MGIC Investment (MTG) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-10816
Entity Registrant Name	MGIC Investment Corp
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1486475
Entity Address, Address Line One	250 E. Kilbourn Avenue
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	(414)
Local Phone Number	347-6480
Title of each class	Common stock
Trading Symbol	MTG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		338,567,022
Entity Central Index Key	0000876437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $5,375,382; 2019 - $5,562,550)	$ 5,458,846	$ 5,737,892
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	28,892	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,490,838	5,758,320
Cash and cash equivalents	365,303	161,847
Restricted cash and cash equivalents	4,223	7,209
Accrued investment income	46,942	49,705
Reinsurance recoverable on loss reserves	25,756	21,641
Reinsurance recoverable on paid losses	1,691	1,521
Premiums receivable	53,440	55,587
Home office and equipment, net	49,010	50,121
Deferred insurance policy acquisition costs	19,514	18,531
Deferred income taxes, net	8,867	5,742
Other assets	89,703	99,347
Total assets	6,155,287	6,229,571
Liabilities:
Loss reserves	574,753	555,334
Unearned premiums	365,408	380,302
Federal Home Loan Bank advance	155,000	155,000
Senior notes	421,155	420,867
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	140,271	151,962
Total liabilities	1,913,459	1,920,337
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2020 - 371,353; 2019 - 371,353; shares outstanding 2020 - 338,567; 2019 - 347,308)	371,353	371,353
Paid-in capital	1,855,371	1,869,719
Treasury stock at cost (shares 2020 - 32,786; 2019 - 24,045)	(393,425)	(283,196)
Accumulated other comprehensive income, net of tax	1,224	72,708
Retained earnings	2,407,305	2,278,650
Total shareholders’ equity	4,241,828	4,309,234
Total liabilities and shareholders’ equity	$ 6,155,287	$ 6,229,571

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 5,375,382	$ 5,562,550
Cost	$ 29,559	$ 17,188
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)	371,353,000	371,353,000
Common stock, shares outstanding (in shares)	338,567,000	347,308,000
Treasury stock, shares at cost (in shares)	32,786,000	24,045,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Premiums written:
Direct	$ 274,724	$ 273,897
Assumed	2,859	1,107
Ceded	(31,576)	(30,723)
Net premiums written	246,007	244,281
Decrease in unearned premiums, net	14,894	5,480
Net premiums earned	260,901	249,761
Investment income, net of expenses	41,347	40,585
Net realized investment gains (losses)	1,891	(526)
Other revenue	2,754	1,830
Total revenues	306,893	291,650
Losses and expenses:
Losses incurred, net	60,956	39,063
Amortization of deferred policy acquisition costs	2,510	2,478
Other underwriting and operating expenses, net	42,262	45,940
Interest expense	12,926	13,233
Total losses and expenses	118,654	100,714
Income before tax	188,239	190,936
Provision for income taxes	38,434	38,995
Net income	$ 149,805	$ 151,941
Earnings per share:
Basic (in dollars per share)	$ 0.44	$ 0.43
Diluted (in dollars per share)	$ 0.42	$ 0.42
Weighted average common shares outstanding - basic (in shares)	344,053	355,653
Weighted average common shares outstanding - diluted (in shares)	365,216	376,667

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 149,805	$ 151,941
Other comprehensive (loss) income, net of tax:
Change in unrealized investment gains and losses	(72,585)	81,071
Benefit plan adjustments	1,101	1,650
Other comprehensive (loss) income, net of tax	(71,484)	82,721
Comprehensive income	$ 78,321	$ 234,662

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Treasury stock	Accumulated other comprehensive income (loss)	Retained earnings
Balance, beginning of period at Dec. 31, 2018		$ 371,353	$ 1,862,536	$ (175,059)	$ (124,214)	$ 1,647,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury stock, net under share-based compensation plans			(11,582)	5,930
Equity compensation			5,282
Repurchase of common stock				0
Other comprehensive (loss) income, net of tax	$ 82,721				82,721
Net income	151,941					151,941
Cash dividends						0
Balance, end of period at Mar. 31, 2019	3,816,183	371,353	1,856,236	(169,129)	(41,493)	1,799,216
Balance, beginning of period at Dec. 31, 2019	4,309,234	371,353	1,869,719	(283,196)	72,708	2,278,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury stock, net under share-based compensation plans			(18,667)	9,768
Equity compensation			4,319
Repurchase of common stock				(119,997)
Other comprehensive (loss) income, net of tax	(71,484)				(71,484)
Net income	149,805					149,805
Cash dividends						(21,150)
Balance, end of period at Mar. 31, 2020	$ 4,241,828	$ 371,353	$ 1,855,371	$ (393,425)	$ 1,224	$ 2,407,305

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 149,805	$ 151,941
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,052	11,908
Deferred tax expense	15,877	7,755
Net realized investment (gains) losses	(1,891)	526
Change in certain assets and liabilities:
Accrued investment income	2,763	1,302
Reinsurance recoverable on loss reserves	(4,115)	1,453
Reinsurance recoverable on paid losses	(170)	(121)
Premium receivable	2,147	3,494
Deferred insurance policy acquisition costs	(983)	258
Profit commission receivable	1,121	(2,836)
Loss reserves	19,419	(18,755)
Unearned premiums	(14,894)	(5,481)
Return premium accrual	(400)	(3,100)
Current income taxes	22,527	30,983
Other, net	(19,934)	(14,446)
Net cash provided by operating activities	184,324	164,881
Cash flows from investing activities:
Purchases of investments	(280,614)	(348,746)
Proceeds from sales of investments	224,803	106,010
Proceeds from maturity of fixed income securities	222,544	202,929
Additions to property and equipment	(580)	(308)
Net cash provided by (used in) investing activities	166,153	(40,115)
Cash flows from financing activities:
Repurchase of common stock	(119,997)	(11,640)
Dividends paid	(21,111)	0
Payment of withholding taxes related to share-based compensation net share settlement	(8,899)	(5,652)
Net cash used in financing activities	(150,007)	(17,292)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	200,470	107,474
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	169,056	155,038
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 369,526	$ 262,512

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation (“MGIC”), 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. MGIC Assurance Corporation (“MAC”) and MGIC Indemnity Corporation (“MIC”), insurance subsidiaries of MGIC, provide insurance for certain mortgages under Fannie Mae and Freddie Mac (the “GSEs”) credit risk transfer programs. The accompanying unaudited consolidated financial statements of MGIC Investment Corporation and its wholly-owned subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission (“SEC”) for interim reporting and do not include all of the other information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019 included in our 2019 Annual Report on Form 10-K. As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires. In the opinion of management, the accompanying financial statements include all adjustments, consisting primarily of normal recurring accruals, necessary to fairly state our consolidated financial position and consolidated results of operations for the periods indicated. The consolidated results of operations for the interim period may not be indicative of the results that may be expected for the year ending December 31, 2020 . The vast majority of our insurance written since 2008 has been for loans purchased by the GSEs. The current private mortgage insurer eligibility requirements ("PMIERs") of the GSEs include financial requirements, as well as business, quality control and certain transactional approval requirements. 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 of insurance in force, calculated from tables of factors with several risk dimensions). Based on our application of PMIERs, as of March 31, 2020 , 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. Reclassifications Certain reclassifications to 2019 amounts have been made in the accompanying financial statements to conform to the 2020 presentation. Recent Developments While uncertain, the impact of the COVID-19 pandemic on the Company’s business, financial results, liquidity and/or financial condition may be material. We expect that the increase in unemployment and economic uncertainty resulting from initiatives to reduce the transmission of COVID-19 (including “shelter-in-place” restrictions), as well as COVID-19 -related illnesses and deaths, will negatively impact our business. Among other things, the negative impact is expected to include an increase in new defaults, which will increase our capital requirements under PMIERs and increase losses incurred, which will negatively affect our financial results. The magnitude of the impact will be influenced by various factors, including the length and severity of the pandemic in the United States, the length of time that measures intended to reduce the transmission of COVID-19 remain in place, the resulting level of unemployment, and the impact of various government initiatives (including the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act")) and actions taken by the GSEs (including implementation of mortgage forbearance and modification programs) to mitigate the economic harm caused by the COVID-19 pandemic and efforts to reduce its transmission. Subsequent events

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Significant Accounting Policies	Significant Accounting Policies Investments Each quarter we perform reviews of our investments to assess declines in the fair value of available-for-sale securities. Effective January 1, 2020, we adopted Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related amendments, which created a new comprehensive credit loss standard, FASB Accounting Standards Codification (ASC) 326, Financial Instruments - Credit Losses. Upon adoption of ASC 326, any impairment losses on available-for-sale securities are recorded as an allowance, subject to reversal, rather than as a reduction to amortized cost, as was required under the previous other-than-temporary impairment (OTTI) model. Our evaluation of determining whether a decline below fair value requires an allowance does not consider the duration of the decline as was considered under the previous OTTI review. In accordance with the ASU, prior periods have not been restated. Reinsurance Recoverables Each quarter, we perform a review of our reinsurance recoverable to assess collectability. ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of a reinsurance recoverable. Upon adoption of ASC 326, our analysis of the collectability included, at least quarterly, reviewing the credit ratings of individual reinsurers of the QSR transactions, investor reports for both Home Re Transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances. Premium Receivable ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of premium receivable. In applying the CECL requirement to premium receivable, consideration is given to the life of the premium receivable asset, areas of potential credit loss, and incorporating forward-looking predictive indicators. Income Taxes The CARES Act became law on March 27, 2020. It was a response to the market volatility and instability resulting from the coronavirus pandemic, and includes individuals and businesses in the form of loans, grants, and tax changes, among other types of relief. The tax changes in the CARES Act do not materially impact our financial results. Recent accounting and reporting developments Accounting standards effective in 2020, or early adopted, and relevant to our financial statements Measurement of Credit Losses on Financial Instruments: ASU 2016-13 Effective January 1, 2020, we adopted ASC 326, Financial Instruments - Credit Losses. This new standard replaced the incurred loss impairment methodology with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under CECL, allowances are established by incorporating the forecast of future economic conditions into our loss estimate unless such forecast is not reasonable and supportable, in which case we revert to historical loss experience. Application of the CECL model impacts our reinsurance recoverables and premium receivable. ASC 326 also replaced the OTTI model with an impairment allowance model, subject to reversal, for available-for-sale investments, which are measured at fair value. Our mortgage insurance policies are outside the scope of ASC 326. The new guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore requires significant judgment in application. As a result of adopting ASC 326 we have determined that an allowance for credit losses related to our premium receivables, reinsurance recoverables, or available-for-sale securities was not necessary as of March 31, 2020. We continue to apply the previous guidance to 2019 and prior periods. Changes to the Disclosure Requirements for Fair Value Measurement: ASU 2018-13 In August 2018, the FASB issued updated guidance that changes the disclosure requirements for fair value measurements. The updated guidance removed the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The updated guidance will require disclosure of changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption of the updated guidance did not have a material effect on our consolidated results of operations or liquidity. Prospective Accounting Standards Table 2.1 shows the relevant new amendments to accounting standards, which are not yet effective or adopted. Standard / Interpretation Table 2.1 Amended Standards Effective date ASC 321, 323, 815 Investments • ASU 2020-01 - Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) January 1, 2021 ASC 740 Income Taxes • ASU 2019-12 - Simplifying the Accounting for Income Taxes January 1, 2021 ASC 715 Compensation - Retirement Benefits • ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2021 ASC 848 Reference Rate • ASU 2020-04 - Reference Rate Reform March 12, 2020 Reference Rate Reform: ASU 2020-04 In March 2020, the FASB issued guidance which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting over concerns of the cessation of LIBOR. The updated guidance is effective for all entities as of March 12 2020 through December 31, 2022, as applicable, for contracts that are expected to be discontinued due to reference rate reform. We are currently evaluating the impacts the adoption of this guidance would have on our consolidated financial statement disclosures, but do not expect it to have a material impact. Clarification of Accounting for Equity Securities: ASU 2020-01 In January 2020, the FASB issued guidance which clarifies certain interactions of accounting for equity securities under Topic 321, under the equity method of accounting in Topic 323, and accounting of certain forward contracts and purchased options in Topic 815. The amendment clarifies the consideration of observable transactions before applying or discounting the equity method of accounting. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures, but do not expect it to have a material impact. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance which simplifies Accounting for Income Taxes (Topic 740). The ASU intends to reduce complexity through clarification and amendments of existing guidance. The updated guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted in any interim periods for which financial statements have not been issued. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify the disclosure requirements for defined benefit plans. The updated guidance removed the requirements to identify amounts that are expected to be reclassified out of accumulated other comprehensive income and recognized as components of net periodic benefit cost in the coming year and the effects of a one-percentage-point change in assumed health care cost trend rates on service and interest cost and on the postretirement benefit obligation. The updated guidance added disclosures for the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation for the period. The updated guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. An entity should apply the amendments on a retrospective basis to all periods presented. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures, but do not expect it to have a material impact.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt obligations The par value of our long-term debt obligations and their aggregate carrying values as of March 31, 2020 and December 31, 2019 are presented in table 3.1 below. Long-term debt obligations Table 3.1 (In millions) March 31, December 31, FHLB Advance - 1.91%, due February 2023 $ 155.0 $ 155.0 5.75% Notes, due August 2023 (par value: $425 million) 421.2 420.8 9% Debentures, due April 2063 (1) 256.9 256.9 Long-term debt, carrying value $ 833.1 $ 832.7 (1) Convertible at any time prior to maturity at the holder’s option, at a conversion rate, which is subject to adjustment, of 74.4718 shares per $1,000 principal amount, representing a conversion price of approximately $13.43 per share. The 5.75% Senior Notes (“ 5.75% Notes”), 9% Convertible Junior Subordinated Debentures (“ 9% Debentures”) are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. The Federal Home Loan Bank Advance (the “FHLB Advance”) is an obligation of MGIC. Interest payments Interest payments for the three months ended March 31, 2020 and 2019 were $13.0 million and $13.1 million , respectively. See Note 7 “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2019 for additional information pertaining to our debt obligations. As of March 31, 2020 we are in compliance with all of our debt covenants.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The reinsurance agreements to which we are a party, excluding captive agreements (which were immaterial), are discussed below. The effect of all of our reinsurance agreements on premiums earned and losses incurred is shown in table 4.1 below. Reinsurance Table 4.1 Three Months Ended March 31, (In thousands) 2020 2019 Premiums earned: Direct $ 289,868 $ 279,613 Assumed 2,609 872 Ceded (31,576 ) (30,724 ) Net premiums earned $ 260,901 $ 249,761 Losses incurred: Direct $ 66,562 $ 40,804 Assumed 166 (67 ) Ceded (5,772 ) (1,674 ) Losses incurred, net $ 60,956 $ 39,063 Quota share reinsurance Each of the reinsurers under our quota share reinsurance agreements described below has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor's Rating Services, A.M. Best, Moody's, or a combination of the three. 2020 QSR Coverage. We entered into QSR agreements with a group of unaffiliated reinsurers with an effective date of January 1, 2020 (“2020 QSR Transaction”), which provides coverage on eligible NIW in 2020. Under the 2020 QSR Transaction, we will cede losses and premiums on or after the effective date through December 31, 2031, at which time the agreement expires. Early termination of the agreement can be elected by us effective December 31, 2022 and bi-annually thereafter, for a fee, or under specified scenarios for no fee upon prior written notice, including if we will receive less than 90% of the full credit amount under the PMIERs full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period. The structure of the 2020 QSR Transaction is a 30% quota share, with a one-time option, elected by us, to reduce the cede rate to either 25% or 20% effective July 1, 2021, or bi-annually thereafter, for a fee, for all policies covered, with a 20% ceding commission as well as a profit commission. Generally, under the 2020 QSR Transaction, we will receive an annual profit commission provided the annual loss ratio on the loans covered under the transactions remains below 62% . 2021 QSR Coverage. I n addition, one of the 2020 agreements also provides coverage on eligible NIW in 2021. ("2021 QSR Transaction"). Under the 2021 QSR Transaction, we cede losses incurred and premiums on or after the effective date through December 31, 2032 for 2021 NIW, at which time the agreement expires. Early termination of the agreement can be elected by us effective December 31, 2023, and bi-annually thereafter, for a fee, or under specified scenarios for no fee upon prior written notice, including if we will receive less than 90% of the full credit amount under the PMIERs for the risk ceded in any required calculation period. The structure of the 2021 QSR Transaction is a 17.5% quota share on 2021 NIW, with an option to reduce the cede rate to either 14.5% or 12% effective July 1, 2022 or semiannually thereafter. Generally, under the 2021 QSR Transaction, we will receive an annual profit commission provided the annual loss ratio on the loans covered under the transactions remains below 62% . 2019 and prior QSR Transactions. See Note 9 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for more information about our QSR Transactions entered into prior to 2020 . Our quota share reinsurance transactions typically have annual loss ratio caps of 300% and lifetime loss ratio caps of 200%. Table 4.2 below provides a summary of our quota share reinsurance agreements, excluding captive agreements, for the three months ended March 31, 2020 and 2019 . Quota Share Reinsurance Table 4.2 Three Months Ended March 31, (In thousands) 2020 2019 Ceded premiums written and earned, net of profit commission (1) $ 26,846 $ 28,164 Ceded losses incurred 5,804 1,676 Ceding commissions (2) 11,365 13,409 Profit commission 29,979 38,881 (1) Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. Under the terms of our QSR Transactions, currently in effect, reinsurance premiums, ceding commission and profit commission are settled net on a quarterly basis. The ceded premiums due after deducting the related ceding commission and profit commission is reported within Other liabilities on the consolidated balance sheets. The reinsurance recoverable on loss reserves related to our QSR Transactions was $25.8 million as of March 31, 2020 and $21.6 million as of December 31, 2019 . The reinsurance recoverable balance is secured by funds on deposit from the reinsurers, the amount of which is based on the funding requirements of PMIERs. Excess of loss reinsurance We have aggregate excess of loss reinsurance agreements (“Home Re Transactions”) with unaffiliated special purpose insurers domiciled in Bermuda (“Home Re Entities”). For the reinsurance coverage periods, we retain the first layer of the respective aggregate losses, and a Home Re special purpose entity will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses in excess of the outstanding reinsurance coverage amount. The aggregate excess of loss reinsurance coverage decreases over a ten-year period, subject to certain conditions, as the underlying covered mortgages amortize or are repaid, or mortgage insurance losses are paid. MGIC has rights to terminate the Home Re Transactions under certain circumstances. The Home Re entities financed the coverages by issuing mortgage insurance-linked notes (“ILNs”) to unaffiliated investors in an aggregate amount equal to the initial reinsurance coverage amounts. The ILNs each have ten-year legal maturities and are non-recourse to any assets of MGIC or affiliates. The proceeds of the ILNs, which were deposited into reinsurance trusts for the benefit of MGIC, will be the source of reinsurance claim payments to MGIC and principal repayments on the ILNs. Table 4.3 provides a summary of our excess of loss reinsurance agreements as of March 31, 2020 and December 31, 2019 . Excess of Loss Reinsurance Table 4.3 (In thousands) March 31, 2020 December 31, 2019 Home Re Entity (Issue Date) Policy Inforce Dates Termination Option Date (1) Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverages Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverages Home Re 2018-1 Ltd. (Oct. - 2018) July 1, 2016 - December 31, 2017 October 25, 2025 $ 167,328 $ 233,626 $ 167,779 $ 260,957 Home Re 2019-1 Ltd. (May - 2019) January 1, 2018 - March 31, 2019 May 25, 2026 185,297 229,649 185,636 271,021 Total $ 352,625 $ 463,275 $ 353,415 $ 531,978 (1) We have the right to terminate the excess-of-loss reinsurance agreements under certain circumstances and on any payment date on or after the respective termination option date. The reinsurance premiums ceded to each Home Re Entity are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the unpaid portion of the ILNs it issued to raise funds to collateralize its reinsurance obligations to us, and the investment income collected on the collateral assets. The amount of monthly reinsurance coverage premium ceded will fluctuate due to changes in one-month LIBOR, (or the fallback reference rate, as applicable) and changes in money market rates that affect investment income collected on the assets in the reinsurance trust. As a result, we concluded that each reinsurance agreement contains an embedded derivative that is accounted for separately as a freestanding derivative. The fair values of the derivatives at March 31, 2020 , were not material to our consolidated balance sheet, and the change in fair value during the three months ended March 31, 2020 was not material to our consolidated statements of operations. Total ceded premiums were $4.7 million and $2.5 million for the three months ended March 31, 2020 and March 31, 2019 , respectively. At the time the Home Re Transactions were entered into, we concluded that each Home Re Entity is a variable interest entity (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make sufficient decisions relating to the entity’s operations through voting rights or do not substantively participate in gains and losses of the entity. Given that MGIC (1) does not have the unilateral power to direct the activities that most significantly affect each Home Re Entity’s economic performance and (2) does not have the obligation to absorb losses or the right to receive benefits of each Home Re Entity, consolidation of neither Home Re Entity is required. We are required to disclose our maximum exposure to loss, which we consider to be an amount that we could be required to record in our statements of operations, as a result of our involvement with the VIEs under our Home Re Transactions. As of March 31, 2020 , and December 31, 2019 , we did not have material exposure to the VIEs as we have no investment in the VIEs and had no reinsurance claim payments due from either VIE under our reinsurance agreements. We are unable to determine the timing or extent of claims from losses that are ceded under the reinsurance agreements. The VIE assets are deposited in reinsurance trusts for the benefit of MGIC that will be the source of reinsurance claim payments to MGIC. The purpose of the reinsurance trusts is to provide security to MGIC for the obligations of the VIEs under the reinsurance agreements. The trustee of the reinsurance trusts, a recognized provider of corporate trust services, has established segregated accounts within the reinsurance trusts for the benefit of MGIC, pursuant to the trust agreements. The trust agreements are governed by, and construed in accordance with, the laws of the State of New York. If the trustee of the reinsurance trusts failed to distribute claim payments to us as provided in the reinsurance trusts, we would incur a loss related to our losses ceded under the reinsurance agreements and deemed unrecoverable. We are also unable to determine the impact such possible failure by the trustee to perform pursuant to the reinsurance trust agreements may have on our consolidated financial statements. As a result, we are unable to quantify our maximum exposure to loss related to our involvement with the VIEs. MGIC has certain termination rights under the reinsurance agreements should its claims not be paid. We consider our exposure to loss from our reinsurance agreements with the VIEs to be remote. Table 4.4 presents the total assets of the Home Re Entities as of March 31, 2020 and December 31, 2019 . Home Re total assets Table 4.4 (In thousands) Home Re Entity (Issue date) Total VIE Assets March 31, 2020 Home Re 2018-01 Ltd. (Oct - 2018) $ 245,314 Home Re 2019-01 Ltd. (May - 2019) 247,276 December 31, 2019 Home Re 2018-01 Ltd. (Oct - 2018) $ 269,451 Home Re 2019-01 Ltd. (May - 2019) 283,150 The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (i) invest at least 99.5% of their total assets in cash or direct U.S. federal government obligations, such as U.S. Treasury bills, as well as other short-term securities backed by the full faith and credit of the U.S. federal government or issued by an agency of the U.S. federal government, (ii) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaa-mf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (iii) are permitted investments under the applicable credit for reinsurance laws and applicable PMIERs credit for reinsurance requirements. The assets of the Home Re Entities provide capital credit under the PMIERs financial requirements (see Note 1 - “Nature of Business and Basis of Presentation” ). A decline in the assets available to pay claims and principal repayments reduces the capital credit available to MGIC.

Litigation and Contingencies

Litigation and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies Before paying an insurance claim, we review the loan and servicing files to determine the appropriateness of the claim amount. When reviewing the files, 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 addition, our insurance policies generally provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy. We call such reduction of claims “curtailments.” In recent quarters, an immaterial percentage of claims received in a quarter have been resolved by rescissions. In 2019 , and the first three months of 2020 , curtailments reduced our average claim paid by approximately 5.0% and 4.4% , respectively. Our loss reserving methodology incorporates our estimates of future rescissions, curtailments, and reversals of rescissions and curtailments. A variance between ultimate actual rescission, curtailment and reversal rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses. When the insured disputes our right to rescind coverage or curtail claims, we generally engage in discussions in an attempt to settle the dispute. If we are unable to reach a settlement, the outcome of a dispute ultimately may be determined by legal proceedings. Under ASC 450-20, until a loss associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes and do not accrue an estimated loss. When we determine that a loss is probable and can be reasonably estimated, we record our best estimate of our probable loss. In those cases, until settlement negotiations or legal proceedings are concluded; (including the receipt of any necessary GSE approvals), it is reasonably possible that we will record an additional loss. We are currently involved in discussions and/or proceedings with respect to our claims paying practices. Although it is reasonably possible that when resolved we will not prevail on all matters, we are unable to make a reasonable estimate or range of estimates of the potential liability. We estimate the maximum exposure where a loss is reasonably possible to be approximately $47 million . This estimate of maximum exposure is based upon currently available information; is subject to significant judgment, numerous assumptions and known and unknown uncertainties; will include an amount for matters for which we have recorded a probable loss until such matters are concluded; will include different matters from time to time; and does not include interest or consequential or exemplary damages. 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 consolidated results of operations.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of shares of common stock outstanding. For purposes of calculating basic EPS, vested restricted stock and restricted stock units (“RSUs”) are considered 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 RSUs result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our 9% Debentures 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. Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS. Earnings per share Table 6.1 Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Basic earnings per share: Net income $ 149,805 $ 151,941 Weighted average common shares outstanding - basic 344,053 355,653 Basic earnings per share $ 0.44 $ 0.43 Diluted earnings per share: Net income $ 149,805 $ 151,941 Interest expense, net of tax (1) : 9% Debentures 4,566 4,566 Diluted income available to common shareholders $ 154,371 $ 156,507 Weighted average common shares outstanding - basic 344,053 355,653 Effect of dilutive securities: Unvested RSUs 2,033 1,986 9% Debentures 19,130 19,028 Weighted average common shares outstanding - diluted 365,216 376,667 Diluted earnings per share $ 0.42 $ 0.42 (1) The periods ended March 31, 2020 and 2019 were tax-effected at a rate of 21%.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	Investments Fixed income securities The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed income securities classified as available-for-sale at March 31, 2020 and December 31, 2019 are shown in tables 7.1a and 7.1b below. Details of fixed income securities by category as of March 31, 2020 Table 7.1a (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 $ 197,330 $ 2,408 $ (21 ) $ 199,717 Obligations of U.S. states and political subdivisions 1,614,562 99,532 (3,258 ) 1,710,836 Corporate debt securities 2,508,051 44,386 (41,335 ) 2,511,102 Asset backed securities (“ABS”) 210,930 2,031 (6,311 ) 206,650 Residential mortgage backed securities (“RMBS”) 259,641 6,032 (758 ) 264,915 Commercial mortgage backed securities (“CMBS”) 268,598 3,161 (3,172 ) 268,587 Collateralized loan obligations (“CLOs”) 316,270 — (19,231 ) 297,039 Total fixed income securities $ 5,375,382 $ 157,550 $ (74,086 ) $ 5,458,846 Details of fixed income securities by category as of December 31, 2019 Table 7.1b (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) (2) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 195,176 $ 1,237 $ (210 ) $ 196,203 Obligations of U.S. states and political subdivisions 1,555,394 99,328 (857 ) 1,653,865 Corporate debt securities 2,711,910 76,220 (3,008 ) 2,785,122 ABS 227,376 2,466 (178 ) 229,664 RMBS 271,384 429 (3,227 ) 268,586 CMBS 274,234 5,531 (779 ) 278,986 CLOs 327,076 33 (1,643 ) 325,466 Total fixed income securities $ 5,562,550 $ 185,244 $ (9,902 ) $ 5,737,892 (1) At March 31, 2020 there was no allowance established on available-for-sale securities. (2) At December 31, 2019 there was no other-than-temporary impairment losses recorded in other comprehensive income. We had $14.2 million and $13.9 million of investments at fair value on deposit with various states as of March 31, 2020 and December 31, 2019 , respectively, due to regulatory requirements of those state insurance departments. The amortized cost and fair values of fixed income securities at March 31, 2020 , by contractual maturity, are shown in table 7.2 below. Actual 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 ABS, RMBS, CMBS, and CLOs provide for periodic payments throughout their lives, they are listed in separate categories. Fixed income securities maturity schedule Table 7.2 March 31, 2020 (In thousands) Amortized cost Fair Value Due in one year or less $ 421,097 $ 421,290 Due after one year through five years 1,774,678 1,782,206 Due after five years through ten years 994,134 1,021,561 Due after ten years 1,130,034 1,196,598 4,319,943 4,421,655 ABS 210,930 206,650 RMBS 259,641 264,915 CMBS 268,598 268,587 CLOs 316,270 297,039 Total as of March 31, 2020 $ 5,375,382 $ 5,458,846 Proceeds from sales of fixed income securities classified as available-for-sale were $212.8 million and $106.0 million during the three months ended March 31, 2020 and 2019 , respectively. During the three months ended March 31, 2020 , gross gains and gross losses of $5.1 million and $1.3 million , respectively, were realized on those sales, and we recorded realized losses of $0.3 million related to our intent to sell certain securities. During the three months ended March 31, 2019 , gross gains and gross losses of $0.7 million and gross losses of $1.3 million were realized on those sales, and we recorded OTTI losses of $0.1 million . Equity securities The cost and fair value of investments in equity securities at March 31, 2020 and December 31, 2019 are shown in tables 7.3a and 7.3b below. Details of equity security investments as of March 31, 2020 Table 7.3a (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 29,559 $ 99 $ (766 ) $ 28,892 Details of equity security investments as of December 31, 2019 Table 7.3b (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 17,188 $ 154 $ (14 ) $ 17,328 For the three months ended March 31, 2020 , we recognized $(0.8) million of net losses on equity securities still held as of March 31, 2020 . For the three months ended March 31, 2019 , we recognized $0.1 million of net gains on equity securities still held as of March 31, 2019 . Other invested assets Other invested assets include an investment in Federal Home Loan Bank ("FHLB") stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility, and our current FHLB Advance amount is secured by eligible collateral whose fair value is maintained at a minimum of 102% of the outstanding principal balance of the FHLB Advance. As of March 31, 2020 , that collateral consisted of fixed income securities included in our total investment portfolio, and cash and cash equivalents, with a total fair value of $164.9 million . Unrealized investment losses Tables 7.4a and 7.4b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2020 and December 31, 2019 , the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.4a and 7.4b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” of the notes to the consolidated financial statements in our 2019 Annual Report on Form 10-K. Unrealized loss aging for securities by type and length of time as of March 31, 2020 Table 7.4a 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 $ 12,558 $ (21 ) $ — $ — $ 12,558 $ (21 ) Obligations of U.S. states and political subdivisions 99,354 (3,255 ) 2,017 (3 ) 101,371 (3,258 ) Corporate debt securities 1,034,108 (41,208 ) 907 (127 ) 1,035,015 (41,335 ) ABS 64,104 (6,311 ) — — 64,104 (6,311 ) RMBS 7,664 (60 ) 62,645 (698 ) 70,309 (758 ) CMBS 133,290 (3,086 ) 7,593 (86 ) 140,883 (3,172 ) CLOs 186,582 (10,075 ) 110,457 (9,156 ) 297,039 (19,231 ) Total $ 1,537,660 $ (64,016 ) $ 183,619 $ (10,070 ) $ 1,721,279 $ (74,086 ) Unrealized loss aging for securities by type and length of time as of December 31, 2019 Table 7.4b 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 $ 57,301 $ (200 ) $ 5,806 $ (10 ) $ 63,107 $ (210 ) Obligations of U.S. states and political subdivisions 74,859 (847 ) 6,957 (10 ) 81,816 (857 ) Corporate debt securities 221,357 (2,847 ) 43,505 (161 ) 264,862 (3,008 ) ABS 21,542 (118 ) 3,851 (60 ) 25,393 (178 ) RMBS 105,443 (461 ) 110,452 (2,766 ) 215,895 (3,227 ) CMBS 62,388 (728 ) 11,852 (51 ) 74,240 (779 ) CLOs 81,444 (225 ) 196,988 (1,418 ) 278,432 (1,643 ) Total $ 624,334 $ (5,426 ) $ 379,411 $ (4,476 ) $ 1,003,745 $ (9,902 ) Based on current facts and circumstances, we believe the unrealized losses as of March 31, 2020 presented in table 7.4a above are not indicative of the ultimate collectability of the current amortized cost of the securities. We believe the gross unrealized losses are primarily attributable to widening credit spreads over risk free rates beyond historic norms, as a result of market uncertainties arising from the COVID-19 pandemic, which includes demand shocks in multiple sectors that originated in the first quarter of 2020. The unrealized losses in all categories of our investments at December 31, 2019 were primarily caused by changes in interest rates between the time of purchase and December 31, 2019 . There were 321 and 217 securities in an unrealized loss position at March 31, 2020 and December 31, 2019 , respectively. We report accrued investment income separately from fixed income, available-for-sale, securities and we have elected not to measure an allowance for credit losses for accrued investment income. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the security defaults or is expected to default on payment

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring fair value measurements The following describes the valuation methodologies generally used by the independent pricing sources, or by us, to measure financial instruments at fair value, including the general classification of such financial instruments pursuant to the valuation hierarchy. Level 1 measurements • Fixed income securities: Consist of primarily U.S. Treasury securities with valuations derived from quoted prices for identical instruments in active markets that we can access. • Equity securities: Consist of actively traded, exchange-listed equity securities, including exchange traded funds (“ETFs”), with valuations derived from quoted prices for identical assets in active markets that we can access. • Other: Consists of money market funds with valuations derived from quoted prices for identical assets in active markets that we can access. Level 2 measurements • Fixed income securities: Corporate Debt & U.S. Government and Agency Bonds are valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the valuation process. Obligations of U.S. States & Political Subdivisions are valued 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 ("RMBS") are valued 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 ("CMBS") are valued using 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 uses 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 ("ABS") are valued 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 trade activity, bids, and offers are applied, resulting in tranche specific prices. Collateralized loan obligations ("CLOs") are valued by evaluating manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity. Level 3 measurements • Real estate acquired is valued at 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. Assets measured at fair value, by hierarchy level, as of March 31, 2020 and December 31, 2019 are shown in tables 8.1a and 8.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - “Significant Accounting Policies” of the notes to the consolidated financial statements in our 2019 Annual Report on Form 10-K. Assets carried at fair value by hierarchy level as of March 31, 2020 Table 8.1a (In thousands) Total 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 $ 199,717 $ 42,091 $ 157,626 $ — Obligations of U.S. states and political subdivisions 1,710,836 — 1,710,836 — Corporate debt securities 2,511,102 — 2,511,102 — ABS 206,650 — 206,650 — RMBS 264,915 — 264,915 — CMBS 268,587 — 268,587 — CLOs 297,039 — 297,039 — Total fixed income securities 5,458,846 42,091 5,416,755 — Equity securities 28,892 28,892 — — Other (1) 365,519 364,517 1,002 — Real estate acquired (2) 6,226 — — 6,226 Total $ 5,859,483 $ 435,500 $ 5,417,757 $ 6,226 Assets carried at fair value by hierarchy level as of December 31, 2019 Table 8.1b (In thousands) Total 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 $ 196,203 $ 34,240 $ 161,963 $ — Obligations of U.S. states and political subdivisions 1,653,865 — 1,653,865 — Corporate debt securities 2,785,122 — 2,785,122 — ABS 229,664 — 229,664 — RMBS 268,586 — 268,586 — CMBS 278,986 — 278,986 — CLOs 325,466 — 325,466 — Total fixed income securities 5,737,892 34,240 5,703,652 — Equity securities 17,328 17,328 — — Other (1) 164,693 164,693 — — Real estate acquired (2) 7,252 — — 7,252 Total $ 5,927,165 $ 216,261 $ 5,703,652 $ 7,252 (1) Consists of money market funds included in “Cash and Cash Equivalents” and “Restricted Cash and Cash Equivalents” on the consolidated balance sheets. (2) Real estate acquired through claim settlement, which is held for sale, is reported in “Other assets” on the consolidated balance sheets. 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. Additional fair value disclosures related to our investment portfolio are included in Note 7 – “Investments.” Reconciliations of Level 3 assets For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2020 and 2019 is shown in tables 8.2a and 8.2b below. There were no losses included in earnings for those periods attributable to the change in unrealized losses on assets still held at the end of the applicable period. Fair value roll-forward for financial instruments classified as Level 3 for the three months ended March 31, 2020 Table 8.2a (In thousands) Fixed income Real Estate Acquired Balance at December 31, 2019 $ — $ 7,252 Purchases — 4,115 Sales — (5,198 ) Included in earnings and reported as losses incurred, net — 57 Balance at March 31, 2020 $ — $ 6,226 Fair value roll-forward for financial instruments classified as Level 3 for the three months ended March 31, 2019 Table 8.2b (In thousands) Fixed income Real Estate Balance at December 31, 2018 $ 13 $ 14,535 Purchases — 8,084 Sales (13 ) (10,872 ) Included in earnings and reported as losses incurred, net — (108 ) Balance at March 31, 2019 $ — $ 11,639 Financial assets and liabilities not measured at fair value Other invested assets include an investment in FHLB stock that is carried at cost, which due to restrictions that require it to be redeemed or sold only to the security issuer at par value, approximates fair value. The fair value of other invested assets is categorized as Level 2. Financial liabilities include our outstanding debt obligations. The fair values of our 5.75% Notes and 9% Debentures were based on observable market prices. The fair value of the FHLB Advance was estimated using cash flows discounted at current incremental borrowing rates for similar borrowing arrangements. In all cases the fair values of the financial liabilities below are categorized as Level 2. Table 8.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2020 and December 31, 2019 . Financial assets and liabilities not measured at fair value Table 8.3 March 31, 2020 December 31, 2019 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets Other invested assets $ 3,100 $ 3,100 $ 3,100 $ 3,100 Financial liabilities FHLB Advance $ 155,000 $ 161,575 $ 155,000 $ 156,422 5.75% Senior Notes 421,155 395,025 420,867 471,827 9% Convertible Junior Subordinated Debentures 256,872 334,252 256,872 346,289 Total financial liabilities $ 833,027 $ 890,852 $ 832,739 $ 974,538

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income	Other Comprehensive Income The pretax and related income tax benefit (expense) components of our other comprehensive (loss) income for the three months ended March 31, 2020 and 2019 are included in table 9.1 below. Components of other comprehensive income (loss) Table 9.1 Three Months Ended March 31, (In thousands) 2020 2019 Net unrealized investment (losses) gains arising during the period $ (91,880 ) $ 102,621 Income tax benefit (expense) 19,295 (21,550 ) Net of taxes (72,585 ) 81,071 Net changes in benefit plan assets and obligations 1,394 2,089 Income tax expense (293 ) (439 ) Net of taxes 1,101 1,650 Total other comprehensive (loss) income (90,486 ) 104,710 Total income tax benefit (expense) 19,002 (21,989 ) Total other comprehensive (loss) income, net of tax $ (71,484 ) $ 82,721 The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three months ended March 31, 2020 and 2019 are included in table 9.2 below. Reclassifications from AOCI Table 9.2 Three Months Ended March 31, (In thousands) 2020 2019 Reclassification adjustment for net realized gains (losses) (1) $ 4,714 $ (2,679 ) Income tax (expense) benefit (990 ) 563 Net of taxes 3,724 (2,116 ) Reclassification adjustment related to benefit plan assets and obligations (2) (1,394 ) (2,089 ) Income tax benefit 293 439 Net of taxes (1,101 ) (1,650 ) Total reclassifications 3,320 (4,768 ) Total income tax (expense) benefit (697 ) 1,002 Total reclassifications, net of tax $ 2,623 $ (3,766 ) (1) Increases (decreases) Net realized investment (losses) gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. A rollforward of AOCI for the three months ended March 31, 2020 , including amounts reclassified from AOCI, are included in table 9.3 below. Rollforward of AOCI Table 9.3 Three Months Ended March 31, 2020 (In thousands) Net unrealized gains and (losses) on available-for-sale securities Net benefit plan assets and (obligations) recognized in shareholders' equity Total accumulated other comprehensive income (loss) Balance at December 31, 2019, net of tax 138,521 (65,813 ) 72,708 Other comprehensive income before reclassifications (68,861 ) — (68,861 ) Less: Amounts reclassified from AOCI 3,724 (1,101 ) 2,623 Balance, March 31, 2020, net of tax $ 65,936 $ (64,712 ) $ 1,224

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Table 10.1 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three months ended March 31, 2020 and 2019 . Components of net periodic benefit cost Table 10.1 Three Months Ended March 31, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 1,821 $ 1,996 $ 309 $ 312 Interest cost 3,414 3,955 214 291 Expected return on plan assets (5,580 ) (4,908 ) (1,852 ) (1,445 ) Amortization of net actuarial losses/(gains) 1,634 2,167 (190 ) — Amortization of prior service cost/(credit) (62 ) (70 ) 13 (8 ) Net periodic benefit cost (benefit) $ 1,227 $ 3,140 $ (1,506 ) $ (850 ) We currently intend to make contributions totaling $12.5 million to our qualified pension plan and supplemental executive retirement plan in 2020 .

Loss Reserves

Loss Reserves	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Loss Reserves	Loss Reserves We establish case reserves and loss adjustment expenses (“LAE”) reserves when we receive notices of delinquency on insured mortgage loans. Notices of delinquency are typically reported to us when loans are two payments past due. Case 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. IBNR reserves are established for estimated losses from delinquencies occurring prior to the close of an accounting period on notices of delinquency not yet reported to us. IBNR reserves are also established using estimated claim rates and claim severities. 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; exposure on insured loans; the amount of time between delinquency and claim filing; and curtailments and rescissions. 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 consolidated results of operations and financial position, even in a stable economic environment. The “Losses incurred” section of table 11.1 below shows losses incurred on delinquencies that occurred in the current year and in prior years. The amount of losses incurred relating to delinquencies that occurred in the current year represents the estimated amount to be ultimately paid on such delinquencies. The amount of losses incurred relating to delinquencies that occurred in prior years represents the difference between the actual claim rate and severity associated with those delinquencies resolved in the current year compared to the estimated claim rate and severity at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on delinquencies continuing from the end of the prior year. This re-estimation of the claim rate and severity is the result of our review of current trends in the delinquent inventory, such as percentages of delinquencies that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of delinquencies by geography and changes in average loan exposure. Losses incurred on delinquencies that occurred in the current year increased in the first three months of 2020 compared to the same period in 2019 , due to an increase in the claim rate and severity due to the current macroeconomic environment related to the COVID-19 pandemic. This was offset by a decrease of approximately 9% fewer new delinquency notices received in 2020, compared to the same period last year. In the first quarter of 2020, we also increased our IBNR reserve by $7.8 million . The “Losses paid” section of table 11.1 below shows the amount of losses paid on delinquencies that occurred in the current year and losses paid on delinquencies that occurred in prior years. For several years, the average time it took to receive a claim associated with a delinquency had increased significantly from our historical experience of approximately twelve months. This was, 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. In recent quarters, we have experienced a decline in the average time it takes servicers to process foreclosures, which has reduced the average time to receive a claim associated with new delinquent notices that do not cure. All else being equal, the longer the period between delinquency and claim filing, the greater the severity In light of the uncertainty caused by the COVID-19 pandemic, specifically the foreclosure moratoriums, the average time it takes to receive a claim may increase. Premium refunds Our estimate of premiums to be refunded on expected claim payments is accrued for separately in “Other Liabilities” on our consolidated balance sheets and approximated $29 million and $30 million at March 31, 2020 and December 31, 2019 , respectively. Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the three months ended March 31, 2020 and 2019 . Development of reserves for losses and loss adjustment expenses Table 11.1 Three Months Ended March 31, (In thousands) 2020 2019 Reserve at beginning of period $ 555,334 $ 674,019 Less reinsurance recoverable 21,641 33,328 Net reserve at beginning of period 533,693 640,691 Losses incurred: Losses and LAE incurred in respect of delinquency notices received in: Current year 59,799 47,488 Prior years (1) 1,157 (8,425 ) Total losses incurred 60,956 39,063 Losses paid: Losses and LAE paid in respect of delinquency notices received in: Current year 39 — Prior years 45,633 56,365 Reinsurance terminations (20 ) — Total losses paid 45,652 56,365 Net reserve at end of period 548,997 623,389 Plus reinsurance recoverables 25,756 31,875 Reserve at end of period $ 574,753 $ 655,264 (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development. The prior year development of the reserves in the first three months of 2020 and 2019 is reflected in table 11.2 below. Reserve development on previously received delinquencies Table 11.2 Three Months Ended March 31, (In millions) 2020 2019 Decrease in estimated claim rate on primary defaults $ — $ (31 ) Increase in estimated severity on primary defaults 3 — Change in estimates related to pool reserves, LAE reserves, reinsurance, and other (2 ) 23 Total prior year loss development (1) $ 1 $ (8 ) (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. Delinquent inventory A rollforward of our primary delinquent inventory for the three months ended March 31, 2020 and 2019 appears in table 11.3 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. Delinquent inventory rollforward Table 11.3 Three Months Ended March 31, 2020 2019 Delinquent inventory at beginning of period 30,028 32,898 New notices 12,398 13,611 Cures (14,113 ) (14,348 ) Paid claims (897 ) (1,188 ) Rescissions and denials (32 ) (52 ) Delinquent inventory at end of period 27,384 30,921 The decrease in the primary delinquent inventory experienced during 2020 was generally across all markets and primarily in books years 2008 and prior. Historically as a delinquency ages it becomes more likely to result in a claim. The CARES Act and other related actions includes payment forbearance on mortgages to borrowers experiencing a hardship during the COVID-19 pandemic. Forbearance allows for mortgage payments to be suspended for up to 360 days. Loans in forbearance are included in our delinquent inventory. Table 11.4 below shows the number of consecutive months a borrower is delinquent. Historically as a delinquency ages it becomes more likely to result in a claim. Primary delinquent inventory - consecutive months delinquent Table 11.4 March 31, 2020 December 31, 2019 March 31, 2019 3 months or less 7,567 9,447 8,568 4-11 months 9,535 9,664 9,997 12 months or more (1) 10,282 10,917 12,356 Total 27,384 30,028 30,921 3 months or less 28 % 32 % 28 % 4-11 months 35 % 32 % 32 % 12 months or more 37 % 36 % 40 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 472 538 665 (1) Approximately 34% , 36% , and 38% of the primary delinquent inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. 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. Our estimate of premiums to be refunded on expected future rescissions is accrued for separately and is included in “Other liabilities” on our consolidated balance sheets. For information about discussions and legal proceedings with customers with respect to our claims paying practices see Note 5 – “Litigation and Contingencies.”

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchase programs During the three months ended March 31, 2020 we repurchased approximately 9.6 million shares of our common stock at a weighted average cost per share of $12.47 , which included commissions. We may repurchase up to an additional $291 million of our common stock through the end of 2021 under a share repurchase program approved by our Board of Directors in the January 2020. Repurchases may be made from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time, and in light of the uncertainty caused by the COVID-19 pandemic, we have temporarily suspended stock repurchases. Cash dividends In February 2020, we paid a quarterly cash dividend of $0.06 per share to shareholders which totaled $21 million . On April 23, 2020, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.06 per share payable on May 29, 2020, to shareholders of record at the close of business on May 11, 2020.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	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. Awards under our plans generally vest over periods ranging from one to three years . Table 13.1 shows the number of restricted stock units (RSUs) granted to employees and the weighted average fair value per share during the periods presented (shares in thousands). Restricted stock unit grants Table 13.1 Three months ended March 31, 2020 2019 RSUs Granted (in thousands) Weighted Average Share Fair Value RSUs Granted (in thousands) Weighted Average Share Fair Value RSUs subject to performance conditions 1,282 $ 12.87 1,378 $ 11.76 RSUs subject only to service conditions 373 13.11 412 11.76

Statutory Information

Statutory Information	3 Months Ended
	Mar. 31, 2020
Statutory Capital [Abstract]
Statutory Information	Statutory Information 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 RIF (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 March 31, 2020 , MGIC’s risk-to-capital ratio was 10.2 to 1 , below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $2.8 billion above the required MPP of $1.7 billion . The calculation of our risk-to-capital ratio and MPP reflect credit for the risk ceded under our QSR Transactions and Home Re Transactions 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 financial requirements of the PMIERs, MGIC may terminate the reinsurance transactions, 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 March 31, 2020 , the risk-to-capital ratio of our combined insurance operations was 10.2 to 1 . The NAIC has previously announced plans to revise the minimum capital and surplus requirements for mortgage insurers that are provided for in its Mortgage Guaranty Insurance Model Act. In December 2019, a working group of state regulators released an exposure draft of a revised Mortgage Guaranty Insurance Model Act and a risk-based capital framework to establish capital requirements for mortgage insurers, although no date has been established by which the NAIC must propose revisions to the capital requirements and certain items have not yet been completely addressed by the framework, including the treatment of ceded risk and minimum capital floors. Currently, we believe that the PMIERs contain more restrictive capital requirements than the draft Mortgage Guaranty Insurance Model Act in most circumstances. While MGIC currently meets the State Capital Requirements of Wisconsin and all other jurisdictions, it could be prevented from writing new business in the future in all jurisdictions if it fails to meet the State Capital Requirements of Wisconsin, or it could be prevented from writing new business in a particular jurisdiction if it fails to meet the State Capital Requirements of that jurisdiction, and in each case MGIC does not obtain a waiver of such requirements. 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. Dividend restrictions In the first quarter of 2020 , MGIC paid a $390 million in dividends to our holding company. MGIC is not planning to request a dividend to be paid to our holding company in the second quarter. MGIC is subject to statutory regulations as to payment of dividends. The maximum amount of dividends that MGIC 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. The OCI recognizes only statutory accounting principles prescribed, or practices permitted by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in their contingency reserves through their income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency reserves, statutory net income is reduced. Statutory Financial Information The statutory net income, policyholders’ surplus, and contingency reserve liability of the insurance subsidiaries of our holding company are shown in table 14.1. The surplus amounts included in the following table are the combined policyholders’ surplus of our insurance operations as utilized in our risk-to-capital calculations. Statutory financial information of holding company and insurance subsidiaries Table 14.1 As of and for the Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Statutory net income $ 55,746 $ 65,561 Statutory policyholders' surplus 1,271,244 1,667,058 Contingency reserve 3,166,180 2,583,429

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Reclassifications	Reclassifications Certain reclassifications to 2019 amounts have been made in the accompanying financial statements to conform to the 2020 presentation.
Investments	Investments Each quarter we perform reviews of our investments to assess declines in the fair value of available-for-sale securities. Effective January 1, 2020, we adopted Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related amendments, which created a new comprehensive credit loss standard, FASB Accounting Standards Codification (ASC) 326, Financial Instruments - Credit Losses. Upon adoption of ASC 326, any impairment losses on available-for-sale securities are recorded as an allowance, subject to reversal, rather than as a reduction to amortized cost, as was required under the previous other-than-temporary impairment (OTTI) model. Our evaluation of determining whether a decline below fair value requires an allowance does not consider the duration of the decline as was considered under the previous OTTI review. In accordance with the ASU, prior periods have not been restated.
Reinsurance Recoverables	Reinsurance Recoverables Each quarter, we perform a review of our reinsurance recoverable to assess collectability. ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of a reinsurance recoverable. Upon adoption of ASC 326, our analysis of the collectability included, at least quarterly, reviewing the credit ratings of individual reinsurers of the QSR transactions, investor reports for both Home Re Transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances.
Premiums Receivable	Premium Receivable ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of premium receivable. In applying the CECL requirement to premium receivable, consideration is given to the life of the premium receivable asset, areas of potential credit loss, and incorporating forward-looking predictive indicators.
Prospective Accounting Standards	Recent accounting and reporting developments Accounting standards effective in 2020, or early adopted, and relevant to our financial statements Measurement of Credit Losses on Financial Instruments: ASU 2016-13 Effective January 1, 2020, we adopted ASC 326, Financial Instruments - Credit Losses. This new standard replaced the incurred loss impairment methodology with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under CECL, allowances are established by incorporating the forecast of future economic conditions into our loss estimate unless such forecast is not reasonable and supportable, in which case we revert to historical loss experience. Application of the CECL model impacts our reinsurance recoverables and premium receivable. ASC 326 also replaced the OTTI model with an impairment allowance model, subject to reversal, for available-for-sale investments, which are measured at fair value. Our mortgage insurance policies are outside the scope of ASC 326. The new guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore requires significant judgment in application. As a result of adopting ASC 326 we have determined that an allowance for credit losses related to our premium receivables, reinsurance recoverables, or available-for-sale securities was not necessary as of March 31, 2020. We continue to apply the previous guidance to 2019 and prior periods. Changes to the Disclosure Requirements for Fair Value Measurement: ASU 2018-13 In August 2018, the FASB issued updated guidance that changes the disclosure requirements for fair value measurements. The updated guidance removed the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The updated guidance will require disclosure of changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The adoption of the updated guidance did not have a material effect on our consolidated results of operations or liquidity. Prospective Accounting Standards Table 2.1 shows the relevant new amendments to accounting standards, which are not yet effective or adopted. Standard / Interpretation Table 2.1 Amended Standards Effective date ASC 321, 323, 815 Investments • ASU 2020-01 - Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) January 1, 2021 ASC 740 Income Taxes • ASU 2019-12 - Simplifying the Accounting for Income Taxes January 1, 2021 ASC 715 Compensation - Retirement Benefits • ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2021 ASC 848 Reference Rate • ASU 2020-04 - Reference Rate Reform March 12, 2020 Reference Rate Reform: ASU 2020-04 In March 2020, the FASB issued guidance which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting over concerns of the cessation of LIBOR. The updated guidance is effective for all entities as of March 12 2020 through December 31, 2022, as applicable, for contracts that are expected to be discontinued due to reference rate reform. We are currently evaluating the impacts the adoption of this guidance would have on our consolidated financial statement disclosures, but do not expect it to have a material impact. Clarification of Accounting for Equity Securities: ASU 2020-01 In January 2020, the FASB issued guidance which clarifies certain interactions of accounting for equity securities under Topic 321, under the equity method of accounting in Topic 323, and accounting of certain forward contracts and purchased options in Topic 815. The amendment clarifies the consideration of observable transactions before applying or discounting the equity method of accounting. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures, but do not expect it to have a material impact. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance which simplifies Accounting for Income Taxes (Topic 740). The ASU intends to reduce complexity through clarification and amendments of existing guidance. The updated guidance is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted in any interim periods for which financial statements have not been issued. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify the disclosure requirements for defined benefit plans. The updated guidance removed the requirements to identify amounts that are expected to be reclassified out of accumulated other comprehensive income and recognized as components of net periodic benefit cost in the coming year and the effects of a one-percentage-point change in assumed health care cost trend rates on service and interest cost and on the postretirement benefit obligation. The updated guidance added disclosures for the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation for the period. The updated guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. An entity should apply the amendments on a retrospective basis to all periods presented. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures, but do not expect it to have a material impact.

Significant Accounting Polici_3

Significant Accounting Policies Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of Prospective Accounting Standards, Not Yet Effective Or Adopted	Table 2.1 shows the relevant new amendments to accounting standards, which are not yet effective or adopted. Standard / Interpretation Table 2.1 Amended Standards Effective date ASC 321, 323, 815 Investments • ASU 2020-01 - Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) January 1, 2021 ASC 740 Income Taxes • ASU 2019-12 - Simplifying the Accounting for Income Taxes January 1, 2021 ASC 715 Compensation - Retirement Benefits • ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2021 ASC 848 Reference Rate • ASU 2020-04 - Reference Rate Reform March 12, 2020

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term debt	The par value of our long-term debt obligations and their aggregate carrying values as of March 31, 2020 and December 31, 2019 are presented in table 3.1 below. Long-term debt obligations Table 3.1 (In millions) March 31, December 31, FHLB Advance - 1.91%, due February 2023 $ 155.0 $ 155.0 5.75% Notes, due August 2023 (par value: $425 million) 421.2 420.8 9% Debentures, due April 2063 (1) 256.9 256.9 Long-term debt, carrying value $ 833.1 $ 832.7 (1) Convertible at any time prior to maturity at the holder’s option, at a conversion rate, which is subject to adjustment, of 74.4718 shares per $1,000 principal amount, representing a conversion price of approximately $13.43 per share.

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Effect of reinsurance agreement	The effect of all of our reinsurance agreements on premiums earned and losses incurred is shown in table 4.1 below. Reinsurance Table 4.1 Three Months Ended March 31, (In thousands) 2020 2019 Premiums earned: Direct $ 289,868 $ 279,613 Assumed 2,609 872 Ceded (31,576 ) (30,724 ) Net premiums earned $ 260,901 $ 249,761 Losses incurred: Direct $ 66,562 $ 40,804 Assumed 166 (67 ) Ceded (5,772 ) (1,674 ) Losses incurred, net $ 60,956 $ 39,063
Effect of quota share reinsurance agreements on premiums earned and losses incurred	Table 4.2 below provides a summary of our quota share reinsurance agreements, excluding captive agreements, for the three months ended March 31, 2020 and 2019 . Quota Share Reinsurance Table 4.2 Three Months Ended March 31, (In thousands) 2020 2019 Ceded premiums written and earned, net of profit commission (1) $ 26,846 $ 28,164 Ceded losses incurred 5,804 1,676 Ceding commissions (2) 11,365 13,409 Profit commission 29,979 38,881 (1) Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.
Schedule of coverages and retention	Table 4.3 provides a summary of our excess of loss reinsurance agreements as of March 31, 2020 and December 31, 2019 . Excess of Loss Reinsurance Table 4.3 (In thousands) March 31, 2020 December 31, 2019 Home Re Entity (Issue Date) Policy Inforce Dates Termination Option Date (1) Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverages Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverages Home Re 2018-1 Ltd. (Oct. - 2018) July 1, 2016 - December 31, 2017 October 25, 2025 $ 167,328 $ 233,626 $ 167,779 $ 260,957 Home Re 2019-1 Ltd. (May - 2019) January 1, 2018 - March 31, 2019 May 25, 2026 185,297 229,649 185,636 271,021 Total $ 352,625 $ 463,275 $ 353,415 $ 531,978 (1) We have the right to terminate the excess-of-loss reinsurance agreements under certain circumstances and on any payment date on or after the respective termination option date.
Schedule of total assets of Home Re	Table 4.4 presents the total assets of the Home Re Entities as of March 31, 2020 and December 31, 2019 . Home Re total assets Table 4.4 (In thousands) Home Re Entity (Issue date) Total VIE Assets March 31, 2020 Home Re 2018-01 Ltd. (Oct - 2018) $ 245,314 Home Re 2019-01 Ltd. (May - 2019) 247,276 December 31, 2019 Home Re 2018-01 Ltd. (Oct - 2018) $ 269,451 Home Re 2019-01 Ltd. (May - 2019) 283,150

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Calculation of earnings (loss) per share	Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS. Earnings per share Table 6.1 Three Months Ended March 31, (In thousands, except per share data) 2020 2019 Basic earnings per share: Net income $ 149,805 $ 151,941 Weighted average common shares outstanding - basic 344,053 355,653 Basic earnings per share $ 0.44 $ 0.43 Diluted earnings per share: Net income $ 149,805 $ 151,941 Interest expense, net of tax (1) : 9% Debentures 4,566 4,566 Diluted income available to common shareholders $ 154,371 $ 156,507 Weighted average common shares outstanding - basic 344,053 355,653 Effect of dilutive securities: Unvested RSUs 2,033 1,986 9% Debentures 19,130 19,028 Weighted average common shares outstanding - diluted 365,216 376,667 Diluted earnings per share $ 0.42 $ 0.42 (1) The periods ended March 31, 2020 and 2019 were tax-effected at a rate of 21%.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities	The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed income securities classified as available-for-sale at March 31, 2020 and December 31, 2019 are shown in tables 7.1a and 7.1b below. Details of fixed income securities by category as of March 31, 2020 Table 7.1a (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 $ 197,330 $ 2,408 $ (21 ) $ 199,717 Obligations of U.S. states and political subdivisions 1,614,562 99,532 (3,258 ) 1,710,836 Corporate debt securities 2,508,051 44,386 (41,335 ) 2,511,102 Asset backed securities (“ABS”) 210,930 2,031 (6,311 ) 206,650 Residential mortgage backed securities (“RMBS”) 259,641 6,032 (758 ) 264,915 Commercial mortgage backed securities (“CMBS”) 268,598 3,161 (3,172 ) 268,587 Collateralized loan obligations (“CLOs”) 316,270 — (19,231 ) 297,039 Total fixed income securities $ 5,375,382 $ 157,550 $ (74,086 ) $ 5,458,846 Details of fixed income securities by category as of December 31, 2019 Table 7.1b (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) (2) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 195,176 $ 1,237 $ (210 ) $ 196,203 Obligations of U.S. states and political subdivisions 1,555,394 99,328 (857 ) 1,653,865 Corporate debt securities 2,711,910 76,220 (3,008 ) 2,785,122 ABS 227,376 2,466 (178 ) 229,664 RMBS 271,384 429 (3,227 ) 268,586 CMBS 274,234 5,531 (779 ) 278,986 CLOs 327,076 33 (1,643 ) 325,466 Total fixed income securities $ 5,562,550 $ 185,244 $ (9,902 ) $ 5,737,892 (1) At March 31, 2020 there was no allowance established on available-for-sale securities. (2) At December 31, 2019 there was no other-than-temporary impairment losses recorded in other comprehensive income.
Amortized cost and fair values of fixed income securities by contractual maturity	The amortized cost and fair values of fixed income securities at March 31, 2020 , by contractual maturity, are shown in table 7.2 below. Actual 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 ABS, RMBS, CMBS, and CLOs provide for periodic payments throughout their lives, they are listed in separate categories. Fixed income securities maturity schedule Table 7.2 March 31, 2020 (In thousands) Amortized cost Fair Value Due in one year or less $ 421,097 $ 421,290 Due after one year through five years 1,774,678 1,782,206 Due after five years through ten years 994,134 1,021,561 Due after ten years 1,130,034 1,196,598 4,319,943 4,421,655 ABS 210,930 206,650 RMBS 259,641 264,915 CMBS 268,598 268,587 CLOs 316,270 297,039 Total as of March 31, 2020 $ 5,375,382 $ 5,458,846
Cost and fair value of investments in equity securities	The cost and fair value of investments in equity securities at March 31, 2020 and December 31, 2019 are shown in tables 7.3a and 7.3b below. Details of equity security investments as of March 31, 2020 Table 7.3a (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 29,559 $ 99 $ (766 ) $ 28,892 Details of equity security investments as of December 31, 2019 Table 7.3b (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 17,188 $ 154 $ (14 ) $ 17,328
Aging of the fair values of securities in an unrealized loss position	Tables 7.4a and 7.4b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2020 and December 31, 2019 , the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.4a and 7.4b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” of the notes to the consolidated financial statements in our 2019 Annual Report on Form 10-K. Unrealized loss aging for securities by type and length of time as of March 31, 2020 Table 7.4a 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 $ 12,558 $ (21 ) $ — $ — $ 12,558 $ (21 ) Obligations of U.S. states and political subdivisions 99,354 (3,255 ) 2,017 (3 ) 101,371 (3,258 ) Corporate debt securities 1,034,108 (41,208 ) 907 (127 ) 1,035,015 (41,335 ) ABS 64,104 (6,311 ) — — 64,104 (6,311 ) RMBS 7,664 (60 ) 62,645 (698 ) 70,309 (758 ) CMBS 133,290 (3,086 ) 7,593 (86 ) 140,883 (3,172 ) CLOs 186,582 (10,075 ) 110,457 (9,156 ) 297,039 (19,231 ) Total $ 1,537,660 $ (64,016 ) $ 183,619 $ (10,070 ) $ 1,721,279 $ (74,086 ) Unrealized loss aging for securities by type and length of time as of December 31, 2019 Table 7.4b 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 $ 57,301 $ (200 ) $ 5,806 $ (10 ) $ 63,107 $ (210 ) Obligations of U.S. states and political subdivisions 74,859 (847 ) 6,957 (10 ) 81,816 (857 ) Corporate debt securities 221,357 (2,847 ) 43,505 (161 ) 264,862 (3,008 ) ABS 21,542 (118 ) 3,851 (60 ) 25,393 (178 ) RMBS 105,443 (461 ) 110,452 (2,766 ) 215,895 (3,227 ) CMBS 62,388 (728 ) 11,852 (51 ) 74,240 (779 ) CLOs 81,444 (225 ) 196,988 (1,418 ) 278,432 (1,643 ) Total $ 624,334 $ (5,426 ) $ 379,411 $ (4,476 ) $ 1,003,745 $ (9,902 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements for items measured at fair value	Assets measured at fair value, by hierarchy level, as of March 31, 2020 and December 31, 2019 are shown in tables 8.1a and 8.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - “Significant Accounting Policies” of the notes to the consolidated financial statements in our 2019 Annual Report on Form 10-K. Assets carried at fair value by hierarchy level as of March 31, 2020 Table 8.1a (In thousands) Total 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 $ 199,717 $ 42,091 $ 157,626 $ — Obligations of U.S. states and political subdivisions 1,710,836 — 1,710,836 — Corporate debt securities 2,511,102 — 2,511,102 — ABS 206,650 — 206,650 — RMBS 264,915 — 264,915 — CMBS 268,587 — 268,587 — CLOs 297,039 — 297,039 — Total fixed income securities 5,458,846 42,091 5,416,755 — Equity securities 28,892 28,892 — — Other (1) 365,519 364,517 1,002 — Real estate acquired (2) 6,226 — — 6,226 Total $ 5,859,483 $ 435,500 $ 5,417,757 $ 6,226 Assets carried at fair value by hierarchy level as of December 31, 2019 Table 8.1b (In thousands) Total 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 $ 196,203 $ 34,240 $ 161,963 $ — Obligations of U.S. states and political subdivisions 1,653,865 — 1,653,865 — Corporate debt securities 2,785,122 — 2,785,122 — ABS 229,664 — 229,664 — RMBS 268,586 — 268,586 — CMBS 278,986 — 278,986 — CLOs 325,466 — 325,466 — Total fixed income securities 5,737,892 34,240 5,703,652 — Equity securities 17,328 17,328 — — Other (1) 164,693 164,693 — — Real estate acquired (2) 7,252 — — 7,252 Total $ 5,927,165 $ 216,261 $ 5,703,652 $ 7,252 (1) Consists of money market funds included in “Cash and Cash Equivalents” and “Restricted Cash and Cash Equivalents” on the consolidated balance sheets. (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 measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2020 and 2019 is shown in tables 8.2a and 8.2b below. There were no losses included in earnings for those periods attributable to the change in unrealized losses on assets still held at the end of the applicable period. Fair value roll-forward for financial instruments classified as Level 3 for the three months ended March 31, 2020 Table 8.2a (In thousands) Fixed income Real Estate Acquired Balance at December 31, 2019 $ — $ 7,252 Purchases — 4,115 Sales — (5,198 ) Included in earnings and reported as losses incurred, net — 57 Balance at March 31, 2020 $ — $ 6,226 Fair value roll-forward for financial instruments classified as Level 3 for the three months ended March 31, 2019 Table 8.2b (In thousands) Fixed income Real Estate Balance at December 31, 2018 $ 13 $ 14,535 Purchases — 8,084 Sales (13 ) (10,872 ) Included in earnings and reported as losses incurred, net — (108 ) Balance at March 31, 2019 $ — $ 11,639
Carrying value and fair value of financial assets and liabilities	Table 8.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2020 and December 31, 2019 . Financial assets and liabilities not measured at fair value Table 8.3 March 31, 2020 December 31, 2019 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets Other invested assets $ 3,100 $ 3,100 $ 3,100 $ 3,100 Financial liabilities FHLB Advance $ 155,000 $ 161,575 $ 155,000 $ 156,422 5.75% Senior Notes 421,155 395,025 420,867 471,827 9% Convertible Junior Subordinated Debentures 256,872 334,252 256,872 346,289 Total financial liabilities $ 833,027 $ 890,852 $ 832,739 $ 974,538

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income	The pretax and related income tax benefit (expense) components of our other comprehensive (loss) income for the three months ended March 31, 2020 and 2019 are included in table 9.1 below. Components of other comprehensive income (loss) Table 9.1 Three Months Ended March 31, (In thousands) 2020 2019 Net unrealized investment (losses) gains arising during the period $ (91,880 ) $ 102,621 Income tax benefit (expense) 19,295 (21,550 ) Net of taxes (72,585 ) 81,071 Net changes in benefit plan assets and obligations 1,394 2,089 Income tax expense (293 ) (439 ) Net of taxes 1,101 1,650 Total other comprehensive (loss) income (90,486 ) 104,710 Total income tax benefit (expense) 19,002 (21,989 ) Total other comprehensive (loss) income, net of tax $ (71,484 ) $ 82,721
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 income (loss) (“AOCI”) to our consolidated statements of operations for the three months ended March 31, 2020 and 2019 are included in table 9.2 below. Reclassifications from AOCI Table 9.2 Three Months Ended March 31, (In thousands) 2020 2019 Reclassification adjustment for net realized gains (losses) (1) $ 4,714 $ (2,679 ) Income tax (expense) benefit (990 ) 563 Net of taxes 3,724 (2,116 ) Reclassification adjustment related to benefit plan assets and obligations (2) (1,394 ) (2,089 ) Income tax benefit 293 439 Net of taxes (1,101 ) (1,650 ) Total reclassifications 3,320 (4,768 ) Total income tax (expense) benefit (697 ) 1,002 Total reclassifications, net of tax $ 2,623 $ (3,766 ) (1) Increases (decreases) Net realized investment (losses) gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.
Accumulated other comprehensive income (loss)	A rollforward of AOCI for the three months ended March 31, 2020 , including amounts reclassified from AOCI, are included in table 9.3 below. Rollforward of AOCI Table 9.3 Three Months Ended March 31, 2020 (In thousands) Net unrealized gains and (losses) on available-for-sale securities Net benefit plan assets and (obligations) recognized in shareholders' equity Total accumulated other comprehensive income (loss) Balance at December 31, 2019, net of tax 138,521 (65,813 ) 72,708 Other comprehensive income before reclassifications (68,861 ) — (68,861 ) Less: Amounts reclassified from AOCI 3,724 (1,101 ) 2,623 Balance, March 31, 2020, net of tax $ 65,936 $ (64,712 ) $ 1,224

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of net periodic benefit cost	Table 10.1 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three months ended March 31, 2020 and 2019 . Components of net periodic benefit cost Table 10.1 Three Months Ended March 31, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 1,821 $ 1,996 $ 309 $ 312 Interest cost 3,414 3,955 214 291 Expected return on plan assets (5,580 ) (4,908 ) (1,852 ) (1,445 ) Amortization of net actuarial losses/(gains) 1,634 2,167 (190 ) — Amortization of prior service cost/(credit) (62 ) (70 ) 13 (8 ) Net periodic benefit cost (benefit) $ 1,227 $ 3,140 $ (1,506 ) $ (850 )

Loss Reserves (Tables)

Loss Reserves (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Reconciliation of beginning and ending loss reserves	Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the three months ended March 31, 2020 and 2019 . Development of reserves for losses and loss adjustment expenses Table 11.1 Three Months Ended March 31, (In thousands) 2020 2019 Reserve at beginning of period $ 555,334 $ 674,019 Less reinsurance recoverable 21,641 33,328 Net reserve at beginning of period 533,693 640,691 Losses incurred: Losses and LAE incurred in respect of delinquency notices received in: Current year 59,799 47,488 Prior years (1) 1,157 (8,425 ) Total losses incurred 60,956 39,063 Losses paid: Losses and LAE paid in respect of delinquency notices received in: Current year 39 — Prior years 45,633 56,365 Reinsurance terminations (20 ) — Total losses paid 45,652 56,365 Net reserve at end of period 548,997 623,389 Plus reinsurance recoverables 25,756 31,875 Reserve at end of period $ 574,753 $ 655,264 (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development.
Prior year development of the reserves	The prior year development of the reserves in the first three months of 2020 and 2019 is reflected in table 11.2 below. Reserve development on previously received delinquencies Table 11.2 Three Months Ended March 31, (In millions) 2020 2019 Decrease in estimated claim rate on primary defaults $ — $ (31 ) Increase in estimated severity on primary defaults 3 — Change in estimates related to pool reserves, LAE reserves, reinsurance, and other (2 ) 23 Total prior year loss development (1) $ 1 $ (8 ) (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of primary delinquent inventory	A rollforward of our primary delinquent inventory for the three months ended March 31, 2020 and 2019 appears in table 11.3 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. Delinquent inventory rollforward Table 11.3 Three Months Ended March 31, 2020 2019 Delinquent inventory at beginning of period 30,028 32,898 New notices 12,398 13,611 Cures (14,113 ) (14,348 ) Paid claims (897 ) (1,188 ) Rescissions and denials (32 ) (52 ) Delinquent inventory at end of period 27,384 30,921
Aging of the primary delinquent inventory	Table 11.4 below shows the number of consecutive months a borrower is delinquent. Historically as a delinquency ages it becomes more likely to result in a claim. Primary delinquent inventory - consecutive months delinquent Table 11.4 March 31, 2020 December 31, 2019 March 31, 2019 3 months or less 7,567 9,447 8,568 4-11 months 9,535 9,664 9,997 12 months or more (1) 10,282 10,917 12,356 Total 27,384 30,028 30,921 3 months or less 28 % 32 % 28 % 4-11 months 35 % 32 % 32 % 12 months or more 37 % 36 % 40 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 472 538 665 (1) Approximately 34% , 36% , and 38% of the primary delinquent inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation, activity	Table 13.1 shows the number of restricted stock units (RSUs) granted to employees and the weighted average fair value per share during the periods presented (shares in thousands). Restricted stock unit grants Table 13.1 Three months ended March 31, 2020 2019 RSUs Granted (in thousands) Weighted Average Share Fair Value RSUs Granted (in thousands) Weighted Average Share Fair Value RSUs subject to performance conditions 1,282 $ 12.87 1,378 $ 11.76 RSUs subject only to service conditions 373 13.11 412 11.76

Statutory Information Statutory

Statutory Information Statutory Information (Tables)	3 Months Ended
	Mar. 31, 2020
Statutory Capital [Abstract]
Summary of amounts disclosed under statutory accounting practices	The surplus amounts included in the following table are the combined policyholders’ surplus of our insurance operations as utilized in our risk-to-capital calculations. Statutory financial information of holding company and insurance subsidiaries Table 14.1 As of and for the Three Months Ended (In thousands) March 31, 2020 March 31, 2019 Statutory net income $ 55,746 $ 65,561 Statutory policyholders' surplus 1,271,244 1,667,058 Contingency reserve 3,166,180 2,583,429

Debt - Summary of Debt Obligati

Debt - Summary of Debt Obligations (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 833,100,000	$ 832,700,000
Federal Home Loan Bank Advances (FHLB)
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 155,000,000	155,000,000
Stated interest rate	1.91%
Senior Notes | 5.75% Senior Notes Due 2023
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 421,200,000	420,800,000
Stated interest rate	5.75%
Debt instrument, face amount	$ 425,000,000
9% Convertible Junior Subordinated Debentures
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 256,900,000	$ 256,900,000
Stated interest rate	9.00%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)$ / shares	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Total interest payments	$ 13,000,000	$ 13,100,000
9% Convertible Junior Subordinated Debentures
Debt Instrument [Line Items]
Conversion rate (in shares per $1,000 note)	0.0744718
Principal amount of notes used in determining conversion rate	$ 1,000
Convertible debt, conversion price (in dollars per share) | $ / shares	$ 13.43
Stated interest rate	9.00%
Senior Notes | 5.75% Senior Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate	5.75%

Reinsurance - Summary of Premiu

Reinsurance - Summary of Premiums Earned and Losses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Premiums earned:
Direct	$ 289,868	$ 279,613
Assumed	2,609	872
Ceded	(31,576)	(30,724)
Net premiums earned	260,901	249,761
Losses incurred:
Direct	66,562	40,804
Assumed	166	(67)
Ceded	(5,772)	(1,674)
Losses incurred, net	$ 60,956	$ 39,063

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Ceded premiums	$ 31,576,000	$ 30,724,000
Quota Share Reinsurance Agreement, 2020
Effects of Reinsurance [Line Items]
Contingent termination fee	$ 0
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)	90.00%
Quota share for all policies covered (as a percent)	30.00%
Cede rate, option 1 (as a percent)	25.00%
Cede rate, option 2 (as a percent)	20.00%
Ceding commission, percentage (as a percent)	20.00%
Loss ratio threshold for profit commissions (as a percent)	62.00%
Quota Share Reinsurance Agreements, Excluding Captive Agreements
Effects of Reinsurance [Line Items]
Annual loss ratio cap under quota share reinsurance transactions (as a percent)	300.00%
Lifetime loss ratio cap under quota share reinsurance transactions (as a percent)	200.00%
Excess of Loss Reinsurance Agreement, Home Re
Effects of Reinsurance [Line Items]
Ceded premiums	$ 4,700,000	$ 2,500,000
Forecast | Quota Share Reinsurance Agreement, 2021
Effects of Reinsurance [Line Items]
Contingent termination fee			$ 0
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)			90.00%
Quota share for all policies covered (as a percent)			17.50%
Cede rate, option 1 (as a percent)			14.50%
Cede rate, option 2 (as a percent)			12.00%
Loss ratio threshold for profit commissions (as a percent)			62.00%

Reinsurance - Summary of Quota

Reinsurance - Summary of Quota Reinsurance Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Ceded losses incurred	$ 5,772	$ 1,674
Reinsurance recoverable on loss reserves	25,756	31,875	$ 21,641	$ 33,328
Quota Share Reinsurance Agreements, Excluding Captive Agreements
Effects of Reinsurance [Line Items]
Ceded premiums written and earned, net of profit commission	26,846	28,164
Ceded losses incurred	5,804	1,676
Ceding commissions	11,365	13,409
Profit commission	29,979	$ 38,881
Reinsurance recoverable on loss reserves	$ 25,800		$ 21,600

Reinsurance - Variable Interest

Reinsurance - Variable Interest Entity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Home Re special purpose insurers
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage	10 years
Term of mortgage insurance-linked notes	10 years
Remaining First Layer Retention	$ 352,625	$ 353,415
Remaining Excess of Loss Reinsurance Coverages	$ 463,275	531,978
Percent of total trust assets invested in cash or direct U.S. federal government obligations	99.50%
Home Re 2018-1
Effects of Reinsurance [Line Items]
Remaining First Layer Retention	$ 167,328	167,779
Remaining Excess of Loss Reinsurance Coverages	233,626	260,957
Total VIE Assets	245,314	269,451
Home Re 2019-1
Effects of Reinsurance [Line Items]
Remaining First Layer Retention	185,297	185,636
Remaining Excess of Loss Reinsurance Coverages	229,649	271,021
Total VIE Assets	$ 247,276	$ 283,150

Litigation and Contingencies (D

Litigation and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Average paid claim reduction due to curtailments (as a percent)	4.40%	5.00%
Maximum exposure associated with other discussions and legal proceedings	$ 47

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic earnings per share:
Net income	$ 149,805	$ 151,941
Weighted average common shares outstanding - basic (in shares)	344,053	355,653
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.43
Diluted earnings per share:
Net income	$ 149,805	$ 151,941
Diluted income available to common shareholders	$ 154,371	$ 156,507
Weighted average common shares outstanding - basic (in shares)	344,053	355,653
Effect of dilutive securities:
Weighted average common shares outstanding - diluted (in shares)	365,216	376,667
Diluted earnings per share (in dollars per share)	$ 0.42	$ 0.42
Effective income tax rate	21.00%	21.00%
9% Convertible Junior Subordinated Debentures
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate	9.00%
Diluted earnings per share:
Dilutive securities	$ 4,566	$ 4,566
Effect of dilutive securities:
Dilutive securities (in shares)	19,130	19,028
Unvested RSUs
Effect of dilutive securities:
Unvested RSUs (in shares)	2,033	1,986

Investments (Details)

Investments (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)security	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,375,382,000		$ 5,562,550,000
Fair Value	5,458,846,000		5,737,892,000
Credit allowance on available for sale fixed income securities	0
Other-than-temporary impairment losses recorded in other comprehensive income			0
Assets held by insurance regulators	14,200,000		$ 13,900,000
Impairment charges recognized in net realized gains (losses) on securities with the intent to sell	$ (300,000)
Net impairment losses recognized in earnings		$ (100,000)
Collateral, market value to principal balance of FHLB (as a percent)	102.00%
FHLB advance, collateral pledged	$ 164,900,000
Number of securities in unrealized loss position (in securities) | security	321		217
Total fixed income securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,375,382,000		$ 5,562,550,000
Gross Unrealized Gains	157,550,000		185,244,000
Gross Unrealized Losses	(74,086,000)		(9,902,000)
Fair Value	5,458,846,000		5,737,892,000
Proceeds from sales of fixed income securities	212,800,000	106,000,000
Gross realized gains, fixed income securities	5,100,000	700,000
Gross realized losses, fixed income securities	(1,300,000)	$ (1,300,000)
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	197,330,000		195,176,000
Gross Unrealized Gains	2,408,000		1,237,000
Gross Unrealized Losses	(21,000)		(210,000)
Fair Value	199,717,000		196,203,000
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,614,562,000		1,555,394,000
Gross Unrealized Gains	99,532,000		99,328,000
Gross Unrealized Losses	(3,258,000)		(857,000)
Fair Value	1,710,836,000		1,653,865,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,508,051,000		2,711,910,000
Gross Unrealized Gains	44,386,000		76,220,000
Gross Unrealized Losses	(41,335,000)		(3,008,000)
Fair Value	2,511,102,000		2,785,122,000
Asset backed securities (“ABS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	210,930,000		227,376,000
Gross Unrealized Gains	2,031,000		2,466,000
Gross Unrealized Losses	(6,311,000)		(178,000)
Fair Value	206,650,000		229,664,000
Residential mortgage backed securities (“RMBS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	259,641,000		271,384,000
Gross Unrealized Gains	6,032,000		429,000
Gross Unrealized Losses	(758,000)		(3,227,000)
Fair Value	264,915,000		268,586,000
Commercial mortgage backed securities (“CMBS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	268,598,000		274,234,000
Gross Unrealized Gains	3,161,000		5,531,000
Gross Unrealized Losses	(3,172,000)		(779,000)
Fair Value	268,587,000		278,986,000
Collateralized loan obligations (“CLOs”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	316,270,000		327,076,000
Gross Unrealized Gains	0		33,000
Gross Unrealized Losses	(19,231,000)		(1,643,000)
Fair Value	$ 297,039,000		$ 325,466,000

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 421,097
Due after one year through five years	1,774,678
Due after five years through ten years	994,134
Due after ten years	1,130,034
Total debt securities with single maturity date, amortized cost	4,319,943
Amortized Cost	5,375,382	$ 5,562,550
Fair Value
Due in one year or less	421,290
Due after one year through five years	1,782,206
Due after five years through ten years	1,021,561
Due after ten years	1,196,598
Total debt securities with single maturity date, fair value	4,421,655
Total at end of period	5,458,846	5,737,892
Asset backed securities (“ABS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	210,930
Amortized Cost	210,930	227,376
Fair Value
Total debt securities without single maturity date, fair value	206,650
Total at end of period	206,650	229,664
Residential mortgage backed securities (“RMBS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	259,641
Amortized Cost	259,641	271,384
Fair Value
Total debt securities without single maturity date, fair value	264,915
Total at end of period	264,915	268,586
Commercial mortgage backed securities (“CMBS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	268,598
Amortized Cost	268,598	274,234
Fair Value
Total debt securities without single maturity date, fair value	268,587
Total at end of period	268,587	278,986
Collateralized loan obligations (“CLOs”)
Amortized cost
Total debt securities without single maturity date, amortized cost	316,270
Amortized Cost	316,270	327,076
Fair Value
Total debt securities without single maturity date, fair value	297,039
Total at end of period	$ 297,039	$ 325,466

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 29,559		$ 17,188
Gross Gains	99		154
Gross Losses	(766)		(14)
Fair Value	28,892		$ 17,328
Unrealized Gain (Loss) on Equity Securities [Abstract]
Recognized net gains (losses) on equity securities still held	$ (800)	$ 100

Investments - Securities In Unr

Investments - Securities In Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 1,537,660	$ 624,334
12 Months or Greater - Fair Value	183,619	379,411
Total - Fair Value	1,721,279	1,003,745
Less Than 12 Months - Unrealized Losses	(64,016)	(5,426)
12 Months or Greater - Unrealized Losses	(10,070)	(4,476)
Total - Unrealized Losses	(74,086)	(9,902)
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	12,558	57,301
12 Months or Greater - Fair Value	0	5,806
Total - Fair Value	12,558	63,107
Less Than 12 Months - Unrealized Losses	(21)	(200)
12 Months or Greater - Unrealized Losses	0	(10)
Total - Unrealized Losses	(21)	(210)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	99,354	74,859
12 Months or Greater - Fair Value	2,017	6,957
Total - Fair Value	101,371	81,816
Less Than 12 Months - Unrealized Losses	(3,255)	(847)
12 Months or Greater - Unrealized Losses	(3)	(10)
Total - Unrealized Losses	(3,258)	(857)
Corporate debt securities
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	1,034,108	221,357
12 Months or Greater - Fair Value	907	43,505
Total - Fair Value	1,035,015	264,862
Less Than 12 Months - Unrealized Losses	(41,208)	(2,847)
12 Months or Greater - Unrealized Losses	(127)	(161)
Total - Unrealized Losses	(41,335)	(3,008)
Asset backed securities (“ABS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	64,104	21,542
12 Months or Greater - Fair Value	0	3,851
Total - Fair Value	64,104	25,393
Less Than 12 Months - Unrealized Losses	(6,311)	(118)
12 Months or Greater - Unrealized Losses	0	(60)
Total - Unrealized Losses	(6,311)	(178)
Residential mortgage backed securities (“RMBS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	7,664	105,443
12 Months or Greater - Fair Value	62,645	110,452
Total - Fair Value	70,309	215,895
Less Than 12 Months - Unrealized Losses	(60)	(461)
12 Months or Greater - Unrealized Losses	(698)	(2,766)
Total - Unrealized Losses	(758)	(3,227)
Commercial mortgage backed securities (“CMBS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	133,290	62,388
12 Months or Greater - Fair Value	7,593	11,852
Total - Fair Value	140,883	74,240
Less Than 12 Months - Unrealized Losses	(3,086)	(728)
12 Months or Greater - Unrealized Losses	(86)	(51)
Total - Unrealized Losses	(3,172)	(779)
Collateralized loan obligations (“CLOs”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	186,582	81,444
12 Months or Greater - Fair Value	110,457	196,988
Total - Fair Value	297,039	278,432
Less Than 12 Months - Unrealized Losses	(10,075)	(225)
12 Months or Greater - Unrealized Losses	(9,156)	(1,418)
Total - Unrealized Losses	$ (19,231)	$ (1,643)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,458,846	$ 5,737,892
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	28,892	17,328
Other	365,519	164,693
Real estate acquired	6,226	7,252
Total assets	5,859,483	5,927,165
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	364,517	164,693
Real estate acquired	0	0
Total assets	435,500	216,261
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	1,002	0
Real estate acquired	0	0
Total assets	5,417,757	5,703,652
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	0
Real estate acquired	6,226	7,252
Total assets	6,226	7,252
Total fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,458,846	5,737,892
Total fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,091	34,240
Total fixed income securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,416,755	5,703,652
Total fixed income securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
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]
Fair Value	199,717	196,203
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]
Fair Value	42,091	34,240
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]
Fair Value	157,626	161,963
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]
Fair Value	0	0
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,710,836	1,653,865
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]
Fair Value	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]
Fair Value	1,710,836	1,653,865
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]
Fair Value	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,511,102	2,785,122
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]
Fair Value	0	0
Corporate debt securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,511,102	2,785,122
Corporate debt securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Asset backed securities (“ABS”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	206,650	229,664
Asset backed securities (“ABS”) | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Asset backed securities (“ABS”) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	206,650	229,664
Asset backed securities (“ABS”) | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Residential mortgage backed securities (“RMBS”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	264,915	268,586
Residential mortgage backed securities (“RMBS”) | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Residential mortgage backed securities (“RMBS”) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	264,915	268,586
Residential mortgage backed securities (“RMBS”) | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage backed securities (“CMBS”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	268,587	278,986
Commercial mortgage backed securities (“CMBS”) | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage backed securities (“CMBS”) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	268,587	278,986
Commercial mortgage backed securities (“CMBS”) | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Collateralized loan obligations (“CLOs”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	297,039	325,466
Collateralized loan obligations (“CLOs”) | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Collateralized loan obligations (“CLOs”) | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	297,039	325,466
Collateralized loan obligations (“CLOs”) | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	28,892	17,328
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]
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	28,892	17,328
Equity securities | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	0	0
Equity securities | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	$ 0	$ 0

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fixed income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 13
Purchases	0	0
Sales	0	(13)
Included in earnings and reported as losses incurred, net	0	0
Balance at end of period	0	0
Real Estate Acquired
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	7,252	14,535
Purchases	4,115	8,084
Sales	(5,198)	(10,872)
Included in earnings and reported as losses incurred, net	57	(108)
Balance at end of period	$ 6,226	$ 11,639

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 3,100	$ 3,100
FHLB Advance	155,000	155,000
5.75% Senior Notes	421,155	420,867
9% Convertible Junior Subordinated Debentures	256,872	256,872
Total financial liabilities	833,027	832,739
Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	3,100	3,100
FHLB Advance	161,575	156,422
5.75% Senior Notes	395,025	471,827
9% Convertible Junior Subordinated Debentures	334,252	346,289
Total financial liabilities	$ 890,852	$ 974,538
Senior Notes | 5.75% Senior Notes Due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.75%
9% Convertible Junior Subordinated Debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	9.00%

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive (loss) income	$ (90,486)	$ 104,710
Income tax (expense) benefit	19,002	(21,989)
Other comprehensive (loss) income, net of tax	(71,484)	82,721
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Income before tax	188,239	190,936
Income tax (expense) benefit	(38,434)	(38,995)
Net income	149,805	151,941
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	4,309,234
Other comprehensive income before reclassifications	(68,861)
Less: Amounts reclassified from AOCI	2,623
Balance, end of period	4,241,828	3,816,183
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Income before tax	3,320	(4,768)
Income tax (expense) benefit	(697)	1,002
Net income	2,623	(3,766)
Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive (loss) income, net of tax	(71,484)	82,721
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	72,708	(124,214)
Balance, end of period	1,224	(41,493)
Net unrealized gains and (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive (loss) income	(91,880)	102,621
Income tax (expense) benefit	19,295	(21,550)
Other comprehensive (loss) income, net of tax	(72,585)	81,071
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	138,521
Other comprehensive income before reclassifications	(68,861)
Less: Amounts reclassified from AOCI	3,724
Balance, end of period	65,936
Net unrealized gains and (losses) on available-for-sale securities | Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Income before tax	4,714	(2,679)
Income tax (expense) benefit	(990)	563
Net income	3,724	(2,116)
Net benefit plan assets and (obligations) recognized in shareholders' equity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive (loss) income	1,394	2,089
Income tax (expense) benefit	(293)	(439)
Other comprehensive (loss) income, net of tax	1,101	1,650
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(65,813)
Other comprehensive income before reclassifications	0
Less: Amounts reclassified from AOCI	(1,101)
Balance, end of period	(64,712)
Net benefit plan assets and (obligations) recognized in shareholders' equity | Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Income before tax	(1,394)	(2,089)
Income tax (expense) benefit	293	439
Net income	$ (1,101)	$ (1,650)

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension and Supplemental Executive Retirement Plans
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 1,821	$ 1,996
Interest cost	3,414	3,955
Expected return on plan assets	(5,580)	(4,908)
Amortization of net actuarial losses/(gains)	1,634	2,167
Amortization of prior service cost/(credit)	(62)	(70)
Net periodic benefit cost (benefit)	1,227	3,140
Estimated employer contributions in current fiscal year	12,500
Other Postretirement Benefit Plans
Components of Net Periodic Benefit Cost [Abstract]
Service cost	309	312
Interest cost	214	291
Expected return on plan assets	(1,852)	(1,445)
Amortization of net actuarial losses/(gains)	(190)	0
Amortization of prior service cost/(credit)	13	(8)
Net periodic benefit cost (benefit)	$ (1,506)	$ (850)

Loss Reserves (Details)

Loss Reserves (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loan	Mar. 31, 2019USD ($)loan	Dec. 31, 2019USD ($)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years	$ 1,157	$ (8,425)
Prior years	$ 45,633	$ 56,365
Decrease in delinquency notices, percent	9.00%
Increase in IBNR reserves	$ 7,800
Premium refund liability, expected claim payments	$ 29,000		$ 30,000
Primary Delinquent Inventory [Roll Forward]
Delinquent inventory at the beginning of period (in loans) | loan	30,028	32,898
New notices (in loans) | loan	12,398	13,611
Cures (in loans) | loan	(14,113)	(14,348)
Paids (including those charged to a deductible or captive) (in loans) | loan	(897)	(1,188)
Rescissions and denials (in loans) | loan	(32)	(52)
Delinquent inventory at end of period (in loans) | loan	27,384	30,921
Decrease in estimated claim rate on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years	$ 0	$ (31,000)
Increase in estimated severity on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years	3,000	0
Change in estimates related to pool reserves, LAE reserves, reinsurance, and other
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years	$ (2,000)	$ 23,000

Loss Reserves - Reconciliation

Loss Reserves - Reconciliation of Beginning and Ending Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loss Reserve [Roll Forward]
Reserve at beginning of period	$ 555,334	$ 674,019
Less reinsurance recoverable	21,641	33,328
Net reserve at beginning of period	533,693	640,691
Losses and LAE incurred in respect of delinquency notices received in:
Current year	59,799	47,488
Prior years	1,157	(8,425)
Total losses incurred	60,956	39,063
Losses and LAE paid in respect of delinquency notices received in:
Current year	39	0
Prior years	45,633	56,365
Reinsurance terminations	(20)	0
Total losses paid	45,652	56,365
Net reserve at end of period	548,997	623,389
Plus reinsurance recoverables	25,756	31,875
Reserve at end of period	$ 574,753	$ 655,264

Loss Reserves - Delinquent Item

Loss Reserves - Delinquent Items (Details) - loan	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Aging of the Primary Delinquent Inventory [Abstract]
3 months or less (in loans)	7,567	9,447	8,568
3 months or less (as a percent)	28.00%	32.00%	28.00%
4 - 11 months (in loans)	9,535	9,664	9,997
4 - 11 months (as a percent)	35.00%	32.00%	32.00%
12 months or more (in loans)	10,282	10,917	12,356
12 months or more (as a percent)	37.00%	36.00%	40.00%
Total primary delinquent inventory (in loans)	27,384	30,028	30,921	32,898
Total primary delinquent inventory (as a percent)	100.00%	100.00%	100.00%
Primary claims received inventory included in ending delinquent inventory (in loans)	472	538	665
Percent of 12 months or more delinquent inventory, delinquent for more than 36 months (as a percent)	34.00%	36.00%	38.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Apr. 23, 2020	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Shares repurchased in period (in shares)			9.6
Shares repurchased, weighted average price per share			$ 12.47
Remaining authorized repurchase amount			$ 291,000
Quarterly cash dividend paid (per share)		$ 0.06
Total dividends paid		$ 21,000	$ 21,111	$ 0
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividend declared (per share)	$ 0.06

Share-Based Compensation (Detai

Share-Based Compensation (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,282	1,378
Weighted Average Share Fair Value (in dollars per share)	$ 12.87	$ 11.76
RSUs subject only to service conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	373	412
Weighted Average Share Fair Value (in dollars per share)	$ 13.11	$ 11.76
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years

Statutory Information (Details)

Statutory Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements (in jurisdictions) | jurisdiction	16
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Risk to capital ratio of combined insurance operations, including reinsurance affiliates, at end of period	10.2 to 1
Risk-to-capital ratio for combined insurance operations	10.2
Percentage of statutory policyholders surplus used to determine maximum allowable dividends (as a percent)	10.00%
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Maximum risk-to-capital ratio	25
Risk to capital ratio at end of period	10.2 to 1
Risk-to-capital ratio	10.2
Amount of policyholders position above or below required MPP	$ 2,800
Amount of required MPP	1,700
Dividends paid to the parent company	$ 390
Adjusted statutory net income measurement period (in years)	3 years
Adjusted statutory net income dividend payment measurement period (in years)	2 years

Statutory Information - Summary

Statutory Information - Summary of Amounts Disclosed Under Statutory Accounting Practices (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statutory Capital [Abstract]
Statutory net income	$ 55,746	$ 65,561
Statutory policyholders' surplus	1,271,244	1,667,058
Contingency reserve	$ 3,166,180	$ 2,583,429