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Note 6 - Investments Level 1 (Notes) | 12 Months Ended
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Dec. 31, 2015
Investments [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:
| December 31, 2015
(In thousands) | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
Fixed-maturities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 13,773 |  |  | $ | 13,752 |  |  | $ | — |  |  | $ | 21 |
State and municipal obligations | 36,920 |  |  | 37,900 |  |  | 1,100 |  |  | 120 |
Corporate bonds and notes | 815,024 |  |  | 802,193 |  |  | 4,460 |  |  | 17,291 |
RMBS | 226,744 |  |  | 224,905 |  |  | 625 |  |  | 2,464 |
CMBS | 415,780 |  |  | 406,910 |  |  | 69 |  |  | 8,939 |
Other ABS | 359,452 |  |  | 355,494 |  |  | 16 |  |  | 3,974 |
Foreign government and agency securities | 25,663 |  |  | 24,307 |  |  | 27 |  |  | 1,383 |
| $ | 1,893,356 |  |  | $ | 1,865,461 |  |  | $ | 6,297 |  |  | $ | 34,192 |
Equity securities available for sale (1) | $ | 75,538 |  |  | $ | 75,430 |  |  | $ | — |  |  | $ | 108 |
Total debt and equity securities | $ | 1,968,894 |  |  | $ | 1,940,891 |  |  | $ | 6,297 |  |  | $ | 34,300 |
______________________
(1) | Comprising primarily a multi-sector exchange-traded fund.
| December 31, 2014
(In thousands) | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
Fixed-maturities available for sale: |  |  |  |  |  |  |
U.S. government and agency securities | $ | 5,709 |  |  | $ | 5,751 |  |  | $ | 48 |  |  | $ | 6 |
State and municipal obligations | 17,727 |  |  | 18,910 |  |  | 1,183 |  |  | — |
Corporate bonds and notes | 277,678 |  |  | 284,408 |  |  | 7,288 |  |  | 558 |
RMBS | 41,467 |  |  | 42,520 |  |  | 1,053 |  |  | — |
CMBS | 57,358 |  |  | 58,234 |  |  | 876 |  |  | — |
Other ABS | 109,420 |  |  | 107,701 |  |  | 8 |  |  | 1,727 |
Foreign government and agency securities | 19,301 |  |  | 19,366 |  |  | 307 |  |  | 242 |
| $ | 528,660 |  |  | $ | 536,890 |  |  | $ | 10,763 |  |  | $ | 2,533 |
Equity securities available for sale (1) | $ | 76,900 |  |  | $ | 143,368 |  |  | $ | 66,468 |  |  | $ | — |
Total debt and equity securities | $ | 605,560 |  |  | $ | 680,258 |  |  | $ | 77,231 |  |  | $ | 2,533 |
______________________
(1) | Comprising primarily broadly diversified domestic equity mutual funds.
The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:
| December 31,
(In thousands) | 2015 |  | 2014
Trading securities: |  |  |
U.S. government and agency securities | $ | 129,913 |  |  | $ | 134,530 |
State and municipal obligations | 303,946 |  |  | 343,926 |
Corporate bonds and notes | 580,993 |  |  | 708,361 |
RMBS | 72,192 |  |  | 89,810 |
CMBS | 137,678 |  |  | 188,615 |
Other ABS | 16,131 |  |  | 77,755 |
Foreign government and agency securities | 13,268 |  |  | 18,331 |
Equity securities | 25,016 |  |  | 72,256 |
Total | $ | 1,279,137 |  |  | $ | 1,633,584 |
For trading securities that were held at December 31, 2015 and 2014, we had net unrealized losses during 2015 and net unrealized gains during 2014 associated with those securities in the amount of $25.2 million and $65.7 million, respectively. As of December 31, 2015 and 2014, our investment portfolio included no Sovereign securities of countries that have Sovereign obligations that have been under particular stress due to economic uncertainty, potential restructuring and ratings downgrades, including the Stressed European Countries (Greece, Spain, Italy, Hungary, Portugal and Ireland, collectively). For the years ended December 31, 2015, 2014 and 2013, we did not sell or transfer any fixed-maturity investments classified as held to maturity. For the years ended December 31, 2015, 2014 and 2013, we did not transfer any securities from the available for sale or trading categories. Net investment income consisted of:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Investment income: |  |  |  |  |
Fixed-maturities | $ | 81,127 |  |  | $ | 62,352 |  |  | $ | 66,131 |
Equity securities | 4,539 |  |  | 6,287 |  |  | 6,592 |
Short-term investments | 745 |  |  | 246 |  |  | 255 |
Other | 600 |  |  | 1,848 |  |  | 1,970 |
Gross investment income | 87,011 |  |  | 70,733 |  |  | 74,948 |
Investment expenses | (5,474 | ) |  | (5,078 | ) |  | (6,827 | )
Net investment income | $ | 81,537 |  |  | $ | 65,655 |  |  | $ | 68,121 |
Net realized and unrealized gains (losses) on investments and other financial instruments consisted of:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Net realized gains (losses) on investments: |  |  |  |  |
Fixed-maturities held to maturity | $ | — |  |  | $ | (9 | ) |  | $ | 2 |
Fixed-maturities available for sale | (1,176 | ) |  | (1,599 | ) |  | 937 |
Equities available for sale | 69,150 |  |  | — |  |  | 349 |
Trading securities | (9,231 | ) |  | (6,996 | ) |  | 7,997 |
Short-term investments | (24 | ) |  | 1 |  |  | 1 |
Other invested assets | 3,267 |  |  | — |  |  | 8,841 |
Other gains | 110 |  |  | 246 |  |  | 126 |
Net realized gains (losses) on investments | 62,096 |  |  | (8,357 | ) |  | 18,253 |
Unrealized (losses) gains on trading securities | (27,015 | ) |  | 92,226 |  |  | (117,198 | )
Total gains (losses) on investments | 35,081 |  |  | 83,869 |  |  | (98,945 | )
Net gains (losses) on other financial instruments | 612 |  |  | (3,880 | ) |  | (7,580 | )
Net gains (losses) on investments and other financial instruments | $ | 35,693 |  |  | $ | 79,989 |  |  | $ | (106,525 | )
The sources of our proceeds and related investment gains (losses) on our available for sale securities are as follows:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Fixed-maturities available for sale: |  |  |  |  |
Proceeds received from redemptions | $ | 103,595 |  |  | $ | 4,985 |  |  | $ | 538 |
Proceeds received from sales | 20,100 |  |  | 19,672 |  |  | 17,185 |
Gross investment gains from sales and redemptions | 64 |  |  | 99 |  |  | 1,078 |
Gross investment losses from sales and redemptions | (1,240 | ) |  | (1,698 | ) |  | (141 | )
Equities available for sale: |  |  |  |  |  |  |  |
Proceeds received from sales and redemptions | 146,049 |  |  | — |  |  | 10,503 |
Gross investment gains from sales and redemptions | 69,150 |  |  | — |  |  | 349 |
The change in unrealized gains (losses) recorded in accumulated other comprehensive income (loss) consisted of the following:
| Year Ended December 31,
(In thousands) | 2015 |  | 2014 |  | 2013
Fixed-maturities: |  |  |  |  |
Unrealized holding (losses) gains arising during the period, net of tax | $ | (24,246 | ) |  | $ | 4,531 |  |  | $ | (240 | )
Less reclassification adjustment for net (losses) gains included in net income (loss), net of tax | (764 | ) |  | (1,039 | ) |  | 929 |
Net unrealized (losses) gains on investments, net of tax | $ | (23,482 | ) |  | $ | 5,570 |  |  | $ | (1,169 | )
Equities: |  |  |  |  |  |  |  |
Unrealized holding gains arising during the period, net of tax | $ | 1,673 |  |  | $ | 9,119 |  |  | $ | 19,389 |
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax | 44,947 |  |  | — |  |  | (273 | )
Net unrealized (losses) gains on investments, net of tax | $ | (43,274 | ) |  | $ | 9,119 |  |  | $ | 19,662 |
The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:
|  | December 31, 2015
($ in thousands) Description of Securities |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
| # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  | 1 |  |  | $ | 5,752 |  |  | $ | 21 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 5,752 |  |  | $ | 21 |
State and municipal obligations |  | 2 |  |  | 11,674 |  |  | 120 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 11,674 |  |  | 120 |
Corporate bonds and notes |  | 117 |  |  | 510,807 |  |  | 16,773 |  |  | 6 |  |  | 8,700 |  |  | 518 |  |  | 123 |  |  | 519,507 |  |  | 17,291 |
RMBS |  | 12 |  |  | 168,415 |  |  | 2,464 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | 168,415 |  |  | 2,464 |
CMBS |  | 58 |  |  | 387,268 |  |  | 8,939 |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | 387,268 |  |  | 8,939 |
Other ABS |  | 96 |  |  | 284,998 |  |  | 2,559 |  |  | 14 |  |  | 43,225 |  |  | 1,415 |  |  | 110 |  |  | 328,223 |  |  | 3,974 |
Foreign government and agency securities |  | 18 |  |  | 18,733 |  |  | 1,095 |  |  | 3 |  |  | 2,278 |  |  | 288 |  |  | 21 |  |  | 21,011 |  |  | 1,383 |
Equity securities |  | 1 |  |  | 74,930 |  |  | 108 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 74,930 |  |  | 108 |
Total |  | 305 |  |  | $ | 1,462,577 |  |  | $ | 32,079 |  |  | 23 |  |  | $ | 54,203 |  |  | $ | 2,221 |  |  | 328 |  |  | $ | 1,516,780 |  |  | $ | 34,300 |
|  | December 31, 2014
($ in thousands) Description of Securities |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
| # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses |  | # of securities |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 3,455 |  |  | $ | 6 |  |  | 1 |  |  | $ | 3,455 |  |  | $ | 6 |
Corporate bonds and notes |  | 24 |  |  | 40,917 |  |  | 410 |  |  | 1 |  |  | 1,027 |  |  | 148 |  |  | 25 |  |  | 41,944 |  |  | 558 |
Other ABS |  | 34 |  |  | 97,356 |  |  | 1,727 |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | 97,356 |  |  | 1,727 |
Foreign government and agency securities |  | 4 |  |  | 6,353 |  |  | 242 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 6,353 |  |  | 242 |
Total |  | 62 |  |  | $ | 144,626 |  |  | $ | 2,379 |  |  | 2 |  |  | $ | 4,482 |  |  | $ | 154 |  |  | 64 |  |  | $ | 149,108 |  |  | $ | 2,533 |
Impairments due to credit deterioration that result in a conclusion that the present value of cash flows expected to be collected will not be sufficient to recover the amortized cost basis of the security are considered other-than-temporary. Other declines in fair value (for example, due to interest rate changes, sector credit rating changes or company-specific rating changes) that result in a conclusion that the present value of cash flows expected to be collected will not be sufficient to recover the amortized cost basis of the security also may serve as a basis to conclude that an other-than-temporary impairment has occurred. To the extent we determine that a security is deemed to have had an other-than-temporary impairment, an impairment loss is recognized. There were no credit-related impairment losses recognized in earnings in 2015, 2014 or 2013. We had securities in an unrealized loss position that we did not consider to be other-than-temporarily impaired as of December 31, 2015. For all investment categories, the unrealized losses of 12 months or greater duration as of December 31, 2015, were generally caused by interest rate or credit spread movements since the purchase date, and as such, we expect the present value of cash flows to be collected from these securities to be sufficient to recover the amortized cost basis of these securities. As of December 31, 2015, we did not have the intent to sell any debt securities in an unrealized loss position and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis, which may be at maturity; therefore, we did not consider these investments to be other-than-temporarily impaired at December 31, 2015. The contractual maturities of fixed-maturity investments are as follows:
| December 31, 2015
| Available for Sale
(In thousands) | Amortized Cost |  | Fair Value
Due in one year or less (1) | $ | — |  |  | $ | — |
Due after one year through five years (1) | 173,191 |  |  | 172,705 |
Due after five years through ten years (1) | 437,248 |  |  | 430,476 |
Due after ten years (1) | 280,941 |  |  | 274,971 |
RMBS (2) | 226,744 |  |  | 224,905 |
CMBS (2) | 415,780 |  |  | 406,910 |
Other ABS (2) | 359,452 |  |  | 355,494 |
Total | $ | 1,893,356 |  |  | $ | 1,865,461 |
______________________
(1) | Actual maturities may differ as a result of calls before scheduled maturity.
(2) | RMBS, CMBS, and Other ABS are shown separately, as they are not due at a single maturity date.
As of December 31, 2015, we did not have any investment in any person and its affiliates that exceeded 10% of our total stockholders’ equity. Securities on deposit with various state insurance commissioners amounted to $10.4 million and $12.1 million at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, Radian Guaranty had $74.7 million and $209.3 million, respectively, in a collateral account pursuant to the Freddie Mac Agreement. This collateral account, which contains investments primarily invested in trading securities, is pledged to cover Loss Mitigation Activity on the loans subject to the Freddie Mac Agreement. Subject to certain conditions in the Freddie Mac Agreement, amounts in the collateral account may be released to Radian Guaranty over time to the extent that Loss Mitigation Activity becomes final in accordance with the terms of that agreement. See Note 10 for additional information.

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