
Less: Estimated present value of net credit (losses) recoveries incurred |  | (11,459 | ) |  | 295 |  |  | (11,097 | ) |  | 3,439 |
Less: Net premiums earned on derivatives |  | 3,346 |  |  | 4,857 |  |  | 6,791 |  |  | 9,849 |
Change in fair value of derivative instruments expected to reverse over time |  | 65,590 |  |  | 81,383 |  |  | 111,869 |  |  | (94,423 | )
Net gains (losses) on investments |  | 47,219 |  |  | (130,254 | ) |  | 111,670 |  |  | (135,759 | )
Net (losses) gains on other financial instruments |  | (1,909 | ) |  | 1,188 |  |  | (1,211 | ) |  | (4,487 | )
Acquisition-related expenses |  | (6,732 | ) |  | — |  |  | (6,732 | ) |  | — |
Consolidated pretax income (loss) |  | 178,409 |  |  | (31,507 | ) |  | 380,927 |  |  | (233,730 | )
Income tax provision (benefit) |  | 3,576 |  |  | 1,665 |  |  | 3,335 |  |  | (13,058 | )
Consolidated net income (loss) |  | $ | 174,833 |  |  | $ | (33,172 | ) |  | $ | 377,592 |  |  | $ | (220,672 | )

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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