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Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2025 | Dec. 31, 2024
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Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Less: loaned securities |  | $ 179,692 |  | $ 139,121 |
Total fixed-maturities, available for sale, Amortized Cost |  | 5,449,992 |  | 5,511,501 |
Total fixed-maturities available for sale, Fair Value |  | 5,108,278 |  | 5,074,920 |
Total fixed-maturities available for sale |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 5,584,431 |  | 5,648,583 |
Total fixed-maturities, available for sale, Amortized Cost |  | 5,449,992 |  | 5,511,501 | [1]
Gross Unrealized Gains |  | 32,599 |  | 16,565 |
Gross Unrealized Losses | [2] | (378,625) |  | (460,376) |
Fair Value |  | 5,238,405 |  | 5,204,772 |
Total fixed-maturities available for sale, Fair Value |  | 5,108,278 |  | 5,074,920 | [1]
U.S. government and agency securities |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 164,513 |  | 160,509 |
Gross Unrealized Gains |  | 126 |  | 0 |
Gross Unrealized Losses |  | (29,270) |  | (32,177) |
Fair Value |  | 135,369 |  | 128,332 |
State and municipal obligations |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 159,695 |  | 167,114 |
Gross Unrealized Gains |  | 167 |  | 40 |
Gross Unrealized Losses |  | (16,375) |  | (18,263) |
Fair Value |  | 143,487 |  | 148,891 |
Corporate bonds and notes |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 2,767,925 |  | 2,878,705 |
Gross Unrealized Gains |  | 17,288 |  | 5,261 |
Gross Unrealized Losses |  | (230,241) |  | (277,535) |
Fair Value |  | 2,554,972 |  | 2,606,431 |
RMBS |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 1,063,500 |  | 1,104,721 |
Gross Unrealized Gains |  | 8,628 |  | 6,965 |
Gross Unrealized Losses |  | (80,619) |  | (100,056) |
Fair Value |  | 991,509 |  | 1,011,630 |
CMBS |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 343,420 |  | 438,139 |
Gross Unrealized Gains |  | 37 |  | 51 |
Gross Unrealized Losses |  | (18,073) |  | (26,191) |
Fair Value |  | 325,384 |  | 411,999 |
CLO |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 480,161 |  | 411,328 |
Gross Unrealized Gains |  | 862 |  | 983 |
Gross Unrealized Losses |  | (580) |  | (849) |
Fair Value |  | 480,443 |  | 411,462 |
Other ABS |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost |  | 559,833 |  | 442,620 |
Gross Unrealized Gains |  | 4,055 |  | 1,556 |
Gross Unrealized Losses |  | (3,467) |  | (5,305) |
Fair Value |  | 560,421 |  | 438,871 |
Mortgage insurance-linked notes |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Amortized Cost | [3] | 45,384 |  | 45,447 |
Gross Unrealized Gains | [3] | 1,436 |  | 1,709 |
Gross Unrealized Losses | [3] | 0 |  | 0 |
Fair Value | [3] | 46,820 |  | 47,156 |
Loaned securities, amortized cost | Total fixed-maturities available for sale |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Less: loaned securities |  | 134,439 | [1] | 137,082 |
Loaned securities, fair value | Total fixed-maturities available for sale |  |  |  |  |
Debt Securities, Available-for-sale [Line Items] |  |  |  |  |
Less: loaned securities |  | $ 130,127 | [1] | $ 129,852 |
[1] | Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.
[2] | See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details.
[3] | Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.

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