MGIC Investment (MTG) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'MGIC INVESTMENT CORP	'
Entity Central Index Key	'0000876437	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	338,515,868
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Securities, available-for-sale, at fair value:	'	'
Fixed maturities (amortized cost, 2014 - $4,803,526; 2013 - $4,948,543)	$4,758,526	$4,863,925
Equity securities	2,955	2,894
Total investment portfolio	4,761,481	4,866,819
Cash and cash equivalents	296,887	332,692
Restricted cash and cash equivalents (note 1)	17,444	17,440
Accrued investment income	31,811	31,660
Prepaid reinsurance premiums (note 4)	38,071	36,243
Reinsurance recoverable on loss reserves (note 4)	57,618	64,085
Reinsurance recoverable on paid losses (note 4)	9,031	10,425
Premium receivable	54,339	62,301
Home office and equipment, net	28,650	26,185
Deferred insurance policy acquisition costs	10,154	9,721
Other assets	159,509	143,819
Total assets	5,464,995	5,601,390
Liabilities:	'	'
Loss reserves (note 12)	2,834,559	3,061,401
Premium deficiency reserve (note 13)	43,288	48,461
Unearned premiums	160,097	154,479
Senior notes (note 3)	61,883	82,773
Convertible senior notes (note 3)	845,000	845,000
Convertible junior debentures (note 3)	389,522	389,522
Other liabilities	289,931	275,216
Total liabilities	4,624,280	4,856,852
Contingencies (note 5)	'	'
Shareholders' equity (note 14):	'	'
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2014 and 2013 - 340,047; shares outstanding 2014 - 338,516; 2013 - 337,758)	340,047	340,047
Paid-in capital	1,657,360	1,661,269
Treasury stock (shares at cost 2014 - 1,531; 2013 - 2,289)	-33,905	-64,435
Accumulated other comprehensive loss, net of tax (note 9)	-78,361	-117,726
Retained deficit	-1,044,426	-1,074,617
Total shareholders' equity	840,715	744,538
Total liabilities and shareholders' equity	$5,464,995	$5,601,390

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
Securities, available-for-sale, at fair value:	'	'
Fixed maturities, amortized cost	$4,803,526	$4,948,543
Shareholders' equity (note 14):	'	'
Common stock, par value (in dollars per share)	$1	$1
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	340,047	340,047
Common stock, shares outstanding (in shares)	338,516	337,758
Treasury stock, shares at cost (in shares)	1,531	2,289

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Premiums written:	'	'
Direct	$244,189	$254,547
Assumed	451	551
Ceded (note 4)	-26,620	-6,598
Net premiums written	218,020	248,500
Increase in unearned premiums, net	-3,759	-1,441
Net premiums earned	214,261	247,059
Investment income, net of expenses	20,156	18,328
Realized investment (losses) gains, net	-231	1,259
Total other-than-temporary impairment losses	0	0
Portion of losses recognized in other comprehensive income, before taxes	0	0
Net impairment losses recognized in earnings	0	0
Other revenue	896	2,539
Total revenues	235,082	269,185
Losses and expenses:	'	'
Losses incurred, net (note 12)	122,608	266,208
Change in premium deficiency reserve (note 13)	-5,173	-1,650
Amortization of deferred policy acquisition costs	1,419	1,697
Other underwriting and operating expenses, net	37,981	48,315
Interest expense (note 3)	17,539	26,406
Total losses and expenses	174,374	340,976
Income (loss) before tax	60,708	-71,791
Provision for income taxes (note 11)	726	1,139
Net income (loss)	$59,982	($72,930)
Income (loss) per share (note 6):	'	'
Basic (in dollars per share)	$0.18	($0.31)
Diluted (in dollars per share)	$0.15	($0.31)
Weighted average common shares outstanding - basic (note 6) (in shares)	338,213	232,348
Weighted average common shares outstanding - diluted (note 6) (in shares)	413,180	232,348

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]	'	'
Net income (loss)	$59,982	($72,930)
Other comprehensive income (loss), net of tax (note 9):	'	'
Change in unrealized investment gains and losses (note 7)	39,598	-9,954
Benefit plan adjustments	-1,486	0
Foreign currency translation adjustment	1,253	316
Other comprehensive income (loss), net of tax	39,365	-9,638
Comprehensive income (loss)	$99,347	($82,568)

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)	Common stock [Member]	Paid-in capital [Member]	Treasury stock [Member]	Accumulated other comprehensive income (loss) [Member]	Accumulated deficit [Member]	Total
In Thousands
Balance at Dec. 31, 2012	$205,047	$1,135,296	($104,959)	($48,163)	($990,281)	'
Net income (loss)	'	'	'	'	-49,848	'
Change in unrealized investment gains and losses, net (note 7)	0	0	0	-123,591	0	'
Common stock issuance (note 14)	135,000	528,335	0	0	0	'
Reissuance of treasury stock, net	0	-7,892	40,524	0	-34,488	'
Equity compensation	0	5,530	0	0	0	'
Benefit plan adjustments	0	0	0	68,038	0	'
Unrealized foreign currency translation adjustment	0	0	0	-14,010	0	'
Balance at Dec. 31, 2013	340,047	1,661,269	-64,435	-117,726	-1,074,617	744,538
Net income (loss)	'	'	'	'	59,982	59,982
Change in unrealized investment gains and losses, net (note 7)	0	0	0	39,598	0	39,598
Reissuance of treasury stock, net	0	-5,712	30,530	0	-29,791	'
Equity compensation	0	1,803	0	0	0	'
Benefit plan adjustments	0	0	0	-1,486	0	1,486
Unrealized foreign currency translation adjustment	0	0	0	1,253	0	1,253
Balance at Mar. 31, 2014	$340,047	$1,657,360	($33,905)	($78,361)	($1,044,426)	$840,715

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$59,982	($72,930)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and other amortization	14,765	22,858
Deferred tax benefit	-86	-8
Realized investment losses (gains), excluding impairment losses	231	-1,259
Loss on repurchases of senior notes	837	0
Other	-22,218	6,256
Change in certain assets and liabilities:	'	'
Accrued investment income	-151	-4,047
Prepaid reinsurance premium	-1,828	79
Reinsurance recoverable on loss reserves	6,467	8,669
Reinsurance recoverable on paid losses	1,394	2,322
Premium receivable	7,962	-4,813
Deferred insurance policy acquisition costs	-433	-963
Loss reserves	-226,842	-208,495
Premium deficiency reserve	-5,173	-1,650
Unearned premiums	5,618	1,373
Income taxes payable (current)	548	899
Net cash used in operating activities	-158,927	-251,709
Cash flows from investing activities:	'	'
Purchase of fixed maturities	-582,261	-975,555
Purchase of equity securities	-19	-18
Proceeds from sale of fixed maturities	419,293	361,119
Proceeds from maturity of fixed maturities	295,188	282,701
Net increase in payable for securities	12,692	43,435
Net change in restricted cash	-4	0
Net cash provided by (used in) investing activities	144,889	-288,318
Cash flows from financing activities:	'	'
Net proceeds from convertible senior notes	0	484,670
Common stock shares issued	0	663,542
Repurchases of long-term debt	-21,767	0
Net cash (used in) provided by financing activities	-21,767	1,148,212
Net (decrease) increase in cash and cash equivalents	-35,805	608,185
Cash and cash equivalents at beginning of period	332,692	1,027,625
Cash and cash equivalents at end of period	$296,887	$1,635,810

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Nature of Business and Basis of Presentation [Abstract]	'
Nature of Business and Basis of Presentation	'
	Note 1 – Nature of Business and Basis of Presentation
	MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), MGIC Indemnity Corporation (“MIC”) and several other subsidiaries, is principally engaged in the mortgage insurance business.  We provide mortgage insurance to lenders throughout the United States and to government sponsored entities (“GSEs”) to protect against loss from defaults on low down payment residential mortgage loans.
	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, 2013 included in our 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 financial position and results of operations for the periods indicated. The results of operations for the interim period may not be indicative of the results that may be expected for the year ending December 31, 2014.
	Capital - GSEs
	Since 2008, substantially all of our insurance written has been for loans sold to Fannie Mae and Freddie Mac (the “GSEs”), each of which has mortgage insurer eligibility requirements to maintain the highest level of eligibility. The existing eligibility requirements include a minimum financial strength rating of Aa3/AA-. Because MGIC does not meet such financial strength rating requirements (its financial strength rating from Moody’s is Ba3 (with a stable outlook) and from Standard & Poor’s is BB (with a positive outlook)), MGIC is currently operating with each GSE as an eligible insurer under a remediation plan. We believe that the GSEs view remediation plans as a continuing process of interaction with a mortgage insurer and MGIC will continue to operate under a remediation plan for the foreseeable future. The GSEs may include new eligibility requirements as part of our current remediation plan. There can be no assurance that MGIC will be able to continue to operate as an eligible mortgage insurer under a remediation plan.
	The GSEs previously advised us that, at the direction of their conservator, the Federal Housing Finance Agency (“FHFA”), they will be revising the eligibility requirements for all mortgage insurers. We expect the revised eligibility standards to include new counterparty financial requirements (the “GSE Counterparty Financial Requirements”). Prior to publicly releasing the draft of the revised eligibility requirements, the FHFA is allowing state insurance regulators a period of time in which to review them on a confidential basis. After considering any changes suggested by the state insurance regulators, the FHFA is expected to release the draft eligibility requirements for public input, which could occur as early as the second quarter of 2014. We have not been informed of the content of the new eligibility requirements, their timeframes for effectiveness, or the length of the public input period.
	We have various alternatives available to improve our existing risk-to-capital position, including contributing additional funds that are on hand today from our holding company to MGIC, entering into additional external reinsurance transactions, seeking approval to write business in MIC and raising additional capital, which could be contributed to MGIC. While there can be no assurance that MGIC would meet the GSE Counterparty Financial Requirements by their effective date, we believe we could implement one or more of these alternatives so that we would continue to be an eligible mortgage insurer after the GSE Counterparty Financial Requirements are fully effective. If MGIC (or MIC, under certain circumstances) ceases to be eligible to insure loans purchased by one or both of the GSEs, it would significantly reduce the volume of our new business writings.
	See additional disclosure regarding statutory capital in Note 15 – “Statutory Capital.”
	Reclassifications
	Certain reclassifications have been made in the accompanying financial statements to 2013 amounts to conform to 2014 presentation.
	Restricted cash and cash equivalents
	During the second quarter of 2013, approximately $60.3 million was placed in escrow in connection with the two agreements we entered into to resolve our dispute with Countrywide Home Loans (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “Countrywide”) regarding rescissions. In the fourth quarter of 2013, approximately $42.9 million was released from escrow in connection with the BANA agreement. At March 31, 2014 and December 31, 2013, approximately $17.4 million remains in escrow in connection with the CHL agreement. See additional discussion of these settlement agreements in Note 5 – “Litigation and Contingencies.”
	Subsequent events
	We have considered subsequent events through the date of this filing.

New_Accounting_Guidance

New Accounting Guidance	3 Months Ended
	Mar. 31, 2014
New Accounting Guidance [Abstract]	'
New Accounting Guidance	'
	Note 2 - New Accounting Guidance
	In July 2013, the FASB issued an update to the accounting standard regarding income taxes. This update provides guidance concerning the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryforward (the “Carryforwards”) is available. This accounting standard requires an entity to net its liability related to unrecognized tax benefits against the related deferred tax assets for the Carryforwards. A gross presentation will be required when the Carryforwards are not available under the tax law of the applicable jurisdiction or when the Carryforwards would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. This update is effective for fiscal years and interim periods within such years beginning after December 15, 2013. We are currently in compliance with this new guidance. It did not have a significant impact on our consolidated financial statements and disclosures.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Debt	'
	Note 3 – Debt
	5.375% Senior Notes – due November 2015
	At March 31, 2014 and December 31, 2013 we had outstanding $62.0 million and $82.9 million, respectively, of 5.375% Senior Notes due in November 2015. In February 2014, we repurchased $20.9 million in par value of these notes at a cost slightly above par. Interest on these notes is payable semi-annually in arrears on May 1 and November 1 of each year. The description of these Senior Notes, included in our Annual Report on Form 10-K for the year ended December 31, 2013, is not intended to be complete in all respects. Moreover, the description is qualified in its entirety by the terms of the notes, which are contained in the Indenture, dated as of October 15, 2000, between us and U.S. Bank, National Association, as trustee, and in an Officer's Certificate dated as of October 4, 2005, which specifies the interest rate, maturity date and other terms of the Senior Notes.
	There were no scheduled interest payments on the Senior Notes for the three months ended March 31, 2014 and 2013, respectively. In the first quarter of 2014, we paid $0.3 million in interest related to our repurchase discussed above.
	5% Convertible Senior Notes – due May 2017
	At March 31, 2014 and December 31, 2013 we had outstanding $345 million principal amount of 5% Convertible Senior Notes due in May 2017. Interest on the 5% Notes is payable semi-annually in arrears on May 1 and November 1 of each year.
	The 5% Notes are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt, discussed above, and will be senior in right of payment to our existing Convertible Junior Debentures, discussed below. Debt issuance costs are being amortized to interest expense over the contractual life of the 5% Notes. The provisions of the 5% Notes are complex. The description of these 5% Notes, included in our Annual Report on Form 10-K for the year ended December 31, 2013, is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the notes, which are contained in the Supplemental Indenture, dated as of April 26, 2010, between us and U.S. Bank National Association, as trustee, and the Indenture dated as of October 15, 2000, between us and the trustee.
	There were no scheduled interest payments on the 5% Notes for the three months ended March 31, 2014 or 2013.
	2% Convertible Senior Notes – due April 2020
	At March 31, 2014 and December 31, 2013, we had outstanding $500 million principal amount of 2% Convertible Senior Notes due in 2020 which we issued in March 2013. We received net proceeds of approximately $484.6 million after deducting underwriting discount and offering expenses. Interest on the 2% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 2% Notes will mature on April 1, 2020, unless earlier repurchased by us or converted. Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. 130% of such conversion price is $9.03. On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions. These 2% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our existing Convertible Junior Debentures. Debt issuance costs are being amortized to interest expense over the contractual life of the 2% Notes. Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for at least 20 of the 30 trading days preceding notice of the redemption.
	The provisions of the 2% Notes are complex. The description of these 2% Notes, included in our Annual Report on Form 10-K for the year ended December 31, 2013, is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the notes, which are contained in the Second Supplemental Indenture, dated March 12, 2013, between us and U.S. Bank National Association, as trustee, and the Indenture dated as of October 15, 2000, between us and the trustee.
	There were no scheduled interest payments on the 2% Notes for the three months ended March 31, 2014 or 2013.
	9% Convertible Junior Subordinated Debentures – due April 2063
	At March 31, 2014 and December 31, 2013 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063 (the “debentures”). The debentures rank junior to all of our existing and future senior indebtedness.
	Interest on the debentures is payable semi-annually in arrears on April 1 and October 1 of each year. As long as no event of default with respect to the debentures has occurred and is continuing, we may defer interest, under an optional deferral provision, for one or more consecutive interest periods up to ten years without giving rise to an event of default. Deferred interest will accrue additional interest at the rate then applicable to the debentures. During an optional deferral period we may not pay or declare dividends on our common stock.
	Interest on the debentures that would have been payable on the scheduled interest payment date of October 1, 2012 had been deferred. During the deferral period the deferred interest continued to accrue and compound semi-annually at an annual rate of 9%.
	On April 1, 2013 we paid the deferred interest payment, including the compound interest. The interest payment, totaling approximately $18.3 million, was made from the net proceeds of our March 2013 common stock offering. We also paid the regular April 1, 2013 interest payment due on the debentures of approximately $17.5 million, and we remain current on all interest payments due. We continue to have the right to defer interest that is payable on subsequent scheduled interest payment dates. Any deferral of such interest would be on terms equivalent to those described above.
	The provisions of the debentures are complex. The description of these debentures, included in our Annual Report on Form 10-K for the year ended December 31, 2013, is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the debentures, which are contained in the Indenture, dated as of March 28, 2008, between us and U.S. Bank National Association, as trustee.
	We may redeem the debentures in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the debentures being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the debentures for at least 20 of the 30 trading days preceding notice of the redemption.
	The debentures are currently convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 common shares per $1,000 principal amount of debentures at any time prior to the maturity date. This represents an initial conversion price of approximately $13.50 per share. If a holder elects to convert their debentures, deferred interest owed on the debentures being converted is also converted into shares of our common stock. The conversion rate for any deferred interest is based on the average price that our shares traded at during a 5-day period immediately prior to the election to convert. In lieu of issuing shares of common stock upon conversion of the debentures, we may, at our option, make a cash payment to converting holders for all or some of the shares of our common stock otherwise issuable upon conversion.
	There were no scheduled interest payments on the debentures for the three months ended March 31, 2014 or 2013.
	All debt
	The par value and fair value of our debt at March 31, 2014 and December 31, 2013 appears in the table below.
						Quoted Prices in		Significant		Significant
						Active Markets		Other Observable		Unobservable
				Total Fair		for Identical		Inputs		Inputs
		Par Value		Value		Assets (Level 1)		(Level 2)		(Level 3)
		(In thousands)
	31-Mar-14
	Liabilities:
	Senior Notes	$	61,953	$	64,121	$	64,121	$	-	$	-
	Convertible Senior Notes due 2017		345,000		397,599		397,599		-		-
	Convertible Senior Notes due 2020		500,000		703,815		703,815		-		-
	Convertible Junior Subordinated Debentures		389,522		464,018		-		464,018		-
	Total Debt	$	1,296,475	$	1,629,553	$	1,165,535	$	464,018	$	-
	31-Dec-13
	Liabilities:
	Senior Notes	$	82,883	$	85,991	$	85,991	$	-	$	-
	Convertible Senior Notes due 2017		345,000		388,988		388,988		-		-
	Convertible Senior Notes due 2020		500,000		685,625		685,625		-		-
	Convertible Junior Subordinated Debentures		389,522		439,186		-		439,186		-
	Total Debt	$	1,317,405	$	1,599,790	$	1,160,604	$	439,186	$	-
	The fair value of our Senior Notes and Convertible Senior Notes was determined using publicly available trade information and are considered Level 1 securities as described in Note 8 – “Fair Value Measurements.” The fair value of our debentures was determined using available pricing for these debentures or similar instruments and are considered Level 2 securities as described in Note 8 – “Fair Value Measurements.”
	The Senior Notes, Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At March 31, 2014, we had approximately $542 million in cash and investments at our holding company. The net unrealized losses on our holding company investment portfolio were approximately $7.1 million at March 31, 2014. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 3.4 years at March 31, 2014.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2014
Reinsurance [Abstract]	'
Reinsurance	'
	Note 4 – Reinsurance
	In April 2013, we entered into a quota share reinsurance agreement with a group of unaffiliated reinsurers that are not captive reinsurers. These reinsurers primarily have a rating of A or better by Moody’s Investors Service, Standard & Poor’s Rating Services or both. This reinsurance agreement applies to new insurance written between April 1, 2013 and December 31, 2015 (with certain exclusions) and covers incurred losses, with renewal premium through December 31, 2018, at which time the agreement terminates. Early termination of the agreement prior to December 31, 2018 is possible under specified scenarios. The structure of the reinsurance agreement is a 30% quota share, with a 20% ceding commission as well as a profit commission. In December 2013, we entered into an Addendum to the quota share reinsurance agreement that applies to certain insurance written before April 1, 2013 that has never been delinquent. The structure of the quota share reinsurance agreement remained the same, with the exception that the business written before April 1, 2013 is a 40% quota share. Under the Addendum, policies for which premium was received but unearned as of December 31, 2013 were ceded.
	As of March 31, 2014, we have accrued a profit commission receivable of $24.6 million, which is included in "Other assets" on our consolidated balance sheet. This receivable could increase materially through the term of the agreement, but the ultimate amount of the commission will depend on the ultimate level of premiums earned and losses incurred under the agreement. Any profit commission would be paid to us upon termination of the reinsurance agreement.
	The reinsurers are required to maintain trust funds or letters of credit to support recoverable balances for reinsurance, such as loss reserves, paid losses, prepaid reinsurance premiums and profit commissions.  As such forms of collateral are in place, we have not established an allowance against these balances.
	In the past, MGIC had also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the Consumer Financial Protection Bureau (“CFPB”) discussed in Note 5 – “Litigation and Contingencies”, MGIC and the three other mortgage insurers agreed that they would not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years. In accordance with this settlement, all of our active captive arrangements have been placed into run-off.
	Captive agreements were written on an annual book of business and the captives are required to maintain a separate trust account to support the combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trust, and the trust account is made up of capital deposits by the lender captive, premium deposits by MGIC, and investment income earned.  These amounts are held in the trust account and are available to pay reinsured losses. The reinsurance recoverable on loss reserves related to captive agreements was $55 million at March 31, 2014 which was supported by $217 million of trust assets, while at December 31, 2013, the reinsurance recoverable on loss reserves related to captives was $64 million which was supported by $226 million of trust assets. At March 31, 2014 and December 31, 2013 there was an additional $23 million of trust assets in captive agreements where there was no related reinsurance recoverable on loss reserves. See Note 5 – “Litigation and Contingencies” for a discussion of requests or subpoenas for information regarding captive mortgage reinsurance arrangements.
	A summary of the effect of our reinsurance agreements on our results for the three months ended March 31, 2014 and 2013 appears below.
		Three Months Ended
		March 31,
		2014		2013
		(In thousands)
	Ceded premiums written, net of profit commission	$	26,620	$	6,598
	Ceded premiums earned, net of profit commission		24,562		6,407
	Ceded losses incurred		6,384		10,913
	Ceding commissions		9,133		537

Litigation_and_Contingencies

Litigation and Contingencies	3 Months Ended
	Mar. 31, 2014
Litigation and Contingencies [Abstract]	'
Litigation and Contingencies	'
	Note 5 – Litigation and Contingencies
	Before paying a claim, we review the loan and servicing files to determine the appropriateness of the claim amount. All of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy, including the requirement to mitigate our loss by performing reasonable loss mitigation efforts or, for example, diligently pursuing a foreclosure or bankruptcy relief in a timely manner. We call such reduction of claims submitted to us “curtailments.” In 2013 and the first quarter of 2014, curtailments reduced our average claim paid by approximately 5.8% and 5.9%, respectively. In addition, the claims submitted to us sometimes include costs and expenses not covered by our insurance policies, such as hazard insurance premiums for periods after the claim date and losses resulting from property damage that has not been repaired. These other adjustments reduced claim amounts by less than the amount of curtailments. After we pay a claim, servicers and insureds sometimes object to our curtailments and other adjustments. We review these objections if they are sent to us within 90 days after the claim was paid.
	When reviewing the loan file associated with a claim, we may determine that we have the right to rescind coverage on the loan. Prior to 2008, rescissions of coverage on loans were not a material portion of our claims resolved during a year. However, beginning in 2008, our rescissions of coverage on loans have materially mitigated our paid losses. In 2009 through 2011, rescissions mitigated our paid losses in the aggregate by approximately $3.0 billion; and in 2012, 2013 and the first quarter of 2014, rescissions mitigated our paid losses by approximately $0.3 billion, $135 million and $26 million, respectively (in each case, the figure includes amounts that would have either resulted in a claim payment or been charged to a deductible under a bulk or pool policy, and may have been charged to a captive reinsurer). In recent quarters, approximately 5% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009.
	We estimate rescissions mitigated our incurred losses by approximately $2.5 billion in 2009 and $0.2 billion in 2010. These figures include the benefit of claims not paid in the period as well as the impact of changes in our estimated expected rescission activity on our loss reserves in the period. In 2012, we estimate that our rescission benefit in loss reserves was reduced by $0.2 billion due to probable rescission settlement agreements. We estimate that other rescissions had no significant impact on our losses incurred in 2011 through the first quarter of 2014. At March 31, 2014, we estimate that our total loss reserves were benefited from anticipated rescissions by approximately $70 million. Our loss reserving methodology incorporates our estimates of future rescissions and reversals of rescissions. Historically, reversals of rescissions have been immaterial. A variance between ultimate actual rescission and reversal rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses.
	If the insured disputes our right to rescind coverage, we generally engage in discussions in an attempt to settle the dispute. As part of those discussions, we may voluntarily suspend rescissions we believe may be part of a settlement. In 2011, Freddie Mac advised its servicers that they must obtain its prior approval for rescission settlements, Fannie Mae advised its servicers that they are prohibited from entering into such settlements and Fannie Mae notified us that we must obtain its prior approval to enter into certain settlements. Since those announcements, the GSEs have consented to our settlement agreements with two customers, one of which is Countrywide, as discussed below, and have rejected other settlement agreements. We have reached and implemented settlement agreements that do not require GSE approval, but they have not been material in the aggregate.
	If we are unable to reach a settlement, the outcome of the dispute ultimately would be determined by legal proceedings. Under our policies, legal proceedings disputing our right to rescind coverage may be brought up to three years after the lender has obtained title to the property (typically through a foreclosure) or the property was sold in a sale that we approved, whichever is applicable, although in a few jurisdictions there is a longer time to bring such an action. As of March 31, 2014, the period in which a dispute may be brought has not ended for approximately 26% of our post-2008 rescissions that are not subject to a settlement agreement.
	Until a liability associated with a settlement agreement or litigation becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes even though discussions and legal proceedings have been initiated and are ongoing. Under ASC 450-20, an estimated loss from such discussions and proceedings is accrued for only if we determine that the loss is probable and can be reasonably estimated.
	Since December 2009, we have been involved in legal proceedings with Countrywide Home Loans, Inc. (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “Countrywide”) in which Countrywide alleged that MGIC denied valid mortgage insurance claims. (In our SEC reports, we refer to insurance rescissions and denials of claims collectively as “rescissions” and variations of that term.) In addition to the claim amounts it alleged MGIC had improperly denied, Countrywide contended it was entitled to other damages of almost $700 million as well as exemplary damages. We sought a determination in those proceedings that we were entitled to rescind coverage on the applicable loans.
	In April 2013, MGIC entered into separate settlement agreements with CHL and BANA, pursuant to which the parties will settle the Countrywide litigation as it relates to MGIC’s rescission practices (as amended, the “Agreements”). The Agreement with BANA covers loans purchased by the GSEs. That Agreement was implemented beginning in November 2013 and we resolved all related suspended rescissions in November and December 2013 by paying the associated claim or processing the rescission. The pending arbitration proceedings concerning the loans covered by that agreement have been dismissed, the mutual releases between the parties regarding such loans have become effective and the litigation between the parties regarding such loans is to be dismissed.
	The Agreement with CHL covers loans that were purchased by non-GSE investors, including securitization trusts (the “other investors”). That Agreement will be implemented only as and to the extent that it is consented to by or on behalf of the other investors, and any such implementation is expected to occur later in 2014. While there can be no assurance that the Agreement with CHL will be implemented, we have determined that its implementation is probable.
	We recorded the estimated impact of the Agreements and another probable settlement in our financial statements for the quarter ending December 31, 2012. We have also recorded the estimated impact of other probable settlements, which in the aggregate have not been material. The estimated impact that we recorded is our best estimate of our loss from these matters. We estimate that the maximum exposure above the best estimate provision we recorded is $484 million, of which about 50% is from rescission practices subject to the Agreement with CHL. If we are not able to implement the Agreement with CHL or the other settlements we consider probable, we intend to defend MGIC vigorously against any related legal proceedings.
	The flow policies at issue with Countrywide are in the same form as the flow policies that we used with all of our customers during the period covered by the Agreements, and the bulk policies at issue vary from one another, but are generally similar to those used in the majority of our Wall Street bulk transactions.
	We are involved in discussions and legal and consensual proceedings with customers with respect to our claims paying practices that are collectively material in amount. These include a previously disclosed curtailment dispute with Countrywide that is in a mediation process. Although it is reasonably possible that, when these discussions or proceedings are completed, we will not prevail in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. We estimate the maximum exposure associated with these discussions and proceedings to be approximately $266 million, although we believe we will ultimately resolve these matters for significantly less than this amount.
	The estimates of our maximum exposure referred to above do not include interest or consequential or exemplary damages.
	Consumers continue to bring lawsuits against home mortgage lenders and settlement service providers. Mortgage insurers, including MGIC, have been involved in litigation alleging violations of the anti-referral fee provisions of the Real Estate Settlement Procedures Act, which is commonly known as RESPA, and the notice provisions of the Fair Credit Reporting Act, which is commonly known as FCRA. MGIC’s settlement of class action litigation against it under RESPA became final in October 2003. MGIC settled the named plaintiffs’ claims in litigation against it under FCRA in December 2004, following denial of class certification in June 2004. Since December 2006, class action litigation has been brought against a number of large lenders alleging that their captive mortgage reinsurance arrangements violated RESPA. Beginning in December 2011, MGIC, together with various mortgage lenders and other mortgage insurers, has been named as a defendant in twelve lawsuits, alleged to be class actions, filed in various U.S. District Courts. Seven of those cases have previously been dismissed without any further opportunity to appeal. The complaints in all of the cases allege various causes of action related to the captive mortgage reinsurance arrangements of the mortgage lenders, including that the lenders’ captive reinsurers received excessive premiums in relation to the risk assumed by those captives thereby violating RESPA. MGIC denies any wrongdoing and intends to vigorously defend itself against the allegations in the lawsuits. There can be no assurance that we will not be subject to further litigation under RESPA (or FCRA) or that the outcome of any such litigation, including the lawsuits mentioned above, would not have a material adverse effect on us.
	In 2013, the U.S. District Court for the Southern District of Florida approved a settlement with the CFPB that resolved a federal investigation of MGIC’s participation in captive reinsurance arrangements in the mortgage insurance industry. The settlement concluded the investigation with respect to MGIC without the CFPB or the court making any findings of wrongdoing. As part of the settlement, MGIC agreed that it would not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years. MGIC had voluntarily suspended most of its captive arrangements in 2008 in response to market conditions and GSE requests. In connection with the settlement, MGIC paid a civil penalty of $2.65 million and the court issued an injunction prohibiting MGIC from violating any provisions of RESPA.
	We received requests from the Minnesota Department of Commerce (the “MN Department”) beginning in February 2006 regarding captive mortgage reinsurance and certain other matters in response to which MGIC has provided information on several occasions, including as recently as May 2011. In August 2013, MGIC and several competitors received a draft Consent Order from the MN Department containing proposed conditions to resolve its investigation, including unspecified penalties. We are engaged in discussions with the MN Department regarding the draft Consent Order.  We also received a request in June 2005 from the New York Department of Financial Services for information regarding captive mortgage reinsurance arrangements and other types of arrangements in which lenders receive compensation. Other insurance departments or other officials, including attorneys general, may also seek information about, investigate, or seek remedies regarding captive mortgage reinsurance.
	Various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring actions seeking various forms of relief in connection with violations of RESPA. The insurance law provisions of many states prohibit paying for the referral of insurance business and provide various mechanisms to enforce this prohibition. While we believe our practices are in conformity with applicable laws and regulations, it is not possible to predict the eventual scope, duration or outcome of any such reviews or investigations nor is it possible to predict their effect on us or the mortgage insurance industry.
	We are subject to comprehensive, detailed regulation by state insurance departments. These regulations are principally designed for the protection of our insured policyholders, rather than for the benefit of investors. Although their scope varies, state insurance laws generally grant broad supervisory powers to agencies or officials to examine insurance companies and enforce rules or exercise discretion affecting almost every significant aspect of the insurance business. Given the recent significant losses incurred by many insurers in the mortgage and financial guaranty industries, our insurance subsidiaries have been subject to heightened scrutiny by insurance regulators. State insurance regulatory authorities could take actions, including changes in capital requirements or termination of waivers of capital requirements, that could have a material adverse effect on us. In early 2013, the CFPB issued rules to implement laws requiring mortgage lenders to make ability-to-repay determinations prior to extending credit. We are uncertain whether the CFPB will issue any other rules or regulations that affect our business. Such rules and regulations could have a material adverse effect on us.
	In December 2013, the U.S. Treasury Department’s Federal Insurance Office released a report that calls for federal standards and oversight for mortgage insurers to be developed and implemented. It is uncertain what form the standards and oversight will take and when they will become effective.
	We understand several law firms have, among other things, issued press releases to the effect that they are investigating us, including whether the fiduciaries of our 401(k) plan breached their fiduciary duties regarding the plan’s investment in or holding of our common stock or whether we breached other legal or fiduciary obligations to our shareholders. We intend to defend vigorously any proceedings that may result from these investigations. With limited exceptions, our bylaws provide that our officers and 401(k) plan fiduciaries are entitled to indemnification from us for claims against them.
	A non-insurance subsidiary of our holding company is a shareholder of the corporation that operates the Mortgage Electronic Registration System (“MERS”).  Our subsidiary, as a shareholder of MERS, has been named as a defendant (along with MERS and its other shareholders) in eight lawsuits asserting various causes of action arising from allegedly improper recording and foreclosure activities by MERS. Seven of these lawsuits have been dismissed without any further opportunity to appeal.  The remaining lawsuit had also been dismissed by the U.S. District Court, however, the plaintiff in that lawsuit filed a motion for reconsideration by the U.S. District Court and to certify a related question of law to the Supreme Court of the State in which the U.S. District Court is located. In April 2014, that motion for reconsideration was denied, however, the plaintiff may appeal. The damages sought in this remaining case are substantial. We deny any wrongdoing and intend to defend ourselves vigorously against the allegations in the lawsuits.
	In addition to the matters described above, we are involved in other legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course legal proceedings will not have a material adverse effect on our financial position or results of operations.
	Through a non-insurance subsidiary, we utilize our underwriting skills to provide an outsourced underwriting service to our customers known as contract underwriting. As part of the contract underwriting activities, that subsidiary is responsible for the quality of the underwriting decisions in accordance with the terms of the contract underwriting agreements with customers. That subsidiary may be required to provide certain remedies to its customers if certain standards relating to the quality of our underwriting work are not met, and we have an established reserve for such future obligations. Claims for remedies may be made a number of years after the underwriting work was performed. Beginning in the second half of 2009, our subsidiary experienced an increase in claims for contract underwriting remedies, which continued throughout 2012. The underwriting remedy expense for 2013 and the first quarter of 2014 was approximately $5 million and $2 million, respectively, but may increase in the future.
	See Note 11 – “Income Taxes” for a description of federal income tax contingencies.

Earnings_Loss_per_Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2014
Earnings (Loss) per Share [Abstract]	'
Earnings (Loss) per Share	'
	Note 6 – Earnings (Loss) per Share
	Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities of 1.2 million for the three months ended March 31, 2013 because they were anti-dilutive due to our reported net loss. Participating securities of 0.1 million were included in our weighted average number of common shares outstanding for the three months ended March 31, 2014. Typically, diluted EPS is based on the weighted average number of common shares outstanding plus common stock equivalents which include certain stock awards and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended March 31, 2014 and 2013 common stock equivalents of 54.5 million and 77.3 million, respectively, were not included because they were anti-dilutive.
		Three Months Ended
		March 31,
		2014		2013
		(In thousands, except per share data)
	Basic earnings per share:
	Net income (loss)	$	59,982	$	(72,930	)
	Weighted average common shares outstanding		338,213		232,348
	Basic income (loss) per share	$	0.18	$	(0.31	)
	Diluted earnings per share:
	Net income (loss)	$	59,982	$	(72,930	)
	Effect of dilutive securities:
	2% Convertible Senior Notes		3,049		-
	Net income (loss) plus assumed conversions	$	63,031	$	(72,930	)
	Weighted-average shares - Basic		338,213		232,348
	Common stock equivalents		74,967		-
	Weighted-average shares - Diluted		413,180		232,348
	Diluted income (loss) per share	$	0.15	$	(0.31	)

Investments

Investments	3 Months Ended
	Mar. 31, 2014
Investments [Abstract ]	'
Investments	'
	Note 7 – Investments
	The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at March 31, 2014 and December 31, 2013 are shown below.
						Gross			Gross
			Amortized			Unrealized			Unrealized			Fair
	31-Mar-14		Cost			Gains			Losses (1)			Value
			(In thousands)
	U.S. Treasury securities and obligations of U.S.government corporations and agencies		$	550,477		$	1,649		$	(17,078	)	$	535,048
	Obligations of U.S. states and political subdivisions			906,385			8,232			(8,490	)		906,127
	Corporate debt securities			2,192,333			9,038			(16,621	)		2,184,750
	Asset-backed securities			392,435			1,317			(241	)		393,511
	Residential mortgage-backed securities			373,314			141			(19,930	)		353,525
	Commercial mortgage-backed securities			286,323			569			(4,331	)		282,561
	Collateralized loan obligations			61,337			-			(903	)		60,434
	Debt securities issued by foreign sovereign governments			40,922			1,885			(237	)		42,570
	Total debt securities			4,803,526			22,831			(67,831	)		4,758,526
	Equity securities			2,928			38			(11	)		2,955
	Total investment portfolio		$	4,806,454		$	22,869		$	(67,842	)	$	4,761,481
						Gross			Gross
			Amortized			Unrealized			Unrealized			Fair
	31-Dec-13		Cost			Gains			Losses (1)			Value
			(In thousands)
	U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	663,642		$	1,469		$	(25,521	)	$	639,590
	Obligations of U.S. states and political subdivisions			932,922			5,865			(17,420	)		921,367
	Corporate debt securities			2,190,095			6,313			(24,993	)		2,171,415
	Asset-backed securities			399,839			1,100			(453	)		400,486
	Residential mortgage-backed securities			383,368			146			(24,977	)		358,537
	Commercial mortgage-backed securities			277,920			131			(6,668	)		271,383
	Collateralized loan obligations			61,337			-			(1,042	)		60,295
	Debt securities issued by foreign sovereign governments			39,420			1,722			(290	)		40,852
	Total debt securities			4,948,543			16,746			(101,364	)		4,863,925
	Equity securities			2,908			9			(23	)		2,894
	Total investment portfolio		$	4,951,451		$	16,755		$	(101,387	)	$	4,866,819
	(1) At March 31, 2014 and December 31, 2013, there were no other-than-temporary impairment losses recorded in other comprehensive income.
	Our foreign investments primarily consist of the investment portfolio supporting our Australian domiciled subsidiary. This portfolio is comprised of Australian government and semi government securities, representing 85% of the market value of our foreign investments with the remaining 11% invested in corporate securities and 4% in cash equivalents. Seventy-eight percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 22% is rated AA.
	The amortized cost and fair values of debt securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.
			Amortized			Fair
	31-Mar-14		Cost			Value
			(In thousands)
	Due in one year or less		$	609,374		$	610,697
	Due after one year through five years			1,842,541			1,847,304
	Due after five years through ten years			779,379			765,534
	Due after ten years			458,823			444,960
			$	3,690,117		$	3,668,495
	Asset-backed securities			392,435			393,511
	Residential mortgage-backed securities			373,314			353,525
	Commercial mortgage-backed securities			286,323			282,561
	Collateralized loan obligations			61,337			60,434
	Total at March 31, 2014		$	4,803,526		$	4,758,526
	At March 31, 2014 and December 31, 2013, the investment portfolio had gross unrealized losses of $67.8 million and $101.4 million, respectively.  For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
			Less Than 12 Months						12 Months or Greater					Total
			Fair			Unrealized			Fair			Unrealized		Fair		Unrealized
	31-Mar-14		Value			Losses			Value			Losses		Value		Losses
			(In thousands)
	U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	424,490		$	15,477		$	18,043		$	1,601	$	442,533	$	17,078
	Obligations of U.S. states and political subdivisions			377,446			8,445			2,692			45		380,138		8,490
	Corporate debt securities			1,072,046			13,570			67,839			3,051		1,139,885		16,621
	Asset-backed securities			88,241			185			7,087			56		95,328		241
	Residential mortgage-backed securities			90,098			2,765			262,298			17,165		352,396		19,930
	Commercial mortgage-backed securities			177,235			4,191			15,256			140		192,491		4,331
	Collateralized loan obligations			60,434			903			-			-		60,434		903
	Debt securities issued by foreign sovereign governments			9,357			237			-			-		9,357		237
	Equity securities			299			6			88			5		387		11
	Total investment portfolio		$	2,299,646		$	45,779		$	373,303		$	22,063	$	2,672,949	$	67,842
		Less Than 12 Months						12 Months or Greater					Total
		Fair			Unrealized			Fair			Unrealized		Fair		Unrealized
31-Dec-13		Value			Losses			Value			Losses		Value		Losses
		(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	465,975		$	24,980		$	4,103		$	541	$	470,078	$	25,521
Obligations of U.S. states and political subdivisions
			503,967			17,370			4,226			50		508,193		17,420
Corporate debt securities			1,238,211			20,371			81,593			4,622		1,319,804		24,993
Asset-backed securities			126,991			387			7,114			66		134,105		453
Residential mortgage-backed securities			91,534			3,886			265,827			21,091		357,361		24,977
Commercial mortgage-backed securities			192,440			6,239			43,095			429		235,535		6,668
Collateralized loan obligations			60,295			1,042			-			-		60,295		1,042
Debt securities issued by foreign sovereign governments
			7,203			290			-			-		7,203		290
Equity securities			1,012			18			75			5		1,087		23
Total investment portfolio		$	2,687,628		$	74,583		$	406,033		$	26,804	$	3,093,661	$	101,387
The unrealized losses in all categories of our investments at March 31, 2014 and December 31, 2013 were primarily caused by the difference in interest rates at each respective period, compared to interest rates at the time of purchase.
Under the current guidance a debt security impairment is deemed other than temporary if we either intend to sell the security, or it is more likely than not that we will be required to sell the security before recovery or we do not expect to collect cash flows sufficient to recover the amortized cost basis of the security. During each of the three months ended March 31, 2014 and 2013 there were no other-than-temporary impairments (“OTTI”) recognized.
The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
		Three Months Ended
		March 31,
		2014			2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Fixed maturities		$	(234	)	$	1,257
Equity securities			3			2
		$	(231	)	$	1,259
		Three Months Ended
		March 31,
		2014			2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Gains on sales		$	805		$	1,934
Losses on sales			(1,036	)		(675	)
		$	(231	)	$	1,259

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	Note 8 – Fair Value Measurements
	In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities:
	Level 1 – Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs primarily include certain U.S. Treasury securities and obligations of U.S. government corporations and agencies and Australian government and semi government securities.
	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include certain municipal and corporate bonds.
	Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs include certain state tax credit investments. Non-financial assets which utilize Level 3 inputs include real estate acquired through claim settlement.
	To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model.  Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security.  In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources.
	Our financial assets that are classified as Level 3 securities are primarily state premium tax credit investments.  The state premium tax credit investments have an average maturity of under 5 years, credit ratings of AA+, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.3%.
	Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement that is fair valued at the lower of our acquisition cost or a percentage of appraised value. The percentage applied to appraised value is based upon our historical sales experience adjusted for current trends.
	Fair value measurements for assets measured at fair value included the following as of March 31, 2014 and December 31, 2013:
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs		Significant Unobservable Inputs
								(Level 2)		(Level 3)
		(In thousands)
	31-Mar-14
	U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	535,048		$	535,048		$	-	$	-
	Obligations of U.S. states and political subdivisions		906,127			-			903,749		2,378
	Corporate debt securities		2,184,750			-			2,184,750		-
	Asset-backed securities		393,511			-			393,511		-
	Residential mortgage-backed securities		353,525			-			353,525		-
	Commercial mortgage-backed securities		282,561			-			282,561		-
	Collateralized loan obligations		60,434			-			60,434		-
	Debt securities issued by foreign sovereign governments		42,570			42,570			-		-
	Total debt securities		4,758,526			577,618			4,178,530		2,378
	Equity securities		2,955			2,634			-		321
	Total investments	$	4,761,481		$	580,252		$	4,178,530	$	2,699
	Real estate acquired (1)	$	11,137		$	-		$	-	$	11,137
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs		Significant Unobservable Inputs
								(Level 2)		(Level 3)
		(In thousands)
	31-Dec-13
	U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	639,590		$	639,590		$	-	$	-
	Obligations of U.S. states and political subdivisions		921,367			-			918,944		2,423
	Corporate debt securities		2,171,415			-			2,171,415		-
	Asset-backed securities		400,486			-			400,486		-
	Residential mortgage-backed securities		358,537			-			358,537		-
	Commercial mortgage-backed securities		271,383			-			271,383		-
	Collateralized loan obligations		60,295						60,295
	Debt securities issued by foreign sovereign governments		40,852			40,852			-		-
	Total debt securities		4,863,925			680,442			4,181,060		2,423
	Equity securities		2,894			2,573			-		321
	Total investments	$	4,866,819		$	683,015		$	4,181,060	$	2,744
	Real estate acquired (1)	$	13,280		$	-		$	-	$	13,280
	(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
	There were no transfers of securities between Level 1 and Level 2 during the first three months of 2014 or 2013.
	For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2014 and 2013 is as follows:
		Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
		(In thousands)
	Balance at December 31, 2013	$	2,423		$	-		$	321	$	2,744		$	13,280
	Total realized/unrealized gains (losses):
	Included in earnings and reported as losses incurred, net		-			-			-		-			(1,160	)
	Purchases		30			-			-		30			8,010
	Sales		(75	)		-			-		(75	)		(8,993	)
	Transfers into Level 3		-			-			-		-			-
	Transfers out of Level 3		-			-			-		-			-
	Balance at March 31, 2014	$	2,378		$	-		$	321	$	2,699		$	11,137
	Amount of total losses included in earnings for the three months ended March 31, 2014 attributable to the change in unrealized losses on assets still held at March 31, 2014	$	-		$	-		$	-	$	-		$	-
		Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
		(In thousands)
	Balance at December 31, 2012	$	3,130		$	17,114		$	321	$	20,565		$	3,463
	Total realized/unrealized gains (losses):
	Included in earnings and reported as realized investment gains (losses), net		-			(225	)		-		(225	)		-
	Included in earnings and reported as losses incurred, net		-			-			-		-			(1,302	)
	Purchases		30			-			-		30			8,014
	Sales		(203	)		(16,889	)		-		(17,092	)		(2,651	)
Transfers into Level 3		-			-			-		-			-
Transfers out of Level 3		-			-			-		-			-
Balance at March 31, 2013	$	2,957		$	-		$	321	$	3,278		$	7,524
Amount of total losses included in earnings for the three months ended March 31, 2013 attributable to the change in unrealized losses on assets still held at March 31, 2013	$	-		$	-		$	-	$	-		$	-
Additional fair value disclosures related to our investment portfolio are included in Note 7 – “Investments.” Fair value disclosures related to our debt are included in Note 3 – “Debt.”

Other_Comprehensive_Income

Other Comprehensive Income	3 Months Ended
	Mar. 31, 2014
Other Comprehensive Income [Abstract]	'
Other Comprehensive Income	'
	Note 9 – Other Comprehensive Income
	Our other comprehensive income for the three months ended March 31, 2014 and 2013 was as follows:
		Three Months Ended
		31-Mar-14
									Valuation
			Before tax			Tax effect			allowance			Net of tax
		(In thousands)
	Other comprehensive income (loss):
	Change in unrealized gains and losses on investments		$	39,661		$	(13,871	)	$	13,808		$	39,598
	Benefit plan adjustments			(1,486	)		520			(520	)		(1,486	)
	Unrealized foreign currency translation adjustment			1,931			(678	)		-			1,253
	Other comprehensive income (loss)		$	40,106		$	(14,029	)	$	13,288		$	39,365
		Three Months Ended
		31-Mar-13
									Valuation
			Before tax			Tax effect			allowance			Net of tax
		(In thousands)
	Other comprehensive income (loss):
	Change in unrealized gains and losses on investments		$	(10,539	)	$	3,592		$	(3,007	)	$	(9,954	)
	Unrealized foreign currency translation adjustment			486			(170	)		-			316
	Other comprehensive income (loss)		$	(10,053	)	$	3,422		$	(3,007	)	$	(9,638	)
	See Note 11 – “Income Taxes” for a discussion of the valuation allowance.
	Total accumulated other comprehensive income and changes in accumulated other comprehensive income, including amounts reclassified from other comprehensive income, are included in the table below.
			Three Months Ended
			31-Mar-14
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
			(In thousands)
	Balance at December 31, 2013, before tax		$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)
	Other comprehensive income (loss) before reclassifications			36,672			-			1,931			38,603
	Amounts reclassified from accumulated other comprehensive income (loss)			(2,989	)(1)		1,486	-2		-			(1,503	)
	Net current period other comprehensive income (loss)			39,661			(1,486	)		1,931			40,106
	Balance at March 31, 2014, before tax		$	(44,973	)	$	(5,252	)	$	13,115		$	(37,110	)
	Tax effect (3)			(64,119	)		26,940			(4,072	)		(41,251	)
	Balance at March 31, 2014, net of tax		$	(109,092	)	$	21,688		$	9,043		$	(78,361	)
			Three Months Ended
			31-Mar-13
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
			(In thousands)
	Balance at December 31, 2012, before tax		$	41,541		$	(71,804	)	$	32,747		$	2,484
	Other comprehensive income (loss) before reclassifications			(8,467	)		-			486			(7,981	)
	Amounts reclassified from accumulated other comprehensive income (loss)			2,072	(1)		-			-			2,072
	Net current period other comprehensive income (loss)			(10,539	)		-			486			(10,053	)
	Balance at March 31, 2013, before tax			31,002			(71,804	)		33,233			(7,569	)
	Tax effect (3)			(66,054	)		26,940			(11,118	)		(50,232	)
	Balance at March 31, 2013, net of tax		$	(35,052	)	$	(44,864	)	$	22,115		$	(57,801	)
	-1	During the three months ended March 31, 2014 and 2013, net unrealized (losses) gains of ($3.0) million and $2.1 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses)
	-2	During the three months ended March 31, 2014, other comprehensive income related to benefit plans of $1.5 million was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.
	-3	Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.
	Total accumulated other comprehensive income at December 31, 2013 is included in the table below.
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
		(In thousands)
	Balance at December 31, 2013, before tax			(84,634	)		(3,766	)		11,184			(77,216	)
	Tax effect (1)			(64,056	)		26,940			(3,394	)		(40,510	)
	Balance at December 31, 2013, net of tax		$	(148,690	)	$	23,174		$	7,790		$	(117,726	)
	(1) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Benefit_Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2014
Benefit Plans [Abstract]	'
Benefit Plans	'
	Note 10 - Benefit Plans
	The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
				Three Months Ended March 31,
				Pension and Supplemental						Other Postretirement
				Executive Retirement Plans						Benefits
				2014			2013			2014			2013
		(In thousands)
	Service cost		$	2,080		$	2,717		$	177		$	194
	Interest cost			4,009			3,799			183			154
	Expected return on plan assets			(5,258	)		(5,038	)		(1,161	)		(920	)
	Recognized net actuarial loss			291			1,516			(73	)		-
	Amortization of prior service cost			(42	)		125			(1,662	)		(1,663	)
	Net periodic benefit cost		$	1,080		$	3,119		$	(2,536	)	$	(2,235	)
	We currently do not intend to make any contributions to the plans during 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	Note 11 – Income Taxes
	We review the need to establish a deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, the expected occurrence of future income or loss and available tax planning alternatives. Based on our analysis and the level of cumulative operating losses, we continue to reduce our benefit from income tax through the recognition of a valuation allowance.
	The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
		Three Months Ended
		March 31,
		2014			2013
		(In thousands)
	Provision for (benefit from) income tax	$	23,120		$	(21,590	)
	Change in valuation allowance		(22,394	)		22,729
	Provision for income taxes	$	726		$	1,139
	The change in the valuation allowance that was included in other comprehensive income for the three months ended March 31, 2014 and 2013 was a decrease of $13.3 million and an increase of $3.0 million, respectively. The total valuation allowance as of March 31, 2014 and December 31, 2013 was $968.6 million and $1,004.2 million, respectively.
	We have approximately $2.6 billion of net operating loss carryforwards on a regular tax basis and $1.7 billion of net operating loss carryforwards for computing the alternative minimum tax as of March 31, 2014. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033.
	Tax Contingencies
	The Internal Revenue Service (“IRS”) completed examinations of our federal income tax returns for the years 2000 through 2007 and issued proposed assessments for unpaid taxes, interest and penalties related to our treatment of the flow-through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits (“REMICs”). The IRS indicated that it did not believe that, for various reasons, we had established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. The proposed assessments for taxes and penalties related to these matters are $197.5 million and at March 31, 2014 there would also be interest of approximately $157.9 million. In addition, depending on the outcome of this matter, additional state income taxes and state interest may become due when a final resolution is reached. As of March 31, 2014, those state taxes and interest would approximate $46.3 million. In addition, there could also be state tax penalties.
	Our total amount of unrecognized tax benefits as of March 31, 2014 is $105.6 million, which represents the tax benefits generated by the REMIC portfolio included in our tax returns that we have not taken benefit for in our financial statements, including any related interest. We continue to believe that our previously recorded tax provisions and liabilities are appropriate. However, we would need to make appropriate adjustments, which could be material, to our tax provision and liabilities if our view of the probability of success in this matter changes, and the ultimate resolution of this matter could have a material negative impact on our effective tax rate, results of operations, cash flows and statutory capital. In this regard, see Note 1 – “Nature of Business - Capital.”
	We appealed these assessments within the IRS and, in 2007, we made a payment of $65.2 million to the United States Department of the Treasury related to this assessment. In August 2010, we reached a tentative settlement agreement with the IRS which was not finalized. The IRS is pursuing this matter in full and we currently expect to be in litigation on this matter in 2014. Any such litigation could be lengthy and costly in terms of legal fees and related expenses.
	The IRS is currently conducting an examination of our federal income tax returns for the years 2011 and 2012, which is scheduled to be completed in 2014.
	The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, that would affect our effective tax rate is $93.0 million, after taking into account the effect of NOL carrybacks. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. As of March 31, 2014 and December 31, 2013, we had accrued $26.3 million and $26.1 million, respectively, for the payment of interest.

Loss_Reserves

Loss Reserves	3 Months Ended
	Mar. 31, 2014
Loss Reserves [Abstract]	'
Loss Reserves	'
	Note 12 – Loss Reserves
	We establish reserves to recognize the estimated liability for losses and loss adjustment expenses (“LAE”) related to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity.
	Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment, and the current and future strength of local housing markets. Current conditions in the housing and mortgage industries make these assumptions more volatile than they would otherwise be. 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 that could result in, among other things, greater losses on loans that have pool insurance, and may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment.
	The following table provides a reconciliation of beginning and ending loss reserves for the three months ended March 31, 2014 and 2013:
			Three Months Ended
			March 31,
			2014			2013
			(In thousands)
	Reserve at beginning of period		$	3,061,401		$	4,056,843
	Less reinsurance recoverable			64,085			104,848
	Net reserve at beginning of period			2,997,316			3,951,995
	Losses incurred:
	Losses and LAE incurred in respect of default notices related to:
	Current year			155,982			268,793
	Prior years (1)			(33,374	)		(2,585	)
	Subtotal			122,608			266,208
	Losses paid:
	Losses and LAE paid in respect of default notices related to:
	Current year			314			246
	Prior years			342,669			468,933
	Reinsurance terminations (2)			-			(3,145	)
	Subtotal			342,983			466,034
	Net reserve at end of period (3)			2,776,941			3,752,169
	Plus reinsurance recoverables			57,618			96,179
	Reserve at end of period		$	2,834,559		$	3,848,348
	-1	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.
	-2	In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred.
	-3	At March 31, 2014 and 2013, the estimated reduction in loss reserves related to rescissions approximated $70 million and $0.2 billion, respectively.
	The “Losses incurred” section of the table above shows losses incurred on default notices received in the current year and in prior years.  The amount of losses incurred relating to default notices received in the current year represents the estimated amount to be ultimately paid on such default notices.  The amount of losses incurred relating to default notices received in prior years represents the actual claim rate and severity associated with those defaults notices resolved in the current year differing from the estimated liability at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory from the end of the prior year.  This re-estimation of the estimated claim rate and estimated severity is the result of our review of current trends in the default inventory, such as percentages of defaults that have resulted in a claim, the amount of the claims, changes in the relative level of defaults by geography and changes in average loan exposure.
	Losses incurred on default notices received in the current year decreased in the first three months of 2014 compared to the same period in 2013, primarily due to a decrease in the number of new default notices received, net of cures, as well as a decrease in the estimated claim rate on new and previously received delinquencies.
	The prior year development of the reserves in the first three months of 2014 and 2013 is reflected in the table below.
			Three months ended March 31,
			2014			2013
			(In millions)
	Prior year loss development (1):
	Decrease in estimated claim rate on primary defaults		$	(30	)	$	(15	)
	Increase in estimated severity on primary defaults			5			20
	Change in estimates related to pool reserves, LAE reserves and reinsurance			(8	)		(8	)
	Total prior year loss development		$	(33	)	$	(3	)
	(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves, and a positive number indicates a deficiency of prior year loss reserves.
	The prior year loss development was based on the resolution of approximately 25% and 23% for the three months ended March 31, 2014 and 2013, respectively of the prior year default inventory, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory from the end of the prior year and estimated incurred but not reported items from the end of the prior year. In the first three months of 2014 and 2013, we recognized favorable development on our estimated claim rate as we experienced a better cure rate on previously received delinquencies.
	The “Losses paid” section of the table above shows the breakdown between claims paid on default notices received in the current year, claims paid on default notices received in prior years and the decrease in losses paid related to terminated reinsurance agreements as noted in footnote (2) of that table. Until a few years ago, it took, on average, approximately twelve months for a default that is not cured to develop into a paid claim. Over the past several years, the average time it takes to receive a claim associated with a default has increased. This is, in part, due to new loss mitigation protocols established by servicers and to changes in some state foreclosure laws that may include, for example, a requirement for additional review and/or mediation processes. It is difficult to estimate how long it may take for current and future defaults that do not cure to develop into paid claims.
	The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at March 31, 2014 and December 31, 2013 and approximated $126 million and $131 million, respectively. Separate components of this liability are included in “Other liabilities” and “Premium deficiency reserve” on our consolidated balance sheet. Changes in the liability affect premiums written and earned and change in premium deficiency reserve.
	A rollforward of our primary default inventory for the three months ended March 31, 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and by transfers of servicing between loan servicers.
			Three Months Ended
			March 31,
			2014			2013
	Default inventory at beginning of period			103,328			139,845
	New Notices			23,346			27,864
	Cures			(27,318	)		(31,122	)
	Paids (including those charged to a  deductible or captive)			(7,064	)		(9,445	)
	Rescissions and denials			(450	)		(532	)
	Default inventory at end of period			91,842			126,610
	Pool insurance notice inventory decreased from 6,563 at December 31, 2013 to 5,646 at March 31, 2014. The pool insurance notice inventory was 7,890 at March 31, 2013.
	The decrease in the primary default inventory experienced during 2014 and 2013 was generally across all markets and all book years. However, the percentage of loans in the inventory that have been in default for 12 or more consecutive months has increased in the first quarter of 2014, as shown in the table below. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months and the number of loans in our primary claims received inventory have been affected by our suspended rescissions and the resolution of certain of those rescissions discussed below and in Note 5 – “Litigation and Contingencies.”
	Aging of the Primary Default Inventory
			March 31,						December 31,				March 31,
			2014						2013				2013
	Consecutive months in default
	3 months or less			14,313			16	%		18,941	18	%		17,973	14	%
	4 - 11 months			23,305			25	%		24,514	24	%		32,662	26	%
	12 months or more			54,224			59	%		59,873	58	%		75,975	60	%
	Total primary default inventory			91,842			100	%		103,328	100	%		126,610	100	%
Primary claims received inventory included in ending default inventory (1)
			5,990			7	%		6,948	7	%		10,924	9	%
(1) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to certain loans that we believed would be included in a potential resolution. As of March 31, 2014, rescissions of coverage on approximately 1,525 loans had been voluntarily suspended.
The number of months a loan is in the default inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. The number of payments that a borrower is delinquent is shown in the table below.
Number of Payments Delinquent
		March 31,						December 31,				March 31,
		2014						2013				2013
3 payments or less			23,035			25	%		28,095	27	%		28,376	23	%
4 - 11 payments			22,766			25	%		24,605	24	%		32,253	25	%
12 payments or more			46,041			50	%		50,628	49	%		65,981	52	%
Total primary default inventory			91,842			100	%		103,328	100	%		126,610	100	%
Claims paying practices
We estimate rescissions mitigated our incurred losses by approximately $2.5 billion in 2009 and $0.2 billion in 2010. All of these figures include the benefit of claims not paid in the period as well as the impact of changes in our estimated expected rescission activity on our loss reserves in the period. In 2012, we estimate that our rescission benefit in loss reserves was reduced by $0.2 billion due to probable rescission settlement agreements. We estimate that other rescissions had no significant impact on our losses incurred in 2011 through the first quarter of 2014. At March 31, 2014, we estimate that our total loss reserves were benefited from anticipated rescissions by approximately $70 million. Our loss reserving methodology incorporates our estimates of future rescissions and reversals of rescissions. Historically, reversals of rescissions have been immaterial. A variance between ultimate actual rescission and reversal rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses.
We do not utilize an explicit rescission rate in our reserving methodology, but rather our reserving methodology incorporates the effects rescission activity has had on our historical claim rate and claim severities. Our estimation process does not include a direct correlation between claim rates and severities to projected rescission activity or other economic conditions such as changes in unemployment rates, interest rates or housing values. Our experience is that analysis of that nature would not produce reliable results, as the change in one condition cannot be isolated to determine its sole effect on our ultimate paid losses as our ultimate paid losses are also influenced at the same time by other economic conditions. The estimation of the impact of rescissions on incurred losses must be considered together with the various other factors impacting incurred losses and not in isolation.
The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At March 31, 2014 and December 31, 2013 the estimate of this liability totaled $14 million and $15 million, respectively. Separate components of this liability are included in “Other liabilities” and “Premium deficiency reserve” on our consolidated balance sheet. Changes in the liability affect premiums written and earned and change in premium deficiency reserve.
For information about discussions and legal proceedings with customers with respect to our claims paying practices, including settlements that we believe are probable, as defined in ASC 450-20, see Note 5 – “Litigation and Contingencies.”

Premium_Deficiency_Reserve

Premium Deficiency Reserve	3 Months Ended
	Mar. 31, 2014
Premium Deficiency Reserve [Abstract]	'
Premium Deficiency Reserve	'
	Note 13 – Premium Deficiency Reserve
	The components of the premium deficiency reserve at March 31, 2014, December 31, 2013 and March 31, 2013 appear in the table below.
		March 31,			December 31,			March 31,
		2014			2013			2013
		(In millions)
	Present value of expected future paid losses and expenses, net of expected future premium	$	(622	)	$	(669	)	$	(808	)
	Established loss reserves		579			621			736
	Net deficiency	$	(43	)	$	(48	)	$	(72	)
	The decrease in the premium deficiency reserve for the three months ended March 31, 2014 and 2013 was $5 million and $2 million, respectively, as shown in the table below, which represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The net change in assumptions for the three months ended March 31, 2014 is primarily related to higher estimated ultimate premiums. The net change in assumptions for the three months ended March 31, 2013 is primarily related to higher estimated losses.
		Three Months Ended March 31,
		2014						2013
		(In millions)
	Premium Deficiency Reserve at beginning of period				$	(48	)				$	(74	)
	Paid claims and loss adjustment expenses	$	48					$	58
	Decrease in loss reserves		(42	)					(30	)
	Premium earned		(21	)					(23	)
	Effects of present valuing on future premiums,losses and expenses		(2	)					(2	)
	Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					(17	)					3
	Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					22						(1	)
	Premium Deficiency Reserve at end of period				$	(43	)				$	(72	)
	(1)  A positive (negative) number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a redundancy (deficiency) of the prior premium deficiency reserve.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Shareholders' Equity [Abstract]	'
Shareholders' Equity	'
	Note 14 – Shareholders’ Equity
	In June 2013, we amended our Articles of Incorporation to increase our authorized common stock from 680 million shares to 1.0 billion shares.
	In March 2013 we completed the public offering and sale of 135 million shares of our common stock at a price of $5.15 per share. We received net proceeds of approximately $663.3 million, after deducting underwriting discount and offering expenses. The shares of common stock sold were newly issued shares.
	In March 2013 we also concurrently completed the sale of $500 million principal amount of 2% Convertible Senior Notes due in 2020.  For more information, see Note 3 – “Debt.”
	We have a Shareholders Rights Agreement which was approved by shareholders (the “Agreement”) dated July 25, 2012, as amended through March 11, 2013, that seeks to diminish the risk that our ability to use our net operating losses (“NOLs”) to reduce potential future federal income tax obligations may become substantially limited and to deter certain abusive takeover practices. The benefit of the NOLs would be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, if we were to experience an “ownership change” as defined by Section 382 of the Internal Revenue Code.
	Under the Agreement each outstanding share of our Common Stock is accompanied by one Right. The Distribution Date occurs on the earlier of ten days after a public announcement that a person has become an Acquiring Person, or ten business days after a person announces or begins a tender offer in which consummation of such offer would result in a person becoming an Acquiring Person. An Acquiring Person is any person that becomes, by itself or together with its affiliates and associates, a beneficial owner of 5% or more of the shares of our Common Stock then outstanding, but excludes, among others, certain exempt and grandfathered persons as defined in the Agreement. The Rights are not exercisable until the Distribution Date. Each Right will initially entitle shareholders to buy one-tenth of one share of our Common Stock at a Purchase Price of $14 per full share (equivalent to $1.40 for each one-tenth share), subject to adjustment. Each exercisable Right (subject to certain limitations) will entitle its holder to purchase, at the Rights’ then-current Purchase Price, a number of our shares of Common Stock (or if after the Shares Acquisition Date, we are acquired in a business combination, common shares of the acquiror) having a market value at the time equal to twice the Purchase Price. The Rights will expire on August 1, 2015, or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights.

Statutory_Capital

Statutory Capital	3 Months Ended
	Mar. 31, 2014
Statutory Capital [Abstract]	'
Statutory Capital	'
	Note 15 – Statutory Capital
	Statutory Capital Requirements
	The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Counterparty Financial Requirements, the “Capital Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. This ratio is computed on a statutory basis for our insurance entities and is our net risk in force divided by our policyholders’ position. Policyholders’ position consists primarily of statutory policyholders’ surplus, plus the statutory contingency reserve. 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 the 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.
	In 2013, we entered into a quota share reinsurance transaction with a group of unaffiliated reinsurers that reduced our risk-to-capital ratio. At March 31, 2014, MGIC’s risk-to-capital ratio was 15.3 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its preliminary policyholder position was $519 million above the required MPP of $1.0 billion. Although the reinsurance transaction was approved by the GSEs, it is possible that under the GSE Counterparty Financial Requirements, discussed in Note 1 – “Basis of Presentation – Capital – GSEs”, and/or the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers under the transaction. If MGIC is disallowed full credit, MGIC may terminate the transaction, without penalty, when such disallowance becomes effective. At this time, we expect MGIC to continue to comply with the current State Capital Requirements, although we cannot assure you of such compliance. Matters that could negatively affect such compliance are discussed throughout the financial statement footnotes.
	At March 31, 2014, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 17.6 to 1. Reinsurance transactions with affiliates permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements.  A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance arrangements with its affiliates, unless a waiver of the State Capital Requirements from regulators continues to be effective, additional capital contributions to the reinsurance affiliates could be needed.
	In November 2013, the NAIC presented for discussion proposed changes to its Mortgage Guaranty Insurance Model Act. In connection with that, the NAIC announced that it plans to revise the minimum capital and surplus requirements for mortgage insurers, although it has not established a date by which it must make proposals to revise such requirements. Depending on the scope of the revisions made by the NAIC, MGIC may be prevented from writing new business in the jurisdictions adopting such proposals.
	If MGIC fails to meet the State Capital Requirements of Wisconsin and is unable to obtain a waiver of them from the Office of the Commissioner of Insurance of the State of Wisconsin (“OCI”), MGIC could be prevented from writing new business in all jurisdictions. If MGIC fails to meet the State Capital Requirements of a jurisdiction other than Wisconsin and is unable to obtain a waiver of them, MGIC could be prevented from writing new business in that particular jurisdiction. It is possible that regulatory action by one or more jurisdictions, including those that do not have specific State Capital Requirements, may prevent MGIC from continuing to write new insurance in such jurisdictions.
	A possible future failure by MGIC to meet the Capital Requirements 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, matters that could negatively affect MGIC’s claims paying resources are discussed throughout the financial statement footnotes.
	We have in place a longstanding plan to write new business in MIC, a direct subsidiary of MGIC, in the event MGIC cannot meet the State Capital Requirements of a jurisdiction or obtain a waiver of them. MIC is licensed to write business in all jurisdictions. During 2012, MIC began writing new business in the jurisdictions where MGIC did not have a waiver of the State Capital Requirements. Because MGIC again meets the State Capital Requirements, MGIC is again writing new business in all jurisdictions and MIC has suspended writing new business. As of March 31, 2014, MIC had statutory capital of $460 million and risk in force, net of reinsurance, of approximately $590 million. Before MIC may again write new business, it must obtain the necessary approvals from the OCI and the GSEs.
	We cannot assure you that the OCI or GSEs will approve MIC to write new business in all jurisdictions in which MGIC may become unable to do so. If one GSE does not approve MIC in all jurisdictions in which MGIC becomes unable to write new business, MIC may be able to write insurance on loans that will be sold to the other GSE or retained by private investors. However, because lenders may not know which GSE will purchase their loans until mortgage insurance has been procured, lenders may be unwilling to procure mortgage insurance from MIC. Furthermore, if we are unable to write business in all jurisdictions utilizing a combination of MGIC and MIC, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the financial strength of our insurance operations may affect its willingness to procure insurance from us.
	Statement of Statutory Accounting Principles No. 101 (“SSAP No. 101”) became effective January 1, 2012 and prescribed new standards for determining the amount of deferred tax assets that can be recognized as admitted assets for determining statutory capital. Under a permitted practice effective September 30, 2012 and until further notice, the OCI has approved MGIC to report its net deferred tax asset as an admitted asset in an amount not to exceed 10% of surplus as regards policyholders, notwithstanding any contrary provisions of SSAP No. 101. Deferred tax assets of $137 million and $138 million were included in MGIC’s statutory capital at March 31, 2014 and December 31, 2013, respectively.
	See Note 1 – “Nature of Business and Basis of Presentation – Capital” for additional information regarding the capital standards of the GSEs.

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Par value and fair value of debt	'
	The par value and fair value of our debt at March 31, 2014 and December 31, 2013 appears in the table below.
						Quoted Prices in		Significant		Significant
						Active Markets		Other Observable		Unobservable
				Total Fair		for Identical		Inputs		Inputs
		Par Value		Value		Assets (Level 1)		(Level 2)		(Level 3)
		(In thousands)
	31-Mar-14
	Liabilities:
	Senior Notes	$	61,953	$	64,121	$	64,121	$	-	$	-
	Convertible Senior Notes due 2017		345,000		397,599		397,599		-		-
	Convertible Senior Notes due 2020		500,000		703,815		703,815		-		-
	Convertible Junior Subordinated Debentures		389,522		464,018		-		464,018		-
	Total Debt	$	1,296,475	$	1,629,553	$	1,165,535	$	464,018	$	-
	31-Dec-13
	Liabilities:
	Senior Notes	$	82,883	$	85,991	$	85,991	$	-	$	-
	Convertible Senior Notes due 2017		345,000		388,988		388,988		-		-
	Convertible Senior Notes due 2020		500,000		685,625		685,625		-		-
	Convertible Junior Subordinated Debentures		389,522		439,186		-		439,186		-
	Total Debt	$	1,317,405	$	1,599,790	$	1,160,604	$	439,186	$	-

Reinsurance_Tables

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2014
Reinsurance [Abstract]	'
Reinsurance	'
	A summary of the effect of our reinsurance agreements on our results for the three months ended March 31, 2014 and 2013 appears below.
		Three Months Ended
		March 31,
		2014		2013
		(In thousands)
	Ceded premiums written, net of profit commission	$	26,620	$	6,598
	Ceded premiums earned, net of profit commission		24,562		6,407
	Ceded losses incurred		6,384		10,913
	Ceding commissions		9,133		537

Earnings_Loss_per_Share_Tables

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings (Loss) per Share [Abstract]	'
Calculation of earnings (loss) per share	'
	The following includes a reconciliation of the weighted average number of shares; however for the three months ended March 31, 2014 and 2013 common stock equivalents of 54.5 million and 77.3 million, respectively, were not included because they were anti-dilutive.
		Three Months Ended
		March 31,
		2014		2013
		(In thousands, except per share data)
	Basic earnings per share:
	Net income (loss)	$	59,982	$	(72,930	)
	Weighted average common shares outstanding		338,213		232,348
	Basic income (loss) per share	$	0.18	$	(0.31	)
	Diluted earnings per share:
	Net income (loss)	$	59,982	$	(72,930	)
	Effect of dilutive securities:
	2% Convertible Senior Notes		3,049		-
	Net income (loss) plus assumed conversions	$	63,031	$	(72,930	)
	Weighted-average shares - Basic		338,213		232,348
	Common stock equivalents		74,967		-
	Weighted-average shares - Diluted		413,180		232,348
	Diluted income (loss) per share	$	0.15	$	(0.31	)

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments [Abstract ]	'
Amortized cost, gross unrealized gains and losses and fair value of investments portfolio	'
	The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at March 31, 2014 and December 31, 2013 are shown below.
						Gross			Gross
			Amortized			Unrealized			Unrealized			Fair
	31-Mar-14		Cost			Gains			Losses (1)			Value
			(In thousands)
	U.S. Treasury securities and obligations of U.S.government corporations and agencies		$	550,477		$	1,649		$	(17,078	)	$	535,048
	Obligations of U.S. states and political subdivisions			906,385			8,232			(8,490	)		906,127
	Corporate debt securities			2,192,333			9,038			(16,621	)		2,184,750
	Asset-backed securities			392,435			1,317			(241	)		393,511
	Residential mortgage-backed securities			373,314			141			(19,930	)		353,525
	Commercial mortgage-backed securities			286,323			569			(4,331	)		282,561
	Collateralized loan obligations			61,337			-			(903	)		60,434
	Debt securities issued by foreign sovereign governments			40,922			1,885			(237	)		42,570
	Total debt securities			4,803,526			22,831			(67,831	)		4,758,526
	Equity securities			2,928			38			(11	)		2,955
	Total investment portfolio		$	4,806,454		$	22,869		$	(67,842	)	$	4,761,481
						Gross			Gross
			Amortized			Unrealized			Unrealized			Fair
	31-Dec-13		Cost			Gains			Losses (1)			Value
			(In thousands)
	U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	663,642		$	1,469		$	(25,521	)	$	639,590
	Obligations of U.S. states and political subdivisions			932,922			5,865			(17,420	)		921,367
	Corporate debt securities			2,190,095			6,313			(24,993	)		2,171,415
	Asset-backed securities			399,839			1,100			(453	)		400,486
	Residential mortgage-backed securities			383,368			146			(24,977	)		358,537
	Commercial mortgage-backed securities			277,920			131			(6,668	)		271,383
	Collateralized loan obligations			61,337			-			(1,042	)		60,295
	Debt securities issued by foreign sovereign governments			39,420			1,722			(290	)		40,852
	Total debt securities			4,948,543			16,746			(101,364	)		4,863,925
	Equity securities			2,908			9			(23	)		2,894
	Total investment portfolio		$	4,951,451		$	16,755		$	(101,387	)	$	4,866,819
	(1) At March 31, 2014 and December 31, 2013, there were no other-than-temporary impairment losses recorded in other comprehensive income.
Amortized cost and fair values of debt securities by contractual maturity	'
	The amortized cost and fair values of debt securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.
			Amortized			Fair
	31-Mar-14		Cost			Value
			(In thousands)
	Due in one year or less		$	609,374		$	610,697
	Due after one year through five years			1,842,541			1,847,304
	Due after five years through ten years			779,379			765,534
	Due after ten years			458,823			444,960
			$	3,690,117		$	3,668,495
	Asset-backed securities			392,435			393,511
	Residential mortgage-backed securities			373,314			353,525
	Commercial mortgage-backed securities			286,323			282,561
	Collateralized loan obligations			61,337			60,434
	Total at March 31, 2014		$	4,803,526		$	4,758,526
Aging of the fair values of securities in an unrealized loss position	'
	At March 31, 2014 and December 31, 2013, the investment portfolio had gross unrealized losses of $67.8 million and $101.4 million, respectively.  For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
			Less Than 12 Months						12 Months or Greater					Total
			Fair			Unrealized			Fair			Unrealized		Fair		Unrealized
	31-Mar-14		Value			Losses			Value			Losses		Value		Losses
			(In thousands)
	U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	424,490		$	15,477		$	18,043		$	1,601	$	442,533	$	17,078
	Obligations of U.S. states and political subdivisions			377,446			8,445			2,692			45		380,138		8,490
	Corporate debt securities			1,072,046			13,570			67,839			3,051		1,139,885		16,621
	Asset-backed securities			88,241			185			7,087			56		95,328		241
	Residential mortgage-backed securities			90,098			2,765			262,298			17,165		352,396		19,930
	Commercial mortgage-backed securities			177,235			4,191			15,256			140		192,491		4,331
	Collateralized loan obligations			60,434			903			-			-		60,434		903
	Debt securities issued by foreign sovereign governments			9,357			237			-			-		9,357		237
	Equity securities			299			6			88			5		387		11
	Total investment portfolio		$	2,299,646		$	45,779		$	373,303		$	22,063	$	2,672,949	$	67,842
			Less Than 12 Months						12 Months or Greater					Total
			Fair			Unrealized			Fair			Unrealized		Fair		Unrealized
	31-Dec-13		Value			Losses			Value			Losses		Value		Losses
			(In thousands)
	U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	465,975		$	24,980		$	4,103		$	541	$	470,078	$	25,521
	Obligations of U.S. states and political subdivisions
				503,967			17,370			4,226			50		508,193		17,420
	Corporate debt securities			1,238,211			20,371			81,593			4,622		1,319,804		24,993
	Asset-backed securities			126,991			387			7,114			66		134,105		453
	Residential mortgage-backed securities			91,534			3,886			265,827			21,091		357,361		24,977
	Commercial mortgage-backed securities			192,440			6,239			43,095			429		235,535		6,668
	Collateralized loan obligations			60,295			1,042			-			-		60,295		1,042
	Debt securities issued by foreign sovereign governments
				7,203			290			-			-		7,203		290
	Equity securities			1,012			18			75			5		1,087		23
	Total investment portfolio		$	2,687,628		$	74,583		$	406,033		$	26,804	$	3,093,661	$	101,387
Net realized investment gains (losses) and OTTI on investments	'
	The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
			Three Months Ended
			March 31,
			2014			2013
		(In thousands)
	Net realized investment gains (losses) and OTTI on investments:
	Fixed maturities		$	(234	)	$	1,257
	Equity securities			3			2
			$	(231	)	$	1,259
			Three Months Ended
			March 31,
			2014			2013
		(In thousands)
	Net realized investment gains (losses) and OTTI on investments:
	Gains on sales		$	805		$	1,934
	Losses on sales			(1,036	)		(675	)
			$	(231	)	$	1,259

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair value measurements for items measured at fair value	'
	Fair value measurements for assets measured at fair value included the following as of March 31, 2014 and December 31, 2013:
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs		Significant Unobservable Inputs
								(Level 2)		(Level 3)
		(In thousands)
	31-Mar-14
	U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	535,048		$	535,048		$	-	$	-
	Obligations of U.S. states and political subdivisions		906,127			-			903,749		2,378
	Corporate debt securities		2,184,750			-			2,184,750		-
	Asset-backed securities		393,511			-			393,511		-
	Residential mortgage-backed securities		353,525			-			353,525		-
	Commercial mortgage-backed securities		282,561			-			282,561		-
	Collateralized loan obligations		60,434			-			60,434		-
	Debt securities issued by foreign sovereign governments		42,570			42,570			-		-
	Total debt securities		4,758,526			577,618			4,178,530		2,378
	Equity securities		2,955			2,634			-		321
	Total investments	$	4,761,481		$	580,252		$	4,178,530	$	2,699
	Real estate acquired (1)	$	11,137		$	-		$	-	$	11,137
		Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs		Significant Unobservable Inputs
								(Level 2)		(Level 3)
		(In thousands)
	31-Dec-13
	U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	639,590		$	639,590		$	-	$	-
	Obligations of U.S. states and political subdivisions		921,367			-			918,944		2,423
	Corporate debt securities		2,171,415			-			2,171,415		-
	Asset-backed securities		400,486			-			400,486		-
	Residential mortgage-backed securities		358,537			-			358,537		-
	Commercial mortgage-backed securities		271,383			-			271,383		-
	Collateralized loan obligations		60,295						60,295
	Debt securities issued by foreign sovereign governments		40,852			40,852			-		-
	Total debt securities		4,863,925			680,442			4,181,060		2,423
	Equity securities		2,894			2,573			-		321
	Total investments	$	4,866,819		$	683,015		$	4,181,060	$	2,744
	Real estate acquired (1)	$	13,280		$	-		$	-	$	13,280
	(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)	'
	For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2014 and 2013 is as follows:
		Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
		(In thousands)
	Balance at December 31, 2013	$	2,423		$	-		$	321	$	2,744		$	13,280
	Total realized/unrealized gains (losses):
	Included in earnings and reported as losses incurred, net		-			-			-		-			(1,160	)
	Purchases		30			-			-		30			8,010
	Sales		(75	)		-			-		(75	)		(8,993	)
	Transfers into Level 3		-			-			-		-			-
	Transfers out of Level 3		-			-			-		-			-
	Balance at March 31, 2014	$	2,378		$	-		$	321	$	2,699		$	11,137
	Amount of total losses included in earnings for the three months ended March 31, 2014 attributable to the change in unrealized losses on assets still held at March 31, 2014	$	-		$	-		$	-	$	-		$	-
		Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
		(In thousands)
	Balance at December 31, 2012	$	3,130		$	17,114		$	321	$	20,565		$	3,463
	Total realized/unrealized gains (losses):
	Included in earnings and reported as realized investment gains (losses), net		-			(225	)		-		(225	)		-
	Included in earnings and reported as losses incurred, net		-			-			-		-			(1,302	)
	Purchases		30			-			-		30			8,014
	Sales		(203	)		(16,889	)		-		(17,092	)		(2,651	)
	Transfers into Level 3		-			-			-		-			-
	Transfers out of Level 3		-			-			-		-			-
	Balance at March 31, 2013	$	2,957		$	-		$	321	$	3,278		$	7,524
	Amount of total losses included in earnings for the three months ended March 31, 2013 attributable to the change in unrealized losses on assets still held at March 31, 2013	$	-		$	-		$	-	$	-		$	-

Other_Comprehensive_Income_Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2014
Other Comprehensive Income [Abstract]	'
Other comprehensive income	'
	Our other comprehensive income for the three months ended March 31, 2014 and 2013 was as follows:
		Three Months Ended
		31-Mar-14
									Valuation
			Before tax			Tax effect			allowance			Net of tax
		(In thousands)
	Other comprehensive income (loss):
	Change in unrealized gains and losses on investments		$	39,661		$	(13,871	)	$	13,808		$	39,598
	Benefit plan adjustments			(1,486	)		520			(520	)		(1,486	)
	Unrealized foreign currency translation adjustment			1,931			(678	)		-			1,253
	Other comprehensive income (loss)		$	40,106		$	(14,029	)	$	13,288		$	39,365
		Three Months Ended
		31-Mar-13
									Valuation
			Before tax			Tax effect			allowance			Net of tax
		(In thousands)
	Other comprehensive income (loss):
	Change in unrealized gains and losses on investments		$	(10,539	)	$	3,592		$	(3,007	)	$	(9,954	)
	Unrealized foreign currency translation adjustment			486			(170	)		-			316
	Other comprehensive income (loss)		$	(10,053	)	$	3,422		$	(3,007	)	$	(9,638	)
Accumulated other comprehensive income (loss)	'
	Total accumulated other comprehensive income and changes in accumulated other comprehensive income, including amounts reclassified from other comprehensive income, are included in the table below.
			Three Months Ended
			31-Mar-14
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
			(In thousands)
	Balance at December 31, 2013, before tax		$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)
	Other comprehensive income (loss) before reclassifications			36,672			-			1,931			38,603
	Amounts reclassified from accumulated other comprehensive income (loss)			(2,989	)(1)		1,486	-2		-			(1,503	)
	Net current period other comprehensive income (loss)			39,661			(1,486	)		1,931			40,106
	Balance at March 31, 2014, before tax		$	(44,973	)	$	(5,252	)	$	13,115		$	(37,110	)
	Tax effect (3)			(64,119	)		26,940			(4,072	)		(41,251	)
	Balance at March 31, 2014, net of tax		$	(109,092	)	$	21,688		$	9,043		$	(78,361	)
			Three Months Ended
			31-Mar-13
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
			(In thousands)
	Balance at December 31, 2012, before tax		$	41,541		$	(71,804	)	$	32,747		$	2,484
	Other comprehensive income (loss) before reclassifications			(8,467	)		-			486			(7,981	)
	Amounts reclassified from accumulated other comprehensive income (loss)			2,072	(1)		-			-			2,072
	Net current period other comprehensive income (loss)			(10,539	)		-			486			(10,053	)
	Balance at March 31, 2013, before tax			31,002			(71,804	)		33,233			(7,569	)
	Tax effect (3)			(66,054	)		26,940			(11,118	)		(50,232	)
	Balance at March 31, 2013, net of tax		$	(35,052	)	$	(44,864	)	$	22,115		$	(57,801	)
	-1	During the three months ended March 31, 2014 and 2013, net unrealized (losses) gains of ($3.0) million and $2.1 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses)
	-2	During the three months ended March 31, 2014, other comprehensive income related to benefit plans of $1.5 million was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.
	-3	Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.
	Total accumulated other comprehensive income at December 31, 2013 is included in the table below.
			Unrealized gains and
			losses on available-			Defined benefit			Foreign currency
			for-sale securities			plans			translation			Total
		(In thousands)
	Balance at December 31, 2013, before tax			(84,634	)		(3,766	)		11,184			(77,216	)
	Tax effect (1)			(64,056	)		26,940			(3,394	)		(40,510	)
	Balance at December 31, 2013, net of tax		$	(148,690	)	$	23,174		$	7,790		$	(117,726	)
	(1) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Benefit_Plans_Tables

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2014
Benefit Plans [Abstract]	'
Components of net periodic benefit cost	'
	The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
				Three Months Ended March 31,
				Pension and Supplemental						Other Postretirement
				Executive Retirement Plans						Benefits
				2014			2013			2014			2013
		(In thousands)
	Service cost		$	2,080		$	2,717		$	177		$	194
	Interest cost			4,009			3,799			183			154
	Expected return on plan assets			(5,258	)		(5,038	)		(1,161	)		(920	)
	Recognized net actuarial loss			291			1,516			(73	)		-
	Amortization of prior service cost			(42	)		125			(1,662	)		(1,663	)
	Net periodic benefit cost		$	1,080		$	3,119		$	(2,536	)	$	(2,235	)

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2014
Income Taxes [Abstract]	'
Tax provision (benefit)	'
	The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
		Three Months Ended
		March 31,
		2014			2013
		(In thousands)
	Provision for (benefit from) income tax	$	23,120		$	(21,590	)
	Change in valuation allowance		(22,394	)		22,729
	Provision for income taxes	$	726		$	1,139

Loss_Reserves_Tables

Loss Reserves (Tables)	3 Months Ended
	Mar. 31, 2014
Loss Reserves [Abstract]	'
Reconciliation of beginning and ending loss reserves	'
	The following table provides a reconciliation of beginning and ending loss reserves for the three months ended March 31, 2014 and 2013:
			Three Months Ended
			March 31,
			2014			2013
			(In thousands)
	Reserve at beginning of period		$	3,061,401		$	4,056,843
	Less reinsurance recoverable			64,085			104,848
	Net reserve at beginning of period			2,997,316			3,951,995
	Losses incurred:
	Losses and LAE incurred in respect of default notices related to:
	Current year			155,982			268,793
	Prior years (1)			(33,374	)		(2,585	)
	Subtotal			122,608			266,208
	Losses paid:
	Losses and LAE paid in respect of default notices related to:
	Current year			314			246
	Prior years			342,669			468,933
	Reinsurance terminations (2)			-			(3,145	)
	Subtotal			342,983			466,034
	Net reserve at end of period (3)			2,776,941			3,752,169
	Plus reinsurance recoverables			57,618			96,179
	Reserve at end of period		$	2,834,559		$	3,848,348
	-1	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.
	-2	In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred.
	-3	At March 31, 2014 and 2013, the estimated reduction in loss reserves related to rescissions approximated $70 million and $0.2 billion, respectively.
Prior year development of the reserves	'
	The prior year development of the reserves in the first three months of 2014 and 2013 is reflected in the table below.
			Three months ended March 31,
			2014			2013
			(In millions)
	Prior year loss development (1):
	Decrease in estimated claim rate on primary defaults		$	(30	)	$	(15	)
	Increase in estimated severity on primary defaults			5			20
	Change in estimates related to pool reserves, LAE reserves and reinsurance			(8	)		(8	)
	Total prior year loss development		$	(33	)	$	(3	)
	(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves, and a positive number indicates a deficiency of prior year loss reserves.
Rollforward of primary default inventory	'
	A rollforward of our primary default inventory for the three months ended March 31, 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and by transfers of servicing between loan servicers.
			Three Months Ended
			March 31,
			2014			2013
	Default inventory at beginning of period			103,328			139,845
	New Notices			23,346			27,864
	Cures			(27,318	)		(31,122	)
	Paids (including those charged to a  deductible or captive)			(7,064	)		(9,445	)
	Rescissions and denials			(450	)		(532	)
	Default inventory at end of period			91,842			126,610
Aging of the primary default inventory	'
	The decrease in the primary default inventory experienced during 2014 and 2013 was generally across all markets and all book years. However, the percentage of loans in the inventory that have been in default for 12 or more consecutive months has increased in the first quarter of 2014, as shown in the table below. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months and the number of loans in our primary claims received inventory have been affected by our suspended rescissions and the resolution of certain of those rescissions discussed below and in Note 5 – “Litigation and Contingencies.”
	Aging of the Primary Default Inventory
			March 31,						December 31,				March 31,
			2014						2013				2013
	Consecutive months in default
	3 months or less			14,313			16	%		18,941	18	%		17,973	14	%
	4 - 11 months			23,305			25	%		24,514	24	%		32,662	26	%
	12 months or more			54,224			59	%		59,873	58	%		75,975	60	%
	Total primary default inventory			91,842			100	%		103,328	100	%		126,610	100	%
	Primary claims received inventory included in ending default inventory (1)
				5,990			7	%		6,948	7	%		10,924	9	%
	(1) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to certain loans that we believed would be included in a potential resolution. As of March 31, 2014, rescissions of coverage on approximately 1,525 loans had been voluntarily suspended.
Number of payments delinquent	'
	The number of months a loan is in the default inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. The number of payments that a borrower is delinquent is shown in the table below.
	Number of Payments Delinquent
			March 31,						December 31,				March 31,
			2014						2013				2013
	3 payments or less			23,035			25	%		28,095	27	%		28,376	23	%
	4 - 11 payments			22,766			25	%		24,605	24	%		32,253	25	%
	12 payments or more			46,041			50	%		50,628	49	%		65,981	52	%
	Total primary default inventory			91,842			100	%		103,328	100	%		126,610	100	%

Premium_Deficiency_Reserve_Tab

Premium Deficiency Reserve (Tables)	3 Months Ended
	Mar. 31, 2014
Premium Deficiency Reserve [Abstract]	'
Components of premium deficiency reserve	'
	The components of the premium deficiency reserve at March 31, 2014, December 31, 2013 and March 31, 2013 appear in the table below.
		March 31,			December 31,			March 31,
		2014			2013			2013
		(In millions)
	Present value of expected future paid losses and expenses, net of expected future premium	$	(622	)	$	(669	)	$	(808	)
	Established loss reserves		579			621			736
	Net deficiency	$	(43	)	$	(48	)	$	(72	)
Reconciliation of beginning and ending balances in the premium deficiency reserve	'
	The decrease in the premium deficiency reserve for the three months ended March 31, 2014 and 2013 was $5 million and $2 million, respectively, as shown in the table below, which represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The net change in assumptions for the three months ended March 31, 2014 is primarily related to higher estimated ultimate premiums. The net change in assumptions for the three months ended March 31, 2013 is primarily related to higher estimated losses.
		Three Months Ended March 31,
		2014						2013
		(In millions)
	Premium Deficiency Reserve at beginning of period				$	(48	)				$	(74	)
	Paid claims and loss adjustment expenses	$	48					$	58
	Decrease in loss reserves		(42	)					(30	)
	Premium earned		(21	)					(23	)
	Effects of present valuing on future premiums,losses and expenses		(2	)					(2	)
	Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					(17	)					3
	Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					22						(1	)
	Premium Deficiency Reserve at end of period				$	(43	)				$	(72	)
	(1)  A positive (negative) number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a redundancy (deficiency) of the prior premium deficiency reserve.

Nature_of_Business_and_Basis_o1

Nature of Business and Basis of Presentation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013
Nature of Business and Basis of Presentation [Abstract]	'	'	'	'
(Increase) decrease in restricted cash	$4	$42,900	($60,300)	$0
Restricted cash and cash equivalents	$17,444	$17,440	'	'

Debt_Details

Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Net proceeds from convertible senior notes	$0	$484,670,000	'
Holding company cash and investments	542,000,000	'	'
Unrealized gain loss on holding company investments	7,100,000	'	'
Modified duration of holding company investments	'3 years 4 months 24 days	'	'
Par Value [Member]	'	'	'
Liabilities [Abstract]	'	'	'
Senior Notes	61,953,000	'	82,883,000
Convertible Senior Notes due 2017	345,000,000	'	345,000,000
Convertible Senior Notes due 2020	500,000,000	'	500,000,000
Convertible Junior Subordinated Debentures	389,522,000	'	389,522,000
Total Debt	1,296,475,000	'	1,317,405,000
Fair Value [Member]	'	'	'
Liabilities [Abstract]	'	'	'
Senior Notes	64,121,000	'	85,991,000
Convertible Senior Notes due 2017	397,599,000	'	388,988,000
Convertible Senior Notes due 2020	703,815,000	'	685,625,000
Convertible Junior Subordinated Debentures	464,018,000	'	439,186,000
Total Debt	1,629,553,000	'	1,599,790,000
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'	'	'
Liabilities [Abstract]	'	'	'
Senior Notes	64,121,000	'	85,991,000
Convertible Senior Notes due 2017	397,599,000	'	388,988,000
Convertible Senior Notes due 2020	703,815,000	'	685,625,000
Convertible Junior Subordinated Debentures	0	'	0
Total Debt	1,165,535,000	'	1,160,604,000
Significant Other Observable Inputs (Level 2) [Member]	'	'	'
Liabilities [Abstract]	'	'	'
Senior Notes	0	'	0
Convertible Senior Notes due 2017	0	'	0
Convertible Senior Notes due 2020	0	'	0
Convertible Junior Subordinated Debentures	464,018,000	'	439,186,000
Total Debt	464,018,000	'	439,186,000
Significant Unobservable Inputs (Level 3) [Member]	'	'	'
Liabilities [Abstract]	'	'	'
Senior Notes	0	'	0
Convertible Senior Notes due 2017	0	'	0
Convertible Senior Notes due 2020	0	'	0
Convertible Junior Subordinated Debentures	0	'	0
Total Debt	0	'	0
Senior Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Repurchase of debt instrument	20,900,000	'	'
Interest payments made	300,000	'	'
Senior Notes [Member] | Senior Notes Due 2015 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Outstanding principal amount	62,000,000	'	82,900,000
Stated interest rate (in hundredths)	5.38%	'	5.38%
Maturity date	'November 1, 2015	'	'November 1, 2015
Convertible Senior Notes Due 2017 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Outstanding principal amount	345,000,000	'	345,000,000
Stated interest rate (in hundredths)	5.00%	'	5.00%
Maturity date	'May 1, 2017	'	'May 1, 2017
Conversion rate (in shares per $1,000 note)	74.4186	'	'
Principal amount of notes used in determining conversion rate	1,000	'	'
Initial conversion price (in dollars per share)	$13.44	'	'
Convertible Senior Notes - due April 2020 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Outstanding principal amount	500,000,000	'	500,000,000
Stated interest rate (in hundredths)	2.00%	'	2.00%
Maturity date	'April 1, 2020	'	'April 1, 2020
Conversion rate (in shares per $1,000 note)	143.8332	'	'
Principal amount of notes used in determining conversion rate	1,000	'	'
Initial conversion price (in dollars per share)	$6.95	'	'
130% of conversion price (in dollars per share)	$9.03	'	'
Net proceeds from convertible senior notes	'	484,600,000	'
Redemption price, percentage (in hundredths)	100.00%	'	'
Percentage of conversion price (in hundredths)	130.00%	'	'
Minimum number of trading days	'20 days	'	'
Maximum number of trading days	'30 days	'	'
Convertible Junior Subordinated Debentures Due 2063 [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Outstanding principal amount	389,500,000	'	389,500,000
Stated interest rate (in hundredths)	9.00%	'	9.00%
Maturity date	'April 1, 2063	'	'April 1, 2063
Conversion rate (in shares per $1,000 note)	74.0741	'	'
Principal amount of notes used in determining conversion rate	1,000	'	'
Initial conversion price (in dollars per share)	$13.50	'	'
Redemption price, percentage (in hundredths)	100.00%	'	'
Percentage of conversion price (in hundredths)	130.00%	'	'
Minimum number of trading days	'20 days	'	'
Maximum number of trading days	'30 days	'	'
Minimum number of consecutive interest periods for which interest payments may be deferred	1	'	'
Maximum period for which interest payments may be deferred without giving rise to an event of default	'10 years	'	'
Interest payment deferred	'	18,300,000	'
Interest payment due on the debentures	'	$17,500,000	'
Period preceding election to convert	'5 days	'	'

Reinsurance_Details

Reinsurance (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Company
Reinsurance [Abstract]	'	'	'
Percentage of quota share (in hundredths)	30.00%	'	'
Percentage of ceding commission (in hundredths)	20.00%	'	'
Percentage quota share in addendum (in hundredths)	40.00%	'	'
Profit commission receivable	$24,600,000	'	'
Number of other mortgage insurers agreeing to similar CFPB settlements	3	'	'
Period of existing captive reinsurance agreement	'10 years	'	'
Reinsurance recoverable on loss reserves related to captive agreements	55,000,000	'	64,000,000
Fair value of trust fund assets under captive agreements	217,000,000	'	226,000,000
Fair value of trust fund assets under captive agreements, no reinsurance recoverable on loss reserves	23,000,000	'	23,000,000
Premiums Written and Earned [Abstract]	'	'	'
Ceded premiums written, net of profit commission	26,620,000	6,598,000	'
Ceded premiums earned, net of profit commission	24,562,000	6,407,000	'
Ceded losses incurred	6,384,000	10,913,000	'
Ceding commissions	$9,133,000	$537,000	'

Litigation_and_Contingencies_D

Litigation and Contingencies (Details) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended					36 Months Ended
	Mar. 31, 2014	Jun. 30, 2009	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011
Curtailments [Abstract]	'	'	'	'	'	'	'	'
Average paid claim reduction due to curtailments (in hundredths)	5.90%	'	5.80%	'	'	'	'	'
Number of days after claim paid within which objection must be received for review	'90 days	'	'	'	'	'	'	'
Claims resolved by rescissions [Abstract]	'	'	'	'	'	'	'	'
Mitigation of paid losses by rescission of policies	$26,000,000	'	$135,000,000	$300,000,000	'	'	'	$3,000,000,000
Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths)	5.00%	'	'	'	'	'	'	'
Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths)	'	28.00%	'	'	'	'	'	'
Mitigation of incurred losses by rescission of policies	0	'	0	0	0	200,000,000	2,500,000,000	'
Reduction in estimated rescissions	'	'	'	200,000,000	'	'	'	'
Total loss reserves, estimated benefit from rescissions	70,000,000	'	'	'	'	'	'	'
Rescissions dispute period not ended (in hundredths)	26.00%	'	'	'	'	'	'	'
Statute of limitations to bring legal proceedings disputing right to rescind coverage	'3 years	'	'	'	'	'	'	'
Maximum exposure above estimate provision	484,000,000	'	'	'	'	'	'	'
Exposure from rescission practices (in hundredths)	50.00%	'	'	'	'	'	'	'
Maximum exposure associated with other discussions and legal proceedings	266,000,000	'	'	'	'	'	'	'
Class action complaint under RESPA [Abstract]	'	'	'	'	'	'	'	'
Period of existing captive reinsurance agreement	'10 years	'	'	'	'	'	'	'
Civil penalty	'	'	2,650,000	'	'	'	'	'
Other Legal Proceedings [Abstract]	'	'	'	'	'	'	'	'
Underwriting remedy expense	2,000,000	'	5,000,000	'	'	'	'	'
Class Action Complaint Under RESPA [Member] | Pending Litigation [Member]	'	'	'	'	'	'	'	'
Class action complaint under RESPA [Abstract]	'	'	'	'	'	'	'	'
Number of lawsuits	12	'	'	'	'	'	'	'
Number of cases dismissed	7	'	'	'	'	'	'	'
Countrywide Dispute [Member] | Pending Litigation [Member]	'	'	'	'	'	'	'	'
Claims resolved by rescissions [Abstract]	'	'	'	'	'	'	'	'
Amount of damages sought	$700,000,000	'	'	'	'	'	'	'
Lawsuits alleging improper recording and foreclosure activities by MERS [Member] | Pending Litigation [Member]	'	'	'	'	'	'	'	'
Lawsuits alleging improper recording and foreclosure activities by MERS [Abstract]	'	'	'	'	'	'	'	'
Number of lawsuits naming non-insurance subsidiary as defendant	8	'	'	'	'	'	'	'
Number of lawsuits naming subsidiary as defendant that were dismissed	7	'	'	'	'	'	'	'

Earnings_Loss_per_Share_Detail

Earnings (Loss) per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Basic earnings per share [Abstract]	'	'
Weighted average common shares outstanding (in shares)	338,213,000	232,348,000
Net income (loss)	$59,982	($72,930)
Basic income (loss) per share (in dollars per share)	$0.18	($0.31)
Diluted earnings per share [Abstract]	'	'
Net income (loss)	59,982	-72,930
Effect of dilutive securities [Abstract]	'	'
2% Convertible Senior Notes	3,049	0
Net income (loss) plus assumed conversions	$63,031	($72,930)
Weighted-average shares - Basic (in shares)	338,213,000	232,348,000
Common stock equivalents (in shares)	74,967,000	0
Weighted-average shares - Diluted (in shares)	413,180,000	232,348,000
Diluted income (loss) per share (in dollars per share)	$0.15	($0.31)
Participating Securities [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Anti-dilutive securities excluded from EPS calculation (in shares)	'	1,200,000
Participating securities included weighted average number of common shares outstanding	100,000	'
Common Stock Equivalents [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Anti-dilutive securities excluded from EPS calculation (in shares)	54,500,000	77,300,000

Investments_Details

Investments (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	$4,806,454,000		$4,951,451,000
Gross Unrealized Gains	22,869,000		16,755,000
Gross Unrealized Losses	-67,842,000	[1]	-101,387,000	[1]
Fair Value	4,761,481,000		4,866,819,000
Percentage of foreign investments held in government and semi-government securities (in hundredths)	85.00%		'
Percentage of foreign investments held in corporate securities (in hundredths)	11.00%		'
Percentage of foreign investments held in cash equivalents (in hundredths)	4.00%		'
Percentage of Australian portfolio rated AAA	78.00%		'
Percentage of Australian portfolio rated AA	22.00%		'
Gross unrealized (gains) losses	67,800,000		-101,400,000
Maturities, Amortized Cost [Abstract]	'		'
Due in one year or less	609,374,000		'
Due after one year through five years	1,842,541,000		'
Due after five years through ten years	779,379,000		'
Due after ten years	458,823,000		'
Total debt securities with single maturity date	3,690,117,000		'
Total at end of period	4,803,526,000		4,948,543,000
Maturities, Fair Value [Abstract]	'		'
Due in one year or less	610,697,000		'
Due after one year through five years	1,847,304,000		'
Due after five years through ten years	765,534,000		'
Due after ten years	444,960,000		'
Total debt securities with single maturity date	3,668,495,000		'
Total at end of period	4,758,526,000		'
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	2,299,646,000		2,687,628,000
12 months or greater	373,303,000		406,033,000
Total investment portfolio	2,672,949,000		3,093,661,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	45,779,000		74,583,000
12 months or greater	22,063,000		26,804,000
Total investment portfolio	67,842,000		101,387,000
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	550,477,000		663,642,000
Gross Unrealized Gains	1,649,000		1,469,000
Gross Unrealized Losses	-17,078,000	[1]	-25,521,000	[1]
Fair Value	535,048,000		639,590,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	424,490,000		465,975,000
12 months or greater	18,043,000		4,103,000
Total investment portfolio	442,533,000		470,078,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	15,477,000		24,980,000
12 months or greater	1,601,000		541,000
Total investment portfolio	17,078,000		25,521,000
Obligations of U.S. states and political subdivisions [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	906,385,000		932,922,000
Gross Unrealized Gains	8,232,000		5,865,000
Gross Unrealized Losses	-8,490,000	[1]	-17,420,000	[1]
Fair Value	906,127,000		921,367,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	377,446,000		503,967,000
12 months or greater	2,692,000		4,226,000
Total investment portfolio	380,138,000		508,193,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	8,445,000		17,370,000
12 months or greater	45,000		50,000
Total investment portfolio	8,490,000		17,420,000
Corporate debt securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	2,192,333,000		2,190,095,000
Gross Unrealized Gains	9,038,000		6,313,000
Gross Unrealized Losses	-16,621,000	[1]	-24,993,000	[1]
Fair Value	2,184,750,000		2,171,415,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	1,072,046,000		1,238,211,000
12 months or greater	67,839,000		81,593,000
Total investment portfolio	1,139,885,000		1,319,804,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	13,570,000		20,371,000
12 months or greater	3,051,000		4,622,000
Total investment portfolio	16,621,000		24,993,000
Asset-backed securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	392,435,000		399,839,000
Gross Unrealized Gains	1,317,000		1,100,000
Gross Unrealized Losses	-241,000	[1]	-453,000	[1]
Fair Value	393,511,000		400,486,000
Maturities, Amortized Cost [Abstract]	'		'
Debt securities without single maturity date	392,435,000		'
Maturities, Fair Value [Abstract]	'		'
Debt securities without single maturity date	393,511,000		'
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	88,241,000		126,991,000
12 months or greater	7,087,000		7,114,000
Total investment portfolio	95,328,000		134,105,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	185,000		387,000
12 months or greater	56,000		66,000
Total investment portfolio	241,000		453,000
Residential mortgage-backed securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	373,314,000		383,368,000
Gross Unrealized Gains	141,000		146,000
Gross Unrealized Losses	-19,930,000	[1]	-24,977,000	[1]
Fair Value	353,525,000		358,537,000
Maturities, Amortized Cost [Abstract]	'		'
Debt securities without single maturity date	373,314,000		'
Maturities, Fair Value [Abstract]	'		'
Debt securities without single maturity date	353,525,000		'
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	90,098,000		91,534,000
12 months or greater	262,298,000		265,827,000
Total investment portfolio	352,396,000		357,361,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	2,765,000		3,886,000
12 months or greater	17,165,000		21,091,000
Total investment portfolio	19,930,000		24,977,000
Commercial mortgage-backed securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	286,323,000		277,920,000
Gross Unrealized Gains	569,000		131,000
Gross Unrealized Losses	-4,331,000	[1]	-6,668,000	[1]
Fair Value	282,561,000		271,383,000
Maturities, Amortized Cost [Abstract]	'		'
Debt securities without single maturity date	286,323,000		'
Maturities, Fair Value [Abstract]	'		'
Debt securities without single maturity date	282,561,000		'
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	177,235,000		192,440,000
12 months or greater	15,256,000		43,095,000
Total investment portfolio	192,491,000		235,535,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	4,191,000		6,239,000
12 months or greater	140,000		429,000
Total investment portfolio	4,331,000		6,668,000
Collateralized loan obligations [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	61,337,000		61,337,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	-903,000	[1]	-1,042,000	[1]
Fair Value	60,434,000		60,295,000
Maturities, Amortized Cost [Abstract]	'		'
Debt securities without single maturity date	61,337,000		'
Maturities, Fair Value [Abstract]	'		'
Debt securities without single maturity date	60,434,000		'
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	60,434,000		60,295,000
12 months or greater	0		0
Total investment portfolio	60,434,000		60,295,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	903,000		1,042,000
12 months or greater	0		0
Total investment portfolio	903,000		1,042,000
Debt securities issued by foreign sovereign governments [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	40,922,000		39,420,000
Gross Unrealized Gains	1,885,000		1,722,000
Gross Unrealized Losses	-237,000	[1]	-290,000	[1]
Fair Value	42,570,000		40,852,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	9,357,000		7,203,000
12 months or greater	0		0
Total investment portfolio	9,357,000		7,203,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	237,000		290,000
12 months or greater	0		0
Total investment portfolio	237,000		290,000
Total debt securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	4,803,526,000		4,948,543,000
Gross Unrealized Gains	22,831,000		16,746,000
Gross Unrealized Losses	-67,831,000	[1]	-101,364,000	[1]
Fair Value	4,758,526,000		4,863,925,000
Equity securities [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	2,928,000		2,908,000
Gross Unrealized Gains	38,000		9,000
Gross Unrealized Losses	-11,000	[1]	-23,000	[1]
Fair Value	2,955,000		2,894,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]	'		'
Less than 12 months	299,000		1,012,000
12 months or greater	88,000		75,000
Total investment portfolio	387,000		1,087,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]	'		'
Less than 12 months	6,000		18,000
12 months or greater	5,000		5,000
Total investment portfolio	$11,000		$23,000
[1]	(1) At March 31, 2014 and December 31, 2013, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Investments_Gain_Loss_on_Inves

Investments, Gain (Loss) on Investments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Gain (Loss) on Investments [Line Items]	'	'
Net realized investment gains (losses) and OTTI on investments	($231)	$1,259
Gross realized gains, gross realized losses and impairment losses [Abstract]	'	'
Gains on sales	805	1,934
Losses on sales	-1,036	-675
Total net realized gains (losses)	-231	1,259
Fixed Maturities [Member]	'	'
Gain (Loss) on Investments [Line Items]	'	'
Net realized investment gains (losses) and OTTI on investments	-234	1,257
Gross realized gains, gross realized losses and impairment losses [Abstract]	'	'
Total net realized gains (losses)	-234	1,257
Equity Securities [Member]	'	'
Gain (Loss) on Investments [Line Items]	'	'
Net realized investment gains (losses) and OTTI on investments	3	2
Gross realized gains, gross realized losses and impairment losses [Abstract]	'	'
Total net realized gains (losses)	$3	$2

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Fair Value Measurements [Abstract]	'		'
State premium tax credit investments, average maturity	'5 years		'
Annual average discount rate (in hundredths)	7.30%		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	$4,761,481		$4,866,819
Real estate acquired	11,137	[1]	13,280	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	580,252		683,015
Real estate acquired	0	[1]	0	[1]
Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	4,178,530		4,181,060
Real estate acquired	0	[1]	0	[1]
Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,699		2,744
Real estate acquired	11,137	[1]	13,280	[1]
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	535,048		639,590
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	535,048		639,590
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Obligations of U.S. states and political subdivisions [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	906,127		921,367
Obligations of U.S. states and political subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Obligations of U.S. states and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	903,749		918,944
Obligations of U.S. states and political subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,378		2,423
Corporate debt securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,184,750		2,171,415
Corporate debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,184,750		2,171,415
Corporate debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Asset-backed securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	393,511		400,486
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Asset-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	393,511		400,486
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Residential mortgage-backed securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	353,525		358,537
Residential mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Residential mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	353,525		358,537
Residential mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Commercial mortgage-backed securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	282,561		271,383
Commercial mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Commercial mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	282,561		271,383
Commercial mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Collateralized loan obligations [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	60,434		60,295
Collateralized loan obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Collateralized loan obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	60,434		60,295
Collateralized loan obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Debt securities issued by foreign sovereign governments [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	42,570		40,852
Debt securities issued by foreign sovereign governments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	42,570		40,852
Debt securities issued by foreign sovereign governments [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Debt securities issued by foreign sovereign governments [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Total debt securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	4,758,526		4,863,925
Total debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	577,618		680,442
Total debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	4,178,530		4,181,060
Total debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,378		2,423
Equity securities [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,955		2,894
Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	2,634		2,573
Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	0		0
Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member]	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Total investments	$321		$321
[1]	Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.

Fair_Value_Measurements_Unobse

Fair Value Measurements, Unobservable Input Reconciliation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as impairment losses, net	$0	$0
Obligations of U.S. States and Political Subdivisions [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Balance at beginning of period	2,423	3,130
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as realized investment gains (losses), net	'	0
Included in earnings and reported as losses incurred, net	0	0
Purchases	30	30
Sales	-75	-203
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	2,378	2,957
Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end	0	0
Corporate Debt Securities [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Balance at beginning of period	0	17,114
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as realized investment gains (losses), net	'	-225
Included in earnings and reported as losses incurred, net	0	0
Purchases	0	0
Sales	0	-16,889
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	0	0
Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end	0	0
Equity Securities [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Balance at beginning of period	321	321
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as realized investment gains (losses), net	'	0
Included in earnings and reported as losses incurred, net	0	0
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	321	321
Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end	0	0
Total Investments [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Balance at beginning of period	2,744	20,565
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as realized investment gains (losses), net	'	-225
Included in earnings and reported as losses incurred, net	0	0
Purchases	30	30
Sales	-75	-17,092
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	2,699	3,278
Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end	0	0
Real Estate Acquired [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Balance at beginning of period	13,280	3,463
Total realized/unrealized gains (losses) [Abstract]	'	'
Included in earnings and reported as realized investment gains (losses), net	'	0
Included in earnings and reported as losses incurred, net	-1,160	-1,302
Purchases	8,010	8,014
Sales	8,993	-2,651
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	11,137	7,524
Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end	$0	$0

Other_Comprehensive_Income_Det

Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Other comprehensive income (before tax) [Abstract]	'		'		'
Change in unrealized gains and losses on investments	$39,661		($10,539)		'
Benefit plan adjustments	-1,486		'		'
Unrealized foreign currency translation adjustment	1,931		486		'
Other comprehensive income (loss)	40,106		-10,053		'
Other comprehensive income (tax) [Abstract]	'		'		'
Change in unrealized gains and losses on investments	-13,871		3,592		'
Benefit plan adjustments	520		'		'
Unrealized foreign currency translation adjustment	-678		-170		'
Other comprehensive income (loss)	-14,029		3,422		'
Other comprehensive income (valuation allowance) [Abstract]	'		'		'
Change in unrealized investment gains and losses, net	13,808		-3,007		'
Benefit plan adjustments	-520		'		'
Other comprehensive income foreign currency translation valuation allowance	0		0		'
Other comprehensive income (loss)	13,288		-3,007		'
Other comprehensive income (net of tax) [Abstract]	'		'		'
Change in unrealized investment gains and losses on investments	39,598		-9,954		'
Benefit plan adjustments	-1,486		'		'
Unrealized foreign currency translation adjustment	1,253		316		'
Other comprehensive income (loss)	39,365		-9,638		'
Accumulated Other Comprehensive Income Loss [Line Items]	'		'		'
Balance at beginning of period, before tax	-77,216		2,484		'
Other comprehensive income (loss) before reclassifications	38,603		-7,981		'
Amounts reclassified from accumulated other comprehensive income (loss)	-1,503		2,072		'
Net current period other comprehensive income (loss)	40,106		-10,053		'
Balance at end of period, before tax	-37,110		-7,569		'
Tax effect	-41,251	[1]	-50,232	[1]	-40,510	[1]
Total accumulated other comprehensive income (loss), net of tax	-78,361		-57,801		-117,726
Tax Effect due to valuation allowance (in hundredths)	35.00%		'		'
Unrealized gains and losses on available-for-sale securities [Member]	'		'		'
Other comprehensive income (before tax) [Abstract]	'		'		'
Other comprehensive income (loss)	39,661		-10,539		'
Accumulated Other Comprehensive Income Loss [Line Items]	'		'		'
Balance at beginning of period, before tax	-84,634		41,541		'
Other comprehensive income (loss) before reclassifications	36,672		-8,467		'
Amounts reclassified from accumulated other comprehensive income (loss)	-2,989	[2]	2,072	[2]	'
Net current period other comprehensive income (loss)	39,661		-10,539		'
Balance at end of period, before tax	-44,973		31,002		'
Tax effect	-64,119	[1]	-66,054	[1]	-64,056	[1]
Total accumulated other comprehensive income (loss), net of tax	-109,092		-35,052		-148,690
Defined benefit plans [Member]	'		'		'
Other comprehensive income (before tax) [Abstract]	'		'		'
Other comprehensive income (loss)	-1,486		0		'
Accumulated Other Comprehensive Income Loss [Line Items]	'		'		'
Balance at beginning of period, before tax	-3,766		-71,804		'
Other comprehensive income (loss) before reclassifications	0		0		'
Amounts reclassified from accumulated other comprehensive income (loss)	1,486	[3]	0		'
Net current period other comprehensive income (loss)	-1,486		0		'
Balance at end of period, before tax	-5,252		-71,804		'
Tax effect	26,940	[1]	26,940	[1]	26,940	[1]
Total accumulated other comprehensive income (loss), net of tax	21,688		-44,864		23,174
Foreign currency translation [Member]	'		'		'
Other comprehensive income (before tax) [Abstract]	'		'		'
Other comprehensive income (loss)	1,931		486		'
Accumulated Other Comprehensive Income Loss [Line Items]	'		'		'
Balance at beginning of period, before tax	11,184		32,747		'
Other comprehensive income (loss) before reclassifications	1,931		486		'
Amounts reclassified from accumulated other comprehensive income (loss)	0		0		'
Net current period other comprehensive income (loss)	1,931		486		'
Balance at end of period, before tax	13,115		33,233		'
Tax effect	-4,072	[1]	-11,118	[1]	-3,394	[1]
Total accumulated other comprehensive income (loss), net of tax	$9,043		$22,115		$7,790
[1]	Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.
[2]	During the three months ended March 31, 2014 and 2013, net unrealized (losses) gains of ($3.0) million and $2.1 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses).
[3]	During the three months ended March 31, 2014, other comprehensive income related to benefit plans of $1.5 million was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.

Benefit_Plans_Details

Benefit Plans (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Pension and Supplemental Executive Retirement Plans [Member]	'	'
Components of Net Periodic Benefit Cost [Abstract]	'	'
Service cost	$2,080	$2,717
Interest Cost	4,009	3,799
Expected Return on Assets	-5,258	-5,038
Recognized net actuarial loss	291	1,516
Amortization of prior service cost	-42	125
Net periodic benefit cost	1,080	3,119
Other Postretirement Benefits [Member]	'	'
Components of Net Periodic Benefit Cost [Abstract]	'	'
Service cost	177	194
Interest Cost	183	154
Expected Return on Assets	-1,161	-920
Recognized net actuarial loss	-73	0
Amortization of prior service cost	-1,662	-1,663
Net periodic benefit cost	($2,536)	($2,235)

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2007	Dec. 31, 2013
Tax provision (benefit) [Abstract]	'	'	'	'
Tax provision (benefit) before valuation allowance	$23,120,000	($21,590,000)	'	'
Change in valuation allowance	-22,394,000	22,729,000	'	'
Provision for (benefit from) income taxes	726,000	1,139,000	'	'
Increase (decrease) in deferred tax valuation allowance, included in other comprehensive income	-13,300,000	3,000,000	'	'
Valuation allowance	968,600,000	'	'	1,004,200,000
Net operating loss carryforwards, regular tax basis	2,600,000,000	'	'	'
Net operating loss carryforwards for computing the alternative minimum tax	1,700,000,000	'	'	'
Information regarding income tax examinations [Abstract]	'	'	'	'
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue	'	'	197,500,000	'
Estimate of federal interest that may be due	151,000,000	'	'	'
Estimate of additional state income taxes and interest that may be due	46,300,000	'	'	'
Amount of payment made related to the IRS assessment on the REMIC issue	'	'	65,200,000	'
Total amount of unrecognized tax benefits	105,600,000	'	'	'
Total amount of the unrecognized tax benefits that would affect our effective tax rate	93,000,000	'	'	'
Unrecognized tax benefits, accrued interest	$26,300,000	'	'	$26,100,000

Loss_Reserves_Details

Loss Reserves (Details) (USD $)	3 Months Ended				12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2013
	Loan		Loan		Loan			Loan
Loss Reserve [Roll Forward]	'		'		'	'	'	'
Reserve at beginning of period	$3,061,401,000		$4,056,843,000		'	'	'	'
Less reinsurance recoverable	64,085,000		104,848,000		'	'	'	'
Net reserve at beginning of period	2,776,941,000	[1]	3,752,169,000	[1]	3,951,995,000	'	'	2,997,316,000
Losses and LAE incurred in respect of default notices related to:	'		'		'	'	'	'
Current year	155,982,000		268,793,000		'	'	'	'
Prior years	-33,374,000	[2]	-2,585,000	[2]	'	'	'	'
Subtotal	122,608,000		266,208,000		'	'	'	'
Losses and LAE paid in respect of default notices related to:	'		'		'	'	'	'
Current year	314,000		246,000		'	'	'	'
Prior years	342,669,000		468,933,000		'	'	'	'
Reinsurance terminations	0	[3]	-3,145,000	[3]	'	'	'	'
Subtotal	342,983,000		466,034,000		'	'	'	'
Net reserve at beginning of period	2,776,941,000	[1]	3,752,169,000	[1]	3,951,995,000	'	'	2,997,316,000
Plus reinsurance recoverables	57,618,000		96,179,000		104,848,000	'	'	'
Reserve at end of period	2,834,559,000		3,848,348,000		4,056,843,000	'	'	'
Loss reserve reduction from rescission	70,000,000		200,000,000		'	'	'	'
Reduction in estimated rescissions	'		'		200,000,000	'	'	'
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]	'		'		'	'	'	'
Change in loss reserves	-33,000,000	[4]	-3,000,000	[4]	'	'	'	'
Historical average period for uncured default to develop into paid claim	'12 months		'		'	'	'	'
Premium refund liability, expected claim payments	126,000,000		'		'	'	'	131,000,000
Primary Default Inventory [Roll Forward]	'		'		'	'	'	'
Default inventory at the beginning of period	103,328		139,845		'	'	'	'
New Notices	23,346		27,864		'	'	'	'
Cures	-27,318		-31,122		'	'	'	'
Paids (including those charged to a deductible or captive)	-7,064		-9,445		'	'	'	'
Rescissions and denials	-450		-532		'	'	'	'
Default inventory at end of period	91,842		126,610		139,845	'	'	'
Pool insurance notice inventory [Abstract]	'		'		'	'	'	'
Pool insurance notice inventory (in number of loans)	5,646		7,890		'	'	'	6,563
Aging of the Primary Default Inventory [Abstract]	'		'		'	'	'	'
3 months or less	14,313		17,973		'	'	'	18,941
3 months or less (in hundredths)	16.00%		14.00%		'	'	'	18.00%
4 - 11 months	23,305		32,662		'	'	'	24,514
4 - 11 months (in hundredths)	25.00%		26.00%		'	'	'	24.00%
12 months or more	54,224		75,975		'	'	'	59,873
12 months or more (in hundredths)	59.00%		60.00%		'	'	'	58.00%
Total primary default inventory	91,842		126,610		139,845	'	'	'
Total primary default inventory (in hundredths)	100.00%		100.00%		'	'	'	100.00%
Primary claims received inventory included in ending default inventory	5,990	[5]	10,924	[5]	'	'	'	6,948	[5]
Primary claims received inventory included in ending default inventory (in hundredths)	7.00%	[5]	9.00%	[5]	'	'	'	7.00%	[5]
Number of payments delinquent [Abstract]	'		'		'	'	'	'
3 payments or less	23,035		28,376		'	'	'	28,095
3 payments or less (in hundredths)	25.00%		23.00%		'	'	'	27.00%
4 - 11 payments	22,766		32,253		'	'	'	24,605
4 - 11 payments (in hundredths)	25.00%		25.00%		'	'	'	24.00%
12 payments or more	46,041		65,981		'	'	'	50,628
12 payments or more (in hundredths)	50.00%		52.00%		'	'	'	49.00%
Total primary default inventory	91,842		126,610		139,845	'	'	'
Total primary default inventory (in hundredths)	100.00%		100.00%		'	'	'	100.00%
Estimated Rescission Reduction - Loss Reserve [Roll Forward]	'		'		'	'	'	'
Estimated rescission reduction - losses incurred	'		'		'	200,000,000	2,500,000,000	'
Premium refund liability, expected future rescissions	14,000,000		'		'	'	'	15,000,000
Countrywide Home Loans [Member] | Pending Litigation [Member]	'		'		'	'	'	'
Loss Contingencies [Line Items]	'		'		'	'	'	'
Number of rescindable loans affected by Company's decision to voluntarily suspend rescissions	1,525		'		'	'	'	'
Increase (Decrease) in Estimated Claim Rate On primary Defaults [Member]	'		'		'	'	'	'
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]	'		'		'	'	'	'
Change in loss reserves	-30,000,000	[4]	-15,000,000	[4]	'	'	'	'
Percentage of prior year default inventory resolved (in hundredths)	25.00%		23.00%		'	'	'	'
Increase (Decrease) in Estimated Severity, Primary Defaults [Member]	'		'		'	'	'	'
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]	'		'		'	'	'	'
Change in loss reserves	5,000,000	[4]	20,000,000	[4]	'	'	'	'
Change In Estimates Related to Pool Reserves, LAE Reserves and Reinsurance [Member]	'		'		'	'	'	'
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]	'		'		'	'	'	'
Change in loss reserves	($8,000,000)	[4]	($8,000,000)	[4]	'	'	'	'
[1]	At March 31, 2014 and 2013, the estimated reduction in loss reserves related to rescissions approximated $70 million and $0.2 billion, respectively.
[2]	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.
[3]	In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred.
[4]	A negative number for prior year loss development indicates a redundancy of prior year loss reserves, and a positive number indicates a deficiency of prior year loss reserves.
[5]	Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to certain loans that we believed would be included in a potential resolution. As of March 31, 2014, rescissions of coverage on approximately 1,525 loans had been voluntarily suspended.

Premium_Deficiency_Reserve_Det

Premium Deficiency Reserve (Details) (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Premium Deficiency Reserve [Abstract]	'		'		'
Present value of expected future paid losses and expenses, net of expected future premium	($622,000,000)		($808,000,000)		($669,000,000)
Established loss reserves	579,000,000		736,000,000		621,000,000
Net deficiency	-43,288,000		-72,000,000		'
Change in premium deficiency reserve	5,000,000		2,000,000		'
Premium Deficiency Reserve [Roll Forward]	'		'		'
Premium Deficiency Reserve at beginning of period	-48,461,000		-73,781,000		'
Paid claims and loss adjustment expenses	48,000,000		58,000,000		'
Decrease in loss reserves	-42,000,000		-30,000,000		'
Premium earned	-21,000,000		-23,000,000		'
Effects of present valuing on future premiums, losses and expenses	-2,000,000		-2,000,000		'
Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized	-17,000,000		3,000,000		'
Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses expenses and discount rate	22,000,000	[1]	-1,000,000	[1]	'
Premium Deficiency Reserve at end of period	($43,288,000)		($72,000,000)		'
[1]	A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve.

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Jun. 30, 2013
	Right
Shareholders' Equity [Abstract]	'	'	'	'
Common stock, shares authorized (in shares)	1,000,000,000	'	1,000,000,000	680,000,000
Sale of common stock (in shares)	'	135,000,000	'	'
Sale of common stock, price per share (in dollars per share)	'	$5.15	'	'
Sale of common stock, net proceeds	$0	$663,542,000	'	'
Shareholder Rights Agreement [Abstract]	'	'	'	'
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights)	1	'	'	'
Distribution date, description	'the earlier of ten days after a public announcement that a person has become an Acquiring Person, or ten business days after a person announces or begins a tender offer in which consummation of such offer would result in a person becoming an Acquiring Person.	'	'	'
Common stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths)	5.00%	'	'	'
Common shares purchasable per Right (in shares)	0.1	'	'	'
Purchase price (in dollars per share)	$14	'	'	'
Purchase price (in dollars per one-tenth share)	$1.40	'	'	'
Redemption price (in dollars per Right)	$0.00	'	'	'
Convertible Senior Notes - due April 2020 [Member]	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'
Outstanding principal amount	$500,000,000	'	500,000,000	'
Stated interest rate (in hundredths)	2.00%	'	2.00%	'

Statutory_Capital_Details

Statutory Capital (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
	Jurisdiction
Related Party Transaction [Line Items]	'	'
Number of jurisdictions with risk-to-capital requirements	16	'
Statutory capital requirements [Abstract]	'	'
Maximum permitted risk-to-capital ratio commonly applied	'25 to 1	'
Risk-to-capital ratio on a combined basis at end of period	'17.6 to 1	'
Percentage of surplus as regards policyholders (in hundredths)	10.00%	'
Statutory deferred tax assets admitted	$137,000,000	$138,000,000
Mortgage Guaranty Insurance Corporation [Member]	'	'
Statutory capital requirements [Abstract]	'	'
Risk to capital ratio at end of period	'15.3 to 1	'
Amount of policyholders position above or below required MPP	519,000,000	'
Amount of required MPP	1,000,000,000	'
MGIC Indemnity Corporation [Member]	'	'
Statutory capital requirements [Abstract]	'	'
Statutory capital of subsidiary	460,000,000	'
Risk in force, net of reinsurance, of subsidiary	$590,000,000	'