MGIC Investment (MTG) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		338,573,493
Entity Central Index Key	0000876437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $6,037,701; 2019 - $5,562,550, allowance for expected credit loss, 2020- $362)	$ 6,344,718	$ 5,737,892
Equity securities, at fair value (cost 2020 - $17,486; 2019 - $17,188)	18,060	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	6,365,878	5,758,320
Cash and cash equivalents	380,055	161,847
Restricted cash and cash equivalents	8,755	7,209
Accrued investment income	47,782	49,705
Reinsurance recoverable on loss reserves	83,143	21,641
Reinsurance recoverable on paid losses	1,062	1,521
Premiums receivable	53,971	55,587
Home office and equipment, net	47,546	50,121
Deferred insurance policy acquisition costs	21,238	18,531
Other assets	140,080	105,089
Total assets	7,149,510	6,229,571
Liabilities:
Loss reserves	840,449	555,334
Unearned premiums	315,071	380,302
Federal Home Loan Bank advance	155,000	155,000
Senior notes	878,838	420,867
Convertible junior subordinated debentures	208,814	256,872
Other liabilities	237,716	151,962
Total liabilities	2,635,888	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 - 338,573; 2019 - 347,308)	371,353	371,353
Paid-in capital	1,856,570	1,869,719
Treasury stock at cost (shares 2020 - 32,779; 2019 - 24,045)	(393,326)	(283,196)
Accumulated other comprehensive income, net of tax	167,777	72,708
Retained earnings	2,511,248	2,278,650
Total shareholders’ equity	4,513,622	4,309,234
Total liabilities and shareholders’ equity	$ 7,149,510	$ 6,229,571

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 6,037,701	$ 5,562,550
Allowance for Expected Credit Loss	362
Cost	$ 17,486	$ 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)	32,779,000	24,045,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Premiums written:
Direct	$ 272,990	$ 286,059	$ 830,938	$ 843,145
Assumed	2,137	1,793	8,895	4,405
Ceded	(47,173)	(28,438)	(144,487)	(100,257)
Net premiums written	227,954	259,414	695,346	747,293
Decrease in unearned premiums, net	28,159	8,443	65,230	17,427
Net premiums earned	256,113	267,857	760,576	764,720
Investment income, net of expenses	37,252	42,715	118,278	125,723
Net realized investment gains	2,259	4,205	10,851	3,986
Other revenue	380	3,606	7,160	7,921
Total revenues	296,004	318,383	896,865	902,350
Losses and expenses:
Losses incurred, net	40,686	33,985	319,016	94,884
Amortization of deferred policy acquisition costs	3,278	3,142	8,697	8,380
Other underwriting and operating expenses, net	45,250	45,197	131,785	134,097
Loss on debt extinguishment	26,736	0	26,736	0
Interest expense	15,725	12,939	41,580	39,722
Total losses and expenses	131,675	95,263	527,814	277,083
Income before tax	164,329	223,120	369,051	625,267
Provision for income taxes	33,518	46,186	74,388	128,614
Net income	$ 130,811	$ 176,934	$ 294,663	$ 496,653
Earnings per share:
Basic (in dollars per share)	$ 0.39	$ 0.50	$ 0.87	$ 1.40
Diluted (in dollars per share)	$ 0.38	$ 0.49	$ 0.85	$ 1.36
Weighted average common shares outstanding - basic (in shares)	338,598	351,475	340,408	354,272
Weighted average common shares outstanding - diluted (in shares)	357,195	372,575	360,389	375,266

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 130,811	$ 176,934	$ 294,663	$ 496,653
Other comprehensive (loss) income, net of tax:
Change in unrealized investment gains and losses	33,712	31,372	104,308	183,197
Benefit plan adjustments	(11,347)	1,600	(9,239)	4,799
Other comprehensive (loss) income, net of tax	22,365	32,972	95,069	187,996
Comprehensive income	$ 153,176	$ 209,906	$ 389,732	$ 684,649

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]
Reacquisition of convertible junior subordinated debentures-equity component			0
Reissuance of treasury stock, net under share-based compensation plans			(11,715)	5,989
Equity compensation			14,152
Repurchase of common stock				(94,126)
Other comprehensive (loss) income, net of tax	$ 187,996				187,996
Net income	496,653					496,653
Cash dividends						(21,223)
Balance, end of period at Sep. 30, 2019	4,159,617	371,353	1,864,973	(263,196)	63,782	2,122,705
Balance, beginning of period at Jun. 30, 2019		371,353	1,860,578	(194,070)	30,810	1,966,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reacquisition of convertible junior subordinated debentures-equity component			0
Reissuance of treasury stock, net under share-based compensation plans			(133)	59
Equity compensation			4,528
Repurchase of common stock				(69,185)
Other comprehensive (loss) income, net of tax	32,972				32,972
Net income	176,934					176,934
Cash dividends						(21,223)
Balance, end of period at Sep. 30, 2019	4,159,617	371,353	1,864,973	(263,196)	63,782	2,122,705
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]
Reacquisition of convertible junior subordinated debentures-equity component			(2,673)
Reissuance of treasury stock, net under share-based compensation plans			(18,807)	9,867
Equity compensation			8,331
Repurchase of common stock				(119,997)
Other comprehensive (loss) income, net of tax	95,069				95,069
Net income	294,663					294,663
Cash dividends						(62,065)
Balance, end of period at Sep. 30, 2020	4,513,622	371,353	1,856,570	(393,326)	167,777	2,511,248
Balance, beginning of period at Jun. 30, 2020		371,353	1,859,195	(393,425)	145,412	2,400,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reacquisition of convertible junior subordinated debentures-equity component			(2,673)
Reissuance of treasury stock, net under share-based compensation plans			(140)	99
Equity compensation			188
Repurchase of common stock				0
Other comprehensive (loss) income, net of tax	22,365				22,365
Net income	130,811					130,811
Cash dividends						(20,383)
Balance, end of period at Sep. 30, 2020	$ 4,513,622	$ 371,353	$ 1,856,570	$ (393,326)	$ 167,777	$ 2,511,248

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 294,663	$ 496,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	40,660	35,778
Deferred tax expense	28,427	7,628
Loss on debt extinguishment	26,736	0
Net realized investment (gains) losses	(10,851)	(3,986)
Change in certain assets and liabilities:
Accrued investment income	1,923	(319)
Reinsurance recoverable on loss reserves	(61,502)	13,762
Reinsurance recoverable on paid losses	459	1,375
Premium receivable	1,616	3,286
Deferred insurance policy acquisition costs	(2,707)	(122)
Profit commission receivable	13,909	3,868
Loss reserves	285,115	(71,722)
Unearned premiums	(65,231)	(17,429)
Return premium accrual	(300)	(9,600)
Current income taxes	(40,855)	(8,765)
Other, net	(3,209)	7,756
Net cash provided by operating activities	508,853	458,163
Cash flows from investing activities:
Purchases of investments	(1,994,286)	(1,043,003)
Proceeds from sales of investments	741,732	201,369
Proceeds from maturity of fixed income securities	776,709	536,747
Additions to property and equipment	(2,214)	(4,079)
Net cash used in investing activities	(478,059)	(308,966)
Cash flows from financing activities:
Proceeds from issuance of senior notes	640,250	0
Purchase of senior notes	(179,735)	0
Payment of original issue discount - senior notes	(2,969)	0
Purchase of convertible junior subordinated debentures	(36,392)	0
Payment of original issue discount - convertible junior subordinated debentures	(15,049)	0
Cash portion of loss on debt extinguishment	(25,266)	0
Payment of debt issuance costs	(1,197)	0
Repurchase of common stock	(119,997)	(105,766)
Dividends paid	(61,745)	(20,989)
Payment of withholding taxes related to share-based compensation net share settlement	(8,940)	(5,726)
Net cash provided by ( used in) financing activities	188,960	(132,481)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	219,754	16,716
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	$ 388,810	$ 171,754

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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 three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The substantial majority of our NIW 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 September 30, 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 The COVID-19 pandemic had a material impact on our 2020 financial results. While uncertain, the future impact of the COVID-19 pandemic on the Company’s business, financial results, liquidity and/or financial condition may also be material. 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, negatively impacted our business. Among other things, the COVID-19 pandemic led to an increase in new defaults, which increased our capital requirements under PMIERs on those delinquent loans and increased our losses incurred. The magnitude of the future 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 past and future 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 We have considered subsequent events through the date of this filing. In October, MGIC executed an insurance linked note transaction (see Note 4 - “Reinsurance”

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. In evaluating whether a credit allowance should be established, we consider several factors including, but not limited to: è our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; è the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; è failure of the issuer to make scheduled interest or principal payments; è change in rating below investment grade; and è adverse conditions specifically related to the security, an industry, or a geographic area. Our determination of 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 assess the credit risk associated with our reinsurance recoverable. ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of a reinsurance recoverable. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to the credit ratings of individual reinsurers, investor reports for our 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 determining if a credit loss allowance is required for premium receivable, consideration is given to the life of the premium receivable asset, areas of potential credit loss, and forward-looking predictive indicators. Income Taxes The CARES Act provides financial relief to individuals and businesses in the form of loans, grants, and tax changes, among other types of assistance. 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 (“CECL”). 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. Applying ASC 326, we have determined that an allowance for credit losses related to our premium receivables and reinsurance recoverables was not necessary as of September 30, 2020. At September 30, 2020, we established an allowance for credit losses for available-for-sale securities of $0.4 million. We continue to apply the previous guidance to 2019 and prior periods. Changes to the Disclosure Requirements for Fair Value Measurement: ASU 2018-13 Effective January 1, 2020, we adopted FASB guidance that changes the disclosure requirements for fair value measurements. The updated guidance removed the requirement to disclose the amount 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 requires 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 470, 815 Debt • ASU 2020-06 - Debt with conversion and other options (Topic 470), derivatives and hedging - contracts in entity’s own equity (Topic 815) January 1, 2022 ASC 310-20 Receivables • ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs January 1, 2022 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 : ASU 2019-12 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: ASU 2018-14 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. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity: ASU 2020-06 In August 2020, the FASB issued guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. It also includes amendments to EPS guidance. The updated guidance reduces the number of accounting models for convertible debt instruments and convertible preferred stock. The ASU eliminated the cash conversion and the beneficial conversion model, which will make more instruments eligible for the fair value option. As a result of these changes, more convertible instruments will be reported as a single unit on the balance sheet. The updated guidance also includes updates to the EPS calculation. The ASU requires companies to use the if-converted method, assume share settlement when settlement can be in cash or in shares, use an average market price for the period if the number of shares is based on an entity’s share price, and use the weighted average shares from each quarter to calculate the year to date weighted average shares. The ASU also includes improvements to the disclosures for convertible instruments and EPS. The updated guidance is effective for annual periods beginning after December 15, 2021. Early adoption is permitted for fiscal years beginning after December 15, 2020. The ASU requires adoption to be applied retrospectively or using a modified retrospective basis. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures and whether we would early adopt. Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs: ASU 2020-08 In October 2020, the FASB issued amendments to the codification that clarifies the accounting guidance for Accounting Standards Update No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. FASB standard 2017-08 shortened the amortization period for certain purchased callable debt securities held at a premium

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt obligations The aggregate carrying values of our long-term debt obligations and their par values, if different, as of September 30, 2020 and December 31, 2019 are presented in table 3.1 below. Long-term debt obligations Table 3.1 (In millions) September 30, 2020 December 31, 2019 FHLB Advance - 1.91%, due February 2023 $ 155.0 $ 155.0 5.75% Notes, due August 2023 (par value: $242.3 million) 240.4 $ 420.8 5.25% Notes, due August 2028 (par value: $650 million) 638.5 — 9% Debentures, due April 2063 (1) 208.8 256.9 Long-term debt, carrying value $ 1,242.7 $ 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”), 5.25% Senior Notes (5.25% Notes) and 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. 5.25% Senior Notes In August 2020, we issued $650 million aggregate principal amount of 5.25% Notes, which are due in 2028 and received net proceeds, after the deduction of underwriting fees, of $640.3 million. Interest on the 5.25% Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2021. Prior to August 15, 2023, we may redeem the 5.25% Notes at an amount equal to the sum of (a) the greater of: (i) the sum of the principal amount and the make-whole amount; and (ii) 102.625% of principal; and (b) accrued and unpaid interest. The make-whole amount is the excess of: (1) the present value of the remaining principal, premium and interest payments that would be payable with respect to the note if such note were redeemed on August 15, 2023 (at 102.625% of principal), computed using a discount rate equal to the treasury rate specified in the notes, plus 50 basis points, over (2) the outstanding principal amount of such note. On and after August 15, 2023, we may redeem the notes at 102.625% of principal; on or after August 15, 2024, we may redeem the notes at 101.313% of principal; and on or after August 15, 2025, we may redeem the notes at 100% of principal; in each case, plus accrued and unpaid interest. In addition to underwriting fees, we incurred approximately $2.0 million of other expenses associated with the issuance of these notes. The 5.25% Notes have covenants customary for securities of this nature, including customary events of default and further provide that the trustee or holders of at least 25% in aggregate principal amount of the outstanding 5.25% Notes may declare them immediately due and payable upon the occurrence of certain events of default after the expiration of the applicable grace period. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, the 5.25% Notes will become due and payable immediately. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 5.25% Notes, including their covenants and events of default. The net proceeds from the 5.25% Notes issuance were used, in part, as (i) cash consideration to purchase $182.7 million of our 5.75% Notes, and (ii) cash consideration to purchase $48.1 million of our 9% Debentures. The balance of the proceeds remains at the holding company. 5.75% notes In August 2020, we repurchased $182.7 million in aggregate principal of our 5.75% notes at a purchase price of $197.8 million, plus accrued interest using proceeds from the 5.25% Note issuance. The excess of the purchase price over carrying value, plus the write-off of unamortized issuance costs on the par values, is reflected as a loss on debt extinguishment of $16.5 million on our consolidated statement of operations. 9% Debentures In the third quarter of 2020, we repurchased $48.1 million in aggregate principal of our 9% Debentures at a purchase price of $61.6 million, plus accrued interest using proceeds from the 5.25% Notes issuance. The repurchase of the 9% Debentures resulted in a $10.2 million loss on debt extinguishment on our consolidated statement of operations; a reduction in our shareholder's equity of $2.7 million related to the reacquisition of the equity component of the 9% Debentures; and a reduction in our potentially dilutive shares by approximately 3.6 million shares. 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 September 30, 2020 we are in compliance with all of our debt covenants. Interest payments Interest payments for the nine months ended September 30, 2020 and 2019 were $44.2 million and $38.5 million, respectively.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Premiums earned: Direct $ 300,557 $ 294,909 $ 896,346 $ 861,705 Assumed 2,729 1,388 8,719 3,275 Ceded (1) (47,173) (28,440) (144,489) (100,260) Net premiums earned $ 256,113 $ 267,857 $ 760,576 $ 764,720 Losses incurred: Direct $ 61,164 $ 36,755 $ 383,950 $ 102,835 Assumed 229 (34) 528 (110) Ceded (20,707) (2,736) (65,462) (7,841) Losses incurred, net $ 40,686 $ 33,985 $ 319,016 $ 94,884 (1) Ceded premiums earned on our quota share reinsurance agreements are net of profit commission. The profit commission varies directly and inversely with the level of ceded losses on a “dollar for dollar” basis and can be eliminated at ceded loss levels higher than we experienced in the first nine months of 2020. As a result, lower levels of losses result in a higher profit commission and less benefit from ceded losses; higher levels of losses result in more benefit from ceded losses and a lower profit commission. Quota share reinsurance Each of the reinsurers under our quota share reinsurance (“QSR”) 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 transaction 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 will cede losses 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 or full credit under applicable regulatory capital requirements 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, elected by us, 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 a profit commission provided the annual loss ratio on the loans covered under the transaction remains below 62%. Credit Union Quota Share Program We entered into a Credit Union QSR Transaction with an unaffiliated reinsurer which covers NIW on loans originated by credit unions from April 1, 2020 through December 31, 2025. Eligible credit union business written before 2020 was covered by our 2019 and prior QSR Transactions. Under the Credit Union QSR Transaction, we will cede losses and premiums on the covered NIW through December 31, 2039. Early termination of the agreement can be elected by us at any quarter-end if we will receive less than 80% of the full credit amount under the PMIERs for the risk ceded in any required calculation period or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period. The structure of the Credit Union QSR Transaction is a 65% quota share, with a 20% ceding commission as well as a profit commission. Generally, we will receive a profit commission provided the annual loss ratio on the loans covered under the transaction remains below 50%. 2019 and prior QSR Transactions. See Note 9 “Reinsurance” to Consolidated Financial Statements in our 2019 Form 10-K for more information about our QSR Transactions entered into prior to 2020. Our QSR 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 and nine months ended September 30, 2020 and 2019. Quota Share Reinsurance Table 4.2 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Ceded premiums written and earned, net of profit commission (1) $ 43,448 $ 23,032 $ 131,651 $ 87,721 Ceded losses incurred 20,707 2,729 65,493 7,845 Ceding commissions (2) 12,128 11,042 35,518 37,807 Profit commission (3) 17,191 32,177 45,939 108,079 (1) Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements. The nine months ended September 30, 2019 include a $6.8 million termination fee related to our 2015 QSR Transaction. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. (3) The profit commission varies directly and inversely with the level of ceded losses on a “dollar for dollar” basis and can be eliminated at ceded loss levels higher than we experienced in the first nine months of 2020. As a result, lower levels of losses result in a higher profit commission and less benefit from ceded losses; higher levels of losses result in a lower profit commission and more benefit from ceded losses. 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 $83.1 million as of September 30, 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. An allowance for credit losses was not required for 2020. 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. For each of our 2018 and 2019 Home Re Transaction, a “Trigger Event” has occurred because the reinsured principal balance of loans that were reported 60 or more days delinquent exceeded 4% of the total reinsured principal balance of loans under each transaction. While the “Trigger Event” is in effect, payment of principal on the related notes will be suspended and the reinsurance coverage available to MGIC under the transactions will not be reduced by such principal payments. 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 September 30, 2020 and December 31, 2019. Excess of Loss Reinsurance Table 4.3 (In thousands) September 30, 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 $ 166,246 $ 218,343 $ 167,779 $ 260,957 Home Re 2019-1 Ltd. (May - 2019) January 1, 2018 - March 31, 2019 May 25, 2026 184,797 208,146 185,636 271,021 Total $ 351,043 $ 426,489 $ 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. In October, MGIC entered into a $412.9 million excess of loss reinsurance agreement (executed through an insurance linked note transaction) that covers policies with inforce dates from January 1, 2020 through July 31, 2020. 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 remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in a reinsurance trust account and used to collateralize the Home Re Entity’s reinsurance obligation to MGIC. 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 September 30, 2020, were not material to our consolidated balance sheet, and the change in fair value during the three and nine months ended September 30, 2020 was not material to our consolidated statements of operations. Total ceded premiums were $3.7 million and $12.8 million for the three and nine months ended September 30, 2020, respectively and $5.4 million and $12.4 million for the three and nine months ended September 30, 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 September 30, 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 September 30, 2020 and December 31, 2019. Home Re total assets Table 4.4 (In thousands) Home Re Entity (Issue date) Total VIE Assets September 30, 2020 Home Re 2018-01 Ltd. (Oct - 2018) $ 218,343 Home Re 2019-01 Ltd. (May - 2019) 208,146 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, subject to a modest reduction, 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	9 Months Ended
	Sep. 30, 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 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 nine months of 2020, curtailments reduced our average claim paid by approximately 5.0% and 3.5%, 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 as a component of our IBNR and other reserves. 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 $40 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	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareBasic 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. The determination of whether components are dilutive is calculated independently for each period. 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Basic earnings per share: Net income $ 130,811 $ 176,934 $ 294,663 $ 496,653 Weighted average common shares outstanding - basic 338,598 351,475 340,408 354,272 Basic earnings per share $ 0.39 $ 0.50 $ 0.87 $ 1.40 Diluted earnings per share: Net income $ 130,811 $ 176,934 $ 294,663 $ 496,653 Interest expense, net of tax: 9% Debentures 4,161 4,566 13,293 13,698 Diluted income available to common shareholders $ 134,972 $ 181,500 $ 307,956 $ 510,351 Weighted average common shares outstanding - basic 338,598 351,475 340,408 354,272 Effect of dilutive securities: Unvested RSUs 1,377 2,072 1,492 1,966 9% Debentures 17,220 19,028 18,489 19,028 Weighted average common shares outstanding - diluted 357,195 372,575 360,389 375,266 Diluted earnings per share $ 0.38 $ 0.49 $ 0.85 $ 1.36

Investments

Investments	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 are shown in tables 7.1a and 7.1b below. Details of fixed income securities by category as of September 30, 2020 Table 7.1a (In thousands) Amortized Cost Allowance for Expected Credit Loss Gross Unrealized Gains Gross Unrealized (Losses) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 347,249 $ — $ 1,513 $ (15) $ 348,747 Obligations of U.S. states and political subdivisions 1,886,910 — 146,562 (891) 2,032,581 Corporate debt securities 2,627,745 — 144,646 (2,748) 2,769,643 Asset backed securities (“ABS”) 201,731 (362) 3,472 (145) 204,696 Residential mortgage backed securities (“RMBS”) 398,934 — 6,106 (1,147) 403,893 Commercial mortgage backed securities (“CMBS”) 258,579 — 13,791 (846) 271,524 Collateralized loan obligations (“CLOs”) 312,068 — — (2,975) 309,093 Debt securities issued by foreign sovereign governments 4,485 — 56 — 4,541 Total fixed income securities $ 6,037,701 $ (362) $ 316,146 $ (8,767) $ 6,344,718 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) (1) 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 December 31, 2019 there was no other-than-temporary impairment losses recorded in other comprehensive income. We had $14.1 million and $13.9 million of investments at fair value on deposit with various states as of September 30, 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 September 30, 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 September 30, 2020 (In thousands) Amortized cost Fair Value Due in one year or less $ 437,605 $ 440,557 Due after one year through five years 1,993,330 2,077,983 Due after five years through ten years 1,152,214 1,256,504 Due after ten years 1,283,240 1,380,468 4,866,389 5,155,512 ABS 201,731 204,696 RMBS 398,934 403,893 CMBS 258,579 271,524 CLOs 312,068 309,093 Total as of September 30, 2020 $ 6,037,701 $ 6,344,718 Proceeds from sales of fixed income securities classified as available-for-sale were $713.1 million and $201.4 million during the nine months ended September 30, 2020 and 2019, respectively. Gross gains of $3.4 million and $15.9 million and gross losses of $0.8 million and $5.9 million were realized during the three and nine months ended September 30, 2020, respectively. We recorded $0.4 million of realized losses for the three months ended September 30, 2020 and recorded realized losses of $0.7 million for the nine months ended September 30, 2020 related to our intent to sell certain securities. We also recorded a credit allowance of $0.4 million for the three and nine months ended September 30, 2020. Gross gains of $3.3 million and $5.3 million and gross losses of $0.7 million and $3.0 million were realized on those sales during the three and nine months ended September 30, 2019, respectively, and we recorded OTTI losses of $0.1 million for the nine months ended September 30, 2019. Realized investment gains and losses are reported in income based on specific identification of securities sold. Equity securities The cost and fair value of investments in equity securities at September 30, 2020 and December 31, 2019 are shown in tables 7.3a and 7.3b below. Details of equity security investments as of September 30, 2020 Table 7.3a (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 17,486 $ 587 $ (13) $ 18,060 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 and nine months ended September 30, 2020, we recognized $0.1 million and $0.4 million of net gains on equity securities still held as of September 30, 2020. For the three and nine months ended September 30, 2019, we recognized an insignificant amount and $0.2 million, respectively, of net gains on equity securities still held as of September 30, 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 September 30, 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 $165.7 million. Unrealized investment losses Tables 7.4a and 7.4b below summarize, for all available-for-sale investments in an unrealized loss position at September 30, 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 September 30, 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 $ 5,004 $ (15) $ — $ — $ 5,004 $ (15) Obligations of U.S. states and political subdivisions 72,620 (891) — — 72,620 (891) Corporate debt securities 263,665 (2,748) — — 263,665 (2,748) ABS 17,505 (145) — — 17,505 (145) RMBS 128,358 (1,028) 3,886 (119) 132,244 (1,147) CMBS 13,065 (707) 1,338 (139) 14,403 (846) CLOs 159,553 (1,271) 149,540 (1,704) 309,093 (2,975) Total $ 659,770 $ (6,805) $ 154,764 $ (1,962) $ 814,534 $ (8,767) 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 September 30, 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, as a result of economic and market uncertainties arising from the COVID-19 pandemic, which includes demand shocks in multiple sectors that originated in the first nine months of 2020. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. At September 30, 2020 we recorded an allowance for expected credit losses of $0.4 million. 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 197 and 217 securities in an unrealized loss position at September 30, 2020 and December 31, 2019, respectively. We report accrued investment income separately from fixed income, available-for-sale, securities and we have determined an allowance for credit losses for accrued investment income is not required. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payment s. Table 7.5 below presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major security type for the period end September 30, 2020: Rollforward of Allowance for Credit Allowance Table 7.5 (In thousands) Asset Backed Securities Balance at December 31, 2019 and June 30, 2020 $ — Additions for expected credit allowance where no credit losses were previously recognized. 362 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized. — Reductions due to sales/defaults of credit-impaired securities — Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell — Balance at September 30, 2020 $ 362

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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: Includes money market funds and treasury bills 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 September 30, 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 September 30, 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 $ 348,747 $ 212,703 $ 136,044 $ — Obligations of U.S. states and political subdivisions 2,032,581 — 2,032,581 — Corporate debt securities 2,769,643 — 2,769,643 — ABS 204,696 — 204,696 — RMBS 403,893 — 403,893 — CMBS 271,524 — 271,524 — CLOs 309,093 — 309,093 — Debt securities issued by foreign sovereign governments 4,541 — 4,541 — Total fixed income securities 6,344,718 212,703 6,132,015 — Equity securities 18,060 18,060 — — Other (1) 380,072 380,072 — — Real estate acquired (2) 1,690 — — 1,690 Total $ 6,744,540 $ 610,835 $ 6,132,015 $ 1,690 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) Includes money market funds and short term U.S. Treasury Securities 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 and nine months ended September 30, 2020 and 2019 is shown in tables 8.2a through 8.2d 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 September 30, 2020 Table 8.2a (In thousands) Fixed income Real Estate Acquired Balance at June 30, 2020 $ — $ 1,963 Purchases — 1,990 Sales — (2,266) Included in earnings and reported as losses incurred, net — 3 Balance at September 30, 2020 $ — $ 1,690 Fair value roll-forward for financial instruments classified as Level 3 for the nine months ended September 30, 2020 Table 8.2b (In thousands) Fixed income Real Estate Balance at December 31, 2019 $ — $ 7,252 Purchases — 7,911 Sales — (13,991) Included in earnings and reported as losses incurred, net — 518 Balance at September 30, 2020 $ — $ 1,690 Fair value roll-forward for financial instruments classified as Level 3 for the three months ended September 30, 2019 Table 8.2c (In thousands) Fixed income Real Estate Acquired Balance at June 30, 2019 $ — $ 10,250 Purchases — 4,681 Sales — (7,173) Included in earnings and reported as losses incurred, net — 21 Balance at September 30, 2019 $ — $ 7,779 Fair value roll-forward for financial instruments classified as Level 3 for the nine months ended September 30, 2019 Table 8.2d (In thousands) Fixed income Real Estate Balance at December 31, 2018 $ 13 $ 14,535 Purchases — 19,872 Sales (13) (26,197) Included in earnings and reported as losses incurred, net — (431) Balance at September 30, 2019 $ — $ 7,779 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% and 5.25% 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 September 30, 2020 and December 31, 2019. Financial assets and liabilities not measured at fair value Table 8.3 September 30, 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 155,000 161,436 155,000 156,422 5.75% Senior Notes 240,433 257,065 420,867 471,827 5.25% Senior Notes 638,405 673,478 — — 9% Convertible Junior Subordinated Debentures 208,814 268,397 256,872 346,289 Total financial liabilities $ 1,242,652 $ 1,360,376 $ 832,739 $ 974,538

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020 and 2019 are included in table 9.1 below. Components of other comprehensive income (loss) Table 9.1 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net unrealized investment gains arising during the period $ 42,674 $ 39,712 $ 132,036 $ 231,895 Total income tax benefit (expense) (8,962) (8,340) (27,728) (48,698) Net of taxes 33,712 31,372 104,308 183,197 Net changes in benefit plan assets and obligations (14,364) 2,024 (11,695) 6,074 Total income tax benefit (expense) 3,017 (424) 2,456 (1,275) Net of taxes (11,347) 1,600 (9,239) 4,799 Total other comprehensive income 28,310 41,736 120,341 237,969 Total income tax benefit (expense) (5,945) (8,764) (25,272) (49,973) Total other comprehensive income, net of tax $ 22,365 $ 32,972 $ 95,069 $ 187,996 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 and nine months ended September 30, 2020 and 2019 are included in table 9.2 below. Reclassifications from AOCI Table 9.2 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Reclassification adjustment for net realized (losses) gains (1) $ 10,349 $ 2,772 $ 8,673 $ 1,794 Income tax (expense) benefit (2,173) (582) (1,821) (376) Net of taxes 8,176 2,190 6,852 1,418 Reclassification adjustment related to benefit plan assets and obligations (2) (1,336) (2,024) (4,005) (6,074) Income tax (expense) benefit 280 424 841 1,275 Net of taxes (1,056) (1,600) (3,164) (4,799) Total reclassifications 9,013 748 4,668 (4,280) Income tax (expense) benefit (1,893) (158) (980) 899 Total reclassifications, net of tax $ 7,120 $ 590 $ 3,688 $ (3,381) (1) (Decreases) Increases Net realized investment gains (losses) 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 nine months ended September 30, 2020, including amounts reclassified from AOCI, are included in table 9.3 below. Rollforward of AOCI Table 9.3 Nine Months Ended September 30, 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 111,160 (12,403) 98,757 Less: Amounts reclassified from AOCI 6,852 (3,164) 3,688 Balance, September 30, 2020, net of tax $ 242,829 $ (75,052) $ 167,777

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Table 10.1 and 10.2 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three and nine months ended September 30, 2020 and 2019. Components of net periodic benefit cost Table 10.1 Three Months Ended September 30, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 1,848 $ 2,086 $ 316 $ 337 Interest cost 3,375 3,926 208 283 Expected return on plan assets $ (5,526) $ (4,866) $ (1,852) $ (1,447) Amortization of net actuarial losses/(gains) 1,580 2,103 (196) — Amortization of prior service cost/(credit) $ (62) $ (71) $ 13 $ (8) Cost of settlements 6,520 — — — Net periodic benefit cost (benefit) $ 7,735 $ 3,178 $ (1,511) $ (835) Components of net periodic benefit cost Table 10.2 Nine Months Ended September 30, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 5,545 $ 6,258 $ 947 $ 1,009 Interest cost 10,125 11,779 624 848 Expected return on plan assets (16,579) (14,599) (5,556) (4,339) Amortization of net actuarial losses/(gains) 4,740 6,309 (587) — Amortization of prior service cost/(credit) (186) (211) 38 (25) Cost of settlements 6,520 — — — Net periodic benefit cost (benefit) $ 10,165 $ 9,536 $ (4,534) $ (2,507)

Loss Reserves

Loss Reserves	9 Months Ended
	Sep. 30, 2020
Insurance Loss Reserves [Abstract]
Loss Reserves	Loss Reserves We establish case reserves and loss adjustment expenses (“LAE”) reserves on delinquent loans that were reported to us as two payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case reserves are established by estimating the number of loans in our delinquency inventory 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 notices of delinquency, 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 nine months of 2020 compared to the same period in 2019, due to an increase in the new delinquency notices reported and IBNR reserve estimates, due to the impact of the COVID-19 pandemic. For the nine months ended September 30, 2020 we experienced adverse loss reserve development of $17.3 million on previously received delinquencies primarily related to severity. For the nine months ended September 30, 2019, we experienced favorable loss reserve development of $47.8 million on previously received delinquencies, due in large part to the resolution of approximately 61% of the prior year delinquent inventory, with lower claim rates due to improved cure rates. This favorable loss reserve development was partially offset by the recognition of a probable loss of $23.5 million related to litigation of our claims paying practices. 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 delinquency 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 and forbearance plans, we expect the average time it takes to receive a claim will 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 September 30, 2020 and December 31, 2019, respectively. The slight decrease is primarily due to a decrease in claims received and delinquencies entering foreclosure due to foreclosure moratoriums and forbearance plans. Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the nine months ended September 30, 2020 and 2019. Development of reserves for losses and loss adjustment expenses Table 11.1 Nine Months Ended September 30, (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 301,699 142,644 Prior years (1) 17,317 (47,760) Total losses incurred 319,016 94,884 Losses paid: Losses and LAE paid in respect of delinquency notices received in: Current year 1,486 980 Prior years 93,937 165,844 Reinsurance terminations (20) (13,980) Total losses paid 95,403 152,844 Net reserve at end of period 757,306 582,731 Plus reinsurance recoverables 83,143 19,566 Reserve at end of period $ 840,449 $ 602,297 (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. See the following table for more information about prior year loss development. The prior year development of the reserves in the first nine months of 2020 and 2019 is reflected in table 11.2 below. Reserve development on previously received delinquencies Table 11.2 Nine Months Ended September 30, (In thousands) 2020 2019 Decrease in estimated claim rate on primary defaults $ (1,626) $ (94,294) Increase in estimated severity on primary defaults 13,503 2,637 Change in estimates related to pool reserves, LAE reserves, reinsurance, and other 5,440 43,897 Total prior year loss development (1) $ 17,317 $ (47,760) (1) A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. Delinquency inventory A rollforward of our primary delinquency inventory for the three and nine months ended September 30, 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. Delinquency inventory rollforward Table 11.3 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Delinquency inventory at beginning of period 69,326 29,795 30,028 32,898 New notices 20,924 14,019 90,906 40,545 Cures (25,446) (12,592) (54,523) (39,822) Paid claims (375) (1,045) (1,933) (3,345) Rescissions and denials (11) (42) (60) (141) Other items removed from inventory — (195) — (195) Delinquency inventory at end of period 64,418 29,940 64,418 29,940 COVID-19 Activity New delinquency notices increased in 2020 because of the impacts of the COVID-19 pandemic, including the high level of unemployment and economic uncertainty resulting from measures to reduce the transmission of the COVID-19. In the third quarter of 2020, we experienced an increase in cures associated with our COVID-19 new delinquency notices. The CARES Act and other related actions provide for payment forbearance on mortgages to borrowers experiencing a hardship during the COVID-19 pandemic. These forbearance plans generally allow for mortgage payments to be suspended for up to 360 days: an initial forbearance period up to 180 days and, if requested by the borrower, an extension of up to 180 days. As of September 30, 2020, 67% of our delinquency inventory was reported as subject to a forbearance plan. We believe substantially all represent forbearances related to COVID-19. Forbearance information is based on the most recent information provided by the GSEs, as well as loan servicer. While the forbearance information provided by the GSEs refers to delinquent loans in forbearance as of the prior month-end, the information provided by loan servicers may be more current. We expect our delinquency inventory will remain at elevated levels during the year due to the impacts of the COVID-19 pandemic and initiatives intended to reduce the transmission of COVID-19. 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 delinquency inventory - consecutive months delinquent Table 11.4 September 30, 2020 December 31, 2019 September 30, 2019 3 months or less 15,879 9,447 9,462 4-11 months 37,702 9,664 9,082 12 months or more (1) 10,837 10,917 11,396 Total 64,418 30,028 29,940 3 months or less 25 % 32 % 32 % 4-11 months 58 % 32 % 30 % 12 months or more 17 % 36 % 38 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 172 538 557 (1) Approximately 32%, 36% , and 36% of the primary delinquency inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of September 30, 2020, December 31, 2019, and September 30, 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	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchase programs We did not repurchase any of our common stock during the second and third quarters of 2020. During the first quarter of 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, May, and August 2020, we paid quarterly cash dividends of $0.06 per share to shareholders which totaled $62 million. On October 29, 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 November 25, 2020, to shareholders of record at the close of business on November 11, 2020.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 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 Nine months ended September 30, 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 390 12.91 605 12.21

Statutory Information

Statutory Information	3 Months Ended
	Sep. 30, 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 September 30, 2020, MGIC’s risk-to-capital ratio was 9.4 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $3.1 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 reinsurance transactions. It is possible that 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 September 30, 2020, the risk-to-capital ratio of our combined insurance operations was 9.4 to 1. 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 MGIC did not pay cash and/or investment security dividends to our holding company during the third and second quarter of 2020 due to the uncertainty of the COVID-19 pandemic. However, in the third quarter of 2020, MGIC distributed to the holding company, as a dividend, its ownership in the 9% Debentures held at an amortized cost of $139.7 million, which was non-admitted for statutory reporting. During the first quarter of 2020, MGIC paid $390 million in dividends to our holding company. 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. Under the PMIERs guidance, any dividend paid by MGIC to our holding company, through March 31, 2021, requires GSE approval. 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. Financial information of our insurance subsidiaries Table 14.1 As of and for the Nine Months Ended September 30, (In thousands) 2020 2019 Statutory net income $ 31,306 $ 231,135 Statutory policyholders' surplus 1,313,952 1,633,847 Contingency reserve 3,409,950 2,876,748

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. In evaluating whether a credit allowance should be established, we consider several factors including, but not limited to: è our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; è the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; è failure of the issuer to make scheduled interest or principal payments; è change in rating below investment grade; and è adverse conditions specifically related to the security, an industry, or a geographic area.
Reinsurance Recoverables	Reinsurance RecoverablesEach quarter, we assess the credit risk associated with our reinsurance recoverable. ASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of a reinsurance recoverable. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to the credit ratings of individual reinsurers, investor reports for our 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 ReceivableASC 326 requires immediate recognition of estimated credit losses expected to occur over the remaining life of premium receivable. In determining if a credit loss allowance is required for premium receivable, consideration is given to the life of the premium receivable asset, areas of potential credit loss, and 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 (“CECL”). 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. Applying ASC 326, we have determined that an allowance for credit losses related to our premium receivables and reinsurance recoverables was not necessary as of September 30, 2020. At September 30, 2020, we established an allowance for credit losses for available-for-sale securities of $0.4 million. We continue to apply the previous guidance to 2019 and prior periods. Changes to the Disclosure Requirements for Fair Value Measurement: ASU 2018-13 Effective January 1, 2020, we adopted FASB guidance that changes the disclosure requirements for fair value measurements. The updated guidance removed the requirement to disclose the amount 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 requires 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 470, 815 Debt • ASU 2020-06 - Debt with conversion and other options (Topic 470), derivatives and hedging - contracts in entity’s own equity (Topic 815) January 1, 2022 ASC 310-20 Receivables • ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs January 1, 2022 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 : ASU 2019-12 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: ASU 2018-14 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. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity: ASU 2020-06 In August 2020, the FASB issued guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. It also includes amendments to EPS guidance. The updated guidance reduces the number of accounting models for convertible debt instruments and convertible preferred stock. The ASU eliminated the cash conversion and the beneficial conversion model, which will make more instruments eligible for the fair value option. As a result of these changes, more convertible instruments will be reported as a single unit on the balance sheet. The updated guidance also includes updates to the EPS calculation. The ASU requires companies to use the if-converted method, assume share settlement when settlement can be in cash or in shares, use an average market price for the period if the number of shares is based on an entity’s share price, and use the weighted average shares from each quarter to calculate the year to date weighted average shares. The ASU also includes improvements to the disclosures for convertible instruments and EPS. The updated guidance is effective for annual periods beginning after December 15, 2021. Early adoption is permitted for fiscal years beginning after December 15, 2020. The ASU requires adoption to be applied retrospectively or using a modified retrospective basis. We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statement disclosures and whether we would early adopt. Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs: ASU 2020-08 In October 2020, the FASB issued amendments to the codification that clarifies the accounting guidance for Accounting Standards Update No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. FASB standard 2017-08 shortened the amortization period for certain purchased callable debt securities held at a premium

Significant Accounting Polici_3

Significant Accounting Policies Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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 470, 815 Debt • ASU 2020-06 - Debt with conversion and other options (Topic 470), derivatives and hedging - contracts in entity’s own equity (Topic 815) January 1, 2022 ASC 310-20 Receivables • ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs January 1, 2022

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term debt	The aggregate carrying values of our long-term debt obligations and their par values, if different, as of September 30, 2020 and December 31, 2019 are presented in table 3.1 below. Long-term debt obligations Table 3.1 (In millions) September 30, 2020 December 31, 2019 FHLB Advance - 1.91%, due February 2023 $ 155.0 $ 155.0 5.75% Notes, due August 2023 (par value: $242.3 million) 240.4 $ 420.8 5.25% Notes, due August 2028 (par value: $650 million) 638.5 — 9% Debentures, due April 2063 (1) 208.8 256.9 Long-term debt, carrying value $ 1,242.7 $ 832.7

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Premiums earned: Direct $ 300,557 $ 294,909 $ 896,346 $ 861,705 Assumed 2,729 1,388 8,719 3,275 Ceded (1) (47,173) (28,440) (144,489) (100,260) Net premiums earned $ 256,113 $ 267,857 $ 760,576 $ 764,720 Losses incurred: Direct $ 61,164 $ 36,755 $ 383,950 $ 102,835 Assumed 229 (34) 528 (110) Ceded (20,707) (2,736) (65,462) (7,841) Losses incurred, net $ 40,686 $ 33,985 $ 319,016 $ 94,884 (1) Ceded premiums earned on our quota share reinsurance agreements are net of profit commission. The profit commission varies directly and inversely with the level of ceded losses on a “dollar for dollar” basis and can be eliminated at ceded loss levels higher than we experienced in the first nine months of 2020. As a result, lower levels of losses result in a higher profit commission and less benefit from ceded losses; higher levels of losses result in more benefit from ceded losses and a lower profit commission.
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 and nine months ended September 30, 2020 and 2019. Quota Share Reinsurance Table 4.2 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Ceded premiums written and earned, net of profit commission (1) $ 43,448 $ 23,032 $ 131,651 $ 87,721 Ceded losses incurred 20,707 2,729 65,493 7,845 Ceding commissions (2) 12,128 11,042 35,518 37,807 Profit commission (3) 17,191 32,177 45,939 108,079 (1) Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements. The nine months ended September 30, 2019 include a $6.8 million termination fee related to our 2015 QSR Transaction. (2) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. (3) The profit commission varies directly and inversely with the level of ceded losses on a “dollar for dollar” basis and can be eliminated at ceded loss levels higher than we experienced in the first nine months of 2020. As a result, lower levels of losses result in a higher profit commission and less benefit from ceded losses; higher levels of losses result in a lower profit commission and more benefit from ceded losses.
Schedule of coverages and retention	Table 4.3 provides a summary of our excess of loss reinsurance agreements as of September 30, 2020 and December 31, 2019. Excess of Loss Reinsurance Table 4.3 (In thousands) September 30, 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 $ 166,246 $ 218,343 $ 167,779 $ 260,957 Home Re 2019-1 Ltd. (May - 2019) January 1, 2018 - March 31, 2019 May 25, 2026 184,797 208,146 185,636 271,021 Total $ 351,043 $ 426,489 $ 353,415 $ 531,978
Schedule of total assets of Home Re	Table 4.4 presents the total assets of the Home Re Entities as of September 30, 2020 and December 31, 2019. Home Re total assets Table 4.4 (In thousands) Home Re Entity (Issue date) Total VIE Assets September 30, 2020 Home Re 2018-01 Ltd. (Oct - 2018) $ 218,343 Home Re 2019-01 Ltd. (May - 2019) 208,146 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 Basic earnings per share: Net income $ 130,811 $ 176,934 $ 294,663 $ 496,653 Weighted average common shares outstanding - basic 338,598 351,475 340,408 354,272 Basic earnings per share $ 0.39 $ 0.50 $ 0.87 $ 1.40 Diluted earnings per share: Net income $ 130,811 $ 176,934 $ 294,663 $ 496,653 Interest expense, net of tax: 9% Debentures 4,161 4,566 13,293 13,698 Diluted income available to common shareholders $ 134,972 $ 181,500 $ 307,956 $ 510,351 Weighted average common shares outstanding - basic 338,598 351,475 340,408 354,272 Effect of dilutive securities: Unvested RSUs 1,377 2,072 1,492 1,966 9% Debentures 17,220 19,028 18,489 19,028 Weighted average common shares outstanding - diluted 357,195 372,575 360,389 375,266 Diluted earnings per share $ 0.38 $ 0.49 $ 0.85 $ 1.36

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 are shown in tables 7.1a and 7.1b below. Details of fixed income securities by category as of September 30, 2020 Table 7.1a (In thousands) Amortized Cost Allowance for Expected Credit Loss Gross Unrealized Gains Gross Unrealized (Losses) Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 347,249 $ — $ 1,513 $ (15) $ 348,747 Obligations of U.S. states and political subdivisions 1,886,910 — 146,562 (891) 2,032,581 Corporate debt securities 2,627,745 — 144,646 (2,748) 2,769,643 Asset backed securities (“ABS”) 201,731 (362) 3,472 (145) 204,696 Residential mortgage backed securities (“RMBS”) 398,934 — 6,106 (1,147) 403,893 Commercial mortgage backed securities (“CMBS”) 258,579 — 13,791 (846) 271,524 Collateralized loan obligations (“CLOs”) 312,068 — — (2,975) 309,093 Debt securities issued by foreign sovereign governments 4,485 — 56 — 4,541 Total fixed income securities $ 6,037,701 $ (362) $ 316,146 $ (8,767) $ 6,344,718 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) (1) 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 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 September 30, 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 September 30, 2020 (In thousands) Amortized cost Fair Value Due in one year or less $ 437,605 $ 440,557 Due after one year through five years 1,993,330 2,077,983 Due after five years through ten years 1,152,214 1,256,504 Due after ten years 1,283,240 1,380,468 4,866,389 5,155,512 ABS 201,731 204,696 RMBS 398,934 403,893 CMBS 258,579 271,524 CLOs 312,068 309,093 Total as of September 30, 2020 $ 6,037,701 $ 6,344,718
Cost and fair value of investments in equity securities	The cost and fair value of investments in equity securities at September 30, 2020 and December 31, 2019 are shown in tables 7.3a and 7.3b below. Details of equity security investments as of September 30, 2020 Table 7.3a (In thousands) Cost Gross Gains Gross Losses Fair Value Equity securities $ 17,486 $ 587 $ (13) $ 18,060 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 September 30, 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 September 30, 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 $ 5,004 $ (15) $ — $ — $ 5,004 $ (15) Obligations of U.S. states and political subdivisions 72,620 (891) — — 72,620 (891) Corporate debt securities 263,665 (2,748) — — 263,665 (2,748) ABS 17,505 (145) — — 17,505 (145) RMBS 128,358 (1,028) 3,886 (119) 132,244 (1,147) CMBS 13,065 (707) 1,338 (139) 14,403 (846) CLOs 159,553 (1,271) 149,540 (1,704) 309,093 (2,975) Total $ 659,770 $ (6,805) $ 154,764 $ (1,962) $ 814,534 $ (8,767) 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)
Available-for-sale allowance for credit loss rollforward	Table 7.5 below presents a rollforward of the changes in allowance for credit losses on available-for-sale fixed maturity securities by major security type for the period end September 30, 2020: Rollforward of Allowance for Credit Allowance Table 7.5 (In thousands) Asset Backed Securities Balance at December 31, 2019 and June 30, 2020 $ — Additions for expected credit allowance where no credit losses were previously recognized. 362 Additions (reductions) for expected credit losses on securities where credit losses were previously recognized. — Reductions due to sales/defaults of credit-impaired securities — Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell — Balance at September 30, 2020 $ 362

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair value measurements for items measured at fair value	Assets measured at fair value, by hierarchy level, as of September 30, 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 September 30, 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 $ 348,747 $ 212,703 $ 136,044 $ — Obligations of U.S. states and political subdivisions 2,032,581 — 2,032,581 — Corporate debt securities 2,769,643 — 2,769,643 — ABS 204,696 — 204,696 — RMBS 403,893 — 403,893 — CMBS 271,524 — 271,524 — CLOs 309,093 — 309,093 — Debt securities issued by foreign sovereign governments 4,541 — 4,541 — Total fixed income securities 6,344,718 212,703 6,132,015 — Equity securities 18,060 18,060 — — Other (1) 380,072 380,072 — — Real estate acquired (2) 1,690 — — 1,690 Total $ 6,744,540 $ 610,835 $ 6,132,015 $ 1,690 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) Includes money market funds and short term U.S. Treasury Securities 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 and nine months ended September 30, 2020 and 2019 is shown in tables 8.2a through 8.2d 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 September 30, 2020 Table 8.2a (In thousands) Fixed income Real Estate Acquired Balance at June 30, 2020 $ — $ 1,963 Purchases — 1,990 Sales — (2,266) Included in earnings and reported as losses incurred, net — 3 Balance at September 30, 2020 $ — $ 1,690 Fair value roll-forward for financial instruments classified as Level 3 for the nine months ended September 30, 2020 Table 8.2b (In thousands) Fixed income Real Estate Balance at December 31, 2019 $ — $ 7,252 Purchases — 7,911 Sales — (13,991) Included in earnings and reported as losses incurred, net — 518 Balance at September 30, 2020 $ — $ 1,690 Fair value roll-forward for financial instruments classified as Level 3 for the three months ended September 30, 2019 Table 8.2c (In thousands) Fixed income Real Estate Acquired Balance at June 30, 2019 $ — $ 10,250 Purchases — 4,681 Sales — (7,173) Included in earnings and reported as losses incurred, net — 21 Balance at September 30, 2019 $ — $ 7,779 Fair value roll-forward for financial instruments classified as Level 3 for the nine months ended September 30, 2019 Table 8.2d (In thousands) Fixed income Real Estate Balance at December 31, 2018 $ 13 $ 14,535 Purchases — 19,872 Sales (13) (26,197) Included in earnings and reported as losses incurred, net — (431) Balance at September 30, 2019 $ — $ 7,779
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 September 30, 2020 and December 31, 2019. Financial assets and liabilities not measured at fair value Table 8.3 September 30, 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 155,000 161,436 155,000 156,422 5.75% Senior Notes 240,433 257,065 420,867 471,827 5.25% Senior Notes 638,405 673,478 — — 9% Convertible Junior Subordinated Debentures 208,814 268,397 256,872 346,289 Total financial liabilities $ 1,242,652 $ 1,360,376 $ 832,739 $ 974,538

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020 and 2019 are included in table 9.1 below. Components of other comprehensive income (loss) Table 9.1 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Net unrealized investment gains arising during the period $ 42,674 $ 39,712 $ 132,036 $ 231,895 Total income tax benefit (expense) (8,962) (8,340) (27,728) (48,698) Net of taxes 33,712 31,372 104,308 183,197 Net changes in benefit plan assets and obligations (14,364) 2,024 (11,695) 6,074 Total income tax benefit (expense) 3,017 (424) 2,456 (1,275) Net of taxes (11,347) 1,600 (9,239) 4,799 Total other comprehensive income 28,310 41,736 120,341 237,969 Total income tax benefit (expense) (5,945) (8,764) (25,272) (49,973) Total other comprehensive income, net of tax $ 22,365 $ 32,972 $ 95,069 $ 187,996
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 and nine months ended September 30, 2020 and 2019 are included in table 9.2 below. Reclassifications from AOCI Table 9.2 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Reclassification adjustment for net realized (losses) gains (1) $ 10,349 $ 2,772 $ 8,673 $ 1,794 Income tax (expense) benefit (2,173) (582) (1,821) (376) Net of taxes 8,176 2,190 6,852 1,418 Reclassification adjustment related to benefit plan assets and obligations (2) (1,336) (2,024) (4,005) (6,074) Income tax (expense) benefit 280 424 841 1,275 Net of taxes (1,056) (1,600) (3,164) (4,799) Total reclassifications 9,013 748 4,668 (4,280) Income tax (expense) benefit (1,893) (158) (980) 899 Total reclassifications, net of tax $ 7,120 $ 590 $ 3,688 $ (3,381) (1) (Decreases) Increases Net realized investment gains (losses) 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 nine months ended September 30, 2020, including amounts reclassified from AOCI, are included in table 9.3 below. Rollforward of AOCI Table 9.3 Nine Months Ended September 30, 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 111,160 (12,403) 98,757 Less: Amounts reclassified from AOCI 6,852 (3,164) 3,688 Balance, September 30, 2020, net of tax $ 242,829 $ (75,052) $ 167,777

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Components of net periodic benefit cost	Table 10.1 and 10.2 provide the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three and nine months ended September 30, 2020 and 2019. Components of net periodic benefit cost Table 10.1 Three Months Ended September 30, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 1,848 $ 2,086 $ 316 $ 337 Interest cost 3,375 3,926 208 283 Expected return on plan assets $ (5,526) $ (4,866) $ (1,852) $ (1,447) Amortization of net actuarial losses/(gains) 1,580 2,103 (196) — Amortization of prior service cost/(credit) $ (62) $ (71) $ 13 $ (8) Cost of settlements 6,520 — — — Net periodic benefit cost (benefit) $ 7,735 $ 3,178 $ (1,511) $ (835) Components of net periodic benefit cost Table 10.2 Nine Months Ended September 30, Pension and Supplemental Executive Retirement Plans Other Postretirement Benefit Plans (In thousands) 2020 2019 2020 2019 Service cost $ 5,545 $ 6,258 $ 947 $ 1,009 Interest cost 10,125 11,779 624 848 Expected return on plan assets (16,579) (14,599) (5,556) (4,339) Amortization of net actuarial losses/(gains) 4,740 6,309 (587) — Amortization of prior service cost/(credit) (186) (211) 38 (25) Cost of settlements 6,520 — — — Net periodic benefit cost (benefit) $ 10,165 $ 9,536 $ (4,534) $ (2,507)

Loss Reserves (Tables)

Loss Reserves (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 and 2019. Development of reserves for losses and loss adjustment expenses Table 11.1 Nine Months Ended September 30, (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 301,699 142,644 Prior years (1) 17,317 (47,760) Total losses incurred 319,016 94,884 Losses paid: Losses and LAE paid in respect of delinquency notices received in: Current year 1,486 980 Prior years 93,937 165,844 Reinsurance terminations (20) (13,980) Total losses paid 95,403 152,844 Net reserve at end of period 757,306 582,731 Plus reinsurance recoverables 83,143 19,566 Reserve at end of period $ 840,449 $ 602,297 (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. 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 nine months of 2020 and 2019 is reflected in table 11.2 below. Reserve development on previously received delinquencies Table 11.2 Nine Months Ended September 30, (In thousands) 2020 2019 Decrease in estimated claim rate on primary defaults $ (1,626) $ (94,294) Increase in estimated severity on primary defaults 13,503 2,637 Change in estimates related to pool reserves, LAE reserves, reinsurance, and other 5,440 43,897 Total prior year loss development (1) $ 17,317 $ (47,760) (1) A positive number for prior year loss development indicates a deficiency of prior year loss 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 delinquency inventory for the three and nine months ended September 30, 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. Delinquency inventory rollforward Table 11.3 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Delinquency inventory at beginning of period 69,326 29,795 30,028 32,898 New notices 20,924 14,019 90,906 40,545 Cures (25,446) (12,592) (54,523) (39,822) Paid claims (375) (1,045) (1,933) (3,345) Rescissions and denials (11) (42) (60) (141) Other items removed from inventory — (195) — (195) Delinquency inventory at end of period 64,418 29,940 64,418 29,940
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 delinquency inventory - consecutive months delinquent Table 11.4 September 30, 2020 December 31, 2019 September 30, 2019 3 months or less 15,879 9,447 9,462 4-11 months 37,702 9,664 9,082 12 months or more (1) 10,837 10,917 11,396 Total 64,418 30,028 29,940 3 months or less 25 % 32 % 32 % 4-11 months 58 % 32 % 30 % 12 months or more 17 % 36 % 38 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 172 538 557 (1) Approximately 32%, 36% ,

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 Nine months ended September 30, 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 390 12.91 605 12.21

Statutory Information Statutory

Statutory Information Statutory Information (Tables)	9 Months Ended
	Sep. 30, 2020
Statutory Capital [Abstract]
Summary of amounts disclosed under statutory accounting practices	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. Financial information of our insurance subsidiaries Table 14.1 As of and for the Nine Months Ended September 30, (In thousands) 2020 2019 Statutory net income $ 31,306 $ 231,135 Statutory policyholders' surplus 1,313,952 1,633,847 Contingency reserve 3,409,950 2,876,748

Significant Accounting Polici_4

Significant Accounting Policies Significant Accounting Policies (Details) $ in Thousands	Sep. 30, 2020USD ($)
Accounting Changes and Error Corrections [Abstract]
Allowance for Expected Credit Loss	$ 362

Debt - Summary of Debt Obligati

Debt - Summary of Debt Obligations (Details) - USD ($)	Sep. 30, 2020	Aug. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 1,242,700,000		$ 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	$ 240,400,000		420,800,000
Stated interest rate	5.75%	5.75%
Debt instrument, face amount	$ 242,300,000
Senior Notes | 5.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 638,500,000		0
Stated interest rate	5.25%	5.25%
Debt instrument, face amount	$ 650,000,000	$ 650,000,000
9% Convertible Junior Subordinated Debentures
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 208,800,000		$ 256,900,000
Stated interest rate	9.00%

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Repurchases of senior notes				$ 179,735,000	$ 0
Loss on extinguishment of debt		$ (26,736,000)	$ 0	(26,736,000)	0
Total interest payments				$ 44,200,000	$ 38,500,000
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		$ 1,000
Convertible debt, conversion price (in dollars per share) | $ / shares		$ 13.43		$ 13.43
Stated interest rate		9.00%		9.00%
Extinguishment of debt, amount		$ 48,100,000
Repurchases of convertible junior subordinated debentures		61,600,000
Loss on extinguishment of debt		10,200,000
Reacquisition of convertible junior subordinated debentures-equity component		$ 2,700,000
Reduction in potentially dilutive shares due to debt extinguishment (in shares) | shares		3.6
Senior Notes | 5.75% Senior Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate	5.75%	5.75%		5.75%
Debt instrument, face amount		$ 242,300,000		$ 242,300,000
Extinguishment of debt, amount	$ 182,700,000
Repurchases of senior notes	197,800,000
Loss on extinguishment of debt	$ 16,500,000
Senior Notes | 5.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Stated interest rate	5.25%	5.25%		5.25%
Debt instrument, face amount	$ 650,000,000	$ 650,000,000		$ 650,000,000
Proceeds from issuance of debt	$ 640,300,000
Other debt issuance costs, gross		$ 2,000,000		$ 2,000,000
Ownership percentage threshold for declaration of due and payable				25.00%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage	102.625%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	102.625%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period Two | Treasury rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage	102.625%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage	101.313%
Senior Notes | 5.25% Senior Notes Due 2028 | Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption price, percentage	100.00%

Reinsurance - Summary of Premiu

Reinsurance - Summary of Premiums Earned and Losses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Premiums earned:
Direct	$ 300,557	$ 294,909	$ 896,346	$ 861,705
Assumed	2,729	1,388	8,719	3,275
Ceded (1)	(47,173)	(28,440)	(144,489)	(100,260)
Net premiums earned	256,113	267,857	760,576	764,720
Losses incurred:
Direct	61,164	36,755	383,950	102,835
Assumed	229	(34)	528	(110)
Ceded	(20,707)	(2,736)	(65,462)	(7,841)
Losses incurred, net	$ 40,686	$ 33,985	$ 319,016	$ 94,884

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effects of Reinsurance [Line Items]
Ceded premiums		$ 47,173,000	$ 28,440,000	$ 144,489,000	$ 100,260,000
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%
Credit Union Quota Share Reinsurance Agreement
Effects of Reinsurance [Line Items]
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)				80.00%
Quota share for all policies covered (as a percent)				65.00%
Ceding commission, percentage (as a percent)				20.00%
Loss ratio threshold for profit commissions (as a percent)				50.00%
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		$ 3,700,000	$ 5,400,000	$ 12,800,000	$ 12,400,000
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%
Financial Asset Equal To Or Greater Than 60 Days Past Due | Excess of Loss Reinsurance Agreement, Home Re
Effects of Reinsurance [Line Items]
Percent of delinquent reinsured loans to total reinsured loans				4.00%

Reinsurance - Summary of Quota

Reinsurance - Summary of Quota Reinsurance Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Ceded losses incurred	$ 20,707	$ 2,736	$ 65,462	$ 7,841
Reinsurance recoverable on loss reserves	83,143	19,566	83,143	19,566	$ 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	43,448	23,032	131,651	87,721
Ceded losses incurred	20,707	2,729	65,493	7,845
Ceding commissions	12,128	11,042	35,518	37,807
Profit commission	17,191	$ 32,177	45,939	108,079
Reinsurance recoverable on loss reserves	$ 83,100		$ 83,100		$ 21,600
Quota Share Reinsurance Agreement, 2015
Effects of Reinsurance [Line Items]
Contingent termination fee				$ 6,800

Reinsurance - Variable Interest

Reinsurance - Variable Interest Entity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Oct. 30, 2020
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	$ 351,043	$ 353,415
Remaining Excess of Loss Reinsurance Coverages	$ 426,489	531,978
Percent of total trust assets invested in cash or direct U.S. federal government obligations	99.50%
Home Re special purpose insurers | Subsequent Event
Effects of Reinsurance [Line Items]
Remaining Excess of Loss Reinsurance Coverages			$ 412,900
Home Re 2018-1
Effects of Reinsurance [Line Items]
Remaining First Layer Retention	$ 166,246	167,779
Remaining Excess of Loss Reinsurance Coverages	218,343	260,957
Total VIE Assets	218,343	269,451
Home Re 2019-1
Effects of Reinsurance [Line Items]
Remaining First Layer Retention	184,797	185,636
Remaining Excess of Loss Reinsurance Coverages	208,146	271,021
Total VIE Assets	$ 208,146	$ 283,150

Litigation and Contingencies (D

Litigation and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Average paid claim reduction due to curtailments (as a percent)	3.50%	5.00%
Maximum exposure associated with other discussions and legal proceedings	$ 40

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic earnings per share:
Net income	$ 130,811	$ 176,934	$ 294,663	$ 496,653
Weighted average common shares outstanding - basic (in shares)	338,598	351,475	340,408	354,272
Basic earnings per share (in dollars per share)	$ 0.39	$ 0.50	$ 0.87	$ 1.40
Diluted earnings per share:
Net income	$ 130,811	$ 176,934	$ 294,663	$ 496,653
Diluted income available to common shareholders	$ 134,972	$ 181,500	$ 307,956	$ 510,351
Weighted average common shares outstanding - basic (in shares)	338,598	351,475	340,408	354,272
Effect of dilutive securities:
Weighted average common shares outstanding - diluted (in shares)	357,195	372,575	360,389	375,266
Diluted earnings per share (in dollars per share)	$ 0.38	$ 0.49	$ 0.85	$ 1.36
9% Convertible Junior Subordinated Debentures
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Stated interest rate	9.00%		9.00%
Diluted earnings per share:
Dilutive securities	$ 4,161	$ 4,566	$ 13,293	$ 13,698
Effect of dilutive securities:
Dilutive securities (in shares)	17,220	19,028	18,489	19,028
Unvested RSUs
Effect of dilutive securities:
Unvested RSUs (in shares)	1,377	2,072	1,492	1,966

Investments (Details)

Investments (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)security	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)security	Jun. 30, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,037,701,000		$ 6,037,701,000		$ 5,562,550,000
Allowance for Expected Credit Loss	(362,000)		(362,000)
Fair Value	6,344,718,000		6,344,718,000		5,737,892,000
Other-than-temporary impairment losses recorded in other comprehensive income					0
Assets held by insurance regulators	14,100,000		14,100,000		$ 13,900,000
Increase in credit allowance for the period	400,000		$ 400,000
Collateral, market value to principal balance of FHLB (as a percent)			102.00%
FHLB advance, collateral pledged	$ 165,700,000		$ 165,700,000
Number of securities in unrealized loss position (in securities) | security	197		197		217
Total fixed income securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,037,701,000		$ 6,037,701,000		$ 5,562,550,000
Allowance for Expected Credit Loss	(362,000)		(362,000)
Gross Unrealized Gains	316,146,000		316,146,000		185,244,000
Gross Unrealized Losses	(8,767,000)		(8,767,000)		(9,902,000)
Fair Value	6,344,718,000		6,344,718,000		5,737,892,000
Proceeds from sales of fixed income securities			713,100,000	$ 201,400,000
Gross realized gains, fixed income securities	3,400,000	$ 3,300,000	15,900,000	5,300,000
Gross realized losses, fixed income securities	800,000	$ 700,000	5,900,000	3,000,000
Impairment charges recognized on securities with the intent to sell	400,000		700,000
Net impairment losses recognized in earnings				$ 100,000
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	347,249,000		347,249,000		195,176,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	1,513,000		1,513,000		1,237,000
Gross Unrealized Losses	(15,000)		(15,000)		(210,000)
Fair Value	348,747,000		348,747,000		196,203,000
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,886,910,000		1,886,910,000		1,555,394,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	146,562,000		146,562,000		99,328,000
Gross Unrealized Losses	(891,000)		(891,000)		(857,000)
Fair Value	2,032,581,000		2,032,581,000		1,653,865,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,627,745,000		2,627,745,000		2,711,910,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	144,646,000		144,646,000		76,220,000
Gross Unrealized Losses	(2,748,000)		(2,748,000)		(3,008,000)
Fair Value	2,769,643,000		2,769,643,000		2,785,122,000
Asset backed securities (“ABS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	201,731,000		201,731,000		227,376,000
Allowance for Expected Credit Loss	(362,000)		(362,000)		0	$ 0
Gross Unrealized Gains	3,472,000		3,472,000		2,466,000
Gross Unrealized Losses	(145,000)		(145,000)		(178,000)
Fair Value	204,696,000		204,696,000		229,664,000
Residential mortgage backed securities (“RMBS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	398,934,000		398,934,000		271,384,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	6,106,000		6,106,000		429,000
Gross Unrealized Losses	(1,147,000)		(1,147,000)		(3,227,000)
Fair Value	403,893,000		403,893,000		268,586,000
Commercial mortgage backed securities (“CMBS”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	258,579,000		258,579,000		274,234,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	13,791,000		13,791,000		5,531,000
Gross Unrealized Losses	(846,000)		(846,000)		(779,000)
Fair Value	271,524,000		271,524,000		278,986,000
Collateralized loan obligations (“CLOs”)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	312,068,000		312,068,000		327,076,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	0		0		33,000
Gross Unrealized Losses	(2,975,000)		(2,975,000)		(1,643,000)
Fair Value	309,093,000		309,093,000		$ 325,466,000
Debt securities issued by foreign sovereign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,485,000		4,485,000
Allowance for Expected Credit Loss	0		0
Gross Unrealized Gains	56,000		56,000
Gross Unrealized Losses	0		0
Fair Value	$ 4,541,000		$ 4,541,000

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 437,605
Due after one year through five years	1,993,330
Due after five years through ten years	1,152,214
Due after ten years	1,283,240
Total debt securities with single maturity date, amortized cost	4,866,389
Amortized Cost	6,037,701	$ 5,562,550
Fair Value
Due in one year or less	440,557
Due after one year through five years	2,077,983
Due after five years through ten years	1,256,504
Due after ten years	1,380,468
Total debt securities with single maturity date, fair value	5,155,512
Total at end of period	6,344,718	5,737,892
Asset backed securities (“ABS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	201,731
Amortized Cost	201,731	227,376
Fair Value
Total debt securities without single maturity date, fair value	204,696
Total at end of period	204,696	229,664
Residential mortgage backed securities (“RMBS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	398,934
Amortized Cost	398,934	271,384
Fair Value
Total debt securities without single maturity date, fair value	403,893
Total at end of period	403,893	268,586
Commercial mortgage backed securities (“CMBS”)
Amortized cost
Total debt securities without single maturity date, amortized cost	258,579
Amortized Cost	258,579	274,234
Fair Value
Total debt securities without single maturity date, fair value	271,524
Total at end of period	271,524	278,986
Collateralized loan obligations (“CLOs”)
Amortized cost
Total debt securities without single maturity date, amortized cost	312,068
Amortized Cost	312,068	327,076
Fair Value
Total debt securities without single maturity date, fair value	309,093
Total at end of period	$ 309,093	$ 325,466

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 17,486	$ 17,486		$ 17,188
Gross Gains		587		154
Gross Losses		(13)		(14)
Fair Value	18,060	18,060		$ 17,328
Unrealized Gain (Loss) on Equity Securities [Abstract]
Recognized net gains (losses) on equity securities still held	$ 100	$ 400	$ 200

Investments - Securities In Unr

Investments - Securities In Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 659,770		$ 624,334
12 Months or Greater - Fair Value	154,764		379,411
Total - Fair Value	814,534		1,003,745
Less Than 12 Months - Unrealized Losses	(6,805)		(5,426)
12 Months or Greater - Unrealized Losses	(1,962)		(4,476)
Total - Unrealized Losses	(8,767)		(9,902)
Allowance for Expected Credit Loss	362
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	5,004		57,301
12 Months or Greater - Fair Value	0		5,806
Total - Fair Value	5,004		63,107
Less Than 12 Months - Unrealized Losses	(15)		(200)
12 Months or Greater - Unrealized Losses	0		(10)
Total - Unrealized Losses	(15)		(210)
Allowance for Expected Credit Loss	0
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	72,620		74,859
12 Months or Greater - Fair Value	0		6,957
Total - Fair Value	72,620		81,816
Less Than 12 Months - Unrealized Losses	(891)		(847)
12 Months or Greater - Unrealized Losses	0		(10)
Total - Unrealized Losses	(891)		(857)
Allowance for Expected Credit Loss	0
Corporate debt securities
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	263,665		221,357
12 Months or Greater - Fair Value	0		43,505
Total - Fair Value	263,665		264,862
Less Than 12 Months - Unrealized Losses	(2,748)		(2,847)
12 Months or Greater - Unrealized Losses	0		(161)
Total - Unrealized Losses	(2,748)		(3,008)
Allowance for Expected Credit Loss	0
Asset backed securities (“ABS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	17,505		21,542
12 Months or Greater - Fair Value	0		3,851
Total - Fair Value	17,505		25,393
Less Than 12 Months - Unrealized Losses	(145)		(118)
12 Months or Greater - Unrealized Losses	0		(60)
Total - Unrealized Losses	(145)		(178)
Allowance for Expected Credit Loss	362	$ 0	0
Residential mortgage backed securities (“RMBS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	128,358		105,443
12 Months or Greater - Fair Value	3,886		110,452
Total - Fair Value	132,244		215,895
Less Than 12 Months - Unrealized Losses	(1,028)		(461)
12 Months or Greater - Unrealized Losses	(119)		(2,766)
Total - Unrealized Losses	(1,147)		(3,227)
Allowance for Expected Credit Loss	0
Commercial mortgage backed securities (“CMBS”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	13,065		62,388
12 Months or Greater - Fair Value	1,338		11,852
Total - Fair Value	14,403		74,240
Less Than 12 Months - Unrealized Losses	(707)		(728)
12 Months or Greater - Unrealized Losses	(139)		(51)
Total - Unrealized Losses	(846)		(779)
Allowance for Expected Credit Loss	0
Collateralized loan obligations (“CLOs”)
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	159,553		81,444
12 Months or Greater - Fair Value	149,540		196,988
Total - Fair Value	309,093		278,432
Less Than 12 Months - Unrealized Losses	(1,271)		(225)
12 Months or Greater - Unrealized Losses	(1,704)		(1,418)
Total - Unrealized Losses	(2,975)		$ (1,643)
Allowance for Expected Credit Loss	$ 0

Investments - Allowance for Cre

Investments - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Ending balance	$ 362	$ 362
Asset backed securities (“ABS”)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0
Additions for expected credit allowance where no credit losses were previously recognized.	362	362
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized.	0	0
Reductions due to sales/defaults of credit-impaired securities	0	0
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	0	0
Ending balance	$ 362	$ 362

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 6,344,718	$ 5,737,892
Equity securities, at fair value (cost 2020 - $17,486; 2019 - $17,188)	18,060	17,328
Other	380,072	164,693
Real estate acquired	1,690	7,252
Total assets	6,744,540	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	380,072	164,693
Real estate acquired	0	0
Total assets	610,835	216,261
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	0	0
Real estate acquired	0	0
Total assets	6,132,015	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	1,690	7,252
Total assets	1,690	7,252
Total fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	6,344,718	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	212,703	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	6,132,015	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	348,747	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	212,703	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	136,044	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	2,032,581	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	2,032,581	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	2,769,643	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	2,769,643	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	204,696	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	204,696	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	403,893	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	403,893	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	271,524	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	271,524	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	309,093	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	309,093	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
Debt securities issued by foreign sovereign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,541
Debt securities issued by foreign sovereign governments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Debt securities issued by foreign sovereign governments | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,541
Debt securities issued by foreign sovereign governments | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost 2020 - $17,486; 2019 - $17,188)	18,060	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 - $17,486; 2019 - $17,188)	18,060	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 - $17,486; 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 - $17,486; 2019 - $17,188)	$ 0	$ 0

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fixed income
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ 0	$ 13
Purchases	0	0	0	0
Sales	0	0	0	(13)
Included in earnings and reported as losses incurred, net	0	0	0	0
Balance at end of period	0	0	0	0
Real Estate Acquired
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,963	10,250	7,252	14,535
Purchases	1,990	4,681	7,911	19,872
Sales	(2,266)	(7,173)	(13,991)	(26,197)
Included in earnings and reported as losses incurred, net	3	21	518	(431)
Balance at end of period	$ 1,690	$ 7,779	$ 1,690	$ 7,779

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Aug. 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
9% Convertible Junior Subordinated Debentures	208,814		256,872
Total financial liabilities	1,242,652		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	161,436		156,422
9% Convertible Junior Subordinated Debentures	268,397		346,289
Total financial liabilities	$ 1,360,376		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%	5.75%
Senior Notes | 5.75% Senior Notes Due 2023 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 240,433		420,867
Senior Notes | 5.75% Senior Notes Due 2023 | Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 257,065		471,827
Senior Notes | 5.25% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.25%	5.25%
Senior Notes | 5.25% Senior Notes Due 2028 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 638,405		0
Senior Notes | 5.25% Senior Notes Due 2028 | Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 673,478		$ 0
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income	$ 28,310	$ 41,736	$ 120,341	$ 237,969
Income tax (expense) benefit	(5,945)	(8,764)	(25,272)	(49,973)
Other comprehensive (loss) income, net of tax	22,365	32,972	95,069	187,996
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	164,329	223,120	369,051	625,267
Income tax (expense) benefit	(33,518)	(46,186)	(74,388)	(128,614)
Total reclassifications, net of tax	130,811	176,934	294,663	496,653
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period			4,309,234
Other comprehensive income before reclassifications			98,757
Less: Amounts reclassified from AOCI			3,688
Balance, end of period	4,513,622	4,159,617	4,513,622	4,159,617
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	9,013	748	4,668	(4,280)
Income tax (expense) benefit	(1,893)	(158)	(980)	899
Total reclassifications, net of tax	7,120	590	3,688	(3,381)
Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive (loss) income, net of tax	22,365	32,972	95,069	187,996
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	145,412	30,810	72,708	(124,214)
Balance, end of period	167,777	63,782	167,777	63,782
Net unrealized gains and (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income	42,674	39,712	132,036	231,895
Income tax (expense) benefit	(8,962)	(8,340)	(27,728)	(48,698)
Other comprehensive (loss) income, net of tax	33,712	31,372	104,308	183,197
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period			138,521
Other comprehensive income before reclassifications			111,160
Less: Amounts reclassified from AOCI			6,852
Balance, end of period	242,829		242,829
Net unrealized gains and (losses) on available-for-sale securities | Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	10,349	2,772	8,673	1,794
Income tax (expense) benefit	(2,173)	(582)	(1,821)	(376)
Total reclassifications, net of tax	8,176	2,190	6,852	1,418
Net benefit plan assets and (obligations) recognized in shareholders' equity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income	(14,364)	2,024	(11,695)	6,074
Income tax (expense) benefit	3,017	(424)	2,456	(1,275)
Other comprehensive (loss) income, net of tax	(11,347)	1,600	(9,239)	4,799
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period			(65,813)
Other comprehensive income before reclassifications			(12,403)
Less: Amounts reclassified from AOCI			(3,164)
Balance, end of period	(75,052)		(75,052)
Net benefit plan assets and (obligations) recognized in shareholders' equity | Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	(1,336)	(2,024)	(4,005)	(6,074)
Income tax (expense) benefit	280	424	841	1,275
Total reclassifications, net of tax	$ (1,056)	$ (1,600)	$ (3,164)	$ (4,799)

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension and Supplemental Executive Retirement Plans
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 1,848	$ 2,086	$ 5,545	$ 6,258
Interest cost	3,375	3,926	10,125	11,779
Expected return on plan assets	(5,526)	(4,866)	(16,579)	(14,599)
Amortization of net actuarial losses/(gains)	1,580	2,103	4,740	6,309
Amortization of prior service cost/(credit)	(62)	(71)	(186)	(211)
Cost of settlements	6,520	0	6,520	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	7,735	3,178	10,165	9,536
Company contribution to pension plan			12,400
Other Postretirement Benefit Plans
Components of Net Periodic Benefit Cost [Abstract]
Service cost	316	337	947	1,009
Interest cost	208	283	624	848
Expected return on plan assets	(1,852)	(1,447)	(5,556)	(4,339)
Amortization of net actuarial losses/(gains)	(196)	0	(587)	0
Amortization of prior service cost/(credit)	13	(8)	38	(25)
Cost of settlements	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ (1,511)	$ (835)	(4,534)	$ (2,507)
Pension Plan
Components of Net Periodic Benefit Cost [Abstract]
Cost of settlements			(6,500)
Company contribution to pension plan			$ 6,500

Loss Reserves (Details)

Loss Reserves (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)loan	Sep. 30, 2019loan	Sep. 30, 2020USD ($)loan	Sep. 30, 2019USD ($)loan	Dec. 31, 2019USD ($)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years | $			$ 17,317	$ (47,760)
Prior years | $			$ 93,937	$ 165,844
Percentage of prior year default inventory resolved			61.00%	61.00%
Premium refund liability, expected claim payments | $	$ 29,000		$ 29,000		$ 30,000
Primary Delinquent Inventory [Roll Forward]
Delinquent inventory at the beginning of period (in loans) | loan	69,326	29,795	30,028	32,898
New notices (in loans) | loan	20,924	14,019	90,906	40,545
Cures (in loans) | loan	(25,446)	(12,592)	(54,523)	(39,822)
Paids (including those charged to a deductible or captive) (in loans) | loan	(375)	(1,045)	(1,933)	(3,345)
Rescissions and denials (in loans) | loan	(11)	(42)	(60)	(141)
Other items removed from inventory (in loans) | loan	0	(195)	0	(195)
Delinquent inventory at end of period (in loans) | loan	64,418	29,940	64,418	29,940
Probable loss on litigation claims paying practices
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years | $				$ 23,500
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 | $			$ (1,626)	(94,294)
Increase in estimated severity on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years | $			13,503	2,637
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 | $			$ 5,440	$ 43,897

Loss Reserves - Reconciliation

Loss Reserves - Reconciliation of Beginning and Ending Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 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	301,699	142,644
Prior years	17,317	(47,760)
Total losses incurred	319,016	94,884
Losses and LAE paid in respect of delinquency notices received in:
Current year	1,486	980
Prior years	93,937	165,844
Reinsurance terminations	(20)	(13,980)
Total losses paid	95,403	152,844
Net reserve at end of period	757,306	582,731
Plus reinsurance recoverables	83,143	19,566
Reserve at end of period	$ 840,449	$ 602,297

Loss Reserves - Delinquent Item

Loss Reserves - Delinquent Items (Details) - loan	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Insurance Loss Reserves [Abstract]
Percent of delinquency inventory subject to a Covid-19 forbearance plan (as a percent)	67.00%
Aging of the Primary Delinquent Inventory [Abstract]
3 months or less (in loans)	15,879		9,447	9,462
3 months or less (as a percent)	25.00%		32.00%	32.00%
4 - 11 months (in loans)	37,702		9,664	9,082
4 - 11 months (as a percent)	58.00%		32.00%	30.00%
12 months or more (in loans)	10,837		10,917	11,396
12 months or more (as a percent)	17.00%		36.00%	38.00%
Total primary delinquent inventory (in loans)	64,418	69,326	30,028	29,940	29,795	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)	172		538	557
Percent of 12 months or more delinquent inventory, delinquent for more than 36 months (as a percent)	32.00%		36.00%	36.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Oct. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Shares repurchased in period (in shares)		0	0	9.6
Shares repurchased, weighted average price per share				$ 12.47
Remaining authorized repurchase amount		$ 291,000			$ 291,000
Quarterly cash dividend paid (per share)					$ 0.06
Total dividends paid					$ 61,745	$ 20,989
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 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)	390	605
Weighted Average Share Fair Value (in dollars per share)	$ 12.91	$ 12.21
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			9 Months Ended
	Sep. 30, 2020USD ($)jurisdiction	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements (in jurisdictions) | jurisdiction	16			16
Maximum permitted risk-to-capital ratio commonly applied				25 to 1
Risk to capital ratio of combined insurance operations at end of period				9.4 to 1
Risk-to-capital ratio for combined insurance operations	9.4			9.4
Percentage of statutory policyholders surplus used to determine maximum allowable dividends (as a percent)	10.00%			10.00%
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Maximum risk-to-capital ratio				25
Risk to capital ratio at end of period				9.4 to 1
Risk-to-capital ratio	9.4			9.4
Amount of policyholders position above or below required MPP	$ 3,100			$ 3,100
Amount of required MPP	1,700			$ 1,700
Dividends paid to the parent company	0	$ 0	$ 390
Dividend to parent, distribution of interest in 9% Debentures	$ 139.7
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statutory Capital [Abstract]
Statutory net income	$ 31,306	$ 231,135
Statutory policyholders' surplus	1,313,952	1,633,847
Contingency reserve	$ 3,409,950	$ 2,876,748