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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
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 |
|  | 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.
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 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 |

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- 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
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