XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.
Assets and liabilities carried at fair value by hierarchy level
|  | June 30, 2024
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Investments |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 125,468 |  |  | $ | 9,226 |  |  | $ | — |  |  | $ | 134,694 |
State and municipal obligations |  | — |  |  | 152,959 |  |  | — |  |  | 152,959 |
Corporate bonds and notes |  | — |  |  | 2,409,183 |  |  | — |  |  | 2,409,183 |
RMBS |  | — |  |  | 1,060,805 |  |  | — |  |  | 1,060,805 |
CMBS |  | — |  |  | 495,615 |  |  | — |  |  | 495,615 |
CLO |  | — |  |  | 515,339 |  |  | — |  |  | 515,339 |
Other ABS |  | — |  |  | 360,171 |  |  | — |  |  | 360,171 |
Mortgage insurance-linked notes (1) |  | — |  |  | 47,755 |  |  | — |  |  | 47,755 |
Total fixed-maturities available for sale |  | 125,468 |  |  | 5,051,053 |  |  | — |  |  | 5,176,521 |
Assets and liabilities carried at fair value by hierarchy level
|  | June 30, 2024
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Trading securities |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 57,728 |  |  | — |  |  | 57,728 |
Corporate bonds and notes |  | — |  |  | 24,129 |  |  | — |  |  | 24,129 |
RMBS |  | — |  |  | 5,440 |  |  | — |  |  | 5,440 |
CMBS |  | — |  |  | 4,631 |  |  | — |  |  | 4,631 |
Total trading securities |  | — |  |  | 91,928 |  |  | — |  |  | 91,928 |
Equity securities |  | 132,827 |  |  | 3,941 |  |  | 6,546 |  |  | 143,314 |
Mortgage loans held for sale (2) |  | — |  |  | 458,096 |  |  | — |  |  | 458,096 |
Other invested assets (3) (4) |  | — |  |  | — |  |  | 5,628 |  |  | 5,628 |
Short-term investments |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 174,339 |  |  | — |  |  | — |  |  | 174,339 |
State and municipal obligations |  | — |  |  | 3,599 |  |  | — |  |  | 3,599 |
Money market instruments |  | 276,958 |  |  | — |  |  | — |  |  | 276,958 |
Corporate bonds and notes |  | — |  |  | 95,210 |  |  | — |  |  | 95,210 |
Other ABS |  | — |  |  | 12,161 |  |  | — |  |  | 12,161 |
Other investments (5) |  | — |  |  | 148,601 |  |  | — |  |  | 148,601 |
Total short-term investments |  | 451,297 |  |  | 259,571 |  |  | — |  |  | 710,868 |
Total investments at fair value (4) |  | 709,592 |  |  | 5,864,589 |  |  | 12,174 |  |  | 6,586,355 |
Other |  |  |  |  |  |  |  |
Derivative assets |  | — |  |  | 4,688 |  |  | — |  |  | 4,688 |
Mortgage servicing rights |  | — |  |  | — |  |  | 1,561 |  |  | 1,561 |
Loaned securities (6) |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 23,366 |  |  | — |  |  | — |  |  | 23,366 |
State and municipal obligations |  | — |  |  | 12 |  |  | — |  |  | 12 |
Corporate bonds and notes |  | — |  |  | 104,859 |  |  | — |  |  | 104,859 |
Equity securities |  | 19,861 |  |  | — |  |  | — |  |  | 19,861 |
Total assets at fair value (4) |  | $ | 752,819 |  |  | $ | 5,974,148 |  |  | $ | 13,735 |  |  | $ | 6,740,702 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities (7) |  | $ | — |  |  | $ | — |  |  | $ | 1,348 |  |  | $ | 1,348 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,348 |  |  | $ | 1,348 |
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2)See Note 7 for more information about our mortgage loans held for sale. (3)Consists primarily of interests in private debt and equity investments. (4)Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5)Comprises short-term certificates of deposit and commercial paper. (6)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements. (7)Level III derivative liabilities consist of embedded derivatives related to our XOL Program, which are classified as other liabilities on our condensed consolidated balance sheets. See Note 8 for more information.
Assets and liabilities carried at fair value by hierarchy level
|  | December 31, 2023
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Investments |  |  |  |  |  |  |  |
Fixed-maturities available for sale |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 124,734 |  |  | $ | 9,859 |  |  | $ | — |  |  | $ | 134,593 |
State and municipal obligations |  | — |  |  | 142,785 |  |  | — |  |  | 142,785 |
Corporate bonds and notes |  | — |  |  | 2,511,905 |  |  | — |  |  | 2,511,905 |
RMBS |  | — |  |  | 1,014,071 |  |  | — |  |  | 1,014,071 |
CMBS |  | — |  |  | 558,383 |  |  | — |  |  | 558,383 |
CLO |  | — |  |  | 487,849 |  |  | — |  |  | 487,849 |
Other ABS |  | — |  |  | 284,559 |  |  | — |  |  | 284,559 |
Foreign government and agency securities |  | — |  |  | 5,087 |  |  | — |  |  | 5,087 |
Mortgage insurance-linked notes (1) |  | — |  |  | 48,996 |  |  | — |  |  | 48,996 |
Total fixed-maturities available for sale |  | 124,734 |  |  | 5,063,494 |  |  | — |  |  | 5,188,228 |
Trading securities |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 70,844 |  |  | — |  |  | 70,844 |
Corporate bonds and notes |  | — |  |  | 24,913 |  |  | — |  |  | 24,913 |
RMBS |  | — |  |  | 5,930 |  |  | — |  |  | 5,930 |
CMBS |  | — |  |  | 4,736 |  |  | — |  |  | 4,736 |
Total trading securities |  | — |  |  | 106,423 |  |  | — |  |  | 106,423 |
Equity securities |  | 81,170 |  |  | 5,387 |  |  | 2,500 |  |  | 89,057 |
Mortgage loans held for sale (2) |  | — |  |  | 32,755 |  |  | — |  |  | 32,755 |
Other invested assets (3) (4) |  | — |  |  | — |  |  | 7,196 |  |  | 7,196 |
Short-term investments |  |  |  |  |  |  |  |
State and municipal obligations |  | — |  |  | 2,700 |  |  | — |  |  | 2,700 |
Money market instruments |  | 368,433 |  |  | — |  |  | — |  |  | 368,433 |
Corporate bonds and notes |  | — |  |  | 150,930 |  |  | — |  |  | 150,930 |
CMBS |  | — |  |  | 1,347 |  |  | — |  |  | 1,347 |
Other ABS |  | — |  |  | 1,158 |  |  | — |  |  | 1,158 |
Other investments (5) |  | — |  |  | 135,998 |  |  | — |  |  | 135,998 |
Total short-term investments |  | 368,433 |  |  | 292,133 |  |  | — |  |  | 660,566 |
Total investments at fair value (4) |  | 574,337 |  |  | 5,500,192 |  |  | 9,696 |  |  | 6,084,225 |
Other |  |  |  |  |  |  |  |
Derivative assets (6) |  | — |  |  | 1,912 |  |  | 1 |  |  | 1,913 |
Loaned securities (7) |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 9,803 |  |  | — |  |  | — |  |  | 9,803 |
Corporate bonds and notes |  | — |  |  | 117,992 |  |  | — |  |  | 117,992 |
Equity securities |  | 75,898 |  |  | — |  |  | — |  |  | 75,898 |
Total assets at fair value (4) |  | $ | 660,038 |  |  | $ | 5,620,096 |  |  | $ | 9,697 |  |  | $ | 6,289,831 |
Assets and liabilities carried at fair value by hierarchy level
|  | December 31, 2023
(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities (6) |  | $ | — |  |  | $ | 817 |  |  | $ | 692 |  |  | $ | 1,509 |
Total liabilities at fair value |  | $ | — |  |  | $ | 817 |  |  | $ | 692 |  |  | $ | 1,509 |
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2)We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. See Note 7 for more information about our mortgage loans held for sale. (3)Consists primarily of interests in private debt and equity investments. (4)Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5)Comprises short-term certificates of deposit and commercial paper. (6)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information. (7)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.
Schedule of Liabilities Not Carried at Fair Value | The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial instruments not carried at fair value
|  | June 30, 2024 |  | December 31, 2023
(In thousands) |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Company-owned life insurance |  | $ | 108,875 |  |  | $ | 108,875 |  |  | $ | 106,417 |  |  | $ | 106,417 |
Senior notes |  | 1,513,782 |  |  | 1,519,639 |  |  | 1,417,781 |  |  | 1,406,118 |
Secured borrowings |  |  |  |  |  |  |  |
FHLB advances |  | $ | 62,531 |  |  | $ | 62,540 |  |  | $ | 95,277 |  |  | $ | 95,348 |
Mortgage loan financing facilities |  | 422,134 |  |  | 422,134 |  |  | 24,199 |  |  | 24,199 |
Total secured borrowings |  | $ | 484,665 |  |  | $ | 484,674 |  |  | $ | 119,476 |  |  | $ | 119,547 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration