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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Schedule of Available for Sale Securities | Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
|  | March 31, 2024
(In thousands) |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed-maturities available for sale |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 167,869 |  |  |  |  | $ | — |  |  | $ | (30,011) |  |  | $ | 137,858 |
State and municipal obligations |  | 172,084 |  |  |  |  | 218 |  |  | (15,537) |  |  | 156,765 |
Corporate bonds and notes |  | 2,886,238 |  |  |  |  | 7,042 |  |  | (283,575) |  |  | 2,609,705 |
RMBS |  | 1,138,990 |  |  |  |  | 8,842 |  |  | (98,359) |  |  | 1,049,473 |
CMBS |  | 565,949 |  |  |  |  | 55 |  |  | (42,424) |  |  | 523,580 |
CLO |  | 475,769 |  |  |  |  | 188 |  |  | (4,347) |  |  | 471,610 |
Other ABS |  | 321,559 |  |  |  |  | 1,084 |  |  | (4,042) |  |  | 318,601 |
Mortgage insurance-linked notes (1) |  | 45,864 |  |  |  |  | 1,538 |  |  | — |  |  | 47,402 |
Total securities available for sale, including loaned securities |  | 5,774,322 |  |  |  |  | $ | 18,967 |  |  | $ | (478,295) |  | (2) | 5,314,994 |
Less: loaned securities (3) |  | 116,514 |  |  |  |  |  |  |  |  | 105,969 |
Total fixed-maturities available for sale |  | $ | 5,657,808 |  |  |  |  |  |  |  |  | $ | 5,209,025 |
|  | December 31, 2023
(In thousands) |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed-maturities available for sale |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 171,194 |  |  |  |  | $ | 93 |  |  | $ | (26,891) |  |  | $ | 144,396 |
State and municipal obligations |  | 158,539 |  |  |  |  | 283 |  |  | (16,037) |  |  | 142,785 |
Corporate bonds and notes |  | 2,876,175 |  |  |  |  | 12,286 |  |  | (259,177) |  |  | 2,629,284 |
RMBS |  | 1,089,919 |  |  |  |  | 8,250 |  |  | (84,098) |  |  | 1,014,071 |
CMBS |  | 605,029 |  |  |  |  | 51 |  |  | (46,697) |  |  | 558,383 |
CLO |  | 494,339 |  |  |  |  | 63 |  |  | (6,553) |  |  | 487,849 |
Other ABS |  | 286,988 |  |  |  |  | 1,608 |  |  | (4,037) |  |  | 284,559 |
Foreign government and agency securities |  | 5,128 |  |  |  |  | — |  |  | (41) |  |  | 5,087 |
Mortgage insurance-linked notes (1) |  | 47,456 |  |  |  |  | 1,540 |  |  | — |  |  | 48,996 |
Total securities available for sale, including loaned securities |  | 5,734,767 |  |  |  |  | $ | 24,174 |  |  | $ | (443,531) |  | (2) | 5,315,410 |
Less: loaned securities (3) |  | 135,656 |  |  |  |  |  |  |  |  | 127,182 |
Total fixed-maturities available for sale |  | $ | 5,599,111 |  |  |  |  |  |  |  |  | $ | 5,188,228 |
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2)See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3)Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.
Schedule of Unrealized Losses on Fixed-Maturities Available for Sale by Category and Length of Time | For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2024, and December 31, 2023, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
|  |  |  | March 31, 2024
|  |  |  | Less Than 12 Months |  |  |  | 12 Months or Greater |  |  |  | Total
(In thousands) Description of Securities |  |  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  |  |  | $ | 21,017 |  |  | $ | (1,915) |  |  |  |  | $ | 107,278 |  |  | $ | (28,096) |  |  |  |  | $ | 128,295 |  |  | $ | (30,011) |
State and municipal obligations |  |  |  | 24,066 |  |  | (720) |  |  |  |  | 99,220 |  |  | (14,817) |  |  |  |  | 123,286 |  |  | (15,537) |
Corporate bonds and notes |  |  |  | 318,330 |  |  | (4,319) |  |  |  |  | 1,942,216 |  |  | (279,256) |  |  |  |  | 2,260,546 |  |  | (283,575) |
RMBS |  |  |  | 129,902 |  |  | (3,132) |  |  |  |  | 635,067 |  |  | (95,227) |  |  |  |  | 764,969 |  |  | (98,359) |
CMBS |  |  |  | 612 |  |  | (1) |  |  |  |  | 513,908 |  |  | (42,423) |  |  |  |  | 514,520 |  |  | (42,424) |
CLO |  |  |  | 164,220 |  |  | (398) |  |  |  |  | 148,248 |  |  | (3,949) |  |  |  |  | 312,468 |  |  | (4,347) |
Other ABS |  |  |  | 84,720 |  |  | (730) |  |  |  |  | 59,057 |  |  | (3,312) |  |  |  |  | 143,777 |  |  | (4,042) |
Total |  |  |  | $ | 742,867 |  |  | $ | (11,215) |  |  |  |  | $ | 3,504,994 |  |  | $ | (467,080) |  |  |  |  | $ | 4,247,861 |  |  | $ | (478,295) |
|  |  |  | December 31, 2023
|  |  |  | Less Than 12 Months |  |  |  | 12 Months or Greater |  |  |  | Total
(In thousands) Description of Securities |  |  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses |  |  |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities |  |  |  | $ | 15,650 |  |  | $ | (938) |  |  |  |  | $ | 113,678 |  |  | $ | (25,953) |  |  |  |  | $ | 129,328 |  |  | $ | (26,891) |
State and municipal obligations |  |  |  | 17,154 |  |  | (551) |  |  |  |  | 104,949 |  |  | (15,486) |  |  |  |  | 122,103 |  |  | (16,037) |
Corporate bonds and notes |  |  |  | 161,924 |  |  | (1,261) |  |  |  |  | 2,055,113 |  |  | (257,916) |  |  |  |  | 2,217,037 |  |  | (259,177) |
RMBS |  |  |  | 113,506 |  |  | (1,439) |  |  |  |  | 653,955 |  |  | (82,659) |  |  |  |  | 767,461 |  |  | (84,098) |
CMBS |  |  |  | 8,558 |  |  | (31) |  |  |  |  | 546,104 |  |  | (46,666) |  |  |  |  | 554,662 |  |  | (46,697) |
CLO |  |  |  | 15,083 |  |  | (25) |  |  |  |  | 438,294 |  |  | (6,528) |  |  |  |  | 453,377 |  |  | (6,553) |
Other ABS |  |  |  | 49,513 |  |  | (322) |  |  |  |  | 64,078 |  |  | (3,715) |  |  |  |  | 113,591 |  |  | (4,037) |
Foreign government and agency securities |  |  |  | — |  |  | — |  |  |  |  | 5,087 |  |  | (41) |  |  |  |  | 5,087 |  |  | (41) |
Total |  |  |  | $ | 381,388 |  |  | $ | (4,567) |  |  |  |  | $ | 3,981,258 |  |  | $ | (438,964) |  |  |  |  | $ | 4,362,646 |  |  | $ | (443,531) |
Schedule of Net Investment Income | Net investment income consisted of the following.
Net investment income
|  |  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  |  | 2024 |  | 2023
Investment income |  |  |  |  |  |  |  |
Fixed-maturities |  |  |  |  |  | $ | 57,259 |  |  | $ | 52,948 |
Equity securities |  |  |  |  |  | 2,539 |  |  | 2,932 |
Mortgage loans held for sale (1) |  |  |  |  |  | 1,793 |  |  | 194 |
Short-term investments |  |  |  |  |  | 8,958 |  |  | 3,588 |
Other (2) |  |  |  |  |  | 1,597 |  |  | 1,075 |
Gross investment income |  |  |  |  |  | 72,146 |  |  | 60,737 |
Investment expenses (2) |  |  |  |  |  | (2,925) |  |  | (2,284) |
Net investment income |  |  |  |  |  | $ | 69,221 |  |  | $ | 58,453 |
(1)See Note 7 for additional information on our mortgage loans held for sale. (2)Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses.
Schedule of Net Gains (Losses) on Investments and Other Financial Instruments | Net gains (losses) on investments and other financial instruments consisted of the following.
Net gains (losses) on investments and other financial instruments
|  |  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  |  | 2024 |  | 2023
Net realized gains (losses) on investments sold or redeemed (1) |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |
Gross realized gains |  |  |  |  |  | $ | 52 |  |  | $ | 78 |
Gross realized losses |  |  |  |  |  | (3,735) |  |  | (5,310) |
Fixed-maturities available for sale, net |  |  |  |  |  | (3,683) |  |  | (5,232) |
Trading securities |  |  |  |  |  | — |  |  | (302) |
Other investments |  |  |  |  |  | 1 |  |  | 28 |
Net realized gains (losses) on investments sold or redeemed (1) |  |  |  |  |  | (3,682) |  |  | (5,506) |
Change in unrealized gains (losses) on investments sold or redeemed (1) |  |  |  |  |  | 7 |  |  | 439 |
Net unrealized gains (losses) on investments still held (1) |  |  |  |  |  |  |  |
Trading securities |  |  |  |  |  | (1,977) |  |  | 2,078 |
Equity securities |  |  |  |  |  | 4,074 |  |  | 3,444 |
Other investments |  |  |  |  |  | (93) |  |  | (37) |
Net unrealized gains (losses) on investments still held (1) |  |  |  |  |  | 2,004 |  |  | 5,485 |
Total net gains (losses) on investments (1) |  |  |  |  |  | (1,671) |  |  | 418 |
Net gains (losses) on mortgage loans held for sale (Note 7) (2) |  |  |  |  |  | 384 |  |  | 80 |
Net gains (losses) on other financial instruments (1) (3) |  |  |  |  |  | 1,777 |  |  | 5,087 |
Net gains (losses) on investments and other financial instruments |  |  |  |  |  | $ | 490 |  |  | $ | 5,585 |
(1)Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information. (2)Includes realized and unrealized net gains (losses) on mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details. (3)Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information.
Schedule of Contractual Maturities of Fixed-Maturities Available for Sale | The contractual maturities of fixed-maturities available for sale were as follows.
Contractual maturities of fixed-maturities available for sale
|  | March 31, 2024
(In thousands) |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 107,336 |  |  | $ | 105,965 |
Due after one year through five years (1) |  | 1,243,833 |  |  | 1,187,261 |
Due after five years through 10 years (1) |  | 994,198 |  |  | 907,708 |
Due after 10 years (1) |  | 880,824 |  |  | 703,394 |
Asset-backed and mortgage-backed securities (2) |  | 2,548,131 |  |  | 2,410,666 |
Total |  | 5,774,322 |  |  | 5,314,994 |
Less: loaned securities |  | 116,514 |  |  | 105,969 |
Total fixed-maturities available for sale |  | $ | 5,657,808 |  |  | $ | 5,209,025 |
(1)Actual maturities may differ as a result of calls before scheduled maturity. (2)Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date.

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