MGIC Investment (MTG) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MGIC INVESTMENT CORP
Entity Central Index Key	876,437
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		339,638,670
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities, available-for-sale, at fair value:
Fixed maturities (amortized cost, 2015 - $4,586,317; 2014 - $4,602,514)	$ 4,549,047	$ 4,609,614
Equity securities	3,063	3,055
Total investment portfolio	4,552,110	4,612,669
Cash and cash equivalents	215,770	197,882
Restricted cash and cash equivalents (note 1)	0	17,212
Accrued investment income	34,561	30,518
Prepaid reinsurance premiums	58,085	47,623
Reinsurance recoverable on loss reserves	53,456	57,841
Reinsurance recoverable on paid losses	5,918	6,424
Premiums receivable	52,468	57,442
Home office and equipment, net	28,925	28,693
Deferred insurance policy acquisition costs	14,160	12,240
Profit commission receivable (note 4)	142,457	91,500
Other assets	88,872	106,390
Total assets	5,246,782	5,266,434
Liabilities:
Loss reserves (note 12)	2,110,761	2,396,807
Premium deficiency reserve (note 13)	0	23,751
Unearned premiums	244,288	203,414
Senior notes (note 3)	61,941	61,918
Convertible senior notes (note 3)	845,000	845,000
Convertible junior debentures (note 3)	389,522	389,522
Other liabilities	356,986	309,119
Total liabilities	$ 4,008,498	$ 4,229,531
Contingencies (note 5)
Shareholders' equity (note 14):
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,079; 2014 - 340,047; shares outstanding 2015 - 339,639; 2014 - 338,560)	$ 340,079	$ 340,047
Paid-in capital	1,664,931	1,663,592
Treasury stock (shares at cost 2015 - 440; 2014 - 1,487)	(3,362)	(32,937)
Accumulated other comprehensive loss, net of tax (note 9)	(128,140)	(81,341)
Retained deficit	(635,224)	(852,458)
Total shareholders' equity	1,238,284	1,036,903
Total liabilities and shareholders' equity	$ 5,246,782	$ 5,266,434

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities, available-for-sale, at fair value:
Fixed maturities, amortized cost	$ 4,586,317	$ 4,602,514
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)	340,079	340,047
Common stock, shares outstanding (in shares)	339,639	338,560
Treasury stock, shares at cost (in shares)	440	1,487

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Premiums written:
Direct	$ 261,404	$ 241,249	$ 526,816	$ 485,438
Assumed	308	430	646	881
Ceded (note 4)	(34,937)	(28,294)	(66,231)	(54,914)
Net premiums written	226,775	213,385	461,231	431,405
Increase in unearned premiums, net	(13,267)	(5,899)	(30,435)	(9,658)
Net premiums earned	213,508	207,486	430,796	421,747
Investment income, net of expenses	25,756	21,180	49,876	41,336
Net realized investment gains (losses):
Total other-than-temporary impairment losses	0	0	0	0
Portion of losses recognized in comprehensive income, before taxes	0	0	0	0
Net impairment losses recognized in earnings	0	0	0	0
Other realized investment gains	166	522	26,493	291
Net realized investment gains	166	522	26,493	291
Other revenue	3,699	2,048	6,179	2,944
Total revenues	243,129	231,236	513,344	466,318
Losses and expenses:
Losses incurred, net (note 12)	90,238	141,141	172,023	263,749
Change in premium deficiency reserve (note 13)	(17,333)	(7,833)	(23,751)	(13,006)
Amortization of deferred policy acquisition costs	2,046	1,676	3,803	3,095
Other underwriting and operating expenses, net	35,829	32,238	75,097	70,219
Interest expense	17,373	17,374	34,735	34,913
Total losses and expenses	128,153	184,596	261,907	358,970
Income before tax	114,976	46,640	251,437	107,348
Provision for income taxes (note 11)	1,322	1,118	4,707	1,844
Net income	$ 113,654	$ 45,522	$ 246,730	$ 105,504
Income per share (note 6)
Basic (in dollars per share)	$ 0.33	$ 0.13	$ 0.73	$ 0.31
Diluted (in dollars per share)	$ 0.28	$ 0.12	$ 0.60	$ 0.27
Weighted average common shares outstanding - basic (note 6) (in shares)	339,705	338,626	339,406	338,419
Weighted average common shares outstanding - diluted (note 6) (in shares)	439,148	413,481	439,221	413,374

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 113,654	$ 45,522	$ 246,730	$ 105,504
Other comprehensive (loss) income, net of tax (note 9):
Change in unrealized investment gains and losses (note 7)	(63,646)	44,501	(44,083)	84,099
Benefit plan adjustments	(392)	(1,980)	(1,092)	(3,466)
Foreign currency translation adjustment	390	587	(1,624)	1,840
Other comprehensive (loss) income, net of tax	(63,648)	43,108	(46,799)	82,473
Comprehensive income	$ 50,006	$ 88,630	$ 199,931	$ 187,977

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common stock [Member]	Paid-in capital [Member]	Treasury stock [Member]	Accumulated other comprehensive income (loss) [Member]	Retained earnings (deficit) [Member]	Total
Balance, beginning of period at Dec. 31, 2013	$ 340,047	$ 1,661,269	$ (64,435)	$ (117,726)	$ (1,074,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					105,504	$ 105,504
Net common stock issued under share-based compensation plans	0	0
Reissuance of treasury stock, net		(6,680)	31,498		(29,790)
Tax benefit from share-based compensation		0
Equity compensation		4,072
Other comprehensive (loss) income				82,473		82,473
Balance, end of period at Jun. 30, 2014	340,047	1,658,661	(32,937)	(35,253)	(998,903)	931,615
Balance, beginning of period at Dec. 31, 2014	340,047	1,663,592	(32,937)	(81,341)	(852,458)	1,036,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					246,730	246,730
Net common stock issued under share-based compensation plans	32	(32)
Reissuance of treasury stock, net		(7,181)	29,575		(29,496)
Tax benefit from share-based compensation		2,568
Equity compensation		5,984
Other comprehensive (loss) income				(46,799)		(46,799)
Balance, end of period at Jun. 30, 2015	$ 340,079	$ 1,664,931	$ (3,362)	$ (128,140)	$ (635,224)	$ 1,238,284

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 246,730	$ 105,504
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	23,938	26,869
Deferred tax (benefit) expense	(13)	243
Realized investment gains, net	(26,493)	(291)
Loss on repurchases of senior notes	0	837
Excess tax benefits related to share-based compensation	(2,568)	0
Other	23,690	(8,292)
Change in certain assets and liabilities:
Accrued investment income	(4,043)	2,630
Prepaid reinsurance premium	(10,462)	(4,018)
Reinsurance recoverable on loss reserves	4,385	6,322
Reinsurance recoverable on paid losses	506	2,908
Premium receivable	4,974	9,367
Deferred insurance policy acquisition costs	(1,920)	(955)
Profit commission receivable	(50,957)	(44,697)
Real estate	4,663	2,476
Loss reserves	(286,046)	(385,807)
Premium deficiency reserve	(23,751)	(13,006)
Unearned premiums	40,874	13,721
Return premium accrual	(3,500)	7,800
Income taxes payable - current	102	(752)
Net cash used in operating activities	(59,891)	(279,141)
Purchases of investments:
Fixed maturities	(1,499,319)	(1,054,567)
Equity securities	(39)	(40)
Proceeds from sale of fixed maturities	1,218,688	718,938
Proceeds from maturity of fixed maturities	298,618	649,468
Net increase (decrease) in payable for securities	41,762	(4)
Net decrease in restricted cash	17,212	237
Additions to property and equipment	(1,711)	(3,216)
Net cash provided by investing activities	75,211	310,816
Cash flows from financing activities:
Repayment of long-term debt	0	(21,767)
Excess tax benefits related to share-based compensation	2,568	0
Net cash provided by (used in) financing activities	2,568	(21,767)
Net increase in cash and cash equivalents	17,888	9,908
Cash and cash equivalents at beginning of period	197,882	332,692
Cash and cash equivalents at end of period	$ 215,770	$ 342,600

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
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, 2014 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. Capital - GSEs Since 2008, substantially all of our insurance written has been for loans sold to Fannie Mae and Freddie Mac (the “GSEs”). In April 2015, the GSEs each released revised private mortgage insurer eligibility requirements (the “PMIERs”) that become effective December 31, 2015. The PMIERs include revised financial requirements for mortgage insurers (the “GSE Financial Requirements”) under which a mortgage insurer’s “Available Assets” (generally only the most liquid assets of an insurer) must meet or exceed “Minimum Required Assets” (which are based on an insurer’s book and are calculated from tables of factors with several risk dimensions and are subject to a floor amount). We expect that MGIC will be in compliance with the PMIERs, including the GSE Financial Requirements, when they become effective. This expectation is based on our interpretation of the GSE Financial Requirements and assumes that the risk in force and assets of MGIC’s MIC subsidiary will be repatriated to MGIC and that we will receive substantially all of the benefit available under the PMIERs for our existing reinsurance agreement, upon the effectiveness of its restructure, which has been agreed between MGIC and the reinsurers, subject to final documentation. Fannie Mae and the Office of the Commissioner of Insurance of the State of Wisconsin (“OCI”) have each approved the restructured transaction; however, its effectiveness remains subject to approval by Freddie Mac. Although it has not yet been approved, Freddie Mac has not raised material objections to the restructured transaction. If additional Available Assets are required, we believe that a portion of our holding company’s $463 million of cash and investments at June 30, 2015, may be available for future contribution to MGIC. Factors that may negatively impact MGIC’s ability to comply with the GSE Financial Requirements before their effective date include the following: · Freddie Mac may not approve our restructured reinsurance agreement or allow the amount of benefit we expect under the GSE Financial Requirements. · We may not obtain regulatory to transfer assets from MIC to MGIC to the extent we are assuming because regulators project higher losses than we project or require a level of capital be maintained in MIC higher than we are assuming. · MGIC may not receive additional capital contributions from our holding company due to competing demands on the holding company resources, including for repayment of debt. · Our future operating results may be negatively impacted by the matters discussed in the rest of these footnotes. Such matters could decrease our revenues, increase our losses or require the use of assets, thereby increasing our shortfall in Available Assets. There can be no assurance that the GSEs will not make the GSE Financial Requirements more onerous in the future; in this regard, the PMIERs provide that the tables of factors that determine Minimum Required Assets will be updated every two years and may be updated more frequently to reflect changes in macroeconomic conditions or loan performance. The GSEs will provide notice 180 days prior to the effective date of table updates. In addition, the GSEs may amend the PMIERs at any time. If MGIC 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. While on an overall basis, the amount of Available Assets we must hold in order to continue to insure GSE loans has increased under the PMIERs over what state regulation currently provides, reinsurance is one option we have to mitigate the effect of PMIERs on our returns. In this regard, see the first bullet point above. See additional disclosure regarding statutory capital in Note 16 – “Statutory Capital.” Reclassifications Certain reclassifications have been made in the accompanying financial statements to 2014 amounts to conform to 2015 presentation. For the six months ended June 30, 2014 cash used for additions to property and equipment was previously presented as “Other” within cash flows from operations and is currently presented separately as “Additions to property and equipment” within cash flows from investing activities as of June 30, 2015. This revision is not material to amounts previously reported or disclosed by us in prior periods. 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, Inc. (“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. In the first quarter of 2015, the remaining escrow funds were disbursed to us pursuant to the amended and restated settlement agreement and release entered into with CHL on March 2, 2015. See additional discussion of these settlement agreements in Note 5 – “Litigation and Contingencies.” Subsequent events We have considered subsequent events through the date of this filing.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	Note 2 – New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, our fee income related to contract underwriting and other fee-based services provided to lenders will be subject to this guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. The guidance is effective for reporting periods beginning after December 15, 2017 with early adoption for reporting periods beginning after December 15, 2016 permitted. We are currently evaluating the impact of this update, but it is not expected to have a significant impact on our consolidated financial statements and disclosures. Presentation of Debt Issuance Costs In April 2015, the FASB amended existing guidance related to the presentation of debt issuance costs. The new standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt [Abstract]
Debt	Note 3 – Debt Long-term debt as of June 30, 2015 and December 31, 2014 consists of the following obligations. June 30, December 31, 2014 (In millions) Senior Notes, interest at 5.375% per annum, due November 2015 $ 61.9 $ 61.9 Convertible Senior Notes, interest at 5% per annum, due May 2017 (1) 345.0 345.0 Convertible Senior Notes, interest at 2% per annum, due April 2020 (2) (3) 500.0 500.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 (4) 389.5 389.5 Total debt 1,296.4 1,296.4 Less current portion of debt (61.9 ) (61.9 ) Total long-term debt $ 1,234.5 $ 1,234.5 (1) Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share. (2) Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing 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. Our common stock price was greater than or equal to 130% of the applicable conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, June 30, 2015. (3) 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 rate 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 each of at least 20 of the 30 consecutive trading days preceding notice of the redemption. (4) Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 shares per $1,000 principal amount, representing 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. Interest payments on our existing debt obligations appear below. Six months ended June 30, 2015 2014 (In millions) Senior Notes, interest at 5.375% per annum, due November 2015 $ 1.7 $ 2.0 Convertible Senior Notes, interest at 5% per annum, due May 2017 8.6 8.6 Convertible Senior Notes, interest at 2% per annum, due April 2020 5.0 5.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 17.5 17.5 Total interest payments $ 32.8 $ 33.1 The Senior Notes, Convertible Senior Notes and Convertible Junior Subordinated Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At June 30, 2015, we had approximately $463 million in cash and investments at our holding company. The net unrealized gains on our holding company investment portfolio were approximately $1.5 million at June 30, 2015. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 2.7 years at June 30, 2015.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Reinsurance [Abstract]
Reinsurance	Note 4 – Reinsurance A summary of our quota share reinsurance agreements, excluding captive agreements, appears below. Six months ended June 30, 2015 2014 (In thousands) Ceded premiums written, net of profit commission $ 58,055 $ 44,689 Ceded premiums earned, net of profit commission 47,567 40,594 Ceded losses incurred 6,060 5,658 Ceding commissions (1) 21,803 17,877 Ceded unearned premiums 57,842 39,946 (1) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations. As of June 30, 2015 and December 31, 2014, we have accrued a profit commission receivable of $142.5 million and $91.5 million, respectively. This receivable may further increase through the term of the agreement, but the ultimate amount of the profit commission will depend on the ultimate level of premiums earned net of ceding commissions and losses incurred under the agreement. A commutation of our existing reinsurance agreement would result in any unearned premium being returned to us, a related return of ceding commission to the reinsurers and an adjustment to the profit commission. Profit commissions are recorded as a reduction to our ceded premiums. We do not expect a commutation to materially affect our results from operations. The anticipated restructuring of the agreement will effectively commute our existing agreement and any profit commission would be paid to us upon such commutation. Recoverables under the existing agreement are supported by trust funds or letters of credit. In the past, MGIC also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the Consumer Financial Protection Bureau (“CFPB”) in 2013 and with the Minnesota Department of Commerce (the “MN Department”) in June 2015, discussed in Note 5 – “Litigation and Contingencies”, MGIC has agreed to not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years subsequent to the respective settlements. In accordance with the CFPB settlement, all of our active captive arrangements were placed into run-off. Captive agreements were generally written on an annual book of business and each captive reinsurer is required to maintain a separate trust account to support its combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trusts, and the trust accounts are made up of capital deposits by the captive reinsurers, premium deposits by MGIC, and investment income earned. These amounts are held in the trust account and are available to pay reinsured losses. The reinsurance recoverable on loss reserves related to captive agreements was $38 million at June 30, 2015 which was supported by $163 million of trust assets, while at December 31, 2014, the reinsurance recoverable on loss reserves related to captive agreements was $45 million, which was supported by $198 million of trust assets.

Litigation and Contingencies

Litigation and Contingencies	6 Months Ended
	Jun. 30, 2015
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 2014 and the first half of 2015, curtailments reduced our average claim paid by approximately 6.7% and 7.4%, respectively. 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. 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 and have not significantly mitigated our incurred losses since then. 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. Certain settlements require GSE approval. The GSEs consented to our settlement agreements with Countrywide, as discussed below, but there is no guarantee they will approve others. We have reached and implemented settlement agreements that do not require GSE approval, but they have not been material in the aggregate. If we are unable to reach a settlement, the outcome of a dispute ultimately would be determined by legal proceedings. Under our policies in effect prior to October 1, 2014, legal proceedings disputing our right to rescind coverage may be brought up to three years after the lender has obtained title to the property (typically through a foreclosure) or the property was sold in a sale that we approved, whichever is applicable, and under our master policy effective October 1, 2014, such proceedings may be brought up to two years from the date of the notice of rescission. In a few jurisdictions there is a longer time to bring such proceedings. Until a liability associated with a settlement agreement or litigation becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes even though discussions and legal proceedings 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. In December 2009, we entered into 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 April 2013, MGIC entered into separate settlement agreements with CHL and BANA, pursuant to which the parties agreed to settle the Countrywide litigation as it relates to MGIC’s rescission practices (as amended from time to time, the “Agreements”). The Agreement with BANA covers loans purchased by the GSEs. That original 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. On March 2, 2015, the parties to the Agreement with CHL amended and restated that Agreement. The Agreement with CHL covers loans that were purchased by non-GSE investors, including securitization trusts. The original Agreement addressed rescission and denial rights; the amended and restated Agreement also addresses curtailment rights. Implementation of that Agreement occurred in June 2015 with respect to loans for which consent to the Agreement was received. The estimated impact of the Agreements has been recorded in our financial statements. The pending arbitration proceedings concerning the loans covered by the Agreements have been dismissed, the mutual releases regarding loans for which consent was received have become effective and the litigation between the parties regarding loans covered by the Agreements has been dismissed. Consent was received for approximately 89% of the dollar amount of exposure on loans covered by the Agreement with CHL; the holders of loans that did not consent retain their rights to assert claims with respect to such loans. The estimated impact of other probable settlements has also been recorded in our financial statements. The estimated impact that we recorded for other probable settlements is our best estimate of our loss from these matters. We estimate that as of June 30, 2015, the maximum exposure above the best estimate provision we recorded is $122 million. If we are not able to implement 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 consensual proceedings with insureds with respect to our claims paying practices. In addition, holders of loans that did not consent to the Agreement with CHL may bring legal proceedings against MGIC with respect to such loans. 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 $218 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, was named as a defendant in twelve lawsuits, alleged to be class actions, filed in various U.S. District Courts. The complaints in all of the cases alleged various causes of action related to the captive mortgage reinsurance arrangements of the mortgage lenders, including that the lenders’ captive reinsurers received excessive premiums in relation to the risk assumed by those captives, thereby violating RESPA. As of the end of the first quarter of 2015, MGIC has been dismissed from all twelve cases. There can be no assurance that we will not be subject to further litigation under RESPA (or FCRA) or that the outcome of any such litigation would not have a material adverse effect on us. In 2013, 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 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. In June 2015, MGIC executed a Consent Order with the MN Department that resolved the MN Department’s investigation of captive reinsurance matters without making any findings of wrongdoing. The Consent Order provides, among other things, that MGIC is prohibited from entering into any new captive reinsurance agreement or reinsuring any new loans under any existing captive reinsurance agreement for a period of ten years. 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. Various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring actions seeking various forms of relief in connection with alleged violations of RESPA. The insurance law provisions of many states prohibit paying for the referral of insurance business and provide various mechanisms to enforce this prohibition. While we believe our practices are in conformity with applicable laws and regulations, it is not possible to predict the eventual scope, duration or outcome of any such reviews or investigations nor is it possible to predict their effect on us or the mortgage insurance industry. 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. State insurance regulatory authorities could take actions, including changes in capital requirements, that could have a material adverse effect on us. In addition, the CFPB may issue additional rules or regulations, which may materially affect our business. 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. 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, had 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. As of June 5, 2015, all of these lawsuits have been dismissed without any further opportunity to appeal. 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 2014 and the first half of 2015 was approximately $4 million and $1 million, respectively, but may increase in the future. See Note 11 – “Income Taxes” for a description of federal income tax contingencies.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings per Share [Abstract]
Earnings per Share	Note 6 – Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common equivalent shares outstanding during the reporting period. We calculate diluted EPS using the treasury stock method for unvested restricted stock, and the if-converted method for convertible debt instruments. For unvested restricted stock, assumed proceeds under the treasury stock method would include unamortized compensation expense and windfall tax benefits or shortfalls. The determination of potentially issuable shares from our convertible debt instruments does not consider satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. In addition, interest expense, net of tax, related to dilutive convertible debt instruments is added back to earnings in calculating diluted EPS. The following table reconciles the numerators and denominators used to calculate basic and diluted EPS and also indicates the number of antidilutive securities. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (In thousands, except per share data and as otherwise noted) Basic earnings per share: Net income $ 113,654 $ 45,522 $ 246,730 $ 105,504 Weighted average common shares outstanding 339,705 338,626 339,406 338,419 Basic income per share $ 0.33 $ 0.13 $ 0.73 $ 0.31 Diluted earnings per share: Net income $ 113,654 $ 45,522 $ 246,730 $ 105,504 Interest expense, net of tax: 2% Convertible Senior Notes due 2020 3,049 3,049 6,098 6,098 5% Convertible Senior Notes due 2017 4,692 - 9,384 - Diluted income available to common shareholders $ 121,395 $ 48,571 $ 262,212 $ 111,602 Weighted average shares - basic 339,705 338,626 339,406 338,419 Effect of dilutive securities: Unvested restricted stock units 1,831 2,913 2,203 3,013 2% Convertible Senior Notes due 2020 71,942 71,942 71,942 71,942 5% Convertible Senior Notes due 2017 25,670 - 25,670 - Weighted average shares - diluted 439,148 413,481 439,221 413,374 Diluted income per share $ 0.28 $ 0.12 $ 0.60 $ 0.27 Antidilutive securities (in millions) 28.9 54.5 28.9 54.5

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Note 7 – Investments The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at June 30, 2015 and December 31, 2014 are shown below. June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 130,388 $ 1,959 $ (2,791 ) $ 129,556 Obligations of U.S. states and political subdivisions 1,307,313 10,460 (10,913 ) 1,306,860 Corporate debt securities 2,292,817 6,538 (32,409 ) 2,266,946 Asset-backed securities 199,763 537 (33 ) 200,267 Residential mortgage-backed securities 297,207 265 (10,451 ) 287,021 Commercial mortgage-backed securities 263,967 336 (2,635 ) 261,668 Collateralized loan obligations 61,341 - (658 ) 60,683 Debt securities issued by foreign sovereign governments 33,521 2,676 (151 ) 36,046 Total debt securities 4,586,317 22,771 (60,041 ) 4,549,047 Equity securities 3,042 36 (15 ) 3,063 Total investment portfolio $ 4,589,359 $ 22,807 $ (60,056 ) $ 4,552,110 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 349,153 $ 2,752 $ (5,130 ) $ 346,775 Obligations of U.S. states and political subdivisions 844,942 12,961 (2,761 ) 855,142 Corporate debt securities 2,418,991 16,325 (10,035 ) 2,425,281 Asset-backed securities 286,260 535 (140 ) 286,655 Residential mortgage-backed securities 329,983 254 (9,000 ) 321,237 Commercial mortgage-backed securities 276,215 1,221 (2,158 ) 275,278 Collateralized loan obligations 61,340 - (1,264 ) 60,076 Debt securities issued by foreign sovereign governments 35,630 3,540 - 39,170 Total debt securities 4,602,514 37,588 (30,488 ) 4,609,614 Equity securities 3,003 61 (9 ) 3,055 Total investment portfolio $ 4,605,517 $ 37,649 $ (30,497 ) $ 4,612,669 (1) At June 30, 2015 and December 31, 2014, 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 86% of the market value of our foreign investments with the remainder invested in corporate securities and cash equivalents with allocations of 10% and 4%, respectively. Eighty-five percent of the Australian portfolio is rated AAA, Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 15% is rated AA. The amortized cost and fair values of debt securities at June 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories. June 30, 2015 Amortized Cost Fair Value (In thousands) Due in one year or less $ 271,482 $ 272,149 Due after one year through five years 1,612,642 1,619,983 Due after five years through ten years 1,140,771 1,115,794 Due after ten years 739,144 731,482 $ 3,764,039 $ 3,739,408 Asset-backed securities 199,763 200,267 Residential mortgage-backed securities 297,207 287,021 Commercial mortgage-backed securities 263,967 261,668 Collateralized loan obligations 61,341 60,683 Total at June 30, 2015 $ 4,586,317 $ 4,549,047 At June 30, 2015 and December 31, 2014, the investment portfolio had gross unrealized losses of $60.1 million and $30.5 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows: Less Than 12 Months 12 Months or Greater Total June 30, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 82,100 $ 1,096 $ 15,284 $ 1,695 $ 97,384 $ 2,791 Obligations of U.S. states and political subdivisions 525,293 9,733 51,076 1,180 576,369 10,913 Corporate debt securities 1,198,025 28,926 147,131 3,483 1,345,156 32,409 Asset-backed securities 46,789 21 7,696 12 54,485 33 Residential mortgage-backed securities 55,302 364 214,206 10,087 269,508 10,451 Commercial mortgage-backed securities 164,137 1,688 71,721 947 235,858 2,635 Collateralized loan obligations - - 60,683 658 60,683 658 Foreign government securities 2,446 151 - - 2,446 151 Equity securities 351 6 173 9 524 15 Total $ 2,074,443 $ 41,985 $ 567,970 $ 18,071 $ 2,642,413 $ 60,056 Less Than 12 Months 12 Months or Greater Total December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 58,166 $ 138 $ 232,351 $ 4,992 $ 290,517 $ 5,130 Obligations of U.S. states and political subdivisions 166,408 1,066 114,465 1,695 280,873 2,761 Corporate debt securities 816,555 5,259 243,208 4,776 1,059,763 10,035 Asset-backed securities 54,491 80 11,895 60 66,386 140 Residential mortgage-backed securities 24,168 34 263,002 8,966 287,170 9,000 Commercial mortgage-backed securities 89,301 810 110,652 1,348 199,953 2,158 Collateralized loan obligations - - 60,076 1,264 60,076 1,264 Equity securities 167 1 235 8 402 9 Total $ 1,209,256 $ 7,388 $ 1,035,884 $ 23,109 $ 2,245,140 $ 30,497 The unrealized losses in all categories of our investments at June 30, 2015 and December 31, 2014 were primarily caused by the difference in interest rates at each respective period, compared to interest rates at the time of purchase. There were 532 and 423 securities in an unrealized loss position at June 30, 2015 and December 31, 2014, respectively. During each of the three and six months ended June 30, 2015 and 2014 there were no other-than-temporary impairments (“OTTI”) recognized. Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Realized investment gains (losses) on investments: Fixed maturities $ 161 $ 360 $ 26,485 $ 126 Equity securities 5 162 8 165 Net realized investment gains $ 166 $ 522 $ 26,493 $ 291 Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Realized investment gains (losses) on investments: Gains on sales $ 785 $ 1,307 $ 27,991 $ 2,112 Losses on sales (619 ) (785 ) (1,498 ) (1,821 ) Net realized investment gains $ 166 $ 522 $ 26,493 $ 291

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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 U.S. Treasury securities, equity securities, and Australian government and semi government securities. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include obligations of U.S. government corporations and agencies and 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 primarily include certain state premium tax credit investments. The state premium tax credit investments have an average maturity of less than 4 years, credit ratings of AA+ or higher, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.2%. 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. Fair value measurements for assets measured at fair value included the following as of June 30, 2015 and December 31, 2014: June 30, 2015 Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 129,556 $ 26,271 $ 103,285 $ - Obligations of U.S. states and political subdivisions 1,306,860 - 1,305,226 1,634 Corporate debt securities 2,266,946 - 2,266,946 - Asset-backed securities 200,267 - 200,267 - Residential mortgage-backed securities 287,021 - 287,021 - Commercial mortgage-backed securities 261,668 - 261,668 - Collateralized loan obligations 60,683 - 60,683 - Debt securities issued by foreign sovereign governments 36,046 36,046 - - Total debt securities 4,549,047 62,317 4,485,096 1,634 Equity securities 3,063 2,742 - 321 Total investment portfolio $ 4,552,110 $ 65,059 $ 4,485,096 $ 1,955 Real estate acquired (1) $ 7,995 $ - $ - $ 7,995 December 31, 2014 Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 346,775 $ 188,824 $ 157,951 $ - Obligations of U.S. states and political subdivisions 855,142 - 853,296 1,846 Corporate debt securities 2,425,281 - 2,425,281 - Asset-backed securities 286,655 - 286,655 - Residential mortgage-backed securities 321,237 - 321,237 - Commercial mortgage-backed securities 275,278 - 275,278 - Collateralized loan obligations 60,076 - 60,076 - Debt securities issued by foreign sovereign governments 39,170 39,170 - - Total debt securities 4,609,614 227,994 4,379,774 1,846 Equity securities 3,055 2,734 - 321 Total investment portfolio $ 4,612,669 $ 230,728 $ 4,379,774 $ 2,167 Real estate acquired (1) $ 12,658 $ - $ - $ 12,658 (1) Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets. There were no transfers of securities between Level 1 and Level 2 during the first six months of 2015. For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and six months ended June 30, 2015 and 2014 is as follows: Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at March 31, 2015 $ 1,791 $ 321 $ 2,112 $ 10,897 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - 31 Purchases - - - 5,917 Sales (157 ) - (157 ) (8,850 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2015 $ 1,634 $ 321 $ 1,955 $ 7,995 Amount of total losses included in earnings for the three months ended June 30, 2015 attributable to the change in unrealized losses on assets still held at June 30, 2015 $ - $ - $ - $ - Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - (472 ) Purchases 7 - 7 16,714 Sales (219 ) - (219 ) (20,905 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2015 $ 1,634 $ 321 $ 1,955 $ 7,995 Amount of total losses included in earnings for the six months ended June 30, 2015 attributable to the change in unrealized losses on assets still held at June 30, 2015 $ - $ - $ - $ - Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at March 31, 2014 $ 2,378 $ 321 $ 2,699 $ 11,137 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - (1,157 ) Purchases - - - 11,367 Sales (147 ) - (147 ) (10,543 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2014 $ 2,231 $ 321 $ 2,552 $ 10,804 Amount of total losses included in earnings for the three months ended June 30, 2014 attributable to the change in unrealized losses on assets still held at June 30, 2014 $ - $ - $ - $ - Debt 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 - - - (2,316 ) Purchases 30 - 30 19,377 Sales (222 ) - (222 ) (19,537 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2014 $ 2,231 $ 321 $ 2,552 $ 10,804 Amount of total losses included in earnings for the six months ended June 30, 2014 attributable to the change in unrealized losses on assets still held at June 30, 2014 $ - $ - $ - $ - Authoritative guidance over disclosures about the fair value of financial instruments requires additional disclosure for financial instruments not measured at fair value. Certain financial instruments, including insurance contracts, are excluded from these fair value disclosure requirements. The carrying values of cash and cash equivalents (Level 1) and accrued investment income (Level 2) approximated their fair values. Additional fair value disclosures related to our investment portfolio are included in Note 7 – “Investments.” We incur financial liabilities in the normal course of our business. The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at June 30, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such liabilities are measured on a recurring basis. June 30, 2015 Par Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Financial liabilities: Senior Notes $ 61,953 $ 62,689 $ - $ 62,689 $ - Convertible Senior Notes due 2017 345,000 394,521 - 394,521 - Convertible Senior Notes due 2020 500,000 837,125 - 837,125 - Convertible Junior Subordinated Debentures 389,522 512,186 - 512,186 - Total Debt $ 1,296,475 $ 1,806,521 $ - $ 1,806,521 $ - December 31, 2014 Par Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Financial liabilities: Senior Notes $ 61,953 $ 63,618 $ - $ 63,618 $ - Convertible Senior Notes due 2017 345,000 387,997 - 387,997 - Convertible Senior Notes due 2020 500,000 735,075 - 735,075 - Convertible Junior Subordinated Debentures 389,522 500,201 - 500,201 - Total Debt $ 1,296,475 $ 1,686,891 $ - $ 1,686,891 $ - The fair values of our Senior Notes, Convertible Senior Notes and Debentures were determined using available pricing for these debentures or similar instruments and are considered Level 2 securities.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income [Abstract]
Other Comprehensive Income	Note 9 – Other Comprehensive Income The pretax components of our other comprehensive income (loss) and the related income tax (expense) benefit for the three and six months ended June 30, 2015 and 2014 are included in the tables below. Three Months Ended June 30, 2015 2014 (In thousands) Net unrealized holding (losses) gains arising during the period $ (64,118 ) $ 44,818 Income tax benefit (expense) 22,362 (15,634 ) Valuation allowance (21,890 ) 15,317 Net of taxes (63,646 ) 44,501 Net changes in benefit plan assets and obligations (392 ) (1,980 ) Income tax benefit 137 693 Valuation allowance (137 ) (693 ) Net of taxes (392 ) (1,980 ) Net changes in unrealized foreign currency translation adjustment 598 904 Income tax expense (208 ) (317 ) Net of taxes 390 587 Total other comprehensive income (loss) (63,912 ) 43,742 Total income tax benefit (expense), net of valuation allowance 264 (634 ) Total other comprehensive income (loss), net of tax $ (63,648 ) $ 43,108 Six Months Ended June 30, 2015 2014 (In thousands) Net unrealized holding (losses) gains arising during the period $ (44,397 ) $ 84,479 Income tax benefit (expense) 15,486 (29,505 ) Valuation allowance (15,172 ) 29,125 Net of taxes (44,083 ) 84,099 Net changes in benefit plan assets and obligations (1,092 ) (3,466 ) Income tax benefit 382 1,213 Valuation allowance (382 ) (1,213 ) Net of taxes (1,092 ) (3,466 ) Net changes in unrealized foreign currency translation adjustment (2,504 ) 2,835 Income tax benefit (expense) 880 (995 ) Net of taxes (1,624 ) 1,840 Total other comprehensive income (loss) (47,993 ) 83,848 Total income tax benefit (expense), net of valuation allowance 1,194 (1,375 ) Total other comprehensive income (loss), net of tax $ (46,799 ) $ 82,473 The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive income to our consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 are included in the tables below. Three Months Ended June 30, 2015 2014 (In thousands) Reclassification adjustment for net realized gains (losses) included in net income $ 477 $ (1,896 ) Income tax (expense) benefit (161 ) 669 Valuation allowance 122 (699 ) Net of taxes 438 (1,926 ) Reclassification adjustment related to benefit plan assets and obligations 392 1,980 Income tax expense (137 ) (693 ) Valuation allowance 137 693 Net of taxes 392 1,980 Total reclassifications 869 84 Total income tax expense, net of valuation allowance (39 ) (30 ) Total reclassifications, net of tax $ 830 $ 54 Six Months Ended June 30, 2015 2014 (In thousands) Reclassification adjustment for net realized gains (losses) included in net income $ 11,711 $ (4,885 ) Income tax (expense) benefit (4,092 ) 1,715 Valuation allowance 4,048 (1,745 ) Net of taxes 11,667 (4,915 ) Reclassification adjustment related to benefit plan assets and obligations 1,092 3,466 Income tax expense (382 ) (1,213 ) Valuation allowance 382 1,213 Net of taxes 1,092 3,466 Total reclassifications 12,803 (1,419 ) Total income tax expense, net of valuation allowance (44 ) (30 ) Total reclassifications, net of tax $ 12,759 $ (1,449 ) See Note 11 – “Income Taxes” for a discussion of the valuation allowance. Changes in our accumulated other comprehensive loss (“AOCL”), including amounts reclassified from other comprehensive income (loss), for the six months ended June 30, 2015 are included in the table below. Six Months Ended June 30, 2015 Unrealized gains and losses on available-for- sale securities Defined benefit plans Foreign currency translation Total accumulated other comprehensive income (In thousands) Balance at December 31, 2014, net of tax $ (57,551 ) $ (28,938 ) $ 5,148 $ (81,341 ) Other comprehensive loss before reclassifications (32,416 ) - (1,624 ) $ (34,040 ) Less: Amounts reclassified from AOCL 11,667 (1) 1,092 (2) - $ 12,759 Balance at June 30, 2015, net of tax $ (101,634 ) $ (30,030 ) $ 3,524 $ (128,140 ) (1) Increases Net realized investment gains on the Consolidated Statements of Operations. (2) Decreases Other underwriting and operating expenses, net on the Consolidated Statements of Operations.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2015
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 June 30, Pension and Supplemental Executive Retirement Plans Other Postretirement 2015 2014 2015 2014 (In thousands) Service cost $ 2,680 $ 2,203 $ 214 $ 152 Interest cost 4,016 3,985 171 144 Expected return on plan assets (5,259 ) (5,257 ) (1,247 ) (1,163 ) Recognized net actuarial loss (gain) 1,533 250 (53 ) (144 ) Amortization of prior service cost (211 ) (423 ) (1,663 ) (1,662 ) Net periodic benefit cost (benefit) $ 2,759 $ 758 $ (2,578 ) $ (2,673 ) Six Months Ended June 30, Pension and Supplemental Executive Retirement Plans Other Postretirement 2015 2014 2015 2014 (In thousands) Service cost $ 5,128 $ 4,283 $ 416 $ 329 Interest cost 7,924 7,994 349 327 Expected return on plan assets (10,554 ) (10,515 ) (2,495 ) (2,324 ) Recognized net actuarial loss (gain) 2,742 541 (88 ) (217 ) Amortization of prior service cost (422 ) (465 ) (3,325 ) (3,325 ) Net periodic benefit cost (benefit) $ 4,818 $ 1,838 $ (5,143 ) $ (5,210 ) We currently intend to make a contribution of $17 million to our qualified pension plan and supplemental executive retirement plan in 2015.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	Note 11 – Income Taxes Valuation Allowance We review the need to maintain the deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results, on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we continue to reduce our benefit from income tax through the recognition of a valuation allowance. It is reasonably possible that the valuation allowance will be reversed in the foreseeable future. Specifically, if we continue to recognize meaningful levels of sustainable pre-tax income, it is likely that the valuation allowance will be reversed in 2015. Currently, our analysis of the severity of previous operating losses shows, on a three year cumulative basis, a loss from operations, adjusted for permanent tax differences, which is considered to be unfavorable evidence with respect to the realization of deferred tax assets and is difficult to overcome with projections of future results. As a result of this analysis, and consideration of other factors, we concluded that it was appropriate to maintain the valuation allowance at this time. The effect of the change in valuation allowance on the provision for income taxes was as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (In thousands) Provision for income tax $ 39,991 $ 17,172 $ 87,874 $ 40,292 Change in valuation allowance (38,669 ) (16,054 ) (83,167 ) (38,448 ) Provision for income taxes $ 1,322 $ 1,118 $ 4,707 $ 1,844 The change in the valuation allowance that was included in other comprehensive income for the three months ended June 30, 2015 and 2014 was an increase of $22.0 million and a decrease of $14.6 million, respectively. The change in the valuation allowance that was included in other comprehensive income for the six months ended June 30, 2015 and 2014 was an increase of $15.6 million and a decrease of $27.9 million, respectively. The total valuation allowance as of June 30, 2015 and December 31, 2014 was $834.7 million and $902.3 million, respectively. We have approximately $2.2 billion of net operating loss carryforwards on a regular tax basis and $1.3 billion of net operating loss carryforwards for computing the alternative minimum tax as of June 30, 2015. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033. Tax Contingencies As previously disclosed, the Internal Revenue Service (“IRS”) completed examinations of our federal income tax returns for the years 2000 through 2007 and issued proposed assessments for taxes, interest and penalties related to our treatment of the flow-through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits (“REMICs”). The IRS indicated that it did not believe that, for various reasons, we had established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. We appealed these assessments within the IRS and in August 2010, we reached a tentative settlement agreement with the IRS which was not finalized. On September 10, 2014, we received Notices of Deficiency (commonly referred to as “90 day letters”) covering the 2000-2007 tax years. The Notices of Deficiency reflect taxes and penalties related to the REMIC matters of $197.5 million and at June 30, 2015, there would also be interest related to these matters of approximately $175.5 million. In 2007, we made a payment of $65.2 million to the United States Department of the Treasury which will reduce any amounts we would ultimately owe. The Notices of Deficiency also reflect additional amounts due of $261.4 million, which are primarily associated with the disallowance of the carryback of the 2009 net operating loss to the 2004-2007 tax years. We believe the IRS included the carryback adjustments as a precaution to keep open the statute of limitations on collection of the tax that was refunded when this loss was carried back, and not because the IRS actually intends to disallow the carryback permanently. We filed a petition with the U.S. Tax Court contesting most of the IRS' proposed adjustments reflected in the Notices of Deficiency and the IRS has filed an answer to our petition which continues to assert their claim. Litigation to resolve our dispute with the IRS could be lengthy and costly in terms of legal fees and related expenses. We can provide no assurance regarding the outcome of any such litigation or whether a compromised settlement with the IRS will ultimately be reached and finalized. Depending on the outcome of this matter, additional state income taxes and state interest may become due when a final resolution is reached. As of June 30, 2015, those state taxes and interest would approximate $48.1 million. In addition, there could also be state tax penalties. Our total amount of unrecognized tax benefits as of June 30, 2015 is $106.7 million, which represents the tax benefits generated by the REMIC portfolio included in our tax returns that we have not taken benefit for in our financial statements, including any related interest. We continue to believe that our previously recorded tax provisions and liabilities are appropriate. However, we would need to make appropriate adjustments, which could be material, to our tax provision and liabilities if our view of the probability of success in this matter changes, and the ultimate resolution of this matter could have a material negative impact on our effective tax rate, results of operations, cash flows, available assets and statutory capital. In this regard, see Note 1 – “Nature of Business – Capital-GSEs.” In October 2014, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax returns for the years 2011 and 2012. The result of the examination had no material effect on the financial statements. The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue that would affect our effective tax rate is $94.1 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 June 30, 2015 and December 31, 2014, we had accrued $27.4 million and $26.9 million, respectively, for the payment of interest.

Loss Reserves

Loss Reserves	6 Months Ended
	Jun. 30, 2015
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. 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 borrower income and thus their ability to make mortgage payments, and a drop in housing values which may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment. The following table provides a reconciliation of beginning and ending loss reserves for the six months ended June 30, 2015 and 2014: Six months ended June 30, 2015 2014 (In thousands) Reserve at beginning of period $ 2,396,807 $ 3,061,401 Less reinsurance recoverable 57,841 64,085 Net reserve at beginning of period 2,338,966 2,997,316 Losses incurred: Losses and LAE incurred in respect of default notices related to: Current year 223,564 306,386 Prior years (1) (51,541 ) (42,637 ) Subtotal 172,023 263,749 Losses paid: Losses and LAE paid in respect of default notices related to: Current year 2,382 2,674 Prior years 451,317 640,560 Reinsurance terminations (15 ) - Subtotal 453,684 643,234 Net reserve at end of period 2,057,305 2,617,831 Plus reinsurance recoverables 53,456 57,763 Reserve at end of period $ 2,110,761 $ 2,675,594 (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. 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 six months of 2015 compared to the same period in 2014, primarily due to a decrease in the number of new default notices received, net of related cures, as well as a decrease in the estimated claim rate on new delinquencies. The prior year development of the reserves in the first six months of 2015 and 2014 is reflected in the table below. Six months ended June 30, 2015 2014 (In millions) Decrease in estimated claim rate on primary defaults $ (59 ) $ (25 ) Increase in estimated severity on primary defaults 15 (8 ) Change in estimates related to pool reserves, LAE reserves and reinsurance (8 ) (10 ) Total prior year loss development (1) $ (52 ) $ (43 ) (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. For the six months ended June 30, 2015 and 2014 we experienced favorable prior year loss reserve development. This development was primarily due to a lower claim rate on the approximately 41% and 40% of prior year default inventory that was resolved during the six months ended June 30, 2015 and 2014, respectively. In addition, during the first six months of 2015, the claim rate development was favorably impacted by $20 million due to re-estimation of previously recorded reserves relating to disputes on our claims paying practices and adjustments to incurred but not reported losses (IBNR). This favorable development was offset, in part, by an increase in the claim rate and severity on prior year defaults remaining in the delinquent inventory. The “Losses paid” section of the table above shows the breakdown between claims paid on default notices received in the current year and claims paid on default notices received in prior years. 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 June 30, 2015 and December 31, 2014 and approximated $107 million and $115 million, respectively. Separate components of this liability are included in “Other liabilities” and, for December 31, 2014, “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 and six months ended June 30, 2015 and 2014 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Default inventory at beginning of period 72,236 91,842 79,901 103,328 New notices 17,451 21,178 36,347 44,524 Cures (17,897 ) (21,182 ) (39,664 ) (48,500 ) Paids (including those charged to a deductible or captive) (4,140 ) (6,068 ) (8,713 ) (13,132 ) Rescissions and denials (172 ) (354 ) (393 ) (804 ) Items removed from inventory resulting from the Countrywide settlement on GSE loans (1,121 ) - (1,121 ) - Default inventory at end of period 66,357 85,416 66,357 85,416 Pool insurance notice inventory was 3,129 at June 30, 2015 and 5,271 at June 30, 2014. The decrease in the primary default inventory experienced during 2015 and 2014 was generally across all markets and primarily in book years 2008 and prior. As of June 30, 2015 the percentage of loans in the inventory that have been in default for 12 or more consecutive months has declined compared with one year prior, but is higher than the percentage as of December 31, 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.” June 30, 2015 December 31, 2014 June 30, 2014 Consecutive months in default 3 months or less 12,545 19 % 15,319 19 % 15,297 18 % 4 - 11 months 15,487 23 % 19,710 25 % 19,362 23 % 12 months or more 38,325 58 % 44,872 56 % 50,757 59 % Total primary default inventory 66,357 100 % 79,901 100 % 85,416 100 % Primary claims received inventory included in ending default inventory (1) 3,440 5 % 4,746 6 % 5,398 6 % (1) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of June 30, 2015, rescissions of coverage on approximately 430 loans had been voluntarily suspended compared to 1,425 at December 31, 2014 and 1,558 at June 30, 2014. 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. June 30, 2015 December 31, 2014 June 30, 2014 Number of payments delinquent 3 payments or less 19,274 29 % 23,253 29 % 22,867 27 % 4 - 11 payments 15,710 24 % 19,427 24 % 19,666 23 % 12 payments or more 31,373 47 % 37,221 47 % 42,883 50 % Total primary default inventory 66,357 100 % 79,901 100 % 85,416 100 % Claims paying practices Our loss reserving methodology incorporates our estimates of future rescissions. A variance between ultimate actual rescission rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses. The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At June 30, 2015 and December 31, 2014 the estimate of this liability totaled $9 million and $28 million, respectively. Separate components of this liability are included in “Other liabilities” and, for December 31, 2014, “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 settlements that we believe are probable, as defined in ASC 450-20, see Note 5 – “Litigation and Contingencies.”

Premium Deficiency Reserve

Premium Deficiency Reserve	6 Months Ended
	Jun. 30, 2015
Premium Deficiency Reserve [Abstract]
Premium Deficiency Reserve	Note 13 – Premium Deficiency Reserve The premium deficiency reserve reflects the present value of expected future losses and expenses that exceed the present value of expected future premiums and established loss reserves. As of June 30, 2015, no premium deficiency was required. The decrease in the premium deficiency reserve for the three and six months ended June 30, 2015 was $17 million and $24 million, respectively, and the decrease for the three and six months ended June 30, 2014 was $8 million and $13 million, respectively.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 14 – Shareholders’ Equity Our Shareholders Rights Agreement dated July 25, 2012, which was approved by shareholders, was amended and restated on July 23, 2015 (the “Agreement”). The Agreement 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 $45 per full share (equivalent to $4.50 for each one-tenth share), subject to adjustment. Each exercisable Right (subject to certain limitations) will entitle its holder to purchase, at the Rights’ then-current Purchase Price, a number of our shares of Common Stock (or if after the Shares Acquisition Date, we are acquired in a business combination, common shares of the acquiror) having a market value at the time equal to twice the Purchase Price. The Rights will expire on August 1, 2018, or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 15 – Stock-Based Compensation We have an incentive stock plan under which restricted stock units (“RSUs”) were granted to employees. Our annual grant of share-based compensation to employees takes place during the first quarter of each fiscal year. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our incentive plan generally vest over periods ranging from one to three years. The number of shares granted to employees and the weighted average fair value per share during the periods presented were (shares in thousands): Six months ended June 30, 2015 2014 Shares Granted Weighted Average Share Fair Value Shares Granted Weighted Average Share Fair Value RSUs subject to performance conditions 1,114 $ 8.99 1,372 $ 8.43 RSUs subject only to service conditions 410 8.99 409 8.43

Statutory Capital

Statutory Capital	6 Months Ended
	Jun. 30, 2015
Statutory Capital [Abstract]
Statutory Capital	Note 16 – 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 Financial Requirements, the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position (“MPP”). The “policyholder position” of a mortgage insurer is its net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums. At June 30, 2015, MGIC’s risk-to-capital ratio was 13.2 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $914 million above the required MPP of $1.1 billion. At June 30, 2015, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 14.8 to 1. Reinsurance agreements with affiliates permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance agreements with its affiliates, unless a waiver of the State Capital Requirements of Wisconsin continues to be effective, additional capital contributions to the reinsurance affiliates could be needed. The NAIC previously announced that it plans to revise the minimum capital and surplus requirements for mortgage insurers that are provided for in its Mortgage Guaranty Insurance Model Act. A working group of state regulators is drafting the revisions, although no date has been established by which the NAIC must propose revisions to such requirements. Depending on the scope of revisions made by the NAIC, MGIC may be prevented from writing new business in the jurisdictions adopting such revisions. If MGIC fails to meet the State Capital Requirements of Wisconsin and is unable to obtain a waiver of them from the OCI, MGIC could be prevented from writing new business in all jurisdictions. If MGIC fails to meet the State Capital Requirements of a jurisdiction other than Wisconsin and is unable to obtain a waiver of them, MGIC could be prevented from writing new business in that particular jurisdiction. It is possible that regulatory action by one or more jurisdictions, including those that do not have specific State Capital Requirements, may prevent MGIC from continuing to write new insurance in such jurisdictions. If we are unable to write business in all jurisdictions, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the future ability of our insurance operations to meet the Financial Requirements may affect its willingness to procure insurance from us. A possible future failure by MGIC to meet the Financial 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, you should read the rest of these financial statement footnotes for information about matters that could negatively affect MGIC’s claims paying resources. 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 $140 million and $138 million were included in MGIC’s statutory capital at June 30, 2015 and December 31, 2014, 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)	6 Months Ended
	Jun. 30, 2015
Debt [Abstract]
Long-term debt	Long-term debt as of June 30, 2015 and December 31, 2014 consists of the following obligations. June 30, December 31, 2014 (In millions) Senior Notes, interest at 5.375% per annum, due November 2015 $ 61.9 $ 61.9 Convertible Senior Notes, interest at 5% per annum, due May 2017 (1) 345.0 345.0 Convertible Senior Notes, interest at 2% per annum, due April 2020 (2) (3) 500.0 500.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 (4) 389.5 389.5 Total debt 1,296.4 1,296.4 Less current portion of debt (61.9 ) (61.9 ) Total long-term debt $ 1,234.5 $ 1,234.5 (1) Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share. (2) Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing 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. Our common stock price was greater than or equal to 130% of the applicable conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, June 30, 2015. (3) 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 rate 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 each of at least 20 of the 30 consecutive trading days preceding notice of the redemption. (4) Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 shares per $1,000 principal amount, representing 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.
Interest payments made	Interest payments on our existing debt obligations appear below. Six months ended June 30, 2015 2014 (In millions) Senior Notes, interest at 5.375% per annum, due November 2015 $ 1.7 $ 2.0 Convertible Senior Notes, interest at 5% per annum, due May 2017 8.6 8.6 Convertible Senior Notes, interest at 2% per annum, due April 2020 5.0 5.0 Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 17.5 17.5 Total interest payments $ 32.8 $ 33.1

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Reinsurance [Abstract]
Effect of reinsurance agreement	A summary of our quota share reinsurance agreements, excluding captive agreements, appears below. Six months ended June 30, 2015 2014 (In thousands) Ceded premiums written, net of profit commission $ 58,055 $ 44,689 Ceded premiums earned, net of profit commission 47,567 40,594 Ceded losses incurred 6,060 5,658 Ceding commissions (1) 21,803 17,877 Ceded unearned premiums 57,842 39,946 (1) Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings per Share [Abstract]
Calculation of earnings (loss) per share	The following table reconciles the numerators and denominators used to calculate basic and diluted EPS and also indicates the number of antidilutive securities. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (In thousands, except per share data and as otherwise noted) Basic earnings per share: Net income $ 113,654 $ 45,522 $ 246,730 $ 105,504 Weighted average common shares outstanding 339,705 338,626 339,406 338,419 Basic income per share $ 0.33 $ 0.13 $ 0.73 $ 0.31 Diluted earnings per share: Net income $ 113,654 $ 45,522 $ 246,730 $ 105,504 Interest expense, net of tax: 2% Convertible Senior Notes due 2020 3,049 3,049 6,098 6,098 5% Convertible Senior Notes due 2017 4,692 - 9,384 - Diluted income available to common shareholders $ 121,395 $ 48,571 $ 262,212 $ 111,602 Weighted average shares - basic 339,705 338,626 339,406 338,419 Effect of dilutive securities: Unvested restricted stock units 1,831 2,913 2,203 3,013 2% Convertible Senior Notes due 2020 71,942 71,942 71,942 71,942 5% Convertible Senior Notes due 2017 25,670 - 25,670 - Weighted average shares - diluted 439,148 413,481 439,221 413,374 Diluted income per share $ 0.28 $ 0.12 $ 0.60 $ 0.27 Antidilutive securities (in millions) 28.9 54.5 28.9 54.5

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 are shown below. June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 130,388 $ 1,959 $ (2,791 ) $ 129,556 Obligations of U.S. states and political subdivisions 1,307,313 10,460 (10,913 ) 1,306,860 Corporate debt securities 2,292,817 6,538 (32,409 ) 2,266,946 Asset-backed securities 199,763 537 (33 ) 200,267 Residential mortgage-backed securities 297,207 265 (10,451 ) 287,021 Commercial mortgage-backed securities 263,967 336 (2,635 ) 261,668 Collateralized loan obligations 61,341 - (658 ) 60,683 Debt securities issued by foreign sovereign governments 33,521 2,676 (151 ) 36,046 Total debt securities 4,586,317 22,771 (60,041 ) 4,549,047 Equity securities 3,042 36 (15 ) 3,063 Total investment portfolio $ 4,589,359 $ 22,807 $ (60,056 ) $ 4,552,110 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 349,153 $ 2,752 $ (5,130 ) $ 346,775 Obligations of U.S. states and political subdivisions 844,942 12,961 (2,761 ) 855,142 Corporate debt securities 2,418,991 16,325 (10,035 ) 2,425,281 Asset-backed securities 286,260 535 (140 ) 286,655 Residential mortgage-backed securities 329,983 254 (9,000 ) 321,237 Commercial mortgage-backed securities 276,215 1,221 (2,158 ) 275,278 Collateralized loan obligations 61,340 - (1,264 ) 60,076 Debt securities issued by foreign sovereign governments 35,630 3,540 - 39,170 Total debt securities 4,602,514 37,588 (30,488 ) 4,609,614 Equity securities 3,003 61 (9 ) 3,055 Total investment portfolio $ 4,605,517 $ 37,649 $ (30,497 ) $ 4,612,669 (1) At June 30, 2015 and December 31, 2014, 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 June 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories. June 30, 2015 Amortized Cost Fair Value (In thousands) Due in one year or less $ 271,482 $ 272,149 Due after one year through five years 1,612,642 1,619,983 Due after five years through ten years 1,140,771 1,115,794 Due after ten years 739,144 731,482 $ 3,764,039 $ 3,739,408 Asset-backed securities 199,763 200,267 Residential mortgage-backed securities 297,207 287,021 Commercial mortgage-backed securities 263,967 261,668 Collateralized loan obligations 61,341 60,683 Total at June 30, 2015 $ 4,586,317 $ 4,549,047
Aging of the fair values of securities in an unrealized loss position	At June 30, 2015 and December 31, 2014, the investment portfolio had gross unrealized losses of $60.1 million and $30.5 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows: Less Than 12 Months 12 Months or Greater Total June 30, 2015 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 82,100 $ 1,096 $ 15,284 $ 1,695 $ 97,384 $ 2,791 Obligations of U.S. states and political subdivisions 525,293 9,733 51,076 1,180 576,369 10,913 Corporate debt securities 1,198,025 28,926 147,131 3,483 1,345,156 32,409 Asset-backed securities 46,789 21 7,696 12 54,485 33 Residential mortgage-backed securities 55,302 364 214,206 10,087 269,508 10,451 Commercial mortgage-backed securities 164,137 1,688 71,721 947 235,858 2,635 Collateralized loan obligations - - 60,683 658 60,683 658 Foreign government securities 2,446 151 - - 2,446 151 Equity securities 351 6 173 9 524 15 Total $ 2,074,443 $ 41,985 $ 567,970 $ 18,071 $ 2,642,413 $ 60,056 Less Than 12 Months 12 Months or Greater Total December 31, 2014 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 58,166 $ 138 $ 232,351 $ 4,992 $ 290,517 $ 5,130 Obligations of U.S. states and political subdivisions 166,408 1,066 114,465 1,695 280,873 2,761 Corporate debt securities 816,555 5,259 243,208 4,776 1,059,763 10,035 Asset-backed securities 54,491 80 11,895 60 66,386 140 Residential mortgage-backed securities 24,168 34 263,002 8,966 287,170 9,000 Commercial mortgage-backed securities 89,301 810 110,652 1,348 199,953 2,158 Collateralized loan obligations - - 60,076 1,264 60,076 1,264 Equity securities 167 1 235 8 402 9 Total $ 1,209,256 $ 7,388 $ 1,035,884 $ 23,109 $ 2,245,140 $ 30,497
Net realized investment gains (losses) and OTTI on investments	The net realized investment gains (losses) on the investment portfolio are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Realized investment gains (losses) on investments: Fixed maturities $ 161 $ 360 $ 26,485 $ 126 Equity securities 5 162 8 165 Net realized investment gains $ 166 $ 522 $ 26,493 $ 291 Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Realized investment gains (losses) on investments: Gains on sales $ 785 $ 1,307 $ 27,991 $ 2,112 Losses on sales (619 ) (785 ) (1,498 ) (1,821 ) Net realized investment gains $ 166 $ 522 $ 26,493 $ 291

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014: June 30, 2015 Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 129,556 $ 26,271 $ 103,285 $ - Obligations of U.S. states and political subdivisions 1,306,860 - 1,305,226 1,634 Corporate debt securities 2,266,946 - 2,266,946 - Asset-backed securities 200,267 - 200,267 - Residential mortgage-backed securities 287,021 - 287,021 - Commercial mortgage-backed securities 261,668 - 261,668 - Collateralized loan obligations 60,683 - 60,683 - Debt securities issued by foreign sovereign governments 36,046 36,046 - - Total debt securities 4,549,047 62,317 4,485,096 1,634 Equity securities 3,063 2,742 - 321 Total investment portfolio $ 4,552,110 $ 65,059 $ 4,485,096 $ 1,955 Real estate acquired (1) $ 7,995 $ - $ - $ 7,995 December 31, 2014 Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 346,775 $ 188,824 $ 157,951 $ - Obligations of U.S. states and political subdivisions 855,142 - 853,296 1,846 Corporate debt securities 2,425,281 - 2,425,281 - Asset-backed securities 286,655 - 286,655 - Residential mortgage-backed securities 321,237 - 321,237 - Commercial mortgage-backed securities 275,278 - 275,278 - Collateralized loan obligations 60,076 - 60,076 - Debt securities issued by foreign sovereign governments 39,170 39,170 - - Total debt securities 4,609,614 227,994 4,379,774 1,846 Equity securities 3,055 2,734 - 321 Total investment portfolio $ 4,612,669 $ 230,728 $ 4,379,774 $ 2,167 Real estate acquired (1) $ 12,658 $ - $ - $ 12,658 (1) Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.
Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)	For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and six months ended June 30, 2015 and 2014 is as follows: Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at March 31, 2015 $ 1,791 $ 321 $ 2,112 $ 10,897 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - 31 Purchases - - - 5,917 Sales (157 ) - (157 ) (8,850 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2015 $ 1,634 $ 321 $ 1,955 $ 7,995 Amount of total losses included in earnings for the three months ended June 30, 2015 attributable to the change in unrealized losses on assets still held at June 30, 2015 $ - $ - $ - $ - Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at December 31, 2014 $ 1,846 $ 321 $ 2,167 $ 12,658 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - (472 ) Purchases 7 - 7 16,714 Sales (219 ) - (219 ) (20,905 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2015 $ 1,634 $ 321 $ 1,955 $ 7,995 Amount of total losses included in earnings for the six months ended June 30, 2015 attributable to the change in unrealized losses on assets still held at June 30, 2015 $ - $ - $ - $ - Debt Equity Securities Total Investments Real Estate Acquired (In thousands) Balance at March 31, 2014 $ 2,378 $ 321 $ 2,699 $ 11,137 Total realized/unrealized gains (losses): Included in earnings and reported as losses incurred, net - - - (1,157 ) Purchases - - - 11,367 Sales (147 ) - (147 ) (10,543 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2014 $ 2,231 $ 321 $ 2,552 $ 10,804 Amount of total losses included in earnings for the three months ended June 30, 2014 attributable to the change in unrealized losses on assets still held at June 30, 2014 $ - $ - $ - $ - Debt 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 - - - (2,316 ) Purchases 30 - 30 19,377 Sales (222 ) - (222 ) (19,537 ) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Balance at June 30, 2014 $ 2,231 $ 321 $ 2,552 $ 10,804 Amount of total losses included in earnings for the six months ended June 30, 2014 attributable to the change in unrealized losses on assets still held at June 30, 2014 $ - $ - $ - $ -
Par value and fair value of debt	The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at June 30, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such liabilities are measured on a recurring basis. June 30, 2015 Par Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Financial liabilities: Senior Notes $ 61,953 $ 62,689 $ - $ 62,689 $ - Convertible Senior Notes due 2017 345,000 394,521 - 394,521 - Convertible Senior Notes due 2020 500,000 837,125 - 837,125 - Convertible Junior Subordinated Debentures 389,522 512,186 - 512,186 - Total Debt $ 1,296,475 $ 1,806,521 $ - $ 1,806,521 $ - December 31, 2014 Par Total Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Financial liabilities: Senior Notes $ 61,953 $ 63,618 $ - $ 63,618 $ - Convertible Senior Notes due 2017 345,000 387,997 - 387,997 - Convertible Senior Notes due 2020 500,000 735,075 - 735,075 - Convertible Junior Subordinated Debentures 389,522 500,201 - 500,201 - Total Debt $ 1,296,475 $ 1,686,891 $ - $ 1,686,891 $ -

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income [Abstract]
Other comprehensive income	The pretax components of our other comprehensive income (loss) and the related income tax (expense) benefit for the three and six months ended June 30, 2015 and 2014 are included in the tables below. Three Months Ended June 30, 2015 2014 (In thousands) Net unrealized holding (losses) gains arising during the period $ (64,118 ) $ 44,818 Income tax benefit (expense) 22,362 (15,634 ) Valuation allowance (21,890 ) 15,317 Net of taxes (63,646 ) 44,501 Net changes in benefit plan assets and obligations (392 ) (1,980 ) Income tax benefit 137 693 Valuation allowance (137 ) (693 ) Net of taxes (392 ) (1,980 ) Net changes in unrealized foreign currency translation adjustment 598 904 Income tax expense (208 ) (317 ) Net of taxes 390 587 Total other comprehensive income (loss) (63,912 ) 43,742 Total income tax benefit (expense), net of valuation allowance 264 (634 ) Total other comprehensive income (loss), net of tax $ (63,648 ) $ 43,108 Six Months Ended June 30, 2015 2014 (In thousands) Net unrealized holding (losses) gains arising during the period $ (44,397 ) $ 84,479 Income tax benefit (expense) 15,486 (29,505 ) Valuation allowance (15,172 ) 29,125 Net of taxes (44,083 ) 84,099 Net changes in benefit plan assets and obligations (1,092 ) (3,466 ) Income tax benefit 382 1,213 Valuation allowance (382 ) (1,213 ) Net of taxes (1,092 ) (3,466 ) Net changes in unrealized foreign currency translation adjustment (2,504 ) 2,835 Income tax benefit (expense) 880 (995 ) Net of taxes (1,624 ) 1,840 Total other comprehensive income (loss) (47,993 ) 83,848 Total income tax benefit (expense), net of valuation allowance 1,194 (1,375 ) Total other comprehensive income (loss), net of tax $ (46,799 ) $ 82,473
Reclassification out of accumulated other comprehensive income	The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive income to our consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 are included in the tables below. Three Months Ended June 30, 2015 2014 (In thousands) Reclassification adjustment for net realized gains (losses) included in net income $ 477 $ (1,896 ) Income tax (expense) benefit (161 ) 669 Valuation allowance 122 (699 ) Net of taxes 438 (1,926 ) Reclassification adjustment related to benefit plan assets and obligations 392 1,980 Income tax expense (137 ) (693 ) Valuation allowance 137 693 Net of taxes 392 1,980 Total reclassifications 869 84 Total income tax expense, net of valuation allowance (39 ) (30 ) Total reclassifications, net of tax $ 830 $ 54 Six Months Ended June 30, 2015 2014 (In thousands) Reclassification adjustment for net realized gains (losses) included in net income $ 11,711 $ (4,885 ) Income tax (expense) benefit (4,092 ) 1,715 Valuation allowance 4,048 (1,745 ) Net of taxes 11,667 (4,915 ) Reclassification adjustment related to benefit plan assets and obligations 1,092 3,466 Income tax expense (382 ) (1,213 ) Valuation allowance 382 1,213 Net of taxes 1,092 3,466 Total reclassifications 12,803 (1,419 ) Total income tax expense, net of valuation allowance (44 ) (30 ) Total reclassifications, net of tax $ 12,759 $ (1,449 )
Accumulated other comprehensive income (loss)	Changes in our accumulated other comprehensive loss (“AOCL”), including amounts reclassified from other comprehensive income (loss), for the six months ended June 30, 2015 are included in the table below. Six Months Ended June 30, 2015 Unrealized gains and losses on available-for- sale securities Defined benefit plans Foreign currency translation Total accumulated other comprehensive income (In thousands) Balance at December 31, 2014, net of tax $ (57,551 ) $ (28,938 ) $ 5,148 $ (81,341 ) Other comprehensive loss before reclassifications (32,416 ) - (1,624 ) $ (34,040 ) Less: Amounts reclassified from AOCL 11,667 (1) 1,092 (2) - $ 12,759 Balance at June 30, 2015, net of tax $ (101,634 ) $ (30,030 ) $ 3,524 $ (128,140 ) (1) Increases Net realized investment gains on the Consolidated Statements of Operations. (2) Decreases Other underwriting and operating expenses, net on the Consolidated Statements of Operations.

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Pension and Supplemental Executive Retirement Plans Other Postretirement 2015 2014 2015 2014 (In thousands) Service cost $ 2,680 $ 2,203 $ 214 $ 152 Interest cost 4,016 3,985 171 144 Expected return on plan assets (5,259 ) (5,257 ) (1,247 ) (1,163 ) Recognized net actuarial loss (gain) 1,533 250 (53 ) (144 ) Amortization of prior service cost (211 ) (423 ) (1,663 ) (1,662 ) Net periodic benefit cost (benefit) $ 2,759 $ 758 $ (2,578 ) $ (2,673 ) Six Months Ended June 30, Pension and Supplemental Executive Retirement Plans Other Postretirement 2015 2014 2015 2014 (In thousands) Service cost $ 5,128 $ 4,283 $ 416 $ 329 Interest cost 7,924 7,994 349 327 Expected return on plan assets (10,554 ) (10,515 ) (2,495 ) (2,324 ) Recognized net actuarial loss (gain) 2,742 541 (88 ) (217 ) Amortization of prior service cost (422 ) (465 ) (3,325 ) (3,325 ) Net periodic benefit cost (benefit) $ 4,818 $ 1,838 $ (5,143 ) $ (5,210 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Tax provision (benefit)	The effect of the change in valuation allowance on the provision for income taxes was as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (In thousands) Provision for income tax $ 39,991 $ 17,172 $ 87,874 $ 40,292 Change in valuation allowance (38,669 ) (16,054 ) (83,167 ) (38,448 ) Provision for income taxes $ 1,322 $ 1,118 $ 4,707 $ 1,844

Loss Reserves (Tables)

Loss Reserves (Tables)	6 Months Ended
	Jun. 30, 2015
Loss Reserves [Abstract]
Reconciliation of beginning and ending loss reserves	The following table provides a reconciliation of beginning and ending loss reserves for the six months ended June 30, 2015 and 2014: Six months ended June 30, 2015 2014 (In thousands) Reserve at beginning of period $ 2,396,807 $ 3,061,401 Less reinsurance recoverable 57,841 64,085 Net reserve at beginning of period 2,338,966 2,997,316 Losses incurred: Losses and LAE incurred in respect of default notices related to: Current year 223,564 306,386 Prior years (1) (51,541 ) (42,637 ) Subtotal 172,023 263,749 Losses paid: Losses and LAE paid in respect of default notices related to: Current year 2,382 2,674 Prior years 451,317 640,560 Reinsurance terminations (15 ) - Subtotal 453,684 643,234 Net reserve at end of period 2,057,305 2,617,831 Plus reinsurance recoverables 53,456 57,763 Reserve at end of period $ 2,110,761 $ 2,675,594 (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.
Prior year development of the reserves	The prior year development of the reserves in the first six months of 2015 and 2014 is reflected in the table below. Six months ended June 30, 2015 2014 (In millions) Decrease in estimated claim rate on primary defaults $ (59 ) $ (25 ) Increase in estimated severity on primary defaults 15 (8 ) Change in estimates related to pool reserves, LAE reserves and reinsurance (8 ) (10 ) Total prior year loss development (1) $ (52 ) $ (43 ) (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 and six months ended June 30, 2015 and 2014 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Default inventory at beginning of period 72,236 91,842 79,901 103,328 New notices 17,451 21,178 36,347 44,524 Cures (17,897 ) (21,182 ) (39,664 ) (48,500 ) Paids (including those charged to a deductible or captive) (4,140 ) (6,068 ) (8,713 ) (13,132 ) Rescissions and denials (172 ) (354 ) (393 ) (804 ) Items removed from inventory resulting from the Countrywide settlement on GSE loans (1,121 ) - (1,121 ) - Default inventory at end of period 66,357 85,416 66,357 85,416
Aging of the primary default inventory	The decrease in the primary default inventory experienced during 2015 and 2014 was generally across all markets and primarily in book years 2008 and prior. As of June 30, 2015 the percentage of loans in the inventory that have been in default for 12 or more consecutive months has declined compared with one year prior, but is higher than the percentage as of December 31, 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.” June 30, 2015 December 31, 2014 June 30, 2014 Consecutive months in default 3 months or less 12,545 19 % 15,319 19 % 15,297 18 % 4 - 11 months 15,487 23 % 19,710 25 % 19,362 23 % 12 months or more 38,325 58 % 44,872 56 % 50,757 59 % Total primary default inventory 66,357 100 % 79,901 100 % 85,416 100 % Primary claims received inventory included in ending default inventory (1) 3,440 5 % 4,746 6 % 5,398 6 % (1) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of June 30, 2015, rescissions of coverage on approximately 430 loans had been voluntarily suspended compared to 1,425 at December 31, 2014 and 1,558 at June 30, 2014.
Number of payments delinquent	The number of payments that a borrower is delinquent is shown in the table below. June 30, 2015 December 31, 2014 June 30, 2014 Number of payments delinquent 3 payments or less 19,274 29 % 23,253 29 % 22,867 27 % 4 - 11 payments 15,710 24 % 19,427 24 % 19,666 23 % 12 payments or more 31,373 47 % 37,221 47 % 42,883 50 % Total primary default inventory 66,357 100 % 79,901 100 % 85,416 100 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation [Abstract]
Schedule of stock-based compensation, activity	The number of shares granted to employees and the weighted average fair value per share during the periods presented were (shares in thousands): Six months ended June 30, 2015 2014 Shares Granted Weighted Average Share Fair Value Shares Granted Weighted Average Share Fair Value RSUs subject to performance conditions 1,114 $ 8.99 1,372 $ 8.43 RSUs subject only to service conditions 410 8.99 409 8.43

Nature of Business and Basis 34

Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014
Nature of Business and Basis of Presentation [Abstract]
Holding company cash and investments			$ 463,000
PMIERs tables expected review period			2 years
Notice period for updates to PMIERs tables			180 days
(Increase) decrease in restricted cash	$ 42,900	$ (60,300)	$ 17,212	$ 237

Debt (Details)

Debt (Details) - USD ($)		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt		$ 1,296,400,000		$ 1,296,400,000
Less current portion of debt		(61,900,000)		(61,900,000)
Total long-term debt		1,234,500,000		1,234,500,000
Holding company cash and investments		463,000,000
Interest payments made		32,800,000	$ 33,100,000
Unrealized gain loss on holding company investments		$ 1,500,000
Modified duration of holding company investments		2 years 8 months 12 days
Period preceding election to convert		5 days
5.375% Senior Notes [Member]
Debt Instrument [Line Items]
Total debt		$ 61,900,000		61,900,000
Interest payments made		$ 1,700,000	2,000,000
5.375% Senior Notes [Member] | Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Stated interest rate (in hundredths)		5.375%
Maturity date		Nov. 1, 2015
5% Convertible Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Total debt	[1]	$ 345,000,000		345,000,000
Stated interest rate (in hundredths)		5.00%
Maturity date		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
Interest payments made		$ 8,600,000	8,600,000
2% Convertible Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total debt	[2],[3]	$ 500,000,000		500,000,000
Stated interest rate (in hundredths)		2.00%
Maturity date		Apr. 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
Minimum number of trading days		20 days
Maximum number of trading days		30 days
Percentage of conversion price (in hundredths)		130.00%
130% of conversion price (in dollars per share)		$ 9.03
Redemption price, percentage (in hundredths)		100.00%
Interest payments made		$ 5,000,000	5,000,000
9% Convertible Junior Subordinated Debentures due 2063 [Member]
Debt Instrument [Line Items]
Total debt	[4]	$ 389,500,000		$ 389,500,000
Stated interest rate (in hundredths)		9.00%
Maturity date		Apr. 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)		$ 13.5
Interest payments made		$ 17,500,000	$ 17,500,000
[1]	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share.
[2]	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 rate 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 each of at least 20 of the 30 consecutive trading days preceding notice of the redemption.
[3]	Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing 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. Our common stock price was greater than or equal to 130% of the applicable conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, June 30, 2015.
[4]	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 shares per $1,000 principal amount, representing 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.

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Premiums Written and Earned [Abstract]
Ceded premiums written, net of profit commission		$ 58,055	$ 44,689
Ceded premiums earned, net of profit commission		47,567	40,594
Ceded losses incurred		6,060	5,658
Ceding commissions	[1]	21,803	17,877
Ceded unearned premiums		57,842	$ 39,946
Profit commission receivable		$ 142,457		$ 91,500
Period of existing captive reinsurance agreement		10 years
Reinsurance recoverable on loss reserves related to captive agreements		$ 38,000		45,000
Fair value of trust fund assets under captive agreements		$ 163,000		$ 198,000
[1]	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.

Litigation and Contingencies (D

Litigation and Contingencies (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)LawsuitCase	Jun. 30, 2009	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2010USD ($)	Dec. 31, 2009USD ($)
Curtailments [Abstract]
Average paid claim reduction due to curtailments (in hundredths)	7.40%		6.70%
Number of days after claim paid within which objection must be received for review	90 days
Claims resolved by rescissions [Abstract]
Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths)	5.00%
Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths)		28.00%
Mitigation of incurred losses by rescission of policies					$ 200,000	$ 2,500,000
Statute of limitations to bring legal proceedings disputing right to rescind coverage	3 years
Statute of limitations to bring legal proceedings after notice of rescission	2 years
Percentage of loans covered by CHL Agreement for which consent was received (in hundredths)	89.00%
Maximum exposure above estimate provision for claims paying practices	$ 122,000
Maximum exposure associated with other discussions and legal proceedings	$ 218,000
Class action complaint under RESPA [Abstract]
Period of existing captive reinsurance agreement	10 years
Civil penalty				$ 2,650
Other Legal Proceedings [Abstract]
Underwriting remedy expense	$ 1,000		$ 4,000
Class Action Complaint Under RESPA [Member] | Pending Litigation [Member]
Class action complaint under RESPA [Abstract]
Number of lawsuits | Lawsuit	12
Number of cases dismissed | Case	12
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 | Lawsuit	8
Number of lawsuits naming subsidiary as defendant that were dismissed | Lawsuit	8

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic earnings per share [Abstract]
Net income	$ 113,654	$ 45,522	$ 246,730	$ 105,504
Weighted average common shares outstanding (in shares)	339,705	338,626	339,406	338,419
Basic income per share (in dollars per share)	$ 0.33	$ 0.13	$ 0.73	$ 0.31
Diluted earnings per share [Abstract]
Net income	$ 113,654	$ 45,522	$ 246,730	$ 105,504
Diluted income available to common shareholders	$ 121,395	$ 48,571	$ 262,212	$ 111,602
Weighted-average shares - Basic (in shares)	339,705	338,626	339,406	338,419
Effect of dilutive securities [Abstract]
Weighted-average shares - Diluted (in shares)	439,148	413,481	439,221	413,374
Diluted income per share (in dollars per share)	$ 0.28	$ 0.12	$ 0.60	$ 0.27
Antidilutive securities (in shares)	28,900	54,500	28,900	54,500
2% Convertible Senior Notes due 2020 [Member]
Effect of dilutive securities [Abstract]
Dilutive securities	$ 3,049	$ 3,049	$ 6,098	$ 6,098
Dilutive securities (in shares)	71,942	71,942	71,942	71,942
5% Convertible Senior Notes due 2017 [Member]
Effect of dilutive securities [Abstract]
Dilutive securities	$ 4,692	$ 0	$ 9,384	$ 0
Dilutive securities (in shares)	25,670	0	25,670	0
Restricted Stock Units [Member] | Unvested Restricted Stock Units [Member]
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)	1,831	2,913	2,203	3,013

Investments (Details)

Investments (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015USD ($)Security	Dec. 31, 2014USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 4,589,359	$ 4,605,517
Gross Unrealized Gains		22,807	37,649
Gross Unrealized Losses	[1]	(60,056)	(30,497)
Fair Value		$ 4,552,110	4,612,669
Percentage of foreign investments held in government and semi-government securities (in hundredths)		86.00%
Percentage of foreign investments held in corporate securities (in hundredths)		10.00%
Percentage of foreign investments held in cash equivalents (in hundredths)		4.00%
Percentage of Australian portfolio rated AAA (in hundredths)		85.00%
Percentage of Australian portfolio rated AA (in hundredths)		15.00%
Gross unrealized (gains) losses		$ 60,100	30,500
Maturities, Amortized Cost [Abstract]
Due in one year or less		271,482
Due after one year through five years		1,612,642
Due after five years through ten years		1,140,771
Due after ten years		739,144
Total debt securities with single maturity date		3,764,039
Total at end of period		4,586,317	4,602,514
Maturities, Fair Value [Abstract]
Due in one year or less		272,149
Due after one year through five years		1,619,983
Due after five years through ten years		1,115,794
Due after ten years		731,482
Total debt securities with single maturity date		3,739,408
Total at end of period		4,549,047	4,609,614
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		2,074,443	1,209,256
12 months or greater		567,970	1,035,884
Total investment portfolio		2,642,413	2,245,140
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		41,985	7,388
12 months or greater		18,071	23,109
Total investment portfolio		$ 60,056	$ 30,497
Number of securities in unrealized loss position | Security		532	423
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 130,388	$ 349,153
Gross Unrealized Gains		1,959	2,752
Gross Unrealized Losses	[1]	(2,791)	(5,130)
Fair Value		129,556	346,775
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		82,100	58,166
12 months or greater		15,284	232,351
Total investment portfolio		97,384	290,517
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		1,096	138
12 months or greater		1,695	4,992
Total investment portfolio		2,791	5,130
Obligations of U.S. States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,307,313	844,942
Gross Unrealized Gains		10,460	12,961
Gross Unrealized Losses	[1]	(10,913)	(2,761)
Fair Value		1,306,860	855,142
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		525,293	166,408
12 months or greater		51,076	114,465
Total investment portfolio		576,369	280,873
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		9,733	1,066
12 months or greater		1,180	1,695
Total investment portfolio		10,913	2,761
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,292,817	2,418,991
Gross Unrealized Gains		6,538	16,325
Gross Unrealized Losses	[1]	(32,409)	(10,035)
Fair Value		2,266,946	2,425,281
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		1,198,025	816,555
12 months or greater		147,131	243,208
Total investment portfolio		1,345,156	1,059,763
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		28,926	5,259
12 months or greater		3,483	4,776
Total investment portfolio		32,409	10,035
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		199,763	286,260
Gross Unrealized Gains		537	535
Gross Unrealized Losses	[1]	(33)	(140)
Fair Value		200,267	286,655
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		199,763
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		200,267
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		46,789	54,491
12 months or greater		7,696	11,895
Total investment portfolio		54,485	66,386
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		21	80
12 months or greater		12	60
Total investment portfolio		33	140
Residential Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		297,207	329,983
Gross Unrealized Gains		265	254
Gross Unrealized Losses	[1]	(10,451)	(9,000)
Fair Value		287,021	321,237
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		297,207
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		287,021
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		55,302	24,168
12 months or greater		214,206	263,002
Total investment portfolio		269,508	287,170
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		364	34
12 months or greater		10,087	8,966
Total investment portfolio		10,451	9,000
Commercial Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		263,967	276,215
Gross Unrealized Gains		336	1,221
Gross Unrealized Losses	[1]	(2,635)	(2,158)
Fair Value		261,668	275,278
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		263,967
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		261,668
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		164,137	89,301
12 months or greater		71,721	110,652
Total investment portfolio		235,858	199,953
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		1,688	810
12 months or greater		947	1,348
Total investment portfolio		2,635	2,158
Collateralized Loan Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		61,341	61,340
Gross Unrealized Gains		0	0
Gross Unrealized Losses	[1]	(658)	(1,264)
Fair Value		60,683	60,076
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		61,341
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		60,683
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		0	0
12 months or greater		60,683	60,076
Total investment portfolio		60,683	60,076
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		0	0
12 months or greater		658	1,264
Total investment portfolio		658	1,264
Debt Securities Issued by Foreign Sovereign Governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		33,521	35,630
Gross Unrealized Gains		2,676	3,540
Gross Unrealized Losses	[1]	(151)	0
Fair Value		36,046	39,170
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		2,446
12 months or greater		0
Total investment portfolio		2,446
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		151
12 months or greater		0
Total investment portfolio		151
Total Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		4,586,317	4,602,514
Gross Unrealized Gains		22,771	37,588
Gross Unrealized Losses	[1]	(60,041)	(30,488)
Fair Value		4,549,047	4,609,614
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		3,042	3,003
Gross Unrealized Gains		36	61
Gross Unrealized Losses	[1]	(15)	(9)
Fair Value		3,063	3,055
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		351	167
12 months or greater		173	235
Total investment portfolio		524	402
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		6	1
12 months or greater		9	8
Total investment portfolio		$ 15	$ 9
[1]	At June 30, 2015 and December 31, 2014, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Investments, Gain (Loss) on Inv

Investments, Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) on investments	$ 166	$ 522	$ 26,493	$ 291
Gross realized gains, gross realized losses and impairment losses [Abstract]
Gains on sales	785	1,307	27,991	2,112
Losses on sales	(619)	(785)	(1,498)	(1,821)
Total net realized gains (losses)	166	522	26,493	291
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) on investments	161	360	26,485	126
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	161	360	26,485	126
Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) on investments	5	162	8	165
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	$ 5	$ 162	$ 8	$ 165

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$ 129,556	$ 346,775
Obligations of U.S. states and political subdivisions		1,306,860	855,142
Corporate debt securities		2,266,946	2,425,281
Asset-backed securities		200,267	286,655
Residential mortgage-backed securities		287,021	321,237
Commercial mortgage-backed securities		261,668	275,278
Collateralized loan obligations		60,683	60,076
Debt securities issued by foreign sovereign governments		36,046	39,170
Total debt securities		4,549,047	4,609,614
Equity securities		3,063	3,055
Total investment portfolio		4,552,110	4,612,669
Real estate acquired	[1]	7,995	12,658
Par Value [Member]
Debt [Abstract]
Senior Notes		61,953	61,953
Convertible Senior Notes due 2017		345,000	345,000
Convertible Senior Notes due 2020		500,000	500,000
Convertible Junior Subordinated Debentures		389,522	389,522
Total Debt		1,296,475	1,296,475
Fair Value [Member]
Debt [Abstract]
Senior Notes		62,689	63,618
Convertible Senior Notes due 2017		394,521	387,997
Convertible Senior Notes due 2020		837,125	735,075
Convertible Junior Subordinated Debentures		512,186	500,201
Total Debt		1,806,521	1,686,891
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies		26,271	188,824
Obligations of U.S. states and political subdivisions		0	0
Corporate debt securities		0	0
Asset-backed securities		0	0
Residential mortgage-backed securities		0	0
Commercial mortgage-backed securities		0	0
Collateralized loan obligations		0	0
Debt securities issued by foreign sovereign governments		36,046	39,170
Total debt securities		62,317	227,994
Equity securities		2,742	2,734
Total investment portfolio		65,059	230,728
Real estate acquired	[1]	0	0
Debt [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
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies		103,285	157,951
Obligations of U.S. states and political subdivisions		1,305,226	853,296
Corporate debt securities		2,266,946	2,425,281
Asset-backed securities		200,267	286,655
Residential mortgage-backed securities		287,021	321,237
Commercial mortgage-backed securities		261,668	275,278
Collateralized loan obligations		60,683	60,076
Debt securities issued by foreign sovereign governments		0	0
Total debt securities		4,485,096	4,379,774
Equity securities		0	0
Total investment portfolio		4,485,096	4,379,774
Real estate acquired	[1]	0	0
Debt [Abstract]
Senior Notes		62,689	63,618
Convertible Senior Notes due 2017		394,521	387,997
Convertible Senior Notes due 2020		837,125	735,075
Convertible Junior Subordinated Debentures		512,186	500,201
Total Debt		1,806,521	1,686,891
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies		0	0
Obligations of U.S. states and political subdivisions		1,634	1,846
Corporate debt securities		0	0
Asset-backed securities		0	0
Residential mortgage-backed securities		0	0
Commercial mortgage-backed securities		0	0
Collateralized loan obligations		0	0
Debt securities issued by foreign sovereign governments		0	0
Total debt securities		1,634	1,846
Equity securities		321	321
Total investment portfolio		1,955	2,167
Real estate acquired	[1]	7,995	12,658
Debt [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
[1]	Real estate acquired through claim settlement, which is held for sale, is reported in Other assets on the consolidated balance sheets.

Fair Value Measurements, Unobse

Fair Value Measurements, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total realized/unrealized gains (losses) [Abstract]
State premium tax credit investments, average maturity			4 years
Annual average discount rate (in hundredths)					7.20%
Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 1,791	$ 2,378	$ 1,846	$ 2,423
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0	0	0
Purchases	0	0	7	30
Sales	(157)	(147)	(219)	(222)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	1,791	2,378	1,846	2,423	$ 1,634	$ 2,231
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	0	0	0	0
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	321	321	321	321
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	321	321	321	321	321	321
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	0	0	0	0
Total Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	2,112	2,699	2,167	2,744
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0	0	0
Purchases	0	0	7	30
Sales	(157)	(147)	(219)	(222)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	2,112	2,699	2,167	2,744	1,955	2,552
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	0	0	0	0
Real Estate Acquired [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	10,897	11,137	12,658	13,280
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	31	(1,157)	(472)	(2,316)
Purchases	5,917	11,367	16,714	19,377
Sales	(8,850)	(10,543)	(20,905)	(19,537)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	10,897	11,137	12,658	13,280	$ 7,995	$ 10,804
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	$ 0	$ 0	$ 0	$ 0

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized holding (losses) gains arising during the period		$ (64,118)	$ 44,818	$ (44,397)	$ 84,479
Income tax benefit (expense)		22,362	(15,634)	15,486	(29,505)
Valuation allowance		(21,890)	15,317	(15,172)	29,125
Net of taxes		(63,646)	44,501	(44,083)	84,099
Net changes in benefit plan assets and obligations		(392)	(1,980)	(1,092)	(3,466)
Income tax benefit		137	693	382	1,213
Valuation allowance		(137)	(693)	(382)	(1,213)
Net of taxes		(392)	(1,980)	(1,092)	(3,466)
Net changes in unrealized foreign currency translation adjustment		598	904	(2,504)	2,835
Income tax benefit (expense)		(208)	(317)	880	(995)
Net of taxes		390	587	(1,624)	1,840
Total other comprehensive income (loss)		(63,912)	43,742	(47,993)	83,848
Total income tax benefit (expense), net of valuation allowance		264	(634)	1,194	(1,375)
Other comprehensive (loss) income, net of tax		(63,648)	43,108	(46,799)	82,473
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications		114,976	46,640	251,437	107,348
Income tax (expense) benefit		(39,991)	(17,172)	(87,874)	(40,292)
Valuation allowance		(38,669)	(16,054)	(83,167)	(38,448)
Total income tax expense, net of valuation allowance		1,322	1,118	4,707	1,844
Net of taxes		113,654	45,522	246,730	105,504
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period, net of tax				(81,341)
Other comprehensive loss before reclassifications				(34,040)
Less: Amounts reclassified from AOCL				12,759
Balance at end of period, net of tax		(128,140)		(128,140)
Reclassification from Accumulated Other Comprehensive Income [Member]
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications		869	84	12,803	(1,419)
Total income tax expense, net of valuation allowance		(39)	(30)	(44)	(30)
Net of taxes		830	54	12,759	(1,449)
Unrealized Gains and Losses on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period, net of tax				(57,551)
Other comprehensive loss before reclassifications				(32,416)
Less: Amounts reclassified from AOCL	[1]			11,667
Balance at end of period, net of tax		(101,634)		(101,634)
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | Reclassification from Accumulated Other Comprehensive Income [Member]
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications		477	(1,896)	11,711	(4,885)
Income tax (expense) benefit		(161)	669	(4,092)	1,715
Valuation allowance		122	(699)	4,048	(1,745)
Net of taxes		438	(1,926)	11,667	(4,915)
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period, net of tax				(28,938)
Other comprehensive loss before reclassifications				0
Less: Amounts reclassified from AOCL	[2]			1,092
Balance at end of period, net of tax		(30,030)		(30,030)
Defined Benefit Plans [Member] | Reclassification from Accumulated Other Comprehensive Income [Member]
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications		392	1,980	1,092	3,466
Income tax (expense) benefit		(137)	(693)	(382)	(1,213)
Valuation allowance		137	693	382	1,213
Net of taxes		392	$ 1,980	1,092	$ 3,466
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Balance at beginning of period, net of tax				5,148
Other comprehensive loss before reclassifications				(1,624)
Less: Amounts reclassified from AOCL				0
Balance at end of period, net of tax		$ 3,524		$ 3,524
[1]	Increases Net realized investment gains on the Consolidated Statements of Operations.
[2]	Decreases Other underwriting and operating expenses, net on the Consolidated Statements of Operations.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Net Periodic Benefit Cost [Abstract]
Estimated future employer contributions in current fiscal year			$ 17,000
Pension and Supplemental Executive Retirement Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 2,680	$ 2,203	5,128	$ 4,283
Interest Cost	4,016	3,985	7,924	7,994
Expected return on plan assets	(5,259)	(5,257)	(10,554)	(10,515)
Recognized net actuarial loss (gain)	1,533	250	2,742	541
Amortization of prior service cost	(211)	(423)	(422)	(465)
Net periodic benefit cost (benefit)	2,759	758	4,818	1,838
Other Postretirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	214	152	416	329
Interest Cost	171	144	349	327
Expected return on plan assets	(1,247)	(1,163)	(2,495)	(2,324)
Recognized net actuarial loss (gain)	(53)	(144)	(88)	(217)
Amortization of prior service cost	(1,663)	(1,662)	(3,325)	(3,325)
Net periodic benefit cost (benefit)	$ (2,578)	$ (2,673)	$ (5,143)	$ (5,210)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2007	Dec. 31, 2014
Tax provision (benefit) [Abstract]
Provision for income tax	$ 39,991	$ 17,172	$ 87,874	$ 40,292
Change in valuation allowance	(38,669)	(16,054)	(83,167)	(38,448)
Provision for income taxes	1,322	1,118	4,707	1,844
Change in deferred tax valuation allowance, included in other comprehensive income	(22,000)	$ 14,600	(15,600)	$ 27,900
Valuation allowance	834,700		834,700			$ 902,300
Net operating loss carryforwards, regular tax basis	2,200,000		2,200,000
Net operating loss carryforwards for computing the alternative minimum tax	1,300,000		1,300,000
Information regarding income tax examinations [Abstract]
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue	197,500		197,500
Estimate of federal interest that may be due	175,500		175,500
Amount of payment made related to the IRS assessment on the REMIC issue					$ 65,200
Estimate of additional state income taxes and interest that may be due	48,100		48,100
Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss	261,400		261,400
Total amount of unrecognized tax benefits	106,700		106,700
Total amount of the unrecognized tax benefits that would affect our effective tax rate	94,100		94,100
Unrecognized tax benefits, accrued interest	$ 27,400		$ 27,400			$ 26,900

Loss Reserves (Details)

Loss Reserves (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)Loan	Jun. 30, 2014USD ($)Loan	Jun. 30, 2015USD ($)Loan	Jun. 30, 2014USD ($)Loan	Jun. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan	Jun. 30, 2014Loan
Loss Reserve [Roll Forward]
Reserve at beginning of period				$ 2,396,807	$ 3,061,401
Less reinsurance recoverable				57,841	64,085
Net reserve at beginning of period				2,338,966	2,997,316
Losses and LAE incurred in respect of default notices related to [Abstract]
Current year				223,564	306,386
Prior years	[1],[2]			(51,541)	(42,637)
Subtotal				172,023	263,749
Losses and LAE paid in respect of default notices related to [Abstract]
Current year				2,382	2,674
Prior years				451,317	640,560
Reinsurance terminations				(15)	0
Subtotal				453,684	643,234
Net reserve at end of period		$ 2,057,305	$ 2,617,831	2,057,305	2,617,831
Plus reinsurance recoverables		53,456	57,763	53,456	57,763
Reserve at end of period		$ 2,110,761	$ 2,675,594	2,110,761	2,675,594
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves	[1],[2]			$ (51,541)	$ (42,637)
Historical average period for uncured default to develop into paid claim				12 months
Premium refund liability, expected claim payments						$ 107,000	$ 115,000
Primary Default Inventory [Roll Forward]
Default inventory at the beginning of period | Loan		72,236	91,842	79,901	103,328
New notices | Loan		17,451	21,178	36,347	44,524
Cures | Loan		(17,897)	(21,182)	(39,664)	(48,500)
Paids (including those charged to a deductible or captive) | Loan		(4,140)	(6,068)	(8,713)	(13,132)
Rescissions and denials | Loan		(172)	(354)	(393)	(804)
Items removed from inventory resulting from the Countrywide settlement on GSE loans | Loan		(1,121)	0	(1,121)	0
Default inventory at end of period | Loan		66,357	85,416	66,357	85,416
Pool insurance notice inventory [Abstract]
Pool insurance notice inventory (in number of loans) | Loan						3,129		5,271
Aging of the Primary Default Inventory [Abstract]
3 months or less | Loan						12,545	15,319	15,297
3 months or less (in hundredths)						19.00%	19.00%	18.00%
4 - 11 months | Loan						15,487	19,710	19,362
4 - 11 months (in hundredths)						23.00%	25.00%	23.00%
12 months or more | Loan						38,325	44,872	50,757
12 months or more (in hundredths)						58.00%	56.00%	59.00%
Total primary default inventory | Loan		72,236	91,842	79,901	103,328	66,357	79,901	85,416
Total primary default inventory (in hundredths)						100.00%	100.00%	100.00%
Primary claims received inventory included in ending default inventory | Loan	[3]					3,440	4,746	5,398
Primary claims received inventory included in ending default inventory (in hundredths)	[3]					5.00%	6.00%	6.00%
Number of rescindable loans affected by Company's decision to voluntarily suspend rescissions | Loan						430	1,425	1,558
Number of payments delinquent [Abstract]
3 payments or less | Loan						19,274	23,253	22,867
3 payments or less (in hundredths)						29.00%	29.00%	27.00%
4 - 11 payments | Loan						15,710	19,427	19,666
4 - 11 payments (in hundredths)						24.00%	24.00%	23.00%
12 payments or more | Loan						31,373	37,221	42,883
12 payments or more (in hundredths)						47.00%	47.00%	50.00%
Total primary default inventory | Loan		72,236	91,842	79,901	103,328	66,357	79,901	85,416
Total primary default inventory (in hundredths)						100.00%	100.00%	100.00%
Premium refund liability, expected future rescissions						$ 9,000	$ 28,000
Decrease in Estimated Claim Rate on Primary Defaults [Member]
Losses and LAE incurred in respect of default notices related to [Abstract]
Prior years				$ (59,000)	$ (25,000)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves				$ (59,000)	$ (25,000)
Percentage of prior year default inventory resolved (in hundredths)				41.00%	40.00%
Increase in Estimated Severity on Primary Defaults [Member]
Losses and LAE incurred in respect of default notices related to [Abstract]
Prior years				$ 15,000	$ (8,000)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves				15,000	(8,000)
Change in Estimates Related to Pool Reserves, LAE Reserves and Reinsurance [Member]
Losses and LAE incurred in respect of default notices related to [Abstract]
Prior years				(8,000)	(10,000)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves				(8,000)	$ (10,000)
Change in Reserve Estimates Related to Disputes on Claims Paying Practices and IBNR [Member]
Losses and LAE incurred in respect of default notices related to [Abstract]
Prior years				(20,000)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves				$ (20,000)
[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.
[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]	Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of June 30, 2015, rescissions of coverage on approximately 430 loans had been voluntarily suspended compared to 1,425 at December 31, 2014 and 1,558 at June 30, 2014

Premium Deficiency Reserve (Det

Premium Deficiency Reserve (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Premium Deficiency Reserve [Abstract]
Change in premium deficiency reserve	$ 17	$ 8	$ 24	$ 13

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Jun. 30, 2015	Right$ / sharesshares
Shareholder Rights Agreement [Abstract]
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights) | Right	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) | shares	0.10
Purchase price (in dollars per share)	$ 45
Purchase price (in dollars per one-tenth share)	$ 4.50
Redemption price (in dollars per Right)	0.001

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
RSUs Subject to Performance Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,114	1,372
Weighted Average Share Fair Value (in dollars per share)	$ 8.99	$ 8.43
RSUs Subject Only to Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	410	409
Weighted Average Share Fair Value (in dollars per share)	$ 8.99	$ 8.43

Statutory Capital (Details)

Statutory Capital (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)Jurisdiction	Dec. 31, 2014USD ($)
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements | Jurisdiction	16
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Risk-to-capital ratio on a combined basis at end of period
Percentage of surplus as regards policyholders (in hundredths)	10.00%
Statutory deferred tax assets admitted	$ 140	$ 138
Mortgage Guaranty Insurance Corporation [Member]
Statutory capital requirements [Abstract]
Risk to capital ratio at end of period
Amount of policyholders position above or below required MPP	$ 914
Amount of required MPP	$ 1,100