MGIC Investment (MTG) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MGIC INVESTMENT CORP
Entity Central Index Key	876,437
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3.8
Entity Common Stock, Shares Outstanding		340,008,569
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Securities, available-for-sale, at fair value:
Fixed maturities (amortized cost, 2015 - $4,684,148; 2014 - $4,602,514)	$ 4,657,561	$ 4,609,614
Equity securities	5,645	3,055
Total investment portfolio	4,663,206	4,612,669
Cash and cash equivalents	181,120	197,882
Restricted cash and cash equivalents	0	17,212
Accrued investment income	40,224	30,518
Prepaid reinsurance premiums	166	47,623
Reinsurance recoverable on loss reserves	44,487	57,841
Reinsurance recoverable on paid losses	3,319	6,424
Premiums receivable	48,469	57,442
Home office and equipment, net	30,095	28,693
Deferred insurance policy acquisition costs	15,241	12,240
Profit commission receivable	0	91,500
Deferred income taxes, net	762,080	0
Other assets	91,138	106,390
Total assets	5,879,545	5,266,434
Liabilities:
Loss reserves	1,893,402	2,396,807
Premium deficiency reserve	0	23,751
Unearned premiums	279,973	203,414
Senior notes	0	61,918
Convertible senior notes	833,503	845,000
Convertible junior debentures	389,522	389,522
Other liabilities	247,005	309,119
Total liabilities	$ 3,643,405	$ 4,229,531
Contingencies
Shareholders' equity
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,097; 2014 - 340,047; outstanding 2015 - 339,657; 2014 - 338,560)	$ 340,097	$ 340,047
Paid-in capital	1,670,238	1,663,592
Treasury stock (shares at cost 2015 - 440; 2014 - 1,487)	(3,362)	(32,937)
Accumulated other comprehensive loss, net of tax	(60,880)	(81,341)
Retained earnings (deficit)	290,047	(852,458)
Total shareholders' equity	2,236,140	1,036,903
Total liabilities and shareholders' equity	$ 5,879,545	$ 5,266,434

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2013
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 4,684,148	$ 4,602,514
Shareholders' equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	680,000,000
Common stock, shares issued (in shares)	340,097,000	340,047,000
Common stock, shares outstanding (in shares)	339,657,000	338,560,000
Treasury stock, shares at cost (in shares)	440,000	1,487,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Premiums written:
Direct	$ 1,074,490		$ 999,943		$ 994,910
Assumed	1,178		1,653		2,074
Ceded	(55,391)		(119,634)		(73,503)
Net premiums written	1,020,277		881,962		923,481
(Increase) decrease in unearned premiums	(124,055)		(37,591)		19,570
Net premiums earned	896,222		844,371		943,051
Investment income, net of expenses	103,741		87,647		80,739
Net realized investment gains (losses)
Total other-than-temporary impairment losses	0		(144)		(328)
Portion of losses recognized in other comprehensive income (loss), before taxes	0		0		0
Net impairment losses recognized in earnings	0		(144)		(328)
Other realized investment gains	28,361		1,501		6,059
Net realized investment gains	28,361		1,357		5,731
Other revenue	12,457		8,422		9,914
Total revenues	1,040,781		941,797		1,039,435
Losses and expenses:
Losses incurred, net	343,547		496,077		838,726
Change in premium deficiency reserve	(23,751)		(24,710)		(25,320)
Amortization of deferred policy acquisition costs	8,789		7,618		10,641
Other underwriting and operating expenses, net	155,577		138,441		181,877
Interest expense	68,932		69,648		79,663
Total losses and expenses	553,094		687,074		1,085,587
Income (loss) before tax	487,687		254,723		(46,152)
(Benefit from) provision for income tax	(684,313)		2,774		3,696
Net income (loss)	$ 1,172,000		$ 251,949		$ (49,848)
Income (loss) per share
Basic (in dollars per share)	$ 3.45	[1],[2]	$ 0.74	[1]	$ (0.16)
Diluted (in dollars per share)	$ 2.60	[1],[2]	$ 0.64	[1]	$ (0.16)
Weighted average common shares outstanding - basic (in shares)	339,552		338,523		311,754
Weighted average common shares outstanding - diluted (in shares)	468,039		413,522		311,754
Dividends per share (in dollars per share)	$ 0		$ 0		$ 0
[1]	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.
[2]	In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,172,000	$ 251,949	$ (49,848)
Other comprehensive income (loss), net of tax
Change in unrealized investment gains and losses	40,403	91,139	(123,591)
Benefit plans adjustment	(15,714)	(52,112)	68,038
Foreign currency translation adjustment	(4,228)	(2,642)	(14,010)
Total other comprehensive income, net of tax	20,461	36,385	(69,563)
Comprehensive income (loss)	$ 1,192,461	$ 288,334	$ (119,411)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Treasury stock	Accumulated other comprehensive loss	Retained earnings (deficit)
Balance, beginning of year at Dec. 31, 2012		$ 205,047	$ 1,135,296	$ (104,959)	$ (48,163)	$ (990,281)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		135,000	528,335
Net income (loss)	$ (49,848)					(49,848)
Net common stock issued under share-based compensation plans		0	0
Reissuance of treasury stock, net			(7,892)	40,524		(34,488)
Tax benefit from share-based compensation			0
Equity compensation			5,530
Other comprehensive income (loss)	(69,563)				(69,563)
Balance, end of year at Dec. 31, 2013	744,538	340,047	1,661,269	(64,435)	(117,726)	(1,074,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		0	0
Net income (loss)	251,949					251,949
Net common stock issued under share-based compensation plans		0	0
Reissuance of treasury stock, net			(6,680)	31,498		(29,790)
Tax benefit from share-based compensation			0
Equity compensation			9,003
Other comprehensive income (loss)	36,385				36,385
Balance, end of year at Dec. 31, 2014	1,036,903	340,047	1,663,592	(32,937)	(81,341)	(852,458)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		0	0
Net income (loss)	1,172,000					1,172,000
Net common stock issued under share-based compensation plans		50	(478)
Reissuance of treasury stock, net			(6,894)	29,575		(29,495)
Tax benefit from share-based compensation			2,116
Equity compensation			11,902
Other comprehensive income (loss)	20,461				20,461
Balance, end of year at Dec. 31, 2015	$ 2,236,140	$ 340,097	$ 1,670,238	$ (3,362)	$ (60,880)	$ 290,047

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ 1,172,000	$ 251,949	$ (49,848)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and other amortization	52,559	48,861	69,203
Deferred tax (benefit) expense	(692,810)	312	590
Realized investment gains, net	(28,361)	(1,501)	(6,059)
Net investment impairment losses	0	144	328
Loss on repurchase of senior notes	507	837	0
Excess tax benefits related to share-based compensation	(2,117)	0	0
Change in certain assets and liabilities:
Accrued investment income	(9,706)	1,142	(4,417)
Prepaid reinsurance premium	47,457	(11,380)	(35,402)
Reinsurance recoverable on loss reserves	13,354	6,244	40,763
Reinsurance recoverable on paid losses	3,105	4,001	5,180
Premiums receivable	8,973	4,859	5,527
Deferred insurance policy acquisition costs	(3,001)	(2,519)	1,524
Profit commission receivable	64,525	(89,132)	(2,368)
Loss reserves	(503,405)	(664,594)	(995,442)
Premium deficiency reserve	(23,751)	(24,710)	(25,320)
Unearned premiums	76,559	48,935	15,639
Return premium accrual	(9,600)	22,200	(11,800)
Income taxes payable - current	2,518	(674)	598
Other, net	(16,770)	(251)	20,593
Net cash provided by (used in) operating activities	152,036	(405,277)	(970,711)
Purchases of investments:
Fixed maturities	(2,462,844)	(1,979,917)	(3,248,602)
Equity securities	(2,623)	(94)	(111)
Proceeds from sales of fixed maturities	1,796,153	1,147,624	1,054,985
Proceeds from maturity of fixed maturities	559,774	1,129,087	1,357,028
Net decrease in payables for securities	0	13	13
Net decrease (increase) in restricted cash	17,212	228	(17,440)
Additions to property and equipment	(4,630)	(4,707)	(820)
Net cash (used in) provided by investing activities	(96,958)	292,234	(854,947)
Cash flows from financing activities:
Net proceeds from convertible senior notes	0	0	484,625
Common stock shares issued	0	0	663,335
Repayment of long-term debt	(73,957)	(21,767)	(17,235)
Excess tax benefits related to share-based compensation	2,117	0	0
Net cash (used in) provided by financing activities	(71,840)	(21,767)	1,130,725
Net decrease in cash and cash equivalents	(16,762)	(134,810)	(694,933)
Cash and cash equivalents at beginning of year	197,882	332,692	1,027,625
Cash and cash equivalents at end of year	$ 181,120	$ 197,882	$ 332,692

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2015
Nature of Business [Abstract]
Nature of Business	Nature of Business MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation (“MGIC”) and several other subsidiaries, is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Our principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us. Through certain other non-insurance subsidiaries, we also provide various services for the mortgage finance industry, such as contract underwriting, analysis of loan originations and portfolios, and mortgage lead generation. We began writing business in Australia in June 2007. We stopped writing new business in Australia in 2008 and in the fourth quarter of 2015 we settled all of our remaining risk in force. Our Australian operations, including amounts settled, are included in our consolidated financial statements; however they are not material to our consolidated results. At December 31, 2015 , our direct domestic primary insurance in force was $174.5 billion , which represents the principal balance in our records of all mortgage loans that we insure, and our direct domestic primary risk in force was $45.5 billion , which represents the insurance in force multiplied by the insurance coverage percentage.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”), as codified in the Accounting Standards Codification. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. All intercompany transactions have been eliminated. Cash and Cash Equivalents We consider money market funds and investments with original maturities of three months or less to be cash equivalents. Restricted cash and cash equivalents During the second quarter of 2013, approximately $60.3 million was placed in escrow in connection with the two agreements we entered into to resolve our dispute with Countrywide Home Loans (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “Countrywide”) regarding rescissions. In the fourth quarter of 2013, approximately $42.9 million was released from escrow in connection with the BANA agreement and approximately $17.2 million remained in escrow in connection with the CHL agreement as of December 31, 2014 . In the first quarter of 2015, the remaining escrow funds were disbursed to us pursuant to the amended and restated settlement agreement and release entered into with CHL on March 2, 2015. See additional discussion of these settlement agreements in Note 20 – “Litigation and contingencies.” Reclassifications Certain reclassifications have been made in the accompanying consolidated financial statements to 2014 and 2013 amounts to conform to the 2015 presentation. For the years ended December 31, 2014 and 2013 cash used for additions to property and equipment was previously presented as "Other" within cash flows from operating activities and is presented separately as "Additions to property and equipment" within cash flows from investing activities for the year ended December 31, 2015 . This revision is not material to amounts reported or disclosed by us in prior years. Subsequent Events We have considered subsequent events through the date of this filing. Refer to Note 8 – "Debt" for disclosure of debt transactions executed subsequent to December 31, 2015 through the date of this filing and also Note 3 – "Summary of Significant Accounting Policies" for the resulting impact on potentially dilutive shares.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fair value measurements To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities: Level 1 - Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs primarily include U.S. Treasury securities, equity securities, and Australian government and semi government securities. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, and certain municipal bonds. The independent pricing sources utilize these approaches based on type of investment: Corporate Debt & U.S. Government and Agency Bonds are evaluated by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation process. Obligations of U.S. States & Political Subdivisions are evaluated by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. Residential Mortgage-Backed Securities are evaluated by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. Commercial Mortgage-Backed Securities are evaluated using valuation techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation utilizes regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. Asset-Backed Securities are evaluated using spreads and other information solicited from market buy- and sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including market color as available are used, resulting in tranche-specific spreads. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or from par values for equity securities restricted in their ability to be redeemed or sold. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs primarily include equity securities that can only be redeemed or sold at their par value and only to the security issuer and certain state premium tax credit investments. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends. Investments Our entire investment portfolio is classified as available-for-sale and is reported at fair value or, for certain equity securities carried at cost, amounts that approximate fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses are reported in income based upon specific identification of securities sold. (See Note 6 – “Investments.”) Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to: ▪ our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; ▪ the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; ▪ extent and duration of the decline; ▪ failure of the issuer to make scheduled interest or principal payments; ▪ change in rating below investment grade; and ▪ adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record an other-than-temporary impairment adjustment on a security if we intend to sell the impaired security, if it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. If the fair value of a security is below its amortized cost at the time of our intent to sell, the security is classified as other-than-temporarily impaired and the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, when a security is considered to be other-than-temporarily impaired, the losses are separated into the portion of the loss that represents the credit loss and the portion that is due to other factors. The credit loss portion is recognized as a loss in the statement of operations, while the loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security. Home office and equipment Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office, equipment and data processing hardware over estimated lives of 45 , 5 and 3 years, respectively. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $26.1 million , $54.9 million and $53.0 million as of December 31, 2015 , 2014 and 2013 , respectively. Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $3.2 million , $2.2 million and $1.8 million , respectively. Deferred Insurance Policy Acquisition Costs Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs (“DAC”). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. If a premium deficiency exists (in other words, no gross profit is expected), we reduce the related DAC by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the related DAC balance, we then establish a premium deficiency reserve equal to the excess, through a charge to current period earnings. Loss Reserves Reserves are established for insurance losses and loss adjustment expenses when we receive notices of default on insured mortgage loans. We consider a loan in default when it is two or more payments past due. Even though the accounting standard, Accounting Standards Codification (“ASC”) 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. Reserves are also established for estimated losses from defaults occurring prior to the close of an accounting period on notices of default not yet reported to us. These incurred but not reported (“IBNR”) reserves are also established using estimated claim rates and claim severities. Reserves also provide for the estimated costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process. Reserves are also ceded to reinsurers under our reinsurance agreements. (See Note 9 – “Loss Reserves” and Note 11 – “Reinsurance.”) Premium Deficiency Reserve After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve is based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings. (See Note 10 - “Premium Deficiency Reserve.”) Revenue Recognition We write policies which are guaranteed renewable contracts at the insured's option on a monthly, single, or annual premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve and earned over the policy life. Premiums written on policies covering more than one year are amortized over the policy life in relationship to the anticipated incurred loss pattern based on historical experience. Premiums written on annual premium policies are earned on a monthly pro rata basis. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. Cancellations also include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the servicer and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. When a premium deficiency exists a separate component of the premium refund liability is included in “Premium deficiency reserves” on our consolidated balance sheets. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations. Income Taxes Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the financial statements and the tax bases of these items. The expected tax effects are computed at the enacted regular federal tax rate. Using this method, we have recorded a net deferred tax asset primarily due to net operating losses incurred in prior years. On a quarterly basis, we review the need to maintain a deferred tax asset valuation allowance as an offset to the net deferred tax asset, before valuation allowance. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, as discussed in Note 14 –“Income Taxes,” we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities. Benefit Plans We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Retirement benefits are based on compensation and years of service. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974. We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents until the retiree reaches the age of 65 . Under the plan retirees pay a premium for these benefits. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits. (See Note 13 – “Benefit Plans.”) Reinsurance Loss reserves and unearned premiums are reported before taking credit for amounts ceded under reinsurance agreements. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Ceded unearned premiums are reflected as “Prepaid reinsurance premiums.” Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable are included in “Other liabilities.” Any profit commissions are included with “Premiums written – Ceded” and any ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 11 – “Reinsurance.”) Foreign Currency Translation Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive loss in shareholders’ equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income (loss) at the rate on the transaction date. Share-Based Compensation We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to three years. (See Note 18 – “Share-based Compensation Plans.”) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested restricted stock units or granted stock options result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our convertible debt instruments result in the issuance of common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. We have several debt issuances that could potentially result in contingently issuable shares and consider each potential issuance of shares separately to reflect the maximum potential dilution. Accordingly, our dilutive common stock equivalents may not reflect all of the contingently issuable shares that could be required to be issued upon any debt conversion. For purposes of calculating basic and diluted EPS, vested restricted stock and restricted stock units are considered outstanding. GAAP requires unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of EPS pursuant to the two-class method. Our participating securities are composed of vested restricted stock and restricted stock units with non-forfeitable rights to dividends. There have been no dividends declared by us since the issuance of these participating securities and there has been no reduction to net income available to common shareholders. For the years ended December 31, 2015 and 2014 , participating securities of 0.1 million have been included in basic EPS, respectively, and 0.1 million have been excluded for the year ended December 31, 2013 as they were anti-dilutive due to our net loss. The computation of diluted EPS for the years ended December 31, 2015 and 2014 include the weighted average unvested restricted stock units outstanding of 2.1 million and 3.1 million , respectively. As a result of reporting a net loss in 2013, unvested restricted stock awards were anti-dilutive for the year and accordingly not included in the computation of diluted weighted average shares. For the year ended December 31, 2015 , all of our outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS. The following table reconciles basic and diluted EPS amounts: Years Ended December 31, (In thousands, except per share data) 2015 2014 2013 Basic earnings (loss) per share: Net income (loss) $ 1,172,000 $ 251,949 $ (49,848 ) Weighted average common shares outstanding 339,552 338,523 311,754 Basic income (loss) per share $ 3.45 $ 0.74 $ (0.16 ) Diluted earnings (loss) per share: Net income (loss) $ 1,172,000 $ 251,949 $ (49,848 ) Interest expense, net of tax (1): 2% Convertible Senior Notes due 2020 7,928 12,197 — 5% Convertible Senior Notes due 2017 12,228 — — 9% Convertible Junior Subordinated Debentures due 2063 22,786 — — Diluted income available to common shareholders $ 1,214,942 $ 264,146 $ (49,848 ) Weighted-average shares - Basic 339,552 338,523 311,754 Effect of dilutive securities: Unvested restricted stock units 2,113 3,082 — 2% Convertible Senior Notes due 2020 71,917 71,917 — 5% Convertible Senior Notes due 2017 25,603 — — 9% Convertible Junior Subordinated Debentures due 2063 28,854 — — Weighted-average shares - Diluted 468,039 413,522 311,754 Diluted income (loss) per share $ 2.60 $ 0.64 $ (0.16 ) Anti-dilutive securities (in millions) — 54.5 130.1 (1) The year ended December 31, 2015 has been tax effected at a rate of 35% . Due to the valuation allowance recorded against deferred tax assets the year ended December 31, 2014 was not tax effected. As discussed in Note 8 - "Debt," we purchased $127.7 million par value of our 5% Convertible Senior Notes due May 2017 ("5% Notes") and MGIC purchased $132.7 million par value of our 9% Convertible Junior Subordinated Debentures due April 2063 ("9% Debentures") in the first quarter of 2016 through the date of this filing. These purchases effectively retired the debt instruments for GAAP accounting purposes. The purchases of the 5% Notes and 9% Debentures reduced our potentially dilutive shares by approximately 9.5 million and 9.8 million shares, respectively.

New Accounting Policies

New Accounting Policies	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Policies	New Accounting Policies In January 2016, the Financial Accounting Standards Board ("FASB") issued updated guidance to address the recognition, measurement, presentation, and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values. The updated guidance also eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods and will require recognition of a cumulative effect adjustment at adoption. We do not currently expect the adoption of this guidance to impact our financial position or liquidity. In May 2015, the FASB issued updated guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims. The disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting periods is considered supplementary information. The expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims. The disclosures required by this update are effective for annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016, and is to be applied retrospectively. We are evaluating the impact, if any, of the new disclosure requirements. In April 2015, the FASB issued updated guidance related to the presentation of debt issuance costs. The new standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of December 31, 2015 debt issuance costs of approximately $11 million associated with our Convertible Senior Notes are recorded in "Other assets" on the consolidated balance sheet. We will adopt this amended guidance in the first quarter of 2016. In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee shared-based compensation that contains performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This updated guidance is effective for annual and interim periods beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016, which will likely reduce the service periods utilized to recognize expense on certain share-based compensation awards granted in 2016 relative to the service period in the grant terms. The impact is not expected to be material to our consolidated financial statements. In May 2014, the FASB issued updated guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, our fee income related to contract underwriting and other fee-based services provided to lenders will be subject to this guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The guidance is effective for reporting periods beginning after December 15, 2017 with early adoption for reporting periods beginning after December 15, 2016 permitted. We are currently evaluating the impact of this update, but it is not expected to have a material impact on our consolidated financial statements and disclosures.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There were no related party transactions during 2015 , 2014 or 2013 .

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments	Investments The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2015 and 2014 are shown below: December 31, 2015 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 160,393 $ 2,133 $ (1,942 ) $ 160,584 Obligations of U.S. states and political subdivisions 1,766,407 33,410 (7,290 ) 1,792,527 Corporate debt securities 2,046,697 2,836 (44,770 ) 2,004,763 Asset-backed securities 116,764 56 (203 ) 116,617 Residential mortgage-backed securities 265,879 161 (8,392 ) 257,648 Commercial mortgage-backed securities 237,304 162 (3,975 ) 233,491 Collateralized loan obligations 61,345 3 (1,148 ) 60,200 Debt securities issued by foreign sovereign governments 29,359 2,474 (102 ) 31,731 Total debt securities 4,684,148 41,235 (67,822 ) 4,657,561 Equity securities 5,625 38 (18 ) 5,645 Total investment portfolio $ 4,689,773 $ 41,273 $ (67,840 ) $ 4,663,206 December 31, 2014 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 349,153 $ 2,752 $ (5,130 ) $ 346,775 Obligations of U.S. states and political subdivisions 844,942 12,961 (2,761 ) 855,142 Corporate debt securities 2,418,991 16,325 (10,035 ) 2,425,281 Asset-backed securities 286,260 535 (140 ) 286,655 Residential mortgage-backed securities 329,983 254 (9,000 ) 321,237 Commercial mortgage-backed securities 276,215 1,221 (2,158 ) 275,278 Collateralized loan obligations 61,340 — (1,264 ) 60,076 Debt securities issued by foreign sovereign governments 35,630 3,540 — 39,170 Total debt securities 4,602,514 37,588 (30,488 ) 4,609,614 Equity securities 3,003 61 (9 ) 3,055 Total investment portfolio $ 4,605,517 $ 37,649 $ (30,497 ) $ 4,612,669 (1) There were no other-than-temporary impairment losses recorded in other comprehensive income (loss) as of December 31, 2015 and 2014 . Our foreign investments primarily consist of the investment portfolio supporting our Australian domiciled subsidiary. The portfolio is comprised of Australian government and semi government securities, representing 87% of the market value of our foreign investments with the remaining 7% invested in corporate securities and 6% in cash equivalents. Eighty-nine percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 11% is rated AA. As of December 31, 2015 , the investment portfolio fair value in our Australian operations was approximately $34 million . The amortized cost and fair values of debt securities as of December 31, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories. December 31, 2015 (In thousands) Amortized Cost Fair Value Due in one year or less $ 280,697 $ 281,063 Due after one year through five years 1,450,854 1,450,315 Due after five years through ten years 1,207,011 1,176,468 Due after ten years 1,064,294 1,081,759 4,002,856 3,989,605 Asset-backed securities 116,764 116,617 Residential mortgage-backed securities 265,879 257,648 Commercial mortgage-backed securities 237,304 233,491 Collateralized loan obligations 61,345 60,200 Total as of December 31, 2015 $ 4,684,148 $ 4,657,561 At December 31, 2015 and 2014 , the investment portfolio had gross unrealized losses of $67.8 million and $30.5 million , respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows: December 31, 2015 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 60,548 $ (1,467 ) $ 1,923 $ (475 ) $ 62,471 $ (1,942 ) Obligations of U.S. states and political subdivisions 417,615 (6,404 ) 37,014 (886 ) 454,629 (7,290 ) Corporate debt securities 1,470,628 (38,519 ) 114,982 (6,251 ) 1,585,610 (44,770 ) Asset-backed securities 86,604 (173 ) 5,546 (30 ) 92,150 (203 ) Residential mortgage-backed securities 35,064 (312 ) 209,882 (8,080 ) 244,946 (8,392 ) Commercial mortgage-backed securities 134,488 (2,361 ) 69,927 (1,614 ) 204,415 (3,975 ) Collateralized loan obligations — — 51,750 (1,148 ) 51,750 (1,148 ) Debt securities issued by foreign sovereign governments 4,463 (102 ) — — 4,463 (102 ) Equity securities 355 (8 ) 171 (10 ) 526 (18 ) Total investment portfolio $ 2,209,765 $ (49,346 ) $ 491,195 $ (18,494 ) $ 2,700,960 $ (67,840 ) December 31, 2014 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 58,166 $ (138 ) $ 232,351 $ (4,992 ) $ 290,517 $ (5,130 ) Obligations of U.S. states and political subdivisions 166,408 (1,066 ) 114,465 (1,695 ) 280,873 (2,761 ) Corporate debt securities 816,555 (5,259 ) 243,208 (4,776 ) 1,059,763 (10,035 ) Asset-backed securities 54,491 (80 ) 11,895 (60 ) 66,386 (140 ) Residential mortgage-backed securities 24,168 (34 ) 263,002 (8,966 ) 287,170 (9,000 ) Commercial mortgage-backed securities 89,301 (810 ) 110,652 (1,348 ) 199,953 (2,158 ) Collateralized loan obligations — — 60,076 (1,264 ) 60,076 (1,264 ) Debt securities issued by foreign sovereign governments — — — — — — Equity securities 167 (1 ) 235 (8 ) 402 (9 ) Total investment portfolio $ 1,209,256 $ (7,388 ) $ 1,035,884 $ (23,109 ) $ 2,245,140 $ (30,497 ) The unrealized losses in all categories of our investments as of December 31, 2015 were primarily caused by the difference in interest rates at December 31, 2015 compared to interest rates at the time of purchase. There were 303 and 423 securities in an unrealized loss position as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 , the fair value as a percent of amortized cost of the securities in an unrealized loss position was 98% and approximately 15% of the securities in an unrealized loss position were backed by the U.S. Government. There were no other-than-temporary impairment (“OTTI”) losses in earnings during 2015 . We recognized OTTI losses of $0.1 million and $0.3 million during 2014 and 2013 , respectively. For the years ended December 31, 2015 , 2014 , and 2013 , there were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive loss. The source of net investment income is as follows: (In thousands) 2015 2014 2013 Fixed maturities $ 105,882 $ 89,437 $ 82,168 Equity securities 208 227 229 Cash equivalents 191 179 353 Other 455 711 675 Investment income 106,736 90,554 83,425 Investment expenses (2,995 ) (2,907 ) (2,686 ) Net investment income $ 103,741 $ 87,647 $ 80,739 The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows: (In thousands) 2015 2014 2013 Net realized investment gains on investments: Fixed maturities $ 28,335 $ 1,000 $ 3,274 Equity securities 26 356 1,068 Other — 1 1,389 Total net realized investment gains $ 28,361 $ 1,357 $ 5,731 Change in net unrealized gains (losses): Fixed maturities $ (33,687 ) $ 91,718 $ (126,020 ) Equity securities (32 ) 66 (153 ) Other — — — Total (decrease) increase in net unrealized gains/losses $ (33,719 ) $ 91,784 $ (126,173 ) The gross realized gains, gross realized losses and impairment losses are as follows: (In thousands) 2015 2014 2013 Gross realized gains $ 30,039 $ 4,966 $ 11,043 Gross realized losses (1,678 ) (3,465 ) (4,984 ) Other-than-temporary-impairment losses — (144 ) (328 ) Net realized gains on securities $ 28,361 $ 1,357 $ 5,731 We had $18.9 million and $20.2 million of investments at fair value on deposit with various states as of December 31, 2015 and 2014 , respectively, due to regulatory requirements of those state insurance departments.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2015 and 2014 : December 31, 2015 (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 160,584 $ 46,197 $ 114,387 $ — Obligations of U.S. states and political subdivisions 1,792,527 — 1,791,299 1,228 Corporate debt securities 2,004,763 — 2,004,763 — Asset-backed securities 116,617 — 116,617 — Residential mortgage-backed securities 257,648 — 257,648 — Commercial mortgage-backed securities 233,491 — 233,491 — Collateralized loan obligations 60,200 — 60,200 — Debt securities issued by foreign sovereign governments 31,731 31,731 — — Total debt securities 4,657,561 77,928 4,578,405 1,228 Equity securities (1) 5,645 2,790 — 2,855 Total investments $ 4,663,206 $ 80,718 $ 4,578,405 $ 4,083 Real estate acquired (2) $ 12,149 $ — $ — $ 12,149 December 31, 2014 (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 346,775 $ 188,824 $ 157,951 $ — Obligations of U.S. states and political subdivisions 855,142 — 853,296 1,846 Corporate debt securities 2,425,281 — 2,425,281 — Asset-backed securities 286,655 — 286,655 — Residential mortgage-backed securities 321,237 — 321,237 — Commercial mortgage-backed securities 275,278 — 275,278 — Collateralized loan obligations 60,076 — 60,076 — Debt securities issued by foreign sovereign governments 39,170 39,170 — — Total debt securities 4,609,614 227,994 4,379,774 1,846 Equity securities (1) 3,055 2,734 — 321 Total investments $ 4,612,669 $ 230,728 $ 4,379,774 $ 2,167 Real estate acquired (2) $ 12,658 $ — $ — $ 12,658 (1) Equity securities in Level 3 are carried at cost, which approximates fair value. (2) Real estate acquired through claim settlement, which is held for sale, is reported in other assets on the consolidated balance sheets. For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2015 , 2014 , and 2013 is shown in the following tables. There were no transfers into or out of Level 3 in those years and there we no losses included in earnings for those years attributable to the change in unrealized losses on assets still held at the end of each applicable year. (In thousands) Obligations of U.S. States and Political Subdivisions Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net — — — (2,322 ) Purchases 7 2,534 2,541 34,624 Sales (625 ) — (625 ) (32,811 ) Balance at December 31, 2015 $ 1,228 $ 2,855 $ 4,083 $ 12,149 (In thousands) Obligations of U.S. States and Political Subdivisions Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2013 $ 2,423 $ 321 $ 2,744 $ 13,280 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net — — — (4,129 ) Purchases 30 — 30 42,247 Sales (607 ) — (607 ) (38,740 ) Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 (In thousands) Obligations of U.S. States and Political Subdivisions Corporate Debt Securities Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2012 $ 3,130 $ 17,114 $ 321 $ 20,565 $ 3,463 Total realized/unrealized gains (losses): Included in earnings and reported as realized investment gains (losses), net — (225 ) — (225 ) — Included in earnings and reported as losses incurred, net — — — — (4,959 ) Included in other comprehensive income — — — — — Purchases 30 — — 30 39,188 Sales (737 ) (16,889 ) — (17,626 ) (24,412 ) Balance at December 31, 2013 $ 2,423 $ — $ 321 $ 2,744 $ 13,280 Authoritative guidance over disclosures about the fair value of financial instruments requires additional disclosure for financial instruments not measured at fair value. Certain financial instruments, including insurance contracts, are excluded from these fair value disclosure requirements. The carrying values of cash and cash equivalents (Level 1) and accrued investment income (Level 2) approximated their fair values. As of December 31, 2015 , the majority of the $4.1 million balance of Level 3 securities are equity securities that can only be redeemed or sold at their par value and only to the security issuer, with the remainder of the balance held in state premium tax credit investments. The state premium tax credit investments have an average maturity of less than 5 years and credit ratings of AA+ or higher, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.2% . As of December 31, 2014 the majority of our Level 3 securities were state premium tax credit investments. During 2013 we sold our remaining auction rate securities. Additional fair value disclosures related to our investment portfolio are included in Note 6 – “Investments.” We incur financial liabilities in the normal course of our business. The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at December 31, 2015 and 2014 . The fair values of our Senior Notes, Convertible Senior Notes and Convertible Junior Debentures were determined using available pricing for these notes, debentures, or similar instruments and they are categorized as Level 2 as described in Note 3 – “Summary of Significant Accounting Policies - Fair Value Measurements.” (In thousands) Par Value Fair Value December 31, 2015 Financial liabilities: Convertible Senior Notes due 2017 $ 333,503 $ 345,616 Convertible Senior Notes due 2020 500,000 701,955 Convertible Junior Subordinated Debentures due 2063 389,522 455,067 Total financial liabilities $ 1,223,025 $ 1,502,638 December 31, 2014 Financial liabilities: Senior Notes $ 61,953 $ 63,618 Convertible Senior Notes due 2017 345,000 387,997 Convertible Senior Notes due 2020 500,000 735,075 Convertible Junior Subordinated Debentures due 2063 389,522 500,201 Total financial liabilities $ 1,296,475 $ 1,686,891 The Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At December 31, 2015 , we had approximately $402 million in cash and investments at our holding company. The net unrealized losses on our holding company investment portfolio were approximately $2.7 million at December 31, 2015 . The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 3.1 years at December 31, 2015 .

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt Long-term debt as of December 31, 2015 and 2014 consisted of the following obligations. December 31, (In millions) 2015 2014 Senior Notes, interest at 5.375% per annum, due November 2015 $ — $ 61.9 Convertible Senior Notes, interest at 5% per annum, due May 2017 333.5 345.0 Convertible Senior Notes, interest at 2% per annum, due April 2020 500.0 500.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 389.5 389.5 Total debt 1,223.0 1,296.4 Less current portion of debt — (61.9 ) Total long-term debt $ 1,223.0 $ 1,234.5 Interest payments on our debt obligations existing during 2015 and 2014 appear below. Years Ended December 31, (In millions) 2015 2014 Senior Notes, interest at 5.375% per annum, due November 2015 $ 3.3 $ 3.6 Convertible Senior Notes, interest at 5% per annum, due May 2017 17.3 17.3 Convertible Senior Notes, interest at 2% per annum, due April 2020 10.0 10.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 35.1 35.1 Total interest payments $ 65.7 $ 66.0 5.375% Senior Notes – due November 2015 As of December 31, 2014 we had outstanding $61.9 million of 5.375% Senior Notes due in November 2015, which we repaid with cash at the holding company on November 2, 2015. Interest on these notes was payable semi-annually in arrears on May 1 and November 1 each year. The repayment of our Senior Notes had no material impact on our financial position or liquidity. 5% Convertible Senior Notes – due May 2017 As of December 31, 2015 and 2014 we had outstanding $333.5 million and $345.0 million , respectively, principal amount of 5% Convertible Senior Notes due in May 2017. During 2015 we repurchased $11.5 million of par value and paid total cash consideration of $12 million . We funded the purchases with cash at the holding company. Our purchases of the Convertible Senior Notes due 2017 resulted in a pretax charge of approximately $0.5 million . Interest on the 5% Notes is payable semi-annually in arrears on May 1 and November 1 of each year. The 5% Notes will mature on May 1, 2017 . The 5% Notes are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our Convertible Junior Debentures. Debt issuance costs are being amortized to interest expense over the contractual life of the 5% Notes. The provisions of the 5% Notes are complex. Covenants in the 5% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the 5% Notes. A designated subsidiary is any of our consolidated subsidiaries which has shareholders' equity of at least 15% of our consolidated shareholders' equity. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 5% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 5% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015 . 2% Convertible Senior Notes – due April 2020 As of December 31, 2015 and 2014 , we had outstanding $500 million principal amount of 2% Convertible Senior Notes due in 2020 which we issued in March 2013. We received net proceeds of approximately $484.6 million after deducting underwriting discount and offering expenses. See Note 15 – “Shareholders’ Equity” for information regarding the use of such proceeds. Interest on the 2% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 2% Notes will mature on April 1, 2020 , unless earlier repurchased by us or converted. Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. 130% of such conversion price is $9.03 . On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions. These 2% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our Convertible Junior Debentures. Debt issuance costs will be amortized to interest expense over the contractual life of the 2% Notes. Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for at least 20 of the 30 trading days preceding notice of the redemption. The provisions of the 2% Notes are complex. Covenants in the 2% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries (defined above) preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the 2% Notes. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 2% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 2% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015 . 9% Convertible Junior Subordinated Debentures – due April 2063 As of December 31, 2015 and 2014 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063. The 9% Debentures are currently convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 common shares per $1,000 principal amount of the 9% Debentures at any time prior to the maturity date. This represents an initial conversion price of approximately $13.50 per share. If a holder elects to convert their 9% Debentures, deferred interest owed on the 9% Debentures being converted is also converted into shares of our common stock. The conversion rate for any deferred interest is based on the average price that our shares traded at during a 5 -day period immediately prior to the election to convert. In lieu of issuing shares of common stock upon conversion of the 9% Debentures, we may, at our option, make a cash payment to converting holders for all or some of the shares of our common stock otherwise issuable upon conversion. The 9% Debentures rank junior to all of our existing and future senior indebtedness. Interest on the 9% Debentures is payable semi-annually in arrears on April 1 and October 1 of each year. As long as no event of default with respect to the debentures has occurred and is continuing, we may defer interest, under an optional deferral provision, for one or more consecutive interest periods up to ten years without giving rise to an event of default. Deferred interest will accrue additional interest at the rate then applicable to the debentures. During an optional deferral period we may not pay or declare dividends on our common stock. one business day after we pay interest on the 9% Debentures that was not deferred, or if earlier, the fifth anniversary of the scheduled interest payment date on which the deferral started. Qualifying securities are common stock, certain warrants and certain non-cumulative perpetual preferred stock. The requirement to use such efforts to sell such securities is called the Alternative Payment Mechanism. The net proceeds of Alternative Payment Mechanism sales are to be applied to the payment of deferred interest, including the compound portion. We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral. The Alternative Payment Mechanism does not require us to sell common stock or warrants before the fifth anniversary of the interest payment date on which that deferral started if the net proceeds (counting any net proceeds of those securities previously sold under the Alternative Payment Mechanism) would exceed the 2% cap. The 2% cap is 2% of the average closing price of our common stock times the number of our outstanding shares of common stock. The average price is determined over a specified period ending before the issuance of the common stock or warrants being sold, and the number of outstanding shares is determined as of the date of our most recent publicly released financial statements. We are not required to issue under the Alternative Payment Mechanism a total of more than 10 million shares of common stock, including shares underlying qualifying warrants. In addition, we may not issue under the Alternative Payment Mechanism qualifying preferred stock if the total net proceeds of all issuances would exceed 25% of the aggregate principal amount of the debentures. The Alternative Payment Mechanism does not apply during any period between scheduled interest payment dates if there is a “market disruption event” that occurs over a specified portion of such period. Market disruption events include any material adverse change in domestic or international economic or financial conditions. The provisions of the 9% Debentures are complex. The description above is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the 9% Debentures, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015 . We may redeem the 9% Debentures in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 9% Debentures being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the 9% Debentures for at least 20 of the 30 trading days preceding notice of the redemption. 130% of such conversion price is $17.55 . 2016 Debt Transactions During the first quarter of 2016 through the date of this filing we completed the following debt transactions: • Purchased $127.7 million in par value of our 5% Notes due in 2017 with funds held at our holding company; • MGIC purchased $132.7 million of par value of our 9% Debentures using funds obtained from the proceeds of the borrowing from the Federal Home Loan Bank of Chicago (the "FHLBC") referred to below as the Advance; and • MGIC borrowed $155.0 million from the FHLBC in February 2016 in the form of a fixed rate advance (the "Advance"). Interest is payable monthly at an annual rate, fixed for the term of the Advance, of 1.91% . The principal of the Advance matures on February 10, 2023, but we may prepay the Advance at any time. Such prepayment would be below par if interest rates have risen since the origination date of the Advance, or above par if interest rates have declined.

Loss Reserves

Loss Reserves	12 Months Ended
	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
Loss Reserves	Loss Reserves As described in Note 3 – “Summary of Significant Accounting Policies – Loss Reserves,” we establish reserves to recognize the estimated liability for losses and loss adjustment expenses related to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment, and the current and future strength of local housing markets. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, and a drop in housing values which may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment. The following table provides a reconciliation of beginning and ending loss reserves for each of the past three years: (In thousands) 2015 2014 2013 Reserve at beginning of year $ 2,396,807 $ 3,061,401 $ 4,056,843 Less reinsurance recoverable 57,841 64,085 104,848 Net reserve at beginning of year 2,338,966 2,997,316 3,951,995 Losses incurred: Losses and LAE incurred in respect of default notices received in: Current year 453,849 596,436 898,413 Prior years (1) (110,302 ) (100,359 ) (59,687 ) Subtotal 343,547 496,077 838,726 Losses paid: Losses and LAE paid in respect of default notices received in: Current year 25,980 32,919 73,470 Prior years 823,058 1,121,508 1,722,923 Reinsurance terminations (2) (15,440 ) — (2,988 ) Subtotal 833,598 1,154,427 1,793,405 Net reserve at end of year 1,848,915 2,338,966 2,997,316 Plus reinsurance recoverables 44,487 57,841 64,085 Reserve at end of year $ 1,893,402 $ 2,396,807 $ 3,061,401 (1) A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below regarding prior year loss development. (2) In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred. (See Note 11 – “Reinsurance”) The “Losses incurred” section of the table above shows losses incurred on default notices received in the current year and in prior years. The amount of losses incurred relating to default notices received in the current year represents the estimated amount to be ultimately paid on such default notices. The amount of losses incurred relating to default notices received in prior years represents the actual claim rate and severity associated with those default notices resolved in the current year differing from the estimated liability at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory and estimated incurred but not reported items from the end of the prior year. This re-estimation of the estimated claim rate and estimated severity is the result of our review of current trends in the default inventory, such as percentages of defaults that have resulted in a claim, the amount of the claims, changes in the relative level of defaults by geography and changes in average loan exposure. Losses incurred on default notices received in the current year decreased in 2015 compared to 2014 , and in 2014 compared to 2013 , primarily due to a decrease in the number of new default notices received, net of cures, as well as a decrease in the estimated claim rate on recently reported delinquencies. The prior year development of the reserves in 2015 , 2014 and 2013 is reflected in the table below. (In millions) 2015 2014 2013 Prior year loss development: (Decrease) increase in estimated claim rate on primary defaults $ (141 ) $ (43 ) $ 10 Increase (decrease) in estimated severity on primary defaults 43 (35 ) (50 ) Change in estimates related to pool reserves, LAE reserves, reinsurance and other (12 ) (22 ) (20 ) Total prior year loss development (1) $ (110 ) $ (100 ) $ (60 ) (1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves. The prior year loss development was based on the resolution of approximately 60% , 58% and 59% for the years ended December 31, 2015 , 2014 and 2013 , respectively, of the prior year default inventory, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory and estimated incurred but not reported items from the end of the prior year. In 2015 , we recognized favorable development on our estimated claim rate as we experienced a higher cure rate on prior year default inventory. Additionally, during 2015 the claim rate was favorably impacted by re-estimations of previously recorded reserves relating to disputes on our claims paying practices and adjustments to incurred but not reported losses (IBNR). The favorable development for the year ended 2015 was offset, in part, by an increase in the estimated severity on prior year defaults remaining in the delinquent inventory. The decrease in the estimated severity in 2014 and 2013 was based on the resolution of the prior year default inventory. The “Losses paid” section of the table above shows the breakdown between claims paid on default notices received in the current year, claims paid on default notices received in prior years and the decrease in losses paid related to terminated reinsurance agreements as noted in footnote (2) of that table. Until a few years ago, it took, on average, approximately twelve months for a default that was not cured to develop into a paid claim. Over the past several years, the average time it takes to receive a claim associated with a default has increased. This is, in part, due to new loss mitigation protocols established by servicers and to changes in some state foreclosure laws that may include, for example, a requirement for additional review and/or mediation processes. It is difficult to estimate how long it may take for current and future defaults that do not cure to develop into paid claims. MGIC and Freddie Mac disagreed on the amount of the aggregate loss limit under certain pool insurance policies (the “Disputed Policies”). On December 1, 2012, an Agreement of Settlement, Compromise and Release (the “Settlement Agreement”) between MGIC, Freddie Mac and the FHFA became effective, settling their dispute regarding the Disputed Policies. Under the Settlement Agreement, MGIC is to pay Freddie Mac a total of $267.5 million in satisfaction of all obligations under the Disputed Policies. Of the total, $100 million was paid in December 2012, as required by the Settlement Agreement, and the remaining $167.5 million is being paid out in 48 equal monthly installments that began on January 2, 2013. The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at December 31, 2015 and 2014 and approximated $102 million and $115 million , respectively. As of December 31, 2015, this liability was included in "Other liabilities" on our consolidated balance sheet. As of December 31, 2014, separate components of this liability are included in “Other liabilities” and “Premium deficiency reserve” on our consolidated balance sheet. A rollforward of our primary default inventory for the years ended December 31, 2015 , 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. 2015 2014 2013 Default inventory at beginning of year 79,901 103,328 139,845 New Notices 74,315 88,844 106,823 Cures (73,610 ) (87,278 ) (104,390 ) Paids (including those charged to a deductible or captive) (16,004 ) (23,494 ) (34,738 ) Rescissions and denials (848 ) (1,306 ) (1,939 ) Items removed from inventory resulting from settlements (1,121 ) (193 ) (2,273 ) Default inventory at end of year 62,633 79,901 103,328 The decrease in the primary default inventory experienced during 2015 and 2014 was generally across all markets and all book years prior to 2012. In 2015 and 2014 , the percentage of loans in the inventory that had been in default for 12 or more consecutive months had decreased compared to the prior years. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months has been affected by our suspended rescissions discussed below. Aging of the Primary Default Inventory December 31, 2015 2014 2013 Consecutive months in default 3 months or less 13,053 21 % 15,319 19 % 18,941 18 % 4 - 11 months 15,763 25 % 19,710 25 % 24,514 24 % 12 months or more (1) 33,817 54 % 44,872 56 % 59,873 58 % Total primary default inventory 62,633 100 % 79,901 100 % 103,328 100 % Primary claims received inventory included in ending default inventory (2) 2,769 4 % 4,746 6 % 6,948 7 % (1) Approximately 50% , 53% and 49% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of December 31, 2015 , 2014 and 2013 , respectively. (2) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of December 31, 2015 , rescissions of coverage on approximately 435 loans had been voluntarily suspended. The length of time a loan is in the default inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. The number of payments that a borrower is delinquent is shown in the table below. Number of Primary Payments Delinquent December 31, 2015 2014 2013 3 payments or less 20,360 33 % 23,253 29 % 28,095 27 % 4 - 11 payments 15,092 24 % 19,427 24 % 24,605 24 % 12 payments or more 27,181 43 % 37,221 47 % 50,628 49 % Total primary default inventory 62,633 100 % 79,901 100 % 103,328 100 % Pool insurance default inventory decreased from 3,797 at December 31, 2014 to 2,739 at December 31, 2015 . The pool insurance notice inventory was 6,563 at December 31, 2013 . Claims paying practices Our loss reserving methodology incorporates our estimates of future rescissions. A variance between ultimate actual rescission rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses. The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At December 31, 2015 and 2014 the estimate of this liability totaled $7 million and $28 million , respectively. As of December 31, 2015, this liability was included in "Other liabilities" on our consolidated balance sheet. As of December 31, 2014, separate components of this liability are included in “Other liabilities” and “Premium deficiency reserve” on our consolidated balance sheet. Changes in the liability affect premiums written and earned and change in premium deficiency reserve. For information about discussions and legal proceedings with customers with respect to our claims paying practices, including settlements that we believe are probable, as defined in ASC 450-20, see Note 20 – “Litigation and Contingencies.”

Premium Deficiency Reserve

Premium Deficiency Reserve	12 Months Ended
	Dec. 31, 2015
Premium Deficiency Reserve [Abstract]
Premium Deficiency Reserve	Premium Deficiency Reserve Beginning in 2007, when we stopped writing Wall Street Bulk business, we began to separately measure the performance of these transactions and establish a premium deficiency reserve related to this business. The premium deficiency reserve reflects the present value of expected future losses and expenses that exceed the present value of expected future premiums and established loss reserves. Each quarter, we re-estimate the premium deficiency reserve on the remaining Wall Street bulk insurance in force. The premium deficiency reserve primarily changes from quarter to quarter as a result of two factors. First, it changes as the actual premiums, losses and expenses that were previously estimated are recognized. Each period such items are reflected in our financial statements as earned premium, losses incurred and expenses. The difference between the amount and timing of actual earned premiums, losses incurred and expenses and our previous estimates used to establish the premium deficiency reserves has an effect (either positive or negative) on that period’s results. Second, the premium deficiency reserve changes as our assumptions relating to the present value of expected future premiums, losses and expenses on the remaining Wall Street bulk insurance in force change. Changes to these assumptions also have an effect on that period’s results. The decreases in the premium deficiency reserve for the years ended December 31, 2015 , 2014 and 2013 were $24 million , $24 million , and $26 million , respectively. As of December 31, 2015, there was no premium deficiency reserve required. The decreases represent the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The change in assumptions for 2014 and 2013 are primarily related to higher estimated ultimate premiums resulting principally from an increase in the projected persistency rate, offset in part by higher estimated ultimate losses resulting principally from an increase in the number of projected claims that will ultimately be paid. The calculation of premium deficiency reserves requires the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The calculation of future premium depends on, among other things, assumptions about persistency and repayment patterns on underlying loans. The calculation of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Similar to our loss reserve estimates, our estimates for premium deficiency reserves could be adversely affected by several factors, including a deterioration of regional or economic conditions leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, and a drop in housing values that could expose us to greater losses. Assumptions used in calculating the deficiency reserves can also be affected by volatility in the current housing and mortgage lending industries. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimates will affect future period earnings and could be material.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance Effective July 1, 2015 , we settled our 2013 quota share reinsurance agreement ("2013 QSR Transaction") by commutation. The settlement included unearned premiums, loss reserves, and profit commission. The commutation resulted in an increase in net premiums written and earned of $69.4 million and $11.6 million , respectively, and a decrease in ceding commissions of $11.6 million in the third quarter of 2015. Receipt of our profit commission of $142.5 million , in addition to other premium and loss amounts, was also completed as part of the settlement. Effective July 1, 2015 , we entered into a quota share reinsurance agreement ("2015 QSR Transaction") with a group of unaffiliated reinsurers that are the same as our 2013 QSR Transaction. Each of the reinsurers has an insurer financial strength rating of A- or better by Standard and Poor’s Rating Services, A.M. Best or both. The 2015 QSR Transaction will provide coverage on policies that were in the 2013 QSR Transaction; additional qualifying in force policies as of the agreement effective date which either had no history of defaults, or where a single default has been cured for twelve or more months at the agreement effective date; and all qualifying new insurance written through December 31, 2016 . The agreement will provide coverage on losses incurred on or after the effective date with renewal premium through December 31, 2024 , at which time the agreement expires. The 2015 QSR Transaction increases the amount of our insurance in force covered by reinsurance and will result in an increase in the amount of premiums and losses ceded. A higher level of losses ceded will reduce our profit commission and in turn will reduce our premium yield. Early termination of the agreement can be elected by us effective December 31, 2018 for a fee, or under specified scenarios for no fee upon prior written notice. Further, at our sole discretion we may elect to terminate the agreement if we will receive less than 90% of the full credit amount under the private mortgage insurer eligibility requirements ("PMIERs") of Fannie Mae and Freddie Mac (collectively, the "GSEs") for the risk ceded in any required calculation period. The structure of the 2015 QSR Transaction is a 30% quota share for all policies covered, with a 20% ceding commission as well as a profit commission. Generally, under the 2015 QSR Transaction, we will receive a profit commission provided that the loss ratio on the loans covered under the agreement remains below 60% . A summary of our quota share reinsurance agreements, excluding captive agreements, for 2015 , 2014 and 2013 appears below. Years ended December 31, (In thousands) 2015 2014 2013 2013 QSR Transaction Ceded premiums written, net of profit commission $ (11,355 ) (1) $ 100,031 $ 49,672 Ceded premiums earned, net of profit commission 35,999 (1) 88,528 13,821 Ceded losses incurred 6,060 15,163 176 Ceding commissions (2) 10,235 (1) 37,833 10,408 Profit commission 62,525 (1) 89,133 2,368 2015 QSR Transaction (Effective July 1, 2015) Ceded premiums written, net of profit commission (3) $ 52,588 Ceded premiums earned, net of profit commission (3) 52,588 Ceded losses incurred 11,424 Ceding commissions (2) 20,582 Profit commission 50,322 (1) The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. (3) As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction. Under the terms of 2015 QSR Transaction, reinsurance premiums, ceding commission and profit commission are settled net on a quarterly basis. The reinsurance premium due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheet as of December 31, 2015. As of December 31, 2014, we had accrued a profit commission receivable of $91.5 million . In the past, MGIC also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the Consumer Financial Protection Bureau (“CFPB”) in 2013 and with the Minnesota Department of Commerce in June 2015, discussed in Note 20 – “Litigation and Contingencies” MGIC has agreed to not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years subsequent to the respective settlements. In accordance with the CFPB settlement, all of our active captive arrangements were placed into run-off. In addition, at the time PMIERs became effective on December 31, 2015, the GSEs will not approve any future reinsurance or risk sharing transaction with a mortgage enterprise or an affiliate of a mortgage enterprise. Captive agreements were generally written on an annual book of business and each captive reinsurer is required to maintain a separate trust account to support its combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trusts, and the trust accounts are made up of capital deposits by the captive reinsurers, premium deposits by MGIC, and investment income earned. These amounts are held in the trust account and are available to pay reinsured losses. The reinsurance recoverable on loss reserves related to captive agreements was $34 million at December 31, 2015 which was supported by $137 million of trust assets, while at December 31, 2014 the reinsurance recoverable on loss reserves related to captive agreements was $45 million which was supported by $198 million of trust assets. The effect of all reinsurance agreements on premiums earned and losses incurred is as follows: Years ended December 31, (In thousands) 2015 2014 2013 Premiums earned: Direct $ 997,892 $ 950,973 $ 979,078 Assumed 1,178 1,653 2,074 Ceded (102,848 ) (108,255 ) (38,101 ) Net premiums earned $ 896,222 $ 844,371 $ 943,051 Losses incurred: Direct $ 369,680 $ 524,051 $ 863,871 Assumed 1,552 2,012 2,645 Ceded (27,685 ) (29,986 ) (27,790 ) Net losses incurred $ 343,547 $ 496,077 $ 838,726 Generally, reinsurance recoverables on primary loss reserves, paid losses and prepaid reinsurance premiums are supported by trust funds or letters of credit. As such, we have not established an allowance against these recoverables. See Note 20 – “Litigation and Contingencies” for a discussion of requests or subpoenas for information regarding captive mortgage reinsurance arrangements.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	12 Months Ended
	Dec. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2015 , 2014 and 2013 are included in the table below: (In thousands) 2015 2014 2013 Net unrealized investment (losses) gains arising during the year $ (33,718 ) $ 91,782 $ (126,175 ) Income tax benefit (expense) 11,738 (32,017 ) 43,732 Valuation allowance (1) 62,383 31,374 (41,148 ) Net of taxes 40,403 91,139 (123,591 ) Net changes in benefit plan assets and obligations (12,818 ) (52,112 ) 68,038 Income tax benefit (expense) 4,487 18,239 (23,813 ) Valuation allowance (1) (7,383 ) (18,239 ) 23,813 Net of taxes (15,714 ) (52,112 ) 68,038 Net changes in unrealized foreign currency translation adjustment (5,699 ) (4,067 ) (21,563 ) Income tax benefit 2,000 1,425 7,553 Valuation allowance (1) (529 ) — — Net of taxes (4,228 ) (2,642 ) (14,010 ) Total other comprehensive (loss) income (52,235 ) 35,603 (79,700 ) Total income tax benefit, net of valuation allowance 72,696 782 10,137 Total other comprehensive income, net of tax $ 20,461 $ 36,385 $ (69,563 ) (1) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 are included in the table below: (In thousands) 2015 2014 2013 Reclassification adjustment for net realized gains (losses) included in net income (loss) (1) $ 11,693 $ (6,816 ) $ 3,246 Income tax (expense) benefit (4,076 ) 2,402 (924 ) Valuation allowance (3) 3,635 (2,502 ) (349 ) Net of taxes 11,252 (6,916 ) 1,973 Reclassification adjustment related to benefit plan assets and obligations (2) 2,184 6,930 1 Income tax expense (764 ) (2,425 ) — Valuation allowance (3) 574 2,425 — Net of taxes 1,994 6,930 1 Total reclassifications 13,877 114 3,247 Total income tax expense, net of valuation allowance (631 ) (100 ) (1,273 ) Total reclassifications, net of tax $ 13,246 $ 14 $ 1,974 (1) Increases (decreases) Net realized investment gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. (3) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. A rollforward of accumulated other comprehensive loss for the years ended December 31, 2015 , 2014 , and 2013 , including amounts reclassified from accumulated other comprehensive loss, are included in the table below. (In thousands) Net unrealized gains and losses Net benefit plan assets and obligations Net unrealized foreign Total accumulated other Balance, December 31, 2012, net of tax $ (25,099 ) $ (44,864 ) $ 21,800 $ (48,163 ) Other comprehensive income (loss) before reclassifications (121,618 ) 68,039 (14,010 ) (67,589 ) Less: Amounts reclassified from AOCL 1,973 1 — 1,974 Balance, December 31, 2013, net of tax (148,690 ) 23,174 7,790 (117,726 ) Other comprehensive income (loss) before reclassifications 84,223 (45,182 ) (2,642 ) 36,399 Less: Amounts reclassified from AOCL (6,916 ) 6,930 — 14 Balance, December 31, 2014, net of tax (57,551 ) (28,938 ) 5,148 (81,341 ) Other comprehensive income (loss) before reclassifications 51,655 (13,720 ) (4,228 ) 33,707 Less: Amounts reclassified from AOCL 11,252 1,994 — 13,246 Balance, December 31, 2015, net of tax $ (17,148 ) $ (44,652 ) $ 920 (60,880 )

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Benefit Plans	Benefit Plans We have a non-contributory defined benefit pension plan covering substantially all domestic employees, as well as a supplemental executive retirement plan. We also offer both medical and dental benefits for retired domestic employees and their eligible spouses under a postretirement benefit plan. The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2015 , 2014 , and 2013 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheet as of December 31, 2015 and 2014 . Components of Net Periodic Benefit Cost Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2013 12/31/2015 12/31/2014 12/31/2013 1. Company Service Cost $ 10,256 $ 8,565 $ 11,338 $ 833 $ 659 $ 812 2. Interest Cost 15,847 15,987 15,289 697 653 618 3. Expected Return on Assets (21,109 ) (21,030 ) (20,144 ) (4,991 ) (4,648 ) (3,679 ) 4. Other Adjustments — — — — — — Subtotal 4,994 3,522 6,483 (3,461 ) (3,336 ) (2,249 ) 5. Amortization of : a. Net Transition Obligation/(Asset) — — — — — — b. Net Prior Service Cost/(Credit) (845 ) (930 ) 503 (6,649 ) (6,649 ) (6,649 ) c. Net Losses/(Gains) 5,485 1,083 6,145 (175 ) (435 ) — Total Amortization 4,640 153 6,648 (6,824 ) (7,084 ) (6,649 ) 6. Net Periodic Benefit Cost 9,634 3,675 13,131 (10,285 ) (10,420 ) (8,898 ) 7. Cost of settlements or curtailments 3,172 302 — — — — 8. Total Expense for Year $ 12,806 $ 3,977 $ 13,131 $ (10,285 ) $ (10,420 ) $ (8,898 ) Development of Funded Status Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Actuarial Value of Benefit Obligations 1.Measurement Date 12/31/2015 12/31/2014 12/31/2015 12/31/2014 2. Accumulated Benefit Obligation $ 338,450 $ 366,440 $ 16,423 $ 18,225 Funded Status/Asset (Liability) on the Consolidated Balance Sheet 1. Projected Benefit Obligation $ (349,483 ) $ (379,324 ) $ (16,423 ) $ (18,225 ) 2. Plan Assets at Fair Value 350,107 378,701 65,568 66,940 3. Funded Status - Overfunded/Asset 624 N/A $ 49,145 $ 48,715 4. Funded Status - Underfunded/Liability N/A (623 ) N/A N/A Accumulated Other Comprehensive Income Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Net Actuarial (Gain)/Loss $ 95,636 $ 93,243 $ (5,311 ) $ (8,222 ) 2. Net Prior Service Cost/(Credit) (2,989 ) (3,853 ) (18,640 ) (25,289 ) 3. Net Transition Obligation/(Asset) — — — — 4. Total at Year End $ 92,647 $ 89,390 $ (23,951 ) $ (33,511 ) The amortization of gains and losses resulting from actual experience different from assumed experience or changes in assumptions including discount rates is included as a component of Net Periodic Benefit Cost/(Income) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining service period of participating employees expected to receive benefits under the plan. The changes in the projected benefit obligation are as follows: Change in Projected Benefit/Accumulated Benefit Obligation Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Benefit Obligation at Beginning of Year $ 379,324 $ 317,606 $ 18,225 $ 15,764 2. Company Service Cost 10,256 8,565 833 659 3. Interest Cost 15,847 15,987 697 653 4. Plan Participants' Contributions — — 361 336 5. Net Actuarial (Gain)/Loss due to Assumption Changes (24,118 ) 59,901 (2,083 ) 2,276 6. Net Actuarial (Gain)/Loss due to Plan Experience 7,155 (55 ) (397 ) (855 ) 7. Benefit Payments from Fund (1) (32,646 ) (21,539 ) (1,147 ) (645 ) 8. Benefit Payments Directly by Company (7,661 ) (1,404 ) — — 9. Plan Amendments 19 (1 ) — — 10. Other Adjustment 1,307 264 (66 ) 37 11. Benefit Obligation at End of Year $ 349,483 $ 379,324 $ 16,423 $ 18,225 (1) Includes lump sum payments of $22.4 million and $11.8 million in 2015 and 2014, respectively, from our pension plan to eligible participants, which were former employees with vested benefits. In the fourth quarter of 2014, the Society of Actuaries released new mortality tables as a result of their detailed study on the future life expectancies of pension plan participants. We have used these mortality tables, including updates to the mortality table projection scales, in calculating our year-end 2015 and 2014 retirement program obligations . We expect the mortality tables to receive regular annual updates that will impact our retirement plan obligations in future reporting periods. If all pension plan participants elected to receive their pension benefits in monthly payments, the new tables would have increased 2014 year-end obligations by $23.2 million . However, based on our experience, we estimate that 75% of our active pension plan participants will elect to receive their pension benefits in a lump sum, which under the terms of the pension plan, are calculated based on mortality assumptions prescribed by the IRS, not the Society of Actuaries. The combined effect of the new Society of Actuaries mortality tables and the 75% lump-sum election assumption was a net increase in 2014 year-end obligations of $14.6 million . In addition, the benefit obligation will also change due to changes in the actuarial assumptions applied, as shown in the table below, to determine the outstanding liability. The changes in the fair value of the net assets available for plan benefits are as follows: Change in Plan Assets Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Fair Value of Plan Assets at Beginning of Year $ 378,701 $ 355,704 $ 66,940 $ 62,298 2. Company Contributions 17,311 9,504 — — 3. Plan Participants' Contributions — — 361 336 4. Benefit Payments from Fund (32,646 ) (21,539 ) (1,147 ) (645 ) 5. Benefit Payments paid directly by Company (7,661 ) (1,404 ) — — 6. Actual Return on Assets (5,094 ) 36,436 (225 ) 5,250 7. Other Adjustment (504 ) — (361 ) (299 ) 8. Fair Value of Plan Assets at End of Year $ 350,107 $ 378,701 $ 65,568 $ 66,940 Change in Accumulated Other Comprehensive Income (AOCI) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. AOCI in Prior Year $ 89,390 $ 45,143 $ (33,511 ) $ (41,377 ) 2. Increase/(Decrease) in AOCI a. Recognized during year - Prior Service (Cost)/Credit 845 930 6,649 6,649 b. Recognized during year - Net Actuarial (Losses)/Gains (5,485 ) (1,083 ) 175 435 c. Occurring during year - Prior Service Cost 19 (1 ) — — d. Occurring during year - Net Actuarial Losses/(Gains) 11,050 44,703 2,736 782 f. Occurring during year - Net Settlement Losses/(Gains) (3,172 ) (302 ) — — e. Other adjustments — — — — 3. AOCI in Current Year $ 92,647 $ 89,390 $ (23,951 ) $ (33,511 ) Amortizations Expected to be Recognized During Next Fiscal Year Ending (In thousands) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2016 12/31/2016 1. Amortization of Net Transition Obligation/(Asset) $ — $ — 2. Amortization of Prior Service Cost/(Credit) (689 ) (6,649 ) 3. Amortization of Net Losses/(Gains) 5,443 — The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions. Actuarial Assumptions Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Weighted-Average Assumptions Used to Determine Benefit Obligations at year end 1. Discount Rate 4.65 % 4.25 % 4.30 % 4.00 % 2. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year 1. Discount Rate 4.25 % 5.15 % 4.00 % 4.75 % 2. Expected Long-term Return on Plan Assets 5.75 % 6.00 % 7.50 % 7.50 % 3. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Assumed Health Care Cost Trend Rates at year end 1. Health Care Cost Trend Rate Assumed for Next Year N/A N/A 7.00 % 7.00 % 2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) N/A N/A 5.00 % 5.00 % 3. Year That the Rate Reaches the Ultimate Trend Rate N/A N/A 2020 2019 In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years . The year-end asset allocations of the plans are as follows: Plan Assets Pension Plan Other Postretirement Benefits 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Allocation of Assets at year end 1. Equity Securities 20 % 22 % 100 % 100 % 2. Debt Securities 80 % 78 % — % — % 3. Total 100 % 100 % 100 % 100 % In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value of our benefit plan assets: Level 1 – Quoted prices for identical instruments in active markets that we have the ability to access. Financial assets utilizing Level 1 inputs include equity securities, mutual funds, money market funds, certain U.S. Treasury securities and exchange traded funds ("ETF’s"). Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs include certain municipal, corporate and foreign bonds, obligations of U.S. government corporations and agencies, and pooled equity accounts. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. To determine the fair value of securities in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. In addition, on a quarterly basis, we perform quality controls over values received from the pricing source (the “Trustee”) which include comparing values to other independent pricing sources. In addition, we review annually the Trustee’s auditor’s report on internal controls in order to determine that their controls around valuing securities are operating effectively. We have not made any adjustments to the prices obtained from the independent sources. The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2015 and 2014 . There were no securities that utilized Level 3 inputs. Pension Plan Assets at Fair Value as of December 31, 2015 (In thousands) Level 1 Level 2 Total Domestic Mutual Funds $ 1,442 $ — $ 1,442 Corporate Bonds — 188,332 188,332 U.S. Government Securities 3,133 497 3,630 Municipals — 61,206 61,206 Foreign Bonds — 25,251 25,251 ETF's 5,676 — 5,676 Pooled Equity Accounts — 64,570 64,570 Total Assets at fair value $ 10,251 $ 339,856 $ 350,107 Pension Plan Assets at Fair Value as of December 31, 2014 (In thousands) Level 1 Level 2 Total Domestic Mutual Funds $ 9,913 $ — $ 9,913 Corporate Bonds — 200,732 200,732 U.S. Government Securities 5,327 1,234 6,561 Municipals — 65,214 65,214 Foreign Bonds — 23,028 23,028 ETF's 5,636 — 5,636 Pooled Equity Accounts — 67,617 67,617 Total Assets at fair value $ 20,876 $ 357,825 $ 378,701 The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status. An improvement in funded status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funded status would result in a higher allocation to equity. The maximum equity allocation is 40% . The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies: Strategy Objective Investment types Return seeking growth Funded ratio improvement over the long term ● Global quality growth ● Global low volatility Return seeking bridge Downside protection in the event of a declining ● Enduring asset equity market ● Durable company The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agency, corporate, mortgage-backed, asset-backed, and municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively. The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2015 and 2014 . All are Level 1 assets. Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2015 (In thousands) Level 1 Total Domestic Mutual Funds $ 49,887 $ 49,887 International Mutual Funds 15,681 15,681 Total Assets at fair value $ 65,568 $ 65,568 Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2014 (In thousands) Level 1 Total Domestic Mutual Funds $ 50,710 $ 50,710 International Mutual Funds 16,230 16,230 Total Assets at fair value $ 66,940 $ 66,940 Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years: • Total return should exceed growth in the Consumer Price Index by 5.75% annually • Achieve competitive investment results The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are: Minimum Maximum Equities (long only) 70 % 100 % Real estate 0 % 15 % Commodities 0 % 10 % Fixed income/Cash 0 % 10 % Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above. Investment in international oriented funds is limited to a maximum of 30% of the equity range. The current international allocation is invested in two mutual funds with 3% of the equity allocation in a fund which has the objective of investing primarily in equity securities of emerging market countries, and 21% of the equity allocation in a fund investing in securities of companies based outside the United States. It invests in companies primarily based in Europe and the Pacific Basin, and primarily in equity investments although it may also hold cash, money market instruments, and fixed maturity securities depending on market conditions. The following tables show the current and estimated future contributions and benefit payments. Company Contributions Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2015 Company Contributions for the Year Ending: 1. Current $ 17,311 $ — 2. Current + 1 11,350 — Benefit Payments (Total) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2015 Actual Benefit Payments for the Year Ending: 1. Current $ 40,307 $ 851 Expected Benefit Payments for the Year Ending: 2. Current + 1 22,992 779 3. Current + 2 21,773 819 4. Current + 3 23,353 997 5. Current + 4 26,065 1,079 6. Current + 5 26,761 1,288 7. Current + 6 - 10 140,707 8,247 Health care sensitivities For measurement purposes, a 7.0% health care trend rate was used for benefits for retirees before they reach age 65 years for 2015. In 2016, the rate is assumed to be 7.0% , decreasing to 5.0% by 2020 and remaining at this level beyond. Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefits plan. A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits: (In thousands) 1-Percentage Point Increase 1-Percentage Point Decrease Effect on total service and interest cost components $ 304 $ (253 ) Effect on postretirement benefit obligation 2,221 (1,959 ) We have a profit sharing and 401(k) savings plan for employees. At the discretion of the Board of Directors, we may make a contribution of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees on their before-tax contributions at a rate of 80% of the first $1,000 contributed and 40% of the next $2,000 contributed. For employees hired after January 1, 2014, the match is 100% up to 4% contributed. We recognized expenses related to these plans of $5.1 million , $5.0 million and $5.3 million in 2015 , 2014 and 2013 , respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Total deferred tax assets $ 791,286 $ 933,576 Total deferred tax liabilities (29,206 ) (33,789 ) Net deferred tax asset before valuation allowance 762,080 899,787 Valuation allowance — (902,289 ) Net deferred tax asset (liability) $ 762,080 $ (2,502 ) The components of the net deferred tax asset (liability) as of December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Unearned premium reserves $ 33,262 $ 12,296 Benefit plans (14,283 ) (13,900 ) Federal net operating loss 680,975 845,616 Loss reserves 15,536 23,069 Unrealized (appreciation) depreciation in investments 8,904 (2,800 ) Mortgage investments 17,386 15,346 Deferred compensation 12,927 11,955 Premium deficiency reserves — 8,313 Other, net 7,373 (108 ) Net deferred tax asset before valuation allowance 762,080 899,787 Valuation allowance — (902,289 ) Net deferred tax asset (liability) $ 762,080 $ (2,502 ) We review the need to maintain the deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, based on our analysis, as described more fully below, we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. For the year ended December 31, 2015, we reversed $161.1 million of our valuation allowance based on income from 2015. The portion of the valuation allowance reversed related to deferred tax assets that are expected to be realized in future years, totaling $747.5 million , is treated as a discrete period item and is recognized as a component of the tax provision in continuing operations in the period of release. Furthermore, in determining the discrete period impact from the reversal, we removed the prior period disproportionate tax effects that had arisen in other comprehensive income because of the valuation allowance. This reduced the amount of tax benefit included in net income and resulted in an allocation of tax benefit of $60.8 million to components of other comprehensive income. The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015. (In millions) For the year ended December 31, 2015 Balance at December 31, 2014 $ 902.3 Reduction in tax provision in current year (161.1 ) Amounts recorded in other comprehensive income in the current year 6.3 Change in valuation allowance for deferred tax assets in the current year (154.8 ) Reduction in tax provision for amounts to be realized in future years (686.7 ) Amounts recorded in other comprehensive income to be realized in future years (60.8 ) Change in valuation allowance for deferred tax assets realizable in future years (747.5 ) Balance at December 31, 2015 $ — In our analysis we evaluated both subjective and objective evidence and assigned a weight to each. Significant weight was given to our most recent operating results and our ability to sustain them. We have experienced a significant reduction in losses incurred as our level of default notices received and in inventory has declined, as the effects of the financial crisis continue to ebb. New insurance written in recent years has been of high quality and is expected to be profitable well into the future. Historically, the results of mortgage insurers have been cyclical, where periods of operating losses have been followed by significant amounts of income. All of these factors have had a positive effect on operating results. Our level of pre-tax income for each quarter of 2015 was at least $100 million. We viewed the recurring nature of our income as very important, objectively verifiable evidence and gave it great weight in our analysis. Based on the above, we believe that we will have significant sources of pre-tax income which will allow for utilization of our deferred tax assets. Generally, a significant component of any analysis for the recognition of deferred tax assets includes the objective observation of operating results for a period of time. In this regard, we considered the level of cumulative operating income, as adjusted for any permanent tax differences. There is no specific requirement that indicates the time span for this evaluation. In our evaluation, we used a three year period. Prior to the third quarter of 2015, this three year cumulative total had been materially negative for an extended period of time, which we considered to be objectively verifiable negative evidence which would not support the reversal of the valuation allowance. In the third quarter, this amount became positive, which we believe provided additional objectively verifiable evidence which supported the reversal of the valuation allowance. The three year cumulative pre-tax income is $687.3 million as of December 31, 2015. In the fourth quarter of 2013, our net operating loss carryforward (“NOL”) for U.S. federal regular income tax purposes reached $2.6 billion , which was the highest amount it attained. As of December 31, 2015, the estimated remaining NOLs total $1.9 billion , a reduction of $670 million in two years. At this rate, and without taking into account any improvement in earnings, we would utilize the NOL within six years. In addition to this history of the utilization of our NOLs, we considered that the amount of income that we have been generating has been increasing over time. In 2015, we reduced our NOLs by $471 million , whereas in 2014 that amount was $199 million . At the 2015 rate, we would utilize the NOLs on our return by the end of 2020. The earliest current expiration date for our NOLs is 2029. This recent history of positive earnings trends indicates that it is more likely than not that the NOLs would be utilized well before they expire. Further, we currently have no limitations under the change in control provisions of Internal Revenue Code Section 382, which would reduce our ability to utilize our NOLs. We have taken steps, primarily through our Amended and Restated Rights Agreement, to attempt to prevent any change in control which would limit the utilization of our NOLs. The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows: (In thousands) 2015 2014 2013 Provision for (benefit from) income taxes before valuation allowance $ 163,497 $ 91,607 $ (17,239 ) Change in valuation allowance (161,158 ) (88,833 ) 20,935 Reversal of the valuation allowance (686,652 ) — — (Benefit from) provision for income taxes $ (684,313 ) $ 2,774 $ 3,696 The change in the valuation allowance that was included in other comprehensive income was a decrease of $54.5 million , a decrease of $13.1 million , and an increase of $17.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The remaining valuation allowance was reversed in the third quarter of 2015. The total valuation allowance as of December 31, 2014 and 2013 was $902.3 million and $1,004.2 million , respectively. Giving full effect to the carryback of net operating losses for federal income tax purposes, we have approximately $1,946 million of net operating loss carryforwards on a regular tax basis and $1,051 million of net operating loss carryforwards for computing the alternative minimum tax as of December 31, 2015 . Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033. The following summarizes the components of the provision for (benefit from) income taxes: (In thousands) 2015 2014 2013 Current Federal $ 8,067 $ 2,391 $ 916 Deferred Federal (686,652 ) 1 7 Other (5,728 ) 382 2,773 (Benefit from) provision for income taxes $ (684,313 ) $ 2,774 $ 3,696 We paid $5.4 million , $1.3 million , and $0.1 million in federal income tax in 2015 , 2014 and 2013 , respectively. The reconciliation of the federal statutory income tax rate to the effective tax rate (benefit) provision is as follows: 2015 2014 2013 Federal statutory income tax rate 35.0 % 35.0 % (35.0 )% Valuation allowance (173.8 )% (34.9 )% 45.4 % Tax exempt municipal bond interest (0.8 )% (0.4 )% (3.7 )% Other, net (0.7 )% 1.4 % 1.3 % Effective tax rate (benefit) provision (140.3 )% 1.1 % 8.0 % As previously disclosed, the Internal Revenue Service (“IRS”) completed examinations of our federal income tax returns for the years 2000 through 2007 and issued proposed assessments for taxes, interest and penalties related to our treatment of the flow-through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits (“REMICs”). The IRS indicated that it did not believe that, for various reasons, we had established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. We appealed these assessments within the IRS and in August 2010, we reached a tentative settlement agreement with the IRS which was not finalized. On September 10, 2014, we received Notices of Deficiency (commonly referred to as “ 90 day letters ”) covering the 2000-2007 tax years. The Notices of Deficiency reflect taxes and penalties related to the REMIC matters of $197.5 million and at December 31, 2015 , there would also be interest related to these matters of approximately $182.9 million . In 2007, we made a payment of $65.2 million to the United States Department of the Treasury which will reduce any amounts we would ultimately owe. The Notices of Deficiency also reflect additional amounts due of $261.4 million , which are primarily associated with the disallowance of the carryback of the 2009 net operating loss to the 2004-2007 tax years. We believe the IRS included the carryback adjustments as a precaution to keep open the statute of limitations on collection of the tax that was refunded when this loss was carried back, and not because the IRS actually intends to disallow the carryback permanently. We filed a petition with the U.S. Tax Court contesting most of the IRS' proposed adjustments reflected in the Notices of Deficiency and the IRS has filed an answer to our petition which continues to assert their claim. Litigation to resolve our dispute with the IRS could be lengthy and costly in terms of legal fees and related expenses. We can provide no assurance regarding the outcome of any such litigation or whether a compromised settlement with the IRS will ultimately be reached and finalized. Depending on the outcome of this matter, additional state income taxes and state interest may become due when a final resolution is reached. As of December 31, 2015 , those state taxes and interest would approximate $48.8 million . In addition, there could also be state tax penalties. Our total amount of unrecognized tax benefits as of December 31, 2015 is $107.1 million , which represents the tax benefits generated by the REMIC portfolio included in our tax returns that we have not taken benefit for in our financial statements, including any related interest. We continue to believe that our previously recorded tax provisions and liabilities are appropriate. However, we would need to make appropriate adjustments, which could be material, to our tax provision and liabilities if our view of the probability of success in this matter changes, and the ultimate resolution of this matter could have a material negative impact on our effective tax rate, results of operations, cash flows, available assets and statutory capital. In this regard, see Note 17 – “Capital Requirements – Capital-GSEs.” In January 2013, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax return for the year 2010. In October 2014, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax returns for the years 2011 and 2012. The results of these examinations had no material effect on the financial statements. Under current guidance, when evaluating a tax position for recognition and measurement, an entity shall presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The interpretation adopts a benefit recognition model with a two-step approach, a more-likely-than-not threshold for recognition and derecognition, and a measurement attribute that is the greatest amount of benefit that is cumulatively greater than 50% likely of being realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands) 2015 2014 2013 Balance at beginning of year $ 106,230 $ 105,366 $ 104,550 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 890 864 816 Reductions for tax positions of prior years — — — Settlements — — — Balance at end of year $ 107,120 $ 106,230 $ 105,366 The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, which would affect our effective tax rate is $93.9 million . We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. During 2015, we recognized $0.9 million in interest. As of December 31, 2015 and 2014 , we had $27.8 million and $26.9 million of accrued interest related to uncertain tax positions, respectively. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2000. It is reasonably possible that our 2000-2007 federal tax case will be resolved, other than through litigation. If it is resolved under terms similar to our tentative settlement agreement that was not finalized, our total unrecognized tax benefits would be reduced by $107.1 million during 2016. After taking into account prior payments and the effect of available net operating loss carrybacks, any net cash outflows would approximate $26 million .

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Our Amended and Restated Rights Agreement dated July 25, 2012 , which was approved by shareholders, was amended and restated on July 23, 2015 . It seeks to diminish the risk that our ability to use our NOLs to reduce potential future federal income tax obligations may become substantially limited and to deter certain abusive takeover practices. The benefit of the NOLs would be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, if we were to experience an “ownership change” as defined by Section 382 of the Internal Revenue Code. Under the Agreement each outstanding share of our Common Stock is accompanied by one Right. The Distribution Date occurs on the earlier of ten days after a public announcement that a person has become an Acquiring Person, or ten business days after a person announces or begins a tender offer in which consummation of such offer would result in a person becoming an Acquiring Person. An Acquiring Person is any person that becomes, by itself or together with its affiliates and associates, a beneficial owner of 5% or more of the shares of our Common Stock then outstanding, but excludes, among others, certain exempt and grandfathered persons as defined in the Agreement. The Rights are not exercisable until the Distribution Date. Each Right will initially entitle shareholders to buy one-tenth of one share of our Common Stock at a Purchase Price of $45 per full share (equivalent to $4.50 for each one-tenth share), subject to adjustment. Each exercisable Right (subject to certain limitations) will entitle its holder to purchase, at the Rights’ then-current Purchase Price, a number of our shares of Common Stock (or if after the Shares Acquisition Date, we are acquired in a business combination, common shares of the acquiror) having a market value at the time equal to twice the Purchase Price. The Rights will expire on August 1, 2018 , or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights. In March 2013 we completed the public offering and sale of 135 million shares of our common stock at a price of $5.15 per share. We received net proceeds of approximately $663.3 million , after deducting underwriting discount and offering expenses. The shares of common stock sold were newly issued shares. In March 2013 we also concurrently completed the sale of $500 million principal amount of 2% Convertible Senior Notes due in 2020. For more information, see Note 8 – “Debt.” In June 2013, we amended our Articles of Incorporation to increase our authorized common stock from 680 million shares to 1.0 billion shares. We have 28.9 million authorized shares reserved for conversion under our convertible junior subordinated debentures and 96.7 million authorized shares reserved for conversion under our convertible senior notes. (See Note 8 – “Debt”)

Dividend Restrictions

Dividend Restrictions	12 Months Ended
	Dec. 31, 2015
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Dividend Restrictions	Dividend Restrictions In the fourth quarter of 2008, our holding company suspended the payment of dividends to shareholders. The convertible senior notes and convertible debentures, discussed in Note 8 – “Debt,” are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. Our holding company has no material sources of cash inflows other than investment income, dividends from subsidiaries and capital raised in the public markets. MGIC is the principal source of dividend-paying capacity. Although MGIC has not paid any dividends to our holding company since 2008, we are discussing with the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI") the resumption of ongoing extraordinary dividends in 2016. During 2015, dividends of $38.5 million were paid to the holding company from other insurance subsidiaries. Our insurance subsidiaries are subject to state insurance regulations as to maintenance of policyholders' surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years.

Capital Requirements

Capital Requirements	12 Months Ended
	Dec. 31, 2015
Statutory Capital [Abstract]
Capital Requirements	Capital Requirements Capital - GSEs Substantially all of our insurance written since 2008 has been for loans purchased by the GSEs. The GSEs each revised its PMIERs effective December 31, 2015. The financial requirements of the PMIERs require a mortgage insurer’s “Available Assets” (generally only the most liquid assets of an insurer) to equal or exceed its “Minimum Required Assets” (which are based on an insurer’s book and are calculated from tables of factors with several risk dimensions and are subject to a floor amount). Based on our interpretation of the PMIERs, as of December 31, 2015, MGIC’s Available Assets are in excess of its Minimum Required Assets; and MGIC is in compliance with the financial requirements of the PMIERs and eligible to insure loans purchased by the GSEs. Statutory Accounting Principles The statutory financial statements of our insurance companies are presented on the basis of accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin, which has adopted the NAIC statutory accounting practices as the basis of its statutory accounting practices ("SSAP"). For the years 2014 and 2013 we utilized a permitted practice approved by the OCI to recognize a portion of our net deferred tax assets as admitted assets, discussed further below. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of net unrealized holding gains or losses in shareholders' equity relating to fixed maturities and the inclusion of statutory non-admitted assets. Under a permitted practice effective September 30, 2012, the OCI had approved MGIC to report its net deferred tax asset as an admitted asset in an amount not to exceed 10% of adjusted surplus as regards policyholders, notwithstanding any contrary provisions of SSAP No. 101. Deferred tax assets of $138 million were included in MGIC’s statutory capital at December 31, 2014 . Due to the deferred tax asset valuation allowance reversal as of September 30, 2015, MGIC no longer relies on the permitted practice and the deferred tax asset is admitted according to the stated provisions of SSAP No. 101. Under the stated provisions of SSAP No. 101, the admitted net deferred tax asset is 15% of adjusted surplus as regards policyholders. Net deferred tax assets of $205 million were included in MGIC's statutory capital as of December 31, 2015 . In addition to the typical adjustments from statutory to GAAP, mortgage insurance companies are required to maintain contingency loss reserves equal to 50% of premiums earned under SSAP and practices prescribed by the OCI, Such amounts cannot be withdrawn for a period of ten years except as permitted by insurance regulations. With regulatory approval a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year. For the year ended 2015, MGIC's losses incurred were 37% of net premiums earned. Changes in contingency loss reserves impact the statutory statement of operations. Contingency loss reserves are not reflected as liabilities under GAAP and changes in contingency loss reserves do not impact the GAAP statements of operations. A premium deficiency reserve that may be recorded on a GAAP basis when the present value of expected future losses and expenses exceeds the present value of expected future premiums and already established loss reserves, may not be recorded on a statutory basis if the present value of expected future premiums and already established loss reserves and statutory contingency reserves, exceeds the present value of expected future losses and expenses. On a GAAP basis, when calculating a premium deficiency reserve policies are grouped based on how they are acquired, serviced and measured. On a statutory basis, a premium deficiency reserve is calculated on all policies in force. The statutory net (loss) income, surplus and contingency reserve liability of the insurance subsidiaries of our holding company, as well as the surplus contributions made to MGIC and other insurance subsidiaries and dividends paid by MGIC and other insurance subsidiaries to us, are shown in the tables below. The statutory net loss in 2015 was driven by the dissolution of an MGIC non-insurance subsidiary. The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations. (In thousands) Net (loss) income Surplus Contingency Reserve Years Ended December 31, 2015 $ (72,767 ) (1) $ 1,608,214 (1) $ 826,706 2014 13,203 1,585,164 318,247 2013 (8,046 ) 1,584,121 18,558 (1) The dissolution of an MGIC non-insurance subsidiary in 2015 had no impact on statutory surplus as the equity value of the investment was fully reflected in surplus as an unrealized loss prior to 2015. (In thousands) Additions to the surplus of MGIC from parent company funds Additions to the surplus of other insurance subsidiaries from parent company funds Dividends paid by MGIC to the parent company Dividends paid by other insurance subsidiaries to the parent company Years Ended December 31, 2015 $ — $ — $ — $ 38,500 2014 — — — — 2013 800,000 — — — Statutory Capital Requirements The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Financial Requirements, the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1 . A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position (“MPP”). The “policyholder position” of a mortgage insurer is its net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums. At December 31, 2015 , MGIC’s risk-to-capital ratio was 12.1 to 1 , below the maximum allowed by the jurisdictions with State Capital Requirements and its policyholder position was $1.2 billion above the required MPP of $1.1 billion . In calculating our risk-to-capital ratio and MPP, we are allowed full credit for the risk ceded under our reinsurance transaction with a group of unaffiliated reinsurers. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the PMIERs, MGIC may terminate the reinsurance agreement, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements; however, you should read the rest of these financial statement footnotes for information about matters that could negatively affect such compliance. At December 31, 2015 , the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 13.6 to 1 . Reinsurance agreements with affiliates permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance agreements with its affiliates, additional capital contributions to the reinsurance affiliates could be needed. The NAIC previously announced that it plans to revise the minimum capital and surplus requirements for mortgage insurers that are provided for in its Mortgage Guaranty Insurance Model Act. A working group of state regulators is drafting the revisions, although no date has been established by which the NAIC must propose revisions to such requirements. Depending on the scope of revisions made by the NAIC, MGIC may be prevented from writing new business in the jurisdictions adopting such revisions. If MGIC fails to meet the State Capital Requirements of Wisconsin and is unable to obtain a waiver of them from the OCI, MGIC could be prevented from writing new business in all jurisdictions. If MGIC fails to meet the State Capital Requirements of a jurisdiction other than Wisconsin and is unable to obtain a waiver of them, MGIC could be prevented from writing new business in that particular jurisdiction. It is possible that regulatory action by one or more jurisdictions, including those that do not have specific State Capital Requirements, may prevent MGIC from continuing to write new insurance in such jurisdictions. If we are unable to write business in all jurisdictions, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the future ability of our insurance operations to meet the State Capital Requirements or the PMIERs may affect its willingness to procure insurance from us. A possible future failure by MGIC to meet the State Capital Requirements or the PMIERs will not necessarily mean that MGIC lacks sufficient resources to pay claims on its insurance liabilities. While we believe MGIC has sufficient claims paying resources to meet its claim obligations on its insurance in force on a timely basis, you should read the rest of these financial statement footnotes for information about matters that could negatively affect MGIC’s claims paying resources.

Share-based Compensation Plans

Share-based Compensation Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Plans	Share-based Compensation Plans We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to three years . We have an omnibus incentive plan that was adopted on April 23, 2015. When the 2015 plan was adopted, no further awards could be made under our previous 2011 plan. The purpose of the 2015 plan is to motivate and incent performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. The maximum number of shares of stock that can be awarded under the 2015 plan is 10.0 million . Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. The 2015 plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after April 23, 2025 under the 2015 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. Shares issued under the 2015 plan will be newly issued shares. The compensation cost that has been charged against income for share-based plans was $11.9 million , $9.2 million , and $6.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The related income tax benefit, before valuation allowance, recognized for share-based plans was $4.2 million , $3.2 million , and $2.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. See Note 14 – “Income Taxes” for a discussion of our valuation allowance. There have been no options granted since 2004, and no options exercised since 2007. At December 31, 2013, all 529,800 options outstanding were exercisable at a price of $68.20 each. All of these options expired in January 2014 without being exercised. A summary of restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2015 is as follows: Weighted Average Grant Date Fair Market Value Shares Restricted stock outstanding at December 31, 2014 $ 6.33 3,852,391 Granted 9.03 1,554,100 Vested 5.92 (1,893,116 ) Forfeited 4.39 (193,908 ) Restricted stock outstanding at December 31, 2015 $ 7.97 3,319,467 At December 31, 2015 , the 3.3 million shares of restricted stock outstanding consisted of 2.4 million shares that are subject to performance conditions (“performance shares”) and 0.9 million shares that are subject only to service conditions (“time vested shares”). The weighted-average grant date fair value of restricted stock granted during 2014 and 2013 was $8.43 and $2.75 , respectively. The fair value of restricted stock granted is the closing price of the common stock on the New York Stock Exchange on the date of grant. The total fair value of restricted stock vested during 2015 , 2014 and 2013 was $17.2 million , $12.1 million , and $4.3 million , respectively. As of December 31, 2015 , there was $14.2 million of total unrecognized compensation cost related to non-vested share-based compensation agreements granted under the plans. Of this total, $10.6 million of unrecognized compensation costs relate to performance shares and $3.6 million relates to time vested shares. A portion of the unrecognized costs associated with the performance shares may or may not be recognized in future periods, depending upon whether or not the performance and service conditions are met. The cost associated with the time vested shares is expected to be recognized over a weighted-average period of 1.6 years . In 2011, we granted 449,350 shares of restricted stock units that were to be settled as cash payments over the vesting period under our 2002 stock incentive plan. As of December 31, 2014, all shares granted under this award had either vested or been forfeited. Cash payments at vesting were $1.2 million in 2014. At December 31, 2015 , 9.97 million shares were available for future grant under the 2015 omnibus incentive plan.

Leases

Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases	Leases We lease certain office space as well as data processing equipment and autos under operating leases that expire during the next six years . Generally, rental payments are fixed. Total rental expense under operating leases was $2.2 million in 2015 , $2.8 million in 2014 , and $4.6 million in 2013 . At December 31, 2015 , minimum future operating lease payments are as follows (in thousands): 2016 $ 742 2017 636 2018 486 2019 498 2020 and thereafter 512 Total $ 2,874

Litigation and Contingencies

Litigation and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies Before paying a claim, we review the loan and servicing files to determine the appropriateness of the claim amount. All of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy, including the requirement to mitigate our loss by performing reasonable loss mitigation efforts or, for example, diligently pursuing a foreclosure or bankruptcy relief in a timely manner. We call such reduction of claims submitted to us “curtailments.” In each of 2014 and 2015 , curtailments reduced our average claim paid by approximately 6.7% . After we pay a claim, servicers and insureds sometimes object to our curtailments and other adjustments. We review these objections if they are sent to us within 90 days after the claim was paid. When reviewing the loan file associated with a claim, we may determine that we have the right to rescind coverage on the loan. (We refer to insurance rescissions and denials of claims collectively as "rescissions" and variations of that term.) In recent quarters, approximately 5% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009. Our loss reserving methodology incorporates our estimates of future rescissions, reversals of rescissions and curtailments. A variance between ultimate actual rescission, reversal and curtailment rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses. If the insured disputes our right to rescind coverage, we generally engage in discussions in an attempt to settle the dispute. As part of those discussions, we may voluntarily suspend rescissions we believe may be part of a settlement. Certain settlements require GSE approval. The GSEs consented to settlement agreements we entered into with Countrywide Home Loans, Inc. (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP, but there is no guarantee they will approve others. We have reached and implemented settlement agreements that do not require GSE approval, but they have not been material in the aggregate. If we are unable to reach a settlement, the outcome of a dispute ultimately would be determined by legal proceedings. Under our policies in effect prior to October 1, 2014, legal proceedings disputing our right to rescind coverage may be brought up to three years after the lender has obtained title to the property (typically through a foreclosure) or the property was sold in a sale that we approved, whichever is applicable, and under our master policy effective October 1, 2014, such proceedings may be brought up to two years from the date of the notice of rescission. In a few jurisdictions there is a longer time to bring such proceedings. Until a liability associated with a settlement agreement or litigation becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes even though discussions and legal proceedings may have been initiated and are ongoing. Under ASC 450-20, an estimated loss from such discussions and proceedings is accrued for only if we determine that the loss is probable and can be reasonably estimated. The estimated impact that we have recorded is our best estimate of our loss from these matters. If we are not able to implement settlements we consider probable, we intend to defend MGIC vigorously against any related legal proceedings. In addition to the probable settlements for which we have recorded a loss, we are involved in other discussions and/or proceedings with insureds with respect to our claims paying practices. Although it is reasonably possible that when these matters are resolved we will not prevail in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. We estimate the maximum exposure associated with matters where a loss is reasonably possible to be approximately $317 million , although we believe we will ultimately resolve these matters for significantly less than this amount. This estimate includes the maximum exposure for losses that we have determined are probable in excess of the provision we have recorded for such losses. The estimates of our maximum exposure referred to above do not include interest or consequential or exemplary damages. Mortgage insurers, including MGIC, have been involved in litigation alleging violations of the anti-referral fee provisions of the Real Estate Settlement Procedures Act, which is commonly known as RESPA, and the notice provisions of the Fair Credit Reporting Act, which is commonly known as FCRA. MGIC’s settlement of class action litigation against it under RESPA became final in October 2003. MGIC settled the named plaintiffs’ claims in litigation against it under FCRA in December 2004, following denial of class certification in June 2004. Since December 2006, class action litigation has been brought against a number of large lenders alleging that their captive mortgage reinsurance arrangements violated RESPA. Beginning in December 2011, MGIC, together with various mortgage lenders and other mortgage insurers, was named as a defendant in twelve lawsuits, alleged to be class actions, filed in various U.S. District Courts. The complaints in all of the cases alleged various causes of action related to the captive mortgage reinsurance arrangements of the mortgage lenders, including that the lenders’ captive reinsurers received excessive premiums in relation to the risk assumed by those captives, thereby violating RESPA. As of the end of the first quarter of 2015, MGIC had been dismissed from all twelve cases. There can be no assurance that we will not be subject to further litigation under RESPA (or FCRA) or that the outcome of any such litigation would not have a material adverse effect on us. In 2013, we entered into a settlement with the CFPB that resolved a federal investigation of MGIC’s participation in captive reinsurance arrangements without the CFPB or the court making any findings of wrongdoing. As part of the settlement, MGIC agreed that it would not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years . MGIC had voluntarily suspended most of its captive arrangements in 2008 in response to market conditions and GSE requests. In connection with the settlement, MGIC paid a civil penalty of $2.65 million and the court issued an injunction prohibiting MGIC from violating any provisions of RESPA. In 2015, MGIC executed a Consent Order with the Minnesota Department of Commerce that resolved that department’s investigation of captive reinsurance matters without making any findings of wrongdoing. The Consent Order provided, among other things, that MGIC is prohibited from entering into any new captive reinsurance agreement or reinsuring any new loans under any existing captive reinsurance agreement for a period of ten years. Various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring other actions seeking various forms of relief in connection with alleged violations of RESPA. The insurance law provisions of many states prohibit paying for the referral of insurance business and provide various mechanisms to enforce this prohibition. While we believe our practices are in conformity with applicable laws and regulations, it is not possible to predict the eventual scope, duration or outcome of any such reviews or investigations nor is it possible to predict their effect on us or the mortgage insurance industry. Through a non-insurance subsidiary, we utilize our underwriting skills to provide an outsourced underwriting service to our customers known as contract underwriting. As part of the contract underwriting activities, that subsidiary is responsible for the quality of the underwriting decisions in accordance with the terms of the contract underwriting agreements with customers. That subsidiary may be required to provide certain remedies to its customers if certain standards relating to the quality of our underwriting work are not met, and we have an established reserve for such future obligations. Claims for remedies may be made a number of years after the underwriting work was performed. Beginning in the second half of 2009, our subsidiary experienced an increase in claims for contract underwriting remedies, which continued throughout 2012. The related contract underwriting remedy expense was approximately $4 million and $5 million for the years ended December 31, 2014 and 2013 , respectively. The underwriting remedy expense for 2015 was approximately $1 million , but may increase in the future. In addition to the matters described above, we are involved in other legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course legal proceedings will not have a material adverse effect on our financial position or results of operations. See Note 14 – “Income Taxes” for a description of federal income tax contingencies.

Unaudited Quarterly Financial D

Unaudited Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Financial Data	Unaudited Quarterly Financial Data 2015: Quarter Full (In thousands, except per share data) First Second Third Fourth Year Net premiums earned $ 217,288 $ 213,508 $ 239,234 $ 226,192 $ 896,222 Investment income, net of expenses 24,120 25,756 25,939 27,926 103,741 Realized gains 26,327 166 640 1,228 28,361 Other revenue 2,480 3,699 3,698 2,580 12,457 Loss incurred, net 81,785 90,238 76,458 95,066 343,547 Underwriting and other expenses, net 51,969 37,915 65,805 53,858 209,547 Provision (benefit) for income tax 3,385 1,322 (695,604 ) 6,584 (684,313 ) Net income 133,076 113,654 822,852 102,418 1,172,000 Income per share (a) (b): Basic 0.39 0.33 2.42 0.30 3.45 Diluted 0.32 0.28 1.78 0.24 2.60 2014: Quarter Full (In thousands, except per share data) First Second Third Fourth Year Net premiums earned $ 214,261 $ 207,486 $ 209,035 $ 213,589 $ 844,371 Investment income, net of expenses 20,156 21,180 22,355 23,956 87,647 Realized (losses) gains (231 ) 522 632 434 1,357 Other revenue 896 2,048 3,093 2,385 8,422 Loss incurred, net 122,608 141,141 115,254 117,074 496,077 Underwriting and other expenses, net 51,766 43,455 47,595 48,181 190,997 Provision for income tax 726 1,118 249 681 2,774 Net income 59,982 45,522 72,017 74,428 251,949 Income per share (a) (b): Basic 0.18 0.13 0.21 0.22 0.74 Diluted 0.15 0.12 0.18 0.19 0.64 (a) Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year. (b) In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.

SCHEDULE I-SUMMARY OF INVESTMEN

SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2015
Summary of Investments, Other than Investments in Related Parties [Abstract]
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES	SCHEDULE I — SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2015 (In thousands) Type of Investment Amortized Cost Fair Value Amount at which shown in the balance sheet Fixed maturities: Bonds: United States Government and government agencies and authorities $ 160,393 $ 160,584 $ 160,584 States, municipalities and political subdivisions 1,766,407 1,792,527 1,792,527 Foreign governments 29,359 31,731 31,731 Public utilities 182,945 179,209 179,209 Asset-backed securities 116,764 116,617 116,617 Collateralized loan obligations 61,345 60,200 60,200 Mortgage-backed 503,183 491,139 491,139 All other corporate bonds 1,863,752 1,825,554 1,825,554 Total fixed maturities 4,684,148 4,657,561 4,657,561 Equity securities: Common stocks: Industrial, miscellaneous and all other 5,625 5,645 5,645 Total equity securities 5,625 5,645 5,645 Total investments $ 4,689,773 $ 4,663,206 $ 4,663,206

SCHEDULE II-CONDENSED FINANCIAL

SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT	SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS PARENT COMPANY ONLY December 31, 2015 and 2014 (In thousands) 2015 2014 ASSETS Fixed maturities (amortized cost, 2015 – $385,281; 2014 – $482,629) $ 382,565 $ 480,125 Cash and cash equivalents 19,417 10,507 Investment in subsidiaries, at equity in net assets 2,903,944 1,821,024 Accounts receivable - affiliates 938 312 Income taxes - current and deferred 151,318 17,478 Accrued investment income 3,700 3,435 Other assets 11,325 15,156 Total assets $ 3,473,207 $ 2,348,037 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Senior notes $ — $ 61,918 Convertible senior notes 833,503 845,000 Convertible junior debentures 389,522 389,522 Accrued interest 14,042 14,694 Total liabilities 1,237,067 1,311,134 Shareholders’ equity: Common stock, (one dollar par value, shares authorized 1,000,000; shares issued 2015 – 340,097; 2014 – 340,047; outstanding 2015 – 339,657; 2014 – 338,560) 340,097 340,047 Paid-in capital 1,670,238 1,663,592 Treasury stock (shares at cost, 2015 – 440; 2014 – 1,487) (3,362 ) (32,937 ) Accumulated other comprehensive loss, net of tax (60,880 ) (81,341 ) Retained earnings (deficit) 290,047 (852,458 ) Total shareholders’ equity 2,236,140 1,036,903 Total liabilities and shareholders’ equity $ 3,473,207 $ 2,348,037 See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS PARENT COMPANY ONLY Years Ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Revenues: Investment income, net of expenses $ 7,586 $ 6,985 $ 5,033 Net realized investment gains 357 395 830 Total revenues 7,943 7,380 5,863 Expenses: Operating expenses and other 1,089 1,383 511 Interest expense 68,932 69,648 79,663 Total expenses 70,021 71,031 80,174 Loss before tax (62,078 ) (63,651 ) (74,311 ) Benefit from income taxes (125,487 ) — — Equity in net income of subsidiaries 1,108,591 315,600 24,463 Net income (loss) 1,172,000 251,949 (49,848 ) Other comprehensive income (loss), net of tax 20,461 36,385 (69,563 ) Comprehensive income (loss) $ 1,192,461 $ 288,334 $ (119,411 ) See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS PARENT COMPANY ONLY Years Ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Cash flows from operating activities: Net income (loss) $ 1,172,000 $ 251,949 $ (49,848 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in net income of subsidiaries (1,108,591 ) (315,600 ) (24,463 ) Dividends received from subsidiaries 6,500 — — Deferred tax benefit (125,532 ) — — Other 22,849 14,862 21,693 Change in certain assets and liabilities: Accounts receivable - affiliates (626 ) 68 289 Income taxes receivable (8,308 ) 480 (3 ) Accrued investment income (265 ) 194 (2,611 ) Accrued interest (652 ) (188 ) (15,577 ) Net cash used in operating activities (42,625 ) (48,235 ) (70,520 ) Cash flows from investing activities: Capital distributions from (contributions to) subsidiaries 32,000 — (800,000 ) Purchase of fixed maturities (295,010 ) (553,538 ) (563,968 ) Sale of fixed maturities 386,385 613,322 148,608 Net cash provided by (used in) investing activities 123,375 59,784 (1,215,360 ) Cash flows from financing activities: Net proceeds from convertible senior notes — — 484,625 Common stock shares issued — — 663,335 Repayment of long-term debt (73,957 ) (21,767 ) (17,235 ) Excess tax benefits related to share-based compensation 2,117 — — Net cash (used in) provided by financing activities (71,840 ) (21,767 ) 1,130,725 Net increase (decrease) in cash and cash equivalents 8,910 (10,218 ) (155,155 ) Cash and cash equivalents at beginning of year 10,507 20,725 175,880 Cash and cash equivalents at end of year $ 19,417 $ 10,507 $ 20,725 See accompanying supplementary notes to Parent Company condensed financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY SUPPLEMENTARY NOTES Note A The accompanying Parent Company financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements appearing in Item 8 of this annual report. Note B Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The convertible senior notes and convertible debentures, discussed in Note 8 – “Debt” to our consolidated financial statements in Item 8, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. The payment of dividends from our insurance subsidiaries, which other than investment income and raising capital in the public markets, is the principal source of our holding company cash inflow, and is restricted by insurance regulation. MGIC is the principal source of dividend-paying capacity and OCI authorization is required for MGIC to pay dividends. Although MGIC has not paid any dividends to our holding company since 2008, we are discussing with the OCI the resumption of ongoing extraordinary dividends in 2016. During 2015, dividends of $38.5 million were paid to the holding company from other insurance subsidiaries. In the fourth quarter of 2008, we suspended the payment of dividends to shareholders.

SCHEDULE IV-REINSURANCE

SCHEDULE IV-REINSURANCE	12 Months Ended
	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
SCHEDULE IV-REINSURANCE	SCHEDULE IV — REINSURANCE MORTGAGE INSURANCE PREMIUMS EARNED Years Ended December 31, 2015, 2014 and 2013 (Dollars in thousands) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net Years ended December 31, 2015 $ 997,892 $ 102,848 $ 1,178 $ 896,222 0.1 % 2014 950,973 108,255 1,653 844,371 0.2 % 2013 979,078 38,101 2,074 943,051 0.2 %

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”), as codified in the Accounting Standards Codification. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Principles of Consolidation	The consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. All intercompany transactions have been eliminated.
Cash and Cash Equivalents	We consider money market funds and investments with original maturities of three months or less to be cash equivalents.
Fair value measurements	To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities: Level 1 - Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs primarily include U.S. Treasury securities, equity securities, and Australian government and semi government securities. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, and certain municipal bonds. The independent pricing sources utilize these approaches based on type of investment: Corporate Debt & U.S. Government and Agency Bonds are evaluated by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation process. Obligations of U.S. States & Political Subdivisions are evaluated by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. Residential Mortgage-Backed Securities are evaluated by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. Commercial Mortgage-Backed Securities are evaluated using valuation techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation utilizes regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. Asset-Backed Securities are evaluated using spreads and other information solicited from market buy- and sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including market color as available are used, resulting in tranche-specific spreads. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or from par values for equity securities restricted in their ability to be redeemed or sold. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs primarily include equity securities that can only be redeemed or sold at their par value and only to the security issuer and certain state premium tax credit investments. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends.
Investments	Our entire investment portfolio is classified as available-for-sale and is reported at fair value or, for certain equity securities carried at cost, amounts that approximate fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses are reported in income based upon specific identification of securities sold. (See Note 6 – “Investments.”) Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to: ▪ our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; ▪ the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; ▪ extent and duration of the decline; ▪ failure of the issuer to make scheduled interest or principal payments; ▪ change in rating below investment grade; and ▪ adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record an other-than-temporary impairment adjustment on a security if we intend to sell the impaired security, if it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. If the fair value of a security is below its amortized cost at the time of our intent to sell, the security is classified as other-than-temporarily impaired and the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, when a security is considered to be other-than-temporarily impaired, the losses are separated into the portion of the loss that represents the credit loss and the portion that is due to other factors. The credit loss portion is recognized as a loss in the statement of operations, while the loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security.
Home office and equipment	Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office, equipment and data processing hardware over estimated lives of 45 , 5 and 3 years, respectively. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $26.1 million , $54.9 million and $53.0 million as of December 31, 2015 , 2014 and 2013 , respectively. Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $3.2 million , $2.2 million and $1.8 million , respectively.
Deferred Insurance Policy Acquisition Costs	Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs (“DAC”). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. If a premium deficiency exists (in other words, no gross profit is expected), we reduce the related DAC by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the related DAC balance, we then establish a premium deficiency reserve equal to the excess, through a charge to current period earnings.
Loss Reserves	Reserves are established for insurance losses and loss adjustment expenses when we receive notices of default on insured mortgage loans. We consider a loan in default when it is two or more payments past due. Even though the accounting standard, Accounting Standards Codification (“ASC”) 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. Reserves are also established for estimated losses from defaults occurring prior to the close of an accounting period on notices of default not yet reported to us. These incurred but not reported (“IBNR”) reserves are also established using estimated claim rates and claim severities. Reserves also provide for the estimated costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process. Reserves are also ceded to reinsurers under our reinsurance agreements.
Premium Deficiency Reserve	After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve is based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings.
Revenue Recognition	We write policies which are guaranteed renewable contracts at the insured's option on a monthly, single, or annual premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve and earned over the policy life. Premiums written on policies covering more than one year are amortized over the policy life in relationship to the anticipated incurred loss pattern based on historical experience. Premiums written on annual premium policies are earned on a monthly pro rata basis. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. Cancellations also include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the servicer and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. When a premium deficiency exists a separate component of the premium refund liability is included in “Premium deficiency reserves” on our consolidated balance sheets. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations.
Income Taxes	Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the financial statements and the tax bases of these items. The expected tax effects are computed at the enacted regular federal tax rate. Using this method, we have recorded a net deferred tax asset primarily due to net operating losses incurred in prior years. On a quarterly basis, we review the need to maintain a deferred tax asset valuation allowance as an offset to the net deferred tax asset, before valuation allowance. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, as discussed in Note 14 –“Income Taxes,” we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities.
Benefit Plans	We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Retirement benefits are based on compensation and years of service. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974. We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents until the retiree reaches the age of 65 . Under the plan retirees pay a premium for these benefits. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits.
Reinsurance	Loss reserves and unearned premiums are reported before taking credit for amounts ceded under reinsurance agreements. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Ceded unearned premiums are reflected as “Prepaid reinsurance premiums.” Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable are included in “Other liabilities.” Any profit commissions are included with “Premiums written – Ceded” and any ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded.
Foreign Currency Translation	Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive loss in shareholders’ equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income (loss) at the rate on the transaction date.
Share-Based Compensation	We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled.
Earnings per Share	Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested restricted stock units or granted stock options result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our convertible debt instruments result in the issuance of common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. We have several debt issuances that could potentially result in contingently issuable shares and consider each potential issuance of shares separately to reflect the maximum potential dilution. Accordingly, our dilutive common stock equivalents may not reflect all of the contingently issuable shares that could be required to be issued upon any debt conversion. For purposes of calculating basic and diluted EPS, vested restricted stock and restricted stock units are considered outstanding. GAAP requires unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of EPS pursuant to the two-class method. Our participating securities are composed of vested restricted stock and restricted stock units with non-forfeitable rights to dividends. There have been no dividends declared by us since the issuance of these participating securities and there has been no reduction to net income available to common shareholders. For the years ended December 31, 2015 and 2014 , participating securities of 0.1 million have been included in basic EPS, respectively, and 0.1 million have been excluded for the year ended December 31, 2013 as they were anti-dilutive due to our net loss. The computation of diluted EPS for the years ended December 31, 2015 and 2014 include the weighted average unvested restricted stock units outstanding of 2.1 million and 3.1 million , respectively. As a result of reporting a net loss in 2013, unvested restricted stock awards were anti-dilutive for the year and accordingly not included in the computation of diluted weighted average shares. For the year ended December 31, 2015 , all of our outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS.
New Accounting Policies	In January 2016, the Financial Accounting Standards Board ("FASB") issued updated guidance to address the recognition, measurement, presentation, and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values. The updated guidance also eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods and will require recognition of a cumulative effect adjustment at adoption. We do not currently expect the adoption of this guidance to impact our financial position or liquidity. In May 2015, the FASB issued updated guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims. The disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting periods is considered supplementary information. The expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims. The disclosures required by this update are effective for annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016, and is to be applied retrospectively. We are evaluating the impact, if any, of the new disclosure requirements. In April 2015, the FASB issued updated guidance related to the presentation of debt issuance costs. The new standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of December 31, 2015 debt issuance costs of approximately $11 million associated with our Convertible Senior Notes are recorded in "Other assets" on the consolidated balance sheet. We will adopt this amended guidance in the first quarter of 2016. In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee shared-based compensation that contains performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This updated guidance is effective for annual and interim periods beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016, which will likely reduce the service periods utilized to recognize expense on certain share-based compensation awards granted in 2016 relative to the service period in the grant terms. The impact is not expected to be material to our consolidated financial statements. In May 2014, the FASB issued updated guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, our fee income related to contract underwriting and other fee-based services provided to lenders will be subject to this guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The guidance is effective for reporting periods beginning after December 15, 2017 with early adoption for reporting periods beginning after December 15, 2016 permitted. We are currently evaluating the impact of this update, but it is not expected to have a material impact on our consolidated financial statements and disclosures.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of earnings per share	The following table reconciles basic and diluted EPS amounts: Years Ended December 31, (In thousands, except per share data) 2015 2014 2013 Basic earnings (loss) per share: Net income (loss) $ 1,172,000 $ 251,949 $ (49,848 ) Weighted average common shares outstanding 339,552 338,523 311,754 Basic income (loss) per share $ 3.45 $ 0.74 $ (0.16 ) Diluted earnings (loss) per share: Net income (loss) $ 1,172,000 $ 251,949 $ (49,848 ) Interest expense, net of tax (1): 2% Convertible Senior Notes due 2020 7,928 12,197 — 5% Convertible Senior Notes due 2017 12,228 — — 9% Convertible Junior Subordinated Debentures due 2063 22,786 — — Diluted income available to common shareholders $ 1,214,942 $ 264,146 $ (49,848 ) Weighted-average shares - Basic 339,552 338,523 311,754 Effect of dilutive securities: Unvested restricted stock units 2,113 3,082 — 2% Convertible Senior Notes due 2020 71,917 71,917 — 5% Convertible Senior Notes due 2017 25,603 — — 9% Convertible Junior Subordinated Debentures due 2063 28,854 — — Weighted-average shares - Diluted 468,039 413,522 311,754 Diluted income (loss) per share $ 2.60 $ 0.64 $ (0.16 ) Anti-dilutive securities (in millions) — 54.5 130.1 (1) The year ended December 31, 2015 has been tax effected at a rate of 35% . Due to the valuation allowance recorded against deferred tax assets the year ended December 31, 2014 was not tax effected.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio	The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2015 and 2014 are shown below: December 31, 2015 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 160,393 $ 2,133 $ (1,942 ) $ 160,584 Obligations of U.S. states and political subdivisions 1,766,407 33,410 (7,290 ) 1,792,527 Corporate debt securities 2,046,697 2,836 (44,770 ) 2,004,763 Asset-backed securities 116,764 56 (203 ) 116,617 Residential mortgage-backed securities 265,879 161 (8,392 ) 257,648 Commercial mortgage-backed securities 237,304 162 (3,975 ) 233,491 Collateralized loan obligations 61,345 3 (1,148 ) 60,200 Debt securities issued by foreign sovereign governments 29,359 2,474 (102 ) 31,731 Total debt securities 4,684,148 41,235 (67,822 ) 4,657,561 Equity securities 5,625 38 (18 ) 5,645 Total investment portfolio $ 4,689,773 $ 41,273 $ (67,840 ) $ 4,663,206 December 31, 2014 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 349,153 $ 2,752 $ (5,130 ) $ 346,775 Obligations of U.S. states and political subdivisions 844,942 12,961 (2,761 ) 855,142 Corporate debt securities 2,418,991 16,325 (10,035 ) 2,425,281 Asset-backed securities 286,260 535 (140 ) 286,655 Residential mortgage-backed securities 329,983 254 (9,000 ) 321,237 Commercial mortgage-backed securities 276,215 1,221 (2,158 ) 275,278 Collateralized loan obligations 61,340 — (1,264 ) 60,076 Debt securities issued by foreign sovereign governments 35,630 3,540 — 39,170 Total debt securities 4,602,514 37,588 (30,488 ) 4,609,614 Equity securities 3,003 61 (9 ) 3,055 Total investment portfolio $ 4,605,517 $ 37,649 $ (30,497 ) $ 4,612,669 (1) There were no other-than-temporary impairment losses recorded in other comprehensive income (loss) as of December 31, 2015 and 2014 .
Amortized cost and fair values of debt securities by contractual maturity	The amortized cost and fair values of debt securities as of December 31, 2015 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories. December 31, 2015 (In thousands) Amortized Cost Fair Value Due in one year or less $ 280,697 $ 281,063 Due after one year through five years 1,450,854 1,450,315 Due after five years through ten years 1,207,011 1,176,468 Due after ten years 1,064,294 1,081,759 4,002,856 3,989,605 Asset-backed securities 116,764 116,617 Residential mortgage-backed securities 265,879 257,648 Commercial mortgage-backed securities 237,304 233,491 Collateralized loan obligations 61,345 60,200 Total as of December 31, 2015 $ 4,684,148 $ 4,657,561
Aging of the fair values of securities in an unrealized loss position	For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows: December 31, 2015 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 60,548 $ (1,467 ) $ 1,923 $ (475 ) $ 62,471 $ (1,942 ) Obligations of U.S. states and political subdivisions 417,615 (6,404 ) 37,014 (886 ) 454,629 (7,290 ) Corporate debt securities 1,470,628 (38,519 ) 114,982 (6,251 ) 1,585,610 (44,770 ) Asset-backed securities 86,604 (173 ) 5,546 (30 ) 92,150 (203 ) Residential mortgage-backed securities 35,064 (312 ) 209,882 (8,080 ) 244,946 (8,392 ) Commercial mortgage-backed securities 134,488 (2,361 ) 69,927 (1,614 ) 204,415 (3,975 ) Collateralized loan obligations — — 51,750 (1,148 ) 51,750 (1,148 ) Debt securities issued by foreign sovereign governments 4,463 (102 ) — — 4,463 (102 ) Equity securities 355 (8 ) 171 (10 ) 526 (18 ) Total investment portfolio $ 2,209,765 $ (49,346 ) $ 491,195 $ (18,494 ) $ 2,700,960 $ (67,840 ) December 31, 2014 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 58,166 $ (138 ) $ 232,351 $ (4,992 ) $ 290,517 $ (5,130 ) Obligations of U.S. states and political subdivisions 166,408 (1,066 ) 114,465 (1,695 ) 280,873 (2,761 ) Corporate debt securities 816,555 (5,259 ) 243,208 (4,776 ) 1,059,763 (10,035 ) Asset-backed securities 54,491 (80 ) 11,895 (60 ) 66,386 (140 ) Residential mortgage-backed securities 24,168 (34 ) 263,002 (8,966 ) 287,170 (9,000 ) Commercial mortgage-backed securities 89,301 (810 ) 110,652 (1,348 ) 199,953 (2,158 ) Collateralized loan obligations — — 60,076 (1,264 ) 60,076 (1,264 ) Debt securities issued by foreign sovereign governments — — — — — — Equity securities 167 (1 ) 235 (8 ) 402 (9 ) Total investment portfolio $ 1,209,256 $ (7,388 ) $ 1,035,884 $ (23,109 ) $ 2,245,140 $ (30,497 )
Net investment income	The source of net investment income is as follows: (In thousands) 2015 2014 2013 Fixed maturities $ 105,882 $ 89,437 $ 82,168 Equity securities 208 227 229 Cash equivalents 191 179 353 Other 455 711 675 Investment income 106,736 90,554 83,425 Investment expenses (2,995 ) (2,907 ) (2,686 ) Net investment income $ 103,741 $ 87,647 $ 80,739
Net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments	The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows: (In thousands) 2015 2014 2013 Net realized investment gains on investments: Fixed maturities $ 28,335 $ 1,000 $ 3,274 Equity securities 26 356 1,068 Other — 1 1,389 Total net realized investment gains $ 28,361 $ 1,357 $ 5,731 Change in net unrealized gains (losses): Fixed maturities $ (33,687 ) $ 91,718 $ (126,020 ) Equity securities (32 ) 66 (153 ) Other — — — Total (decrease) increase in net unrealized gains/losses $ (33,719 ) $ 91,784 $ (126,173 )
Gross realized gains, gross realized losses and impairment losses	The gross realized gains, gross realized losses and impairment losses are as follows: (In thousands) 2015 2014 2013 Gross realized gains $ 30,039 $ 4,966 $ 11,043 Gross realized losses (1,678 ) (3,465 ) (4,984 ) Other-than-temporary-impairment losses — (144 ) (328 ) Net realized gains on securities $ 28,361 $ 1,357 $ 5,731

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value measurements for items measured at fair value	Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2015 and 2014 : December 31, 2015 (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 160,584 $ 46,197 $ 114,387 $ — Obligations of U.S. states and political subdivisions 1,792,527 — 1,791,299 1,228 Corporate debt securities 2,004,763 — 2,004,763 — Asset-backed securities 116,617 — 116,617 — Residential mortgage-backed securities 257,648 — 257,648 — Commercial mortgage-backed securities 233,491 — 233,491 — Collateralized loan obligations 60,200 — 60,200 — Debt securities issued by foreign sovereign governments 31,731 31,731 — — Total debt securities 4,657,561 77,928 4,578,405 1,228 Equity securities (1) 5,645 2,790 — 2,855 Total investments $ 4,663,206 $ 80,718 $ 4,578,405 $ 4,083 Real estate acquired (2) $ 12,149 $ — $ — $ 12,149 December 31, 2014 (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 346,775 $ 188,824 $ 157,951 $ — Obligations of U.S. states and political subdivisions 855,142 — 853,296 1,846 Corporate debt securities 2,425,281 — 2,425,281 — Asset-backed securities 286,655 — 286,655 — Residential mortgage-backed securities 321,237 — 321,237 — Commercial mortgage-backed securities 275,278 — 275,278 — Collateralized loan obligations 60,076 — 60,076 — Debt securities issued by foreign sovereign governments 39,170 39,170 — — Total debt securities 4,609,614 227,994 4,379,774 1,846 Equity securities (1) 3,055 2,734 — 321 Total investments $ 4,612,669 $ 230,728 $ 4,379,774 $ 2,167 Real estate acquired (2) $ 12,658 $ — $ — $ 12,658 (1) Equity securities in Level 3 are carried at cost, which approximates fair value. (2) Real estate acquired through claim settlement, which is held for sale, is reported in other assets on the consolidated balance sheets.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)	For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2015 , 2014 , and 2013 is shown in the following tables. There were no transfers into or out of Level 3 in those years and there we no losses included in earnings for those years attributable to the change in unrealized losses on assets still held at the end of each applicable year. (In thousands) Obligations of U.S. States and Political Subdivisions Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net — — — (2,322 ) Purchases 7 2,534 2,541 34,624 Sales (625 ) — (625 ) (32,811 ) Balance at December 31, 2015 $ 1,228 $ 2,855 $ 4,083 $ 12,149 (In thousands) Obligations of U.S. States and Political Subdivisions Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2013 $ 2,423 $ 321 $ 2,744 $ 13,280 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net — — — (4,129 ) Purchases 30 — 30 42,247 Sales (607 ) — (607 ) (38,740 ) Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 (In thousands) Obligations of U.S. States and Political Subdivisions Corporate Debt Securities Equity Securities Total Investments Real Estate Acquired Balance at December 31, 2012 $ 3,130 $ 17,114 $ 321 $ 20,565 $ 3,463 Total realized/unrealized gains (losses): Included in earnings and reported as realized investment gains (losses), net — (225 ) — (225 ) — Included in earnings and reported as losses incurred, net — — — — (4,959 ) Included in other comprehensive income — — — — — Purchases 30 — — 30 39,188 Sales (737 ) (16,889 ) — (17,626 ) (24,412 ) Balance at December 31, 2013 $ 2,423 $ — $ 321 $ 2,744 $ 13,280
Schedule of carrying value and fair value of financial liabilities measured on a recurring basis	The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at December 31, 2015 and 2014 . The fair values of our Senior Notes, Convertible Senior Notes and Convertible Junior Debentures were determined using available pricing for these notes, debentures, or similar instruments and they are categorized as Level 2 as described in Note 3 – “Summary of Significant Accounting Policies - Fair Value Measurements.” (In thousands) Par Value Fair Value December 31, 2015 Financial liabilities: Convertible Senior Notes due 2017 $ 333,503 $ 345,616 Convertible Senior Notes due 2020 500,000 701,955 Convertible Junior Subordinated Debentures due 2063 389,522 455,067 Total financial liabilities $ 1,223,025 $ 1,502,638 December 31, 2014 Financial liabilities: Senior Notes $ 61,953 $ 63,618 Convertible Senior Notes due 2017 345,000 387,997 Convertible Senior Notes due 2020 500,000 735,075 Convertible Junior Subordinated Debentures due 2063 389,522 500,201 Total financial liabilities $ 1,296,475 $ 1,686,891

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt	Long-term debt as of December 31, 2015 and 2014 consisted of the following obligations. December 31, (In millions) 2015 2014 Senior Notes, interest at 5.375% per annum, due November 2015 $ — $ 61.9 Convertible Senior Notes, interest at 5% per annum, due May 2017 333.5 345.0 Convertible Senior Notes, interest at 2% per annum, due April 2020 500.0 500.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 389.5 389.5 Total debt 1,223.0 1,296.4 Less current portion of debt — (61.9 ) Total long-term debt $ 1,223.0 $ 1,234.5
Interest Payments Made	Interest payments on our debt obligations existing during 2015 and 2014 appear below. Years Ended December 31, (In millions) 2015 2014 Senior Notes, interest at 5.375% per annum, due November 2015 $ 3.3 $ 3.6 Convertible Senior Notes, interest at 5% per annum, due May 2017 17.3 17.3 Convertible Senior Notes, interest at 2% per annum, due April 2020 10.0 10.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 35.1 35.1 Total interest payments $ 65.7 $ 66.0

Loss Reserves (Tables)

Loss Reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Insurance Loss Reserves [Abstract]
Reconciliation of beginning and ending loss reserves	The following table provides a reconciliation of beginning and ending loss reserves for each of the past three years: (In thousands) 2015 2014 2013 Reserve at beginning of year $ 2,396,807 $ 3,061,401 $ 4,056,843 Less reinsurance recoverable 57,841 64,085 104,848 Net reserve at beginning of year 2,338,966 2,997,316 3,951,995 Losses incurred: Losses and LAE incurred in respect of default notices received in: Current year 453,849 596,436 898,413 Prior years (1) (110,302 ) (100,359 ) (59,687 ) Subtotal 343,547 496,077 838,726 Losses paid: Losses and LAE paid in respect of default notices received in: Current year 25,980 32,919 73,470 Prior years 823,058 1,121,508 1,722,923 Reinsurance terminations (2) (15,440 ) — (2,988 ) Subtotal 833,598 1,154,427 1,793,405 Net reserve at end of year 1,848,915 2,338,966 2,997,316 Plus reinsurance recoverables 44,487 57,841 64,085 Reserve at end of year $ 1,893,402 $ 2,396,807 $ 3,061,401 (1) A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below regarding prior year loss development. (2) In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred. (See Note 11 – “Reinsurance”)
Prior year development of the reserves	The prior year development of the reserves in 2015 , 2014 and 2013 is reflected in the table below. (In millions) 2015 2014 2013 Prior year loss development: (Decrease) increase in estimated claim rate on primary defaults $ (141 ) $ (43 ) $ 10 Increase (decrease) in estimated severity on primary defaults 43 (35 ) (50 ) Change in estimates related to pool reserves, LAE reserves, reinsurance and other (12 ) (22 ) (20 ) Total prior year loss development (1) $ (110 ) $ (100 ) $ (60 ) (1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of primary default inventory	A rollforward of our primary default inventory for the years ended December 31, 2015 , 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. 2015 2014 2013 Default inventory at beginning of year 79,901 103,328 139,845 New Notices 74,315 88,844 106,823 Cures (73,610 ) (87,278 ) (104,390 ) Paids (including those charged to a deductible or captive) (16,004 ) (23,494 ) (34,738 ) Rescissions and denials (848 ) (1,306 ) (1,939 ) Items removed from inventory resulting from settlements (1,121 ) (193 ) (2,273 ) Default inventory at end of year 62,633 79,901 103,328
Aging of the primary default inventory	The percentage of loans that have been in default for 12 or more consecutive months has been affected by our suspended rescissions discussed below. Aging of the Primary Default Inventory December 31, 2015 2014 2013 Consecutive months in default 3 months or less 13,053 21 % 15,319 19 % 18,941 18 % 4 - 11 months 15,763 25 % 19,710 25 % 24,514 24 % 12 months or more (1) 33,817 54 % 44,872 56 % 59,873 58 % Total primary default inventory 62,633 100 % 79,901 100 % 103,328 100 % Primary claims received inventory included in ending default inventory (2) 2,769 4 % 4,746 6 % 6,948 7 % (1) Approximately 50% , 53% and 49% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of December 31, 2015 , 2014 and 2013 , respectively. (2) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of December 31, 2015 , rescissions of coverage on approximately 435 loans had been voluntarily suspended.
Number of payments delinquent	The number of payments that a borrower is delinquent is shown in the table below. Number of Primary Payments Delinquent December 31, 2015 2014 2013 3 payments or less 20,360 33 % 23,253 29 % 28,095 27 % 4 - 11 payments 15,092 24 % 19,427 24 % 24,605 24 % 12 payments or more 27,181 43 % 37,221 47 % 50,628 49 % Total primary default inventory 62,633 100 % 79,901 100 % 103,328 100 %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Quota share reinsurance, excluding captive agreements	A summary of our quota share reinsurance agreements, excluding captive agreements, for 2015 , 2014 and 2013 appears below. Years ended December 31, (In thousands) 2015 2014 2013 2013 QSR Transaction Ceded premiums written, net of profit commission $ (11,355 ) (1) $ 100,031 $ 49,672 Ceded premiums earned, net of profit commission 35,999 (1) 88,528 13,821 Ceded losses incurred 6,060 15,163 176 Ceding commissions (2) 10,235 (1) 37,833 10,408 Profit commission 62,525 (1) 89,133 2,368 2015 QSR Transaction (Effective July 1, 2015) Ceded premiums written, net of profit commission (3) $ 52,588 Ceded premiums earned, net of profit commission (3) 52,588 Ceded losses incurred 11,424 Ceding commissions (2) 20,582 Profit commission 50,322 (1) The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. (3) As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.
Effect of reinsurance agreements on premiums earned and losses incurred	The effect of all reinsurance agreements on premiums earned and losses incurred is as follows: Years ended December 31, (In thousands) 2015 2014 2013 Premiums earned: Direct $ 997,892 $ 950,973 $ 979,078 Assumed 1,178 1,653 2,074 Ceded (102,848 ) (108,255 ) (38,101 ) Net premiums earned $ 896,222 $ 844,371 $ 943,051 Losses incurred: Direct $ 369,680 $ 524,051 $ 863,871 Assumed 1,552 2,012 2,645 Ceded (27,685 ) (29,986 ) (27,790 ) Net losses incurred $ 343,547 $ 496,077 $ 838,726

Other Comprehensive (Loss) In39

Other Comprehensive (Loss) Income (Tables)	12 Months Ended
	Dec. 31, 2015
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income	The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2015 , 2014 and 2013 are included in the table below: (In thousands) 2015 2014 2013 Net unrealized investment (losses) gains arising during the year $ (33,718 ) $ 91,782 $ (126,175 ) Income tax benefit (expense) 11,738 (32,017 ) 43,732 Valuation allowance (1) 62,383 31,374 (41,148 ) Net of taxes 40,403 91,139 (123,591 ) Net changes in benefit plan assets and obligations (12,818 ) (52,112 ) 68,038 Income tax benefit (expense) 4,487 18,239 (23,813 ) Valuation allowance (1) (7,383 ) (18,239 ) 23,813 Net of taxes (15,714 ) (52,112 ) 68,038 Net changes in unrealized foreign currency translation adjustment (5,699 ) (4,067 ) (21,563 ) Income tax benefit 2,000 1,425 7,553 Valuation allowance (1) (529 ) — — Net of taxes (4,228 ) (2,642 ) (14,010 ) Total other comprehensive (loss) income (52,235 ) 35,603 (79,700 ) Total income tax benefit, net of valuation allowance 72,696 782 10,137 Total other comprehensive income, net of tax $ 20,461 $ 36,385 $ (69,563 ) (1) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.
Reclassification out of accumulated other comprehensive income	The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 are included in the table below: (In thousands) 2015 2014 2013 Reclassification adjustment for net realized gains (losses) included in net income (loss) (1) $ 11,693 $ (6,816 ) $ 3,246 Income tax (expense) benefit (4,076 ) 2,402 (924 ) Valuation allowance (3) 3,635 (2,502 ) (349 ) Net of taxes 11,252 (6,916 ) 1,973 Reclassification adjustment related to benefit plan assets and obligations (2) 2,184 6,930 1 Income tax expense (764 ) (2,425 ) — Valuation allowance (3) 574 2,425 — Net of taxes 1,994 6,930 1 Total reclassifications 13,877 114 3,247 Total income tax expense, net of valuation allowance (631 ) (100 ) (1,273 ) Total reclassifications, net of tax $ 13,246 $ 14 $ 1,974 (1) Increases (decreases) Net realized investment gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. (3) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.
Accumulated other comprehensive income (loss)	A rollforward of accumulated other comprehensive loss for the years ended December 31, 2015 , 2014 , and 2013 , including amounts reclassified from accumulated other comprehensive loss, are included in the table below. (In thousands) Net unrealized gains and losses Net benefit plan assets and obligations Net unrealized foreign Total accumulated other Balance, December 31, 2012, net of tax $ (25,099 ) $ (44,864 ) $ 21,800 $ (48,163 ) Other comprehensive income (loss) before reclassifications (121,618 ) 68,039 (14,010 ) (67,589 ) Less: Amounts reclassified from AOCL 1,973 1 — 1,974 Balance, December 31, 2013, net of tax (148,690 ) 23,174 7,790 (117,726 ) Other comprehensive income (loss) before reclassifications 84,223 (45,182 ) (2,642 ) 36,399 Less: Amounts reclassified from AOCL (6,916 ) 6,930 — 14 Balance, December 31, 2014, net of tax (57,551 ) (28,938 ) 5,148 (81,341 ) Other comprehensive income (loss) before reclassifications 51,655 (13,720 ) (4,228 ) 33,707 Less: Amounts reclassified from AOCL 11,252 1,994 — 13,246 Balance, December 31, 2015, net of tax $ (17,148 ) $ (44,652 ) $ 920 (60,880 )

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2015 , 2014 , and 2013 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheet as of December 31, 2015 and 2014 . Components of Net Periodic Benefit Cost Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2013 12/31/2015 12/31/2014 12/31/2013 1. Company Service Cost $ 10,256 $ 8,565 $ 11,338 $ 833 $ 659 $ 812 2. Interest Cost 15,847 15,987 15,289 697 653 618 3. Expected Return on Assets (21,109 ) (21,030 ) (20,144 ) (4,991 ) (4,648 ) (3,679 ) 4. Other Adjustments — — — — — — Subtotal 4,994 3,522 6,483 (3,461 ) (3,336 ) (2,249 ) 5. Amortization of : a. Net Transition Obligation/(Asset) — — — — — — b. Net Prior Service Cost/(Credit) (845 ) (930 ) 503 (6,649 ) (6,649 ) (6,649 ) c. Net Losses/(Gains) 5,485 1,083 6,145 (175 ) (435 ) — Total Amortization 4,640 153 6,648 (6,824 ) (7,084 ) (6,649 ) 6. Net Periodic Benefit Cost 9,634 3,675 13,131 (10,285 ) (10,420 ) (8,898 ) 7. Cost of settlements or curtailments 3,172 302 — — — — 8. Total Expense for Year $ 12,806 $ 3,977 $ 13,131 $ (10,285 ) $ (10,420 ) $ (8,898 )
Development of funded status	Development of Funded Status Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Actuarial Value of Benefit Obligations 1.Measurement Date 12/31/2015 12/31/2014 12/31/2015 12/31/2014 2. Accumulated Benefit Obligation $ 338,450 $ 366,440 $ 16,423 $ 18,225 Funded Status/Asset (Liability) on the Consolidated Balance Sheet 1. Projected Benefit Obligation $ (349,483 ) $ (379,324 ) $ (16,423 ) $ (18,225 ) 2. Plan Assets at Fair Value 350,107 378,701 65,568 66,940 3. Funded Status - Overfunded/Asset 624 N/A $ 49,145 $ 48,715 4. Funded Status - Underfunded/Liability N/A (623 ) N/A N/A Accumulated Other Comprehensive Income Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Net Actuarial (Gain)/Loss $ 95,636 $ 93,243 $ (5,311 ) $ (8,222 ) 2. Net Prior Service Cost/(Credit) (2,989 ) (3,853 ) (18,640 ) (25,289 ) 3. Net Transition Obligation/(Asset) — — — — 4. Total at Year End $ 92,647 $ 89,390 $ (23,951 ) $ (33,511 )
Change in projected benefit obligation	The changes in the projected benefit obligation are as follows: Change in Projected Benefit/Accumulated Benefit Obligation Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Benefit Obligation at Beginning of Year $ 379,324 $ 317,606 $ 18,225 $ 15,764 2. Company Service Cost 10,256 8,565 833 659 3. Interest Cost 15,847 15,987 697 653 4. Plan Participants' Contributions — — 361 336 5. Net Actuarial (Gain)/Loss due to Assumption Changes (24,118 ) 59,901 (2,083 ) 2,276 6. Net Actuarial (Gain)/Loss due to Plan Experience 7,155 (55 ) (397 ) (855 ) 7. Benefit Payments from Fund (1) (32,646 ) (21,539 ) (1,147 ) (645 ) 8. Benefit Payments Directly by Company (7,661 ) (1,404 ) — — 9. Plan Amendments 19 (1 ) — — 10. Other Adjustment 1,307 264 (66 ) 37 11. Benefit Obligation at End of Year $ 349,483 $ 379,324 $ 16,423 $ 18,225 (1) Includes lump sum payments of $22.4 million and $11.8 million in 2015 and 2014, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.
Change in plan assets	The changes in the fair value of the net assets available for plan benefits are as follows: Change in Plan Assets Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. Fair Value of Plan Assets at Beginning of Year $ 378,701 $ 355,704 $ 66,940 $ 62,298 2. Company Contributions 17,311 9,504 — — 3. Plan Participants' Contributions — — 361 336 4. Benefit Payments from Fund (32,646 ) (21,539 ) (1,147 ) (645 ) 5. Benefit Payments paid directly by Company (7,661 ) (1,404 ) — — 6. Actual Return on Assets (5,094 ) 36,436 (225 ) 5,250 7. Other Adjustment (504 ) — (361 ) (299 ) 8. Fair Value of Plan Assets at End of Year $ 350,107 $ 378,701 $ 65,568 $ 66,940
Change in accumulated other comprehensive income (AOCI)	Change in Accumulated Other Comprehensive Income (AOCI) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 1. AOCI in Prior Year $ 89,390 $ 45,143 $ (33,511 ) $ (41,377 ) 2. Increase/(Decrease) in AOCI a. Recognized during year - Prior Service (Cost)/Credit 845 930 6,649 6,649 b. Recognized during year - Net Actuarial (Losses)/Gains (5,485 ) (1,083 ) 175 435 c. Occurring during year - Prior Service Cost 19 (1 ) — — d. Occurring during year - Net Actuarial Losses/(Gains) 11,050 44,703 2,736 782 f. Occurring during year - Net Settlement Losses/(Gains) (3,172 ) (302 ) — — e. Other adjustments — — — — 3. AOCI in Current Year $ 92,647 $ 89,390 $ (23,951 ) $ (33,511 )
Amortizations expected to be recognized during next fiscal year	Amortizations Expected to be Recognized During Next Fiscal Year Ending (In thousands) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2016 12/31/2016 1. Amortization of Net Transition Obligation/(Asset) $ — $ — 2. Amortization of Prior Service Cost/(Credit) (689 ) (6,649 ) 3. Amortization of Net Losses/(Gains) 5,443 —
Actuarial assumptions	The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions. Actuarial Assumptions Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Weighted-Average Assumptions Used to Determine Benefit Obligations at year end 1. Discount Rate 4.65 % 4.25 % 4.30 % 4.00 % 2. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year 1. Discount Rate 4.25 % 5.15 % 4.00 % 4.75 % 2. Expected Long-term Return on Plan Assets 5.75 % 6.00 % 7.50 % 7.50 % 3. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Assumed Health Care Cost Trend Rates at year end 1. Health Care Cost Trend Rate Assumed for Next Year N/A N/A 7.00 % 7.00 % 2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) N/A N/A 5.00 % 5.00 % 3. Year That the Rate Reaches the Ultimate Trend Rate N/A N/A 2020 2019
Year-end asset allocations of the plans	The year-end asset allocations of the plans are as follows: Plan Assets Pension Plan Other Postretirement Benefits 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Allocation of Assets at year end 1. Equity Securities 20 % 22 % 100 % 100 % 2. Debt Securities 80 % 78 % — % — % 3. Total 100 % 100 % 100 % 100 %
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Schedule of investment allocation strategies	The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies: Strategy Objective Investment types Return seeking growth Funded ratio improvement over the long term ● Global quality growth ● Global low volatility Return seeking bridge Downside protection in the event of a declining ● Enduring asset equity market ● Durable company
Minimum and maximum allocation ranges for fixed income securities and equity securities	The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are: Minimum Maximum Equities (long only) 70 % 100 % Real estate 0 % 15 % Commodities 0 % 10 % Fixed income/Cash 0 % 10 %
Actual and estimated future contributions and actual and estimated future benefit payments	The following tables show the current and estimated future contributions and benefit payments. Company Contributions Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2015 Company Contributions for the Year Ending: 1. Current $ 17,311 $ — 2. Current + 1 11,350 — Benefit Payments (Total) Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2015 12/31/2015 Actual Benefit Payments for the Year Ending: 1. Current $ 40,307 $ 851 Expected Benefit Payments for the Year Ending: 2. Current + 1 22,992 779 3. Current + 2 21,773 819 4. Current + 3 23,353 997 5. Current + 4 26,065 1,079 6. Current + 5 26,761 1,288 7. Current + 6 - 10 140,707 8,247
Effect of a 1% change in the health care trend rate assumption	A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits: (In thousands) 1-Percentage Point Increase 1-Percentage Point Decrease Effect on total service and interest cost components $ 304 $ (253 ) Effect on postretirement benefit obligation 2,221 (1,959 )
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2015 and 2014 . There were no securities that utilized Level 3 inputs. Pension Plan Assets at Fair Value as of December 31, 2015 (In thousands) Level 1 Level 2 Total Domestic Mutual Funds $ 1,442 $ — $ 1,442 Corporate Bonds — 188,332 188,332 U.S. Government Securities 3,133 497 3,630 Municipals — 61,206 61,206 Foreign Bonds — 25,251 25,251 ETF's 5,676 — 5,676 Pooled Equity Accounts — 64,570 64,570 Total Assets at fair value $ 10,251 $ 339,856 $ 350,107 Pension Plan Assets at Fair Value as of December 31, 2014 (In thousands) Level 1 Level 2 Total Domestic Mutual Funds $ 9,913 $ — $ 9,913 Corporate Bonds — 200,732 200,732 U.S. Government Securities 5,327 1,234 6,561 Municipals — 65,214 65,214 Foreign Bonds — 23,028 23,028 ETF's 5,636 — 5,636 Pooled Equity Accounts — 67,617 67,617 Total Assets at fair value $ 20,876 $ 357,825 $ 378,701
Other Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2015 and 2014 . All are Level 1 assets. Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2015 (In thousands) Level 1 Total Domestic Mutual Funds $ 49,887 $ 49,887 International Mutual Funds 15,681 15,681 Total Assets at fair value $ 65,568 $ 65,568 Other Postretirement Benefits Plan Assets at Fair Value as of December 31, 2014 (In thousands) Level 1 Total Domestic Mutual Funds $ 50,710 $ 50,710 International Mutual Funds 16,230 16,230 Total Assets at fair value $ 66,940 $ 66,940

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net deferred tax assets and liabilities	Net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Total deferred tax assets $ 791,286 $ 933,576 Total deferred tax liabilities (29,206 ) (33,789 ) Net deferred tax asset before valuation allowance 762,080 899,787 Valuation allowance — (902,289 ) Net deferred tax asset (liability) $ 762,080 $ (2,502 )
Components of the net deferred tax asset (liability)	The components of the net deferred tax asset (liability) as of December 31, 2015 and 2014 are as follows: (In thousands) 2015 2014 Unearned premium reserves $ 33,262 $ 12,296 Benefit plans (14,283 ) (13,900 ) Federal net operating loss 680,975 845,616 Loss reserves 15,536 23,069 Unrealized (appreciation) depreciation in investments 8,904 (2,800 ) Mortgage investments 17,386 15,346 Deferred compensation 12,927 11,955 Premium deficiency reserves — 8,313 Other, net 7,373 (108 ) Net deferred tax asset before valuation allowance 762,080 899,787 Valuation allowance — (902,289 ) Net deferred tax asset (liability) $ 762,080 $ (2,502 )
Summary of Valuation Allowance	The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015. (In millions) For the year ended December 31, 2015 Balance at December 31, 2014 $ 902.3 Reduction in tax provision in current year (161.1 ) Amounts recorded in other comprehensive income in the current year 6.3 Change in valuation allowance for deferred tax assets in the current year (154.8 ) Reduction in tax provision for amounts to be realized in future years (686.7 ) Amounts recorded in other comprehensive income to be realized in future years (60.8 ) Change in valuation allowance for deferred tax assets realizable in future years (747.5 ) Balance at December 31, 2015 $ —
Tax provision (benefit)	The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows: (In thousands) 2015 2014 2013 Provision for (benefit from) income taxes before valuation allowance $ 163,497 $ 91,607 $ (17,239 ) Change in valuation allowance (161,158 ) (88,833 ) 20,935 Reversal of the valuation allowance (686,652 ) — — (Benefit from) provision for income taxes $ (684,313 ) $ 2,774 $ 3,696
Components of the provision for (benefit from) income taxes	The following summarizes the components of the provision for (benefit from) income taxes: (In thousands) 2015 2014 2013 Current Federal $ 8,067 $ 2,391 $ 916 Deferred Federal (686,652 ) 1 7 Other (5,728 ) 382 2,773 (Benefit from) provision for income taxes $ (684,313 ) $ 2,774 $ 3,696
Reconciliation of federal statutory income tax rate	The reconciliation of the federal statutory income tax rate to the effective tax rate (benefit) provision is as follows: 2015 2014 2013 Federal statutory income tax rate 35.0 % 35.0 % (35.0 )% Valuation allowance (173.8 )% (34.9 )% 45.4 % Tax exempt municipal bond interest (0.8 )% (0.4 )% (3.7 )% Other, net (0.7 )% 1.4 % 1.3 % Effective tax rate (benefit) provision (140.3 )% 1.1 % 8.0 %
Reconciliation of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In thousands) 2015 2014 2013 Balance at beginning of year $ 106,230 $ 105,366 $ 104,550 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 890 864 816 Reductions for tax positions of prior years — — — Settlements — — — Balance at end of year $ 107,120 $ 106,230 $ 105,366

Capital Requirements (Tables)

Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2015
Statutory Capital [Abstract]
Summary of amounts disclosed under statutory accounting practices	The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations. (In thousands) Net (loss) income Surplus Contingency Reserve Years Ended December 31, 2015 $ (72,767 ) (1) $ 1,608,214 (1) $ 826,706 2014 13,203 1,585,164 318,247 2013 (8,046 ) 1,584,121 18,558 (1) The dissolution of an MGIC non-insurance subsidiary in 2015 had no impact on statutory surplus as the equity value of the investment was fully reflected in surplus as an unrealized loss prior to 2015. (In thousands) Additions to the surplus of MGIC from parent company funds Additions to the surplus of other insurance subsidiaries from parent company funds Dividends paid by MGIC to the parent company Dividends paid by other insurance subsidiaries to the parent company Years Ended December 31, 2015 $ — $ — $ — $ 38,500 2014 — — — — 2013 800,000 — — —

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock or restricted stock unit activity	A summary of restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2015 is as follows: Weighted Average Grant Date Fair Market Value Shares Restricted stock outstanding at December 31, 2014 $ 6.33 3,852,391 Granted 9.03 1,554,100 Vested 5.92 (1,893,116 ) Forfeited 4.39 (193,908 ) Restricted stock outstanding at December 31, 2015 $ 7.97 3,319,467

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Minimum future operating lease payments	At December 31, 2015 , minimum future operating lease payments are as follows (in thousands): 2016 $ 742 2017 636 2018 486 2019 498 2020 and thereafter 512 Total $ 2,874

Unaudited Quarterly Financial45

Unaudited Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Unaudited quarterly financial data	2015: Quarter Full (In thousands, except per share data) First Second Third Fourth Year Net premiums earned $ 217,288 $ 213,508 $ 239,234 $ 226,192 $ 896,222 Investment income, net of expenses 24,120 25,756 25,939 27,926 103,741 Realized gains 26,327 166 640 1,228 28,361 Other revenue 2,480 3,699 3,698 2,580 12,457 Loss incurred, net 81,785 90,238 76,458 95,066 343,547 Underwriting and other expenses, net 51,969 37,915 65,805 53,858 209,547 Provision (benefit) for income tax 3,385 1,322 (695,604 ) 6,584 (684,313 ) Net income 133,076 113,654 822,852 102,418 1,172,000 Income per share (a) (b): Basic 0.39 0.33 2.42 0.30 3.45 Diluted 0.32 0.28 1.78 0.24 2.60 2014: Quarter Full (In thousands, except per share data) First Second Third Fourth Year Net premiums earned $ 214,261 $ 207,486 $ 209,035 $ 213,589 $ 844,371 Investment income, net of expenses 20,156 21,180 22,355 23,956 87,647 Realized (losses) gains (231 ) 522 632 434 1,357 Other revenue 896 2,048 3,093 2,385 8,422 Loss incurred, net 122,608 141,141 115,254 117,074 496,077 Underwriting and other expenses, net 51,766 43,455 47,595 48,181 190,997 Provision for income tax 726 1,118 249 681 2,774 Net income 59,982 45,522 72,017 74,428 251,949 Income per share (a) (b): Basic 0.18 0.13 0.21 0.22 0.74 Diluted 0.15 0.12 0.18 0.19 0.64 (a) Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year. (b) In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.

Nature of Business (Details)

Nature of Business (Details) $ in Billions	Dec. 31, 2015USD ($)
Nature of Business [Abstract]
Direct domestic primary insurance in force	$ 174.5
Direct domestic primary risk in force	$ 45.5

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2013USD ($)	Jun. 30, 2013USD ($)agreement	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
(Increase) decrease in restricted cash	$ 42,900	$ (60,300)	$ 17,212	$ 228	$ (17,440)
Loss Contingencies [Line Items]
Restricted cash and cash equivalents			$ 0	$ 17,212
Countrywide Home Loans
Loss Contingencies [Line Items]
Number of agreements settled | agreement		2

Summary of Significant Accoun48

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		2 Months Ended	3 Months Ended																		12 Months Ended
		Feb. 26, 2016	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Net increase (decrease) in restricted cash																			$ (42,900)	$ 60,300	$ (17,212)		$ (228)		$ 17,440
Home office and equipment [Abstract]
Accumulated depreciation of home office and equipment			$ 26,100								$ 54,900								$ 53,000		26,100		54,900		53,000
Depreciation expense of home office and equipment																					$ 3,200		$ 2,200		$ 1,800
Loss Reserves [Abstract]
Threshold period for amortization																					1 year
Maximum age for qualified employees for both medical and dental benefits																					65 years
Share-Based Compensation [Abstract]
Minimum vesting period for share-based compensation awards (in years)																					1 year
Maximum vesting period for share-based compensation awards (in years)																					3 years
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from weighted average number of shares (in shares)																					0		54,500		130,100
Basic earnings (loss) per share [Abstract]
Net income (loss)			$ 102,418		$ 822,852		$ 113,654		$ 133,076		$ 74,428		$ 72,017		$ 45,522		$ 59,982				$ 1,172,000		$ 251,949		$ (49,848)
Average common shares outstanding (in shares)																					339,552		338,523		311,754
Basic income (loss) per share (in dollars per share)			$ 0.30	[1],[2]	$ 2.42	[1],[2]	$ 0.33	[1],[2]	$ 0.39	[1],[2]	$ 0.22	[1]	$ 0.21	[1]	$ 0.13	[1]	$ 0.18	[1]			$ 3.45	[1],[2]	$ 0.74	[1]	$ (0.16)
Diluted earnings (loss) per share [Abstract]
Net income (loss)			$ 102,418		$ 822,852		$ 113,654		$ 133,076		$ 74,428		$ 72,017		$ 45,522		$ 59,982				$ 1,172,000		$ 251,949		$ (49,848)
Diluted income available to common shareholders																					$ 1,214,942		$ 264,146		$ (49,848)
Weighted-average shares - Basic (in shares)																					339,552		338,523		311,754
Weighted-average shares - Diluted (in shares)																					468,039		413,522		311,754
Diluted income (loss) per share (in dollars per share)			$ 0.24	[1],[2]	$ 1.78	[1],[2]	$ 0.28	[1],[2]	$ 0.32	[1],[2]	$ 0.19	[1]	$ 0.18	[1]	$ 0.12	[1]	$ 0.15	[1]			$ 2.60	[1],[2]	$ 0.64	[1]	$ (0.16)
Convertible senior notes percentage (in hundredths)			2.00%																		2.00%
Federal statutory income tax rate (in hundredths)																					35.00%		35.00%		(35.00%)
Participating Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities included weighted average number of common shares outstanding (in shares)																					100		100
Antidilutive securities excluded from weighted average number of shares (in shares)																									100
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities included weighted average number of common shares outstanding (in shares)																					2,100		3,100
Home Office
Home office and equipment [Abstract]
Estimated useful life																					45 years
Equipment
Home office and equipment [Abstract]
Estimated useful life																					5 years
Data Processing Hardware
Home office and equipment [Abstract]
Estimated useful life																					3 years
Convertible Senior Notes - due April 2020
Diluted earnings (loss) per share [Abstract]
Interest expense, net of tax	[3]																				$ 7,928		$ 12,197		$ 0
Convertible debt common stock equivalents (in shares)																					71,917		71,917		0
Convertible senior notes percentage (in hundredths)			2.00%								2.00%										2.00%		2.00%
Convertible Senior Notes Due 2017
Diluted earnings (loss) per share [Abstract]
Interest expense, net of tax	[3]																				$ 12,228		$ 0		$ 0
Convertible debt common stock equivalents (in shares)																					25,603		0		0
Convertible senior notes percentage (in hundredths)			5.00%								5.00%										5.00%		5.00%
Extinguishment of debt, amount																					$ 11,500
Convertible Senior Notes Due 2017 | Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from weighted average number of shares (in shares)		9,500
Diluted earnings (loss) per share [Abstract]
Extinguishment of debt, amount		$ 127,700
Convertible Junior Debentures at 9% per annum, Due 2063
Diluted earnings (loss) per share [Abstract]
Interest expense, net of tax	[3]																				$ 22,786		$ 0		$ 0
Convertible debt common stock equivalents (in shares)																					28,854		0		0
Convertible senior notes percentage (in hundredths)			9.00%																		9.00%
Convertible Junior Debentures at 9% per annum, Due 2063 | Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from weighted average number of shares (in shares)		9,800
Diluted earnings (loss) per share [Abstract]
Extinguishment of debt, amount		$ 132,700
Unvested restricted stock units
Diluted earnings (loss) per share [Abstract]
Unvested restricted stock (in shares)																					2,113		3,082		0
[1]	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.
[2]	In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.
[3]	The year ended December 31, 2015 has been tax effected at a rate of 35%. Due to the valuation allowance recorded against deferred tax assets the year ended December 31, 2014 was not tax effected.

New Accounting Policies (Detail

New Accounting Policies (Details) $ in Millions	Dec. 31, 2015USD ($)
Other assets | New Accounting Pronouncement, Early Adoption, Effect | Convertible Senior Notes Due 2017 | Convertible Senior Notes
Debt Instrument [Line Items]
Debt issuance costs	$ 11

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions [Abstract]
Related party transaction amount	$ 0	$ 0	$ 0

Investments (Details)

Investments (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)security	Dec. 31, 2013USD ($)
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		$ 4,684,148	$ 4,602,514
Total at end of period		4,657,561	4,609,614
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Fair Value		5,645	3,055
Total Investment Portfolio [Abstract]
Amortized Cost		4,689,773	4,605,517
Gross Unrealized Gains		41,273	37,649
Gross Unrealized Losses	[1]	(67,840)	(30,497)
Fair Value		$ 4,663,206	4,612,669
Percentage of foreign investments held in government semigovernment securities (in hundredths)		87.00%
Percentage of foreign investments held in corporate securities (in hundredths)		7.00%
Percentage of foreign investments held in cash equivalents (in hundredths)		6.00%
Percentage of Australian portfolio rated AAA		89.00%
Percentage of Australian portfolio rated AA		11.00%
Fair value investment portfolio in Australian operations		$ 34,000
Maturities, Amortized Cost [Abstract]
Due in one year or less		280,697
Due after one year through five years		1,450,854
Due after five years through ten years		1,207,011
Due after ten years		1,064,294
Total debt securities with single maturity date		4,002,856
Total at end of period		4,684,148	4,602,514
Maturities, Fair Value [Abstract]
Due in one year or less		281,063
Due after one year through five years		1,450,315
Due after five years through ten years		1,176,468
Due after ten years		1,081,759
Total debt securities with single maturity date		3,989,605
Total at end of period		4,657,561	4,609,614
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		2,209,765	1,209,256
12 months or greater		491,195	1,035,884
Total investment portfolio		2,700,960	2,245,140
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(49,346)	(7,388)
12 months or greater		(18,494)	(23,109)
Total unrealized losses		(67,840)	(30,497)
Accumulated gross unrealized gain (loss) on available-for-sale securities		$ (67,800)	$ (30,500)
Number of securities in unrealized loss position | security		303	423
For securities in an unrealized loss position, percentage of weighted average fair value to amortized cost (in hundredths)		98.00%
For securities in an unrealized loss position, percentage backed by the U.S. Government (in hundredths)		15.00%
Recognized other than temporary impairments		$ 0	$ 144	$ 328
Investments on deposit with various states		18,900	20,200
Total Debt Securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		4,684,148	4,602,514
Gross Unrealized Gains		41,235	37,588
Gross Unrealized Losses	[1]	(67,822)	(30,488)
Total at end of period		4,657,561	4,609,614
Total Investment Portfolio [Abstract]
Fair Value		4,657,561	4,609,614
Maturities, Amortized Cost [Abstract]
Total at end of period		4,684,148	4,602,514
Maturities, Fair Value [Abstract]
Total at end of period		4,657,561	4,609,614
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		160,393	349,153
Gross Unrealized Gains		2,133	2,752
Gross Unrealized Losses	[1]	(1,942)	(5,130)
Total at end of period		160,584	346,775
Total Investment Portfolio [Abstract]
Fair Value		160,584	346,775
Maturities, Amortized Cost [Abstract]
Total at end of period		160,393	349,153
Maturities, Fair Value [Abstract]
Total at end of period		160,584	346,775
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		60,548	58,166
12 months or greater		1,923	232,351
Total investment portfolio		62,471	290,517
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(1,467)	(138)
12 months or greater		(475)	(4,992)
Total unrealized losses		(1,942)	(5,130)
Obligations of U.S. States and Political Subdivisions
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		1,766,407	844,942
Gross Unrealized Gains		33,410	12,961
Gross Unrealized Losses	[1]	(7,290)	(2,761)
Total at end of period		1,792,527	855,142
Total Investment Portfolio [Abstract]
Fair Value		1,792,527	855,142
Maturities, Amortized Cost [Abstract]
Total at end of period		1,766,407	844,942
Maturities, Fair Value [Abstract]
Total at end of period		1,792,527	855,142
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		417,615	166,408
12 months or greater		37,014	114,465
Total investment portfolio		454,629	280,873
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(6,404)	(1,066)
12 months or greater		(886)	(1,695)
Total unrealized losses		(7,290)	(2,761)
Corporate Debt Securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		2,046,697	2,418,991
Gross Unrealized Gains		2,836	16,325
Gross Unrealized Losses	[1]	(44,770)	(10,035)
Total at end of period		2,004,763	2,425,281
Total Investment Portfolio [Abstract]
Fair Value		2,004,763	2,425,281
Maturities, Amortized Cost [Abstract]
Total at end of period		2,046,697	2,418,991
Maturities, Fair Value [Abstract]
Total at end of period		2,004,763	2,425,281
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		1,470,628	816,555
12 months or greater		114,982	243,208
Total investment portfolio		1,585,610	1,059,763
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(38,519)	(5,259)
12 months or greater		(6,251)	(4,776)
Total unrealized losses		(44,770)	(10,035)
Asset-Backed Securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		116,764	286,260
Gross Unrealized Gains		56	535
Gross Unrealized Losses	[1]	(203)	(140)
Total at end of period		116,617	286,655
Total Investment Portfolio [Abstract]
Fair Value		116,617	286,655
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		116,764
Total at end of period		116,764	286,260
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		116,617
Total at end of period		116,617	286,655
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		86,604	54,491
12 months or greater		5,546	11,895
Total investment portfolio		92,150	66,386
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(173)	(80)
12 months or greater		(30)	(60)
Total unrealized losses		(203)	(140)
Residential Mortgage-Backed Securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		265,879	329,983
Gross Unrealized Gains		161	254
Gross Unrealized Losses	[1]	(8,392)	(9,000)
Total at end of period		257,648	321,237
Total Investment Portfolio [Abstract]
Fair Value		257,648	321,237
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		265,879
Total at end of period		265,879	329,983
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		257,648
Total at end of period		257,648	321,237
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		35,064	24,168
12 months or greater		209,882	263,002
Total investment portfolio		244,946	287,170
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(312)	(34)
12 months or greater		(8,080)	(8,966)
Total unrealized losses		(8,392)	(9,000)
Commercial Mortgage-Backed Securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		237,304	276,215
Gross Unrealized Gains		162	1,221
Gross Unrealized Losses	[1]	(3,975)	(2,158)
Total at end of period		233,491	275,278
Total Investment Portfolio [Abstract]
Fair Value		233,491	275,278
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		237,304
Total at end of period		237,304	276,215
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		233,491
Total at end of period		233,491	275,278
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		134,488	89,301
12 months or greater		69,927	110,652
Total investment portfolio		204,415	199,953
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(2,361)	(810)
12 months or greater		(1,614)	(1,348)
Total unrealized losses		(3,975)	(2,158)
Collateralized Loan Obligations
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		61,345	61,340
Gross Unrealized Gains		3	0
Gross Unrealized Losses	[1]	(1,148)	(1,264)
Total at end of period		60,200	60,076
Total Investment Portfolio [Abstract]
Fair Value		60,200	60,076
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		61,345
Total at end of period		61,345	61,340
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		60,200
Total at end of period		60,200	60,076
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		0	0
12 months or greater		51,750	60,076
Total investment portfolio		51,750	60,076
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		0	0
12 months or greater		(1,148)	(1,264)
Total unrealized losses		(1,148)	(1,264)
Debt Securities Issued by Foreign Sovereign Governments
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		29,359	35,630
Gross Unrealized Gains		2,474	3,540
Gross Unrealized Losses	[1]	(102)	0
Total at end of period		31,731	39,170
Total Investment Portfolio [Abstract]
Fair Value		31,731	39,170
Maturities, Amortized Cost [Abstract]
Total at end of period		29,359	35,630
Maturities, Fair Value [Abstract]
Total at end of period		31,731	39,170
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		4,463	0
12 months or greater		0	0
Total investment portfolio		4,463	0
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(102)	0
12 months or greater		0	0
Total unrealized losses		(102)	0
Equity Securities
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Amortized Cost		5,625	3,003
Gross Unrealized Gains		38	61
Gross Unrealized Losses	[1]	(18)	(9)
Fair Value		5,645	3,055
Total Investment Portfolio [Abstract]
Fair Value	[2]	5,645	3,055
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		355	167
12 months or greater		171	235
Total investment portfolio		526	402
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(8)	(1)
12 months or greater		(10)	(8)
Total unrealized losses		$ (18)	$ (9)
[1]	There were no other-than-temporary impairment losses recorded in other comprehensive income (loss) as of December 31, 2015 and 2014.
[2]	Equity securities in Level 3 are carried at cost, which approximates fair value.

Investments, Investment Income

Investments, Investment Income By Category (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									$ 106,736	$ 90,554	$ 83,425
Investment expenses									(2,995)	(2,907)	(2,686)
Net investment income	$ 27,926	$ 25,939	$ 25,756	$ 24,120	$ 23,956	$ 22,355	$ 21,180	$ 20,156	103,741	87,647	80,739
Total Debt Securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									105,882	89,437	82,168
Equity Securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									208	227	229
Cash Equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									191	179	353
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									$ 455	$ 711	$ 675

Investments, Gain (Loss) on Inv

Investments, Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Realized (losses) gains	$ 1,228	$ 640	$ 166	$ 26,327	$ 434	$ 632	$ 522	$ (231)	$ 28,361	$ 1,357	$ 5,731
Change in net unrealized gains (losses)									(33,719)	91,784	(126,173)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Gross realized gains									30,039	4,966	11,043
Gross realized losses									(1,678)	(3,465)	(4,984)
Other-than-temporary-impairment losses									0	(144)	(328)
Net realized investment gains	$ 1,228	$ 640	$ 166	$ 26,327	$ 434	$ 632	$ 522	$ (231)	28,361	1,357	5,731
Available-for-Sale Securities
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									28,361	1,357	5,731
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									28,361	1,357	5,731
Available-for-Sale Securities | Fixed Maturities
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									28,335	1,000	3,274
Change in net unrealized gains (losses)									(33,687)	91,718	(126,020)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									28,335	1,000	3,274
Available-for-Sale Securities | Equity Securities
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									26	356	1,068
Change in net unrealized gains (losses)									(32)	66	(153)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									26	356	1,068
Available-for-Sale Securities | Other
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									0	1	1,389
Change in net unrealized gains (losses)									0	0	0
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									$ 0	$ 1	$ 1,389

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		$ 4,663,206	$ 4,612,669
Real estate acquired	[1]	12,149	12,658
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		80,718	230,728
Real estate acquired	[1]	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		4,578,405	4,379,774
Real estate acquired	[1]	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		4,083	2,167
Real estate acquired	[1]	12,149	12,658
Total Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		4,657,561	4,609,614
Total Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		77,928	227,994
Total Debt Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		4,578,405	4,379,774
Total Debt Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		1,228	1,846
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		160,584	346,775
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		46,197	188,824
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		114,387	157,951
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Obligations of U.S. States and Political Subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		1,792,527	855,142
Obligations of U.S. States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Obligations of U.S. States and Political Subdivisions | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		1,791,299	853,296
Obligations of U.S. States and Political Subdivisions | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		1,228	1,846
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		2,004,763	2,425,281
Corporate Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Corporate Debt Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		2,004,763	2,425,281
Corporate Debt Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Asset-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		116,617	286,655
Asset-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Asset-Backed Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		116,617	286,655
Asset-Backed Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Residential Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		257,648	321,237
Residential Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Residential Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		257,648	321,237
Residential Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Commercial Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		233,491	275,278
Commercial Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Commercial Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		233,491	275,278
Commercial Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Collateralized Loan Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		60,200	60,076
Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		60,200	60,076
Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Debt Securities Issued by Foreign Sovereign Governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		31,731	39,170
Debt Securities Issued by Foreign Sovereign Governments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		31,731	39,170
Debt Securities Issued by Foreign Sovereign Governments | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Debt Securities Issued by Foreign Sovereign Governments | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0	0
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	[2]	5,645	3,055
Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	[2]	2,790	2,734
Equity Securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	[2]	0	0
Equity Securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	[2]	$ 2,855	$ 321
[1]	Real estate acquired through claim settlement, which is held for sale, is reported in other assets on the consolidated balance sheets.
[2]	Equity securities in Level 3 are carried at cost, which approximates fair value.

Fair Value Measurements, Unobse

Fair Value Measurements, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total realized/unrealized gains (losses) [Abstract]
State premium tax credit investments, average maturity	5 years
Annual average discount rate (in hundredths)	7.20%
Total Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 2,167	$ 2,744	$ 20,565
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net			(225)
Included in earnings and reported as losses incurred, net	0	0	0
Included in other comprehensive income			0
Purchases	2,541	30	30
Sales	(625)	(607)	(17,626)
Balance at end of period	4,083	2,167	2,744
Obligations of U.S. States and Political Subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,846	2,423	3,130
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net			0
Included in earnings and reported as losses incurred, net	0	0	0
Included in other comprehensive income			0
Purchases	7	30	30
Sales	(625)	(607)	(737)
Balance at end of period	1,228	1,846	2,423
Corporate Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period		0	17,114
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net			(225)
Included in earnings and reported as losses incurred, net			0
Included in other comprehensive income			0
Purchases			0
Sales			(16,889)
Balance at end of period			0
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	321	321	321
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net			0
Included in earnings and reported as losses incurred, net	0	0	0
Included in other comprehensive income			0
Purchases	2,534	0	0
Sales	0	0	0
Balance at end of period	2,855	321	321
Real Estate Acquired
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	12,658	13,280	3,463
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net			0
Included in earnings and reported as losses incurred, net	(2,322)	(4,129)	(4,959)
Included in other comprehensive income			0
Purchases	34,624	42,247	39,188
Sales	(32,811)	(38,740)	(24,412)
Balance at end of period	$ 12,149	$ 12,658	$ 13,280

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Measurements of Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and investments	$ 402,000
Net unrealized losses on holding company investment portfolio	$ 2,700
Modified duration of holding company investment portfolio, excluding cash and cash equivalents	3 years 1 month 6 days
Par Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Senior Notes		$ 61,953
Convertible Senior Notes due 2017	$ 333,503	345,000
Convertible Senior Notes due 2020	500,000	500,000
Convertible Junior Subordinated Debentures due 2063	389,522	389,522
Total financial liabilities	1,223,025	1,296,475
Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Senior Notes		63,618
Convertible Senior Notes due 2017	345,616	387,997
Convertible Senior Notes due 2020	701,955	735,075
Convertible Junior Subordinated Debentures due 2063	455,067	500,201
Total financial liabilities	$ 1,502,638	$ 1,686,891

Debt (Details)

Debt (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Mar. 31, 2013USD ($)	Feb. 26, 2016USD ($)	Dec. 31, 2015USD ($)Period$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 1,223,000,000	$ 1,296,400,000
Stated interest rate (in hundredths)			2.00%
Repurchased senior notes, fair value			$ 73,957,000	21,767,000	$ 17,235,000
Pretax charge resulting from repurchase of notes			507,000	837,000	0
Net proceeds from convertible senior notes			0	0	$ 484,625,000
Subsequent Event
Debt Instrument [Line Items]
FHLBC advances		$ 155,000,000
FHLBC fixed interest rate		1.91%
Senior Notes
Debt Instrument [Line Items]
Long-term debt			$ 0	61,900,000
Minimum percentage of consolidated shareholders' equity that determines designated subsidiary status			15.00%
Senior Notes | Senior Notes Due 2015
Debt Instrument [Line Items]
Long-term debt				$ 61,900,000
Stated interest rate (in hundredths)			5.375%	5.375%
Maturity date			Nov. 1, 2015	Nov. 1, 2015
Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Long-term debt			$ 333,500,000	$ 345,000,000
Stated interest rate (in hundredths)			5.00%	5.00%
Maturity date			May 1, 2017	May 1, 2017
Repurchased senior notes, fair value			$ 12,000,000
Pretax charge resulting from repurchase of notes			$ (500,000)
Conversion rate (in shares per $1,000 note) | shares			74.4186
Principal amount of notes used in determining conversion rate			$ 1,000
Initial conversion price (in dollars per share) | $ / shares			$ 13.44
Extinguishment of debt, amount			$ 11,500,000
Convertible Senior Notes Due 2017 | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 127,700,000
Convertible Senior Notes - due April 2020
Debt Instrument [Line Items]
Long-term debt			$ 500,000,000	$ 500,000,000
Stated interest rate (in hundredths)			2.00%	2.00%
Maturity date			Apr. 1, 2020	Apr. 1, 2020
Conversion rate (in shares per $1,000 note) | shares			143.8332
Principal amount of notes used in determining conversion rate			$ 1,000
Initial conversion price (in dollars per share) | $ / shares			$ 6.95
Net proceeds from convertible senior notes	$ 484,600,000
Minimum number of trading days			20 days
Maximum number of trading days			30 days
Percentage of conversion price (in hundredths)			130.00%
130% of conversion price (in dollars per share) | $ / shares			$ 9.03
Redemption price, percentage (in hundredths)			100.00%
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Long-term debt			$ 389,500,000	$ 389,500,000
Stated interest rate (in hundredths)			9.00%	9.00%
Maturity date			Apr. 1, 2063	Apr. 1, 2063
Conversion rate (in shares per $1,000 note) | shares			74.0741
Principal amount of notes used in determining conversion rate			$ 1,000
Initial conversion price (in dollars per share) | $ / shares			$ 13.50
Minimum number of trading days			20 days
Maximum number of trading days			30 days
Percentage of conversion price (in hundredths)			130.00%
130% of conversion price (in dollars per share) | $ / shares			$ 17.55
Redemption price, percentage (in hundredths)			100.00%
Period preceding election to convert			5 days
Minimum number of consecutive interest periods for which interest payments may be deferred | Period			1
Maximum period for which interest payments may be deferred without giving rise to an event of default			10 years
Period in which reasonable commercial efforts must begin, maximum			1 day
Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures			tenth
Net proceeds cap (in hundredths)			2.00%
Maximum number of shares of common stock issuable under the Alternative Payment Mechanism (in shares) | shares			10,000,000
Maximum percentage of aggregate principal amount of the debentures (in hundredths)			25.00%
Convertible Junior Debentures at 9% per annum, Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%
Convertible Junior Debentures at 9% per annum, Due 2063 | Subsequent Event
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 132,700,000

Debt - Summary of Obligations (

Debt - Summary of Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 1,223	$ 1,296.4
Less current portion of debt	0	(61.9)
Total long-term debt	$ 1,223	1,234.5
Stated interest rate (in hundredths)	2.00%
Interest payments made	$ 65.7	66
Senior Notes
Debt Instrument [Line Items]
Long-term debt	0	61.9
Interest payments made	$ 3.3	3.6
Senior Notes | Senior Notes Due 2015
Debt Instrument [Line Items]
Long-term debt		$ 61.9
Stated interest rate (in hundredths)	5.375%	5.375%
Maturity date	Nov. 1, 2015	Nov. 1, 2015
Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Long-term debt	$ 333.5	$ 345
Stated interest rate (in hundredths)	5.00%	5.00%
Maturity date	May 1, 2017	May 1, 2017
Interest payments made	$ 17.3	$ 17.3
Convertible Senior Notes - due April 2020
Debt Instrument [Line Items]
Long-term debt	$ 500	$ 500
Stated interest rate (in hundredths)	2.00%	2.00%
Maturity date	Apr. 1, 2020	Apr. 1, 2020
Interest payments made	$ 10	$ 10
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Long-term debt	$ 389.5	$ 389.5
Stated interest rate (in hundredths)	9.00%	9.00%
Maturity date	Apr. 1, 2063	Apr. 1, 2063
Interest payments made	$ 35.1	$ 35.1

Loss Reserves - Reconciliation

Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss Reserve [Roll Forward]
Reserve at beginning of year		$ 2,396,807	$ 3,061,401	$ 4,056,843
Less reinsurance recoverable		44,487	57,841	64,085	$ 104,848
Net reserve at beginning of year		1,848,915	2,338,966	2,997,316	$ 3,951,995
Losses incurred: [Abstract]
Current year		453,849	596,436	898,413
Prior years	[1],[2]	(110,302)	(100,359)	(59,687)
Subtotal		343,547	496,077	838,726
Losses paid [Abstract]
Current year		25,980	32,919	73,470
Prior years		823,058	1,121,508	1,722,923
Reinsurance terminations	[3]	(15,440)	0	(2,988)
Subtotal		833,598	1,154,427	1,793,405
Reserve at end of year		$ 1,893,402	$ 2,396,807	$ 3,061,401
[1]	A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
[2]	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below regarding prior year loss development.
[3]	In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred. (See Note 11 – “Reinsurance”)

Loss Reserves - Prior Year Loss

Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years	[1],[2]	$ (110,302)	$ (100,359)	$ (59,687)
(Decrease) Increase in Estimated Claim Rate on primary Defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years		(141,000)	(43,000)	10,000
Increase (Decrease) in Estimated Severity, Primary Defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years		43,000	(35,000)	(50,000)
Change in Estimates Related to Pool Reserves, LAE Reserves, Reinsurance and Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years		$ (12,000)	$ (22,000)	$ (20,000)
[1]	A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
[2]	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below regarding prior year loss development.

Loss Reserves - Default Invento

Loss Reserves - Default Inventory Reconciliation (Details) - loan	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Primary Default Inventory [Roll Forward]
Default inventory at beginning of year	79,901	103,328	139,845
New Notices	74,315	88,844	106,823
Cures	(73,610)	(87,278)	(104,390)
Paids (including those charged to a deductible or captive)	(16,004)	(23,494)	(34,738)
Rescissions and denials	(848)	(1,306)	(1,939)
Items removed from inventory resulting from settlements	(1,121)	(193)	(2,273)
Default inventory at end of year	62,633	79,901	103,328

Loss Reserves - Aging of Primar

Loss Reserves - Aging of Primary Default Inventory and Number of Delinquent Payments (Details) - loan		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Aging of the Primary Default Inventory [Abstract]
3 months or less		13,053	15,319	18,941
3 months or less (in hundredths)		21.00%	19.00%	18.00%
4 - 11 months		15,763	19,710	24,514
4 - 11 months (in hundredths)		25.00%	25.00%	24.00%
12 months or more	[1]	33,817	44,872	59,873
12 months or more (in hundredths)	[1]	54.00%	56.00%	58.00%
Total primary default inventory		62,633	79,901	103,328	139,845
Total primary default inventory (in hundredths)		100.00%	100.00%	100.00%
Primary claims received inventory included in ending default inventory	[2]	2,769	4,746	6,948
Primary claims received inventory included in ending default inventory (in hundredths)	[2]	4.00%	6.00%	7.00%
Number of Payments Delinquent [Abstract]
3 payments or less		20,360	23,253	28,095
3 payments or less (in hundredths)		33.00%	29.00%	27.00%
4 - 11 payments		15,092	19,427	24,605
4 - 11 payments (in hundredths)		24.00%	24.00%	24.00%
12 payments or more		27,181	37,221	50,628
12 payments or more (in hundredths)		43.00%	47.00%	49.00%
Total primary default inventory		62,633	79,901	103,328	139,845
Total primary default inventory (in hundredths)		100.00%	100.00%	100.00%
[1]	Approximately 50%, 53% and 49% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of December 31, 2015, 2014 and 2013, respectively.
[2]	Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of December 31, 2015, rescissions of coverage on approximately 435 loans had been voluntarily suspended.

Loss Reserves - Narrative (Deta

Loss Reserves - Narrative (Details) $ in Millions	Dec. 01, 2012USD ($)Installment	Dec. 31, 2012USD ($)	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Dec. 31, 2013loan
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Premium refund liability, expected claim payments			$ 102	$ 115
Pool insurance notice inventory (in number of loans) | loan			2,739	3,797	6,563
Percent of inventory in default for more than 36 consecutive months			50.00%	53.00%	49.00%
Number of rescindable loans affected by Company's decision to voluntarily suspend rescissions | loan			435
Premium refund liability, expected future rescissions			$ 7	$ 28
Freddie Mac's Disagreement on Aggregate Loss Limit
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Obligations under the disputed policies	$ 267.5
Amount paid as per settlement agreement		$ 100
Remaining amount of unpaid settlement agreement		$ 167.5
Number of installments to pay settlement agreement amount | Installment	48
(Decrease) Increase in Estimated Claim Rate on primary Defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Percentage of prior year default inventory resolved (in hundredths)			60.00%	58.00%	59.00%

Premium Deficiency Reserve (Det

Premium Deficiency Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Premium Deficiency Reserve [Abstract]
Change in premium deficiency reserve	$ (24)	$ (24)	$ (26)

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)		Jul. 01, 2015	Sep. 30, 2015	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission				$ 55,391,000		$ 119,634,000		$ 73,503,000
Premiums earned, ceded				102,848,000		108,255,000		$ 38,101,000
Profit commission receivable				$ 0		$ 91,500,000
Period of existing captive reinsurance agreement				10 years		10 years		10 years
Reinsurance recoverable on loss reserves related to captive agreements				$ 34,000,000		$ 45,000,000
Fair value of trust fund assets under our captive agreements				137,000,000		198,000,000
Quota Share Reinsurance Agreement, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission			$ 69,400,000	(11,355,000)	[1]	100,031,000		$ 49,672,000
Premiums earned, ceded			11,600,000	35,999,000	[1]	88,528,000		13,821,000
Reinsurance, ceding commission			$ 11,600,000	10,235,000	[1],[2]	37,833,000	[2]	10,408,000	[2]
Profit commission		$ 142,500,000		62,525,000	[1]	$ 89,133,000		$ 2,368,000
Quota Share Reinsurance Agreement, 2015
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission	[3]			52,588,000
Premiums earned, ceded	[3]			52,588,000
Reinsurance, ceding commission	[2]			20,582,000
Profit commission				$ 50,322,000
Contingent termination fee		$ 0
Threshold for private mortgage insurer eligibility requirements for termination election		90.00%
Quota share, percentage		30.00%
Ceding commission, percentage		20.00%
Loss ratio		60.00%
[1]	The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred.
[2]	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.
[3]	As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.

Reinsurance - Summary of Quota

Reinsurance - Summary of Quota Share Reinsurance Agreements (Details) - USD ($) $ in Thousands		Jul. 01, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission											$ 55,391		$ 119,634		$ 73,503
Ceded to Other Companies											102,848		108,255		38,101
Ceded losses incurred											27,685		29,986		27,790
Premiums Earned, Net [Abstract]
Premiums earned, direct											997,892		950,973		979,078
Premiums earned, assumed											1,178		1,653		2,074
Premiums earned, ceded											(102,848)		(108,255)		(38,101)
Net premiums earned			$ 226,192	$ 239,234	$ 213,508	$ 217,288	$ 213,589	$ 209,035	$ 207,486	$ 214,261	896,222		844,371		943,051
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, direct											369,680		524,051		863,871
Losses incurred, assumed											1,552		2,012		2,645
Losses incurred, ceded											(27,685)		(29,986)		(27,790)
Net losses incurred			$ 95,066	76,458	$ 90,238	$ 81,785	$ 117,074	$ 115,254	$ 141,141	$ 122,608	343,547		496,077		838,726
Quota Share Reinsurance Agreement, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission				69,400							(11,355)	[1]	100,031		49,672
Ceded to Other Companies				11,600							35,999	[1]	88,528		13,821
Ceded losses incurred											6,060		15,163		176
Reinsurance, ceding commission				11,600							10,235	[1],[2]	37,833	[2]	10,408	[2]
Profit commission		$ 142,500									62,525	[1]	89,133		2,368
Premiums Earned, Net [Abstract]
Premiums earned, ceded				$ (11,600)							(35,999)	[1]	(88,528)		(13,821)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded											(6,060)		$ (15,163)		$ (176)
Quota Share Reinsurance Agreement, 2015
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission	[3]										52,588
Ceded to Other Companies	[3]										52,588
Ceded losses incurred											11,424
Reinsurance, ceding commission	[2]										20,582
Profit commission											50,322
Premiums Earned, Net [Abstract]
Premiums earned, ceded	[3]										(52,588)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded											$ (11,424)
[1]	The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred.
[2]	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.
[3]	As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.

Other Comprehensive (Loss) In67

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized investment (losses) gains arising during the year										$ (33,718)	$ 91,782	$ (126,175)
Income tax benefit (expense)										11,738	(32,017)	43,732
Valuation allowance	[1]									62,383	31,374	(41,148)
Net of taxes										40,403	91,139	(123,591)
Net changes in benefit plan assets and obligations										(12,818)	(52,112)	68,038
Income tax benefit (expense)										4,487	18,239	(23,813)
Valuation allowance	[1]									(7,383)	(18,239)	23,813
Net of taxes										(15,714)	(52,112)	68,038
Net changes in unrealized foreign currency translation adjustment										(5,699)	(4,067)	(21,563)
Income tax benefit										2,000	1,425	7,553
Valuation allowance	[1]									(529)	0	0
Net of taxes										(4,228)	(2,642)	(14,010)
Total other comprehensive (loss) income										(52,235)	35,603	(79,700)
Total income tax benefit, net of valuation allowance										72,696	782	10,137
Other comprehensive income (loss), net of tax										20,461	36,385	(69,563)
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications										487,687	254,723	(46,152)
Income tax (expense) benefit										(163,497)	(91,607)	17,239
Change in valuation allowance										161,158	88,833	(20,935)
Total income tax expense, net of valuation allowance		$ (6,584)	$ 695,604	$ (1,322)	$ (3,385)	$ (681)	$ (249)	$ (1,118)	$ (726)	684,313	(2,774)	(3,696)
Net income (loss)		102,418	$ 822,852	$ 113,654	133,076	74,428	$ 72,017	$ 45,522	59,982	1,172,000	251,949	(49,848)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year					1,036,903				744,538	1,036,903	744,538
Balance, end of year		2,236,140				1,036,903				2,236,140	1,036,903	744,538
Accumulated other comprehensive loss
Components of Other Comprehensive Income (Loss) [Abstract]
Other comprehensive income (loss), net of tax										20,461	36,385	(69,563)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year					(81,341)				(117,726)	(81,341)	(117,726)	(48,163)
Other comprehensive income (loss) before reclassifications										33,707	36,399	(67,589)
Less: Amounts reclassified from AOCL										13,246	14	1,974
Balance, end of year		(60,880)				(81,341)				(60,880)	(81,341)	(117,726)
Unrealized gains and losses on available-for- sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year					(57,551)				(148,690)	(57,551)	(148,690)	(25,099)
Other comprehensive income (loss) before reclassifications										51,655	84,223	(121,618)
Less: Amounts reclassified from AOCL										11,252	(6,916)	1,973
Balance, end of year		(17,148)				(57,551)				(17,148)	(57,551)	(148,690)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year					(28,938)				23,174	(28,938)	23,174	(44,864)
Other comprehensive income (loss) before reclassifications										(13,720)	(45,182)	68,039
Less: Amounts reclassified from AOCL										1,994	6,930	1
Balance, end of year		(44,652)				(28,938)				(44,652)	(28,938)	23,174
Accumulated foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year					$ 5,148				$ 7,790	5,148	7,790	21,800
Other comprehensive income (loss) before reclassifications										(4,228)	(2,642)	(14,010)
Less: Amounts reclassified from AOCL										0	0	0
Balance, end of year		$ 920				$ 5,148				920	5,148	7,790
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications										13,877	114	3,247
Total income tax expense, net of valuation allowance										(631)	(100)	(1,273)
Net income (loss)										13,246	14	1,974
Reclassification from Accumulated Other Comprehensive Income | Unrealized gains and losses on available-for- sale securities
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	[2]									11,693	(6,816)	3,246
Income tax (expense) benefit										(4,076)	2,402	(924)
Change in valuation allowance	[1]									3,635	(2,502)	(349)
Net income (loss)										11,252	(6,916)	1,973
Reclassification from Accumulated Other Comprehensive Income | Defined benefit plans
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	[3]									2,184	6,930	1
Income tax (expense) benefit										(764)	(2,425)	0
Change in valuation allowance	[1]									574	2,425	0
Net income (loss)										$ 1,994	$ 6,930	$ 1
[1]	See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.
[2]	Increases (decreases) Net realized investment gains on the consolidated statements of operations.
[3]	Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	$ 10,256	$ 8,565	$ 11,338
Interest Cost	15,847	15,987	15,289
Expected Return on Assets	(21,109)	(21,030)	(20,144)
Other Adjustments	0	0	0
Subtotal	4,994	3,522	6,483
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	(845)	(930)	503
Amortization of Net Losses/(Gains)	5,485	1,083	6,145
Total Amortization	4,640	153	6,648
Net Periodic Benefit Cost	9,634	3,675	13,131
Cost of settlements or curtailments	3,172	302	0
Total Expense for Year	12,806	3,977	13,131
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	833	659	812
Interest Cost	697	653	618
Expected Return on Assets	(4,991)	(4,648)	(3,679)
Other Adjustments	0	0	0
Subtotal	(3,461)	(3,336)	(2,249)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	(6,649)	(6,649)	(6,649)
Amortization of Net Losses/(Gains)	(175)	(435)	0
Total Amortization	(6,824)	(7,084)	(6,649)
Net Periodic Benefit Cost	(10,285)	(10,420)	(8,898)
Cost of settlements or curtailments	0	0	0
Total Expense for Year	$ (10,285)	$ (10,420)	$ (8,898)

Benefit Plans - Development of

Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Measurement Date	12/31/2015	12/31/2014
Accumulated Benefit Obligation	$ 338,450	$ 366,440
Projected Benefit Obligation	(349,483)	(379,324)	$ (317,606)
Plan Assets at Fair Value	350,107	378,701	355,704
Funded Status - Overfunded/(Underfunded)	$ 624	$ (623)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Measurement Date	12/31/2015	12/31/2014
Accumulated Benefit Obligation	$ 16,423	$ 18,225
Projected Benefit Obligation	(16,423)	(18,225)	(15,764)
Plan Assets at Fair Value	65,568	66,940	$ 62,298
Funded Status - Overfunded/(Underfunded)	$ 49,145	$ 48,715

Benefit Plans - Accumulated Oth

Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	$ 95,636	$ 93,243
Net Prior Service Cost/(Credit)	(2,989)	(3,853)
Net Transition Obligation/(Asset)	0	0
Total at Year End	92,647	89,390	$ 45,143
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	(5,311)	(8,222)
Net Prior Service Cost/(Credit)	(18,640)	(25,289)
Net Transition Obligation/(Asset)	0	0
Total at Year End	$ (23,951)	$ (33,511)	$ (41,377)

Benefit Plans - Change in Proje

Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year		$ 379,324	$ 317,606
Company Service Cost		10,256	8,565	$ 11,338
Interest Cost		15,847	15,987	15,289
Plan Participants' Contributions		0	0
Net Actuarial (Gain)/Loss due to Assumption Changes		(24,118)	59,901
Net Actuarial (Gain)/Loss due to Plan Experience		7,155	(55)
Benefit Payments from Fund	[1]	(32,646)	(21,539)
Benefit Payments Directly by Company		(7,661)	(1,404)
Plan Amendments		19	(1)
Other Adjustment		1,307	264
Benefit Obligation at End of Year		349,483	379,324	317,606
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year		18,225	15,764
Company Service Cost		833	659	812
Interest Cost		697	653	618
Plan Participants' Contributions		361	336
Net Actuarial (Gain)/Loss due to Assumption Changes		(2,083)	2,276
Net Actuarial (Gain)/Loss due to Plan Experience		(397)	(855)
Benefit Payments from Fund	[1]	(1,147)	(645)
Benefit Payments Directly by Company		0	0
Plan Amendments		0	0
Other Adjustment		(66)	37
Benefit Obligation at End of Year		$ 16,423	$ 18,225	$ 15,764
[1]	Includes lump sum payments of $22.4 million and $11.8 million in 2015 and 2014, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.

Benefit Plans - Change in Plan

Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year		$ 378,701	$ 355,704
Company Contributions		17,311	9,504
Plan Participants' Contributions		0	0
Benefit Payments from Fund	[1]	(32,646)	(21,539)
Benefit Payments Directly by Company		(7,661)	(1,404)
Actual Return on Assets		(5,094)	36,436
Other Adjustment		(504)	0
Fair Value of Plan Assets at End of Year		350,107	378,701
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year		66,940	62,298
Company Contributions		0	0
Plan Participants' Contributions		361	336
Benefit Payments from Fund	[1]	(1,147)	(645)
Benefit Payments Directly by Company		0	0
Actual Return on Assets		(225)	5,250
Other Adjustment		(361)	(299)
Fair Value of Plan Assets at End of Year		$ 65,568	$ 66,940
[1]	Includes lump sum payments of $22.4 million and $11.8 million in 2015 and 2014, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.

Benefit Plans - Change in Accum

Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	$ 89,390	$ 45,143
Recognized during year - Prior Service (Cost)/Credit	845	930
Recognized during year - Net Actuarial (Losses)/Gains	(5,485)	(1,083)
Occurring during year - Prior Service Cost	19	(1)
Occurring during year - Net Actuarial Losses/(Gains)	11,050	44,703
Occurring during year - Net Settlement Losses/(Gains)	(3,172)	(302)
Other adjustments	0	0
AOCI in Current Year	92,647	89,390
Amortization of Net Transition Obligation/(Asset)	0
Amortization of Prior Service Cost/(Credit)	(689)
Amortization of Net Losses/(Gains)	5,443
Other Postretirement Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	(33,511)	(41,377)
Recognized during year - Prior Service (Cost)/Credit	6,649	6,649
Recognized during year - Net Actuarial (Losses)/Gains	175	435
Occurring during year - Prior Service Cost	0	0
Occurring during year - Net Actuarial Losses/(Gains)	2,736	782
Occurring during year - Net Settlement Losses/(Gains)	0	0
Other adjustments	0	0
AOCI in Current Year	(23,951)	$ (33,511)
Amortization of Net Transition Obligation/(Asset)	0
Amortization of Prior Service Cost/(Credit)	(6,649)
Amortization of Net Losses/(Gains)	$ 0

Benefit Plans - Actuarial Assum

Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount Rate (in hundredths)	4.65%	4.25%
Rate of Compensation Increase (in hundredths)	3.00%	3.00%
Discount Rate (in hundredths)	4.25%	5.15%
Expected Long-term Return on Plan Assets (in hundredths)	5.75%	6.00%
Rate of Compensation Increase (in hundredths)	3.00%	3.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Pension Plan | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	20.00%	22.00%
Pension Plan | Total Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	80.00%	78.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Discount Rate (in hundredths)	4.30%	4.00%
Discount Rate (in hundredths)	4.00%	4.75%
Expected Long-term Return on Plan Assets (in hundredths)	7.50%	7.50%
Health Care Cost Trend Rate Assumed for Next Year (in hundredths)	7.00%	7.00%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths)	5.00%	5.00%
Year That the Rate Reaches the Ultimate Trend Rate	2,020	2,019
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan | Total Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	0.00%	0.00%

Benefit Plans - Fair Value of P

Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	$ 350,107	$ 378,701
Pension Plan | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	10,251	20,876
Pension Plan | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	339,856	357,825
Pension Plan | Domestic Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	1,442	9,913
Pension Plan | Domestic Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	1,442	9,913
Pension Plan | Domestic Mutual Funds | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Corporate Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	188,332	200,732
Pension Plan | Corporate Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Corporate Debt Securities | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	188,332	200,732
Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	3,630	6,561
Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	3,133	5,327
Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	497	1,234
Pension Plan | Obligations of U.S. States and Political Subdivisions
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	61,206	65,214
Pension Plan | Obligations of U.S. States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Obligations of U.S. States and Political Subdivisions | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	61,206	65,214
Pension Plan | Foreign Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	25,251	23,028
Pension Plan | Foreign Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Foreign Debt Securities | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	25,251	23,028
Pension Plan | Exchange traded fund
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	5,676	5,636
Pension Plan | Exchange traded fund | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	5,676	5,636
Pension Plan | Exchange traded fund | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Pooled Equity Accounts
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	64,570	67,617
Pension Plan | Pooled Equity Accounts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan | Pooled Equity Accounts | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	64,570	67,617
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	65,568	66,940	$ 62,298
Other Postretirement Benefit Plan | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	65,568	66,940
Other Postretirement Benefit Plan | Domestic Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	49,887	50,710
Other Postretirement Benefit Plan | Domestic Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	49,887	50,710
Other Postretirement Benefit Plan | International Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	15,681	16,230
Other Postretirement Benefit Plan | International Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	$ 15,681	$ 16,230

Benefit Plans - Additional Disc

Benefit Plans - Additional Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Effect of 1-percentage point increase on total service and interest cost component	$ 304
Effect of 1-percentage point decrease on total service and interest cost components	(253)
Effect of 1-percentage point increase on postretirement benefit obligation	2,221
Effect of 1-percentage point decrease on postretirement benefit obligation	(1,959)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Contributions	0	$ 0
Current plus 1	0
Current	851
Current plus 1	779
Current plus 2	819
Current plus 3	997
Current plus 4	1,079
Current plus 5	1,288
Current plus 6 - 10	$ 8,247
Other Postretirement Benefit Plan | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	70.00%
Target asset allocations, maximum (in hundredths)	100.00%
Other Postretirement Benefit Plan | Real Estate
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	15.00%
Other Postretirement Benefit Plan | Commodities Investment
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	10.00%
Other Postretirement Benefit Plan | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	10.00%
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Contributions	$ 17,311	$ 9,504
Current plus 1	11,350
Current	40,307
Current plus 1	22,992
Current plus 2	21,773
Current plus 3	23,353
Current plus 4	26,065
Current plus 5	26,761
Current plus 6 - 10	$ 140,707

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)mutual_fund	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Defined Benefit Plan Disclosure [Line Items]
Minimum percentages of gain loss consider for amortization (in hundredths)	10.00%
Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise	$ 50,000,000
Future earnings period used in determining the expected average rate of earnings	20 years
Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths)	5.00%
Minimum percentage return should exceed growth in consumer price index annually (in hundredths)	5.75%
Maximum investment in international oriented funds (in hundredths)	30.00%
Number of international mutual funds | mutual_fund	2
Percent of international oriented funds equity allocation in emerging markets (in hundredths)	3.00%
Percent of international oriented funds equity allocation in companies based outside of the United States, primarily Europe and the Pacific Basin (in hundredths)	21.00%
Matching contribution rate on employees' before-tax contributions, first contribution level (in hundredths)	80.00%
Employee contributions subject to employer match, first contribution level	$ 1,000
Matching contribution rate on employees' before-tax contributions, second contribution level (in hundredths)	40.00%
Employee contributions subject to employer match, second contribution level	$ 2,000
Matching contribution rate on employees' before-tax contributions, hired after 01/01/2014 (in hundredths)	100.00%
Employee contributions subject to employer match for employees hired after 01/01/2014 (in hundredths)	4.00%
Profit sharing and 401(k) savings plan expenses	$ 5,100,000	$ 5,000,000	$ 5,300,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Lump sum pension plan benefit payments	$ 22,400,000	11,800,000
Total increase in benefit obligation using new mortality tables		23,200,000
Percentage of participants electing lump sum payments (in hundredths)	75.00%
Increase in benefit obligation using new mortality tables and lump sum election assumption		$ 14,600,000
Pension Plan | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, maximum (in hundredths)	40.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Age of retirees at which retirement benefits under the plan are terminated	65 years
Health care trend rate used for pre-65 benefits (in hundredths)	7.00%
Health care trend rate used for pre-65 benefits in 2016 (in hundredths)	7.00%
Health care trend rate used for pre-65 benefits in 2020 (in hundredths)	5.00%
Other Postretirement Benefit Plan | Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, maximum (in hundredths)	100.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended				24 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net deferred tax assets and liabilities [Abstract]
Total deferred tax assets														$ 791,286	$ 933,576
Total deferred tax liabilities														(29,206)	(33,789)
Valuation allowance														0	(902,289)	$ (1,004,200)
Net deferred tax asset (liability)														762,080
Net deferred tax asset (liability)															(2,502)
Components of net deferred tax liability [Abstract]
Unearned premium reserves														33,262	12,296
Benefit plans														(14,283)	(13,900)
Federal net operating loss														680,975	845,616
Loss reserves														15,536	23,069
Unrealized (appreciation) depreciation in investments														(8,904)	2,800
Mortgage investments														17,386	15,346
Deferred compensation														12,927	11,955
Premium deficiency reserves														0	8,313
Other, net														(7,373)	108
Net deferred tax asset before valuation allowance														762,080	899,787
Valuation allowance														0	(902,289)	(1,004,200)
Net deferred tax asset (liability)														762,080
Change in cumulative income position														687,300
Net operating loss carryforwards, regular tax basis														1,946,000
Operating loss carryforward utilized									$ 471,000	$ 199,000
Change in deferred tax valuation allowance, included in other comprehensive income									(54,500)	(13,100)	$ 17,300
Net operating loss carryforwards for computing the alternative minimum tax														1,051,000
Tax provision (benefit) [Abstract]
Provision for (benefit from) income taxes before valuation allowance									163,497	91,607	(17,239)
Change in valuation allowance									(161,158)	(88,833)	20,935
Reversal of the valuation allowance									(686,652)	0	0
(Benefit from) provision for income taxes	$ 6,584	$ (695,604)	$ 1,322	$ 3,385	$ 681	$ 249	$ 1,118	$ 726	(684,313)	2,774	3,696
Components of provisions for (benefit from) income taxes [Abstract]
Current Federal									8,067	2,391	916
Deferred Federal									(686,652)	1	7
Other									(5,728)	382	2,773
(Benefit from) provision for income taxes	6,584	$ (695,604)	$ 1,322	3,385	681	$ 249	$ 1,118	726	(684,313)	2,774	3,696
Income taxes paid									$ 5,400	$ 1,300	$ 100
Reconciliation of effective income tax rate [Abstract]
Federal statutory income tax rate (in hundredths)									35.00%	35.00%	(35.00%)
Valuation allowance (in hundredths)									(173.80%)	(34.90%)	45.40%
Tax exempt municipal bond interest (in hundredths)									(0.80%)	(0.40%)	(3.70%)
Other, net (in hundredths)									(0.70%)	1.40%	1.30%
Effective income tax rate (in hundredths)									(140.30%)	1.10%	8.00%
Information regarding income tax examinations [Abstract]
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue														197,500
Estimate of federal interest that may be due														182,900
Amount of payment made related to the IRS assessment on the REMIC issue												$ 65,200
Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss														261,400
Estimate of additional state income taxes and interest that may be due														48,800
Unrecognized tax benefits	107,120			106,230	106,230			105,366	$ 106,230	$ 105,366	$ 104,550		$ 105,366	107,120	106,230	105,366
Unrecognized tax benefits [Roll Forward]
Balance at beginning of year				$ 106,230				$ 105,366	106,230	105,366	104,550		105,366
Additions based on tax positions related to the current year									0	0	0
Additions for tax positions of prior years									890	864	816
Reductions for tax positions of prior years									0	0	0
Settlements									0	0	0
Balance at end of year	$ 107,120				$ 106,230				107,120	$ 106,230	$ 105,366		107,120
Unrecognized tax benefits [Abstract]
Total amount of unrecognized tax benefits that would affect effective tax rate														93,900
Interest expense recognized during period									$ 900
Unrecognized tax benefits, accrued interest														27,800	$ 26,900
Significant change in unrecognized tax benefits														107,100
Approximate net cash outflows upon resolution of IRS matters														26,000
Internal Revenue Service (IRS)
Components of net deferred tax liability [Abstract]
Net operating loss carryforwards, regular tax basis														$ 1,900,000		$ 2,600,000
Operating loss carryforward utilized													$ 670,000
Operating loss carryforward, recognition period									6 years
Deferred Tax Asset, Changes In Current Period
Tax provision (benefit) [Abstract]
Change in valuation allowance									$ 154,800
Deferred Tax Asset, Changes In Current Period | Other Comprehensive Income (Loss)
Tax provision (benefit) [Abstract]
Change in valuation allowance									(6,300)
Deferred Tax Asset, Changes In Current Period | Income Tax Expense (Benefit)
Tax provision (benefit) [Abstract]
Change in valuation allowance									161,100
Deferred Tax Asset, Changes In Future Periods
Tax provision (benefit) [Abstract]
Change in valuation allowance									747,500
Deferred Tax Asset, Changes In Future Periods | Other Comprehensive Income (Loss)
Tax provision (benefit) [Abstract]
Change in valuation allowance									60,800
Deferred Tax Asset, Changes In Future Periods | Income Tax Expense (Benefit)
Tax provision (benefit) [Abstract]
Change in valuation allowance									$ 686,700

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes In Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement In Deferred Tax Asset [Roll Forward]
Balance at December 31, 2014	$ 902,289	$ 1,004,200
Change in valuation allowance	161,158	88,833	$ (20,935)
Balance at December 31, 2015	0	$ 902,289	$ 1,004,200
Deferred Tax Asset, Changes In Current Period
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	(154,800)
Deferred Tax Asset, Changes In Current Period | Other Comprehensive Income (Loss)
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	6,300
Deferred Tax Asset, Changes In Current Period | Income Tax Expense (Benefit)
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	(161,100)
Deferred Tax Asset, Changes In Future Periods
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	(747,500)
Deferred Tax Asset, Changes In Future Periods | Other Comprehensive Income (Loss)
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	(60,800)
Deferred Tax Asset, Changes In Future Periods | Income Tax Expense (Benefit)
Movement In Deferred Tax Asset [Roll Forward]
Change in valuation allowance	$ (686,700)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2013
Stockholders' Equity Note [Abstract]
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights)		1
Common stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths)		5.00%
Purchase price (in dollars per share)		$ 45
Purchase price (in dollars per one-tenth share)		$ 4.50
Common shares purchasable per right (in shares)		0.1
Redemption price (in dollars per Right)		$ 0.001
Sale of common stock (in shares)	135,000,000
Sale of common stock, price per share (in dollars per share)	$ 5.15
Sale of common stock, net proceeds	$ 663,300	$ 0	$ 0	$ 663,335
Debt Instrument [Line Items]
Stated interest rate (in hundredths)		2.00%
Common stock, shares authorized (in shares)		1,000,000,000	1,000,000,000		680,000,000
Shares reserved for conversion under convertible debt (in shares)		96,700,000
Convertible Senior Notes - due April 2020
Debt Instrument [Line Items]
Outstanding principal amount	$ 500,000
Stated interest rate (in hundredths)		2.00%	2.00%
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)		9.00%	9.00%
Shares reserved for conversion under convertible debt (in shares)		28,900,000
Convertible Senior Notes Due 2017
Debt Instrument [Line Items]
Stated interest rate (in hundredths)		5.00%	5.00%
Rights
Debt Instrument [Line Items]
Period after person becomes acquiring person		10 days

Dividend Restrictions (Details)

Dividend Restrictions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)year	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Dividends Payable [Line Items]
Dividend restrictions	The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end.
Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths)	10.00%
Number of calendar years preceding the date of the dividend	3
Number of calendar years subtracted from the calculation	2
Other Insurance Subsidiaries
Dividends Payable [Line Items]
Dividends paid to the parent company | $	$ 38,500	$ 0	$ 0

Capital Requirements (Details)

Capital Requirements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)jurisdiction		Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2012
Statutory Capital [Abstract]
Percentage of surplus as regards policyholders (in hundredths)	15.00%				10.00%
Statutory deferred tax assets admitted	$ 205,000		$ 138,000	$ 138,000
Percentage of premiums earned required to be maintained as contingency loss reserves (in hundredths)	50.00%
Period that contingency loss reserves must be held (in years)	10 years
Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves (in hundredths)	35.00%
Net (loss) income	$ (72,767)	[1]	13,203	(8,046)
Surplus	1,608,214	[1]	1,585,164	1,584,121
Contingency Reserve	$ 826,706		318,247	18,558
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements | jurisdiction	16
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Risk-to-capital ratio on a combined basis at end of period	13.6 to 1
Risk-to-capital ratio on combined insurance operations	13.6
Maximum
Statutory capital requirements [Abstract]
Risk to capital ratio	25
Mortgage Guaranty Insurance Corporation
Related Party Transaction [Line Items]
Loss ratio	37.00%
Surplus contributions made to subsidiary by the parent company	$ 0		0	800,000
Dividends paid to the parent company	$ 0		0	0
Statutory capital requirements [Abstract]
Risk to capital ratio	12.1
Risk to capital ratio at end of period	12.1 to 1
Amount of policyholders position above or below required MPP	$ 1,200,000
Amount of required MPP	1,100,000
Other Insurance Subsidiaries
Related Party Transaction [Line Items]
Surplus contributions made to subsidiary by the parent company	0		0	0
Dividends paid to the parent company	$ 38,500		$ 0	$ 0
[1]	The dissolution of an MGIC non-insurance subsidiary in 2015 had no impact on statutory surplus as the equity value of the investment was fully reflected in surplus as an unrealized loss prior to 2015.

Share-based Compensation Plan83

Share-based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 11.9	$ 9.2	$ 6.6
Income tax benefit from compensation cost	$ 4.2	$ 3.2	$ 2.3
Summary of option activity [Abstract]
Options exercisable (in shares)			529,800
Options exercisable, weighted average exercise price (in dollars per share)			$ 68.20
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	3,300,000
Additional disclosures [Abstract]
Options granted in period, net of forfeitures (in shares)	0	0	0
Options exercised during period (in shares)	0	0	0
Restricted Stock/Restricted Stock Units
Weighted average grant date fair market value [Abstract]
Restricted stock outstanding at end of period (in dollars per share)	$ 6.33
Granted (in dollars per share)	9.03	$ 8.43	$ 2.75
Vested (in dollars per share)	5.92
Forfeited (in dollars per share)	4.39
Restricted stock outstanding at end of period (in dollars per share)	$ 7.97	$ 6.33
Shares [Roll Forward]
Restricted stock outstanding at beginning of period (in shares)	3,852,391
Granted (in shares)	1,554,100
Vested (in shares)	(1,893,116)
Forfeited (in shares)	(193,908)
Restricted stock outstanding at end of period (in shares)	3,319,467	3,852,391
Additional disclosures [Abstract]
Restricted stock, performance shares (in shares)	2,400,000
Restricted stock, time vested shares (in shares)	900,000
Total fair value of restricted stock vested	$ 17.2	$ 12.1	$ 4.3
Unrecognized compensation cost	14.2
Unrecognized compensation cost, performance shares	10.6
Unrecognized compensation cost, time vested shares	$ 3.6
Weighted-average period for recognition of compensation cost	1 year 7 months 6 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
2002 Plan | Restricted Stock Units (RSUs) | Cash Settled Award
Shares [Roll Forward]
Granted (in shares)				449,350
Additional disclosures [Abstract]
Cash payments for vested shares		$ 1.2
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares can be awarded under the plan (in shares)	10,000,000
Additional disclosures [Abstract]
Shares available for future grants (in shares)	9,970,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leases [Abstract]
Remaining term of operating leases (in years)	6 years
Total rental expense under operating leases	$ 2,200	$ 2,800	$ 4,600
Minimum future operating lease payments [Abstract]
2,016	742
2,017	636
2,018	486
2,019	498
2020 and thereafter	512
Total	$ 2,874

Litigation and Contingencies (D

Litigation and Contingencies (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2009	Dec. 31, 2015USD ($)lawsuit	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Curtailments [Abstract]
Average paid claim reduction due to curtailments (in hundredths)		6.70%	6.70%
Number of days after claim paid within which objection must be received for review		90 days
Claims resolved by rescissions [Abstract]
Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths)		5.00%
Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths)	28.00%
Statute of limitations to bring legal proceedings disputing right to rescind coverage		3 years
Statute of limitations to bring legal proceedings after notice of rescission		2 years
Maximum exposure to loss		$ 317,000
Period of existing captive reinsurance agreement		10 years	10 years	10 years
Civil penalty				$ 2,650
Underwriting remedy expense		$ 1,000	$ 4,000	$ 5,000
Class Action Complaint Under RESPA | Pending Litigation
Claims resolved by rescissions [Abstract]
Number of lawsuits | lawsuit		12

Unaudited Quarterly Financial86

Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 226,192		$ 239,234		$ 213,508		$ 217,288		$ 213,589		$ 209,035		$ 207,486		$ 214,261		$ 896,222		$ 844,371		$ 943,051
Investment income, net of expenses	27,926		25,939		25,756		24,120		23,956		22,355		21,180		20,156		103,741		87,647		80,739
Realized (losses) gains	1,228		640		166		26,327		434		632		522		(231)		28,361		1,357		5,731
Other revenue	2,580		3,698		3,699		2,480		2,385		3,093		2,048		896		12,457		8,422		9,914
Loss incurred, net	95,066		76,458		90,238		81,785		117,074		115,254		141,141		122,608		343,547		496,077		838,726
Underwriting and other expenses, net	53,858		65,805		37,915		51,969		48,181		47,595		43,455		51,766		209,547		190,997
Provision (benefit) for income tax	6,584		(695,604)		1,322		3,385		681		249		1,118		726		(684,313)		2,774		3,696
Net income (loss)	$ 102,418		$ 822,852		$ 113,654		$ 133,076		$ 74,428		$ 72,017		$ 45,522		$ 59,982		$ 1,172,000		$ 251,949		$ (49,848)
Earnings per Share [Abstract]
Basic (in dollars per share)	$ 0.30	[1],[2]	$ 2.42	[1],[2]	$ 0.33	[1],[2]	$ 0.39	[1],[2]	$ 0.22	[1]	$ 0.21	[1]	$ 0.13	[1]	$ 0.18	[1]	$ 3.45	[1],[2]	$ 0.74	[1]	$ (0.16)
Diluted (in dollars per share)	$ 0.24	[1],[2]	$ 1.78	[1],[2]	$ 0.28	[1],[2]	$ 0.32	[1],[2]	$ 0.19	[1]	$ 0.18	[1]	$ 0.12	[1]	$ 0.15	[1]	$ 2.60	[1],[2]	$ 0.64	[1]	$ (0.16)
[1]	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.
[2]	In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for all 2014 periods presented due to our valuation allowance on deferred tax assets. See Note 3 – “Summary of Significant Accounting Policies” for further discussion.

SCHEDULE I-SUMMARY OF INVESTM87

SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2015USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 4,689,773
Fair Value	4,663,206
Amount at which shown in the balance sheet	4,663,206
Fixed Maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	4,684,148
Fair Value	4,657,561
Amount at which shown in the balance sheet	4,657,561
Fixed Maturities | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	160,393
Fair Value	160,584
Amount at which shown in the balance sheet	160,584
Fixed Maturities | Obligations of U.S. States and Political Subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,766,407
Fair Value	1,792,527
Amount at which shown in the balance sheet	1,792,527
Fixed Maturities | Foreign Governments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	29,359
Fair Value	31,731
Amount at which shown in the balance sheet	31,731
Fixed Maturities | Public Utilities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	182,945
Fair Value	179,209
Amount at which shown in the balance sheet	179,209
Fixed Maturities | Asset-Backed Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	116,764
Fair Value	116,617
Amount at which shown in the balance sheet	116,617
Fixed Maturities | Collateralized Loan Obligations
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	61,345
Fair Value	60,200
Amount at which shown in the balance sheet	60,200
Fixed Maturities | Mortgage Backed Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	503,183
Fair Value	491,139
Amount at which shown in the balance sheet	491,139
Fixed Maturities | All Other Corporate Bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,863,752
Fair Value	1,825,554
Amount at which shown in the balance sheet	1,825,554
Equity Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	5,625
Fair Value	5,645
Amount at which shown in the balance sheet	5,645
Equity Securities | Industrial, Miscellaneous, and All Others
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	5,625
Fair Value	5,645
Amount at which shown in the balance sheet	$ 5,645

SCHEDULE II-CONDENSED FINANCI88

SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2013
ASSETS
Fixed maturities (amortized cost, 2015 – $385,281; 2014 – $482,629)													$ 4,657,561	$ 4,609,614
Cash and cash equivalents		$ 181,120			$ 197,882	$ 197,882			$ 332,692	$ 197,882	$ 332,692	$ 1,027,625	181,120	197,882	$ 332,692
Accrued investment income													40,224	30,518
Other assets													91,138	106,390
Total assets													5,879,545	5,266,434
Liabilities:
Senior notes													0	61,918
Convertible senior notes													833,503	845,000
Convertible junior debentures													389,522	389,522
Total liabilities													3,643,405	4,229,531
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,097; 2014 - 340,047; outstanding 2015 - 339,657; 2014 - 338,560)													340,097	340,047
Paid-in capital													1,670,238	1,663,592
Treasury stock (shares at cost, 2015 – 440; 2014 – 1,487)													(3,362)	(32,937)
Accumulated other comprehensive loss, net of tax													(60,880)	(81,341)
Retained earnings (deficit)													290,047	(852,458)
Total shareholders' equity													2,236,140	1,036,903	744,538
Total liabilities and shareholders' equity													5,879,545	5,266,434
Parenthetical information [Abstract]
Fixed maturities, amortized cost													$ 4,684,148	$ 4,602,514
Common stock, par value (in dollars per share)													$ 1	$ 1
Common stock, shares authorized (in shares)													1,000,000,000	1,000,000,000		680,000,000
Common stock, shares issued (in shares)													340,097,000	340,047,000
Common stock, shares outstanding (in shares)													339,657,000	338,560,000
Treasury stock, shares at cost (in shares)													440,000	1,487,000
Revenues:
Investment income, net of expenses		27,926	$ 25,939	$ 25,756	24,120	23,956	$ 22,355	$ 21,180	20,156	103,741	87,647	80,739
Realized (losses) gains		1,228	640	166	26,327	434	632	522	(231)	28,361	1,357	5,731
Total revenues										1,040,781	941,797	1,039,435
Expenses:
Interest expense										68,932	69,648	79,663
Total losses and expenses										553,094	687,074	1,085,587
Income (loss) before tax										487,687	254,723	(46,152)
(Benefit from) provision for income tax		6,584	(695,604)	1,322	3,385	681	249	1,118	726	(684,313)	2,774	3,696
Net income (loss)		102,418	822,852	113,654	133,076	74,428	72,017	45,522	59,982	1,172,000	251,949	(49,848)
Other comprehensive income (loss), net of tax										20,461	36,385	(69,563)
Comprehensive income (loss)										1,192,461	288,334	(119,411)
Cash flows from operating activities:
Net income (loss)		102,418	$ 822,852	$ 113,654	133,076	74,428	$ 72,017	$ 45,522	59,982	1,172,000	251,949	(49,848)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred Federal										(686,652)	1	7
Change in certain assets and liabilities:
Accrued investment income										(9,706)	1,142	(4,417)
Cash flows from investing activities:
Purchase of fixed maturities										(2,462,844)	(1,979,917)	(3,248,602)
Sale of fixed maturities										1,796,153	1,147,624	1,054,985
Cash flows from financing activities:
Net proceeds from convertible senior notes										0	0	484,625
Common stock shares issued	$ 663,300									0	0	663,335
Excess tax benefits related to share-based compensation										2,117	0	0
Net decrease in cash and cash equivalents										(16,762)	(134,810)	(694,933)
Cash and cash equivalents at beginning of year					197,882				332,692	197,882	332,692	1,027,625
Cash and cash equivalents at end of year		181,120				197,882				181,120	197,882	332,692
Parent Company
ASSETS
Fixed maturities (amortized cost, 2015 – $385,281; 2014 – $482,629)													$ 382,565	$ 480,125
Cash and cash equivalents		19,417			10,507	10,507			20,725	10,507	20,725	175,880	19,417	10,507	$ 20,725
Investment in subsidiaries, at equity in net assets													2,903,944	1,821,024
Accounts receivable - affiliates													938	312
Income taxes - current and deferred													151,318	17,478
Accrued investment income													3,700	3,435
Other assets													11,325	15,156
Total assets													3,473,207	2,348,037
Liabilities:
Senior notes													0	61,918
Convertible senior notes													833,503	845,000
Convertible junior debentures													389,522	389,522
Accrued interest													14,042	14,694
Total liabilities													1,237,067	1,311,134
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,097; 2014 - 340,047; outstanding 2015 - 339,657; 2014 - 338,560)													340,097	340,047
Paid-in capital													1,670,238	1,663,592
Treasury stock (shares at cost, 2015 – 440; 2014 – 1,487)													(3,362)	(32,937)
Accumulated other comprehensive loss, net of tax													(60,880)	(81,341)
Retained earnings (deficit)													290,047	(852,458)
Total shareholders' equity													2,236,140	1,036,903
Total liabilities and shareholders' equity													3,473,207	2,348,037
Parenthetical information [Abstract]
Fixed maturities, amortized cost													$ 385,281	$ 482,629
Common stock, par value (in dollars per share)													$ 1	$ 1
Common stock, shares authorized (in shares)													1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)													340,097,000	340,047,000
Common stock, shares outstanding (in shares)													339,657,000	338,560,000
Treasury stock, shares at cost (in shares)													440,000	1,487,000
Revenues:
Investment income, net of expenses										7,586	6,985	5,033
Realized (losses) gains										357	395	830
Total revenues										7,943	7,380	5,863
Expenses:
Operating expenses and other										1,089	1,383	511
Interest expense										68,932	69,648	79,663
Total losses and expenses										70,021	71,031	80,174
Income (loss) before tax										(62,078)	(63,651)	(74,311)
(Benefit from) provision for income tax										(125,487)	0	0
Equity in net income of subsidiaries										1,108,591	315,600	24,463
Net income (loss)										1,172,000	251,949	(49,848)
Other comprehensive income (loss), net of tax										20,461	36,385	(69,563)
Comprehensive income (loss)										1,192,461	288,334	(119,411)
Cash flows from operating activities:
Net income (loss)										1,172,000	251,949	(49,848)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in net income of subsidiaries										(1,108,591)	(315,600)	(24,463)
Dividends received from subsidiaries										6,500	0	0
Deferred Federal										(125,532)	0	0
Other										22,849	14,862	21,693
Change in certain assets and liabilities:
Accounts receivable - affiliates										(626)	68	289
Income taxes receivable										(8,308)	480	(3)
Accrued investment income										(265)	194	(2,611)
Accrued interest										(652)	(188)	(15,577)
Net cash used in operating activities										(42,625)	(48,235)	(70,520)
Cash flows from investing activities:
Capital distributions from (contributions to) subsidiaries										32,000	0	(800,000)
Purchase of fixed maturities										(295,010)	(553,538)	(563,968)
Sale of fixed maturities										386,385	613,322	148,608
Net cash provided by (used in) investing activities										123,375	59,784	(1,215,360)
Cash flows from financing activities:
Net proceeds from convertible senior notes										0	0	484,625
Common stock shares issued										0	0	663,335
Repayment of long-term debt										(73,957)	(21,767)	(17,235)
Excess tax benefits related to share-based compensation										2,117	0	0
Net cash (used in) provided by financing activities										(71,840)	(21,767)	1,130,725
Net decrease in cash and cash equivalents										8,910	(10,218)	(155,155)
Cash and cash equivalents at beginning of year					$ 10,507				$ 20,725	10,507	20,725	175,880
Cash and cash equivalents at end of year		$ 19,417				$ 10,507				$ 19,417	$ 10,507	$ 20,725

SCHEDULE IV-REINSURANCE (Detail

SCHEDULE IV-REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Gross Amount	$ 997,892	$ 950,973	$ 979,078
Ceded to Other Companies	102,848	108,255	38,101
Assumed From Other Companies	1,178	1,653	2,074
Net Amount	$ 896,222	$ 844,371	$ 943,051
Percentage of Amount Assumed to Net	0.10%	0.20%	0.20%