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Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2024 Form 10-K. 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 |
|  | September 30, 2025 |
(In thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 122,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 122,201 |
State and municipal obligations |  |  | — |  |  |  | 172,646 |  |  |  | — |  |  |  | 172,646 |
Corporate bonds and notes |  |  | — |  |  |  | 2,489,211 |  |  |  | — |  |  |  | 2,489,211 |
RMBS |  |  | — |  |  |  | 968,792 |  |  |  | — |  |  |  | 968,792 |
CMBS |  |  | — |  |  |  | 281,048 |  |  |  | — |  |  |  | 281,048 |
CLO |  |  | — |  |  |  | 440,175 |  |  |  | — |  |  |  | 440,175 |
Other ABS |  |  | — |  |  |  | 554,016 |  |  |  | — |  |  |  | 554,016 |
Mortgage insurance-linked notes (1) |  |  | — |  |  |  | 46,336 |  |  |  | — |  |  |  | 46,336 |
Total fixed maturities available for sale |  |  | 122,201 |  |  |  | 4,952,224 |  |  |  | — |  |  |  | 5,074,425 |
Fixed maturities trading securities |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 41,817 |  |  |  | — |  |  |  | 41,817 |
Corporate bonds and notes |  |  | — |  |  |  | 24,874 |  |  |  | — |  |  |  | 24,874 |
RMBS |  |  | — |  |  |  | 2,632 |  |  |  | — |  |  |  | 2,632 |
CMBS |  |  | — |  |  |  | 5,272 |  |  |  | — |  |  |  | 5,272 |
Total fixed maturities trading securities |  |  | — |  |  |  | 74,595 |  |  |  | — |  |  |  | 74,595 |
Equity securities |  |  | 63,170 |  |  |  | 5,824 |  |  |  | 6,546 |  |  |  | 75,540 |
Other invested assets (2) (3) |  |  | — |  |  |  | — |  |  |  | 5,878 |  |  |  | 5,878 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
Money market instruments |  |  | 303,474 |  |  |  | — |  |  |  | — |  |  |  | 303,474 |
Corporate bonds and notes |  |  | — |  |  |  | 32,824 |  |  |  | — |  |  |  | 32,824 |
Other ABS |  |  | — |  |  |  | 2,431 |  |  |  | — |  |  |  | 2,431 |
Other investments (4) |  |  | — |  |  |  | 279,915 |  |  |  | — |  |  |  | 279,915 |
Total short-term investments |  |  | 303,474 |  |  |  | 315,170 |  |  |  | — |  |  |  | 618,644 |
Total investments at fair value (3) |  |  | 488,845 |  |  |  | 5,347,813 |  |  |  | 12,424 |  |  |  | 5,849,082 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Loaned securities (5) |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  |  | — |  |  |  | 96,207 |  |  |  | — |  |  |  | 96,207 |
Equity securities |  |  | 38,186 |  |  |  | — |  |  |  | — |  |  |  | 38,186 |
Total assets at fair value (3) |  | $ | 527,031 |  |  | $ | 5,444,020 |  |  | $ | 12,424 |  |  | $ | 5,983,475 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | 1,623 |  |  | $ | 1,623 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,623 |  |  | $ | 1,623 |
(1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) Consists primarily of interests in private debt and equity investments. (3) Does not include other invested assets of $3 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Comprises short-term certificates of deposit and commercial paper. (5) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 7 for more information on our securities lending agreements.
Assets and liabilities carried at fair value by hierarchy level |
|  | December 31, 2024 |
(In thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities available for sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | $ | 113,695 |  |  | $ | 6,545 |  |  | $ | — |  |  | $ | 120,240 |
State and municipal obligations |  |  | — |  |  |  | 147,891 |  |  |  | — |  |  |  | 147,891 |
Corporate bonds and notes |  |  | — |  |  |  | 2,473,994 |  |  |  | — |  |  |  | 2,473,994 |
RMBS |  |  | — |  |  |  | 1,011,619 |  |  |  | — |  |  |  | 1,011,619 |
CMBS |  |  | — |  |  |  | 411,276 |  |  |  | — |  |  |  | 411,276 |
CLO |  |  | — |  |  |  | 411,462 |  |  |  | — |  |  |  | 411,462 |
Other ABS |  |  | — |  |  |  | 438,767 |  |  |  | — |  |  |  | 438,767 |
Mortgage insurance-linked notes (1) |  |  | — |  |  |  | 47,156 |  |  |  | — |  |  |  | 47,156 |
Total fixed maturities available for sale |  |  | 113,695 |  |  |  | 4,948,710 |  |  |  | — |  |  |  | 5,062,405 |
Fixed maturities trading securities |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  |  | — |  |  |  | 50,844 |  |  |  | — |  |  |  | 50,844 |
Corporate bonds and notes |  |  | — |  |  |  | 23,941 |  |  |  | — |  |  |  | 23,941 |
RMBS |  |  | — |  |  |  | 3,029 |  |  |  | — |  |  |  | 3,029 |
CMBS |  |  | — |  |  |  | 4,838 |  |  |  | — |  |  |  | 4,838 |
Total fixed maturities trading securities |  |  | — |  |  |  | 82,652 |  |  |  | — |  |  |  | 82,652 |
Equity securities |  |  | 128,368 |  |  |  | 3,275 |  |  |  | 6,546 |  |  |  | 138,189 |
Other invested assets (2) (3) |  |  | — |  |  |  | — |  |  |  | 5,908 |  |  |  | 5,908 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
Money market instruments |  |  | 307,827 |  |  |  | — |  |  |  | — |  |  |  | 307,827 |
Corporate bonds and notes |  |  | — |  |  |  | 26,738 |  |  |  | — |  |  |  | 26,738 |
Other ABS |  |  | — |  |  |  | 14,761 |  |  |  | — |  |  |  | 14,761 |
Other investments (4) |  |  | — |  |  |  | 61,317 |  |  |  | — |  |  |  | 61,317 |
Total short-term investments |  |  | 307,827 |  |  |  | 102,816 |  |  |  | — |  |  |  | 410,643 |
Total investments at fair value (3) |  |  | 549,890 |  |  |  | 5,137,453 |  |  |  | 12,454 |  |  |  | 5,699,797 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Loaned securities (5) |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  |  | — |  |  |  | 130,256 |  |  |  | — |  |  |  | 130,256 |
Other ABS |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 60 |
Equity securities |  |  | 8,805 |  |  |  | — |  |  |  | — |  |  |  | 8,805 |
Total assets at fair value (3) |  | $ | 558,695 |  |  | $ | 5,267,769 |  |  | $ | 12,454 |  |  | $ | 5,838,918 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | — |  |  | $ | — |  |  | $ | 1,249 |  |  | $ | 1,249 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,249 |  |  | $ | 1,249 |
(1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) Consists primarily of interests in private debt and equity investments. (3) 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. (4) Comprises short-term certificates of deposit and commercial paper. (5) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 7 for more information on our securities lending agreements. Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets are as follows as of the dates indicated.
Financial instruments not carried at fair value |
|  | September 30, 2025 |  |  | December 31, 2024 |
(In thousands) |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Company-owned life insurance |  | $ | 115,600 |  |  | $ | 115,600 |  |  | $ | 110,968 |  |  | $ | 110,968 |
Senior notes |  |  | 1,067,251 |  |  |  | 1,104,437 |  |  |  | 1,065,337 |  |  |  | 1,088,306 |
Other borrowings |  |  |  |  |  |  |  |  |  |  |  |
FHLB advances |  | $ | 60,401 |  |  | $ | 60,448 |  |  | $ | 45,865 |  |  | $ | 45,888 |
The fair value of our company-owned life insurance is estimated based on the cash surrender value less applicable surrender charges. These assets are categorized in Level II of the fair value hierarchy and are included in other assets on our condensed consolidated balance sheets. See Note 9 for further information on our company-owned life insurance. The fair value of our senior notes is estimated based on quoted market prices. The fair value of our FHLB advances is estimated based on current market rates and contractual cash flows, including any fees that may be required to be paid to the FHLB. These liabilities are all categorized in Level II of the fair value hierarchy. See Note 12 for further information about our senior notes and other borrowings.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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