Radian (RDN) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.001 par value per share
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	Radian Group Inc
City Area Code	215
Local Phone Number	231-1000
Entity Central Index Key	0000890926
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity File Number	1-11356
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		190,387,016
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Tax Identification Number	23-2691170
Entity Address, Address Line One	1500 Market Street
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19102
Trading Symbol	RDN
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) Statement - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Fixed-maturities available for sale—at fair value (amortized cost of $4,564,616 and $4,549,534)	$ 4,603,613	$ 4,688,911
Trading securities—at fair value (amortized cost of $270,551 and $297,505)	287,270	317,150
Equity securities—at fair value (cost of $86,456 and $125,311)	74,853	130,221
Short-term investments—at fair value (includes $14,808 and $25,561 of reinvested cash collateral held under securities lending agreements)	638,760	518,393
Other invested assets—at fair value	4,131	4,072
Total investments	5,608,627	5,658,747
Cash	54,108	92,729
Restricted cash	7,817	3,545
Accounts and notes receivable	123,381	93,630
Goodwill and other acquired intangible assets, net (Note 6)	27,208	28,187
Prepaid reinsurance premium	356,104	363,856
Other assets (Note 8)	513,187	567,619
Total assets	6,690,432	6,808,313
Liabilities and Stockholders’ Equity
Unearned premiums	605,045	626,822
Reserve for losses and loss adjustment expense (Note 10)	418,202	404,765
Senior notes (Note 11)	887,584	887,110
FHLB advances (Note 11)	173,760	134,875
Reinsurance funds withheld	302,551	291,829
Other liabilities	438,782	414,189
Total liabilities	2,825,924	2,759,590
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock: par value $0.001 per share; 485,000 shares authorized at March 31, 2020 and December 31, 2019; 208,364 and 219,123 shares issued at March 31, 2020 and December 31, 2019, respectively; 190,387 and 201,164 shares outstanding at March 31, 2020 and December 31, 2019, respectively	208	219
Treasury stock, at cost: 17,977 and 17,959 shares at March 31, 2020 and December 31, 2019, respectively	(902,024)	(901,657)
Additional paid-in capital	2,231,670	2,449,884
Retained earnings	2,504,853	2,389,789
Accumulated other comprehensive income (loss) (Note 14)	29,801	110,488
Total stockholders’ equity	3,864,508	4,048,723
Total liabilities and stockholders’ equity	$ 6,690,432	$ 6,808,313

Balance Sheet Parentheticals (P

Balance Sheet Parentheticals (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fixed-maturities available for sale—at amortized cost	$ 4,564,616	$ 4,549,534
Debt Securities, Trading, Amortized Cost	270,551	297,505
Available-for-sale Equity Securities, Amortized Cost Basis	86,456	125,311
Reinvested cash collateral held under securities lending agreements	$ 14,808	$ 25,561
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	485,000	485,000
Common Stock, Shares, Issued	208,364	219,123
Common Stock, Shares, Outstanding	190,387	201,164
Treasury Stock, Shares	17,977	17,959

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenues:
Net premiums earned—insurance (Note 7)		$ 277,415	$ 263,512
Services revenue (Note 3)		31,927	32,753
Net investment income		40,944	43,847
Net gains (losses) on investments and other financial instruments		(22,027)	21,913
Other income		822	1,604
Total revenues		329,081	363,629
Expenses:
Provision for losses		35,951	20,754
Policy acquisition costs		7,413	5,893
Cost of services		22,141	24,157
Other operating expenses		69,110	78,805
Interest expense		12,194	15,697
Amortization and impairment of other acquired intangible assets		979	2,187
Total expenses		147,788	147,493
Consolidated pretax income (loss)		181,293	216,136
Income tax provision		40,832	45,179
Net income		$ 140,461	$ 170,957
Earnings Per Share, Basic [Abstract]
Basic net income (loss) per share		$ 0.70	$ 0.80
Earnings Per Share, Diluted [Abstract]
Diluted net income (loss) per share		$ 0.70	$ 0.78
Weighted-average number of common shares outstanding—basic	[1]	200,161	213,537
Weighted-average number of common and common equivalent shares outstanding—diluted		201,819	218,343
[1]	Includes the impact of fully vested shares under our share-based compensation programs.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 140,461	$ 170,957
Unrealized gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(72,293)	78,023
Less: Reclassification adjustment for net gains (losses) included in net income	8,394	(391)
Net unrealized gains (losses) on investments	(80,687)	78,414
Other comprehensive income (loss), net of tax	(80,687)	78,414
Comprehensive income	$ 59,774	$ 249,371

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Parent	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period at Dec. 31, 2018			$ 231	$ (894,870)	$ 2,724,733	$ 1,719,541	$ (60,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under share repurchase program (Note 13)			(1)		(31,773)
Repurchases of common stock under incentive plans				(451)
Issuance of common stock under incentive and benefit plans					1,069
Share-based compensation					3,695
Net income	$ 170,957					170,957
Dividends and dividend equivalents declared						(534)
Net unrealized gains (losses) on investments, net of tax	78,414						78,414
Balance, end of period at Mar. 31, 2019		$ 3,710,091	230	(895,321)	2,697,724	1,889,964	17,494
Balance, beginning of period at Dec. 31, 2019	4,048,723		219	(901,657)	2,449,884	2,389,789	110,488
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under share repurchase program (Note 13)			(11)		(226,294)
Repurchases of common stock under incentive plans				(367)
Issuance of common stock under incentive and benefit plans					2,235
Share-based compensation					5,845
Net income	140,461					140,461
Dividends and dividend equivalents declared						(25,397)
Net unrealized gains (losses) on investments, net of tax	(80,687)						(80,687)
Balance, end of period at Mar. 31, 2020	$ 3,864,508	$ 3,864,508	$ 208	$ (902,024)	$ 2,231,670	$ 2,504,853	$ 29,801

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Cash Provided by (Used in) Operating Activities	$ 155,800	$ 217,778
Cash Flows from Investing Activities:
Proceeds from Sales of Fixed-Maturity Investments Available for sale	533,019	435,709
Proceeds from Sales of Trading Securities	9,936	70,083
Proceeds from Sales of Equity Securities	59,339	33,278
Proceeds from Redemption of Fixed-Maturity Investments Available for sale	151,559	79,915
Proceeds from Redemptions of Trading securities	16,427	23,293
Purchases of Fixed-Maturity Investments Available for sale	(619,024)	(275,531)
Purchases of Equity Securities	(60,309)	(19,767)
Sales, Redemptions and (Purchases) of Short-term Investments, Net	(72,220)	(526,013)
Sales, Redemptions and (Purchases) of Other assets and other invested assets, net	2,347	349
Proceeds from sale of a subsidiary, net of cash sold	15,869	0
Purchases of property and equipment, net	(4,950)	(6,659)
Net cash provided by (used in) investing activities	31,993	(185,343)
Cash Flows from Financing Activities:
Dividends and dividend equivalents paid	(25,138)	(534)
Issuance of common stock	1,447	363
Repurchases of common shares	(226,305)	(31,774)
Credit facility commitment fees paid	(237)	(234)
Change in secured borrowings, net (with terms 3 months or less)	(2,854)	21,534
Proceeds from secured borrowings (with terms greater than 3 months)	59,995	6,000
Payments of secured borrowings (with terms greater than 3 months)	(29,011)	(7,000)
Repayments of other borrowings	(39)	(38)
Net cash provided by (used in) financing activities	(222,142)	(11,683)
Increase (decrease) in cash and restricted cash	(34,349)	20,752
Cash and restricted cash, beginning of period	96,274	107,002
Cash and restricted cash, end of period	$ 61,925	$ 127,754

Note 1 - Condensed Consolidated

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Business Overview, Recent Developments and Significant Accounting Policies Business Overview We are a diversified mortgage and real estate business, providing both credit-related mortgage insurance coverage and a broad array of other mortgage, risk, title, valuation, asset management and other real estate services. We have two reportable business segments—Mortgage and Real Estate. Mortgage Our Mortgage segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as other credit risk management and contract underwriting solutions, to mortgage lending institutions and mortgage credit investors. We provide our mortgage insurance products and services mainly through our wholly-owned subsidiary, Radian Guaranty. Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders, investors and other beneficiaries by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to homebuyers who make down payments of less than 20% of the purchase price for their home or, in the case of refinancings, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, most of which are currently sold to the GSEs. Our total direct primary mortgage IIF and RIF were $241.6 billion and $60.9 billion , respectively, as of March 31, 2020 . In addition to providing private mortgage insurance, we participate in credit risk transfer programs developed by the GSEs as part of their initiative to distribute mortgage credit risk and increase the role of private capital in the mortgage market. Our additional RIF under credit risk transfer transactions, resulting from our participation in these programs with the GSEs, totaled $332.8 million as of March 31, 2020 compared to $275.2 million as of December 31, 2019 . The GSEs and state insurance regulators impose various capital and financial requirements on our insurance subsidiaries. These include Risk-to-capital, other risk-based capital measures and surplus requirements, as well as the PMIERs financial requirements. Failure to comply with these capital and financial requirements may limit the amount of insurance that our mortgage insurance subsidiaries write or may prohibit them from writing insurance altogether. The GSEs and state insurance regulators possess significant discretion with respect to our mortgage insurance subsidiaries and all aspects of their business. See Note 15 for additional information on PMIERs and other regulatory information, and “—Recent Developments” below for a discussion of the elevated risks posed by the COVID-19 pandemic, which we expect will lead to an increase in mortgage defaults in our insured portfolio and a resulting increase in our Minimum Required Assets. Real Estate Our Real Estate segment is primarily a fee-for-service business that offers a broad array of services to market participants across the real estate value chain. Our real estate services include title, valuation, asset management and other real estate services offered primarily to financial institutions, investors, GSEs, real estate brokers and agents. Our real estate services help lenders, investors, consumers and real estate agents evaluate, manage, monitor, acquire and sell properties. These services include software as a service solutions and platforms, as well as managed services, such as REO asset management, single family rental services, real estate valuation services and real estate brokerage services. In addition, we provide title insurance and non-insurance title, closing and settlement services to mortgage lenders as well as directly to consumers for residential mortgage loans. See Note 3 for additional information about our reportable segments and All Other business activities, including the sale of Clayton and the impact of organizational changes in the first quarter of 2020. Recent Developments As a seller of mortgage credit protection, our results are subject to macroeconomic conditions and specific events that impact the housing finance and real estate markets, including events that impact mortgage originations and the credit performance of our RIF. Many of these conditions are beyond our control, including housing prices, unemployment levels, interest rate changes, the availability of credit and other factors that may be derived from national and regional economic conditions. In general, a deterioration in economic conditions increases the likelihood that borrowers will be unable to satisfy their mortgage obligations. A deteriorating economy can adversely affect housing values, which in turn can influence the willingness of borrowers to continue to make mortgage payments regardless of whether they have the financial resources to do so. Mortgage defaults can also occur due to a variety of specific events affecting borrowers, including death or illness, divorce or other family problems, unemployment, or other events. In addition, factors impacting regional economic conditions, acts of terrorism, war or other severe conflicts, event-specific economic depressions or other catastrophic events such as natural disasters and pandemics could result in increased defaults due to the impact of such events on the ability of borrowers to satisfy their mortgage obligations and on the value of affected homes. Due to the unprecedented and rapidly changing social and economic impacts associated with the COVID-19 pandemic on the U.S. and global economies generally, and in particular on the U.S. housing, real estate and housing finance markets, we are unable to predict or estimate the pandemic’s impact on our business or business prospects. Although we are uncertain of the potential magnitude or duration of the business and economic impacts of the COVID-19 pandemic, we expect it will have a material negative impact on our business, results of operations and financial condition in the second quarter of 2020 and in future quarters. This negative impact is expected to include increased capital requirements under the PMIERs and the need to increase our reserve for losses due to an increase in new defaults, which will negatively affect our future earnings. The ultimate significance of COVID-19 on our business will depend on, among other things: the extent and duration of the pandemic, the severity of the disease and the number of people infected with the virus and whether an effective anti-viral treatment or vaccine is developed; the effects on the economy of the pandemic and of the measures taken by governmental authorities and other third parties restricting day-to-day life as well as the length of time that such measures remain in place; and governmental and GSE programs implemented to assist new and existing borrowers, including programs and policies instituted by the GSEs to assist borrowers experiencing a COVID-19-related hardship. While at this time the short or long-term impacts of COVID-19 on our business are not known, these and other factors, including those discussed in our 2019 Form 10-K, could have a material negative effect on the Company’s business, liquidity, results of operations and financial condition. Significant Accounting Policies Basis of Presentation Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group Inc. and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC. We refer to Radian Group Inc. together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. We generally refer to Radian Group Inc. alone, without its consolidated subsidiaries, as “Radian Group.” Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report. The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations, comprehensive income and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2019 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. See “—Recent Developments” above for discussion of the elevated risks to our future business, liquidity, results of operations and financial condition due to the COVID-19 pandemic. Certain prior period amounts have been reclassified to conform to current period presentation. See Note 3 for additional information on our segment reporting reclassifications. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially. Other Significant Accounting Policies See Note 2 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for information regarding other significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2019 Form 10-K, other than described below in “— Investments ” and “— Recent Accounting Pronouncements—Accounting Standards Adopted During 2020 .” Investments Investments in fixed-maturity securities not classified as held to maturity or trading securities are classified as available for sale and are reported at fair value, with unrealized gains and losses (net of tax) reported as a separate component of stockholders’ equity as accumulated other comprehensive income (loss), unless: (i) we intend to sell the impaired security; (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis or (iii) the present value of cash flows we expect to collect is less than the amortized cost basis of a security. In those instances, we record an impairment loss through earnings that varies depending on specific circumstances, as described below. If a sale is likely, the full amount of the impairment is recognized as a loss in the statement of operations. As a result of the adoption effective January 2020, of ASU 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), described below, in evaluating whether a decline in value for other securities relates to an existing credit loss, we consider several factors, including, but not limited to, the following: • the extent to which the amortized cost basis is greater than fair value; • reasons for the decline in value (e.g., adverse conditions related to industry or geographic area, changes in financial condition to the issuers or underlying loan obligors); • any changes to the rating of the security by a rating agency; • the financial position, access to capital and near-term prospects of the issuer, including the current and future impact of any specific events; and • our best estimate of the present value of cash flows expected to be collected. In addition, we no longer consider the duration of the decline in value in assessing whether our fixed income securities available for sale have a credit loss impairment. If a credit loss is determined to exist, the credit loss impairment is recognized as a credit loss expense in the statement of operations with an offset to an allowance for credit losses. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Recent Accounting Pronouncements Accounting Standards Adopted During 2020 . We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective adoption approach. This ASU and the associated subsequent amendments require that financial assets measured at their amortized cost basis be presented at the net amount expected to be collected. Credit losses relating to our available-for-sale debt securities are recorded through an allowance for credit losses, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which fair value is less than amortized cost. This allowance method will allow reversals of credit losses if the estimate of credit losses declines. This ASU affected certain of our accounts and notes receivable, including premiums receivable, and certain of our other assets, including reinsurance recoverables; however, the update did not have a material effect on our financial statements and disclosures. See Note 5 for additional information. We adopted ASU 2019-04, Codification Improvements related to Financial Instruments—Credit Losses, Derivatives and Hedging, and Financial Instruments on January 1, 2020. This update to the accounting standards regarding financial instruments and derivatives and hedging clarifies the accounting treatment for the measurement of credit losses and provides further clarification on previously issued updates. The adoption of this update did not have a material effect on our financial statements and disclosures. Accounting Standards Not Yet Adopted. In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance. The new standard: (i) requires that assumptions used to measure the liability for future policy benefits be reviewed at least annually; (ii) defines and simplifies the measurement of market risk benefits; (iii) simplifies the amortization of deferred acquisition costs; and (iv) enhances the required disclosures about long-duration contracts. This update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact on our financial statements and future disclosures as a result of this update. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this update are optional and may be elected over time, from the date of issuance, as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients.

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows: Three Months Ended (In thousands, except per-share amounts) 2020 2019 Net income—basic and diluted $ 140,461 $ 170,957 Average common shares outstanding—basic (1) 200,161 213,537 Dilutive effect of share-based compensation arrangements (2) 1,658 4,806 Adjusted average common shares outstanding—diluted 201,819 218,343 Net income per share: Basic $ 0.70 $ 0.80 Diluted $ 0.70 $ 0.78 ______________________ (1) Includes the impact of fully vested shares under our share-based compensation programs. (2) The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income per share because they were anti-dilutive: Three Months Ended (In thousands) 2020 2019 Shares of common stock equivalents 132 169

Note 3 - Segment Reporting

Note 3 - Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two strategic business units that we manage separately—Mortgage and Real Estate. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting services provided to lenders. Our Real Estate segment offers a broad array of title, valuation, asset management and other real estate services to market participants across the real estate value chain. In addition, we report as All Other activities that include income (losses) from assets held by our holding company, related general corporate operating expenses not attributable or allocated to our reportable segments and, for all periods through the first quarter of 2020, income and expenses related to Clayton prior to its sale in January 2020. Subsequent to the sale of Clayton, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain organizational changes that caused the composition of our reportable segments to change. As revised, the Company’s Mortgage and Real Estate segments are managed by our President of Mortgage and Co-Heads of Real Estate, respectively, who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision maker. The differences in the basis of segmentation compared to our 2019 Form 10-K are as follows: Business Activity Current Segmentation Prior Segmentation Mortgage insurance and risk services Mortgage Mortgage Insurance Contract underwriting services Mortgage Services Title and real estate services (1) Real Estate Services Clayton All Other Services Income from holding company assets (and related corporate expenses) All Other Mortgage Insurance ______________________ (1) Includes single family rental services. These segment reporting changes align with the recent changes in personnel reporting lines, management oversight and branding following the sale of Clayton, and are consistent with the way our chief operating decision maker began assessing the performance of our reportable segments and other business activities effective in the first quarter of 2020. These changes to our reportable segments have been reflected in our segment operating results for all periods presented and are immaterial to segments presented. See Note 1 for additional details about our Mortgage and Real Estate businesses. We allocate corporate operating expenses to both reportable segments based on each segment’s forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each segment. In addition, we allocate all corporate interest expense to our Mortgage segment, due to the capital-intensive nature of our mortgage insurance business. With the exception of goodwill and other acquired intangible assets that relate to our Real Estate segment, which are reviewed as part of our annual goodwill impairment assessment, we do not manage assets by segment. Adjusted Pretax Operating Income (Loss) Our senior management, including our chief operating decision maker, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s business segments and to allocate resources to the segments. Adjusted pretax operating income (loss) is defined as pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments; (ii) loss on extinguishment of debt; (iii) amortization and impairment of goodwill and other acquired intangible assets; and (iv) impairment of other long-lived assets and other non-operating items, such as losses from the sale of lines of business and acquisition-related expenses. See Note 4 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for detailed information regarding items excluded from adjusted pretax operating income (loss), including the reasons for their treatment. Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss). Adjusted pretax operating income (loss) for each segment represents segment results on a standalone basis; therefore, inter-segment eliminations and reclassifications required for consolidated GAAP presentation have not been reflected. Inter-segment activities are recorded at market rates for segment reporting and eliminated in consolidation. The reconciliation of adjusted pretax operating income (loss) for our reportable segments and All Other activities to consolidated pretax income is as follows: Three Months Ended (In thousands) 2020 2019 Adjusted pretax operating income (loss): Mortgage (1) $ 205,667 $ 203,631 Real Estate (2) (4,867 ) (3,925 ) Total adjusted pretax operating income (loss) for reportable segments 200,800 199,706 All Other adjusted pretax operating income (loss) 3,799 2,364 Net gains (losses) on investments and other financial instruments (22,027 ) 21,913 Amortization and impairment of other acquired intangible assets (979 ) (2,187 ) Impairment of other long-lived assets and other non-operating items (300 ) (5,660 ) Consolidated pretax income $ 181,293 $ 216,136 ______________________ (1) For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $29.1 million and $3.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $25.6 million and $3.9 million , respectively. (2) For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $3.8 million and $0.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $2.8 million and $0.6 million , respectively. Revenue The reconciliation of revenue for our reportable segments and All Other activities to consolidated revenues is as follows: Three Months Ended (In thousands) 2020 2019 Revenues: Mortgage (1) $ 315,084 $ 302,370 Real Estate (1) 28,583 23,023 Total revenues for reportable segments 343,667 325,393 All Other revenues 7,633 16,839 Net gains (losses) on investments and other financial instruments (22,027 ) 21,913 Elimination of inter-segment revenues (192 ) (516 ) Total revenues $ 329,081 $ 363,629 ______________________ (1) Includes immaterial inter-segment revenues for the three months ended March 31, 2020 and 2019 . The accounting standard on revenue from contracts with customers is primarily applicable to our services revenue and is not applicable to our investments and insurance products, which represent the majority of our revenue. See Note 2 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information regarding our accounting policies and the services we offer. The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenues from external customers, by type: Three Months Ended (In thousands) 2020 2019 Services revenue Real Estate services: Valuation services $ 11,844 $ 12,706 Title services 7,305 1,600 Asset management services 6,374 6,272 Other real estate services 410 — Mortgage services 3,133 644 All Other services 2,861 11,531 Total services revenue $ 31,927 $ 32,753 Our services revenues are recognized over time and measured each period based on the progress to date as services are performed and made available to customers. Our contracts with customers, including payment terms, are generally short-term in nature; therefore, any impact related to timing is immaterial. Revenue expected to be recognized in any future period related to remaining performance obligations, such as contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, is not material. Revenue recognized related to services made available to customers and billed is reflected in accounts and notes receivable. Accounts and notes receivable included $18.3 million and $10.8 million as of March 31, 2020 and December 31, 2019, respectively, related to services revenue contracts. Revenue recognized related to services performed and not yet billed is recorded in unbilled receivables and reflected in other assets. See Note 8 for additional information. Deferred revenue, which represents advance payments received from customers in advance of revenue recognition, is immaterial for all periods presented. We have no

Note 4 - Fair Value of Financia

Note 4 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2019 Form 10-K. The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2020 : (In thousands) Level I Level II Total Assets at fair value Investments: Fixed-maturities available for sale: U.S. government and agency securities $ 155,498 $ 3,742 $ 159,240 State and municipal obligations — 116,975 116,975 Corporate bonds and notes — 2,265,066 2,265,066 RMBS — 779,590 779,590 CMBS — 610,877 610,877 Other ABS — 666,918 666,918 Foreign government and agency securities — 4,947 4,947 Total fixed-maturities available for sale 155,498 4,448,115 4,603,613 Trading securities: State and municipal obligations — 114,511 114,511 Corporate bonds and notes — 123,461 123,461 RMBS — 15,573 15,573 CMBS — 33,725 33,725 Total trading securities — 287,270 287,270 Equity securities 67,086 7,767 74,853 Short-term investments: U.S. government and agency securities 140,667 — 140,667 State and municipal obligations — 10,148 10,148 Money market instruments 295,757 — 295,757 Corporate bonds and notes — 117,836 117,836 Other investments (1) — 74,352 74,352 Total short-term investments 436,424 202,336 638,760 Total investments at fair value (2) 659,008 4,945,488 5,604,496 Other assets: Loaned securities: (3) U.S. government and agency securities — 3,784 3,784 Equity securities 43,736 — 43,736 Total assets at fair value (2) $ 702,744 $ 4,949,272 $ 5,652,016 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note. (3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information. The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2019 : (In thousands) Level I Level II Total Assets at fair value Investments: Fixed-maturities available for sale: U.S. government and agency securities $ 143,884 $ 35,700 $ 179,584 State and municipal obligations — 119,994 119,994 Corporate bonds and notes — 2,237,611 2,237,611 RMBS — 779,354 779,354 CMBS — 608,015 608,015 Other ABS — 759,129 759,129 Foreign government and agency securities — 5,224 5,224 Total fixed-maturities available for sale 143,884 4,545,027 4,688,911 Trading securities: State and municipal obligations — 118,949 118,949 Corporate bonds and notes — 147,232 147,232 RMBS — 16,180 16,180 CMBS — 34,789 34,789 Total trading securities — 317,150 317,150 Equity securities 124,009 6,212 130,221 Short-term investments: U.S. government and agency securities 127,152 — 127,152 State and municipal obligations — 21,475 21,475 Money market instruments 202,461 — 202,461 Corporate bonds and notes — 20,298 20,298 Other investments (1) — 147,007 147,007 Total short-term investments 329,613 188,780 518,393 Total investments at fair value (2) 597,506 5,057,169 5,654,675 Other assets: Loaned securities: (3) U.S. government and agency securities 35,309 — 35,309 Corporate bonds and notes — 3,669 3,669 Equity securities 27,464 — 27,464 Total assets at fair value (2) $ 660,279 $ 5,060,838 $ 5,721,117 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note. (3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information. At March 31, 2020 and December 31, 2019 , we had a Level III liability of $5.6 million measured at fair value, included in other liabilities in our condensed consolidated balance sheets, and a Level III asset of $0.4 million measured at fair value, included in other assets in our condensed consolidated balance sheets, respectively. The Level III assets and liabilities represent the embedded derivatives associated with our mortgage insurance-linked note transactions as described in Note 7 . The total fair value of the embedded derivatives at March 31, 2020 and December 31, 2019 consists of impacts related to the fair value accounting for derivatives associated with our reinsurance contracts and the related fluctuations from period to period. The estimated fair value related to our embedded derivatives reflects the present value impact of the future variation in premiums we will pay, and includes significant unobservable inputs associated with LIBOR rates and the yield on investments held by trust. There were no investment transfers to or from Level III for the three months ended March 31, 2020 or the year ended December 31, 2019 . Except for the activity related to the embedded derivatives described above, activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three months ended March 31, 2020 and the year ended December 31, 2019 . Other Fair Value Disclosure The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated: March 31, 2020 December 31, 2019 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Liabilities: Senior notes $ 887,584 $ 886,500 $ 887,110 $ 949,500 FHLB advances 173,760 176,952 134,875 135,997 The fair value of our senior notes is estimated based on their quoted market prices. The fair value of our FHLB advances is estimated based on expected cash flows for similar borrowings. These liabilities are categorized in Level II of the fair value hierarchy. See Note 11 for further information on our senior notes and FHLB advances.

Note 5 - Investments

Note 5 - Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	Investments Available for Sale Securities Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated: March 31, 2020 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 148,382 $ 159,240 $ 10,858 $ — State and municipal obligations 111,831 116,975 5,462 318 Corporate bonds and notes 2,239,543 2,268,850 77,884 48,577 RMBS 747,271 779,590 33,122 803 CMBS 609,518 610,877 13,356 11,997 Other ABS 708,357 666,918 1,251 42,690 Foreign government and agency securities 5,093 4,947 — 146 Total securities available for sale, including loaned securities 4,569,995 4,607,397 $ 141,933 $ 104,531 Less: loaned securities 5,379 3,784 Total fixed-maturities available for sale $ 4,564,616 $ 4,603,613 December 31, 2019 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 198,613 $ 199,928 $ 2,048 $ 733 State and municipal obligations 112,003 119,994 8,032 41 Corporate bonds and notes 2,136,819 2,241,280 106,189 1,728 RMBS 766,429 779,354 14,452 1,527 CMBS 593,647 608,015 14,993 625 Other ABS 760,785 759,129 2,018 3,674 Foreign government and agency securities 5,091 5,224 133 — Total securities available for sale, including loaned securities 4,573,387 4,712,924 $ 147,865 $ 8,328 Less: loaned securities 23,853 24,013 Total fixed-maturities available for sale $ 4,549,534 $ 4,688,911 Gross Unrealized Losses and Fair Value of Available for Sale Securities For our available for sale securities in an unrealized loss position, the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2020 and December 31, 2019 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below. March 31, 2020 ( $ in thousands ) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses State and municipal obligations 6 $ 19,560 $ 318 — $ — $ — 6 $ 19,560 $ 318 Corporate bonds and notes 174 763,279 48,577 — — — 174 763,279 48,577 RMBS 3 19,874 656 4 22,323 147 7 42,197 803 CMBS 60 201,504 11,534 8 7,052 463 68 208,556 11,997 Other ABS 151 483,803 29,259 26 122,186 13,431 177 605,989 42,690 Foreign government and agency securities 1 4,947 146 — — — 1 4,947 146 Total 395 $ 1,492,967 $ 90,490 38 $ 151,561 $ 14,041 433 $ 1,644,528 $ 104,531 December 31, 2019 ( $ in thousands ) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 2 $ 26,142 $ 731 2 $ 2,529 $ 2 4 $ 28,671 $ 733 State and municipal obligations 1 3,959 41 — — — 1 3,959 41 Corporate bonds and notes 25 110,871 1,728 — — — 25 110,871 1,728 RMBS 27 184,378 535 16 36,192 992 43 220,570 1,527 CMBS 36 109,589 478 8 6,346 147 44 115,935 625 Other ABS 63 225,944 670 44 209,661 3,004 107 435,605 3,674 Total 154 $ 660,883 $ 4,183 70 $ 254,728 $ 4,145 224 $ 915,611 $ 8,328 Impairment. We recognize an impairment on a security with an unrealized loss through the statement of operations if: (i) we intend to sell the impaired security; (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis; or (iii) the present value of cash flows we expect to collect is less than the amortized cost basis of the impaired security. If a sale is likely, the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, unrealized losses on securities are separated into: (i) the portion of loss that represents the credit loss and (ii) the portion that is due to other factors. As described in Note 1, ASU 2016-13 requires that the credit loss portion be recognized as a loss in the statement of operations, while the loss due to other factors is recognized in other comprehensive income (loss), net of taxes. Factors evaluated to determine if a credit loss exists include: (i) the extent to which the fair value is less than amortized cost; (ii) adverse conditions related to the security, industry sector or geographic area; (iii) downgrades in the security’s credit rating; and (iv) failure of the issuer to make scheduled payment. As of March 31, 2020, we evaluated these factors and determined there were no credit impairments indicated. To the extent we determine that a security is deemed credit-impaired, an impairment loss is recognized in earnings. On initial recognition and at each reporting date, we recognize an allowance for remaining lifetime expected credit losses. This amount is calculated as the difference between the amortized cost and the present value of future expected cash flows, limited to the difference between the carrying amount (i.e. fair value) and amortized cost. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. During the three months ended March 31, 2020 , we recorded impairment losses in earnings of $0.6 million due to our intent to sell certain debt securities at a loss. We did not have the intent to sell any additional available for sale debt securities in an unrealized loss position, and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis, which may be at maturity. Securities Lending Agreements We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Although we report such securities at fair value within other assets in our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 5 includes these securities. See Note 4 for additional detail on the loaned securities, and see Notes 2 and 6 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder, respectively. All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $33.4 million and $42.4 million as of March 31, 2020 and December 31, 2019 , respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements. Net Gains (Losses) on Investments Net gains (losses) on investments consisted of: Three Months Ended (In thousands) 2020 2019 Net realized gains (losses): Fixed-maturities available for sale (1) $ 11,247 $ (495 ) Trading securities 49 (684 ) Equity securities 310 (680 ) Other investments 33 172 Net realized gains (losses) on investments 11,639 (1,687 ) Impairment losses (622 ) — Net unrealized gains (losses) on investments (26,845 ) 19,469 Total net gains (losses) on investments $ (15,828 ) $ 17,782 ______________________ (1) Components of net realized gains (losses) on fixed-maturities available for sale include: Three Months Ended (In thousands) 2020 2019 Gross investment gains from sales and redemptions $ 11,899 $ 4,165 Gross investment losses from sales and redemptions (652 ) (4,660 ) The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows: Three Months Ended (In thousands) 2020 2019 Net unrealized gains (losses) on investments still held: Trading securities $ (2,034 ) $ 8,587 Equity securities (24,020 ) 7,919 Other investments 804 — Net unrealized gains (losses) on investments still held $ (25,250 ) $ 16,506 Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows: March 31, 2020 Available for Sale (In thousands) Amortized Cost Fair Value Due in one year or less (1) $ 105,520 $ 104,855 Due after one year through five years (1) 823,582 829,134 Due after five years through 10 years (1) 1,082,394 1,089,685 Due after 10 years (1) 493,353 526,338 RMBS (2) 747,271 779,590 CMBS (2) 609,518 610,877 Other ABS (2) 708,357 666,918 Total 4,569,995 4,607,397 Less: loaned securities 5,379 3,784 Total fixed-maturities available for sale $ 4,564,616 $ 4,603,613 ______________________ (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date. Other For the three months ended March 31, 2020 , we did not transfer any securities to or from the available for sale or trading categories. Our fixed-maturities available for sale include securities totaling $17.1 million and $16.8 million at March 31, 2020 and December 31, 2019 , respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 11 for additional information about our FHLB advances.

Note 6 - Goodwill and Other Acq

Note 6 - Goodwill and Other Acquired Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Acquired Intangible Assets, Net All of our goodwill and other acquired intangible assets relate to our Real Estate segment. The following table shows the changes in the carrying amount of goodwill for the year-to-date periods ended December 31, 2019 and March 31, 2020 : (In thousands) Goodwill Accumulated Impairment Losses Net Balance at December 31, 2018 $ 200,561 $ (186,469 ) $ 14,092 Goodwill acquired 538 — 538 Impairment losses — (4,828 ) (4,828 ) Balance at December 31, 2019 201,099 (191,297 ) 9,802 Goodwill acquired — — — Impairment losses — — — Balance at March 31, 2020 $ 201,099 $ (191,297 ) $ 9,802 The following is a summary of the gross and net carrying amounts and accumulated amortization (including impairment) of our other acquired intangible assets as of the periods indicated: March 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (28,095 ) $ 15,455 Technology 8,285 (6,761 ) 1,524 Trade name and trademarks 480 (423 ) 57 Licenses 463 (93 ) 370 Total $ 52,778 $ (35,372 ) $ 17,406 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (27,269 ) $ 16,281 Technology 8,435 (6,789 ) 1,646 Trade name and trademarks 480 (404 ) 76 Licenses 463 (81 ) 382 Total $ 52,928 $ (34,543 ) $ 18,385 Interim Impairment Analysis Goodwill is deemed to have an indefinite useful life and is subject to review for impairment annually, or more frequently, if certain events and circumstances indicate potential impairment. We generally perform our annual goodwill impairment test during the fourth quarter of each year, using balances as of the prior quarter. Events and circumstances that could result in an interim assessment of goodwill and other acquired intangible assets and/or a potential impairment loss include, but are not limited to: (i) significant under-performance of the Real Estate segment relative to historical or projected future operating results; (ii) significant changes in the strategy for the Real Estate segment; (iii) significant negative industry or economic trends; and (iv) a decline in market capitalization below the book value attributable to the Real Estate segment. Due to the rapidly changing social and economic impacts associated with the COVID-19 pandemic on the U.S. and global economies generally, and in particular on the U.S. housing, real estate and housing finance markets during the first quarter of 2020, we opted to perform an interim quantitative impairment assessment of our goodwill and other acquired intangible assets. We first evaluated the recoverability of our other acquired intangible assets, as factors affecting the estimated fair value of our goodwill also affect the estimated recoverability of our other acquired intangible assets. Based on our analysis in the first quarter of 2020, no impairment was indicated for other acquired intangible assets, as the remaining carrying amounts were estimated to be recoverable despite the recent market disruptions associated with the COVID-19 pandemic. The value of our goodwill and other acquired intangible assets is supported by cash flow projections, which are primarily driven by projected transaction volume and margins. Lower earnings over sustained periods can lead to impairment of goodwill, which could result in a charge to earnings. Given that our goodwill and other acquired intangible assets analysis continues to rely on achieving our projected future cash flows, failure to meet those projections may result in impairment in a future period. Our assumptions related to projected cash flows did not significantly change as a result of the observed market conditions. Based on our quantitative goodwill impairment assessment as of March 31, 2020, we concluded that no impairment of goodwill is indicated. For additional information on our accounting policies for goodwill and other acquired intangible assets, see Notes 2 and 7 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

Note 7 - Reinsurance

Note 7 - Reinsurance	3 Months Ended
	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance In our mortgage insurance and title insurance businesses, we use reinsurance as part of our risk distribution strategy, including to manage our capital position and risk profile. The reinsurance arrangements for our mortgage insurance business include p remiums ceded under the QSR Program, the Single Premium QSR Program and the Excess-of-Loss Program. The amount of credit that we receive under the PMIERs financial requirements for our third-party reinsurance transactions is subject to ongoing review and approval by the GSEs. The effect of all of our reinsurance programs on our net income is as follows: Three Months Ended (In thousands) 2020 2019 Net premiums written—insurance: Direct $ 279,482 $ 261,031 Assumed (1) 3,451 2,445 Ceded (2) (19,543 ) (10,156 ) Net premiums written—insurance $ 263,390 $ 253,320 Net premiums earned—insurance: Direct $ 301,254 $ 280,223 Assumed (1) 3,456 2,450 Ceded (2) (27,295 ) (19,161 ) Net premiums earned—insurance $ 277,415 $ 263,512 Ceding commissions earned (3) $ 9,966 $ 8,685 Ceded losses 1,962 1,687 ______________________ (1) Includes premiums earned from our participation in certain credit risk transfer programs. (2) Net of profit commission. (3) Deferred ceding commissions of $71.6 million and $88.1 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2020 and 2019, respectively. Single Premium QSR Program Radian Guaranty entered into each of the 2016 Single Premium QSR Agreement, 2018 Singles Premium QSR Agreement and 2020 Single Premium QSR Agreement with panels of third-party reinsurers to cede a contractual quota share percent of our Single Premium NIW as of the effective date of each agreement (as set forth in the table below), subject to certain conditions. Radian Guaranty receives a ceding commission for ceded premiums written pursuant to these transactions. Radian Guaranty also receives a profit commission, provided that the loss ratio on the loans covered under the agreement generally remains below the applicable prescribed thresholds. Losses on the ceded risk above this level reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. Each of the agreements is subject to a scheduled termination date as set forth in the table below; however, Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate any of the agreements at the end of any calendar quarter on or after the applicable optional termination date. If Radian Guaranty exercises this option in the future, it would result in Radian Guaranty reassuming the related RIF in exchange for a net payment to the reinsurer calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the applicable scheduled termination date under certain circumstances/conditions, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance. The 2020 Single Premium QSR Agreement is the only QSR agreement under which Radian Guaranty is currently ceding NIW. Under the 2020 Single Premium QSR Agreement, NIW for policies issued between January 1, 2020 and December 31, 2021 is being ceded, subject to certain conditions and a limitation on ceded premiums written of $250 million . The parties may mutually agree to increase the amount of ceded risk above this level. The following table sets forth additional details regarding the Single Premium QSR Program: (In millions) 2016 Singles QSR 2018 Singles QSR 2020 Singles QSR Policy In-force Dates Jan 1, 2012-Dec 31, 2017 Jan 1, 2018-Dec 31, 2019 Jan 1, 2020-Dec 31, 2021 Effective Date January 1, 2016 January 1, 2018 January 1, 2020 Scheduled Termination Date December 31, 2027 December 31, 2029 December 31, 2031 Optional Termination Date January 1, 2020 January 1, 2022 January 1, 2024 Quota Share % 20% - 65% (1) 65% 65% Ceding Commission % 25% 25% 25% Profit Commission % Up to 55% Up to 56% Up to 56% As of March 31, 2020 RIF Ceded $ 5,080 $ 3,066 $ 435 As of December 31, 2019 RIF Ceded $ 5,351 $ 3,231 $ — ______________________ (1) Effective December 31, 2017, we amended the 2016 Single Premium QSR Agreement to increase the amount of ceded risk on performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages. Loans included in the 2012 through 2014 vintages, and any other loans subject to the agreement that were delinquent at the time of the amendment, were unaffected by the change and therefore the amount of ceded risk for those loans continues to range from 20% to 35% . Excess-of-Loss Program Through March 31, 2020, Radian Guaranty has entered into three fully collateralized reinsurance arrangements with the Eagle Re Issuers. For the respective coverage periods, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The Eagle Re Issuers provide second layer coverage up to the outstanding coverage amounts. For each of these three reinsurance arrangements, the Eagle Re Issuers financed their coverage by issuing mortgage insurance-linked notes to eligible third-party capital markets investors in unregistered private offerings. The aggregate excess-of-loss reinsurance coverage for these transactions decreases over a 10-year period as the principal balances of the underlying covered mortgages decrease and as any claims are paid by the applicable Eagle Re Issuer or the mortgage insurance is canceled. The outstanding reinsurance coverage amount will begin amortizing after an initial period in which a target level of credit enhancement is obtained and will stop amortizing if certain thresholds are reached, such as if the reinsured mortgages were to experience an elevated level of delinquencies or certain credit enhancement tests were not maintained. Radian Guaranty has rights to terminate the reinsurance agreements upon the occurrence of certain events. The following table sets forth additional details regarding the Excess-of-Loss Program: (In millions) Eagle Re 2020-1 Eagle Re 2019-1 Eagle Re 2018-1 Issued February 2020 April 2019 November 2018 Policy In-force Dates Jan 1, 2019-Sep 30, 2019 Jan 1, 2018-Dec 31, 2018 Jan 1, 2017-Dec 31, 2017 Initial RIF $ 9,866 $ 10,705 $ 9,109 Initial Coverage 488 562 434 (1) First Layer Retention 202 268 205 As of March 31, 2020 RIF $ 9,200 $ 7,679 $ 6,482 Remaining Coverage 488 421 299 (1) First Layer Retention 202 267 203 ______________________ (1) Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty that initially provided up to $21.4 million of coverage. The Eagle Re Issuers are not subsidiaries or affiliates of Radian Guaranty. Based on the accounting guidance that addresses VIEs, we have not consolidated any of the Eagle Re Issuers in our consolidated financial statements, because Radian does not have: (i) the power to direct the activities that most significantly affect the Eagle Re Issuers’ economic performances or (ii) the obligation to absorb losses or the right to receive benefits from the Eagle Re Issuers that potentially could be significant to the Eagle Re Issuers. See Note 2 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for more information on our accounting treatment of VIEs. The reinsurance premium due to the Eagle Re Issuers is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of a period by a coupon rate, which is the sum of one-month LIBOR plus a contractual risk margin, and then subtracting actual investment income collected on the assets in the reinsurance trust during the preceding month. As a result, the premiums we pay will vary based on: (i) the spread between LIBOR and the rates on the investments held by the reinsurance trust and (ii) the outstanding amount of reinsurance coverage. As the reinsurance premium will vary based on changes in these rates, we concluded that the reinsurance agreements contain embedded derivatives, which we have accounted for separately as freestanding derivatives and recorded in other assets or other liabilities on our condensed consolidated balance sheets. See Note 2 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for more information on our fair value measurements of financial instruments. In the event an Eagle Re Issuer is unable to meet its future obligations to us, if any, our insurance subsidiaries would be liable to make claims payments to our policyholders. In the event that all of the assets in the reinsurance trust (consisting of U.S. government money market funds, cash or U.S. Treasury securities) have become worthless and the Eagle Re Issuer is unable to make its payments to us, our maximum potential loss would be the amount of mortgage insurance claim payments for losses on the insured policies, net of the aggregate reinsurance payments already received, up to the full aggregate excess-of-loss reinsurance coverage amount. In the same scenario, the related embedded derivative would no longer have value. See Note 4 for additional information on our embedded derivatives. The Eagle Re Issuers represent our only VIEs as of March 31, 2020 and December 31, 2019 . The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE Assets and Liabilities (1) (In thousands) March 31, December 31, Eagle Re 2020-1 $ 488,385 $ — Eagle Re 2019-1 421,367 508,449 Eagle Re 2018-1 298,817 357,005 Total $ 1,208,569 $ 865,454 ______________________ (1) Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, described above. Other Collateral Although we use reinsurance as one of our risk management tools, reinsurance does not relieve us of our obligations to our policyholders. In the event the reinsurers are unable to meet their obligations to us, our insurance subsidiaries would be liable for any defaulted amounts. However, consistent with the PMIERs reinsurer counterparty collateral requirements, Radian Guaranty’s reinsurers have established trusts to help secure our potential cash recoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in other reinsurance trusts was $221.8 million as of March 31, 2020 , compared to $203.2 million as of December 31, 2019 . In addition, for the Single Premium QSR Program, Radian Guaranty holds amounts related to ceded premiums written to collateralize the reinsurers’ obligations, which is reported in reinsurance funds withheld on our condensed consolidated balance sheets. Any loss recoveries and profit commissions paid to Radian Guaranty related to the Single Premium QSR Program are expected to be realized from this account. See Note 8 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for more information about our reinsurance transactions.

Note 8 - Other Assets

Note 8 - Other Assets	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Other Assets	Other Assets The following table shows the components of other assets as of the dates indicated: (In thousands) March 31, December 31, Prepaid federal income taxes (Note 9) $ 134,800 $ 134,800 Company-owned life insurance 104,141 105,721 Internal-use software (net of accumulated amortization of $74,601 and $73,498) 59,790 58,356 Loaned securities (Note 5) 47,520 66,442 Right-of-use assets 35,837 37,866 Accrued investment income 32,559 32,333 Property and equipment (net of accumulated depreciation of $67,008 and $68,436) 28,125 29,523 Deferred policy acquisition costs 20,855 20,759 Reinsurance recoverables 17,722 16,976 Unbilled receivables 5,130 13,772 Assets held for sale (1) — 24,908 Other 26,708 26,163 Total other assets $ 513,187 $ 567,619 ______________________ (1) Related to the sale of Clayton. See Note 4 and 7 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information on assets held for sale. Liabilities held for sale at December 31, 2019 are included in other liabilities on our condensed consolidated balance sheets.

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of March 31, 2020 and December 31, 2019 , our current income tax liability was $42.4 million and $39.1 million , respectively, and is included as a component of other liabilities in our condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019 our deferred tax liability was $90.5 million and $71.1 million , respectively, and is included in other liabilities in our condensed consolidated balance sheets. Certain entities within our consolidated group have generated deferred tax assets relating primarily to state and local NOL carryforwards, which, if unutilized, will expire during various future tax periods. We are required to establish a valuation allowance against our deferred tax assets when it is more likely than not that all or some portion of our deferred tax assets will not be realized. At each balance sheet date, we assess our need for a valuation allowance and this assessment is based on all available evidence, both positive and negative. This requires management to exercise judgment and make assumptions regarding whether our deferred tax assets will be realized in future periods. We have determined that certain entities within Radian Group may continue to generate taxable losses on a separate company basis in the near term and may not be able to fully utilize certain of their state and local NOLs on their state and local tax returns. Therefore, with respect to deferred tax assets relating to these state and local NOLs and other state timing adjustments, we retained a valuation allowance of $67.4 million at March 31, 2020 . As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Internal Revenue Code Section 832(e) for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that, in conjunction with quarterly federal tax payment due dates, we purchase non-interest bearing U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. As of March 31, 2020 and December 31, 2019 , we held $134.8 million of these bonds, which are included as prepaid federal income taxes within other assets in our condensed consolidated balance sheets. The corresponding deduction of our statutory contingency reserves resulted in the recognition of a deferred tax liability, which is included in other liabilities in our condensed consolidated balance sheets. For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

Note 10 - Losses and Loss Adjus

Note 10 - Losses and Loss Adjustment Expense	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Losses and Loss Adjustment Expense	Losses and Loss Adjustment Expense Our reserve for losses and LAE, at the end of each period indicated, consisted of: (In thousands) March 31, December 31, Mortgage insurance loss reserves (1) $ 414,678 $ 401,273 Title insurance loss reserves (2) 3,524 3,492 Total reserve for losses and LAE $ 418,202 $ 404,765 ______________________ (1) Primarily comprises first lien primary case reserves of $353.2 million and $339.8 million at March 31, 2020 and December 31, 2019 , respectively. (2) A portion of this amount is subject to reinsurance, with the related reinsurance recoverables reported in other assets in our condensed consolidated balance sheets. For all periods presented, total incurred losses and paid claims for title insurance were not material. The following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE, but excluding our second-lien mortgage loan premium deficiency reserve, for the periods indicated: Three Months Ended (In thousands) 2020 2019 Balance at beginning of period $ 401,273 $ 397,891 Less: Reinsurance recoverables (1) 14,594 11,009 Balance at beginning of period, net of reinsurance recoverables 386,679 386,882 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 41,242 38,922 Prior years (5,876 ) (18,173 ) Total incurred 35,366 20,749 Deduct: Paid claims and LAE related to: Current year (2) — 295 Prior years 23,391 34,294 Total paid 23,391 34,589 Balance at end of period, net of reinsurance recoverables 398,654 373,042 Add: Reinsurance recoverables (1) 16,024 12,319 Balance at end of period $ 414,678 $ 385,361 ______________________ (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 7 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default. Reserve Activity Incurred Losses Reserves established for new default notices were the primary driver of our total incurred losses for the three months ended March 31, 2020 , and 2019, and they were primarily impacted by the number of new primary default notices received in the period and our related gross Default to Claim Rate assumption applied to those new defaults. Ou r gross Default to Claim Rate assumption applied to new defaults of 7.5% , as well as our other Default to Claim Rate assumptions for prior year defaults, were unchanged as of March 31, 2020 compared to December 31, 2019. While observed trends in claim submissions and Cures during the first quarter of 2020 were more favorable than previously estimated, favorable reserve development from prior year defaults was limited as we did not make any material adjustments to our reserve assumptions during the period due primarily to increased uncertainty that such favorable trends would persist given the potential impacts of the COVID-19 pandemic. See Note 1 for additional information on the elevated risks and uncertainties resulting from the COVID-19 pandemic to our business and Note 2 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for discussion of the reserving methodology for the mortgage insurance industry, which requires that reserves for losses are generally not established until receipt of notification from servicers that a borrower has missed two payments. Ou r gross default to claim rate assumption applied to new defaults wa s 8.0% as of March 31, 2019. Our provision for losses during the first three months of 2019 was positively impacted by favorable reserve development on prior year defaults. This favorable development was primarily driven by a reduction during the periods in certain Default to Claim Rate assumptions for these prior year defaults based on observed trends, primarily higher Cures than previously estimated. Claims Paid Total claims paid decreased for the three months ended March 31, 2020 , compared to the same period in 2019 . The decrease in claims paid is consistent with the ongoing decline in the outstanding default inventory. For additional information about our Reserve for Losses and LAE, including our accounting policies, see Notes 2 and 11 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

Note 11 - Borrowings and Financ

Note 11 - Borrowings and Financing Activities	3 Months Ended
	Mar. 31, 2020
Senior Notes [Abstract]
Borrowings and Financing Activities	Borrowings and Financing Activities The carrying value of our debt at March 31, 2020 and December 31, 2019 was as follows: (In thousands) March 31, December 31, Senior notes: 4.500% Senior Notes due 2024 $ 444,707 $ 444,445 4.875% Senior Notes due 2027 442,877 442,665 Total senior notes $ 887,584 $ 887,110 FHLB advances: FHLB advances due 2020 $ 97,902 $ 79,002 FHLB advances due 2021 24,000 19,000 FHLB advances due 2022 16,925 11,925 FHLB advances due 2023 14,994 14,994 FHLB advances due 2024 9,954 9,954 FHLB advances due 2025 9,985 — Total FHLB advances $ 173,760 $ 134,875 FHLB Advances As of March 31, 2020 , we had $173.8 million of fixed-rate advances outstanding with a weighted average interest rate of 1.50% . Interest on the FHLB advances is payable quarterly, or at maturity if the term of the advance is less than 90 days . Principal is due at maturity. For obligations with maturities greater than or equal to 90 days, we may prepay the debt at any time, subject to a prepayment fee calculation. The FHLB advances are required to be collateralized by eligible assets with a market value that must be maintained at a minimum of approximately 103% to 105% of the principal balance of the FHLB advances. Our fixed-maturities available for sale include securities totaling $185.7 million and $143.1 million at March 31, 2020 and December 31, 2019 , respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our FHLB advances. Revolving Credit Facility Radian Group has in place a $267.5 million unsecured revolving credit facility with a syndicate of bank lenders. Effective May 6 , 2020, the credit facility was amended to extend the maturity date from October 16, 2020 to January 18, 2022 and to change a defined term related to LIBOR replacement rates. No other terms or conditions of the credit facility were amended. At March 31, 2020 , Radian Group was in compliance with all of the credit facility covenants, and there were no amounts outstanding. For more information regarding our revolving credit facility, including certain of its terms and covenants, see Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are routinely involved in a number of legal actions and proceedings, including litigation and other disputes arising in the ordinary course of our business. The legal and regulatory matters discussed below and in our 2019 Form 10-K could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures or have other effects on our business. Management believes, based on current knowledge and after consultation with counsel, that the outcome of such actions will not have a material adverse effect on our consolidated financial condition. The outcome of litigation and other legal and regulatory matters and proceedings is inherently uncertain, and it is possible that one or more of the matters currently pending or threatened could have an adverse effect on our liquidity, financial condition or results of operations for any particular period. On December 22, 2016, Ocwen Loan Servicing, LLC and Homeward Residential, Inc. (collectively, “Ocwen”) filed a complaint in the U.S. District Court for the Eastern District of Pennsylvania against Radian Guaranty alleging breach of contract and bad faith claims and seeking monetary damages and declaratory relief. Ocwen has also initiated similar legal proceedings against several other mortgage insurers. On December 17, 2016, Ocwen separately filed a parallel arbitration petition against Radian Guaranty before the American Arbitration Association (“AAA”) asserting substantially the same allegations (the “Arbitration”). Ocwen’s filings together listed 9,420 mortgage insurance certificates issued under multiple insurance policies, including Pool Insurance policies, as subject to the dispute. On June 5, 2017, Ocwen filed an amended complaint and an amended petition (collectively, the “Amended Filings”) with both the court and the AAA, respectively, together listing 8,870 certificates as subject to the dispute. On April 11, 2018, the parties entered into a confidential agreement with respect to all certificates subject to the dispute. The confidential agreement resolved certain categories of claims involved in the dispute and, on April 12, 2018, the parties filed a stipulation of voluntary dismissal of the federal court proceeding and the trial judge issued an order dismissing all claims and counterclaims subject to the parties’ agreement. Radian Guaranty was not required to make any payment in connection with this confidential agreement. Pursuant to the confidential agreement, the parties: (1) dismissed the federal court proceeding; (2) narrowed the scope of the dispute to Ocwen’s breach of contract claims seeking payment of insurance benefits on approximately 2,500 certificates that Ocwen was previously pursuing through the Amended Filings; and (3) agreed to resolve the remaining dispute through the Arbitration. The Arbitration is proceeding, and Radian continues to defend against Ocwen’s claims vigorously. On August 31, 2018, Nationstar Mortgage LLC d/b/a Mr. Cooper (“Nationstar”) filed a complaint in the U.S. District Court for the Eastern District of Pennsylvania against Radian Guaranty (the “Complaint”) alleging breach of contract, bad faith, equitable indemnification, unjust enrichment, and conversion claims and seeking monetary damages and declaratory relief. Exhibit 1 to the Complaint lists 3,014 mortgage insurance certificates issued under multiple insurance policies as subject to disputes involving insurance coverage decisions (the “Coverage Disputed Loans”). Exhibit 2 to the Complaint further lists 2,231 mortgage insurance certificates issued under multiple insurance policies as subject to disputes involving premium refund requests. In December 2018, Radian Guaranty filed a motion to dismiss the Complaint. In March 2019, the trial judge issued an order granting in part, and denying in part, our motion to dismiss, and dismissed Nationstar’s unjust enrichment and conversion claims. In May 2019, Radian Guaranty filed an answer, with affirmative defenses and counterclaims, in response to the Complaint. On September 23, 2019, the trial judge entered as an order a joint stipulation submitted by Nationstar and Radian Guaranty that narrowed the scope of the dispute involving Coverage Disputed Loans to claims relating to 1,704 mortgage insurance certificates. Radian Guaranty believes that Nationstar’s allegations and claims in the legal proceedings described above are without merit and legally deficient, and continues to defend against these claims vigorously. In the three months ended March 31, 2020, there was no change in the Company’s previously established IBNR reserve estimate related to our best estimate of our probable loss in connection with the above legal proceedings. While Radian believes it has substantial defenses in these matters and intends to continue to defend against these claims vigorously, it is not feasible to predict the ultimate outcome of these disputes, and the Company could in the future be required to pay amounts as a result of settlements or decisions in these matters, potentially in excess of accruals. We also are periodically subject to reviews and audits, as well as inquiries, information-gathering requests and investigations. In connection with these matters, from time to time we receive requests and subpoenas seeking information and documents related to aspects of our business. Our Master Policies establish the timeline within which any suit or action arising from any right of an insured under the policy generally must be commenced. In general, any suit or action arising from any right of an insured under the policy must be commenced within two years after such right first arose for primary insurance and within three years for certain other policies, including certain Pool Insurance policies. Although we believe that our Loss Mitigation Activities are justified under our policies, from time to time we face challenges from certain lender and servicer customers regarding our Loss Mitigation Activities. These challenges could result in additional arbitration or judicial proceedings and we may need to reassume the risk on, and increase loss reserves for, the associated policies or pay additional claims. The legal and regulatory matters discussed above could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures or have other effects on our business in excess of amounts we have established as reserves for such matters. Lease Liability Our lease liability represents the present value of future lease payments over the lease term. Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate, on a collateralized basis, to discount the lease payments based on information available at lease commencement. Our leases expire periodically through August 2032, and contain provisions for scheduled periodic rent increases. We estimate the incremental borrowing rate based on the yields of Radian Group corporate bonds, as adjusted to reflect a collateralized borrowing rate, resulting in discount rates ranging from 4.22% to 7.08% . While the majority of our leases expire within one year of one of the Radian Group corporate bonds, our more significant leases do not. For those leases, we adjust the corporate bond rate for both U.S. Department of the Treasury rate yields and a corporate spread adjustment determined from recent market data. The following tables provide additional information related to our leases, including: (i) the components of our total lease cost; (ii) the cash flows arising from our lease transactions; (iii) supplemental balance sheet information; (iv) the weighted-average remaining lease term; (v) the weighted-average discount rate used for our leases; and (vi) the remaining maturities of our lease liabilities, as of and for the periods indicated: Three Months Ended March 31, ($ in thousands) 2020 2019 Operating lease cost $ 2,244 $ 2,319 Short-term lease cost 11 23 Total lease cost $ 2,255 $ 2,342 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (2,574 ) $ (2,637 ) ($ in thousands) March 31, 2020 Operating leases: Operating lease right-of-use assets (1) $ 35,837 Operating lease liabilities (2) 57,097 Weighted-average remaining lease term - operating leases (in years) 9.8 years Weighted-average discount rate - operating leases 6.81 % Remaining maturities of lease liabilities for the remainder of 2020 and thereafter is as follows: 2020 $ 7,567 2021 9,299 2022 9,474 2023 9,593 2024 9,316 2025 and thereafter 44,350 Total lease payments 89,599 Less: Imputed interest (32,502 ) Present value of lease liabilities (2) $ 57,097 ______________________ (1) Classified in other assets in our condensed consolidated balance sheets. See Note 8 . (2) Classified in other liabilities in our condensed consolidated balance sheets. See Note 1 for additional information about our leases and Note 13 of Notes to Consolidated Financial Statements in our 2019

Note 13 - Capital Stock (Notes)

Note 13 - Capital Stock (Notes)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Capital Stock Share Repurchase Program On August 14, 2019, Radian Group’s board of directors approved a share repurchase program that authorizes the Company to spend up to $200 million , excluding commissions, to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian operates this program pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares, at pre-determined price targets, when it may otherwise be precluded from doing so. On February 13, 2020, Radian Group’s board of directors authorized a $275 million increase in this program, bringing the total authorization to repurchase shares up to $475 million , excluding commissions, and extended the expiration of this program extension from July 31, 2020 to August 31, 2021. During the three months ended March 31, 2020 , the Company purchased 11,036,248 shares at an average price of $20.51 , including commissions. As of March 31, 2020 , purchase authority of up to $198.9 million remained available under this program. Effective March 19, 2020, the Company suspended its share repurchase program and canceled its current 10b5-1 plan. Radian may initiate a new 10b5-1 plan at its discretion in the future, during an open trading window and in accordance with SEC rules. The expiration date of the current share repurchase authorization remains August 31, 2021. Other Purchases We may purchase shares on the open market to settle stock options exercised by employees and purchases under our Employee Stock Purchase Plan. In addition, upon the vesting of certain restricted stock awards under our equity compensation plans, we may withhold from such vested awards shares of our common stock to satisfy the tax liability of the award recipients. Dividends and Dividend Equivalents In each of the quarters during 2019 we declared quarterly cash dividends on our common stock equal to $0.0025 per share. On February 13, 2020, Radian Group’s board of directors authorized an increase to the Company’s quarterly cash dividend from $0.0025 to $0.125 per share, beginning with the dividend declared in the first quarter of 2020. In February 2020, the Compensation and Human Capital Management Committee of Radian Group’s board of directors approved the amendment of outstanding performance-based restricted stock unit awards and time-based restricted stock unit awards held by eligible employees (including former employees) and directors of the Company to add certain dividend equivalent rights to such equity awards. Therefore, beginning in the first quarter of 2020, dividend equivalents are accrued on these awards when dividends are declared on the Company’s common stock.

Note 14 - Accumulated Other Com

Note 14 - Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) The following table shows the rollforward of accumulated other comprehensive income (loss) as of the periods indicated: Three Months Ended March 31, 2020 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ 139,858 $ 29,370 $ 110,488 Other comprehensive income (loss): Unrealized gains (losses) on investments: Unrealized holding gains (losses) arising during the period (91,511 ) (19,218 ) (72,293 ) Less: Reclassification adjustment for net gains (losses) included in net income (1) 10,625 2,231 8,394 Net unrealized gains (losses) on investments (102,136 ) (21,449 ) (80,687 ) Other comprehensive income (loss) (102,136 ) (21,449 ) (80,687 ) Balance at end of period $ 37,722 $ 7,921 $ 29,801 Three Months Ended March 31, 2019 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (77,114 ) $ (16,194 ) $ (60,920 ) Other comprehensive income (loss): Unrealized gains (losses) on investments: Unrealized holding gains (losses) arising during the period 98,763 20,740 78,023 Less: Reclassification adjustment for net gains (losses) included in net income (1) (495 ) (104 ) (391 ) Net unrealized gains (losses) on investments 99,258 20,844 78,414 Other comprehensive income (loss) 99,258 20,844 78,414 Balance at end of period $ 22,144 $ 4,650 $ 17,494 ______________________ (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations.

Note 15 - Statutory Information

Note 15 - Statutory Information	3 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Statutory Information	Statutory Information State insurance regulations include various capital requirements and dividend restrictions based on our insurance subsidiaries’ statutory financial position and results of operations, as described below. As of March 31, 2020 , the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.0 billion of our consolidated net assets. Under state insurance regulations, our mortgage insurance subsidiaries are required to maintain minimum surplus levels. In certain RBC States, mortgage insurers licensed in those states must also satisfy a Statutory RBC Requirement that is a minimum ratio of statutory capital relative to the level of net RIF, or Risk-to-capital. Other RBC States require mortgage insurers licensed in those states to satisfy a MPP Requirement that is calculated on both risk and surplus levels. Our mortgage insurance subsidiaries were in compliance with the Statutory RBC Requirements or MPP Requirements, to the extent applicable, in each of the RBC States as of March 31, 2020 . In addition, in order to be eligible to insure loans purchased by the GSEs, mortgage insurers such as Radian Guaranty must meet the GSEs’ eligibility requirements, or PMIERs. At March 31, 2020 , Radian Guaranty is an approved mortgage insurer under the PMIERs and is in compliance with the current PMIERs financial requirements. Under the PMIERs there are increased financial requirements for loans in default, including as a result of natural disasters and pandemics. As a result, increases in defaults related to the COVID-19 pandemic would subject Radian Guaranty to an increase in Minimum Required Assets under the PMIERs, and therefore, could impact our compliance with the PMIERs or negatively impact our results of operations. See Note 1 for discussion about the elevated risks and uncertainties associated with the COVID-19 pandemic and Note 18 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information regarding the PMIERs. Radian Guaranty’s Risk-to-capital calculation appears in the table below. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus plus statutory contingency reserves. March 31, December 31, ($ in millions) RIF, net (1) $ 49,820.3 $ 44,076.7 Common stock and paid-in capital $ 1,041.0 $ 1,041.0 Surplus Note 300.0 100.0 Unassigned earnings (deficit) (819.8 ) (503.3 ) Statutory policyholders’ surplus 521.2 637.7 Contingency reserve 3,089.6 2,607.8 Statutory capital $ 3,610.8 $ 3,245.5 Risk-to-capital 13.8:1 13.6:1 ______________________ (1) Excludes risk ceded through all reinsurance programs (including with affiliates) and RIF on defaulted loans. Radian Guaranty’s statutory capital increased by $365.3 million in the first three months of 2020 , primarily due to Radian Guaranty’s statutory net income of $195.5 million during this period and the impact of the additional surplus note issued in January 2020, as described below. The net increase in Radian Guaranty’s Risk-to-capital in the first three months of 2020 was primarily due to the increase in RIF resulting from both NIW and the termination of the intercompany reinsurance agreement as described below, partially offset by the increase in overall statutory capital. Due to Radian Guaranty’s negative unassigned surplus position, no dividends or other ordinary distributions can be paid in 2020. The Risk-to-capital ratio for our combined mortgage insurance operations was 12.4 to 1 as of March 31, 2020 , compared to 12.3 to 1 as of December 31, 2019 . In January 2020, in connection with the termination of an intercompany reinsurance agreement between Radian Reinsurance and Radian Guaranty, Radian Reinsurance transferred $6.0 billion in RIF to Radian Guaranty and released substantially all of its contingency reserves to unassigned surplus. In turn, Radian Guaranty established equivalent contingency reserves with a corresponding decrease to its unassigned surplus. As part of these actions, the Pennsylvania Insurance Department approved a $465 million return of capital from Radian Reinsurance to Radian Group as well as the transfer of $200 million of cash and marketable securities from Radian Group to Radian Guaranty in exchange for a surplus note. This intercompany surplus note has a 3% interest rate and a stated maturity of January 31, 2030. The surplus note may be redeemed at any time upon 30 days prior notice, subject to a request by Radian Guaranty for the approval of the Pennsylvania Insurance Department. For a description of our compliance with statutory and other regulations for our mortgage insurance and title insurance businesses, including statutory capital requirements and divided restrictions, see Note 18 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

Note 1 - Condensed Consolidat_2

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy	Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group Inc. and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.
Reclassification, Policy	Certain prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates, Policy	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.
Investment, Policy [Policy Text Block]	Investments in fixed-maturity securities not classified as held to maturity or trading securities are classified as available for sale and are reported at fair value, with unrealized gains and losses (net of tax) reported as a separate component of stockholders’ equity as accumulated other comprehensive income (loss), unless: (i) we intend to sell the impaired security; (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis or (iii) the present value of cash flows we expect to collect is less than the amortized cost basis of a security. In those instances, we record an impairment loss through earnings that varies depending on specific circumstances, as described below. If a sale is likely, the full amount of the impairment is recognized as a loss in the statement of operations. As a result of the adoption effective January 2020, of ASU 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), described below, in evaluating whether a decline in value for other securities relates to an existing credit loss, we consider several factors, including, but not limited to, the following: • the extent to which the amortized cost basis is greater than fair value; • reasons for the decline in value (e.g., adverse conditions related to industry or geographic area, changes in financial condition to the issuers or underlying loan obligors); • any changes to the rating of the security by a rating agency; • the financial position, access to capital and near-term prospects of the issuer, including the current and future impact of any specific events; and • our best estimate of the present value of cash flows expected to be collected. In addition, we no longer consider the duration of the decline in value in assessing whether our fixed income securities available for sale have a credit loss impairment. If a credit loss is determined to exist, the credit loss impairment is recognized as a credit loss expense in the statement of operations with an offset to an allowance for credit losses. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense.
New Accounting Pronouncements and Changes in Accounting Principles	Accounting Standards Adopted During 2020 . We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective adoption approach. This ASU and the associated subsequent amendments require that financial assets measured at their amortized cost basis be presented at the net amount expected to be collected. Credit losses relating to our available-for-sale debt securities are recorded through an allowance for credit losses, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which fair value is less than amortized cost. This allowance method will allow reversals of credit losses if the estimate of credit losses declines. This ASU affected certain of our accounts and notes receivable, including premiums receivable, and certain of our other assets, including reinsurance recoverables; however, the update did not have a material effect on our financial statements and disclosures. See Note 5 for additional information. We adopted ASU 2019-04, Codification Improvements related to Financial Instruments—Credit Losses, Derivatives and Hedging, and Financial Instruments on January 1, 2020. This update to the accounting standards regarding financial instruments and derivatives and hedging clarifies the accounting treatment for the measurement of credit losses and provides further clarification on previously issued updates. The adoption of this update did not have a material effect on our financial statements and disclosures.
New Accounting Pronouncements Not Yet Adopted, Policy	Accounting Standards Not Yet Adopted. In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance. The new standard: (i) requires that assumptions used to measure the liability for future policy benefits be reviewed at least annually; (ii) defines and simplifies the measurement of market risk benefits; (iii) simplifies the amortization of deferred acquisition costs; and (iv) enhances the required disclosures about long-duration contracts. This update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact on our financial statements and future disclosures as a result of this update.
Segment Reporting, Policy	We have two strategic business units that we manage separately—Mortgage and Real Estate. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting services provided to lenders. Our Real Estate segment offers a broad array of title, valuation, asset management and other real estate services to market participants across the real estate value chain. In addition, we report as All Other activities that include income (losses) from assets held by our holding company, related general corporate operating expenses not attributable or allocated to our reportable segments and, for all periods through the first quarter of 2020, income and expenses related to Clayton prior to its sale in January 2020. Subsequent to the sale of Clayton, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain organizational changes that caused the composition of our reportable segments to change. As revised, the Company’s Mortgage and Real Estate segments are managed by our President of Mortgage and Co-Heads of Real Estate, respectively, who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision maker. The differences in the basis of segmentation compared to our 2019 Form 10-K are as follows: Business Activity Current Segmentation Prior Segmentation Mortgage insurance and risk services Mortgage Mortgage Insurance Contract underwriting services Mortgage Services Title and real estate services (1) Real Estate Services Clayton All Other Services Income from holding company assets (and related corporate expenses) All Other Mortgage Insurance ______________________ (1) Includes single family rental services. These segment reporting changes align with the recent changes in personnel reporting lines, management oversight and branding following the sale of Clayton, and are consistent with the way our chief operating decision maker began assessing the performance of our reportable segments and other business activities effective in the first quarter of 2020. These changes to our reportable segments have been reflected in our segment operating results for all periods presented and are immaterial to segments presented. See Note 1 for additional details about our Mortgage and Real Estate businesses. We allocate corporate operating expenses to both reportable segments based on each segment’s forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each segment. In addition, we allocate all corporate interest expense to our Mortgage segment, due to the capital-intensive nature of our mortgage insurance business.
Income Tax, Policy	We are required to establish a valuation allowance against our deferred tax assets when it is more likely than not that all or some portion of our deferred tax assets will not be realized. At each balance sheet date, we assess our need for a valuation allowance and this assessment is based on all available evidence, both positive and negative. This requires management to exercise judgment and make assumptions regarding whether our deferred tax assets will be realized in future periods.

Note 3 - Segment Reporting (Pol

Note 3 - Segment Reporting (Policies)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting, Policy	We have two strategic business units that we manage separately—Mortgage and Real Estate. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting services provided to lenders. Our Real Estate segment offers a broad array of title, valuation, asset management and other real estate services to market participants across the real estate value chain. In addition, we report as All Other activities that include income (losses) from assets held by our holding company, related general corporate operating expenses not attributable or allocated to our reportable segments and, for all periods through the first quarter of 2020, income and expenses related to Clayton prior to its sale in January 2020. Subsequent to the sale of Clayton, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain organizational changes that caused the composition of our reportable segments to change. As revised, the Company’s Mortgage and Real Estate segments are managed by our President of Mortgage and Co-Heads of Real Estate, respectively, who are responsible for the overall profitability of their respective segments and who are directly accountable to our chief operating decision maker. The differences in the basis of segmentation compared to our 2019 Form 10-K are as follows: Business Activity Current Segmentation Prior Segmentation Mortgage insurance and risk services Mortgage Mortgage Insurance Contract underwriting services Mortgage Services Title and real estate services (1) Real Estate Services Clayton All Other Services Income from holding company assets (and related corporate expenses) All Other Mortgage Insurance ______________________ (1) Includes single family rental services. These segment reporting changes align with the recent changes in personnel reporting lines, management oversight and branding following the sale of Clayton, and are consistent with the way our chief operating decision maker began assessing the performance of our reportable segments and other business activities effective in the first quarter of 2020. These changes to our reportable segments have been reflected in our segment operating results for all periods presented and are immaterial to segments presented. See Note 1 for additional details about our Mortgage and Real Estate businesses. We allocate corporate operating expenses to both reportable segments based on each segment’s forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each segment. In addition, we allocate all corporate interest expense to our Mortgage segment, due to the capital-intensive nature of our mortgage insurance business.

Note 9 - Income Taxes (Policies

Note 9 - Income Taxes (Policies)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax, Policy	We are required to establish a valuation allowance against our deferred tax assets when it is more likely than not that all or some portion of our deferred tax assets will not be realized. At each balance sheet date, we assess our need for a valuation allowance and this assessment is based on all available evidence, both positive and negative. This requires management to exercise judgment and make assumptions regarding whether our deferred tax assets will be realized in future periods.

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The calculation of basic and diluted net income per share is as follows: Three Months Ended (In thousands, except per-share amounts) 2020 2019 Net income—basic and diluted $ 140,461 $ 170,957 Average common shares outstanding—basic (1) 200,161 213,537 Dilutive effect of share-based compensation arrangements (2) 1,658 4,806 Adjusted average common shares outstanding—diluted 201,819 218,343 Net income per share: Basic $ 0.70 $ 0.80 Diluted $ 0.70 $ 0.78 ______________________ (1) Includes the impact of fully vested shares under our share-based compensation programs. (2) The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income per share because they were anti-dilutive: Three Months Ended (In thousands) 2020 2019 Shares of common stock equivalents 132 169

Note 3 - Segment Reporting (Tab

Note 3 - Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	The reconciliation of adjusted pretax operating income (loss) for our reportable segments and All Other activities to consolidated pretax income is as follows: Three Months Ended (In thousands) 2020 2019 Adjusted pretax operating income (loss): Mortgage (1) $ 205,667 $ 203,631 Real Estate (2) (4,867 ) (3,925 ) Total adjusted pretax operating income (loss) for reportable segments 200,800 199,706 All Other adjusted pretax operating income (loss) 3,799 2,364 Net gains (losses) on investments and other financial instruments (22,027 ) 21,913 Amortization and impairment of other acquired intangible assets (979 ) (2,187 ) Impairment of other long-lived assets and other non-operating items (300 ) (5,660 ) Consolidated pretax income $ 181,293 $ 216,136 ______________________ (1) For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $29.1 million and $3.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $25.6 million and $3.9 million , respectively. (2) For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $3.8 million and $0.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $2.8 million and $0.6 million , respectively.
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	The reconciliation of revenue for our reportable segments and All Other activities to consolidated revenues is as follows: Three Months Ended (In thousands) 2020 2019 Revenues: Mortgage (1) $ 315,084 $ 302,370 Real Estate (1) 28,583 23,023 Total revenues for reportable segments 343,667 325,393 All Other revenues 7,633 16,839 Net gains (losses) on investments and other financial instruments (22,027 ) 21,913 Elimination of inter-segment revenues (192 ) (516 ) Total revenues $ 329,081 $ 363,629 ______________________ (1) Includes immaterial inter-segment revenues for the three months ended March 31, 2020 and 2019 .
Services Revenue [Table Text Block]	The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenues from external customers, by type: Three Months Ended (In thousands) 2020 2019 Services revenue Real Estate services: Valuation services $ 11,844 $ 12,706 Title services 7,305 1,600 Asset management services 6,374 6,272 Other real estate services 410 — Mortgage services 3,133 644 All Other services 2,861 11,531 Total services revenue $ 31,927 $ 32,753

Note 4 - Fair Value of Financ_2

Note 4 - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following is a list of assets that are measured at fair value by hierarchy level as of March 31, 2020 : (In thousands) Level I Level II Total Assets at fair value Investments: Fixed-maturities available for sale: U.S. government and agency securities $ 155,498 $ 3,742 $ 159,240 State and municipal obligations — 116,975 116,975 Corporate bonds and notes — 2,265,066 2,265,066 RMBS — 779,590 779,590 CMBS — 610,877 610,877 Other ABS — 666,918 666,918 Foreign government and agency securities — 4,947 4,947 Total fixed-maturities available for sale 155,498 4,448,115 4,603,613 Trading securities: State and municipal obligations — 114,511 114,511 Corporate bonds and notes — 123,461 123,461 RMBS — 15,573 15,573 CMBS — 33,725 33,725 Total trading securities — 287,270 287,270 Equity securities 67,086 7,767 74,853 Short-term investments: U.S. government and agency securities 140,667 — 140,667 State and municipal obligations — 10,148 10,148 Money market instruments 295,757 — 295,757 Corporate bonds and notes — 117,836 117,836 Other investments (1) — 74,352 74,352 Total short-term investments 436,424 202,336 638,760 Total investments at fair value (2) 659,008 4,945,488 5,604,496 Other assets: Loaned securities: (3) U.S. government and agency securities — 3,784 3,784 Equity securities 43,736 — 43,736 Total assets at fair value (2) $ 702,744 $ 4,949,272 $ 5,652,016 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note. (3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information. The following is a list of assets that are measured at fair value by hierarchy level as of December 31, 2019 : (In thousands) Level I Level II Total Assets at fair value Investments: Fixed-maturities available for sale: U.S. government and agency securities $ 143,884 $ 35,700 $ 179,584 State and municipal obligations — 119,994 119,994 Corporate bonds and notes — 2,237,611 2,237,611 RMBS — 779,354 779,354 CMBS — 608,015 608,015 Other ABS — 759,129 759,129 Foreign government and agency securities — 5,224 5,224 Total fixed-maturities available for sale 143,884 4,545,027 4,688,911 Trading securities: State and municipal obligations — 118,949 118,949 Corporate bonds and notes — 147,232 147,232 RMBS — 16,180 16,180 CMBS — 34,789 34,789 Total trading securities — 317,150 317,150 Equity securities 124,009 6,212 130,221 Short-term investments: U.S. government and agency securities 127,152 — 127,152 State and municipal obligations — 21,475 21,475 Money market instruments 202,461 — 202,461 Corporate bonds and notes — 20,298 20,298 Other investments (1) — 147,007 147,007 Total short-term investments 329,613 188,780 518,393 Total investments at fair value (2) 597,506 5,057,169 5,654,675 Other assets: Loaned securities: (3) U.S. government and agency securities 35,309 — 35,309 Corporate bonds and notes — 3,669 3,669 Equity securities 27,464 — 27,464 Total assets at fair value (2) $ 660,279 $ 5,060,838 $ 5,721,117 ______________________ (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note. (3) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.
Fair Value, by Balance Sheet Grouping [Table Text Block]	The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated: March 31, 2020 December 31, 2019 (In thousands) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Liabilities: Senior notes $ 887,584 $ 886,500 $ 887,110 $ 949,500 FHLB advances 173,760 176,952 134,875 135,997

Note 5 - Investments (Tables)

Note 5 - Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Available for Sale Securities [Table Text Block]	Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated: March 31, 2020 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 148,382 $ 159,240 $ 10,858 $ — State and municipal obligations 111,831 116,975 5,462 318 Corporate bonds and notes 2,239,543 2,268,850 77,884 48,577 RMBS 747,271 779,590 33,122 803 CMBS 609,518 610,877 13,356 11,997 Other ABS 708,357 666,918 1,251 42,690 Foreign government and agency securities 5,093 4,947 — 146 Total securities available for sale, including loaned securities 4,569,995 4,607,397 $ 141,933 $ 104,531 Less: loaned securities 5,379 3,784 Total fixed-maturities available for sale $ 4,564,616 $ 4,603,613 December 31, 2019 (In thousands) Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses Fixed-maturities available for sale: U.S. government and agency securities $ 198,613 $ 199,928 $ 2,048 $ 733 State and municipal obligations 112,003 119,994 8,032 41 Corporate bonds and notes 2,136,819 2,241,280 106,189 1,728 RMBS 766,429 779,354 14,452 1,527 CMBS 593,647 608,015 14,993 625 Other ABS 760,785 759,129 2,018 3,674 Foreign government and agency securities 5,091 5,224 133 — Total securities available for sale, including loaned securities 4,573,387 4,712,924 $ 147,865 $ 8,328 Less: loaned securities 23,853 24,013 Total fixed-maturities available for sale $ 4,549,534 $ 4,688,911
Gross Unrealized Losses and Fair Value of Available for Sale Securities [Table Text Block]	the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2020 and December 31, 2019 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below. March 31, 2020 ( $ in thousands ) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses State and municipal obligations 6 $ 19,560 $ 318 — $ — $ — 6 $ 19,560 $ 318 Corporate bonds and notes 174 763,279 48,577 — — — 174 763,279 48,577 RMBS 3 19,874 656 4 22,323 147 7 42,197 803 CMBS 60 201,504 11,534 8 7,052 463 68 208,556 11,997 Other ABS 151 483,803 29,259 26 122,186 13,431 177 605,989 42,690 Foreign government and agency securities 1 4,947 146 — — — 1 4,947 146 Total 395 $ 1,492,967 $ 90,490 38 $ 151,561 $ 14,041 433 $ 1,644,528 $ 104,531 December 31, 2019 ( $ in thousands ) Description of Securities Less Than 12 Months 12 Months or Greater Total # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses # of securities Fair Value Unrealized Losses U.S. government and agency securities 2 $ 26,142 $ 731 2 $ 2,529 $ 2 4 $ 28,671 $ 733 State and municipal obligations 1 3,959 41 — — — 1 3,959 41 Corporate bonds and notes 25 110,871 1,728 — — — 25 110,871 1,728 RMBS 27 184,378 535 16 36,192 992 43 220,570 1,527 CMBS 36 109,589 478 8 6,346 147 44 115,935 625 Other ABS 63 225,944 670 44 209,661 3,004 107 435,605 3,674 Total 154 $ 660,883 $ 4,183 70 $ 254,728 $ 4,145 224 $ 915,611 $ 8,328
Net Gains (Losses) on Investments and Other Financial Instruments [Table Text Block]	Net gains (losses) on investments consisted of: Three Months Ended (In thousands) 2020 2019 Net realized gains (losses): Fixed-maturities available for sale (1) $ 11,247 $ (495 ) Trading securities 49 (684 ) Equity securities 310 (680 ) Other investments 33 172 Net realized gains (losses) on investments 11,639 (1,687 ) Impairment losses (622 ) — Net unrealized gains (losses) on investments (26,845 ) 19,469 Total net gains (losses) on investments $ (15,828 ) $ 17,782 ______________________ (1) Components of net realized gains (losses) on fixed-maturities available for sale include: Three Months Ended (In thousands) 2020 2019 Gross investment gains from sales and redemptions $ 11,899 $ 4,165 Gross investment losses from sales and redemptions (652 ) (4,660 )
Net Changes in Unrealized Gains (Losses) Recognized in Earnings [Table Text Block]	The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows: Three Months Ended (In thousands) 2020 2019 Net unrealized gains (losses) on investments still held: Trading securities $ (2,034 ) $ 8,587 Equity securities (24,020 ) 7,919 Other investments 804 — Net unrealized gains (losses) on investments still held $ (25,250 ) $ 16,506
Contractual Maturities [Table Text Block]	The contractual maturities of fixed-maturities available for sale were as follows: March 31, 2020 Available for Sale (In thousands) Amortized Cost Fair Value Due in one year or less (1) $ 105,520 $ 104,855 Due after one year through five years (1) 823,582 829,134 Due after five years through 10 years (1) 1,082,394 1,089,685 Due after 10 years (1) 493,353 526,338 RMBS (2) 747,271 779,590 CMBS (2) 609,518 610,877 Other ABS (2) 708,357 666,918 Total 4,569,995 4,607,397 Less: loaned securities 5,379 3,784 Total fixed-maturities available for sale $ 4,564,616 $ 4,603,613 ______________________ (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

Note 6 - Goodwill and Other A_2

Note 6 - Goodwill and Other Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The following table shows the changes in the carrying amount of goodwill for the year-to-date periods ended December 31, 2019 and March 31, 2020 : (In thousands) Goodwill Accumulated Impairment Losses Net Balance at December 31, 2018 $ 200,561 $ (186,469 ) $ 14,092 Goodwill acquired 538 — 538 Impairment losses — (4,828 ) (4,828 ) Balance at December 31, 2019 201,099 (191,297 ) 9,802 Goodwill acquired — — — Impairment losses — — — Balance at March 31, 2020 $ 201,099 $ (191,297 ) $ 9,802
Schedule of Other Intangible Assets [Table Text Block]	The following is a summary of the gross and net carrying amounts and accumulated amortization (including impairment) of our other acquired intangible assets as of the periods indicated: March 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (28,095 ) $ 15,455 Technology 8,285 (6,761 ) 1,524 Trade name and trademarks 480 (423 ) 57 Licenses 463 (93 ) 370 Total $ 52,778 $ (35,372 ) $ 17,406 December 31, 2019 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (27,269 ) $ 16,281 Technology 8,435 (6,789 ) 1,646 Trade name and trademarks 480 (404 ) 76 Licenses 463 (81 ) 382 Total $ 52,928 $ (34,543 ) $ 18,385

Note 7 - Reinsurance (Tables)

Note 7 - Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reinsurance Disclosures [Abstract]
Reinsurance, Net Premiums Written and Earned [Table Text Block]	The effect of all of our reinsurance programs on our net income is as follows: Three Months Ended (In thousands) 2020 2019 Net premiums written—insurance: Direct $ 279,482 $ 261,031 Assumed (1) 3,451 2,445 Ceded (2) (19,543 ) (10,156 ) Net premiums written—insurance $ 263,390 $ 253,320 Net premiums earned—insurance: Direct $ 301,254 $ 280,223 Assumed (1) 3,456 2,450 Ceded (2) (27,295 ) (19,161 ) Net premiums earned—insurance $ 277,415 $ 263,512 Ceding commissions earned (3) $ 9,966 $ 8,685 Ceded losses 1,962 1,687 ______________________ (1) Includes premiums earned from our participation in certain credit risk transfer programs. (2) Net of profit commission. (3) Deferred ceding commissions of $71.6 million and $88.1 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2020 and 2019, respectively.
Schedule of Single Premium Quota Share Reinsurance Program Details [Table Text Block]		The following table sets forth additional details regarding the Single Premium QSR Program: (In millions) 2016 Singles QSR 2018 Singles QSR 2020 Singles QSR Policy In-force Dates Jan 1, 2012-Dec 31, 2017 Jan 1, 2018-Dec 31, 2019 Jan 1, 2020-Dec 31, 2021 Effective Date January 1, 2016 January 1, 2018 January 1, 2020 Scheduled Termination Date December 31, 2027 December 31, 2029 December 31, 2031 Optional Termination Date January 1, 2020 January 1, 2022 January 1, 2024 Quota Share % 20% - 65% (1) 65% 65% Ceding Commission % 25% 25% 25% Profit Commission % Up to 55% Up to 56% Up to 56% As of March 31, 2020 RIF Ceded $ 5,080 $ 3,066 $ 435 As of December 31, 2019 RIF Ceded $ 5,351 $ 3,231 $ — ______________________ (1) Effective December 31, 2017, we amended the 2016 Single Premium QSR Agreement to increase the amount of ceded risk on performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages. Loans included in the 2012 through 2014 vintages, and any other loans subject to the agreement that were delinquent at the time of the amendment, were unaffected by the change and therefore the amount of ceded risk for those loans continues to range from 20% to 35% .
Schedule of Collateralized Reinsurance Agreements [Table Text Block]	The following table sets forth additional details regarding the Excess-of-Loss Program: (In millions) Eagle Re 2020-1 Eagle Re 2019-1 Eagle Re 2018-1 Issued February 2020 April 2019 November 2018 Policy In-force Dates Jan 1, 2019-Sep 30, 2019 Jan 1, 2018-Dec 31, 2018 Jan 1, 2017-Dec 31, 2017 Initial RIF $ 9,866 $ 10,705 $ 9,109 Initial Coverage 488 562 434 (1) First Layer Retention 202 268 205 As of March 31, 2020 RIF $ 9,200 $ 7,679 $ 6,482 Remaining Coverage 488 421 299 (1) First Layer Retention 202 267 203 ______________________ (1) Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty that initially provided up to $21.4 million
Schedule of VIE Assets [Table Text Block]	The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE Assets and Liabilities (1) (In thousands) March 31, December 31, Eagle Re 2020-1 $ 488,385 $ — Eagle Re 2019-1 421,367 508,449 Eagle Re 2018-1 298,817 357,005 Total $ 1,208,569 $ 865,454 ______________________ (1) Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, described above.

Note 8 - Other Assets (Tables)

Note 8 - Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets [Table Text Block]	The following table shows the components of other assets as of the dates indicated: (In thousands) March 31, December 31, Prepaid federal income taxes (Note 9) $ 134,800 $ 134,800 Company-owned life insurance 104,141 105,721 Internal-use software (net of accumulated amortization of $74,601 and $73,498) 59,790 58,356 Loaned securities (Note 5) 47,520 66,442 Right-of-use assets 35,837 37,866 Accrued investment income 32,559 32,333 Property and equipment (net of accumulated depreciation of $67,008 and $68,436) 28,125 29,523 Deferred policy acquisition costs 20,855 20,759 Reinsurance recoverables 17,722 16,976 Unbilled receivables 5,130 13,772 Assets held for sale (1) — 24,908 Other 26,708 26,163 Total other assets $ 513,187 $ 567,619 ______________________ (1) Related to the sale of Clayton. See Note 4 and 7 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information on assets held for sale. Liabilities held for sale at December 31, 2019 are included in other liabilities on our condensed consolidated balance sheets.

Note 10 - Losses and Loss Adj_2

Note 10 - Losses and Loss Adjustment Expense (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance Loss Reserves [Abstract]
Reserve for Losses and LAE by Segment	Our reserve for losses and LAE, at the end of each period indicated, consisted of: (In thousands) March 31, December 31, Mortgage insurance loss reserves (1) $ 414,678 $ 401,273 Title insurance loss reserves (2) 3,524 3,492 Total reserve for losses and LAE $ 418,202 $ 404,765 ______________________ (1) Primarily comprises first lien primary case reserves of $353.2 million and $339.8 million at March 31, 2020 and December 31, 2019 , respectively. (2) A portion of this amount is subject to reinsurance, with the related reinsurance recoverables reported in other assets in our condensed consolidated balance sheets. For all periods presented, total incurred losses and paid claims for title insurance were not material.
Mortgage Insurance Reserve for Losses and LAE Rollforward	The following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE, but excluding our second-lien mortgage loan premium deficiency reserve, for the periods indicated: Three Months Ended (In thousands) 2020 2019 Balance at beginning of period $ 401,273 $ 397,891 Less: Reinsurance recoverables (1) 14,594 11,009 Balance at beginning of period, net of reinsurance recoverables 386,679 386,882 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 41,242 38,922 Prior years (5,876 ) (18,173 ) Total incurred 35,366 20,749 Deduct: Paid claims and LAE related to: Current year (2) — 295 Prior years 23,391 34,294 Total paid 23,391 34,589 Balance at end of period, net of reinsurance recoverables 398,654 373,042 Add: Reinsurance recoverables (1) 16,024 12,319 Balance at end of period $ 414,678 $ 385,361 ______________________ (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 7 for additional information. (2) Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

Note 11 - Borrowings and Fina_2

Note 11 - Borrowings and Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Senior Notes [Abstract]
Schedule of Debt [Table Text Block]	The carrying value of our debt at March 31, 2020 and December 31, 2019 was as follows: (In thousands) March 31, December 31, Senior notes: 4.500% Senior Notes due 2024 $ 444,707 $ 444,445 4.875% Senior Notes due 2027 442,877 442,665 Total senior notes $ 887,584 $ 887,110 FHLB advances: FHLB advances due 2020 $ 97,902 $ 79,002 FHLB advances due 2021 24,000 19,000 FHLB advances due 2022 16,925 11,925 FHLB advances due 2023 14,994 14,994 FHLB advances due 2024 9,954 9,954 FHLB advances due 2025 9,985 — Total FHLB advances $ 173,760 $ 134,875

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost [Table Text Block]	The following tables provide additional information related to our leases, including: (i) the components of our total lease cost; (ii) the cash flows arising from our lease transactions; (iii) supplemental balance sheet information; (iv) the weighted-average remaining lease term; (v) the weighted-average discount rate used for our leases; and (vi) the remaining maturities of our lease liabilities, as of and for the periods indicated: Three Months Ended March 31, ($ in thousands) 2020 2019 Operating lease cost $ 2,244 $ 2,319 Short-term lease cost 11 23 Total lease cost $ 2,255 $ 2,342 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (2,574 ) $ (2,637 )
Lessee, Operating Leases [Text Block]	($ in thousands) March 31, 2020 Operating leases: Operating lease right-of-use assets (1) $ 35,837 Operating lease liabilities (2) 57,097 Weighted-average remaining lease term - operating leases (in years) 9.8 years Weighted-average discount rate - operating leases 6.81 % Remaining maturities of lease liabilities for the remainder of 2020 and thereafter is as follows: 2020 $ 7,567 2021 9,299 2022 9,474 2023 9,593 2024 9,316 2025 and thereafter 44,350 Total lease payments 89,599 Less: Imputed interest (32,502 ) Present value of lease liabilities (2) $ 57,097 ______________________ (1) Classified in other assets in our condensed consolidated balance sheets. See Note 8 . (2) Classified in other liabilities in our condensed consolidated balance sheets.

Note 14 - Accumulated Other C_2

Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table shows the rollforward of accumulated other comprehensive income (loss) as of the periods indicated: Three Months Ended March 31, 2020 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ 139,858 $ 29,370 $ 110,488 Other comprehensive income (loss): Unrealized gains (losses) on investments: Unrealized holding gains (losses) arising during the period (91,511 ) (19,218 ) (72,293 ) Less: Reclassification adjustment for net gains (losses) included in net income (1) 10,625 2,231 8,394 Net unrealized gains (losses) on investments (102,136 ) (21,449 ) (80,687 ) Other comprehensive income (loss) (102,136 ) (21,449 ) (80,687 ) Balance at end of period $ 37,722 $ 7,921 $ 29,801 Three Months Ended March 31, 2019 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (77,114 ) $ (16,194 ) $ (60,920 ) Other comprehensive income (loss): Unrealized gains (losses) on investments: Unrealized holding gains (losses) arising during the period 98,763 20,740 78,023 Less: Reclassification adjustment for net gains (losses) included in net income (1) (495 ) (104 ) (391 ) Net unrealized gains (losses) on investments 99,258 20,844 78,414 Other comprehensive income (loss) 99,258 20,844 78,414 Balance at end of period $ 22,144 $ 4,650 $ 17,494 ______________________ (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations.

Note 15 - Statutory Informati_2

Note 15 - Statutory Information (Tables)	3 Months Ended
	Mar. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Risk To Capital Calculation [Table Text Block]	Radian Guaranty’s Risk-to-capital calculation appears in the table below. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus plus statutory contingency reserves. March 31, December 31, ($ in millions) RIF, net (1) $ 49,820.3 $ 44,076.7 Common stock and paid-in capital $ 1,041.0 $ 1,041.0 Surplus Note 300.0 100.0 Unassigned earnings (deficit) (819.8 ) (503.3 ) Statutory policyholders’ surplus 521.2 637.7 Contingency reserve 3,089.6 2,607.8 Statutory capital $ 3,610.8 $ 3,245.5 Risk-to-capital 13.8:1 13.6:1 ______________________ (1) Excludes risk ceded through all reinsurance programs (including with affiliates) and RIF on defaulted loans.

Note 1 - Condensed Consolidat_3

Note 1 - Condensed Consolidated Financial Statements - Business Overview and Significant Accounting Policies Business Overview (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Business Overview [Abstract]
Number of Reportable Business Segments | segment	2
Mortgage segment
Mortgage Insurance [Abstract]
Private Mortgage Insurance Protects Lenders For Loans Made With Less Than This Maximum Down Payment Percentage	20.00%
Private Mortgage Insurance Protects Lenders For Refinancings Made to Home Buyers With Less Than This Maximum Equity-Ownership Percentage	20.00%
Direct Primary Mortgage Insurance in Force	$ 241,600
Direct Primary Mortgage Insurance RIF	60,900
Credit Risk Transfer Transactions | Mortgage segment
Mortgage Insurance [Abstract]
Direct Primary Mortgage Insurance RIF	$ 332.8	$ 275.2

Note 2 - Net Income Per Share N

Note 2 - Net Income Per Share Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)—diluted		$ 140,461	$ 170,957
Dilutive effect of share-based compensation arrangements	[1]	1,658	4,806
Adjusted average common shares outstanding—diluted		201,819	218,343
Net income (loss) per share—diluted		$ 0.70	$ 0.78
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) - basic		$ 140,461	$ 170,957
Average common shares outstanding - basic	[2]	200,161	213,537
Net income (loss) per share - basic		$ 0.70	$ 0.80
Stock Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares of common stock equivalents		132	169
[1]	The following number of shares of our common stock equivalents issued under our share-based compensation arrangements were not included in the calculation of diluted net income per share because they were anti-dilutive: Three Months Ended (In thousands) 2020 2019 Shares of common stock equivalents 132 169
[2]	Includes the impact of fully vested shares under our share-based compensation programs.

Note 3 - Segment Reporting Segm

Note 3 - Segment Reporting Segments (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting Information [Line Items]
Number of Operating Segments	2

Note 3 - Segment Reporting Adju

Note 3 - Segment Reporting Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)		$ 200,800	$ 199,706
Net gains (losses) on investments and other financial instruments		(22,027)	21,913
Amortization and impairment of other acquired intangible assets		(979)	(2,187)
Impairment of other long-lived assets and other-non-operating items		(300)	(5,660)
Consolidated pretax income (loss)		181,293	216,136
Mortgage segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Expenses Allocated to Subsidiaries From Parent Company		29,100	25,600
Depreciation		3,700	3,900
Adjusted pretax operating income (loss)	[1]	205,667	203,631
Real Estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total Operating Expenses Allocated to Subsidiaries From Parent Company		3,800	2,800
Depreciation		700	600
Adjusted pretax operating income (loss)	[2]	(4,867)	(3,925)
All Other activities segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)		$ 3,799	$ 2,364
[1]	For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $29.1 million and $3.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $25.6 million and $3.9 million , respectively.
[2]	For the three months ended March 31, 2020 , includes allocated corporate operating expenses and depreciation expense of $3.8 million and $0.7 million , respectively. For the three months ended March 31, 2019 , includes allocated corporate operating expenses and depreciation expense of $2.8 million and $0.6 million , respectively.

Note 3 - Segment Reporting Reve

Note 3 - Segment Reporting Revenue (Details) - USD ($)		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Net gains (losses) on investments and other financial instruments		$ (22,027,000)	$ 21,913,000
Revenues		329,081,000	363,629,000
Services Revenue, Net		31,927,000	32,753,000
Mortgage segment
Revenues	[1]	315,084,000	302,370,000
Real Estate segment
Revenues	[1]	28,583,000	23,023,000
Accounts and notes receivable related to revenue service contracts		18,300,000		$ 10,800,000
Bad debt expense		0	0
All Other activities segment
Revenues		7,633,000	16,839,000
Valuation services
Services Revenue, Net		11,844,000	12,706,000
Title services
Services Revenue, Net		7,305,000	1,600,000
Asset management services
Services Revenue, Net		6,374,000	6,272,000
Mortgage services
Services Revenue, Net		3,133,000	644,000
Real estate agent services
Services Revenue, Net		410,000	0
All Other services
Services Revenue, Net		2,861,000	11,531,000
Operating Segments
Revenues		343,667,000	325,393,000
Intersegment Eliminations
Revenues		$ (192,000)	$ (516,000)
[1]	Includes immaterial inter-segment revenues for the three months ended March 31, 2020 and 2019 .

Note 4 - Fair Value of Financ_3

Note 4 - Fair Value of Financial Instruments Assets Measured at Fair Value by Hierarchy Level (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2020		Dec. 31, 2019
Fair Value by Hierarchy Level [Line Items]
Other Investments		$ 4,131,000		$ 4,072,000
Loaned securities		47,520,000		66,442,000
Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		5,604,496,000	[1]	5,654,675,000	[2]
Assets, Fair Value Disclosure		5,652,016,000	[1]	5,721,117,000	[2]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net		0		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net		0		0
Fair Value, Measurements, Recurring | Investments Measured at NAV
Fair Value by Hierarchy Level [Line Items]
Other Investments		2,600,000
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		659,008,000	[1]	597,506,000	[2]
Assets, Fair Value Disclosure		702,744,000	[1]	660,279,000	[2]
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		4,945,488,000	[1]	5,057,169,000	[2]
Assets, Fair Value Disclosure		4,949,272,000	[1]	5,060,838,000	[2]
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Assets, Fair Value Disclosure		0		400,000
Financial Liabilities Fair Value Disclosure		5,600,000		0
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		3,784,000	[3]	35,309,000	[4]
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities	[4]			3,669,000
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		43,736,000	[3]	27,464,000	[4]
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		0	[3]	35,309,000	[4]
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities	[4]			0
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		43,736,000	[3]	27,464,000	[4]
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		3,784,000	[3]	0	[4]
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities	[4]			3,669,000
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities		0	[3]	0	[4]
Fixed-maturities available for sale | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		4,603,613,000		4,688,911,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		159,240,000		179,584,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		116,975,000		119,994,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		2,265,066,000		2,237,611,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		779,590,000		779,354,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		610,877,000		608,015,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		666,918,000		759,129,000
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		4,947,000		5,224,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		155,498,000		143,884,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		155,498,000		143,884,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		4,448,115,000		4,545,027,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		3,742,000		35,700,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		116,975,000		119,994,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		2,265,066,000		2,237,611,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		779,590,000		779,354,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		610,877,000		608,015,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		666,918,000		759,129,000
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		4,947,000		5,224,000
Trading Securities | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		287,270,000		317,150,000
Trading Securities | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		114,511,000		118,949,000
Trading Securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		123,461,000		147,232,000
Trading Securities | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		15,573,000		16,180,000
Trading Securities | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		33,725,000		34,789,000
Trading Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Trading Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Trading Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Trading Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Trading Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		287,270,000		317,150,000
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		114,511,000		118,949,000
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		123,461,000		147,232,000
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		15,573,000		16,180,000
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		33,725,000		34,789,000
Equity securities | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		74,853,000		130,221,000
Equity securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		67,086,000		124,009,000
Equity securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		7,767,000		6,212,000
Short-term investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		638,760,000		518,393,000
Short-term investments | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		140,667,000		127,152,000
Short-term investments | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		10,148,000		21,475,000
Short-term investments | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		295,757,000		202,461,000
Short-term investments | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		117,836,000		20,298,000
Short-term investments | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		74,352,000	[5]	147,007,000	[6]
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		436,424,000		329,613,000
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		140,667,000		127,152,000
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		295,757,000		202,461,000
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0	[5]	0	[6]
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		202,336,000		188,780,000
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | US government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		10,148,000		21,475,000
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		0		0
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		117,836,000		20,298,000
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total Investments at Fair Value		74,352,000	[5]	147,007,000	[6]
Carrying (Reported) Amount, Fair Value Disclosure | Partnership investment
Fair Value by Hierarchy Level [Line Items]
Other Investments				2,600,000
Carrying (Reported) Amount, Fair Value Disclosure | Convertible promissory note
Fair Value by Hierarchy Level [Line Items]
Other Investments		$ 1,500,000		$ 1,500,000
[1]	Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note.
[2]	Does not include other invested assets of $2.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient and $1.5 million invested in a private convertible promissory note.
[3]	Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.
[4]	Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 5 for more information.
[5]	Comprising short-term certificates of deposit and commercial paper.
[6]	Comprising short-term certificates of deposit and commercial paper.

Note 4 - Fair Value of Financ_4

Note 4 - Fair Value of Financial Instruments Other Fair Value Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	$ 887,584	$ 887,110
FHLB advances	173,760	134,875
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes	887,584	887,110
FHLB advances	173,760	134,875
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Fair Value	886,500	949,500
FHLB advances, Fair Value	$ 176,952	$ 135,997

Note 5 - Investments Available

Note 5 - Investments Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 4,564,616	$ 4,549,534
Loaned securities	47,520	66,442
Debt Securities, Available-for-sale	4,603,613	4,688,911
Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		5,091
Available-for-sale Securities, Debt Securities, Including Loaned Securities		5,224
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax		133
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax		0
Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	4,569,995
Available-for-sale Securities, Debt Securities, Including Loaned Securities	4,607,397
Fixed-maturities available for sale | US government and agency securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	148,382	198,613
Available-for-sale Securities, Debt Securities, Including Loaned Securities	159,240	199,928
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	10,858	2,048
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	733
Fixed-maturities available for sale | State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	111,831	112,003
Available-for-sale Securities, Debt Securities, Including Loaned Securities	116,975	119,994
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	5,462	8,032
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	318	41
Fixed-maturities available for sale | Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	2,239,543	2,136,819
Available-for-sale Securities, Debt Securities, Including Loaned Securities	2,268,850	2,241,280
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	77,884	106,189
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	48,577	1,728
Fixed-maturities available for sale | RMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	747,271	766,429
Available-for-sale Securities, Debt Securities, Including Loaned Securities	779,590	779,354
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	33,122	14,452
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	803	1,527
Fixed-maturities available for sale | CMBS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	609,518	593,647
Available-for-sale Securities, Debt Securities, Including Loaned Securities	610,877	608,015
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	13,356	14,993
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	11,997	625
Fixed-maturities available for sale | Other ABS
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	708,357	760,785
Available-for-sale Securities, Debt Securities, Including Loaned Securities	666,918	759,129
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	1,251	2,018
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	42,690	3,674
Fixed-maturities available for sale | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	5,093
Available-for-sale Securities, Debt Securities, Including Loaned Securities	4,947
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	146
Fixed-maturities available for sale | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities	4,569,995	4,573,387
Debt Securities, Available-for-sale, Amortized Cost	4,564,616	4,549,534
Available-for-sale Securities, Debt Securities, Including Loaned Securities	4,607,397	4,712,924
Debt Securities, Available-for-sale	4,603,613	4,688,911
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	141,933	147,865
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	104,531	8,328
Fixed-maturities available for sale | Securities Financing Transaction, Cost | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Securities Loaned, Asset, Amortized Cost Basis	5,379	23,853
Fixed-maturities available for sale | Securities Financing Transaction, Fair Value | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Loaned securities	$ 3,784	$ 24,013

Note 5 - Investments Gross Unre

Note 5 - Investments Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)security	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)security
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	395		154
Fair Value, Less Than 12 Months	$ 1,492,967		$ 660,883
Unrealized Losses, Less Than 12 Months	$ 90,490		$ 4,183
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	38		70
Fair Value, 12 Months or Greater	$ 151,561		$ 254,728
Unrealized Losses, 12 Months or Greater	$ 14,041		$ 4,145
Continuous Loss Position, Total
Number of Securities, Total | security	433		224
Fair Value, Total	$ 1,644,528		$ 915,611
Unrealized Losses, Total	$ 104,531		$ 8,328
US government and agency securities
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security			2
Fair Value, Less Than 12 Months			$ 26,142
Unrealized Losses, Less Than 12 Months			$ 731
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security			2
Fair Value, 12 Months or Greater			$ 2,529
Unrealized Losses, 12 Months or Greater			$ 2
Continuous Loss Position, Total
Number of Securities, Total | security			4
Fair Value, Total			$ 28,671
Unrealized Losses, Total			$ 733
State and municipal obligations
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	6		1
Fair Value, Less Than 12 Months	$ 19,560		$ 3,959
Unrealized Losses, Less Than 12 Months	$ 318		$ 41
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	0		0
Fair Value, 12 Months or Greater	$ 0		$ 0
Unrealized Losses, 12 Months or Greater	$ 0		$ 0
Continuous Loss Position, Total
Number of Securities, Total | security	6		1
Fair Value, Total	$ 19,560		$ 3,959
Unrealized Losses, Total	$ 318		$ 41
Corporate bonds and notes
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	174		25
Fair Value, Less Than 12 Months	$ 763,279		$ 110,871
Unrealized Losses, Less Than 12 Months	$ 48,577		$ 1,728
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	0		0
Fair Value, 12 Months or Greater	$ 0		$ 0
Unrealized Losses, 12 Months or Greater	$ 0		$ 0
Continuous Loss Position, Total
Number of Securities, Total | security	174		25
Fair Value, Total	$ 763,279		$ 110,871
Unrealized Losses, Total	$ 48,577		$ 1,728
RMBS
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	3		27
Fair Value, Less Than 12 Months	$ 19,874		$ 184,378
Unrealized Losses, Less Than 12 Months	$ 656		$ 535
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	4		16
Fair Value, 12 Months or Greater	$ 22,323		$ 36,192
Unrealized Losses, 12 Months or Greater	$ 147		$ 992
Continuous Loss Position, Total
Number of Securities, Total | security	7		43
Fair Value, Total	$ 42,197		$ 220,570
Unrealized Losses, Total	$ 803		$ 1,527
CMBS
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	60		36
Fair Value, Less Than 12 Months	$ 201,504		$ 109,589
Unrealized Losses, Less Than 12 Months	$ 11,534		$ 478
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	8		8
Fair Value, 12 Months or Greater	$ 7,052		$ 6,346
Unrealized Losses, 12 Months or Greater	$ 463		$ 147
Continuous Loss Position, Total
Number of Securities, Total | security	68		44
Fair Value, Total	$ 208,556		$ 115,935
Unrealized Losses, Total	$ 11,997		$ 625
Other ABS
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	151		63
Fair Value, Less Than 12 Months	$ 483,803		$ 225,944
Unrealized Losses, Less Than 12 Months	$ 29,259		$ 670
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	26		44
Fair Value, 12 Months or Greater	$ 122,186		$ 209,661
Unrealized Losses, 12 Months or Greater	$ 13,431		$ 3,004
Continuous Loss Position, Total
Number of Securities, Total | security	177		107
Fair Value, Total	$ 605,989		$ 435,605
Unrealized Losses, Total	$ 42,690		$ 3,674
Foreign government and agency securities
Continuous Loss Position Less Than Twelve Months [Abstract]
Number of Securities, Less than 12 Months | security	1
Fair Value, Less Than 12 Months	$ 4,947
Unrealized Losses, Less Than 12 Months	$ 146
Continuous Unrealized Loss Position, Twelve Months Or Greater
Number of Securities, 12 Months or Greater | security	0
Fair Value, 12 Months or Greater	$ 0
Unrealized Losses, 12 Months or Greater	$ 0
Continuous Loss Position, Total
Number of Securities, Total | security	1
Fair Value, Total	$ 4,947
Unrealized Losses, Total	146
OTTI Recognized in Earnings Due to Intent to Sell
Continuous Loss Position, Total
Other-than-temporary impairment losses	$ 622
OTTI Recognized in Earnings
Continuous Loss Position, Total
Other-than-temporary impairment losses		$ 0

Note 5 - Investments Securities

Note 5 - Investments Securities Lending Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Securities Received as Collateral	$ 14,808	$ 25,561
Securities Financing Transaction, Fair Value
Securities Financing Transaction [Line Items]
Securities Received as Collateral	$ 33,400	$ 42,400

Note 5 - Investments Net Gains

Note 5 - Investments Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments		$ 11,639	$ (1,687)
Net unrealized gain (losses) on investments		(26,845)	19,469
Total net gains (losses) on investments		(15,828)	17,782
Fixed-maturities available for sale
Gain (Loss) on Securities [Line Items]
Fixed maturities available for sale, net realized gain (loss)	[1]	11,247	(495)
Gross investment gains from sales and redemptions		11,899	4,165
Gross investment losses from sales and redemptions		(652)	(4,660)
Trading Securities
Gain (Loss) on Securities [Line Items]
Trading securities, net realized gain (loss)		49	(684)
Equity securities
Gain (Loss) on Securities [Line Items]
Equity securities, net realized gain (loss)		310	(680)
Short-term investments
Gain (Loss) on Securities [Line Items]
Other investments, net realized gain (loss)		33	172
OTTI Recognized in Earnings
Gain (Loss) on Securities [Line Items]
Impairment losses			$ 0
OTTI Recognized in Earnings Due to Intent to Sell
Gain (Loss) on Securities [Line Items]
Impairment losses		$ (622)
[1]	Components of net realized gains (losses) on fixed-maturities available for sale include: Three Months Ended (In thousands) 2020 2019 Gross investment gains from sales and redemptions $ 11,899 $ 4,165 Gross investment losses from sales and redemptions (652 ) (4,660 )

Note 5 - Investments Net Unreal

Note 5 - Investments Net Unrealized Gains (Losses) on Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Net changes in unrealized gains (losses) on investments	$ (25,250)	$ 16,506
Trading Securities
Gain (Loss) on Securities [Line Items]
Trading Securities, Change in Unrealized Holding Gain (Loss)	(2,034)	8,587
Equity securities
Gain (Loss) on Securities [Line Items]
Equity Securities, Change in Unrealized Holding Gain (Loss)	(24,020)	7,919
Other investments
Gain (Loss) on Securities [Line Items]
Other Investments, Change in Unrealized Holding Gain (Loss)	$ 804	$ 0

Note 5 - Investments Contractua

Note 5 - Investments Contractual Maturities (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Available-for-sale Securities, Amortized Cost
Fixed-maturities available for sale—at amortized cost		$ 4,564,616	$ 4,549,534
Available-for-sale Securities, Fair Value
Loaned securities		47,520	66,442
Fixed-maturity investments available for sale, Total, Fair Value		4,603,613	4,688,911
Non asset-backed securities
Available-for-sale Securities, Amortized Cost
Due in one year or less	[1]	105,520
Due after one year through five years	[1]	823,582
Due after five years through ten years	[1]	1,082,394
Due after ten years	[1]	493,353
Available-for-sale Securities, Fair Value
Due in one year or less	[1]	104,855
Due after one year through five years	[1]	829,134
Due after five years through ten years	[1]	1,089,685
Due after ten years	[1]	526,338
RMBS
Available-for-sale Securities, Amortized Cost
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Amortized Cost	[2]	747,271
Available-for-sale Securities, Fair Value
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Fair Value	[2]	779,590
CMBS
Available-for-sale Securities, Amortized Cost
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Amortized Cost	[2]	609,518
Available-for-sale Securities, Fair Value
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Fair Value	[2]	610,877
Other ABS
Available-for-sale Securities, Amortized Cost
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Amortized Cost	[2]	708,357
Available-for-sale Securities, Fair Value
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Fair Value	[2]	666,918
Total fixed-maturities available for sale
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		4,569,995
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities, Including Loaned Securities		4,607,397
Fixed-maturities available for sale | RMBS
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		747,271	766,429
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities, Including Loaned Securities		779,590	779,354
Fixed-maturities available for sale | CMBS
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		609,518	593,647
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities, Including Loaned Securities		610,877	608,015
Fixed-maturities available for sale | Other ABS
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		708,357	760,785
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities, Including Loaned Securities		666,918	759,129
Fixed-maturities available for sale | Total fixed-maturities available for sale
Available-for-sale Securities, Amortized Cost
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities		4,569,995	4,573,387
Fixed-maturities available for sale—at amortized cost		4,564,616	4,549,534
Available-for-sale Securities, Fair Value
Available-for-sale Securities, Debt Securities, Including Loaned Securities		4,607,397	4,712,924
Fixed-maturity investments available for sale, Total, Fair Value		4,603,613	4,688,911
Fixed-maturities available for sale | Securities Financing Transaction, Cost | Total fixed-maturities available for sale
Available-for-sale Securities, Amortized Cost
Securities Loaned, Asset, Amortized Cost Basis		5,379	23,853
Fixed-maturities available for sale | Securities Financing Transaction, Fair Value | Total fixed-maturities available for sale
Available-for-sale Securities, Fair Value
Loaned securities		$ 3,784	$ 24,013
[1]	Actual maturities may differ as a result of calls before scheduled maturity.
[2]	RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

Note 5 - Investments Other (Det

Note 5 - Investments Other (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fixed-maturities available for sale | Debt securities
Assets Held by Insurance Regulators	$ 17.1	$ 16.8

Note 6 - Goodwill and Other A_3

Note 6 - Goodwill and Other Acquired Intangible Assets, Net Schedule of Goodwill (Details) - Real Estate segment - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, Gross, Beginning of Period	$ 201,099	$ 200,561
Goodwill, Acquired During Period	0	538
Goodwill, Gross, End of Period	201,099	201,099
Goodwill, Impaired, Accumulated Impairment Loss, Beginning of Period	(191,297)	(186,469)
Goodwill, Impairment Loss	0	(4,828)
Goodwill, Impaired, Accumulated Impairment Loss, End of Period	(191,297)	(191,297)
Goodwill, Net	$ 9,802	$ 9,802	$ 14,092

Note 6 - Goodwill and Other A_4

Note 6 - Goodwill and Other Acquired Intangible Assets, Net Schedule of Other Intangible Assets (Details) - Real Estate segment - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Other Intangible Assets, Original Acquired Amount	$ 52,778	$ 52,928
Other Intangible Assets, Accumulated Amortization and Impairment	(35,372)	(34,543)
Other Intangible Assets, Net Carrying Amount	17,406	18,385
Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Other Intangible Assets, Original Acquired Amount	43,550	43,550
Other Intangible Assets, Accumulated Amortization and Impairment	(28,095)	(27,269)
Other Intangible Assets, Net Carrying Amount	15,455	16,281
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Other Intangible Assets, Original Acquired Amount	8,285	8,435
Other Intangible Assets, Accumulated Amortization and Impairment	(6,761)	(6,789)
Other Intangible Assets, Net Carrying Amount	1,524	1,646
Trade name and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Other Intangible Assets, Original Acquired Amount	480	480
Other Intangible Assets, Accumulated Amortization and Impairment	(423)	(404)
Other Intangible Assets, Net Carrying Amount	57	76
Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Other Intangible Assets, Original Acquired Amount	463	463
Other Intangible Assets, Accumulated Amortization and Impairment	(93)	(81)
Other Intangible Assets, Net Carrying Amount	$ 370	$ 382

Note 7 - Reinsurance Net Premiu

Note 7 - Reinsurance Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Premiums Written, Net [Abstract]
Direct Premiums Written		$ 279,482	$ 261,031
Assumed Premiums Written	[1]	3,451	2,445
Ceded Premiums Written	[2]	(19,543)	(10,156)
Net premiums written—insurance		263,390	253,320
Premiums Earned, Net [Abstract]
Direct Premiums Earned		301,254	280,223
Assumed Premiums Earned	[1]	3,456	2,450
Ceded Premiums Earned	[2]	(27,295)	(19,161)
Net premiums earned—insurance		277,415	263,512
Ceded Credit Risk [Line Items]
Ceding Commissions Earned	[3]	9,966	8,685
Ceded losses		1,962	1,687
Unearned Ceding Commissions		$ 71,600	$ 88,100
[1]	Includes premiums earned from our participation in certain credit risk transfer programs.
[2]	Net of profit commission.
[3]	Deferred ceding commissions of $71.6 million and $88.1 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2020 and 2019, respectively.

Note 7 - Reinsurance Single Pre

Note 7 - Reinsurance Single Premium QSR Program (Details) - USD ($) $ in Thousands		3 Months Ended			36 Months Ended
		Mar. 31, 2020		Mar. 31, 2019	Dec. 31, 2017	Dec. 31, 2014	Dec. 31, 2019
Ceded Premiums Written	[1]	$ 19,543		$ 10,156
2016 Single Premium QSR | Radian Guaranty
Ceded Insurance Commission Percentage		25.00%
2016 Single Premium QSR | Radian Guaranty | Reinsurer Concentration Risk
Concentration Risk, Percentage					35.00%
Risk In Force		$ 5,080,000					$ 5,351,000
2018 Single Premium QSR | Radian Guaranty
Ceded Insurance Commission Percentage		25.00%
2018 Single Premium QSR | Radian Guaranty | Reinsurer Concentration Risk
Concentration Risk, Percentage		65.00%
Risk In Force		$ 3,066,000					3,231,000
2020 Single Premium QSR | Radian Guaranty
Ceded Premiums Written		$ 250,000
Ceded Insurance Commission Percentage		25.00%
2020 Single Premium QSR | Radian Guaranty | Reinsurer Concentration Risk
Concentration Risk, Percentage		65.00%
Risk In Force		$ 435,000					$ 0
Minimum | 2016 Single Premium QSR | Radian Guaranty | Reinsurer Concentration Risk
Concentration Risk, Percentage		20.00%	[2]			20.00%
Maximum | 2016 Single Premium QSR | Radian Guaranty
Loss Ratio		55.00%
Maximum | 2016 Single Premium QSR | Radian Guaranty | Reinsurer Concentration Risk
Concentration Risk, Percentage		65.00%	[2]			35.00%
Maximum | 2018 Single Premium QSR | Radian Guaranty
Loss Ratio		56.00%
Maximum | 2020 Single Premium QSR | Radian Guaranty
Loss Ratio		56.00%
[1]	Net of profit commission.
[2]	Effective December 31, 2017, we amended the 2016 Single Premium QSR Agreement to increase the amount of ceded risk on performing loans under the agreement from 35% to 65% for the 2015 through 2017 vintages. Loans included in the 2012 through 2014 vintages, and any other loans subject to the agreement that were delinquent at the time of the amendment, were unaffected by the change and therefore the amount of ceded risk for those loans continues to range from 20% to 35% .

Note 7 - Reinsurance Excess-of-

Note 7 - Reinsurance Excess-of-Loss Program (Details) $ in Thousands		1 Months Ended			3 Months Ended
		Feb. 29, 2020USD ($)	Apr. 30, 2019USD ($)	Nov. 30, 2018USD ($)	Mar. 31, 2020USD ($)arrangements	Dec. 31, 2019USD ($)
Mortgage segment
Risk In Force					$ 60,900,000
Radian Guaranty | Mortgage segment
Reinsurance Retention Policy, Term of Coverage, Period					10 years
Excess-of-Loss Program | Radian Guaranty | Mortgage segment
VIE, Non-consolidated, Carrying Amount, Assets	[1]				$ 1,208,569	$ 865,454
VIE, Non-consolidated, Carrying Amount, Liabilities	[1]				1,208,569	865,454
Excess-of-Loss Program | Radian Guaranty | Mortgage segment | Eagle Re 2020-1 (Primary)
VIE, Non-consolidated, Carrying Amount, Assets	[1]				488,385	0
VIE, Non-consolidated, Carrying Amount, Liabilities	[1]				488,385	0
Excess-of-Loss Program | Radian Guaranty | Mortgage segment | Eagle Re 2019-1 (Primary)
VIE, Non-consolidated, Carrying Amount, Assets	[1]				421,367	508,449
VIE, Non-consolidated, Carrying Amount, Liabilities	[1]				421,367	508,449
Excess-of-Loss Program | Radian Guaranty | Mortgage segment | Eagle Re 2018-1 (Primary)
VIE, Non-consolidated, Carrying Amount, Assets	[1]				298,817	357,005
VIE, Non-consolidated, Carrying Amount, Liabilities	[1]				$ 298,817	$ 357,005
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk
Number of Fully Collateralized Reinsurance Arrangements with the Eagle Re Issuers | arrangements					3
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2020-1 (Primary)
Risk In Force		$ 9,866,000			$ 9,200,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured		488,000			488,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2020-1 (Primary) | XOL First Layer
Reinsurance Retention Policy, Amount Retained		$ 202,000			202,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2019-1 (Primary)
Risk In Force			$ 10,705,000		7,679,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured			562,000		421,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2019-1 (Primary) | XOL First Layer
Reinsurance Retention Policy, Amount Retained			$ 268,000		267,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2018-1 (Primary)
Risk In Force				$ 9,109,000	6,482,000
Reinsurance Retention Policy, Excess Retention, Amount Reinsured	[2]			434,000	299,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Eagle Re 2018-1 (Primary) | XOL First Layer
Reinsurance Retention Policy, Amount Retained				205,000	$ 203,000
Excess-of-Loss Program | Radian Guaranty | Reinsurer Concentration Risk | Mortgage segment | Separate Third-Party Reinsurer
Reinsurance Retention Policy, Excess Retention, Amount Reinsured				$ 21,400
[1]	Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of the Eagle Re Issuers consist of their mortgage insurance-linked notes, described above.
[2]	Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty that initially provided up to $21.4 million

Note 7 - Reinsurance Other Coll

Note 7 - Reinsurance Other Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Funds Held Under Reinsurance Agreements, Off-Balance Sheet, Asset	$ 221.8	$ 203.2

Note 8 - Other Assets Component

Note 8 - Other Assets Components of Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019
Other Assets [Abstract]
Prepaid federal income taxes (Note 9)		$ 134,800		$ 134,800
Company-owned life insurance		104,141		105,721
Internal-use software (net of accumulated amortization of $74,601 and $73,498)		59,790		58,356
Accumulated amortization		74,601		73,498
Loaned securities (Note 5)		47,520		66,442
Right-of-use assets		35,837	[1]	37,866
Accrued investment income		32,559		32,333
Property and equipment (net of accumulated depreciation of $67,008 and $68,436)		28,125		29,523
Accumulated depreciation		67,008		68,436
Deferred policy acquisition costs		20,855		20,759
Reinsurance recoverables		17,722		16,976
Unbilled receivables		5,130		13,772
Assets held for sale	[2]	0		24,908
Other Assets, Miscellaneous		26,708		26,163
Other Assets		$ 513,187		$ 567,619
[1]	Classified in other assets in our condensed consolidated balance sheets. See Note 8 .
[2]	Related to the sale of Clayton. See Note 4 and 7 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information on assets held for sale. Liabilities held for sale at December 31, 2019 are included in other liabilities on our condensed consolidated balance sheets.

Note 9 - Income Taxes Income Ta

Note 9 - Income Taxes Income Tax (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Deferred Tax Liabilities, Net	$ 90.5	$ 71.1
US Treasury Securities
Operating Loss Carryforwards [Line Items]
Debt Securities	134.8	134.8
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Income Taxes Payable, Federal, Current	42.4	$ 39.1
State and Local NOL Carryforwards
Operating Loss Carryforwards [Line Items]
Valuation Allowance, Amount	$ 67.4

Note 10 - Losses and Loss Adj_3

Note 10 - Losses and Loss Adjustment Expense Reserve for Losses and LAE by Segment (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for losses and loss adjustment expense		$ 418,202		$ 404,765
Mortgage segment
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for losses and loss adjustment expense		414,678	[1]	401,273	[1]	$ 385,361	$ 397,891
Real Estate segment
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for losses and loss adjustment expense	[2]	3,524		3,492
First Lien Mortgage Insurance Products | Primary Case Reserves | Mortgage segment
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for losses and loss adjustment expense		$ 353,200		$ 339,800
[1]	Primarily comprises first lien primary case reserves of $353.2 million and $339.8 million at March 31, 2020 and December 31, 2019 , respectively.
[2]	A portion of this amount is subject to reinsurance, with the related reinsurance recoverables reported in other assets in our condensed consolidated balance sheets. For all periods presented, total incurred losses and paid claims for title insurance were not material.

Note 10 - Losses and Loss Adj_4

Note 10 - Losses and Loss Adjustment Expense Mortgage Insurance Reserve for Losses and LAE Rollforward (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020		Mar. 31, 2019
Loss reserve [Roll Forward]
Balance at beginning of period		$ 404,765
Deduct paid claims and LAE related to [Abstract]
Balance at end of period		418,202
Mortgage Insurance Segment
Loss reserve [Roll Forward]
Balance at beginning of period		401,273	[1]	$ 397,891
Less: Reinsurance recoverables	[2]	14,594		11,009
Balance at beginning of period, net of reinsurance recoverables		386,679		386,882
Add losses and LAE incurred in respect of default notices reported and unreported in [Abstract]
Incurred Losses and LAE Current year	[3]	41,242		38,922
Incurred Losses and LAE Prior years		(5,876)		(18,173)
Total incurred losses and LAE		35,366		20,749
Deduct paid claims and LAE related to [Abstract]
Paid Losses and LAE Current year	[3]	0		295
Paid losses and LAE Prior years		23,391		34,294
Total paid losses and LAE		23,391		34,589
Balance at end of period, net of reinsurance recoverables		398,654		373,042
Add: Reinsurance recoverables	[2]	16,024		12,319
Balance at end of period		$ 414,678	[1]	$ 385,361
[1]	Primarily comprises first lien primary case reserves of $353.2 million and $339.8 million at March 31, 2020 and December 31, 2019 , respectively.
[2]	Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 7 for additional information.
[3]	Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.

Note 10 - Losses and Loss Adj_5

Note 10 - Losses and Loss Adjustment Expense Reserve Activity (Details)	Mar. 31, 2020	Mar. 31, 2019
Primary Mortgage Product | Mortgage segment
Default To Claim Rate Estimate, Gross, For New Defaults	7.50%	8.00%

Note 11 - Borrowings and Fina_3

Note 11 - Borrowings and Financing Activities Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Advances from Federal Home Loan Banks	$ 173,760	$ 134,875
Senior Notes
Debt Instrument [Line Items]
Senior Notes	887,584	887,110
Senior Notes | Senior Notes Due 2024
Debt Instrument [Line Items]
Senior Notes	$ 444,707	$ 444,445
Debt Instrument, Interest Rate, Stated Percentage	4.50%	4.50%
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Senior Notes	$ 442,877	$ 442,665
Debt Instrument, Interest Rate, Stated Percentage	4.875%	4.875%
FHLB Advances
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year	$ 97,902
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	24,000	$ 79,002
Long-term Debt, Maturities, Repayments of Principal in Year Two	16,925	19,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	14,994	11,925
Long-term Debt, Maturities, Repayments of Principal in Year Four	9,954	14,994
Long-term Debt, Maturities, Repayments of Principal in Year Five	9,985	9,954
Long-term Debt, Maturities, Repayments of Principal after Year Five		0
Advances from Federal Home Loan Banks	$ 173,760	$ 134,875

Note 11 - Borrowings and Fina_4

Note 11 - Borrowings and Financing Activities FHLB Advances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
FHLB advances	$ 173,760	$ 134,875
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate	90 days
FHLB Advances
FHLB advances	$ 173,760	134,875
Federal Home Loan Bank, Advances, Weighted Average Interest Rate	1.50%
Minimum | FHLB Advances
Federal Home Loan Bank, Ratio of Market Value of Collateral to Advances	1.03
Maximum | FHLB Advances
Federal Home Loan Bank, Ratio of Market Value of Collateral to Advances	1.05
Fixed-maturities available for sale | Debt securities
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged	$ 185,700	$ 143,100

Note 11 - Borrowings and Fina_5

Note 11 - Borrowings and Financing Activities Revolving Credit Facility (Details) - Revolving Credit Facility $ in Millions	Mar. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 267.5
Line of Credit Facility, Fair Value of Amount Outstanding	$ 0

Note 12 - Commitments and Con_3

Note 12 - Commitments and Contingencies Legal Proceedings (Details)	3 Months Ended
	Mar. 31, 2020matter	Sep. 23, 2019Certificates	Aug. 31, 2018Certificates	Apr. 12, 2018Certificates	Jun. 05, 2017Certificates	Dec. 17, 2016Certificates
Unasserted Claim | Minimum
Loss Contingencies [Line Items]
Minimum Number of Pending or Threatened Matters That Could Affect Our Results | matter	1
Insurance Claims | Total primary reserves
Loss Contingencies [Line Items]
Loss Contingency, Legal Actions Commencement, Period	2 years
Insurance Claims | Pool Insurance Mortgage Insurance Product
Loss Contingencies [Line Items]
Loss Contingency, Legal Actions Commencement, Period	3 years
Ocwen | Ocwen filings, Initial
Loss Contingencies [Line Items]
Insurance Certificates Issued Under Multiple Insurance Policies						9,420
Ocwen | Ocwen filings, Amended
Loss Contingencies [Line Items]
Insurance Certificates Issued Under Multiple Insurance Policies					8,870
Ocwen | Ocwen filings, Narrowed Scope
Loss Contingencies [Line Items]
Insurance Certificates Whose Scopes Were Narrowed as a Result of the Confidential Agreement				2,500
Nationstar | Insurance coverage decisions
Loss Contingencies [Line Items]
Insurance Certificates Issued Under Multiple Insurance Policies		1,704	3,014
Nationstar | Insurance premium refunds
Loss Contingencies [Line Items]
Insurance Certificates Issued Under Multiple Insurance Policies			2,231

Note 12 - Commitments and Con_4

Note 12 - Commitments and Contingencies Lease Liability (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020		Mar. 31, 2019	Dec. 31, 2019
Operating Lease, Cost		$ 2,244		$ 2,319
Short-term Lease, Cost		11		23
Lease, Cost		2,255		2,342
Operating cash flows from operating leases		(2,574)		$ (2,637)
Operating Lease, Right-of-Use Asset		35,837	[1]		$ 37,866
Operating lease liabilities	[2]	$ 57,097
Weighted-average remaining lease term - operating leases (in years)		9 years 9 months 18 days
Weighted-average discount rate - operating leases		6.81%
Remaining maturities of lease liabilities for 2020		$ 7,567
Remaining maturities of lease liabilities for 2021		9,299
Remaining maturities of lease liabilities for 2022		9,474
Remaining maturities of lease liabilities for 2023		9,593
Remaining maturities of lease liabilities for 2024		9,316
Remaining maturities of lease liabilities for 2025 and thereafter		44,350
Total lease payments		89,599
Less: Imputed interest		$ (32,502)
Minimum
Lessee, Operating Lease, Discount Rate		4.22%
Maximum
Lessee, Operating Lease, Discount Rate		7.08%
[1]	Classified in other assets in our condensed consolidated balance sheets. See Note 8 .
[2]	Classified in other liabilities in our condensed consolidated balance sheets.

Note 13 - Capital Stock Share R

Note 13 - Capital Stock Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Feb. 13, 2020	Aug. 14, 2019
3Q19 Repurchase Program
Capital Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 200
1Q20 Repurchase Program
Capital Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 275
Total of 3Q19 and 1Q20 Repurchase Programs
Capital Stock [Line Items]
Stock Repurchase Program, Authorized Amount		$ 475
Stock Repurchased During Period, Shares	11,036,248
Accelerated Share Repurchases, Final Price Paid Per Share	$ 20.51
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 198.9

Note 13 - Capital Stock Dividen

Note 13 - Capital Stock Dividends Paid (Details) - $ / shares	Feb. 13, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Equity [Abstract]
Common Stock, Dividends, Per Share, Announced	$ 0.125
Common Stock, Dividends, Per Share, Declared		$ 0.1250	$ 0.0025	$ 0.0025	$ 0.0025	$ 0.0025

Note 14 - Accumulated Other C_3

Note 14 - Accumulated Other Comprehensive Income (Loss) Rollforward of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Other Comprehensive Income, Net of Tax [Abstract]
AOCI, Net of Tax, Balance at beginning of period		$ 110,488
Unrealized holding gains (losses) arising during the period		(72,293)	$ 78,023
Less: Reclassification adjustment for net gains (losses) included in net income (loss)		8,394	(391)
Other comprehensive income (loss), net of tax		(80,687)	78,414
AOCI, Net of Tax, Balance at end of period		29,801
Other Comprehensive Income
Other Comprehensive Income, before Tax [Abstract]
AOCI before Tax, Balance at beginning of period		139,858	(77,114)
Unrealized holding gains (losses) arising during the period		(91,511)	98,763
Less: Reclassification adjustment for net gains (losses) included in net income	[1]	10,625	(495)
Net unrealized gains (losses) on investments		(102,136)	99,258
Other comprehensive income (loss)		(102,136)	99,258
AOCI before Tax, Balance at end of period		37,722	22,144
Other Comprehensive Income, Tax [Abstract]
AOCI, Tax, Balance at beginning of period		29,370	(16,194)
Unrealized holding gains (losses) arising during the period		(19,218)	20,740
Less: Reclassification adjustment for net gains (losses) included in net income	[1]	2,231	(104)
Net unrealized gains (losses) on investments		(21,449)	20,844
Other comprehensive income (loss)		(21,449)	20,844
AOCI Tax, Balance at end of period		7,921	4,650
Other Comprehensive Income, Net of Tax [Abstract]
AOCI, Net of Tax, Balance at beginning of period		110,488	(60,920)
Unrealized holding gains (losses) arising during the period		(72,293)	78,023
Less: Reclassification adjustment for net gains (losses) included in net income (loss)	[1]	8,394	(391)
Net unrealized gains (losses) on investments		(80,687)	78,414
Other comprehensive income (loss), net of tax		(80,687)	78,414
AOCI, Net of Tax, Balance at end of period		$ 29,801	$ 17,494
[1]	Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations.

Note 15 - Statutory Informati_3

Note 15 - Statutory Information Statutory Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Consolidated insurance subsidiaries
Statutory Accounting Practices [Line Items]
Restricted Net Assets Held by Consolidated Subsidiaries		$ 4,000
Radian Reinsurance
Statutory Accounting Practices [Line Items]
Risk In Force	$ 6,000
Return of capital	465
Radian Group Inc.
Statutory Accounting Practices [Line Items]
Marketable Securities	200
Radian Guaranty
Statutory Accounting Practices [Line Items]
Surplus Note	$ 200	$ 300	$ 100
Related Party Transaction, Rate	3.00%
Surplus Note, Notice of Redemption Period	30 days

Note 15 - Statutory Informati_4

Note 15 - Statutory Information Risk To Capital Calculation (Details) $ in Millions		3 Months Ended
		Mar. 31, 2020USD ($)	Jan. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Radian Guaranty
Risk to Capital Line Items [Line Items]
RIF, net	[1]	$ 49,820.3		$ 44,076.7
Common stock and paid-in capital		1,041		1,041
Surplus Note		300	$ 200	100
Unassigned earnings (deficit)		(819.8)		(503.3)
Statutory policyholders’ surplus		521.2		637.7
Contingency reserve		3,089.6		2,607.8
Statutory capital		$ 3,610.8		$ 3,245.5
Risk-to-capital		13.8		13.6
Increase (decrease) in Statutory Capital and Surplus		$ 365.3
Statutory Net Income (Loss)		195.5
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments		$ 0
Consolidated insurance subsidiaries
Risk to Capital Line Items [Line Items]
Risk-to-capital		12.4		12.3
[1]	Excludes risk ceded through all reinsurance programs (including with affiliates) and RIF on defaulted loans.