Document and Entity Information
Document and Entity Information Document - $ / shares | 6 Months Ended | ||
Jun. 30, 2021 | Aug. 04, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-11356 | ||
Entity Registrant Name | Radian Group Inc | ||
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 | ||
City Area Code | 215 | ||
Local Phone Number | 231-1000 | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | RDN | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 185,557,493 | ||
Entity Incorporation, State or Country Code | DE | ||
Security Exchange Name | NYSE | ||
Entity Central Index Key | 0000890926 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Parent Company | |||
Document Information [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) Statement - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Fixed-maturities available for sale—at fair value, net of allowance for credit losses of $0 and $948 (amortized cost of $5,349,405 and $5,393,623) | $ 5,572,813 | $ 5,723,340 |
Trading securities—at fair value (amortized cost of $241,657 and $260,773) | 267,980 | 290,885 |
Equity securities—at fair value (cost of $160,224 and $145,501) | 175,147 | 151,240 |
Short-term investments—at fair value (includes $32,435 and $15,587 of reinvested cash collateral held under securities lending agreements) | 662,095 | 618,004 |
Other invested assets—at fair value | 3,624 | 4,973 |
Investments, Total | 6,681,659 | 6,788,442 |
Cash | 134,939 | 87,915 |
Restricted cash | 2,968 | 6,231 |
Accrued investment income | 32,223 | 34,047 |
Accounts and notes receivable | 153,128 | 121,294 |
Reinsurance recoverables | 75,411 | 73,202 |
Deferred policy acquisition costs | 17,873 | 18,305 |
Property and equipment, net | 74,288 | 80,457 |
Goodwill and other acquired intangible assets, net (Note 7) | 21,318 | 23,043 |
Other assets (Note 9) | 815,261 | 715,085 |
Assets, Total | 8,009,068 | 7,948,021 |
Liabilities and Stockholders’ Equity | ||
Unearned premiums | 373,031 | 448,791 |
Reserve for losses and LAE (Note 11) | 885,498 | 848,413 |
Senior notes (Note 12) | 1,407,545 | 1,405,674 |
FHLB advances (Note 12) | 153,983 | 176,483 |
Reinsurance funds withheld | 285,406 | 278,555 |
Net deferred tax liability (Note 10) | 266,330 | 213,897 |
Other Liabilities | 303,442 | 291,855 |
Total liabilities | 3,675,235 | 3,663,668 |
Stockholders’ equity | ||
Common stock: par value $0.001 per share; 485,000 shares authorized at June 30, 2021 and December 31, 2020; 207,250 and 210,130 shares issued at June 30, 2021 and December 31, 2020, respectively; 188,290 and 191,606 shares outstanding at June 30, 2021 and December 31, 2020, respectively | 207 | 210 |
Treasury stock, at cost: 18,960 and 18,524 shares at June 30, 2021 and December 31, 2020, respectively | (920,225) | (910,115) |
Additional paid-in capital | 2,161,857 | 2,245,897 |
Retained earnings | 2,913,138 | 2,684,636 |
Accumulated other comprehensive income (loss) (Note 15) | 178,856 | 263,725 |
Total stockholders’ equity | 4,333,833 | 4,284,353 |
Total liabilities and stockholders’ equity | 8,009,068 | 7,948,021 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 948 |
Fixed-maturities available for sale—at amortized cost | 5,349,405 | 5,393,623 |
Debt Securities, Trading, Amortized Cost | 241,657 | 260,773 |
Equity Securities, FV-NI, Cost | 160,224 | 145,501 |
Reinvested Cash Collateral Held Under Securities Lending Agreements | 32,435 | 15,587 |
Reinsurance Recoverables, Paid Losses | $ 7 | $ 32 |
Parent Company | ||
Stockholders’ equity | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 485,000,000 | 485,000,000 |
Common Stock, Shares, Issued | 207,250,000 | 210,130,000 |
Common Stock, Shares, Outstanding | 188,290,000 | 191,606,000 |
Treasury Stock, Shares | 18,960,000 | 18,524,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Net premiums earned (Note 8) | $ 254,756 | $ 249,295 | $ 526,628 | $ 526,710 |
Services revenue (Note 4) | 29,464 | 28,075 | 52,359 | 60,002 |
Net investment income | 36,291 | 38,723 | 74,542 | 79,667 |
Net gains (losses) on investments and other financial instruments | 15,661 | 47,276 | 10,480 | 25,249 |
Other income | 822 | 1,072 | 1,798 | 1,894 |
Total revenues | 336,994 | 364,441 | 665,807 | 693,522 |
Expenses | ||||
Provision for losses | 3,648 | 304,418 | 49,791 | 340,369 |
Policy acquisition costs | 4,838 | 6,015 | 13,834 | 13,428 |
Cost of Services | 24,615 | 17,972 | 44,861 | 40,113 |
Other operating expenses | 86,469 | 60,582 | 156,731 | 129,692 |
Interest expense | 21,065 | 16,699 | 42,180 | 28,893 |
Amortization and impairment of other acquired intangible assets | 863 | 979 | 1,725 | 1,958 |
Total expenses | 141,498 | 406,665 | 309,122 | 554,453 |
Consolidated pretax income (loss) | 195,496 | (42,224) | 356,685 | 139,069 |
Income tax provision (benefit) | 40,290 | (12,273) | 75,871 | 28,559 |
Net income (loss) | $ 155,206 | $ (29,951) | $ 280,814 | $ 110,510 |
Earnings Per Share, Basic [Abstract] | ||||
Basic net income (loss) per share | $ 0.80 | $ (0.15) | $ 1.45 | $ 0.56 |
Earnings Per Share, Diluted [Abstract] | ||||
Diluted net income (loss) per share | $ 0.80 | $ (0.15) | $ 1.44 | $ 0.56 |
Weighted-average number of common shares outstanding—basic | 193,436 | 193,299 | 193,692 | 197,545 |
Weighted-average number of common and common equivalent shares outstanding—diluted | 194,638 | 193,299 | 194,986 | 198,746 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 155,206 | $ (29,951) | $ 280,814 | $ 110,510 |
Other comprehensive income (loss), net of tax (Note 15) | ||||
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized | 64,477 | 185,056 | (82,892) | 112,763 |
Net realized gains (losses) on disposals and non-credit related impairment losses | 1,876 | 4,894 | 1,252 | 13,288 |
Net decrease (increase) in expected credit losses | 480 | (2,198) | 725 | (2,198) |
Other comprehensive income (loss), net of tax | 62,121 | 182,360 | (84,869) | 101,673 |
Comprehensive income | $ 217,327 | $ 152,409 | $ 195,945 | $ 212,183 |
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, 2019 | $ 219 | $ (901,657) | $ 2,449,884 | $ 2,389,789 | $ 110,488 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under incentive and benefit plans | 2 | 2,271 | |||||
Stock Repurchased During Period, Value | (11) | (226,294) | |||||
Repurchases of common stock under incentive plans | (8,081) | ||||||
Share-based compensation | 7,088 | ||||||
Net income (loss) | $ 110,510 | 110,510 | |||||
Dividends and dividend equivalents declared | (49,876) | ||||||
Net unrealized gains (losses) on investments, net of tax | 101,673 | ||||||
Balance, end of period at Jun. 30, 2020 | $ 3,986,005 | 210 | (909,738) | 2,232,949 | 2,450,423 | 212,161 | |
Balance, beginning of period at Mar. 31, 2020 | 208 | (902,024) | 2,231,670 | 2,504,853 | 29,801 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under incentive and benefit plans | 2 | 36 | |||||
Stock Repurchased During Period, Value | 0 | 0 | |||||
Repurchases of common stock under incentive plans | (7,714) | ||||||
Share-based compensation | 1,243 | ||||||
Net income (loss) | (29,951) | (29,951) | |||||
Dividends and dividend equivalents declared | (24,479) | ||||||
Net unrealized gains (losses) on investments, net of tax | 182,360 | ||||||
Balance, end of period at Jun. 30, 2020 | 3,986,005 | 210 | (909,738) | 2,232,949 | 2,450,423 | 212,161 | |
Balance, beginning of period at Dec. 31, 2020 | 4,284,353 | 210 | (910,115) | 2,245,897 | 2,684,636 | 263,725 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under incentive and benefit plans | 1 | 1,937 | |||||
Stock Repurchased During Period, Value | (4) | (98,691) | |||||
Repurchases of common stock under incentive plans | (10,110) | ||||||
Share-based compensation | 12,714 | ||||||
Net income (loss) | 280,814 | 280,814 | |||||
Dividends and dividend equivalents declared | (52,312) | ||||||
Net unrealized gains (losses) on investments, net of tax | (84,869) | ||||||
Balance, end of period at Jun. 30, 2021 | 4,333,833 | 4,333,833 | 207 | (920,225) | 2,161,857 | 2,913,138 | 178,856 |
Balance, beginning of period at Mar. 31, 2021 | 210 | (910,347) | 2,242,950 | 2,785,744 | 116,735 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under incentive and benefit plans | 1 | 770 | |||||
Stock Repurchased During Period, Value | (4) | (90,054) | |||||
Repurchases of common stock under incentive plans | (9,878) | ||||||
Share-based compensation | 8,191 | ||||||
Net income (loss) | 155,206 | 155,206 | |||||
Dividends and dividend equivalents declared | (27,812) | ||||||
Net unrealized gains (losses) on investments, net of tax | 62,121 | ||||||
Balance, end of period at Jun. 30, 2021 | $ 4,333,833 | $ 4,333,833 | $ 207 | $ (920,225) | $ 2,161,857 | $ 2,913,138 | $ 178,856 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income (Loss) (Note) | 6 Months Ended |
Jun. 30, 2021 | |
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. Rollforward of accumulated other comprehensive income Three Months Ended Six Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 147,766 $ 31,031 $ 116,735 $ 333,829 $ 70,104 $ 263,725 Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 81,617 17,140 64,477 (104,926) (22,034) (82,892) Less: Reclassification adjustment for net gains (losses) on investments included in net income (loss) (1) Net realized gains (losses) on disposals and non-credit related impairment losses 2,375 499 1,876 1,585 333 1,252 Net decrease (increase) in expected credit losses 608 128 480 918 193 725 Other comprehensive income (loss) 78,634 16,513 62,121 (107,429) (22,560) (84,869) Balance at end of period $ 226,400 $ 47,544 $ 178,856 $ 226,400 $ 47,544 $ 178,856 Three Months Ended Six Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 37,722 $ 7,921 $ 29,801 $ 139,858 $ 29,370 $ 110,488 Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 234,249 49,193 185,056 142,738 29,975 112,763 Less: Reclassification adjustment for net gains (losses) on investments included in net income (loss) (1) Net realized gains (losses) on disposals and non-credit related impairment losses 6,195 1,301 4,894 16,820 3,532 13,288 Net decrease (increase) in expected credit losses (2,782) (584) (2,198) (2,782) (584) (2,198) Other comprehensive income (loss) 230,836 48,476 182,360 128,700 27,027 101,673 Balance at end of period $ 268,558 $ 56,397 $ 212,161 $ 268,558 $ 56,397 $ 212,161 (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations. |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. Rollforward of accumulated other comprehensive income Three Months Ended Six Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 147,766 $ 31,031 $ 116,735 $ 333,829 $ 70,104 $ 263,725 Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 81,617 17,140 64,477 (104,926) (22,034) (82,892) Less: Reclassification adjustment for net gains (losses) on investments included in net income (loss) (1) Net realized gains (losses) on disposals and non-credit related impairment losses 2,375 499 1,876 1,585 333 1,252 Net decrease (increase) in expected credit losses 608 128 480 918 193 725 Other comprehensive income (loss) 78,634 16,513 62,121 (107,429) (22,560) (84,869) Balance at end of period $ 226,400 $ 47,544 $ 178,856 $ 226,400 $ 47,544 $ 178,856 Three Months Ended Six Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 37,722 $ 7,921 $ 29,801 $ 139,858 $ 29,370 $ 110,488 Other comprehensive income (loss) Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized 234,249 49,193 185,056 142,738 29,975 112,763 Less: Reclassification adjustment for net gains (losses) on investments included in net income (loss) (1) Net realized gains (losses) on disposals and non-credit related impairment losses 6,195 1,301 4,894 16,820 3,532 13,288 Net decrease (increase) in expected credit losses (2,782) (584) (2,198) (2,782) (584) (2,198) Other comprehensive income (loss) 230,836 48,476 182,360 128,700 27,027 101,673 Balance at end of period $ 268,558 $ 56,397 $ 212,161 $ 268,558 $ 56,397 $ 212,161 (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations. |
Note 11 - Losses and LAE - Rese
Note 11 - Losses and LAE - Reserve for Losses and LAE by Segment - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Reserve for losses and loss adjustment expense | $ 885,498 | $ 848,413 |
Mortgage insurance loss reserves | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Reserve for losses and loss adjustment expense | 880,763 | 844,107 |
Title insurance loss reserves | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Reserve for losses and loss adjustment expense | 4,735 | 4,306 |
First Lien Mortgage Insurance Products | Mortgage insurance loss reserves | Primary Case Reserves | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Reserve for losses and loss adjustment expense | $ 840,800 | $ 799,500 |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income (Loss) - Rollforward of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Comprehensive Income, Net of Tax [Abstract] | ||||
AOCI, Net of Tax, Balance at beginning of period | $ 263,725 | |||
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | $ 64,477 | $ 185,056 | (82,892) | $ 112,763 |
Net realized gains (losses) on disposals and non-credit related impairment losses | 1,876 | 4,894 | 1,252 | 13,288 |
Net decrease (increase) in expected credit losses | 480 | (2,198) | 725 | (2,198) |
Other comprehensive income (loss), net of tax | 62,121 | 182,360 | (84,869) | 101,673 |
AOCI, Net of Tax, Balance at end of period | 178,856 | 178,856 | ||
Other Comprehensive Income | ||||
Other Comprehensive Income, before Tax [Abstract] | ||||
AOCI before Tax, Balance at beginning of period | 147,766 | 37,722 | 333,829 | 139,858 |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | 81,617 | 234,249 | (104,926) | 142,738 |
Net realized gains (losses) on disposals and non-credit related impairment losses | 2,375 | 6,195 | 1,585 | 16,820 |
Net decrease (increase) in expected credit losses | 608 | (2,782) | 918 | (2,782) |
Other comprehensive income (loss) | 78,634 | 230,836 | (107,429) | 128,700 |
AOCI before Tax, Balance at end of period | 226,400 | 268,558 | 226,400 | 268,558 |
Other Comprehensive Income, Tax [Abstract] | ||||
AOCI, Tax, Balance at beginning of period | 31,031 | 7,921 | 70,104 | 29,370 |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | 17,140 | 49,193 | (22,034) | 29,975 |
Net realized gains (losses) on disposals and non-credit related impairment losses | 499 | 1,301 | 333 | 3,532 |
Net decrease (increase) in expected credit losses | 128 | (584) | 193 | (584) |
Other comprehensive income (loss) | 16,513 | 48,476 | (22,560) | 27,027 |
AOCI Tax, Balance at end of period | 47,544 | 56,397 | 47,544 | 56,397 |
Other Comprehensive Income, Net of Tax [Abstract] | ||||
AOCI, Net of Tax, Balance at beginning of period | 116,735 | 29,801 | 263,725 | 110,488 |
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | 64,477 | 185,056 | (82,892) | 112,763 |
Net realized gains (losses) on disposals and non-credit related impairment losses | 1,876 | 4,894 | 1,252 | 13,288 |
Net decrease (increase) in expected credit losses | 480 | (2,198) | 725 | (2,198) |
Other comprehensive income (loss), net of tax | 62,121 | 182,360 | (84,869) | 101,673 |
AOCI, Net of Tax, Balance at end of period | $ 178,856 | $ 212,161 | $ 178,856 | $ 212,161 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Cash Provided by (Used in) Operating Activities | $ 275,896 | $ 305,291 |
Cash Flows from Investing Activities | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 329,072 | 735,154 |
Proceeds from Sales of Trading Securities | 7,952 | 11,602 |
Proceeds from Sales of Equity Securities | 4,440 | 75,793 |
Proceeds from Redemption of Fixed-Maturity Investments Available for sale | 619,265 | 271,477 |
Proceeds from Redemptions of Trading securities | 10,606 | 17,810 |
Purchases of Fixed-maturities Available-for-sale | (944,618) | (1,216,333) |
Purchases of Equity Securities | (61,235) | (65,427) |
Sales, Redemptions and (Purchases) of Short-term Investments, Net | (41,925) | (418,744) |
Payments for (Proceeds from) Other Investing Activities | 5,043 | 2,346 |
Proceeds from sale of subsidiary, net of cash sold | 0 | 16,481 |
Payments for (Proceeds from) Productive Assets | (4,993) | (10,594) |
Net cash provided by (used in) investing activities | (76,393) | (580,435) |
Cash Flows from Financing Activities | ||
Dividends and dividend equivalents paid | (52,036) | (49,301) |
Issuance of senior notes, net | 0 | 516,083 |
Issuance of common stock | 1,112 | 1,480 |
Repurchases of common shares | (98,695) | (226,305) |
Credit facility commitment fees paid | (471) | (1,754) |
Change in secured borrowings, net (with terms three months or less) | 4,348 | (17,535) |
Proceeds from secured borrowings (with terms greater than 3 months) | 32,000 | 106,960 |
Payments of secured borrowings (with terms greater than 3 months) | (42,000) | (66,013) |
Repayments of other borrowings | 0 | (79) |
Net cash provided by (used in) financing activities | (155,742) | 263,536 |
Increase (decrease) in cash and restricted cash | 43,761 | (11,608) |
Cash and restricted cash, beginning of period | 94,146 | 96,274 |
Cash and restricted cash, end of period | $ 137,907 | $ 84,666 |
Note 1 - Description of Busines
Note 1 - Description of Business (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Description of Business 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, SaaS and other real estate services. We have two reportable business segments—Mortgage and homegenius. Our homegenius segment was previously named “Real Estate” and during the second quarter of 2021 we renamed it “homegenius” to align with updates to our branding strategy for the segment’s products and services. 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, contract underwriting and fulfillment 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 and investors, as well as 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 $237.3 billion and $58.0 billion, respectively, as of June 30, 2021, compared to $246.1 billion and $60.7 billion, respectively, as of December 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 $434.7 million as of June 30, 2021 compared to $392.0 million as of December 31, 2020. The GSEs and state insurance regulators impose various capital and financial requirements on our mortgage 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 16 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 has led to an increase in mortgage defaults in our insured portfolio and a resulting increase in our Minimum Required Assets. homegenius Our homegenius segment is primarily a fee-for-service business that offers a broad array of products and services to market participants across the real estate value chain. Our homegenius products and services include title, valuation, asset management, SaaS and other real estate services offered primarily to mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents. These products and services help lenders, investors, consumers and real estate agents evaluate, manage, monitor, acquire and sell properties. These products and services include SaaS solutions and platforms, as well as managed services, such as real estate owned asset management, single family rental services and real estate valuation services. In addition, we provide title insurance and non-insurance title, closing and settlement services to mortgage lenders, GSEs and mortgage investors, as well as directly to consumers for residential mortgage loans. See Note 4 for additional information about our reportable segments and All Other business activities. 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, 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. The unprecedented and continually evolving 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, had a negative effect on our business and our financial results for the second quarter of 2020, and since then to a lesser extent. Specifically, and primarily as a result of an increase in the number of new defaults since the start of the pandemic, our financial results have included: (i) an increase in provision for losses and (ii) an increase in our Minimum Required Assets under the PMIERs. While the number of new defaults increased significantly during the second quarter of 2020, they have subsequently trended down. See Note 11 for additional information on our reserve for losses. We expect that certain future developments, such as anticipated increases in our claims paid once current foreclosure moratoriums are lifted, will have an adverse impact on aspects of our business in future periods. The long-term impact of the COVID-19 pandemic on our businesses will depend on, among other things: the extent and duration of the pandemic, the severity of illness and number of people infected with the virus and the acceptance and long-term effectiveness of anti-viral treatments and vaccines, especially as new strains of COVID-19 have emerged; the wider economic effects of the pandemic and the scope and duration of governmental and other third-party measures restricting day-to-day life and business operations; the impact of economic stimulus efforts to support the economy through the pandemic; and governmental and GSE programs implemented to assist borrowers experiencing a COVID-19-related hardship, including forbearance programs and suspensions of foreclosures and evictions. Although we are uncertain of the potential magnitude or duration of the business and economic impacts of the COVID-19 pandemic, these and other factors, including those discussed in our 2020 Form 10-K, could continue to have a material negative effect on the Company’s business, liquidity, results of operations and financial condition. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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 (loss) 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 2020 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 Note 1 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, including: (i) certain balance sheet line items now reported in other assets and (ii) certain segment reporting balances due to changes in the composition of our segments during 2020. 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 2020 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 2020 Form 10-K, other than described below in “—Recent Accounting Pronouncements—Accounting Standards Adopted During 2021.” Recent Accounting Pronouncements Accounting Standards Adopted During 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC Topic 740 in GAAP and clarifies certain aspects to promote consistency among reporting entities. We adopted this update effective January 1, 2021. The adoption of this update did not have an impact on our financial statements and disclosures. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. This update clarifies that, for each reporting period, to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess (i.e., the premium) should be amortized to the next call date. We adopted ASU 2020-08 on January 1, 2021 on a prospective basis. The adoption of this update did not have a material impact 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, 2022, 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 GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this update are optional and may be elected from the date of issuance through December 31, 2022, as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. |
Note 3 - Net Income (Loss) Per
Note 3 - Net Income (Loss) Per Share (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding, while diluted net income (loss) per share is computed by dividing net income (loss) 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 (loss) per share is as follows. Net income (loss) per share Three Months Ended Six Months Ended (In thousands, except per-share amounts) 2021 2020 2021 2020 Net income (loss)—basic and diluted $ 155,206 $ (29,951) $ 280,814 $ 110,510 Average common shares outstanding—basic 193,436 193,299 193,692 197,545 Dilutive effect of share-based compensation arrangements (1) 1,202 — 1,294 1,201 Adjusted average common shares outstanding—diluted 194,638 193,299 194,986 198,746 Net income (loss) per share: Basic $ 0.80 $ (0.15) $ 1.45 $ 0.56 Diluted $ 0.80 $ (0.15) $ 1.44 $ 0.56 (1) There were no dilutive shares for the three months ended June 30, 2020, as a result of our net loss for the period. The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income (loss) per share because they are anti-dilutive. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Shares of common stock equivalents — 2,295 — 1,213 |
Note 4 - Segment Reporting (Not
Note 4 - Segment Reporting (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We have two strategic business units that we manage separately—Mortgage and homegenius. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting and fulfillment solutions provided to mortgage lending institutions and mortgage credit investors. Our homegenius segment offers a broad array of title, valuation, asset management, SaaS and other real estate services to mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents. In addition, we report as All Other activities that include: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; (iii) for all periods through its sale in January 2020, income and expenses related to Clayton; (iv) for all periods presented, the income and expenses related to our traditional appraisal services, which we wound down beginning in the fourth quarter of 2020; and (v) certain other immaterial revenue and expense items. As described in Note 4 of Notes to Consolidated Financial Statements in our 2020 Form 10-K, we implemented several changes to our segment reporting in 2020, including related to the wind down of our traditional appraisal business announced in the fourth quarter of 2020. All changes to the composition of our segment reporting have been reflected in our segment operating results for all periods presented. During the second quarter of 2021, our Real Estate segment was renamed “homegenius” to align with updates to our branding strategy for the segment’s products and services. The homegenius segment name change had no impact on the composition of our segments or on our previously reported historical financial position, results of operations, cash flow or segment level results. 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 homegenius segment, which are reviewed as part of our annual goodwill impairment assessment, we do not manage assets by segment. See Note 1 for additional details about our Mortgage and homegenius businesses. Adjusted Pretax Operating Income (Loss) Our senior management, including our Chief Executive Officer (Radian’s 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 impairment of internal-use software, gains (losses) from the sale of lines of business and acquisition-related income and expenses. See Note 4 of Notes to Consolidated Financial Statements in our 2020 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). The reconciliation of adjusted pretax operating income (loss) for our reportable segments to consolidated pretax income (loss) is as follows. Reconciliation of adjusted pretax operating income (loss) by segment Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Adjusted pretax operating income (loss) Mortgage $ 191,462 $ (85,821) $ 365,749 $ 119,846 homegenius (9,198) (3,909) (19,651) (7,062) Total adjusted pretax operating income (loss) for reportable segments (1) 182,264 (89,730) 346,098 112,784 All Other adjusted pretax operating income (loss) 2,455 1,231 5,937 3,316 Net gains (losses) on investments and other financial instruments 15,661 47,276 10,480 25,249 Amortization and impairment of other acquired intangible assets (863) (979) (1,725) (1,958) Impairment of other long-lived assets and other non-operating items (4,021) (22) (4,105) (322) Consolidated pretax income (loss) $ 195,496 $ (42,224) $ 356,685 $ 139,069 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Mortgage Allocated corporate operating expenses $ 33,000 $ 25,359 $ 60,884 $ 54,573 Depreciation expense 1,660 2,656 3,470 5,926 homegenius Allocated corporate operating expenses $ 4,721 $ 2,823 $ 8,717 $ 6,190 Depreciation expense 491 719 945 1,329 Revenue The reconciliation of revenue for our reportable segments to consolidated revenues is as follows. Reconciliation of revenues by segment Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Revenues Mortgage (1) $ 284,301 $ 286,943 $ 588,098 $ 602,027 homegenius (2) 33,451 22,548 59,246 49,073 Total revenues for reportable segments 317,752 309,491 647,344 651,100 All Other revenues (1) 3,643 7,537 8,104 17,228 Net gains (losses) on investments and other financial instruments 15,661 47,276 10,480 25,249 Other non-operating revenue — 247 — 247 Elimination of inter-segment revenues (62) (110) (121) (302) Total revenues $ 336,994 $ 364,441 $ 665,807 $ 693,522 (1) Includes immaterial inter-segment revenues for the three and six months ended June 30, 2020. (2) Includes immaterial inter-segment revenues for the three and six months ended June 30, 2021 and 2020. 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. Services revenue Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 homegenius services Title services $ 9,399 $ 6,021 $ 17,456 $ 12,586 Asset management services 6,824 6,036 11,438 14,896 Valuation services 8,494 3,837 13,380 10,018 SaaS 909 1,099 1,829 1,981 Other real estate services 62 586 76 1,239 Mortgage services 3,732 3,918 8,083 7,051 All Other services (1) 44 6,578 97 12,231 Total services revenue $ 29,464 $ 28,075 $ 52,359 $ 60,002 (1) Includes services revenue from Clayton prior to its sale in January 2020 and amounts related to our traditional appraisal business, which we wound down beginning in the fourth quarter of 2020. |
Note 5 - Fair Value of Financia
Note 5 - Fair Value of Financial Instruments (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsFor 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 2020 Form 10-K. The following tables include a list of assets that are measured at fair value by hierarchy level as of June 30, 2021 and December 31, 2020. Assets carried at fair value by hierarchy level June 30, 2021 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 178,709 $ 29,954 $ — $ 208,663 State and municipal obligations — 157,944 — 157,944 Corporate bonds and notes — 2,970,142 — 2,970,142 RMBS — 719,840 — 719,840 CMBS — 714,671 — 714,671 CLO — 521,153 — 521,153 Other ABS — 226,968 — 226,968 Foreign government and agency securities — 5,399 — 5,399 Mortgage insurance-linked notes (1) — 48,033 — 48,033 Total fixed-maturities available for sale 178,709 5,394,104 — 5,572,813 Trading securities State and municipal obligations — 101,454 — 101,454 Corporate bonds and notes — 121,377 — 121,377 RMBS — 11,134 — 11,134 CMBS — 34,015 — 34,015 Total trading securities — 267,980 — 267,980 Equity securities 167,610 7,537 — 175,147 Short-term investments U.S. government and agency securities 21,997 — — 21,997 State and municipal obligations — 15,940 — 15,940 Money market instruments 406,808 — — 406,808 Corporate bonds and notes — 19,931 — 19,931 CMBS — 4,780 — 4,780 Other ABS — 431 — 431 Other investments (2) — 192,208 — 192,208 Total short-term investments 428,805 233,290 — 662,095 Other invested assets (3) — — 3,000 3,000 Total investments at fair value (3) 775,124 5,902,911 3,000 6,681,035 Other Embedded derivatives (4) — — 5,905 5,905 Loaned securities (5) U.S. government and agency securities 5,550 — — 5,550 Corporate bonds and notes — 95,318 — 95,318 Equity securities 29,982 — — 29,982 Total assets at fair value (3) $ 810,656 $ 5,998,229 $ 8,905 $ 6,817,790 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs. (2) Comprising short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $0.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (5) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. Assets carried at fair value by hierarchy level December 31, 2020 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 140,034 $ 29,189 $ — $ 169,223 State and municipal obligations — 165,271 — 165,271 Corporate bonds and notes — 3,047,189 — 3,047,189 RMBS — 833,939 — 833,939 CMBS — 681,265 — 681,265 CLO — 568,558 — 568,558 Other ABS — 252,457 — 252,457 Foreign government and agency securities — 5,438 — 5,438 Total fixed-maturities available for sale 140,034 5,583,306 — 5,723,340 Trading securities State and municipal obligations — 120,449 — 120,449 Corporate bonds and notes — 123,142 — 123,142 RMBS — 13,000 — 13,000 CMBS — 34,294 — 34,294 Total trading securities — 290,885 — 290,885 Equity securities 142,761 8,479 — 151,240 Short-term investments State and municipal obligations — 21,819 — 21,819 Money market instruments 268,900 — — 268,900 Corporate bonds and notes — 30,495 — 30,495 Other ABS — 219 — 219 Other investments (1) — 296,571 — 296,571 Total short-term investments 268,900 349,104 — 618,004 Other invested assets (2) — — 3,000 3,000 Total investments at fair value (2) 551,695 6,231,774 3,000 6,786,469 Other Embedded derivatives (3) — — 5,513 5,513 Loaned securities (4) U.S. government and agency securities 4,876 — — 4,876 Corporate bonds and notes — 31,324 — 31,324 Equity securities 21,299 — — 21,299 Total assets at fair value (2) $ 577,870 $ 6,263,098 $ 8,513 $ 6,849,481 (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (3) Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (4) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. There were no transfers to or from Level III for the three and six months ended June 30, 2021 or the year ended December 31, 2020. 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 and six months ended June 30, 2021 and the year ended December 31, 2020. 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. Financial liabilities not carried at fair value June 30, 2021 December 31, 2020 (In thousands) Carrying Estimated Carrying Estimated Senior notes $ 1,407,545 $ 1,563,796 $ 1,405,674 $ 1,563,503 FHLB advances 153,983 156,116 176,483 179,578 The fair value of our senior notes is estimated based on 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 12 for further information about these borrowings. |
Note 6 - Investments (Note)
Note 6 - Investments (Note) | 6 Months Ended |
Jun. 30, 2021 | |
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. Available for sale securities June 30, 2021 (In thousands) Amortized Allowance for Credit Losses Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 213,954 $ — $ 1,161 $ (902) $ 214,213 State and municipal obligations 141,431 — 16,635 (122) 157,944 Corporate bonds and notes 2,909,453 — 175,493 (19,486) 3,065,460 RMBS 701,664 — 21,478 (3,302) 719,840 CMBS 685,595 — 31,437 (2,361) 714,671 CLO 519,909 — 1,851 (607) 521,153 Other ABS 225,012 — 2,190 (234) 226,968 Foreign government and agency securities 5,105 — 294 — 5,399 Mortgage insurance-linked notes (1) 45,384 — 2,649 — 48,033 Total securities available for sale, including loaned securities 5,447,507 $ — $ 253,188 $ (27,014) 5,673,681 Less: loaned securities (2) 98,102 100,868 Total fixed-maturities available for sale $ 5,349,405 $ 5,572,813 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs. (2) Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements. Available for sale securities December 31, 2020 (In thousands) Amortized Allowance for Credit Losses Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 176,033 $ — $ 1,677 $ (3,611) $ 174,099 State and municipal obligations 149,258 — 16,113 (100) 165,271 Corporate bonds and notes 2,832,350 (948) 250,771 (3,758) 3,078,415 RMBS 799,814 — 34,439 (314) 833,939 CMBS 645,071 — 39,495 (3,301) 681,265 CLO 569,173 — 2,026 (2,641) 568,558 Other ABS 249,988 — 2,901 (432) 252,457 Foreign government and agency securities 5,100 — 338 — 5,438 Total securities available for sale, including loaned securities 5,426,787 $ (948) $ 347,760 $ (14,157) 5,759,442 Less: loaned securities (1) 33,164 36,102 Total fixed-maturities available for sale $ 5,393,623 $ 5,723,340 (1) Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements. The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated. Rollforward of allowance for credit losses on fixed-maturities available for sale Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Beginning balance $ 638 $ — $ 948 $ — Current provision for securities without prior allowance — 2,782 — 2,782 Net increases (decreases) in allowance on previously impaired securities (608) — (918) — Reduction for securities sold (30) (306) (30) (306) Ending balance $ — $ 2,476 $ — $ 2,476 Gross Unrealized Losses and Related Fair Value of Available for Sale Securities For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, 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 June 30, 2021 and December 31, 2020 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time June 30, 2021 ($ in thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities # of Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized U.S. government and agency securities 6 $ 59,708 $ (902) — $ — $ — 6 $ 59,708 $ (902) State and municipal obligations 8 10,034 (122) — — — 8 10,034 (122) Corporate bonds and notes 174 684,401 (19,380) 1 2,626 (106) 175 687,027 (19,486) RMBS 35 260,712 (3,292) 2 803 (10) 37 261,515 (3,302) CMBS 49 106,289 (1,280) 16 35,577 (1,081) 65 141,866 (2,361) CLO 43 151,791 (242) 16 76,845 (365) 59 228,636 (607) Other ABS 45 93,360 (210) 1 677 (24) 46 94,037 (234) Total 360 $ 1,366,295 $ (25,428) 36 $ 116,528 $ (1,586) 396 $ 1,482,823 $ (27,014) December 31, 2020 ($ in thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities # of Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized U.S. government and agency securities 4 $ 90,591 $ (3,611) — $ — $ — 4 $ 90,591 $ (3,611) State and municipal obligations 4 9,626 (100) — — — 4 9,626 (100) Corporate bonds and notes 60 174,848 (3,758) — — — 60 174,848 (3,758) RMBS 5 42,003 (305) 2 915 (9) 7 42,918 (314) CMBS 43 118,345 (3,035) 6 8,312 (266) 49 126,657 (3,301) CLO 52 173,459 (970) 25 137,506 (1,671) 77 310,965 (2,641) Other ABS 26 70,759 (322) 3 12,119 (110) 29 82,878 (432) Total 194 $ 679,631 $ (12,101) 36 $ 158,852 $ (2,056) 230 $ 838,483 $ (14,157) See “Net Gains (Losses) on Investments” below for additional details on our net gains (losses) on investments, including the changes in the allowance for credit losses on fixed maturities available for sale and other impairments due to our intent to sell securities in an unrealized loss position. See Note 2 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for information regarding our accounting policy for impairments. 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 6 includes these securities. See Note 5 for additional detail on the loaned securities, and see Note 6 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder. All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $102.0 million and $43.3 million as of June 30, 2021 and December 31, 2020, 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 the following. Net gains (losses) on investments Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net realized gains (losses) Fixed-maturities available for sale (1) $ 2,376 $ 6,974 $ 1,586 $ 18,221 Trading securities (112) (45) 391 4 Equity securities (227) 51 (227) 361 Other investments 2,229 44 2,334 77 Net realized gains (losses) on investments 4,266 7,024 4,084 18,663 Impairment losses due to intent to sell — (779) — (1,401) Net decrease (increase) in expected credit losses 608 (2,782) 918 (2,782) Net unrealized gains (losses) on investments 8,036 24,948 5,517 (1,897) Total net gains (losses) on investments $ 12,910 $ 28,411 $ 10,519 $ 12,583 (1) Components of net realized gains (losses) on fixed-maturities available for sale include the following. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Gross investment gains from sales and redemptions $ 9,597 $ 8,304 $ 13,714 $ 20,203 Gross investment losses from sales and redemptions (7,221) (1,330) (12,128) (1,982) The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows. Net changes in unrealized gains (losses) on investments still held Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net unrealized gains (losses) on investments still held Trading securities $ 4,601 $ 13,790 $ (3,448) $ 11,131 Equity securities 5,140 10,443 9,983 (12,612) Other investments 178 (201) 1,062 471 Net unrealized gains (losses) on investments still held $ 9,919 $ 24,032 $ 7,597 $ (1,010) Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale June 30, 2021 Available for Sale (In thousands) Amortized Fair Due in one year or less $ 187,546 $ 189,292 Due after one year through five years (1) 1,130,214 1,182,709 Due after five years through 10 years (1) 1,242,012 1,308,582 Due after 10 years (1) 710,171 762,433 Asset-backed and mortgage-backed securities (2) 2,177,564 2,230,665 Total 5,447,507 5,673,681 Less: loaned securities 98,102 100,868 Total fixed-maturities available for sale $ 5,349,405 $ 5,572,813 (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date. Other For the three and six months ended June 30, 2021, 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 $18.1 million and $16.9 million at June 30, 2021 and December 31, 2020, 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 12 for additional information about our FHLB advances. |
Note 7 - Goodwill and Other Acq
Note 7 - Goodwill and Other Acquired Intangible Assets, Net (Note) | 6 Months Ended |
Jun. 30, 2021 | |
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 homegenius segment. There was no change to our goodwill balance of $9.8 million during the three and six months ended June 30, 2021. 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. Other acquired intangible assets June 30, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (33,090) $ 10,460 $ 43,550 $ (31,559) $ 11,991 Technology 8,285 (7,523) 762 8,285 (7,370) 915 Licenses 463 (169) 294 463 (128) 335 Total $ 52,298 $ (40,782) $ 11,516 $ 52,298 $ (39,057) $ 13,241 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 2020 Form 10-K. |
Note 8 - Reinsurance (Note)
Note 8 - Reinsurance (Note) | 6 Months Ended |
Jun. 30, 2021 | |
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 (loss) is as follows. Reinsurance impacts Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net premiums written Direct $ 248,849 $ 271,545 $ 509,468 $ 551,027 Assumed (1) 1,615 3,192 3,913 6,643 Ceded (2) (11,766) (43,580) (20,601) (63,123) Net premiums written $ 238,698 $ 231,157 $ 492,780 $ 494,547 Net premiums earned Direct $ 282,507 $ 315,305 $ 585,228 $ 616,559 Assumed (1) 1,615 3,197 3,913 6,653 Ceded (2) (29,366) (69,207) (62,513) (96,502) Net premiums earned $ 254,756 $ 249,295 $ 526,628 $ 526,710 Ceding commissions earned (3) $ 7,919 $ 13,453 $ 18,326 $ 23,419 Ceded losses (1,078) 39,635 2,668 41,597 (1) Primarily includes premiums from our participation in certain credit risk transfer programs. (2) Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverables. (3) Deferred ceding commissions of $43.6 million and $52.5 million are included in other liabilities on our condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, respectively. Single Premium QSR Program Radian Guaranty entered into each of the 2016 Single Premium QSR Agreement, 2018 Single 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 annually, provided that the loss ratio on the loans covered under the agreement generally remains below the applicable prescribed thresholds. Losses on the ceded risk up to 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, including if one or both of the GSEs no longer grant full PMIERs capital relief 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 Single Premium 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. Single Premium QSR Program 2020 Singles QSR 2018 Singles QSR 2016 Singles QSR NIW Policy Dates Jan 1, 2020-Dec 31, 2021 Jan 1, 2018-Dec 31, 2019 Jan 1, 2012-Dec 31, 2017 Effective Date January 1, 2020 January 1, 2018 January 1, 2016 Scheduled Termination Date December 31, 2031 December 31, 2029 December 31, 2027 Optional Termination Date January 1, 2024 January 1, 2022 January 1, 2020 Quota Share % 65% 65% 20% - 65% (1) Ceding Commission % 25% 25% 25% Profit Commission % Up to 56% Up to 56% Up to 55% (In millions) As of June 30, 2021 RIF Ceded $ 1,897 $ 1,465 $ 2,366 (In millions) As of December 31, 2020 RIF Ceded $ 1,597 $ 1,979 $ 3,071 (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 As of June 30, 2021, Radian Guaranty had entered into five 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 five reinsurance arrangements, the Eagle Re Issuers financed their coverage by issuing mortgage insurance-linked notes to eligible capital markets investors in unregistered private offerings. The aggregate excess-of-loss reinsurance coverage for these arrangements 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. Radian Guaranty has rights to terminate the reinsurance agreements upon the occurrence of certain events. Under each of the reinsurance agreements, 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, or triggers, are reached, including a delinquency trigger event based on an elevated level of delinquencies as defined in the related insurance-linked notes transaction agreements. With the exception of insurance-linked notes issued by Eagle Re 2020-2 Ltd and Eagle Re 2021-1 Ltd., the insurance-linked notes issued by the Eagle Re Issuers in connection with our Excess-of-Loss Program are currently subject to a delinquency trigger event, which was first reported to the insurance-linked note investors on June 25, 2020. For the insurance-linked notes that are subject to a delinquency trigger event, both the amortization of the outstanding reinsurance coverage amount pursuant to our reinsurance arrangements with the Eagle Re Issuers and the amortization of the principal amount of the related insurance-linked notes issued by the Eagle Re Issuers have been suspended and will continue to be suspended during the pendency of the trigger event. The following table sets forth additional details regarding the Excess-of-Loss Program as of June 30, 2021. Excess-of-Loss Program (In millions) Eagle Re Eagle Re Eagle Re Eagle Re Eagle Re Issued April 2021 October 2020 February 2020 April 2019 November 2018 NIW Policy Dates Aug 1, 2020- Oct 1, 2019- Jan 1, 2019- Jan 1, 2018- Jan 1, 2017- Initial RIF $ 11,061 $ 13,011 $ 9,866 $ 10,705 $ 9,109 Initial Coverage 498 (1) 390 488 562 434 (2) Initial First Layer Retention 221 423 202 268 205 (In millions) As of June 30, 2021 RIF $ 10,546 $ 9,516 $ 4,397 $ 3,289 $ 2,818 Remaining Coverage 498 285 488 385 276 (2) First Layer Retention 221 423 202 264 201 (In millions) As of December 31, 2020 RIF $ — $ 11,748 $ 6,121 $ 4,657 $ 3,986 Remaining Coverage — 390 488 385 276 (2) First Layer Retention — 423 202 265 201 (1) Radian Group purchased $45.4 million original principal amount of these mortgage insurance-linked notes, which are included in fixed-maturities available for sale on our condensed consolidated balance sheet at June 30, 2021. See Notes 5 and 6 for additional information. (2) Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty with both initial and remaining coverage of $21.4 million. 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 assets and liabilities of the Eagle Re Issuers in our 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 2020 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 (or an acceptable alternative to LIBOR) or SOFR, as applicable, 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 (or an acceptable alternative to LIBOR) or SOFR, as provided in each applicable reinsurance agreement, 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. Changes in the fair value of these embedded derivatives are recorded in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. See Note 5 herein and Note 5 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for more information on our fair value measurements of financial instruments, including our embedded derivatives. 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. The Eagle Re Issuers represent our only VIEs as of June 30, 2021 and December 31, 2020. The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total assets and liabilities of Eagle Re Issuers (1) (In thousands) June 30, December 31, Eagle Re 2021-1 Ltd. $ 497,735 $ — Eagle Re 2020-2 Ltd. 284,730 390,324 Eagle Re 2020-1 Ltd. 488,385 488,385 Eagle Re 2019-1 Ltd. 384,602 384,602 Eagle Re 2018-1 Ltd. 275,718 275,718 Total $ 1,931,170 $ 1,539,029 (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. Assets and liabilities are equal to each other for each of the Eagle Re Issuers. 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 r ecoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in reinsurance trusts was $197.8 million as of June 30, 2021, compared to $228.6 million as of December 31, 2020. 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 2020 Form 10-K for more information about our reinsurance transactions. |
Note 9 - Other Assets (Note)
Note 9 - Other Assets (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The following table shows the components of other assets as of the dates indicated. Other assets (In thousands) June 30, December 31, Prepaid federal income taxes (Note 10) $ 275,623 $ 210,889 Prepaid reinsurance premiums (1) 225,727 267,638 Loaned securities (Note 5) 130,850 57,499 Company-owned life insurance (2) 112,638 115,586 Right-of-use assets (Note 13) 34,662 32,985 Other 35,761 30,488 Total other assets $ 815,261 $ 715,085 (1) Relates to our Single Premium QSR Program. (2) We are the beneficiary of insurance policies on the lives of certain of our current and past officers and employees. The balances reported in other assets reflect the amounts that could be realized upon surrender of the insurance policies as of each respective date. Right-of-Use Assets We assess our various asset groups, which include right-of-use assets, for changes in grouping and for potential impairment when certain events occur or when there are changes in circumstances, including potential alternative uses. If circumstances require a change in asset groupings or a right-of-use asset to be tested for possible impairment, and the carrying value of the right-of-use asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. During the second quarter of 2021, in response to the COVID-19 pandemic and Radian’s successful transition to a virtual work environment, we made the decision to exit, and to actively market for sublease, all office space in our current corporate headquarters. As part of this change, we also entered into a new lease with reduced square footage at another Philadelphia area location, which upon opening we intend to designate as our new corporate headquarters location. Accordingly, during the three months ended June 30, 2021, we recognized an impairment of $3.5 million related to our current corporate headquarter leases, reducing the carrying value of certain lease assets and the related property and equipment to its estimated fair value. The right-of-use asset fair value was estimated using an income approach based on forecasted future cash flows expected to be derived from the property based on current sublease market rent, which could differ from actual results and require us to revise our initial estimates. Following this impairment, which was recorded within other operating expenses in our condensed consolidated statement of operations, the aggregate carrying value of the right-of-use assets and leasehold improvements related to the two corporate headquarter leases that we plan to sublease was $28.4 million as of June 30, 2021. |
Note 10 - Income Taxes (Note)
Note 10 - Income Taxes (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of June 30, 2021 and December 31, 2020, our current income tax liability was $18.1 million and $17.5 million, respectively, and is included as a component of 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 $80.7 million at June 30, 2021. 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 June 30, 2021 and December 31, 2020, we held $275.6 million and $210.9 million of these bonds, respectively, 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 net deferred tax liability. See Note 16 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional information about our U.S. Mortgage Guaranty Tax and Loss Bonds. For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2020 Form 10-K. |
Note 11 - Losses and LAE (Note)
Note 11 - Losses and LAE (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Insurance Loss Reserves [Abstract] | |
Losses and Loss Adjustment Expense | Losses and LAE Our reserve for losses and LAE, at the end of each period indicated, consisted of the following. Reserve for losses and LAE (In thousands) June 30, December 31, Mortgage insurance loss reserves (1) $ 880,763 $ 844,107 Title insurance loss reserves 4,735 4,306 Total reserve for losses and LAE $ 885,498 $ 848,413 (1) Primarily comprises first lien primary case reserves of $840.8 million and $799.5 million at June 30, 2021 and December 31, 2020, respectively. For the periods indicated, 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. Rollforward of mortgage insurance reserve for losses Six Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 844,107 $ 401,273 Less: Reinsurance recoverables (1) 71,769 14,594 Balance at beginning of period, net of reinsurance recoverables 772,338 386,679 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 85,807 356,555 Prior years (36,695) (17,223) Total incurred 49,112 339,332 Deduct: Paid claims and LAE related to: Current year (2) 246 1,594 Prior years 14,447 44,580 Total paid 14,693 46,174 Balance at end of period, net of reinsurance recoverables 806,757 679,837 Add: Reinsurance recoverables (1) 74,006 55,154 Balance at end of period $ 880,763 $ 734,991 (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 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 Case reserves established for new default notices were the primary driver of our total incurred losses for the six months ended June 30, 2021 and 2020, 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. For the six months ended June 30, 2021, we experienced a significant decrease in the number of new primary default notices, compared to the six months ended June 30, 2020, substantially all of which related to defaults subject to forbearance programs implemented in response to the COVID-19 pandemic. Our gross Default to Claim Rate assumption applied to new defaults was 8.0% as of June 30, 2021. Our provision for losses during the first six months of 2021 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated, resulting in a reduction from 8.5% to 8.0% in the Default to Claim Rate assumption for default notices reported between April and December 2020. See Note 1 for additional information on the elevated risks and uncertainties resulting from the COVID-19 pandemic to our business. Our gross Default to Claim Rate assumption applied to new defaults was 8.5% as of June 30, 2020. Our provision for losses during the first six months of 2020 was positively impacted by favorable reserve development on prior year defaults. This favorable development was primarily driven by a reduction in certain Default to Claim Rate assumptions for these prior year defaults based on observed trends, primarily due to higher Cures than previously estimated. Claims Paid Total claims paid decreased for the six months ended June 30, 2021 compared to the same period in 2020. Claims paid in 2021 include payments made to settle certain previously disclosed legal proceedings. See Note 13 for additional information about these legal proceedings. The decrease in claims paid is primarily attributable to COVID-19-related hardship forbearance plans and suspensions of foreclosure and evictions. 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 2020 Form 10-K. |
Note 12 - Borrowings and Financ
Note 12 - Borrowings and Financing Activities (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Senior Notes [Abstract] | |
Borrowings and Financing Activities | Borrowings and Financing Activities The carrying value of our debt at June 30, 2021 and December 31, 2020 was as follows. Borrowings (In thousands) June 30, December 31, Senior notes Senior Notes due 2024 $ 446,065 $ 445,512 Senior Notes due 2025 517,503 516,634 Senior Notes due 2027 443,977 443,528 Total senior notes $ 1,407,545 $ 1,405,674 FHLB advances FHLB advances due 2021 $ 13,000 $ 67,500 FHLB advances due 2022 61,050 61,050 FHLB advances due 2023 52,995 27,995 FHLB advances due 2024 13,954 9,954 FHLB advances due 2025 9,984 9,984 FHLB advances due 2027 3,000 — Total FHLB advances $ 153,983 $ 176,483 FHLB Advances As of June 30, 2021, we had $154.0 million of fixed-rate advances outstanding with a weighted average interest rate of 1.03%. 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 principal balance of the FHLB advances are required to be collateralized by eligible assets with a market value that must be maintained generally within a minimum range of 103% to 111% of the amount borrowed, depending on the type of assets pledged. Our fixed-maturities available for sale and trading securities include securities totaling $175.5 million and $188.0 million at June 30, 2021 and December 31, 2020, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2020 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, which has a maturity date of January 18, 2022. At June 30, 2021, 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 2020 Form 10-K. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings 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. Legal and regulatory matters such as discussed below and in our 2020 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 any currently pending or threatened 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 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 related to certain insurance coverage and premium refund decisions made by Radian Guaranty. Effective June 26, 2020, Radian Guaranty and Nationstar entered into a Confidential Settlement Agreement and Release (the “Nationstar Settlement”) to fully resolve, among other things, all claims and counterclaims in this litigation. Implementation of the Nationstar Settlement, which was subject to the condition precedent that the GSEs consent to the Nationstar Settlement, became effective on March 1, 2021, and the litigation was subsequently dismissed with prejudice. Pursuant to the Nationstar Settlement, among other things: (i) Radian made a cash settlement payment to Nationstar on March 5, 2021 and (ii) each party agreed to release the other with respect to all known or unknown claims with respect to the certificates subject to this litigation as well as with respect to all other certificates issued under certain policies on loans serviced by Nationstar for which Radian decided claims prior to January 1, 2019. See Note 13 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional background on this matter. The implementation of the Nationstar Settlement did not have a material impact on our mortgage insurance reserves for this proceeding. We also are periodically subject to reviews and audits, as well as inquiries, information-gathering requests and investigations, by regulatory entities. 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 Mortgage 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 operating lease liability was $56.0 million and $53.4 million as of June 30, 2021 and December 31, 2020, respectively, and is classified in other liabilities in our condensed consolidated balance sheets. See Note 9 for additional information on our operating lease right-of-use assets, including an impairment recognized in the second quarter of 2021 related to a decision to sublease the office space in our current corporate headquarters. |
Note 14 - Capital Stock (Note)
Note 14 - Capital Stock (Note) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital Stock Share Repurchase Activity 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 operated 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 from July 31, 2020 to August 31, 2021. In March 2021, the Company entered into a new 10b5-1 plan and resumed purchases under this program which had been temporarily suspended in March 2020 in response to the COVID-19 pandemic. During the three and six months ended June 30, 2021, the Company purchased 3,892,456 and 4,305,597 shares at an average price of $23.14 and $22.92 per share, respectively, including commissions. As of June 30, 2021, purchase authority of up to $100.2 million remained available under this program. During July, the Company purchased 2,808,658 shares of its common stock under its share repurchase program at an average price of $21.86 per share, including commissions. After giving consideration to these repurchases, purchase authority of up to $38.9 million remained available under this program. Other Purchases We may purchase shares on the open market to settle stock options exercised by employees and purchases under the Amended and Restated Radian Group Inc. 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 During the first quarter of 2021 and each quarter of 2020, we declared quarterly cash dividends on our common stock equal to $0.125 per share. On May 4, 2021, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.125 to $0.14 per share, beginning with the dividend declared in the second quarter of 2021. Share-Based and Other Compensation Programs During the second quarter of 2021, executive and non-executive officers were granted time-vested and performance-based RSUs to be settled in common stock. The maximum payout of performance-based RSUs at the end of the three-year performance period is 200% of a grantee’s target number of RSUs granted. The vesting of the performance-based RSUs granted to executive and non-executive officers is based upon the cumulative growth in Radian’s book value per share, adjusted for certain defined items, over a three-year performance period. Performance-based RSUs granted to executive officers are subject to a one-year post vesting holding period. The time-vested RSU awards granted to executive and non-executive officers in 2021 generally vest in pro rata installments on each of the first three anniversaries of the grant date. In addition, time-vested RSU awards were also granted to non-employee directors and generally are subject to one-year cliff vesting. See Note 17 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional information regarding the Company’s share-based and other compensation programs. Information with regard to RSUs to be settled in stock for periods indicated is as follows. Rollforward of RSUs Performance-Based Time-Vested Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Outstanding, December 31, 2020 (1) 2,186,244 $ 15.71 2,118,885 $ 13.16 Granted (2) 580,180 $ 20.40 461,339 $ 21.56 Performance adjustment (3) 421,357 $ — — $ — Vested (4) (811,578) $ 15.98 (438,825) $ 15.82 Forfeited (14,371) $ 16.80 (13,829) $ 16.13 Outstanding, June 30, 2021 (1) 2,361,832 $ 16.78 2,127,570 $ 14.41 (1) Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. The final number of RSUs distributed depends on the cumulative growth in Radian's book value over the respective three-year performance period and, with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes in vested RSUs. (2) For performance-based RSUs, number represents the number of target shares at grant date. (3) For performance-based RSUs, represents the difference between the number of target shares at grant date and the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods. (4) Represents amounts vested during the year, including the impact of performance adjustments for performance-based awards. |
Note 16 - Statutory Information
Note 16 - Statutory Information (Note) | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Statutory Information | Statutory Information Our insurance subsidiaries’ statutory net income for the year-to-date periods ended June 30, 2021 and 2020 and statutory policyholders’ surplus as of June 30, 2021 and December 31, 2020 were as follows. Statutory net income Six Months Ended June 30, (In thousands) 2021 2020 Radian Guaranty $ 348,307 $ 103,153 Radian Reinsurance 7,418 27,039 Other Mortgage Subsidiaries 629 378 Radian Title Insurance 2,623 843 Statutory policyholders’ surplus (In thousands) June 30, December 31, Radian Guaranty $ 595,981 $ 481,484 Radian Reinsurance 364,783 360,704 Other Mortgage Subsidiaries 42,331 41,327 Radian Title Insurance 31,627 28,849 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 June 30, 2021, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.6 billion of our consolidated net assets. In light of Radian Guaranty’s negative unassigned surplus related to operating losses in prior periods and the ongoing need to set aside contingency reserves, which totaled $3.6 billion as of June 30, 2021, we do not anticipate that Radian Guaranty will be permitted under applicable insurance laws to pay ordinary dividends or other distributions to Radian Group for the foreseeable future without the prior approval from the Pennsylvania Insurance Department. Under state insurance regulations, Radian Guaranty is required to maintain minimum surplus levels and, in certain states, a maximum ratio of net RIF relative to statutory capital, or Risk-to-capital. There are 16 RBC States that currently impose a Statutory RBC Requirement. The most common Statutory RBC Requirement is that a mortgage insurer’s Risk-to-capital may not exceed 25 to 1. In certain of the RBC States, a mortgage insurer must satisfy a MPP Requirement. Radian Guaranty was in compliance with all applicable Statutory RBC Requirements and MPP Requirements in each of the RBC States as of June 30, 2021. Radian Guaranty’s Risk-to-capital was 11.4 :1 and 12.7:1 as of June 30, 2021 and December 31, 2020, respectively. 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. Our other mortgage insurance and title insurance subsidiaries were also in compliance with all statutory and counterparty capital requirements as of June 30, 2021. 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 June 30, 2021, 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 have subjected Radian Guaranty to an increase in Minimum Required Assets under the PMIERs, and if these continue or increase, would continue to negatively impact our results of operations and could impact our compliance with the PMIERs. See Note 1 for discussion about the elevated risks and uncertainties associated with the COVID-19 pandemic and Note 16 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional information regarding the PMIERs, including the benefit provided by the Disaster Related Capital Charge. Effective April 1, 2021, the Pennsylvania Insurance Department approved the termination of the 2020 Surplus Note via a conversion to Radian Guaranty’s gross paid-in and contributed surplus account. This conversion had no effect on Radian Guaranty’s total statutory policyholders’ surplus, Risk-to-capital or PMIERs Cushion. 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 16 of Notes to Consolidated Financial Statements in our 2020 Form 10-K. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Basis of PresentationOur 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, including: (i) certain balance sheet line items now reported in other assets and (ii) certain segment reporting balances due to changes in the composition of our segments during 2020. |
Use of Estimates, Policy | 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. |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements Accounting Standards Adopted During 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes. This update simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC Topic 740 in GAAP and clarifies certain aspects to promote consistency among reporting entities. We adopted this update effective January 1, 2021. The adoption of this update did not have an impact on our financial statements and disclosures. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. This update clarifies that, for each reporting period, to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess (i.e., the premium) should be amortized to the next call date. We adopted ASU 2020-08 on January 1, 2021 on a prospective basis. The adoption of this update did not have a material impact 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, 2022, 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 GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this update are optional and may be elected from the date of issuance through December 31, 2022, as reference rate reform activities occur. We are currently evaluating the impact of the guidance and our options related to the practical expedients. |
Note 4 - Segment Reporting (Pol
Note 4 - Segment Reporting (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy | We have two strategic business units that we manage separately—Mortgage and homegenius. Our Mortgage segment derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting and fulfillment solutions provided to mortgage lending institutions and mortgage credit investors. Our homegenius segment offers a broad array of title, valuation, asset management, SaaS and other real estate services to mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents. In addition, we report as All Other activities that include: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; (iii) for all periods through its sale in January 2020, income and expenses related to Clayton; (iv) for all periods presented, the income and expenses related to our traditional appraisal services, which we wound down beginning in the fourth quarter of 2020; and (v) certain other immaterial revenue and expense items. As described in Note 4 of Notes to Consolidated Financial Statements in our 2020 Form 10-K, we implemented several changes to our segment reporting in 2020, including related to the wind down of our traditional appraisal business announced in the fourth quarter of 2020. All changes to the composition of our segment reporting have been reflected in our segment operating results for all periods presented. During the second quarter of 2021, our Real Estate segment was renamed “homegenius” to align with updates to our branding strategy for the segment’s products and services. The homegenius segment name change had no impact on the composition of our segments or on our previously reported historical financial position, results of operations, cash flow or segment level results. |
Note 10 - Income Taxes (Policie
Note 10 - Income Taxes (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 3 - Net Income (Loss) Pe_2
Note 3 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of basic and diluted net income (loss) per share is as follows. Net income (loss) per share Three Months Ended Six Months Ended (In thousands, except per-share amounts) 2021 2020 2021 2020 Net income (loss)—basic and diluted $ 155,206 $ (29,951) $ 280,814 $ 110,510 Average common shares outstanding—basic 193,436 193,299 193,692 197,545 Dilutive effect of share-based compensation arrangements (1) 1,202 — 1,294 1,201 Adjusted average common shares outstanding—diluted 194,638 193,299 194,986 198,746 Net income (loss) per share: Basic $ 0.80 $ (0.15) $ 1.45 $ 0.56 Diluted $ 0.80 $ (0.15) $ 1.44 $ 0.56 (1) There were no dilutive shares for the three months ended June 30, 2020, as a result of our net loss for the period. The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income (loss) per share because they are anti-dilutive. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Shares of common stock equivalents — 2,295 — 1,213 |
Note 4 - Segment Reporting (Tab
Note 4 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 to consolidated pretax income (loss) is as follows. Reconciliation of adjusted pretax operating income (loss) by segment Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Adjusted pretax operating income (loss) Mortgage $ 191,462 $ (85,821) $ 365,749 $ 119,846 homegenius (9,198) (3,909) (19,651) (7,062) Total adjusted pretax operating income (loss) for reportable segments (1) 182,264 (89,730) 346,098 112,784 All Other adjusted pretax operating income (loss) 2,455 1,231 5,937 3,316 Net gains (losses) on investments and other financial instruments 15,661 47,276 10,480 25,249 Amortization and impairment of other acquired intangible assets (863) (979) (1,725) (1,958) Impairment of other long-lived assets and other non-operating items (4,021) (22) (4,105) (322) Consolidated pretax income (loss) $ 195,496 $ (42,224) $ 356,685 $ 139,069 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Mortgage Allocated corporate operating expenses $ 33,000 $ 25,359 $ 60,884 $ 54,573 Depreciation expense 1,660 2,656 3,470 5,926 homegenius Allocated corporate operating expenses $ 4,721 $ 2,823 $ 8,717 $ 6,190 Depreciation expense 491 719 945 1,329 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The reconciliation of revenue for our reportable segments to consolidated revenues is as follows. Reconciliation of revenues by segment Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Revenues Mortgage (1) $ 284,301 $ 286,943 $ 588,098 $ 602,027 homegenius (2) 33,451 22,548 59,246 49,073 Total revenues for reportable segments 317,752 309,491 647,344 651,100 All Other revenues (1) 3,643 7,537 8,104 17,228 Net gains (losses) on investments and other financial instruments 15,661 47,276 10,480 25,249 Other non-operating revenue — 247 — 247 Elimination of inter-segment revenues (62) (110) (121) (302) Total revenues $ 336,994 $ 364,441 $ 665,807 $ 693,522 (1) Includes immaterial inter-segment revenues for the three and six months ended June 30, 2020. (2) Includes immaterial inter-segment revenues for the three and six months ended June 30, 2021 and 2020. |
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. Services revenue Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 homegenius services Title services $ 9,399 $ 6,021 $ 17,456 $ 12,586 Asset management services 6,824 6,036 11,438 14,896 Valuation services 8,494 3,837 13,380 10,018 SaaS 909 1,099 1,829 1,981 Other real estate services 62 586 76 1,239 Mortgage services 3,732 3,918 8,083 7,051 All Other services (1) 44 6,578 97 12,231 Total services revenue $ 29,464 $ 28,075 $ 52,359 $ 60,002 (1) Includes services revenue from Clayton prior to its sale in January 2020 and amounts related to our traditional appraisal business, which we wound down beginning in the fourth quarter of 2020. |
Note 5 - Fair Value of Financ_2
Note 5 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables include a list of assets that are measured at fair value by hierarchy level as of June 30, 2021 and December 31, 2020. Assets carried at fair value by hierarchy level June 30, 2021 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 178,709 $ 29,954 $ — $ 208,663 State and municipal obligations — 157,944 — 157,944 Corporate bonds and notes — 2,970,142 — 2,970,142 RMBS — 719,840 — 719,840 CMBS — 714,671 — 714,671 CLO — 521,153 — 521,153 Other ABS — 226,968 — 226,968 Foreign government and agency securities — 5,399 — 5,399 Mortgage insurance-linked notes (1) — 48,033 — 48,033 Total fixed-maturities available for sale 178,709 5,394,104 — 5,572,813 Trading securities State and municipal obligations — 101,454 — 101,454 Corporate bonds and notes — 121,377 — 121,377 RMBS — 11,134 — 11,134 CMBS — 34,015 — 34,015 Total trading securities — 267,980 — 267,980 Equity securities 167,610 7,537 — 175,147 Short-term investments U.S. government and agency securities 21,997 — — 21,997 State and municipal obligations — 15,940 — 15,940 Money market instruments 406,808 — — 406,808 Corporate bonds and notes — 19,931 — 19,931 CMBS — 4,780 — 4,780 Other ABS — 431 — 431 Other investments (2) — 192,208 — 192,208 Total short-term investments 428,805 233,290 — 662,095 Other invested assets (3) — — 3,000 3,000 Total investments at fair value (3) 775,124 5,902,911 3,000 6,681,035 Other Embedded derivatives (4) — — 5,905 5,905 Loaned securities (5) U.S. government and agency securities 5,550 — — 5,550 Corporate bonds and notes — 95,318 — 95,318 Equity securities 29,982 — — 29,982 Total assets at fair value (3) $ 810,656 $ 5,998,229 $ 8,905 $ 6,817,790 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs. (2) Comprising short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $0.6 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (5) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. Assets carried at fair value by hierarchy level December 31, 2020 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 140,034 $ 29,189 $ — $ 169,223 State and municipal obligations — 165,271 — 165,271 Corporate bonds and notes — 3,047,189 — 3,047,189 RMBS — 833,939 — 833,939 CMBS — 681,265 — 681,265 CLO — 568,558 — 568,558 Other ABS — 252,457 — 252,457 Foreign government and agency securities — 5,438 — 5,438 Total fixed-maturities available for sale 140,034 5,583,306 — 5,723,340 Trading securities State and municipal obligations — 120,449 — 120,449 Corporate bonds and notes — 123,142 — 123,142 RMBS — 13,000 — 13,000 CMBS — 34,294 — 34,294 Total trading securities — 290,885 — 290,885 Equity securities 142,761 8,479 — 151,240 Short-term investments State and municipal obligations — 21,819 — 21,819 Money market instruments 268,900 — — 268,900 Corporate bonds and notes — 30,495 — 30,495 Other ABS — 219 — 219 Other investments (1) — 296,571 — 296,571 Total short-term investments 268,900 349,104 — 618,004 Other invested assets (2) — — 3,000 3,000 Total investments at fair value (2) 551,695 6,231,774 3,000 6,786,469 Other Embedded derivatives (3) — — 5,513 5,513 Loaned securities (4) U.S. government and agency securities 4,876 — — 4,876 Corporate bonds and notes — 31,324 — 31,324 Equity securities 21,299 — — 21,299 Total assets at fair value (2) $ 577,870 $ 6,263,098 $ 8,513 $ 6,849,481 (1) Comprising short-term certificates of deposit and commercial paper. (2) Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (3) Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs. (4) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 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. Financial liabilities not carried at fair value June 30, 2021 December 31, 2020 (In thousands) Carrying Estimated Carrying Estimated Senior notes $ 1,407,545 $ 1,563,796 $ 1,405,674 $ 1,563,503 FHLB advances 153,983 156,116 176,483 179,578 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. Available for sale securities June 30, 2021 (In thousands) Amortized Allowance for Credit Losses Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 213,954 $ — $ 1,161 $ (902) $ 214,213 State and municipal obligations 141,431 — 16,635 (122) 157,944 Corporate bonds and notes 2,909,453 — 175,493 (19,486) 3,065,460 RMBS 701,664 — 21,478 (3,302) 719,840 CMBS 685,595 — 31,437 (2,361) 714,671 CLO 519,909 — 1,851 (607) 521,153 Other ABS 225,012 — 2,190 (234) 226,968 Foreign government and agency securities 5,105 — 294 — 5,399 Mortgage insurance-linked notes (1) 45,384 — 2,649 — 48,033 Total securities available for sale, including loaned securities 5,447,507 $ — $ 253,188 $ (27,014) 5,673,681 Less: loaned securities (2) 98,102 100,868 Total fixed-maturities available for sale $ 5,349,405 $ 5,572,813 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs. (2) Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements. Available for sale securities December 31, 2020 (In thousands) Amortized Allowance for Credit Losses Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 176,033 $ — $ 1,677 $ (3,611) $ 174,099 State and municipal obligations 149,258 — 16,113 (100) 165,271 Corporate bonds and notes 2,832,350 (948) 250,771 (3,758) 3,078,415 RMBS 799,814 — 34,439 (314) 833,939 CMBS 645,071 — 39,495 (3,301) 681,265 CLO 569,173 — 2,026 (2,641) 568,558 Other ABS 249,988 — 2,901 (432) 252,457 Foreign government and agency securities 5,100 — 338 — 5,438 Total securities available for sale, including loaned securities 5,426,787 $ (948) $ 347,760 $ (14,157) 5,759,442 Less: loaned securities (1) 33,164 36,102 Total fixed-maturities available for sale $ 5,393,623 $ 5,723,340 (1) Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements. |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated. Rollforward of allowance for credit losses on fixed-maturities available for sale Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Beginning balance $ 638 $ — $ 948 $ — Current provision for securities without prior allowance — 2,782 — 2,782 Net increases (decreases) in allowance on previously impaired securities (608) — (918) — Reduction for securities sold (30) (306) (30) (306) Ending balance $ — $ 2,476 $ — $ 2,476 |
Gross Unrealized Losses and Fair Value of Available for Sale Securities [Table Text Block] | the following tables show the gross unrealized losses and fair value, 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 June 30, 2021 and December 31, 2020 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time June 30, 2021 ($ in thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities # of Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized U.S. government and agency securities 6 $ 59,708 $ (902) — $ — $ — 6 $ 59,708 $ (902) State and municipal obligations 8 10,034 (122) — — — 8 10,034 (122) Corporate bonds and notes 174 684,401 (19,380) 1 2,626 (106) 175 687,027 (19,486) RMBS 35 260,712 (3,292) 2 803 (10) 37 261,515 (3,302) CMBS 49 106,289 (1,280) 16 35,577 (1,081) 65 141,866 (2,361) CLO 43 151,791 (242) 16 76,845 (365) 59 228,636 (607) Other ABS 45 93,360 (210) 1 677 (24) 46 94,037 (234) Total 360 $ 1,366,295 $ (25,428) 36 $ 116,528 $ (1,586) 396 $ 1,482,823 $ (27,014) December 31, 2020 ($ in thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities # of Fair Value Unrealized # of Fair Value Unrealized # of Fair Value Unrealized U.S. government and agency securities 4 $ 90,591 $ (3,611) — $ — $ — 4 $ 90,591 $ (3,611) State and municipal obligations 4 9,626 (100) — — — 4 9,626 (100) Corporate bonds and notes 60 174,848 (3,758) — — — 60 174,848 (3,758) RMBS 5 42,003 (305) 2 915 (9) 7 42,918 (314) CMBS 43 118,345 (3,035) 6 8,312 (266) 49 126,657 (3,301) CLO 52 173,459 (970) 25 137,506 (1,671) 77 310,965 (2,641) Other ABS 26 70,759 (322) 3 12,119 (110) 29 82,878 (432) Total 194 $ 679,631 $ (12,101) 36 $ 158,852 $ (2,056) 230 $ 838,483 $ (14,157) |
Net Gains (Losses) on Investments [Table Text Block] | Net gains (losses) on investments consisted of the following. Net gains (losses) on investments Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net realized gains (losses) Fixed-maturities available for sale (1) $ 2,376 $ 6,974 $ 1,586 $ 18,221 Trading securities (112) (45) 391 4 Equity securities (227) 51 (227) 361 Other investments 2,229 44 2,334 77 Net realized gains (losses) on investments 4,266 7,024 4,084 18,663 Impairment losses due to intent to sell — (779) — (1,401) Net decrease (increase) in expected credit losses 608 (2,782) 918 (2,782) Net unrealized gains (losses) on investments 8,036 24,948 5,517 (1,897) Total net gains (losses) on investments $ 12,910 $ 28,411 $ 10,519 $ 12,583 (1) Components of net realized gains (losses) on fixed-maturities available for sale include the following. Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Gross investment gains from sales and redemptions $ 9,597 $ 8,304 $ 13,714 $ 20,203 Gross investment losses from sales and redemptions (7,221) (1,330) (12,128) (1,982) |
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. Net changes in unrealized gains (losses) on investments still held Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net unrealized gains (losses) on investments still held Trading securities $ 4,601 $ 13,790 $ (3,448) $ 11,131 Equity securities 5,140 10,443 9,983 (12,612) Other investments 178 (201) 1,062 471 Net unrealized gains (losses) on investments still held $ 9,919 $ 24,032 $ 7,597 $ (1,010) |
Contractual Maturities [Table Text Block] | The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale June 30, 2021 Available for Sale (In thousands) Amortized Fair Due in one year or less $ 187,546 $ 189,292 Due after one year through five years (1) 1,130,214 1,182,709 Due after five years through 10 years (1) 1,242,012 1,308,582 Due after 10 years (1) 710,171 762,433 Asset-backed and mortgage-backed securities (2) 2,177,564 2,230,665 Total 5,447,507 5,673,681 Less: loaned securities 98,102 100,868 Total fixed-maturities available for sale $ 5,349,405 $ 5,572,813 (1) Actual maturities may differ as a result of calls before scheduled maturity. |
Note 7 - Goodwill and Other A_2
Note 7 - Goodwill and Other Acquired Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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. Other acquired intangible assets June 30, 2021 December 31, 2020 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (33,090) $ 10,460 $ 43,550 $ (31,559) $ 11,991 Technology 8,285 (7,523) 762 8,285 (7,370) 915 Licenses 463 (169) 294 463 (128) 335 Total $ 52,298 $ (40,782) $ 11,516 $ 52,298 $ (39,057) $ 13,241 |
Note 8 - Reinsurance (Tables)
Note 8 - Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance, Net Premiums Written and Earned [Table Text Block] | The effect of all of our reinsurance programs on our net income (loss) is as follows. Reinsurance impacts Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Net premiums written Direct $ 248,849 $ 271,545 $ 509,468 $ 551,027 Assumed (1) 1,615 3,192 3,913 6,643 Ceded (2) (11,766) (43,580) (20,601) (63,123) Net premiums written $ 238,698 $ 231,157 $ 492,780 $ 494,547 Net premiums earned Direct $ 282,507 $ 315,305 $ 585,228 $ 616,559 Assumed (1) 1,615 3,197 3,913 6,653 Ceded (2) (29,366) (69,207) (62,513) (96,502) Net premiums earned $ 254,756 $ 249,295 $ 526,628 $ 526,710 Ceding commissions earned (3) $ 7,919 $ 13,453 $ 18,326 $ 23,419 Ceded losses (1,078) 39,635 2,668 41,597 (1) Primarily includes premiums from our participation in certain credit risk transfer programs. (2) Net of profit commission, which is impacted by the level of ceded losses recoverable, if any, on reinsurance transactions. See Note 11 for additional information on our reserve for losses and reinsurance recoverables. (3) Deferred ceding commissions of $43.6 million and $52.5 million are included in other liabilities on our condensed consolidated balance sheets at June 30, 2021 and December 31, 2020, 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. Single Premium QSR Program 2020 Singles QSR 2018 Singles QSR 2016 Singles QSR NIW Policy Dates Jan 1, 2020-Dec 31, 2021 Jan 1, 2018-Dec 31, 2019 Jan 1, 2012-Dec 31, 2017 Effective Date January 1, 2020 January 1, 2018 January 1, 2016 Scheduled Termination Date December 31, 2031 December 31, 2029 December 31, 2027 Optional Termination Date January 1, 2024 January 1, 2022 January 1, 2020 Quota Share % 65% 65% 20% - 65% (1) Ceding Commission % 25% 25% 25% Profit Commission % Up to 56% Up to 56% Up to 55% (In millions) As of June 30, 2021 RIF Ceded $ 1,897 $ 1,465 $ 2,366 (In millions) As of December 31, 2020 RIF Ceded $ 1,597 $ 1,979 $ 3,071 (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 as of June 30, 2021. Excess-of-Loss Program (In millions) Eagle Re Eagle Re Eagle Re Eagle Re Eagle Re Issued April 2021 October 2020 February 2020 April 2019 November 2018 NIW Policy Dates Aug 1, 2020- Oct 1, 2019- Jan 1, 2019- Jan 1, 2018- Jan 1, 2017- Initial RIF $ 11,061 $ 13,011 $ 9,866 $ 10,705 $ 9,109 Initial Coverage 498 (1) 390 488 562 434 (2) Initial First Layer Retention 221 423 202 268 205 (In millions) As of June 30, 2021 RIF $ 10,546 $ 9,516 $ 4,397 $ 3,289 $ 2,818 Remaining Coverage 498 285 488 385 276 (2) First Layer Retention 221 423 202 264 201 (In millions) As of December 31, 2020 RIF $ — $ 11,748 $ 6,121 $ 4,657 $ 3,986 Remaining Coverage — 390 488 385 276 (2) First Layer Retention — 423 202 265 201 (1) Radian Group purchased $45.4 million original principal amount of these mortgage insurance-linked notes, which are included in fixed-maturities available for sale on our condensed consolidated balance sheet at June 30, 2021. See Notes 5 and 6 for additional information. |
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 assets and liabilities of Eagle Re Issuers (1) (In thousands) June 30, December 31, Eagle Re 2021-1 Ltd. $ 497,735 $ — Eagle Re 2020-2 Ltd. 284,730 390,324 Eagle Re 2020-1 Ltd. 488,385 488,385 Eagle Re 2019-1 Ltd. 384,602 384,602 Eagle Re 2018-1 Ltd. 275,718 275,718 Total $ 1,931,170 $ 1,539,029 (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. Assets and liabilities are equal to each other for each of the Eagle Re Issuers. |
Note 9 - Other Assets (Tables)
Note 9 - Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets [Table Text Block] | The following table shows the components of other assets as of the dates indicated. Other assets (In thousands) June 30, December 31, Prepaid federal income taxes (Note 10) $ 275,623 $ 210,889 Prepaid reinsurance premiums (1) 225,727 267,638 Loaned securities (Note 5) 130,850 57,499 Company-owned life insurance (2) 112,638 115,586 Right-of-use assets (Note 13) 34,662 32,985 Other 35,761 30,488 Total other assets $ 815,261 $ 715,085 (1) Relates to our Single Premium QSR Program. (2) We are the beneficiary of insurance policies on the lives of certain of our current and past officers and employees. The balances reported in other assets reflect the amounts that could be realized upon surrender of the insurance policies as of each respective date. |
Note 11 - Losses and LAE (Table
Note 11 - Losses and LAE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 the following. Reserve for losses and LAE (In thousands) June 30, December 31, Mortgage insurance loss reserves (1) $ 880,763 $ 844,107 Title insurance loss reserves 4,735 4,306 Total reserve for losses and LAE $ 885,498 $ 848,413 (1) Primarily comprises first lien primary case reserves of $840.8 million and $799.5 million at June 30, 2021 and December 31, 2020, respectively. |
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. Rollforward of mortgage insurance reserve for losses Six Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 844,107 $ 401,273 Less: Reinsurance recoverables (1) 71,769 14,594 Balance at beginning of period, net of reinsurance recoverables 772,338 386,679 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 85,807 356,555 Prior years (36,695) (17,223) Total incurred 49,112 339,332 Deduct: Paid claims and LAE related to: Current year (2) 246 1,594 Prior years 14,447 44,580 Total paid 14,693 46,174 Balance at end of period, net of reinsurance recoverables 806,757 679,837 Add: Reinsurance recoverables (1) 74,006 55,154 Balance at end of period $ 880,763 $ 734,991 (1) Related to ceded losses recoverable, if any, on reinsurance transactions. See Note 8 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 12 - Borrowings and Fina_2
Note 12 - Borrowings and Financing Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Senior Notes [Abstract] | |
Schedule of Debt [Table Text Block] | The carrying value of our debt at June 30, 2021 and December 31, 2020 was as follows. Borrowings (In thousands) June 30, December 31, Senior notes Senior Notes due 2024 $ 446,065 $ 445,512 Senior Notes due 2025 517,503 516,634 Senior Notes due 2027 443,977 443,528 Total senior notes $ 1,407,545 $ 1,405,674 FHLB advances FHLB advances due 2021 $ 13,000 $ 67,500 FHLB advances due 2022 61,050 61,050 FHLB advances due 2023 52,995 27,995 FHLB advances due 2024 13,954 9,954 FHLB advances due 2025 9,984 9,984 FHLB advances due 2027 3,000 — Total FHLB advances $ 153,983 $ 176,483 |
Note 14 - Capital Stock (Tables
Note 14 - Capital Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Information with regard to RSUs to be settled in stock for periods indicated is as follows. Rollforward of RSUs Performance-Based Time-Vested Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Grant Date Fair Value Outstanding, December 31, 2020 (1) 2,186,244 $ 15.71 2,118,885 $ 13.16 Granted (2) 580,180 $ 20.40 461,339 $ 21.56 Performance adjustment (3) 421,357 $ — — $ — Vested (4) (811,578) $ 15.98 (438,825) $ 15.82 Forfeited (14,371) $ 16.80 (13,829) $ 16.13 Outstanding, June 30, 2021 (1) 2,361,832 $ 16.78 2,127,570 $ 14.41 (1) Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. The final number of RSUs distributed depends on the cumulative growth in Radian's book value over the respective three-year performance period and, with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes in vested RSUs. (2) For performance-based RSUs, number represents the number of target shares at grant date. (3) For performance-based RSUs, represents the difference between the number of target shares at grant date and the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods. (4) Represents amounts vested during the year, including the impact of performance adjustments for performance-based awards. |
Note 16 - Statutory Informati_2
Note 16 - Statutory Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Statutory Accounting Practices Disclosure | Our insurance subsidiaries’ statutory net income for the year-to-date periods ended June 30, 2021 and 2020 and statutory policyholders’ surplus as of June 30, 2021 and December 31, 2020 were as follows. Statutory net income Six Months Ended June 30, (In thousands) 2021 2020 Radian Guaranty $ 348,307 $ 103,153 Radian Reinsurance 7,418 27,039 Other Mortgage Subsidiaries 629 378 Radian Title Insurance 2,623 843 Statutory policyholders’ surplus (In thousands) June 30, December 31, Radian Guaranty $ 595,981 $ 481,484 Radian Reinsurance 364,783 360,704 Other Mortgage Subsidiaries 42,331 41,327 Radian Title Insurance 31,627 28,849 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)segment | Dec. 31, 2020USD ($) | |
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 | $ 237,300 | $ 246,100 |
Direct Primary Mortgage Insurance RIF | 58,000 | 60,700 |
Credit Risk Transfer Transactions | Mortgage segment | ||
Mortgage Insurance [Abstract] | ||
Direct Primary Mortgage Insurance RIF | $ 434.7 | $ 392 |
Note 3 - Net Income (Loss) Pe_3
Note 3 - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) - basic | $ 155,206 | $ (29,951) | $ 280,814 | $ 110,510 |
Average common shares outstanding - basic | 193,436 | 193,299 | 193,692 | 197,545 |
Net income (loss) per share - basic | $ 0.80 | $ (0.15) | $ 1.45 | $ 0.56 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss)—diluted | $ 155,206 | $ (29,951) | $ 280,814 | $ 110,510 |
Dilutive effect of share-based compensation arrangements | 1,202 | 0 | 1,294 | 1,201 |
Adjusted average common shares outstanding—diluted | 194,638 | 193,299 | 194,986 | 198,746 |
Net income (loss) per share—diluted | $ 0.80 | $ (0.15) | $ 1.44 | $ 0.56 |
Stock Compensation Plan | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares of common stock equivalents | 0 | 2,295 | 0 | 1,213 |
Note 4 - Segment Reporting - Se
Note 4 - Segment Reporting - Segments (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 2 |
Note 4 - Segment Reporting - Ad
Note 4 - Segment Reporting - Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Adjusted pretax operating income (loss) | $ 182,264 | $ (89,730) | $ 346,098 | $ 112,784 |
Net gains (losses) on investments and other financial instruments | 15,661 | 47,276 | 10,480 | 25,249 |
Amortization and impairment of other acquired intangible assets | (863) | (979) | (1,725) | (1,958) |
Consolidated pretax income (loss) | 195,496 | (42,224) | 356,685 | 139,069 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net gains (losses) on investments and other financial instruments | 15,661 | 47,276 | 10,480 | 25,249 |
Amortization and impairment of other acquired intangible assets | (863) | (979) | (1,725) | (1,958) |
Impairment of other long-lived assets and other-non-operating items | (4,021) | (22) | (4,105) | (322) |
Mortgage segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Adjusted pretax operating income (loss) | 191,462 | (85,821) | 365,749 | 119,846 |
Total Operating Expenses Allocated to Subsidiaries From Parent Company | 33,000 | 25,359 | 60,884 | 54,573 |
Depreciation | 1,660 | 2,656 | 3,470 | 5,926 |
homegenius segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Adjusted pretax operating income (loss) | (9,198) | (3,909) | (19,651) | (7,062) |
Total Operating Expenses Allocated to Subsidiaries From Parent Company | 4,721 | 2,823 | 8,717 | 6,190 |
Depreciation | 491 | 719 | 945 | 1,329 |
All Other activities segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Adjusted pretax operating income (loss) | $ 2,455 | $ 1,231 | $ 5,937 | $ 3,316 |
Note 4 - Segment Reporting - Re
Note 4 - Segment Reporting - Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues | $ 336,994 | $ 364,441 | $ 665,807 | $ 693,522 | |
Net gains (losses) on investments and other financial instruments | 15,661 | 47,276 | 10,480 | 25,249 | |
Other non-operating revenue | 0 | 247 | 0 | 247 | |
Services Revenue, Net | 29,464 | 28,075 | 52,359 | 60,002 | |
Accounts and notes receivable | 153,128 | 153,128 | $ 121,294 | ||
Mortgage segment | |||||
Revenues | 284,301 | 286,943 | 588,098 | 602,027 | |
homegenius segment | |||||
Revenues | 33,451 | 22,548 | 59,246 | 49,073 | |
Accounts and notes receivable | 17,000 | 17,000 | $ 18,800 | ||
All Other activities segment | |||||
Revenues | 3,643 | 7,537 | 8,104 | 17,228 | |
Title services | |||||
Services Revenue, Net | 9,399 | 6,021 | 17,456 | 12,586 | |
Asset management services | |||||
Services Revenue, Net | 6,824 | 6,036 | 11,438 | 14,896 | |
Valuation services | |||||
Services Revenue, Net | 8,494 | 3,837 | 13,380 | 10,018 | |
Software-as-a-Service | |||||
Services Revenue, Net | 909 | 1,099 | 1,829 | 1,981 | |
Other real estate services | |||||
Services Revenue, Net | 62 | 586 | 76 | 1,239 | |
Mortgage services | |||||
Services Revenue, Net | 3,732 | 3,918 | 8,083 | 7,051 | |
All Other services | |||||
Services Revenue, Net | 44 | 6,578 | 97 | 12,231 | |
Operating Segments | Mortgage and homegenius segments | |||||
Revenues | 317,752 | 309,491 | 647,344 | 651,100 | |
Intersegment Eliminations | |||||
Revenues | $ (62) | $ (110) | $ (121) | $ (302) |
Note 5 - Fair Value of Financ_3
Note 5 - Fair Value of Financial Instruments - Assets Measured at Fair Value by Hierarchy Level (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | $ 130,850,000 | $ 130,850,000 | $ 57,499,000 |
Other Investments | 3,624,000 | 3,624,000 | 4,973,000 |
Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 6,681,035,000 | 6,681,035,000 | 6,786,469,000 |
Derivative, Fair Value, Net | 5,905,000 | 5,905,000 | 5,513,000 |
Assets, Fair Value Disclosure | 6,817,790,000 | 6,817,790,000 | 6,849,481,000 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 775,124,000 | 775,124,000 | 551,695,000 |
Derivative, Fair Value, Net | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 810,656,000 | 810,656,000 | 577,870,000 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 5,902,911,000 | 5,902,911,000 | 6,231,774,000 |
Derivative, Fair Value, Net | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 5,998,229,000 | 5,998,229,000 | 6,263,098,000 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 3,000,000 | 3,000,000 | 3,000,000 |
Derivative, Fair Value, Net | 5,905,000 | 5,905,000 | 5,513,000 |
Assets, Fair Value Disclosure | 8,905,000 | 8,905,000 | 8,513,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 | 0 |
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 5,550,000 | 5,550,000 | 4,876,000 |
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 95,318,000 | 95,318,000 | 31,324,000 |
Securities Financing Transaction, Fair Value | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 29,982,000 | 29,982,000 | 21,299,000 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 5,550,000 | 5,550,000 | 4,876,000 |
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] | |||
Less: loaned securities | 0 | 0 | 0 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 29,982,000 | 29,982,000 | 21,299,000 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 0 | 0 | 0 |
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] | |||
Less: loaned securities | 95,318,000 | 95,318,000 | 31,324,000 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 0 | 0 | 0 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 0 | 0 | 0 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 0 | 0 | 0 |
Securities Financing Transaction, Fair Value | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Less: loaned securities | 0 | 0 | 0 |
Fixed-maturities available for sale | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 213,954,000 | 213,954,000 | 176,033,000 |
Fixed-maturities available for sale | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 141,431,000 | 141,431,000 | 149,258,000 |
Fixed-maturities available for sale | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 2,909,453,000 | 2,909,453,000 | 2,832,350,000 |
Fixed-maturities available for sale | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 701,664,000 | 701,664,000 | 799,814,000 |
Fixed-maturities available for sale | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 685,595,000 | 685,595,000 | 645,071,000 |
Fixed-maturities available for sale | CLO | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 519,909,000 | 519,909,000 | 569,173,000 |
Fixed-maturities available for sale | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 225,012,000 | 225,012,000 | 249,988,000 |
Fixed-maturities available for sale | Foreign government and agency securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 5,105,000 | 5,105,000 | 5,100,000 |
Fixed-maturities available for sale | Mortgage insurance-linked notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 45,384,000 | 45,384,000 | |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 5,572,813,000 | 5,572,813,000 | 5,723,340,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 208,663,000 | 208,663,000 | 169,223,000 |
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 | 157,944,000 | 157,944,000 | 165,271,000 |
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 | 2,970,142,000 | 2,970,142,000 | 3,047,189,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 719,840,000 | 719,840,000 | 833,939,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 714,671,000 | 714,671,000 | 681,265,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CLO | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 521,153,000 | 521,153,000 | 568,558,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 226,968,000 | 226,968,000 | 252,457,000 |
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 | 5,399,000 | 5,399,000 | 5,438,000 |
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 48,033,000 | 48,033,000 | |
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 | 178,709,000 | 178,709,000 | 140,034,000 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 178,709,000 | 178,709,000 | 140,034,000 |
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 | 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 | 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 | 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 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | CLO | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 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 | 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 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes | |||
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 | 5,394,104,000 | 5,394,104,000 | 5,583,306,000 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 29,954,000 | 29,954,000 | 29,189,000 |
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 | 157,944,000 | 157,944,000 | 165,271,000 |
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 | 2,970,142,000 | 2,970,142,000 | 3,047,189,000 |
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 | 719,840,000 | 719,840,000 | 833,939,000 |
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 | 714,671,000 | 714,671,000 | 681,265,000 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | CLO | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 521,153,000 | 521,153,000 | 568,558,000 |
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 | 226,968,000 | 226,968,000 | 252,457,000 |
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 | 5,399,000 | 5,399,000 | 5,438,000 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 48,033,000 | 48,033,000 | |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | CLO | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Foreign government and agency securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Fixed-maturities available for sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | |
Trading Securities | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 267,980,000 | 267,980,000 | 290,885,000 |
Trading Securities | Fair Value, Measurements, Recurring | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 101,454,000 | 101,454,000 | 120,449,000 |
Trading Securities | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 121,377,000 | 121,377,000 | 123,142,000 |
Trading Securities | Fair Value, Measurements, Recurring | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 11,134,000 | 11,134,000 | 13,000,000 |
Trading Securities | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 34,015,000 | 34,015,000 | 34,294,000 |
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 | 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 | 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 | 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 | 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 | 0 |
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 267,980,000 | 267,980,000 | 290,885,000 |
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 | 101,454,000 | 101,454,000 | 120,449,000 |
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 | 121,377,000 | 121,377,000 | 123,142,000 |
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 11,134,000 | 11,134,000 | 13,000,000 |
Trading Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 34,015,000 | 34,015,000 | 34,294,000 |
Trading Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Trading Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Trading Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Trading Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | RMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Trading Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Equity securities | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 175,147,000 | 175,147,000 | 151,240,000 |
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 | 167,610,000 | 167,610,000 | 142,761,000 |
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 | 7,537,000 | 7,537,000 | 8,479,000 |
Equity securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 662,095,000 | 662,095,000 | 618,004,000 |
Short-term investments | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 21,997,000 | 21,997,000 | |
Short-term investments | Fair Value, Measurements, Recurring | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 15,940,000 | 15,940,000 | 21,819,000 |
Short-term investments | Fair Value, Measurements, Recurring | Money market instruments | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 406,808,000 | 406,808,000 | 268,900,000 |
Short-term investments | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 19,931,000 | 19,931,000 | 30,495,000 |
Short-term investments | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 4,780,000 | 4,780,000 | |
Short-term investments | Fair Value, Measurements, Recurring | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 431,000 | 431,000 | 219,000 |
Short-term investments | Fair Value, Measurements, Recurring | Other investments | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 192,208,000 | 192,208,000 | 296,571,000 |
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 428,805,000 | 428,805,000 | 268,900,000 |
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 21,997,000 | 21,997,000 | |
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 | 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 | 406,808,000 | 406,808,000 | 268,900,000 |
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 | 0 |
Short-term investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | CMBS | |||
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 ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 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 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 233,290,000 | 233,290,000 | 349,104,000 |
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | U.S. government and agencies 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 | 15,940,000 | 15,940,000 | 21,819,000 |
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 | 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 | 19,931,000 | 19,931,000 | 30,495,000 |
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 4,780,000 | 4,780,000 | |
Short-term investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 431,000 | 431,000 | 219,000 |
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 | 192,208,000 | 192,208,000 | 296,571,000 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | U.S. government and agencies securities | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | State and municipal obligations | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Money market instruments | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Corporate bonds and notes | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | CMBS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Other ABS | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Short-term investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Other investments | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Other investments | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 3,000,000 | 3,000,000 | 3,000,000 |
Other investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Other investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 0 | 0 | 0 |
Other investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value by Hierarchy Level [Line Items] | |||
Total Investments at Fair Value | 3,000,000 | 3,000,000 | 3,000,000 |
Partnership investment | Investments Measured at NAV | |||
Fair Value by Hierarchy Level [Line Items] | |||
Other Investments | $ 600,000 | $ 600,000 | $ 2,000,000 |
Note 5 - Fair Value of Financ_4
Note 5 - Fair Value of Financial Instruments - Other Fair Value Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | $ 1,407,545 | $ 1,405,674 |
FHLB advances | 153,983 | 176,483 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 1,407,545 | 1,405,674 |
FHLB advances | 153,983 | 176,483 |
Estimate of Fair Value, Fair Value Disclosure | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes, Fair Value | 1,563,796 | 1,563,503 |
FHLB advances, Fair Value | $ 156,116 | $ 179,578 |
Note 6 - Investments - Availabl
Note 6 - Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | $ 5,349,405 | $ 5,393,623 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | (948) | ||||
Less: loaned securities | 130,850 | 57,499 | ||||
Fixed-maturity investments available for sale, Total, Fair Value | 5,572,813 | 5,723,340 | ||||
Fixed-maturities available for sale | U.S. government and agencies securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 213,954 | 176,033 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,161 | 1,677 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (902) | (3,611) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 214,213 | 174,099 | ||||
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 | 141,431 | 149,258 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 16,635 | 16,113 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (122) | (100) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 157,944 | 165,271 | ||||
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 | 2,909,453 | 2,832,350 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | $ (638) | (948) | $ (2,476) | $ 0 | $ 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 175,493 | 250,771 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (19,486) | (3,758) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 3,065,460 | 3,078,415 | ||||
Fixed-maturities available for sale | RMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 701,664 | 799,814 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 21,478 | 34,439 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3,302) | (314) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 719,840 | 833,939 | ||||
Fixed-maturities available for sale | CMBS | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 685,595 | 645,071 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 31,437 | 39,495 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2,361) | (3,301) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 714,671 | 681,265 | ||||
Fixed-maturities available for sale | CLO | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 519,909 | 569,173 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,851 | 2,026 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (607) | (2,641) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 521,153 | 568,558 | ||||
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 | 225,012 | 249,988 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,190 | 2,901 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (234) | (432) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 226,968 | 252,457 | ||||
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 | 5,105 | 5,100 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 294 | 338 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 5,399 | 5,438 | ||||
Fixed-maturities available for sale | Mortgage insurance-linked notes | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Debt Securities, Amortized Cost Basis, Including Loaned Securities | 45,384 | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,649 | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 48,033 | |||||
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 | 5,447,507 | 5,426,787 | ||||
Debt Securities, Available-for-sale, Amortized Cost | 5,349,405 | 5,393,623 | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | (948) | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 253,188 | 347,760 | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (27,014) | (14,157) | ||||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 5,673,681 | 5,759,442 | ||||
Fixed-maturity investments available for sale, Total, Fair Value | 5,572,813 | 5,723,340 | ||||
Fixed-maturities available for sale | Securities Financing Transaction, Cost | Total fixed-maturities available for sale | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Less: loaned securities | 98,102 | 33,164 | ||||
Fixed-maturities available for sale | Securities Financing Transaction, Fair Value | Total fixed-maturities available for sale | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Less: loaned securities | $ 100,868 | $ 36,102 |
Note 6 - Investments - Rollforw
Note 6 - Investments - Rollforward of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss {Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | $ 948 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 0 | 0 | ||
Corporate bonds and notes | Fixed-maturities available for sale | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss {Roll Forward] | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 638 | $ 0 | 948 | $ 0 |
Current provision for securities without prior allowance | 0 | 2,782 | 0 | 2,782 |
Net increases (decreases) in allowance on previously impaired securities | (608) | 0 | (918) | 0 |
Reduction for securities sold | (30) | (306) | (30) | (306) |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 0 | $ 2,476 | $ 0 | $ 2,476 |
Note 6 - Investments - Gross Un
Note 6 - Investments - Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) $ in Thousands | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 360 | 194 |
Fair Value, Less Than 12 Months | $ 1,366,295 | $ 679,631 |
Unrealized Losses, Less Than 12 Months | $ (25,428) | $ (12,101) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 36 | 36 |
Fair Value, 12 Months or Greater | $ 116,528 | $ 158,852 |
Unrealized Losses, 12 Months or Greater | $ (1,586) | $ (2,056) |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 396 | 230 |
Fair Value, Total | $ 1,482,823 | $ 838,483 |
Unrealized Losses, Total | $ (27,014) | $ (14,157) |
U.S. government and agencies securities | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 6 | 4 |
Fair Value, Less Than 12 Months | $ 59,708 | $ 90,591 |
Unrealized Losses, Less Than 12 Months | $ (902) | $ (3,611) |
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 | 4 |
Fair Value, Total | $ 59,708 | $ 90,591 |
Unrealized Losses, Total | $ (902) | $ (3,611) |
State and municipal obligations | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 8 | 4 |
Fair Value, Less Than 12 Months | $ 10,034 | $ 9,626 |
Unrealized Losses, Less Than 12 Months | $ (122) | $ (100) |
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 | 8 | 4 |
Fair Value, Total | $ 10,034 | $ 9,626 |
Unrealized Losses, Total | $ (122) | $ (100) |
Corporate bonds and notes | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 174 | 60 |
Fair Value, Less Than 12 Months | $ 684,401 | $ 174,848 |
Unrealized Losses, Less Than 12 Months | $ (19,380) | $ (3,758) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 1 | 0 |
Fair Value, 12 Months or Greater | $ 2,626 | $ 0 |
Unrealized Losses, 12 Months or Greater | $ (106) | $ 0 |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 175 | 60 |
Fair Value, Total | $ 687,027 | $ 174,848 |
Unrealized Losses, Total | $ (19,486) | $ (3,758) |
RMBS | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 35 | 5 |
Fair Value, Less Than 12 Months | $ 260,712 | $ 42,003 |
Unrealized Losses, Less Than 12 Months | $ (3,292) | $ (305) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 2 | 2 |
Fair Value, 12 Months or Greater | $ 803 | $ 915 |
Unrealized Losses, 12 Months or Greater | $ (10) | $ (9) |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 37 | 7 |
Fair Value, Total | $ 261,515 | $ 42,918 |
Unrealized Losses, Total | $ (3,302) | $ (314) |
CMBS | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 49 | 43 |
Fair Value, Less Than 12 Months | $ 106,289 | $ 118,345 |
Unrealized Losses, Less Than 12 Months | $ (1,280) | $ (3,035) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 16 | 6 |
Fair Value, 12 Months or Greater | $ 35,577 | $ 8,312 |
Unrealized Losses, 12 Months or Greater | $ (1,081) | $ (266) |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 65 | 49 |
Fair Value, Total | $ 141,866 | $ 126,657 |
Unrealized Losses, Total | $ (2,361) | $ (3,301) |
CLO | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 43 | 52 |
Fair Value, Less Than 12 Months | $ 151,791 | $ 173,459 |
Unrealized Losses, Less Than 12 Months | $ (242) | $ (970) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 16 | 25 |
Fair Value, 12 Months or Greater | $ 76,845 | $ 137,506 |
Unrealized Losses, 12 Months or Greater | $ (365) | $ (1,671) |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 59 | 77 |
Fair Value, Total | $ 228,636 | $ 310,965 |
Unrealized Losses, Total | $ (607) | $ (2,641) |
Other ABS | ||
Continuous Loss Position Less Than Twelve Months [Abstract] | ||
Number of Securities, Less than 12 Months | security | 45 | 26 |
Fair Value, Less Than 12 Months | $ 93,360 | $ 70,759 |
Unrealized Losses, Less Than 12 Months | $ (210) | $ (322) |
Continuous Unrealized Loss Position, Twelve Months Or Greater | ||
Number of Securities, 12 Months or Greater | security | 1 | 3 |
Fair Value, 12 Months or Greater | $ 677 | $ 12,119 |
Unrealized Losses, 12 Months or Greater | $ (24) | $ (110) |
Continuous Loss Position, Total | ||
Number of Securities, Total | security | 46 | 29 |
Fair Value, Total | $ 94,037 | $ 82,878 |
Unrealized Losses, Total | $ (234) | $ (432) |
Note 6 - Investments - Securiti
Note 6 - Investments - Securities Lending Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Securities Financing Transaction, Fair Value | ||
Securities Financing Transaction [Line Items] | ||
Securities Received as Collateral | $ 102 | $ 43.3 |
Note 6 - Investments - Net Gain
Note 6 - Investments - Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Net realized gains (losses) on investments | $ 4,266 | $ 7,024 | $ 4,084 | $ 18,663 |
Impairment losses due to intent to sell | 0 | (779) | 0 | (1,401) |
Net decrease (increase) in expected credit losses | 608 | (2,782) | 918 | (2,782) |
Net unrealized gain (losses) on investments | 8,036 | 24,948 | 5,517 | (1,897) |
Total net gains (losses) on investments | 12,910 | 28,411 | 10,519 | 12,583 |
Fixed-maturities available for sale | ||||
Gain (Loss) on Securities [Line Items] | ||||
Fixed maturities available for sale, net realized gain (loss) | 2,376 | 6,974 | 1,586 | 18,221 |
Gross investment gains from sales and redemptions | 9,597 | 8,304 | 13,714 | 20,203 |
Gross investment losses from sales and redemptions | (7,221) | (1,330) | (12,128) | (1,982) |
Trading Securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Trading securities, net realized gain (loss) | (112) | (45) | 391 | 4 |
Equity securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity securities, net realized gain (loss) | (227) | 51 | (227) | 361 |
Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other investments, net realized gain (loss) | $ 2,229 | $ 44 | $ 2,334 | $ 77 |
Note 6 - Investments - Net Chan
Note 6 - Investments - Net Changes in Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Net changes in unrealized gains (losses) on investments | $ 9,919 | $ 24,032 | $ 7,597 | $ (1,010) |
Trading Securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 4,601 | 13,790 | (3,448) | 11,131 |
Equity securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, Change in Unrealized Holding Gain (Loss) | 5,140 | 10,443 | 9,983 | (12,612) |
Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Other Investments, Change in Unrealized Holding Gain (Loss) | $ 178 | $ (201) | $ 1,062 | $ 471 |
Note 6 - Investments - Contract
Note 6 - Investments - Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Amortized Cost | ||
Less: loaned securities | $ 130,850 | $ 57,499 |
Fixed-maturities available for sale—at amortized cost | 5,349,405 | 5,393,623 |
Available-for-sale Securities, Fair Value | ||
Less: loaned securities | 130,850 | 57,499 |
Fixed-maturity investments available for sale, Total, Fair Value | 5,572,813 | 5,723,340 |
Fixed-maturities available for sale | Non asset-backed securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due in one year or less | 187,546 | |
Due after one year through five years | 1,130,214 | |
Due after five years through ten years | 1,242,012 | |
Due after ten years | 710,171 | |
Available-for-sale Securities, Fair Value | ||
Due in one year or less | 189,292 | |
Due after one year through five years | 1,182,709 | |
Due after five years through ten years | 1,308,582 | |
Due after ten years | 762,433 | |
Fixed-maturities available for sale | Asset-backed and other Mortgage Backed securities | ||
Available-for-sale Securities, Amortized Cost | ||
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Amortized Cost | 2,177,564 | |
Available-for-sale Securities, Fair Value | ||
Fixed-maturity investments available for sale, Maturity, without Single Maturity Date, Fair Value | 2,230,665 | |
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 | 5,447,507 | 5,426,787 |
Fixed-maturities available for sale—at amortized cost | 5,349,405 | 5,393,623 |
Available-for-sale Securities, Fair Value | ||
Available-for-sale Securities, Debt Securities, Including Loaned Securities | 5,673,681 | 5,759,442 |
Fixed-maturity investments available for sale, Total, Fair Value | 5,572,813 | 5,723,340 |
Fixed-maturities available for sale | Securities Financing Transaction, Cost | Total fixed-maturities available for sale | ||
Available-for-sale Securities, Amortized Cost | ||
Less: loaned securities | 98,102 | 33,164 |
Available-for-sale Securities, Fair Value | ||
Less: loaned securities | 98,102 | 33,164 |
Fixed-maturities available for sale | Securities Financing Transaction, Fair Value | Total fixed-maturities available for sale | ||
Available-for-sale Securities, Amortized Cost | ||
Less: loaned securities | 100,868 | 36,102 |
Available-for-sale Securities, Fair Value | ||
Less: loaned securities | $ 100,868 | $ 36,102 |
Note 6 - Investments - Other (D
Note 6 - Investments - Other (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed-maturities available for sale | Debt securities | ||
Assets Held by Insurance Regulators | $ 18.1 | $ 16.9 |
Note 7 - Goodwill and Other A_3
Note 7 - Goodwill and Other Acquired Intangible Assets, Net - Schedule of Goodwill (Details) $ in Millions | Jun. 30, 2021USD ($) |
homegenius segment | |
Goodwill [Roll Forward] | |
Goodwill, Net | $ 9.8 |
Note 7 - Goodwill and Other A_4
Note 7 - Goodwill and Other Acquired Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - homegenius segment - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other Intangible Assets, Original Acquired Amount | $ 52,298 | $ 52,298 |
Other Intangible Assets, Accumulated Amortization and Impairment | (40,782) | (39,057) |
Other Intangible Assets, Net Carrying Amount | 11,516 | 13,241 |
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 | (33,090) | (31,559) |
Other Intangible Assets, Net Carrying Amount | 10,460 | 11,991 |
Technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other Intangible Assets, Original Acquired Amount | 8,285 | 8,285 |
Other Intangible Assets, Accumulated Amortization and Impairment | (7,523) | (7,370) |
Other Intangible Assets, Net Carrying Amount | 762 | 915 |
Licenses | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Other Intangible Assets, Original Acquired Amount | 463 | 463 |
Other Intangible Assets, Accumulated Amortization and Impairment | (169) | (128) |
Other Intangible Assets, Net Carrying Amount | $ 294 | $ 335 |
Note 8 - Reinsurance - Net Prem
Note 8 - Reinsurance - Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Premiums Written, Net [Abstract] | |||||
Direct premiums written | $ 248,849 | $ 271,545 | $ 509,468 | $ 551,027 | |
Assumed premiums written | 1,615 | 3,192 | 3,913 | 6,643 | |
Ceded premiums written | (11,766) | (43,580) | (20,601) | (63,123) | |
Net premiums written | 238,698 | 231,157 | 492,780 | 494,547 | |
Premiums Earned, Net [Abstract] | |||||
Direct premiums earned | 282,507 | 315,305 | 585,228 | 616,559 | |
Assumed premiums earned | 1,615 | 3,197 | 3,913 | 6,653 | |
Ceded premiums earned | (29,366) | (69,207) | (62,513) | (96,502) | |
Net premiums earned | 254,756 | 249,295 | 526,628 | 526,710 | |
Ceded Credit Risk [Line Items] | |||||
Ceding commissions earned | 7,919 | 13,453 | 18,326 | 23,419 | |
Ceded losses | (1,078) | $ 39,635 | 2,668 | $ 41,597 | |
Deferred ceding commissions | $ 43,600 | $ 43,600 | $ 52,500 |
Note 8 - Reinsurance - Single P
Note 8 - Reinsurance - Single Premium QSR Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 36 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2017 | Dec. 31, 2020 | |
Ceded premiums written | $ 11,766 | $ 43,580 | $ 20,601 | $ 63,123 | ||
2016 Single Premium QSR | Radian Guaranty | ||||||
Concentration Risk, Percentage | 35.00% | |||||
Ceded Insurance Commission Percentage | 25.00% | |||||
Risk In Force | 2,366,000 | $ 2,366,000 | $ 3,071,000 | |||
2016 Single Premium QSR | Radian Guaranty | 2012-2014 Vintages | ||||||
Concentration Risk, Percentage | 20.00% | |||||
2018 Single Premium QSR | Radian Guaranty | ||||||
Concentration Risk, Percentage | 65.00% | |||||
Ceded Insurance Commission Percentage | 25.00% | |||||
Risk In Force | 1,465,000 | $ 1,465,000 | 1,979,000 | |||
2020 Single Premium QSR | Radian Guaranty | ||||||
Ceded premiums written | $ 250,000 | |||||
Concentration Risk, Percentage | 65.00% | |||||
Ceded Insurance Commission Percentage | 25.00% | |||||
Risk In Force | $ 1,897,000 | $ 1,897,000 | $ 1,597,000 | |||
Maximum | 2016 Single Premium QSR | Radian Guaranty | ||||||
Concentration Risk, Percentage | 65.00% | |||||
Loss Ratio | 55.00% | |||||
Maximum | 2016 Single Premium QSR | Radian Guaranty | 2012-2014 Vintages | ||||||
Concentration Risk, Percentage | 35.00% | |||||
Maximum | 2018 Single Premium QSR | Radian Guaranty | ||||||
Loss Ratio | 56.00% | |||||
Maximum | 2020 Single Premium QSR | Radian Guaranty | ||||||
Loss Ratio | 56.00% |
Note 8 - Reinsurance - Excess-o
Note 8 - Reinsurance - Excess-of-Loss Program (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021USD ($) | Oct. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Apr. 30, 2019USD ($) | Nov. 30, 2018USD ($) | Jun. 30, 2021USD ($)arrangements | Dec. 31, 2020USD ($) | |
VIE, Non-consolidated, Carrying Amount, Assets | $ 8,009,068 | $ 7,948,021 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | $ 3,675,235 | 3,663,668 | |||||
Radian Guaranty | |||||||
Reinsurance Retention Policy, Term of Coverage, Period | 10 years | ||||||
Excess-of-Loss Program | Radian Guaranty | |||||||
Number of Fully Collateralized Reinsurance Arrangements with the Eagle Re Issuers | arrangements | 5 | ||||||
VIE, Non-consolidated, Carrying Amount, Assets | $ 1,931,170 | 1,539,029 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 1,931,170 | 1,539,029 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 (Primary) | |||||||
Risk In Force | $ 11,061,000 | 10,546,000 | 0 | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 498,000 | 498,000 | 0 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 (Primary) | Radian Group Inc. | |||||||
Proceeds from Issuance of Debt | 45,400 | ||||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 (Primary) | Variable Interest Entity, Primary Beneficiary | |||||||
VIE, Non-consolidated, Carrying Amount, Assets | 497,735 | 0 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 497,735 | 0 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 (Primary) | XOL First Layer | |||||||
Reinsurance Retention Policy, Amount Retained | $ 221,000 | 221,000 | 0 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-2 (Primary) | |||||||
Risk In Force | $ 13,011,000 | 9,516,000 | 11,748,000 | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 390,000 | 285,000 | 390,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-2 (Primary) | Variable Interest Entity, Primary Beneficiary | |||||||
VIE, Non-consolidated, Carrying Amount, Assets | 284,730 | 390,324 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 284,730 | 390,324 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-2 (Primary) | XOL First Layer | |||||||
Reinsurance Retention Policy, Amount Retained | $ 423,000 | 423,000 | 423,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 (Primary) | |||||||
Risk In Force | $ 9,866,000 | 4,397,000 | 6,121,000 | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 488,000 | 488,000 | 488,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 (Primary) | Variable Interest Entity, Primary Beneficiary | |||||||
VIE, Non-consolidated, Carrying Amount, Assets | 488,385 | 488,385 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 488,385 | 488,385 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 (Primary) | XOL First Layer | |||||||
Reinsurance Retention Policy, Amount Retained | $ 202,000 | 202,000 | 202,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 (Primary) | |||||||
Risk In Force | $ 10,705,000 | 3,289,000 | 4,657,000 | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 562,000 | 385,000 | 385,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 (Primary) | Variable Interest Entity, Primary Beneficiary | |||||||
VIE, Non-consolidated, Carrying Amount, Assets | 384,602 | 384,602 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 384,602 | 384,602 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 (Primary) | XOL First Layer | |||||||
Reinsurance Retention Policy, Amount Retained | $ 268,000 | 264,000 | 265,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 (Primary) | |||||||
Risk In Force | $ 9,109,000 | 2,818,000 | 3,986,000 | ||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 434,000 | 276,000 | 276,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 (Primary) | Variable Interest Entity, Primary Beneficiary | |||||||
VIE, Non-consolidated, Carrying Amount, Assets | 275,718 | 275,718 | |||||
VIE, Non-consolidated, Carrying Amount, Liabilities | 275,718 | 275,718 | |||||
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 (Primary) | XOL First Layer | |||||||
Reinsurance Retention Policy, Amount Retained | 205,000 | $ 201,000 | $ 201,000 | ||||
Excess-of-Loss Program | Radian Guaranty | Separate Third-Party Reinsurer | |||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | $ 21,400 |
Note 8 - Reinsurance - Other Co
Note 8 - Reinsurance - Other Collateral (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Radian Guaranty | ||
Funds Held under Reinsurance Agreements, Asset | $ 197.8 | $ 228.6 |
Note 9 - Other Assets - Compone
Note 9 - Other Assets - Components of Other Assets (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021USD ($)numberOfLeases | Dec. 31, 2020USD ($) | |
Prepaid federal income taxes (Note 10) | $ 275,623 | $ 210,889 |
Prepaid Reinsurance Premiums | 225,727 | 267,638 |
Loaned securities (Note 5) | 130,850 | 57,499 |
Company-owned life insurance | 112,638 | 115,586 |
Right-of-use assets (Note 13) | 34,662 | 32,985 |
Other | 35,761 | 30,488 |
Other Assets | 815,261 | $ 715,085 |
Impairment of Leasehold | $ 3,500 | |
Number of Corporate Headquarter Leases | numberOfLeases | 2 | |
Corporate headquarters | ||
Right-of-use assets (Note 13) | $ 28,400 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
US Treasury Securities | ||
Operating Loss Carryforwards [Line Items] | ||
Debt Securities | $ 275.6 | $ 210.9 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Income Taxes Payable, Federal, Current | 18.1 | $ 17.5 |
State and Local NOL Carryforwards | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation Allowance, Amount | $ 80.7 |
Note 11 - Losses and LAE - Mort
Note 11 - Losses and LAE - Mortgage Insurance Reserve for Losses and LAE Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Loss reserve [Roll Forward] | ||
Balance at beginning of period | $ 848,413 | |
Deduct paid claims and LAE related to [Abstract] | ||
Balance at end of period | 885,498 | |
Mortgage segment | ||
Loss reserve [Roll Forward] | ||
Balance at beginning of period | 844,107 | $ 401,273 |
Less: Reinsurance recoverables | 71,769 | 14,594 |
Balance at beginning of period, net of reinsurance recoverables | 772,338 | 386,679 |
Add losses and LAE incurred in respect of default notices reported and unreported in [Abstract] | ||
Incurred Losses and LAE Current year | 85,807 | 356,555 |
Incurred Losses and LAE Prior years | (36,695) | (17,223) |
Total incurred losses and LAE | 49,112 | 339,332 |
Deduct paid claims and LAE related to [Abstract] | ||
Paid Losses and LAE Current year | 246 | 1,594 |
Paid losses and LAE Prior years | 14,447 | 44,580 |
Total paid losses and LAE | 14,693 | 46,174 |
Balance at end of period, net of reinsurance recoverables | 806,757 | 679,837 |
Add: Reinsurance recoverables | 74,006 | 55,154 |
Balance at end of period | $ 880,763 | $ 734,991 |
Note 11 - Losses and LAE - Re_2
Note 11 - Losses and LAE - Reserve Activity (Details) | Jun. 30, 2021 | Jun. 30, 2020 |
Primary Mortgage Product | Mortgage segment | ||
Default To Claim Rate Estimate, Gross, For New Defaults | 8.00% | 8.50% |
Note 12 - Borrowings and Fina_3
Note 12 - Borrowings and Financing Activities - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Advances from Federal Home Loan Banks | $ 153,983 | $ 176,483 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,407,545 | 1,405,674 |
Senior Notes | Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 446,065 | 445,512 |
Senior Notes | Senior Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 517,503 | 516,634 |
Senior Notes | Senior Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Senior Notes | 443,977 | 443,528 |
FHLB Advances | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 13,000 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 61,050 | 67,500 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 52,995 | 61,050 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 13,954 | 27,995 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 9,984 | 9,954 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,000 | 9,984 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |
Advances from Federal Home Loan Banks | $ 153,983 | $ 176,483 |
Note 12 - Borrowings and Fina_4
Note 12 - Borrowings and Financing Activities - FHLB Advances (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
FHLB advances | $ 153,983 | $ 176,483 |
Federal Home Loan Bank, Advances, Maturity Period, Fixed Rate | 90 days | |
FHLB Advances | ||
FHLB advances | $ 153,983 | 176,483 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.03% | |
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 | 1.11 | |
Fixed-maturities available for sale | Debt securities | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 175,500 | $ 188,000 |
Note 12 - Borrowings and Fina_5
Note 12 - Borrowings and Financing Activities - Revolving Credit Facility (Details) - Revolving Credit Facility $ in Millions | Jun. 30, 2021USD ($) |
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 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies - Legal Proceedings (Details) | 6 Months Ended |
Jun. 30, 2021matter | |
Unasserted Claim | Minimum | |
Loss Contingencies [Line Items] | |
Minimum Number of Pending or Threatened Matters That Could Affect Our Results | 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 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies - Lease Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Liabilities | ||
Other Commitments [Line Items] | ||
Operating Lease, Liability | $ 56,000 | $ 53,400 |
Note 14 - Capital Stock - Share
Note 14 - Capital Stock - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | 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 | 3,892,456 | 4,305,597 | |||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 23.14 | $ 22.92 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 100.2 | $ 100.2 | |||
Total of 3Q19 and 1Q20 Repurchase Programs | Subsequent Event | |||||
Capital Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 2,808,658 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 21.86 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 38.9 |
Note 14 - Capital Stock - Divid
Note 14 - Capital Stock - Dividends and Dividend Equivalents (Details) - $ / shares | May 04, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Equity [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 |
Capital Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 |
Note 14 - Capital Stock - Sha_2
Note 14 - Capital Stock - Share-based and Other Compensation Programs (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021anniversary$ / sharesshares | Jun. 30, 2021anniversary$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Performance Based RSUs Equity Settled | |||
Capital Stock [Line Items] | |||
Number of Shares, Unvested | shares | 2,361,832 | 2,361,832 | 2,186,244 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 16.78 | $ 16.78 | $ 15.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 580,180 | ||
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 20.40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Adjustment to Shares | shares | 421,357 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Adjustment to Shares, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | (811,578) | ||
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 15.98 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | (14,371) | ||
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 16.80 | ||
Performance Based RSUs Equity Settled | 2021 Award Year | |||
Capital Stock [Line Items] | |||
Performance Period, Performance-based RSUs | 3 years | ||
Payout Percentage of Target Award | 200.00% | ||
Performance Based RSUs Equity Settled | Minimum | |||
Capital Stock [Line Items] | |||
Payout Percentage of Target Award | 0.00% | ||
Performance Based RSUs Equity Settled | Minimum | 2021 Award Year | |||
Capital Stock [Line Items] | |||
Cliff-Vesting Period | 1 year | ||
Timed-Vested RSUs Equity Settled | |||
Capital Stock [Line Items] | |||
Number of Shares, Unvested | shares | 2,127,570 | 2,127,570 | 2,118,885 |
Weighted Average Grant Date Fair Value, Unvested | $ / shares | $ 14.41 | $ 14.41 | $ 13.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 461,339 | ||
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 21.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Adjustment to Shares | shares | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Adjustment to Shares, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | (438,825) | ||
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 15.82 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | (13,829) | ||
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 16.13 | ||
Timed-Vested RSUs Equity Settled | 2021 Award Year | |||
Capital Stock [Line Items] | |||
Number of Anniversaries of the Grant Date | anniversary | 3 | 3 | |
Timed-Vested RSUs Equity Settled | Minimum | 2021 Award Year | |||
Capital Stock [Line Items] | |||
Cliff-Vesting Period | 1 year |
Note 16 - Statutory Informati_3
Note 16 - Statutory Information - Statutory Information (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)state | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Statutory Accounting Practices [Line Items] | |||
Risk To Capital Ratio, Regulatory Maximum | 25 | ||
State Insurance Regulations | |||
Statutory Accounting Practices [Line Items] | |||
Number Of States That Have A Statutory Or Regulatory Risk Based Capital Requirement | state | 16 | ||
Radian Guaranty | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 348,307 | $ 103,153 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 595,981 | $ 481,484 | |
Statutory Accounting Practices, Contingency Reserve | $ 3,600,000 | ||
Risk To Capital Ratio | 11.4 | 12.7 | |
Radian Reinsurance | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 7,418 | 27,039 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 364,783 | $ 360,704 | |
Other MI Companies | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 629 | 378 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 42,331 | 41,327 | |
Radian Title Insurance | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 2,623 | $ 843 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 31,627 | $ 28,849 | |
Consolidated insurance subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Restricted Net Assets Held by Consolidated Subsidiaries | $ 4,600,000 |