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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Assets & Liabilities Measured at Fair Value by Hierarchy Level | The following tables include a list of assets that are measured at fair value by hierarchy level as of December 31, 2022 and 2021.
Assets and liabilities carried at fair value by hierarchy level |
|  | December 31, 2022 |
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total |
Investments |  |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 140,011 |  |  | $ | 5,431 |  |  | $ | — |  |  | $ | 145,442 |  |
State and municipal obligations |  | — |  |  | 142,386 |  |  | — |  |  | 142,386 |  |
Corporate bonds and notes |  | — |  |  | 2,490,582 |  |  | — |  |  | 2,490,582 |  |
RMBS |  | — |  |  | 928,399 |  |  | — |  |  | 928,399 |  |
CMBS |  | — |  |  | 593,357 |  |  | — |  |  | 593,357 |  |
CLO |  | — |  |  | 498,192 |  |  | — |  |  | 498,192 |  |
Other ABS |  | — |  |  | 161,359 |  |  | — |  |  | 161,359 |  |
Foreign government and agency securities |  | — |  |  | 4,975 |  |  | — |  |  | 4,975 |  |
Mortgage insurance-linked notes (1) |  | — |  |  | 53,019 |  |  | — |  |  | 53,019 |  |
Total fixed-maturities available for sale |  | 140,011 |  |  | 4,877,700 |  |  | — |  |  | 5,017,711 |  |
Trading securities |  |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 70,511 |  |  | — |  |  | 70,511 |  |
Corporate bonds and notes |  | — |  |  | 32,827 |  |  | — |  |  | 32,827 |  |
RMBS |  | — |  |  | 6,847 |  |  | — |  |  | 6,847 |  |
CMBS |  | — |  |  | 5,480 |  |  | — |  |  | 5,480 |  |
Total trading securities |  | — |  |  | 115,665 |  |  | — |  |  | 115,665 |  |
Equity securities |  | 138,716 |  |  | 7,749 |  |  | 2,500 |  |  | 148,965 |  |
Mortgage loans held for sale |  | — |  |  | 3,549 |  |  | — |  |  | 3,549 |  |
Other invested assets (2) |  | — |  |  | — |  |  | 4,296 |  |  | 4,296 |  |
Short-term investments |  |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 2,785 |  |  | — |  |  | 2,785 |  |
Money market instruments |  | 241,440 |  |  | — |  |  | — |  |  | 241,440 |  |
Corporate bonds and notes |  | — |  |  | 42,385 |  |  | — |  |  | 42,385 |  |
Other investments (3) |  | — |  |  | 115,480 |  |  | — |  |  | 115,480 |  |
Total short-term investments |  | 241,440 |  |  | 160,650 |  |  | — |  |  | 402,090 |  |
Total investments at fair value (2) |  | 520,167 |  |  | 5,165,313 |  |  | 6,796 |  |  | 5,692,276 |  |
Other |  |  |  |  |  |  |  |  |
Derivative assets |  | — |  |  | 11 |  |  | — |  |  | 11 |  |
Loaned securities (4) |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | — |  |  | 47,585 |  |  | — |  |  | 47,585 |  |
Equity securities |  | 64,554 |  |  | — |  |  | — |  |  | 64,554 |  |
Total assets at fair value (2) |  | $ | 584,721 |  |  | $ | 5,212,909 |  |  | $ | 6,796 |  |  | $ | 5,804,426 |  |
Assets and liabilities carried at fair value by hierarchy level |
|  | December 31, 2022 |
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total |
Liabilities |  |  |  |  |  |  |  |  |
Derivative liabilities (5) |  | $ | — |  |  | $ | 42 |  |  | $ | 4,858 |  |  | $ | 4,900 |  |
Total liabilities at fair value |  | $ | — |  |  | $ | 42 |  |  | $ | 4,858 |  |  | $ | 4,900 |  |
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2)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. (3)Comprises short-term certificates of deposit and commercial paper. (4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our 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 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 |  |
Other invested assets (2) |  | — |  |  | — |  |  | 3,000 |  |  | 3,000 |  |
Assets carried at fair value by hierarchy level |
|  | December 31, 2021 |
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total |
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 (3) |  | — |  |  | 101,824 |  |  | — |  |  | 101,824 |  |
Total short-term investments |  | 369,200 |  |  | 182,308 |  |  | — |  |  | 551,508 |  |
Total investments at fair value (2) |  | 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 (2) |  | $ | 776,482 |  |  | $ | 5,836,891 |  |  | $ | 7,200 |  |  | $ | 6,620,573 |  |
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2)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. (3)Comprises short-term certificates of deposit and commercial paper. (4)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our 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 consolidated balance sheets. See Note 6 for more information.
Carrying Value & Estimated Fair Value of Financial Liabilities Not Carried at Fair Value | The carrying value and estimated fair value of other selected liabilities not carried at fair value in our consolidated balance sheets were as follows as of the dates indicated.
Financial liabilities not carried at fair value |  |  |  |  |  |  |  |
|  | December 31, 2022 |  | December 31, 2021
(In thousands) |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior notes |  | $ | 1,413,504 |  |  | $ | 1,361,844 |  |  | $ | 1,409,473 |  |  | $ | 1,534,378 |
Other borrowings |  |  |  |  |  |  |  |
FHLB advances |  | $ | 153,686 |  |  | $ | 153,728 |  |  | $ | 150,983 |  |  | $ | 152,117 |
Mortgage financing facilities |  | 2,136 |  |  | 2,136 |  |  | — |  |  | — |
Total other borrowings |  | $ | 155,822 |  |  | $ | 155,864 |  |  | $ | 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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