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Investments | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Investments | 7. Investments Available for Sale Securities Our available for sale securities within our investment portfolio consist of the following as of the dates indicated.
Available for sale securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2025 |
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  |  | Fair Value |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 149,659 |  |  | $ | 163 |  |  | $ | (27,621 | ) |  |  | $ | 122,201 |
State and municipal obligations |  |  | 185,638 |  |  |  | 1,558 |  |  |  | (14,550 | ) |  |  |  | 172,646 |
Corporate bonds and notes |  |  | 2,764,029 |  |  |  | 26,859 |  |  |  | (205,510 | ) |  |  |  | 2,585,378 |
RMBS |  |  | 1,027,209 |  |  |  | 10,591 |  |  |  | (69,008 | ) |  |  |  | 968,792 |
CMBS |  |  | 295,853 |  |  |  | 184 |  |  |  | (14,989 | ) |  |  |  | 281,048 |
CLO |  |  | 439,257 |  |  |  | 1,213 |  |  |  | (295 | ) |  |  |  | 440,175 |
Other ABS |  |  | 550,586 |  |  |  | 5,819 |  |  |  | (2,389 | ) |  |  |  | 554,016 |
Mortgage insurance-linked notes (1) |  |  | 45,384 |  |  |  | 952 |  |  |  | — |  |  |  |  | 46,336 |
Total securities available for sale, including loaned securities |  |  | 5,457,615 |  |  | $ | 47,339 |  |  | $ | (334,362 | ) | (2) |  |  | 5,170,592 |
Less: loaned securities (3) |  |  | 97,217 |  |  |  |  |  |  |  |  |  |  | 96,167 |
Total fixed maturities available for sale |  | $ | 5,360,398 |  |  |  |  |  |  |  |  |  | $ | 5,074,425 |
Available for sale securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 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 |  | $ | 151,955 |  |  | $ | — |  |  | $ | (31,714 | ) |  |  | $ | 120,241 |
State and municipal obligations |  |  | 166,114 |  |  |  | 40 |  |  |  | (18,263 | ) |  |  |  | 147,891 |
Corporate bonds and notes |  |  | 2,876,060 |  |  |  | 5,261 |  |  |  | (277,535 | ) |  |  |  | 2,603,786 |
RMBS |  |  | 1,104,708 |  |  |  | 6,965 |  |  |  | (100,055 | ) |  |  |  | 1,011,618 |
CMBS |  |  | 437,314 |  |  |  | 51 |  |  |  | (26,090 | ) |  |  |  | 411,275 |
CLO |  |  | 411,328 |  |  |  | 983 |  |  |  | (849 | ) |  |  |  | 411,462 |
Other ABS |  |  | 442,578 |  |  |  | 1,555 |  |  |  | (5,305 | ) |  |  |  | 438,828 |
Mortgage insurance-linked notes (1) |  |  | 45,447 |  |  |  | 1,709 |  |  |  | — |  |  |  |  | 47,156 |
Total securities available for sale, including loaned securities |  |  | 5,635,504 |  |  | $ | 16,564 |  |  | $ | (459,811 | ) | (2) |  |  | 5,192,257 |
Less: loaned securities (3) |  |  | 137,082 |  |  |  |  |  |  |  |  |  |  | 129,852 |
Total fixed maturities available for sale |  | $ | 5,498,422 |  |  |  |  |  |  |  |  |  | $ | 5,062,405 |
(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. Gross Unrealized Losses and Related Fair Value of Available for Sale Securities 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 September 30, 2025, and December 31, 2024, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below under “Loaned Securities.”
Unrealized losses on fixed maturities available for sale by category and length of time |
|  | September 30, 2025 |
|  | 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 |  | $ | 4,695 |  |  | $ | (466 | ) |  | $ | 100,672 |  |  | $ | (27,155 | ) |  | $ | 105,367 |  |  | $ | (27,621 | )
State and municipal obligations |  |  | 19,551 |  |  |  | (468 | ) |  |  | 92,290 |  |  |  | (14,082 | ) |  |  | 111,841 |  |  |  | (14,550 | )
Corporate bonds and notes |  |  | 175,092 |  |  |  | (2,980 | ) |  |  | 1,338,704 |  |  |  | (202,530 | ) |  |  | 1,513,796 |  |  |  | (205,510 | )
RMBS |  |  | 78,589 |  |  |  | (859 | ) |  |  | 556,563 |  |  |  | (68,149 | ) |  |  | 635,152 |  |  |  | (69,008 | )
CMBS |  |  | 3,843 |  |  |  | (11 | ) |  |  | 269,460 |  |  |  | (14,978 | ) |  |  | 273,303 |  |  |  | (14,989 | )
CLO |  |  | 40,727 |  |  |  | (62 | ) |  |  | 23,565 |  |  |  | (233 | ) |  |  | 64,292 |  |  |  | (295 | )
Other ABS |  |  | 57,956 |  |  |  | (726 | ) |  |  | 35,215 |  |  |  | (1,663 | ) |  |  | 93,171 |  |  |  | (2,389 | )
Total |  | $ | 380,453 |  |  | $ | (5,572 | ) |  | $ | 2,416,469 |  |  | $ | (328,790 | ) |  | $ | 2,796,922 |  |  | $ | (334,362 | )
|  | December 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 |  | $ | 5,770 |  |  | $ | (574 | ) |  | $ | 107,886 |  |  | $ | (31,141 | ) |  | $ | 113,656 |  |  | $ | (31,715 | )
State and municipal obligations |  |  | 45,539 |  |  |  | (2,399 | ) |  |  | 78,523 |  |  |  | (15,864 | ) |  |  | 124,062 |  |  |  | (18,263 | )
Corporate bonds and notes |  |  | 748,877 |  |  |  | (18,113 | ) |  |  | 1,552,535 |  |  |  | (259,422 | ) |  |  | 2,301,412 |  |  |  | (277,535 | )
RMBS |  |  | 296,899 |  |  |  | (6,467 | ) |  |  | 559,513 |  |  |  | (93,587 | ) |  |  | 856,412 |  |  |  | (100,054 | )
CMBS |  |  | 15,179 |  |  |  | (139 | ) |  |  | 387,559 |  |  |  | (25,951 | ) |  |  | 402,738 |  |  |  | (26,090 | )
CLO |  |  | 44,350 |  |  |  | (65 | ) |  |  | 43,542 |  |  |  | (784 | ) |  |  | 87,892 |  |  |  | (849 | )
Other ABS |  |  | 180,824 |  |  |  | (3,081 | ) |  |  | 45,192 |  |  |  | (2,224 | ) |  |  | 226,016 |  |  |  | (5,305 | )
Total |  | $ | 1,337,438 |  |  | $ | (30,838 | ) |  | $ | 2,774,750 |  |  | $ | (428,973 | ) |  | $ | 4,112,188 |  |  | $ | (459,811 | )
There were 727 and 1,054 securities in an unrealized loss position at September 30, 2025, and December 31, 2024, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of September 30, 2025, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information regarding our accounting policy for impairments of investments. Contractual Maturities The contractual maturities of fixed-maturities available for sale are as follows.
Contractual maturities of fixed maturities available for sale |
|  | September 30, 2025 |
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 133,848 |  |  | $ | 132,547 |
Due after one year through five years (1) |  |  | 1,020,087 |  |  |  | 1,000,206 |
Due after five years through 10 years (1) |  |  | 1,018,332 |  |  |  | 1,000,293 |
Due after 10 years (1) |  |  | 927,060 |  |  |  | 747,179 |
Asset-backed and mortgage-backed securities (2) |  |  | 2,358,288 |  |  |  | 2,290,367 |
Total |  |  | 5,457,615 |  |  |  | 5,170,592 |
Less: loaned securities |  |  | 97,217 |  |  |  | 96,167 |
Total fixed maturities available for sale |  | $ | 5,360,398 |  |  | $ | 5,074,425 |
(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. Net Investment Income Net investment inco me consists of the following.
Net investment income |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment income |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | 57,614 |  |  | $ | 59,238 |  |  | $ | 171,617 |  |  | $ | 174,106 |
Equity securities |  |  | 2,446 |  |  |  | 3,047 |  |  |  | 7,225 |  |  |  | 8,653 |
Short-term investments |  |  | 4,503 |  |  |  | 8,564 |  |  |  | 10,853 |  |  |  | 23,898 |
Other (1) |  |  | 1,810 |  |  |  | 1,525 |  |  |  | 5,244 |  |  |  | 4,626 |
Gross investment income |  |  | 66,373 |  |  |  | 72,374 |  |  |  | 194,939 |  |  |  | 211,283 |
Investment expenses (1) |  |  | (2,974 | ) |  |  | (3,025 | ) |  |  | (8,858 | ) |  |  | (8,680 | )
Net investment income |  | $ | 63,399 |  |  | $ | 69,349 |  |  | $ | 186,081 |  |  | $ | 202,603 |
(1) Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses. Net Gains (Losses) on Investments and Other Financial Instruments Net gains (losses) on investments and other financial instruments consists of the following.
Net gains (losses) on investments and other financial instruments |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net realized gains (losses) on investments sold or redeemed |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 64 |  |  | $ | 2,021 |  |  | $ | 526 |  |  | $ | 2,652 |
Gross realized losses |  |  | (933 | ) |  |  | (1,324 | ) |  |  | (5,801 | ) |  |  | (8,472 | )
Fixed maturities available for sale, net |  |  | (869 | ) |  |  | 697 |  |  |  | (5,275 | ) |  |  | (5,820 | )
Fixed maturities trading securities |  |  | (54 | ) |  |  | (496 | ) |  |  | (54 | ) |  |  | (686 | )
Equity securities |  |  | 1,683 |  |  |  | 2,156 |  |  |  | 2,581 |  |  |  | 2,162 |
Other investments |  |  | 48 |  |  |  | 44 |  |  |  | 62 |  |  |  | 45 |
Net realized gains (losses) on investments sold or redeemed |  |  | 808 |  |  |  | 2,401 |  |  |  | (2,686 | ) |  |  | (4,299 | )
Change in unrealized gains (losses) on investments sold or redeemed |  |  | (847 | ) |  |  | (2,025 | ) |  |  | (1,282 | ) |  |  | (690 | )
Impairment losses due to intent to sell |  |  | — |  |  |  | (131 | ) |  |  | — |  |  |  | (369 | )
Net unrealized gains (losses) on investments still held |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities trading securities |  |  | 1,048 |  |  |  | 3,926 |  |  |  | 3,267 |  |  |  | 988 |
Equity securities |  |  | (1,570 | ) |  |  | 2,585 |  |  |  | (2,275 | ) |  |  | 4,739 |
Other investments |  |  | 816 |  |  |  | 48 |  |  |  | 793 |  |  |  | 58 |
Net unrealized gains (losses) on investments still held |  |  | 294 |  |  |  | 6,559 |  |  |  | 1,785 |  |  |  | 5,785 |
Total net gains (losses) on investments |  |  | 255 |  |  |  | 6,804 |  |  |  | (2,183 | ) |  |  | 427 |
Net gains (losses) on other financial instruments |  |  | 1,030 |  |  |  | (83 | ) |  |  | 3,318 |  |  |  | 1,976 |
Net gains (losses) on investments and other financial instruments |  | $ | 1,285 |  |  | $ | 6,721 |  |  | $ | 1,135 |  |  | $ | 2,403 |
Loaned Securities We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Under this program, we had loaned $134 million and $139 million of our investment securities to third parties as of September 30, 2025, and December 31, 2024, respectively, including fixed-maturities, equity securities and short-term investments. Although we report such securities at fair value within other assets on our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 7 includes these securities. All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $21 million and $18 million as of September 30, 2025, and December 31, 2024, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements. See Note 6 herein for additional detail on the loaned securities and see Note 6 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder. Other Our investments include securities totaling $10 million and $8 million at September 30, 2025, and December 31, 2024, respectively, that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

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