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v3.22.2.2

Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables include a list of assets that are measured at fair value by hierarchy level as of September 30, 2022, and December 31, 2021.
Assets and liabilities carried at fair value by hierarchy level
|  | September 30, 2022
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Investments |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 142,882 |  |  | $ | 3,782 |  |  | $ | — |  |  | $ | 146,664 |
State and municipal obligations |  | — |  |  | 142,743 |  |  | — |  |  | 142,743 |
Corporate bonds and notes |  | — |  |  | 2,429,325 |  |  | — |  |  | 2,429,325 |
RMBS |  | — |  |  | 900,591 |  |  | — |  |  | 900,591 |
CMBS |  | — |  |  | 599,478 |  |  | — |  |  | 599,478 |
CLO |  | — |  |  | 490,832 |  |  | — |  |  | 490,832 |
Other ABS |  | — |  |  | 168,087 |  |  | — |  |  | 168,087 |
Foreign government and agency securities |  | — |  |  | 4,970 |  |  | — |  |  | 4,970 |
Mortgage insurance-linked notes (1) |  | — |  |  | 26,542 |  |  | — |  |  | 26,542 |
Total fixed-maturities available for sale |  | 142,882 |  |  | 4,766,350 |  |  | — |  |  | 4,909,232 |
Trading securities |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 70,475 |  |  | — |  |  | 70,475 |
Corporate bonds and notes |  | — |  |  | 47,802 |  |  | — |  |  | 47,802 |
RMBS |  | — |  |  | 7,058 |  |  | — |  |  | 7,058 |
CMBS |  | — |  |  | 14,566 |  |  | — |  |  | 14,566 |
Total trading securities |  | — |  |  | 139,901 |  |  | — |  |  | 139,901 |
Equity securities |  | 134,907 |  |  | 7,748 |  |  | 2,500 |  |  | 145,155 |
Short-term investments |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 2,885 |  |  | — |  |  | 2,885 |
Money market instruments |  | 241,866 |  |  | — |  |  | — |  |  | 241,866 |
Corporate bonds and notes |  | — |  |  | 53,406 |  |  | — |  |  | 53,406 |
Other investments (2) |  | — |  |  | 94,357 |  |  | — |  |  | 94,357 |
Total short-term investments |  | 241,866 |  |  | 150,648 |  |  | — |  |  | 392,514 |
Other invested assets (3) |  | — |  |  | — |  |  | 4,000 |  |  | 4,000 |
Total investments at fair value (3) |  | 519,655 |  |  | 5,064,647 |  |  | 6,500 |  |  | 5,590,802 |
Other |  |  |  |  |  |  |  |
Derivative assets |  | — |  |  | 56 |  |  | 651 |  |  | 707 |
Loaned securities and securities sold under repurchase agreements (4) |  |  |  |  |  |  |  |
Corporate bonds and notes |  | — |  |  | 40,377 |  |  | — |  |  | 40,377 |
CMBS |  | — |  |  | 9,651 |  |  | — |  |  | 9,651 |
CLO |  | — |  |  | 7,117 |  |  | — |  |  | 7,117 |
Other ABS |  | — |  |  | 2,876 |  |  | — |  |  | 2,876 |
Equity securities |  | 60,366 |  |  | — |  |  | — |  |  | 60,366 |
Mortgage insurance-linked notes (1) |  | — |  |  | 16,895 |  |  | — |  |  | 16,895 |
Total assets at fair value (3) |  | $ | 580,021 |  |  | $ | 5,141,619 |  |  | $ | 7,151 |  |  | $ | 5,728,791 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities (5) |  | $ | — |  |  | $ | 33 |  |  | $ | 4,601 |  |  | $ | 4,634 |
Total liabilities at fair value |  | $ | — |  |  | $ | 33 |  |  | $ | 4,601 |  |  | $ | 4,634 |
(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2)Comprises short-term certificates of deposit and commercial paper. (3)Does not include other invested assets of $1.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4)Securities loaned to third-party borrowers under securities lending agreements or sold under repurchase agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. (5)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other liabilities in our condensed consolidated balance sheets. See Note 8 for more information.
Assets carried at fair value by hierarchy level |  |  |  |  |  |  |  |
|  | December 31, 2021
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Investments |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 192,452 |  |  | $ | 29,278 |  |  | $ | — |  |  | $ | 221,730 |
State and municipal obligations |  | — |  |  | 177,257 |  |  | — |  |  | 177,257 |
Corporate bonds and notes |  | — |  |  | 2,910,231 |  |  | — |  |  | 2,910,231 |
RMBS |  | — |  |  | 705,117 |  |  | — |  |  | 705,117 |
CMBS |  | — |  |  | 709,203 |  |  | — |  |  | 709,203 |
CLO |  | — |  |  | 530,040 |  |  | — |  |  | 530,040 |
Other ABS |  | — |  |  | 211,187 |  |  | — |  |  | 211,187 |
Foreign government and agency securities |  | — |  |  | 5,296 |  |  | — |  |  | 5,296 |
Mortgage insurance-linked notes (1) |  | — |  |  | 47,017 |  |  | — |  |  | 47,017 |
Total fixed-maturities available for sale |  | 192,452 |  |  | 5,324,626 |  |  | — |  |  | 5,517,078 |
Trading securities |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 94,637 |  |  | — |  |  | 94,637 |
Corporate bonds and notes |  | — |  |  | 119,186 |  |  | — |  |  | 119,186 |
RMBS |  | — |  |  | 9,438 |  |  | — |  |  | 9,438 |
CMBS |  | — |  |  | 33,285 |  |  | — |  |  | 33,285 |
Total trading securities |  | — |  |  | 256,546 |  |  | — |  |  | 256,546 |
Equity securities |  | 176,828 |  |  | 7,417 |  |  | — |  |  | 184,245 |
Short-term investments |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 94,665 |  |  | — |  |  | — |  |  | 94,665 |
State and municipal obligations |  | — |  |  | 12,270 |  |  | — |  |  | 12,270 |
Money market instruments |  | 274,535 |  |  | — |  |  | — |  |  | 274,535 |
Corporate bonds and notes |  | — |  |  | 65,191 |  |  | — |  |  | 65,191 |
CMBS |  | — |  |  | 3,023 |  |  | — |  |  | 3,023 |
Other investments (2) |  | — |  |  | 101,824 |  |  | — |  |  | 101,824 |
Total short-term investments |  | 369,200 |  |  | 182,308 |  |  | — |  |  | 551,508 |
Other invested assets (3) |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |
Total investments at fair value (3) |  | 738,480 |  |  | 5,770,897 |  |  | 3,000 |  |  | 6,512,377 |
Other |  |  |  |  |  |  |  |
Derivative assets (4) |  | — |  |  | — |  |  | 4,200 |  |  | 4,200 |
Loaned securities (5) |  |  |  |  |  |  |  |
Corporate bonds and notes |  | — |  |  | 65,994 |  |  | — |  |  | 65,994 |
Equity securities |  | 38,002 |  |  | — |  |  | — |  |  | 38,002 |
Total assets at fair value (3) |  | $ | 776,482 |  |  | $ | 5,836,891 |  |  | $ | 7,200 |  |  | $ | 6,620,573 |
(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2)Comprises short-term certificates of deposit and commercial paper. (3)Does not include other invested assets of $1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our condensed consolidated balance sheets. See Note 8 for more information. (5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
Fair Value by Balance Sheet Grouping | The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial liabilities not carried at fair value
|  | September 30, 2022 |  | December 31, 2021
(In thousands) |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior notes |  | $ | 1,412,473 |  |  | $ | 1,336,403 |  |  | $ | 1,409,473 |  |  | $ | 1,534,378 |
FHLB advances |  | 153,550 |  |  | 153,562 |  |  | 150,983 |  |  | 152,117 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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