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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Schedule of 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.
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 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 | )
Schedule of Contractual Maturities of Fixed-Maturities Available for Sale | 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.
Schedule of 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.
Schedule of 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 |

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