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Fair Value of Financial Instruments (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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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
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