Radian (RDN) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-11356
Entity Registrant Name	Radian Group Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-2691170
Entity Address, Address Line One	550 East Swedesford Road
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
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
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		157,025,431
Entity Central Index Key	0000890926
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Fixed-maturities available for sale—at fair value (amortized cost of $5,535,532 and $5,367,729)	$ 4,909,232	$ 5,517,078
Trading securities—at fair value (amortized cost of $146,446 and $234,382)	139,901	256,546
Equity securities—at fair value (cost of $162,320 and $176,229)	145,155	184,245
Short-term investments—at fair value (includes $85,777 and $48,652 of reinvested cash collateral held under securities lending agreements)	392,514	551,508
Other invested assets—at fair value	5,079	4,165
Total investments	5,591,881	6,513,542
Cash	54,701	151,145
Restricted cash	1,107	1,475
Accrued investment income	38,596	32,812
Accounts and notes receivable	174,041	124,016
Reinsurance recoverables (includes $12 and $51 for paid losses)	30,569	67,896
Deferred policy acquisition costs	17,920	16,317
Property and equipment, net	75,740	75,086
Goodwill and other acquired intangible assets, net (Note 7)	16,873	19,593
Prepaid federal income taxes (Note 10)	526,123	354,123
Other assets (Note 9)	458,292	483,180
Total assets	6,985,843	7,839,185
Liabilities
Unearned premiums	285,290	329,090
Reserve for losses and LAE (Note 11)	483,664	828,642
Senior notes (Note 12)	1,412,473	1,409,473
FHLB advances (Note 12)	153,550	150,983
Reinsurance funds withheld	218,777	228,078
Net deferred tax liability (Note 10)	335,374	337,509
Other liabilities	358,665	296,614
Total liabilities	3,247,793	3,580,389
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2022: 176,497 and 157,058 shares issued and outstanding, respectively; 2021: 194,408 and 175,421 shares issued and outstanding, respectively)	176	194
Treasury stock, at cost (2022: 19,440 shares; 2021: 18,987 shares)	(930,396)	(920,798)
Additional paid-in capital	1,513,615	1,878,372
Retained earnings	3,656,870	3,180,935
Accumulated other comprehensive income (loss) (Note 15)	(502,215)	120,093
Total stockholders’ equity	3,738,050	4,258,796
Total liabilities and stockholders’ equity	$ 6,985,843	$ 7,839,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Total fixed-maturities available for sale	$ 5,535,532	$ 5,367,729
Trading securities amortized cost	146,446	234,382
Equity securities, fair value cost	162,320	176,229
Reinvested cash collateral held under securities lending agreements	85,777	48,652
Reinsurance recoverables, paid losses	$ 12	$ 51
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	485,000	485,000
Common stock, shares, issued	176,497	194,408
Common stock, shares, outstanding	157,058	175,421
Treasury stock, shares	19,440	18,987

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Net premiums earned (Note 8)	$ 240,222	$ 249,118	$ 748,304	$ 775,746
Services revenue (Note 4)	20,146	37,773	76,775	90,132
Net investment income	51,414	35,960	136,567	110,502
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(4,139), $14,246, $(8,454) and $18,330) (Note 6)	(16,252)	2,098	(87,578)	12,578
Other income	659	809	1,934	2,607
Total revenues	296,189	325,758	876,002	991,565
Expenses
Provision for losses	(96,964)	17,305	(294,640)	67,096
Policy acquisition costs	5,442	7,924	17,987	21,758
Cost of services	18,717	30,520	66,230	75,381
Other operating expenses	91,327	86,479	271,363	243,210
Interest expense	21,183	21,027	62,860	63,207
Amortization of other acquired intangible assets	1,023	862	2,721	2,587
Total expenses	40,728	164,117	126,521	473,239
Pretax income	255,461	161,641	749,481	518,326
Income tax provision	57,181	35,229	168,877	111,100
Net income	$ 198,280	$ 126,412	$ 580,604	$ 407,226
Net income per share
Basic net income per share (in usd per share)	$ 1.22	$ 0.68	$ 3.39	$ 2.13
Diluted net income per share (in usd per share)	$ 1.20	$ 0.67	$ 3.34	$ 2.11
Weighted-average number of common shares outstanding—basic (in shares)	162,506	186,741	171,116	191,357
Weighted-average number of common and common equivalent shares outstanding—diluted (in shares)	164,738	188,042	173,618	192,902

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net realized gains (losses) on investments sold or redeemed	$ (4,139)	$ 14,246	$ (8,454)	$ 18,330

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 198,280	$ 126,412	$ 580,604	$ 407,226
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	(176,391)	(23,394)	(630,348)	(106,286)
Less: Reclassification adjustment for net gains (losses) on investments included in net income
Net realized gains (losses) on disposals and non-credit related impairment losses	(3,281)	3,238	(7,956)	4,490
Net decrease (increase) in expected credit losses	0	0	0	725
Net unrealized gains (losses) on investments	(173,110)	(26,632)	(622,392)	(111,501)
Other adjustments to comprehensive income (loss), net	0	0	84	0
Other comprehensive income (loss), net of tax	(173,110)	(26,632)	(622,308)	(111,501)
Comprehensive income (loss)	$ 25,170	$ 99,780	$ (41,704)	$ 295,725

Condensed Consolidated Statem_4

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, 2020			$ 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		2,944
Share-based compensation					20,996
Shares repurchased under share repurchase program (Note 14)			(11)		(256,967)
Repurchases of common stock under incentive plans				(10,240)
Net income	$ 407,226					407,226
Dividends and dividend equivalents declared						(78,865)
Net unrealized gains (losses) on investments, net of tax	(111,501)						(111,501)
Other adjustments to other comprehensive income (loss)							0
Balance, end of period at Sep. 30, 2021		$ 4,257,936	200	(920,355)	2,012,870	3,012,997	152,224
Balance, beginning of period at Jun. 30, 2021			207	(920,225)	2,161,857	2,913,138	178,856
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans			0		1,007
Share-based compensation					8,282
Shares repurchased under share repurchase program (Note 14)			(7)		(158,276)
Repurchases of common stock under incentive plans				(130)
Net income	126,412					126,412
Dividends and dividend equivalents declared						(26,553)
Net unrealized gains (losses) on investments, net of tax	(26,632)						(26,632)
Other adjustments to other comprehensive income (loss)							0
Balance, end of period at Sep. 30, 2021		4,257,936	200	(920,355)	2,012,870	3,012,997	152,224
Balance, beginning of period at Dec. 31, 2021	4,258,796		194	(920,798)	1,878,372	3,180,935	120,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans			2		3,163
Share-based compensation					31,280
Shares repurchased under share repurchase program (Note 14)			(20)		(399,200)
Repurchases of common stock under incentive plans				(9,598)
Net income	580,604					580,604
Dividends and dividend equivalents declared						(104,669)
Net unrealized gains (losses) on investments, net of tax	(622,392)						(622,392)
Other adjustments to other comprehensive income (loss)							84
Balance, end of period at Sep. 30, 2022	3,738,050	3,738,050	176	(930,396)	1,513,615	3,656,870	(502,215)
Balance, beginning of period at Jun. 30, 2022			186	(930,284)	1,698,490	3,491,675	(329,105)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans			0		1,525
Share-based compensation					7,714
Shares repurchased under share repurchase program (Note 14)			(10)		(194,114)
Repurchases of common stock under incentive plans				(112)
Net income	198,280					198,280
Dividends and dividend equivalents declared						(33,085)
Net unrealized gains (losses) on investments, net of tax	(173,110)						(173,110)
Other adjustments to other comprehensive income (loss)							0
Balance, end of period at Sep. 30, 2022	$ 3,738,050	$ 3,738,050	$ 176	$ (930,396)	$ 1,513,615	$ 3,656,870	$ (502,215)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 282,148	$ 403,304
Cash flows from investing activities
Fixed-maturities available for sale	395,976	536,387
Trading securities	8,829	7,952
Equity securities	7,645	29,289
Fixed-maturities available for sale	663,255	917,027
Trading securities	78,462	11,703
Fixed-maturities available for sale	(1,238,636)	(1,413,445)
Equity securities	(23,225)	(102,956)
Short-term investments, net	168,933	(17,474)
Other assets and other invested assets, net	(534)	6,253
Additions to property and equipment	(12,149)	(8,720)
Net cash provided by (used in) investing activities	48,556	(33,984)
Cash flows from financing activities
Dividends and dividend equivalents paid	(103,721)	(78,165)
Issuance of common stock	1,118	1,225
Repurchases of common stock	(387,111)	(251,482)
Credit facility commitment fees paid	(574)	(710)
Change in secured borrowings, net (with terms three months or less)	60,204	38,241
Proceeds from secured borrowings (with terms greater than three months)	26,568	32,000
Repayments of secured borrowings (with terms greater than three months)	(24,000)	(48,000)
Net cash provided by (used in) financing activities	(427,516)	(306,891)
Increase (decrease) in cash and restricted cash	(96,812)	62,429
Cash and restricted cash, beginning of period	152,620	94,146
Cash and restricted cash, end of period	$ 55,808	$ 156,575

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business We are a diversified mortgage and real estate business, providing both credit-related mortgage insurance coverage and an array of other mortgage, risk, title, real estate and technology products and services. We have two reportable business segments—Mortgage and homegenius. Mortgage Our Mortgage segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as contract underwriting and other credit risk management 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 mortgage investors, as well as other beneficiaries such as the GSEs, 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, almost all of which are currently sold to the GSEs. Our total direct primary mortgage IIF and RIF were $259.1 billion and $65.3 billion, respectively, as of September 30, 2022, compared to $246.0 billion and $60.9 billion, respectively, as of December 31, 2021. In addition to providing private mortgage insurance, we have participated 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 $276.2 million as of September 30, 2022, compared to $417.7 million as of December 31, 2021. The GSEs and state insurance regulators impose various capital and financial requirements on our mortgage insurance subsidiaries. These include the PMIERs financial requirements as well as risk-to-capital and other risk-based capital measures and surplus 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 most aspects of their business. See Note 16 for additional information on PMIERs and other regulatory information. homegenius Our homegenius segment is primarily a fee-for-service business that offers an array of products and services to market participants across the real estate value chain. Our homegenius products and services include title, real estate and technology products and services offered primarily to consumers, 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. They 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. Risks and Uncertainties In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates, including as a result of macroeconomic stresses such as inflation, slower economic growth and higher levels of unemployment. The U.S. economy is currently experiencing a high rate of inflation and slower economic growth, with annual inflation reaching a 40-year high in September 2022. Recent actions taken by the U.S. Federal Reserve to increase interest rates in response to these inflationary pressures led to a sharp and significant increase in mortgage interest rates during the first nine months of 2022. The U.S. Federal Reserve raised rates further in the fourth quarter of 2022 and has signaled that it expects to continue to increase rates in future periods. While we expect these interest rate increases to continue to negatively impact certain aspects of our results, including through lower NIW, lower homegenius revenues and lower investment fair values, we also expect to benefit from the rate increases due to higher Persistency Rates that will favorably impact our IIF, as well as through the recognition of higher net investment income. The current economic conditions have negatively impacted the U.S. housing market, which has experienced decreasing home prices in recent months in many markets, significantly reduced

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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 consolidated 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 2021 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. Certain prior period amounts have been reclassified to conform to current period presentation. 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 2021 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 2021 Form 10-K. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance—Targeted Improvements to the Accounting for Long-Duration Contracts. 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 continue to evaluate the impact the new accounting guidance will have on our financial statements and disclosures but do not expect the adoption of these amendments to have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This new guidance provides optional expedients and exceptions for applying GAAP requirements to investments, derivatives, or other transactions affected by reference rate reform such as those that impact the assessment of contract modifications. 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 continue to monitor the impact the discontinuance of LIBOR and the new accounting guidance will have on our financial statements and disclosures but do not expect the adoption of these amendments to have a material impact on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, this update introduces new disclosure requirements for equity securities subject to contractual sale restrictions measured at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of this ASU to have a material effect on our consolidated operating results or financial position.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and the weighted-average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows. Net income per share Three Months Ended Nine Months Ended (In thousands, except per-share amounts) 2022 2021 2022 2021 Net income—basic and diluted $ 198,280 $ 126,412 $ 580,604 $ 407,226 Average common shares outstanding—basic 162,506 186,741 171,116 191,357 Dilutive effect of share-based compensation arrangements 2,232 1,301 2,502 1,545 Adjusted average common shares outstanding—diluted 164,738 188,042 173,618 192,902 Net income per share Basic $ 1.22 $ 0.68 $ 3.39 $ 2.13 Diluted $ 1.20 $ 0.67 $ 3.34 $ 2.11

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
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 solutions provided to mortgage lending institutions and mortgage credit investors. Our homegenius segment offers an array of title, real estate and technology products and services to consumers, 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 Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) certain investments in new business opportunities, including activities and investments associated with Radian Mortgage Capital, and other immaterial activities. We allocate corporate operating expenses to both reportable segments based primarily 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 primary exception of goodwill and other acquired intangible assets, which all relate to our homegenius segment, and 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, except for certain investments attributable to our reportable segments; (ii) gains (losses) 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 2021 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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Adjusted pretax operating income (loss) Mortgage $ 295,675 $ 165,220 $ 890,036 $ 534,972 homegenius (25,536) (5,557) (56,732) (25,208) Total adjusted pretax operating income for reportable segments (1) 270,139 159,663 833,304 509,764 All Other adjusted pretax operating income 2,581 986 6,397 2,920 Net gains (losses) on investments and other financial instruments (16,252) 2,098 (87,578) 12,578 Amortization of other acquired intangible assets (1,023) (862) (2,721) (2,587) Impairment of other long-lived assets and other non-operating items 16 (244) 79 (4,349) Consolidated pretax income $ 255,461 $ 161,641 $ 749,481 $ 518,326 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Mortgage Allocated corporate operating expenses (a) $ 32,457 $ 33,963 $ 101,903 $ 94,177 Direct depreciation expense 2,234 2,240 6,803 7,342 homegenius Allocated corporate operating expenses (b) $ 5,555 $ 4,918 $ 16,554 $ 13,635 Direct depreciation expense 646 639 1,932 1,828 (a) Includes allocated depreciation expense of $0.7 million and $2.3 million for the three and nine months ended September 30, 2022, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2021, respectively. (b) Includes allocated depreciation expense of $0.2 million and $0.4 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2021, respectively. Revenues The reconciliation of revenues for our reportable segments to consolidated revenues is as follows. Reconciliation of revenues by segment Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Revenues Mortgage $ 281,033 $ 274,659 $ 855,262 $ 862,757 homegenius (1) 25,083 45,091 91,338 104,337 Total revenues for reportable segments 306,116 319,750 946,600 967,094 All Other revenues 6,396 3,996 17,218 12,100 Net gains (losses) on investments and other financial instruments (16,252) 2,098 (87,578) 12,578 Elimination of inter-segment revenues (71) (86) (238) (207) Total revenues $ 296,189 $ 325,758 $ 876,002 $ 991,565 (1) Includes immaterial inter-segment revenues for the three and nine months ended September 30, 2022 and 2021. The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type. Services revenue Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 homegenius Title $ 4,714 $ 12,927 $ 16,012 $ 30,383 Real estate Valuation 6,731 8,435 23,732 19,835 Single family rental 5,430 8,539 20,887 17,610 Real estate owned asset management 750 571 2,302 1,738 Other real estate services 78 67 83 143 Technology Asset management technology platform 1,134 1,199 3,740 4,225 Other technology services 905 981 2,957 2,964 Mortgage 404 5,027 7,062 13,110 All Other — 27 — 124 Total services revenue $ 20,146 $ 37,773 $ 76,775 $ 90,132

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2021 Form 10-K. The following tables include a list of assets that are measured at fair value by hierarchy level as of September 30, 2022, and December 31, 2021. Assets and liabilities carried at fair value by hierarchy level September 30, 2022 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 142,882 $ 3,782 $ — $ 146,664 State and municipal obligations — 142,743 — 142,743 Corporate bonds and notes — 2,429,325 — 2,429,325 RMBS — 900,591 — 900,591 CMBS — 599,478 — 599,478 CLO — 490,832 — 490,832 Other ABS — 168,087 — 168,087 Foreign government and agency securities — 4,970 — 4,970 Mortgage insurance-linked notes (1) — 26,542 — 26,542 Total fixed-maturities available for sale 142,882 4,766,350 — 4,909,232 Trading securities State and municipal obligations — 70,475 — 70,475 Corporate bonds and notes — 47,802 — 47,802 RMBS — 7,058 — 7,058 CMBS — 14,566 — 14,566 Total trading securities — 139,901 — 139,901 Equity securities 134,907 7,748 2,500 145,155 Short-term investments State and municipal obligations — 2,885 — 2,885 Money market instruments 241,866 — — 241,866 Corporate bonds and notes — 53,406 — 53,406 Other investments (2) — 94,357 — 94,357 Total short-term investments 241,866 150,648 — 392,514 Other invested assets (3) — — 4,000 4,000 Total investments at fair value (3) 519,655 5,064,647 6,500 5,590,802 Other Derivative assets — 56 651 707 Loaned securities and securities sold under repurchase agreements (4) Corporate bonds and notes — 40,377 — 40,377 CMBS — 9,651 — 9,651 CLO — 7,117 — 7,117 Other ABS — 2,876 — 2,876 Equity securities 60,366 — — 60,366 Mortgage insurance-linked notes (1) — 16,895 — 16,895 Total assets at fair value (3) $ 580,021 $ 5,141,619 $ 7,151 $ 5,728,791 Liabilities Derivative liabilities (5) $ — $ 33 $ 4,601 $ 4,634 Total liabilities at fair value $ — $ 33 $ 4,601 $ 4,634 (1) Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) Comprises short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $1.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Securities loaned to third-party borrowers under securities lending agreements or sold under repurchase agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. (5) Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other liabilities in our condensed consolidated balance sheets. See Note 8 for more information. Assets carried at fair value by hierarchy level December 31, 2021 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 192,452 $ 29,278 $ — $ 221,730 State and municipal obligations — 177,257 — 177,257 Corporate bonds and notes — 2,910,231 — 2,910,231 RMBS — 705,117 — 705,117 CMBS — 709,203 — 709,203 CLO — 530,040 — 530,040 Other ABS — 211,187 — 211,187 Foreign government and agency securities — 5,296 — 5,296 Mortgage insurance-linked notes (1) — 47,017 — 47,017 Total fixed-maturities available for sale 192,452 5,324,626 — 5,517,078 Trading securities State and municipal obligations — 94,637 — 94,637 Corporate bonds and notes — 119,186 — 119,186 RMBS — 9,438 — 9,438 CMBS — 33,285 — 33,285 Total trading securities — 256,546 — 256,546 Equity securities 176,828 7,417 — 184,245 Short-term investments U.S. government and agency securities 94,665 — — 94,665 State and municipal obligations — 12,270 — 12,270 Money market instruments 274,535 — — 274,535 Corporate bonds and notes — 65,191 — 65,191 CMBS — 3,023 — 3,023 Other investments (2) — 101,824 — 101,824 Total short-term investments 369,200 182,308 — 551,508 Other invested assets (3) — — 3,000 3,000 Total investments at fair value (3) 738,480 5,770,897 3,000 6,512,377 Other Derivative assets (4) — — 4,200 4,200 Loaned securities (5) Corporate bonds and notes — 65,994 — 65,994 Equity securities 38,002 — — 38,002 Total assets at fair value (3) $ 776,482 $ 5,836,891 $ 7,200 $ 6,620,573 (1) Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) Comprises short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our condensed consolidated balance sheets. See Note 8 for more information. (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. There were no transfers to or from Level III for the three and nine months ended September 30, 2022, or the year ended December 31, 2021. 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 nine months ended September 30, 2022, and the year ended December 31, 2021. 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 September 30, 2022 December 31, 2021 (In thousands) Carrying Estimated Carrying Estimated Senior notes $ 1,412,473 $ 1,336,403 $ 1,409,473 $ 1,534,378 FHLB advances 153,550 153,562 150,983 152,117 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 contractual cash flows discounted at current borrowing rates for similar borrowing arrangements. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about these borrowings. The fair value of our remaining financial instruments included in other assets and other liabilities in our condensed consolidated balance sheets approximates their carrying amount as of September 30, 2022, and December 31, 2021.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 175,175 $ — $ (28,511) $ 146,664 State and municipal obligations 164,045 — (21,302) 142,743 Corporate bonds and notes 2,869,400 132 (400,572) 2,468,960 RMBS 1,010,453 522 (110,384) 900,591 CMBS 656,321 4 (47,196) 609,129 CLO 518,261 — (20,312) 497,949 Other ABS 177,299 26 (6,362) 170,963 Foreign government and agency securities 5,115 — (145) 4,970 Mortgage insurance-linked notes (1) 45,384 — (1,947) 43,437 Total securities available for sale, including loaned securities and securities sold under repurchase agreements 5,621,453 $ 684 $ (636,731) (2) 4,985,406 Less: loaned securities and securities sold under repurchase agreements (3) 85,921 76,174 Total fixed-maturities available for sale $ 5,535,532 $ 4,909,232 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) See “—Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets in our condensed consolidated balance sheets as further described below. See “—Loaned Securities and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase agreements. Available for sale securities December 31, 2021 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 221,407 $ 1,719 $ (1,396) $ 221,730 State and municipal obligations 162,964 14,694 (401) 177,257 Corporate bonds and notes 2,867,063 133,665 (24,886) 2,975,842 RMBS 697,581 14,313 (6,777) 705,117 CMBS 690,827 21,444 (3,068) 709,203 CLO 529,906 1,032 (898) 530,040 Other ABS 210,657 1,142 (612) 211,187 Foreign government and agency securities 5,109 187 — 5,296 Mortgage insurance-linked notes (1) 45,384 1,633 — 47,017 Total securities available for sale, including loaned securities 5,430,898 $ 189,829 $ (38,038) (2) 5,582,689 Less: loaned securities (3) 63,169 65,611 Total fixed-maturities available for sale $ 5,367,729 $ 5,517,078 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) See “—Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets in our condensed consolidated balance sheets as further described below. See “—Loaned Securities and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase 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. There was no allowance as of September 30, 2022, or December 31, 2021. Rollforward of allowance for credit losses on fixed-maturities available for sale (In thousands) Nine Months Ended Beginning balance $ 948 Net decreases in allowance on previously impaired securities (918) Reduction for securities sold (30) Ending balance $ — 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 September 30, 2022, and December 31, 2021, are loaned securities and securities sold under repurchase 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 September 30, 2022 ($ 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 16 $ 94,560 $ (22,377) 8 $ 48,322 $ (6,134) 24 $ 142,882 $ (28,511) State and municipal obligations 57 133,696 (19,265) 7 8,747 (2,037) 64 142,443 (21,302) Corporate bonds and notes 487 1,992,250 (266,626) 123 451,971 (133,946) 610 2,444,221 (400,572) RMBS 152 716,471 (80,207) 24 130,465 (30,177) 176 846,936 (110,384) CMBS 129 517,151 (35,210) 39 86,743 (11,986) 168 603,894 (47,196) CLO 121 359,365 (14,230) 36 138,584 (6,082) 157 497,949 (20,312) Other ABS 76 133,593 (3,938) 8 18,850 (2,424) 84 152,443 (6,362) Mortgage insurance-linked notes 2 43,437 (1,947) — — — 2 43,437 (1,947) Foreign government and agency securities 1 4,970 (145) — — — 1 4,970 (145) Total 1,041 $ 3,995,493 $ (443,945) 245 $ 883,682 $ (192,786) 1,286 $ 4,879,175 $ (636,731) December 31, 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 14 $ 101,602 $ (1,165) 2 $ 6,937 $ (231) 16 $ 108,539 $ (1,396) State and municipal obligations 20 32,721 (401) — — — 20 32,721 (401) Corporate bonds and notes 209 864,355 (16,799) 34 99,475 (8,087) 243 963,830 (24,886) RMBS 57 365,476 (6,749) 3 1,543 (28) 60 367,019 (6,777) CMBS 81 188,457 (2,053) 9 22,050 (1,015) 90 210,507 (3,068) CLO 84 313,380 (675) 11 35,612 (223) 95 348,992 (898) Other ABS 54 138,851 (603) 1 631 (9) 55 139,482 (612) Total 519 $ 2,004,842 $ (28,445) 60 $ 166,248 $ (9,593) 579 $ 2,171,090 $ (38,038) Given our intent and ability as of September 30, 2022, to hold these securities until recovery of their amortized cost basis, we do not expect to realize a loss on any of our investments in an unrealized loss position. See Note 2 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for information regarding our accounting policy for impairments. Loaned Securities and Securities Sold Under Repurchase 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 2021 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 $20.1 million and $57.8 million as of September 30, 2022, and December 31, 2021, 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. In addition, from time to time, we may agree to transfer certain investment securities to a transferee in exchange for cash, while simultaneously entering into an agreement to reacquire the securities on a specified future date for an amount equal to the cash received plus interest. As of September 30, 2022, amounts owed under securities repurchase agreements totaled $23.1 million and are included in other liabilities in our condensed consolidated balance sheets. These amounts were paid in full in October 2022. We report securities pledged under such repurchase agreements at fair value within other assets in our condensed balance sheets, and include those amounts in this Note 6. We did not have any outstanding securities repurchase agreements as of December 31, 2021. Net Gains (Losses) on Investments and Other Financial Instruments Net gains (losses) on investments and other financial instruments consisted of the following. Net gains (losses) on investments and other financial instruments Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Net realized gains (losses) on investments sold or redeemed Fixed-maturities available for sale Gross realized gains $ 411 $ 5,874 $ 2,554 $ 19,588 Gross realized losses (4,564) (1,776) (12,625) (13,904) Fixed-maturities available for sale, net (4,153) 4,098 (10,071) 5,684 Trading securities (30) — (136) 391 Equity securities — 8,632 1,655 8,405 Other investments 44 1,516 98 3,850 Net realized gains (losses) on investments sold or redeemed (4,139) 14,246 (8,454) 18,330 Change in unrealized gains (losses) on investments sold or redeemed 29 (7,584) (2,914) (7,115) Net decrease (increase) in expected credit losses — — — 918 Net unrealized gains (losses) on investments still held Trading securities (7,398) (2,659) (27,892) (6,011) Equity securities (7,256) (1,086) (32,249) 6,251 Other investments (149) (13) (490) 1,050 Net unrealized gains (losses) on investments still held (14,803) (3,758) (60,631) 1,290 Total net gains (losses) on investments (18,913) 2,904 (71,999) 13,423 Net gains (losses) on other financial instruments 2,661 (806) (15,579) (845) Net gains (losses) on investments and other financial instruments $ (16,252) $ 2,098 $ (87,578) $ 12,578 Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale September 30, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 105,948 $ 104,459 Due after one year through five years (1) 1,264,301 1,178,849 Due after five years through 10 years (1) 1,004,494 847,994 Due after 10 years (1) 838,992 632,035 Asset-backed and mortgage-backed securities (2) 2,407,718 2,222,069 Total 5,621,453 4,985,406 Less: loaned securities and securities sold under repurchase agreements 85,921 76,174 Total fixed-maturities available for sale $ 5,535,532 $ 4,909,232 (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 nine months ended September 30, 2022, 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 $13.1 million and $14.3 million at September 30, 2022, and December 31, 2021, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale and trading securities also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.

Goodwill and Other Acquired Int

Goodwill and Other Acquired Intangible Assets, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Acquired 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 nine months ended September 30, 2022. 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 September 30, 2022 December 31, 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (36,931) $ 6,619 $ 43,550 $ (34,620) $ 8,930 Technology 8,285 (7,980) 305 8,285 (7,675) 610 Licenses 463 (316) 147 463 (212) 251 Total $ 52,298 $ (45,227) $ 7,071 $ 52,298 $ (42,507) $ 9,791 We monitor the performance of our homegenius segment each quarter, including as part of our annual goodwill impairment assessment planned for the fourth quarter of 2022. 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 2021 Form 10-K.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2022
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 and the Excess-of-Loss Program. The amount of credit that we receive under the PMIERs financial requirements for our third-party reinsurance transactions is subject to ongoing review and approval by the GSEs. The effect of all of our reinsurance programs on our net income is as follows. Reinsurance impacts on net premiums written and earned Net Premiums Written Net Premiums Earned Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 2022 2021 2022 2021 Direct Mortgage insurance $ 243,145 $ 240,669 $ 728,171 $ 734,993 $ 256,845 $ 265,378 $ 771,971 $ 835,462 Title insurance 5,164 12,570 21,443 27,714 5,165 12,570 21,444 27,714 Total direct 248,309 253,239 749,614 762,707 262,010 277,948 793,415 863,176 Assumed (1) Mortgage insurance 1,211 1,683 4,081 5,596 1,211 1,683 4,081 5,596 Ceded Mortgage insurance (2) (9,278) (14,236) (170) (34,572) (22,859) (30,194) (48,772) (92,441) Title insurance (140) (319) (420) (585) (140) (319) (420) (585) Total ceded (9,418) (14,555) (590) (35,157) (22,999) (30,513) (49,192) (93,026) Total net premiums $ 240,102 $ 240,367 $ 753,105 $ 733,146 $ 240,222 $ 249,118 $ 748,304 $ 775,746 (1) Represents 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. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Ceding commissions earned (1) $ 4,772 $ 7,120 $ 13,330 $ 25,446 Ceded losses (2) (9,278) 795 (37,138) 3,463 (1) Ceding commissions earned are primarily related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses on our condensed consolidated statements of operations. Deferred ceding commissions of $30.2 million and $38.6 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2022, and December 31, 2021, respectively. (2) Primarily all related to mortgage insurance. QSR Program 2022 QSR Agreement In the third quarter of 2022, Radian Guaranty entered into the 2022 QSR Agreement with a panel of third-party reinsurance providers to cede a contractual quota share percent of certain of our NIW, which includes both Recurring Premium Policies and Single Premium Policies (as set forth in the table below), subject to certain conditions, including a limitation on ceded RIF equal to $8.5 billion over the term of the agreement. Radian Guaranty may discontinue ceding new policies under the agreement at the end of any calendar quarter. Radian Guaranty receives a ceding commission for ceded premiums earned pursuant to these transactions. Radian Guaranty is also entitled to receive a profit commission quarterly, subject to a final annual re-calculation, 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 these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. 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 these thresholds reduce Radian Guaranty’s profit commission on a dollar-for-dollar basis. As of January 1, 2022, Radian Guaranty is no longer ceding NIW under the Single Premium QSR Program. The following table sets forth additional details regarding the QSR Program. QSR Program (1) 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date July 1, 2022 January 1, 2020 January 1, 2018 January 1, 2016 Scheduled termination date June 30, 2033 December 31, 2031 December 31, 2029 December 31, 2027 Optional termination date (2) July 1, 2026 January 1, 2024 January 1, 2022 January 1, 2020 Quota share % 20% 65% 65% 18% - 57% (3) Ceding commission % 20% 25% 25% 25% Profit commission % Up to 59% Up to 56% Up to 56% Up to 55% (In millions) As of September 30, 2022 RIF ceded $ 2,710 $ 2,038 $ 917 $ 1,319 (In millions) As of December 31, 2021 RIF ceded $ — $ 2,137 $ 1,021 $ 1,698 (1) Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material. (2) 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 reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance. (3) 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%. Effective September 30, 2022, one reinsurer terminated its interest in the 2016 Single Premium QSR Agreement in exchange for participating in the 2022 QSR Agreement. As a result, the portions ceded under this agreement declined from 20% to 65% to approximately 18% to 57% as of September 30, 2022. Excess-of-Loss Program Radian Guaranty has entered into six 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 six 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 the maturity period of the mortgage insurance-linked notes (either a 10-year or 12.5-year period depending on the transaction) 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, including an optional call feature that provides Radian Guaranty the right to terminate the transaction on or after the optional call date (5 or 7 years after the issuance of the insurance-linked notes depending on the transaction) and a right to exercise an optional clean-up call if the outstanding principal amount of the related insurance-linked notes falls below 10% of the initial principal balance of the related insurance-linked notes. 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. The insurance-linked notes issued by Eagle Re 2018-1 and 2019-1 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. Effective September 26, 2022, Radian Guaranty exercised its optional clean-up call right to terminate Radian Guaranty’s excess-of-loss reinsurance agreement with Eagle Re 2020-2 Ltd. In connection with the termination of Radian Guaranty’s excess-of-loss reinsurance agreement with Eagle Re 2020-2 Ltd., the insurance-linked notes issued by Eagle Re 2020-2 Ltd. were redeemed in full with a distribution of remaining collateral assets. The following tables set forth additional details regarding the Excess-of-Loss Program as of September 30, 2022, and December 31, 2021. Excess-of-Loss Program (1) (In millions) Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (2) Eagle Re Eagle Re Eagle Re Issued November April February April November NIW policy dates Jan 1, 2021- Aug 1, 2020- Jan 1, 2019- Jan 1, 2018- Jan 1, 2017- Initial RIF $ 10,758 $ 11,061 $ 9,866 $ 10,705 $ 9,109 Initial coverage 484 498 488 562 434 Initial first layer retention 242 221 202 268 205 (In millions) As of September 30, 2022 RIF $ 9,394 $ 8,223 $ 2,510 $ 1,849 $ 1,596 Remaining coverage 484 401 394 385 276 First layer retention 242 221 202 263 201 (In millions) As of December 31, 2021 RIF $ 10,379 $ 9,496 $ 3,241 $ 2,429 $ 2,117 Remaining coverage 484 498 488 385 276 First layer retention 242 221 202 264 201 (1) Excludes Eagle Re 2020-2 Ltd., which was terminated in September 2022, as further discussed above. (2) 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 September 30, 2022. See Notes 5 and 6 for additional information. 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 2021 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 2021 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) 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 September 30, 2022, and December 31, 2021. The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE assets and liabilities of Eagle Re Issuers (1) (In thousands) September 30, December 31, Eagle Re 2021-2 Ltd. $ 484,122 $ 484,122 Eagle Re 2021-1 Ltd. 401,377 497,735 Eagle Re 2020-2 Ltd. (2) — 143,986 Eagle Re 2020-1 Ltd. 394,306 488,385 Eagle Re 2019-1 Ltd. 384,603 384,602 Eagle Re 2018-1 Ltd. 275,718 275,718 Total $ 1,940,126 $ 2,274,548 (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, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers. (2) In September 2022, the excess-of-loss reinsurance agreement with Eagle Re 2020-2 Ltd. was terminated, as further discussed above. Other Collateral Although we use reinsurance as one of our risk management tools, reinsurance does not relieve us of our obligations to our policyholders. In the event the reinsurers are unable to meet their obligations to us, our insurance subsidiaries would be liable for any defaulted amounts. However, consistent with the PMIERs reinsurer counterparty collateral requirements, Radian Guaranty’s reinsurers have established trusts to help secure our potential cash r ecoveries. In addition to the total VIE assets of the Eagle Re Issuers discussed above, the amount held in reinsurance trusts was $173.8 million as of September 30, 2022, compared to $167.9 million as of December 31, 2021. In addition, primarily 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 2021 Form 10-K for more information about our reinsurance transactions.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
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) September 30, December 31, Prepaid reinsurance premiums (1) $ 153,072 $ 201,674 Loaned securities and securities sold under repurchase agreements (Note 5) 137,282 103,996 Company-owned life insurance (2) 104,712 113,386 Right-of-use assets 30,653 31,878 Other 32,573 32,246 Total other assets $ 458,292 $ 483,180 (1) Relates primarily 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. See Note 9 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for more information about our right-of-use assets and related impairment analysis.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As of September 30, 2022, and December 31, 2021, our current federal income tax liability was $24.3 million and $19.9 million, respectively, and is included as a component of other liabilities in our condensed consolidated balance sheets. 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. 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 have determined that certain of these entities 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, we have concluded a valuation allowance is required with respect to deferred tax assets relating to these state and local NOLs and other state timing adjustments. As of September 30, 2022, and December 31, 2021, this valuation allowance was $85.1 million and $83.4 million, respectively. In addition, as of September 30, 2022, we have generated deferred tax assets related to unrealized capital losses, and we consider it more likely than not that these assets will be realized. We will continue to monitor the level of these losses and our overall ability to realize the related deferred tax assets in the coming quarters. 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 September 30, 2022, and December 31, 2021, we held $526.1 million and $354.1 million, respectively, of these bonds, which are included as prepaid federal income taxes 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 2021 Form 10-K for additional information about our U.S. Mortgage Guaranty Tax and Loss Bonds. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (the “IRA”), which, among other things, implemented a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases that occur after December 31, 2022, and several tax incentives to promote clean energy. Currently, we do not believe that this new minimum tax or the other income tax provisions of the IRA will have a material impact on our consolidated financial statements. For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2021 Form 10-K.

Losses and LAE

Losses and LAE	9 Months Ended
	Sep. 30, 2022
Insurance Loss Reserves [Abstract]
Losses and LAE	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) September 30, December 31, Primary case $ 454,726 $ 790,380 Primary IBNR and LAE 13,672 22,745 Pool and other 9,349 10,011 Mortgage insurance 477,747 823,136 Title insurance 5,917 5,506 Total reserve for losses and LAE $ 483,664 $ 828,642 For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE. Rollforward of mortgage insurance reserve for losses Nine Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 823,136 $ 844,107 Less: Reinsurance recoverables (1) 66,676 71,769 Balance at beginning of period, net of reinsurance recoverables 756,460 772,338 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 115,159 119,823 Prior years (411,024) (53,947) Total incurred (295,865) 65,876 Deduct: Paid claims and LAE related to: Current year (2) 381 499 Prior years 12,123 24,431 Total paid 12,504 24,930 Balance at end of period, net of reinsurance recoverables 448,091 813,284 Add: Reinsurance recoverables (1) 29,656 74,737 Balance at end of period $ 477,747 $ 888,021 (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 Total incurred losses are driven by: (i) case reserves established for new default notices, which are 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 and (ii) reserve developments on prior period defaults, which are primarily impacted by changes to our prior Default to Claim Rate assumptions. New primary default notices totaled 27,003 for the nine months ended September 30, 2022, compared to 28,128 for the nine months ended September 30, 2021, representing a decrease of 4%. Our gross Default to Claim Rate assumption applied to new defaults was 8.0% as of both September 30, 2022, and September 30, 2021, as we continue to closely monitor the trends in Cures and claims paid for our default inventory, while also weighing the risks and uncertainties associated with the current economic environment. As a result, the decrease in new default notices was the primary driver of the decrease in losses incurred related to current year defaults for the nine months ended September 30, 2022, as compared to the same period in the prior year. Our provision for losses during both the first nine months of 2022 and 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 due to favorable outcomes resulting from mortgage forbearance programs implemented in response to the COVID-19 pandemic as well as positive trends in home price appreciation. These favorable observed trends resulted in reductions in our Default to Claim Rate assumptions for prior year default notices, particularly for those defaults first reported in 2020 following the start of the COVID-19 pandemic. Claims Paid Total claims paid decreased for the nine months ended September 30, 2022, compared to the same period in 2021. The decrease in claims paid is primarily attributable to a reduction in payments made to settle certain previously disclosed legal proceedings. 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 2021 Form 10-K.

Borrowings and Financing Activi

Borrowings and Financing Activities	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
Borrowings and Financing Activities	Borrowings and Financing Activities The carrying value of our debt at September 30, 2022, and December 31, 2021, was as follows. Borrowings (In thousands) September 30, December 31, Senior notes Senior Notes due 2024 $ 447,506 $ 446,631 Senior Notes due 2025 519,817 518,405 Senior Notes due 2027 445,150 444,437 Total senior notes $ 1,412,473 $ 1,409,473 FHLB advances FHLB advances due 2022 $ 51,765 $ 71,050 FHLB advances due 2023 52,994 52,995 FHLB advances due 2024 32,371 (1) 13,954 FHLB advances due 2025 9,984 9,984 FHLB advances due 2027 6,436 3,000 Total FHLB advances $ 153,550 $ 150,983 (1) Includes $13.4 million of floating-rate advances. FHLB Advances As of September 30, 2022, we had: (i) $140.1 million of fixed-rate advances outstanding with a weighted average interest rate of 1.06% and (ii) $13.4 million of floating-rate advances outstanding with a weighted average interest rate of 2.78%, which resets daily based on changes in SOFR. 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 114% of the amount borrowed, depending on the type of assets pledged. Our fixed-maturities available for sale and trading securities include securities totaling $172.2 million and $167.3 million at September 30, 2022, and December 31, 2021, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for additional information about our FHLB advances. Revolving Credit Facility Radian Group has in place a $275 million unsecured revolving credit facility with a syndicate of bank lenders. As of September 30, 2022, Radian Group was in compliance with all of the revolving 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 2021 Form 10-K. Mortgage Financing Facilities On July 15, 2022, Radian Mortgage Capital and its wholly-owned subsidiary Radian Liberty Funding LLC (“Liberty”) entered into a $300 million Master Repurchase Agreement (the “Goldman Sachs Master Repurchase Agreement”) among Liberty, Goldman Sachs and Radian Mortgage Capital, pursuant to which Liberty may from time to time sell to Goldman Sachs, and later repurchase, certain Participation Interests (as defined in the Goldman Sachs Master Repurchase Agreement) in residential mortgage loan assets. The Goldman Sachs Master Repurchase Agreement will terminate on July 14, 2023, unless extended or terminated earlier. On September 28, 2022, Radian Mortgage Capital entered into a $300 million Master Repurchase Agreement (the “BMO Master Repurchase Agreement” and, together with the Goldman Sachs Master Repurchase Agreement, the “Master Repurchase Agreements”) with BMO, pursuant to which Radian Mortgage Capital may from time to time sell to BMO, and later repurchase, certain residential mortgage loan assets. The BMO Master Repurchase Agreement will expire on September 27, 2023, unless the agreement is extended or terminated earlier. Both Master Repurchase Agreements are uncommitted, and Goldman Sachs and BMO are under no obligation to fund the purchase of any residential mortgage loan assets under their respective agreements. In the event Goldman Sachs or BMO advances funds to purchase residential mortgage loan assets, the amount of such advances generally will be calculated as a percentage of the unpaid principal balance or market value of the residential mortgage loan assets, depending on the credit characteristics of the loans being purchased. The Master Repurchase Agreements contain provisions that provide Goldman Sachs and BMO, respectively, with certain rights in the event of a decline in the market value of the purchased residential mortgage loan assets. Under these provisions, Liberty or Radian Mortgage Capital, as applicable, may be required to transfer cash or additional eligible residential mortgage loan assets with an aggregate market value that is equal to the difference between the value of the residential mortgage loan assets then subject to the applicable Master Repurchase Agreement and a minimum threshold amount. Radian Group has entered into two guaranty agreements (each, a “Parent Guaranty” and together, the “Parent Guarantees”) to guaranty the obligations of certain of its subsidiaries in connection with the two separate $300 million Master Repurchase Agreements described above. Pursuant to the Parent Guarantees, Radian Group is subject to negative and affirmative covenants customary for this type of financing transaction, including, among others, limitations on the incurrence of debt and restrictions on certain transactions with affiliates, payments and investments and various financial covenants that the Company must remain in compliance with, including those related to: (i) the total adjusted capital of the Company’s primary mortgage insurance subsidiaries, Radian Guaranty and Radian Reinsurance; (ii) the Company’s minimum consolidated net worth; and (iii) the Company’s maximum Debt-to-Total Capitalization Ratio (as defined in the Parent Guarantees). The covenants and financial covenants in the Parent Guarantees are generally consistent with the comparable covenants in the Company’s revolving credit facility, including with respect to the payment of dividends on shares of its common stock which are permitted under the revolving credit facility and the Master Repurchase Agreements so long as no default or event of default exists and the Company is in pro forma compliance with the applicable financial covenants on the date a dividend is declared. As of September 30, 2022, Radian Group was in compliance with all of the Master Repurchase Agreements’ covenants, and there were no amounts outstanding.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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 reviews, audits, inquiries, information-gathering requests and investigations by various regulatory entities, as well as litigation and other disputes arising in the ordinary course of our business. Legal actions and proceedings 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 currently pending or threatened actions will not have a material adverse effect on our consolidated financial condition. The outcome of legal actions and proceedings is inherently uncertain, and it is possible that any one or more matters could have an adverse effect on our liquidity, financial condition or results of operations for any particular period. Lease Liability Our lease liability represents the present value of future lease payments over the lease term. Our operating lease liability was $50.8 million and $53.5 million as of September 30, 2022, and December 31, 2021, respectively, and is classified in other liabilities

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Capital Stock	Capital Stock Share Repurchase Activity On February 9, 2022, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $400.0 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 generally operates its share repurchase programs 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. The authorization will expire in February 2024. During the three and nine months ended September 30, 2022, the Company purchased 9.5 million and 19.5 million shares at an average price of $20.53 and $20.52 per share, including commissions, respectively. As of September 30, 2022, purchase authority of up to $1.0 million remained available under this program. During October, the Company utilized the remaining repurchase authorization under this share repurchase program by purchasing an additional 49 thousand shares of its common stock at an average price of $19.81 per share, including commissions. Dividends and Dividend Equivalents We declared quarterly cash dividends on our common stock equal to $0.125 per share during the first quarter of 2021 and declared quarterly cash dividends on our common stock equal to $0.14 per share for the remaining quarters of 2021. On February 9, 2022, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.14 to $0.20 per share, beginning with the dividend declared in the first quarter of 2022. Share-Based and Other Compensation Programs During the second quarter of 2022, certain 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 certain 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 and, with the exception of certain retirement-eligible employees, continued service through the vesting date. Performance-based RSUs granted to executive officers are subject to a one-year post vesting holding period. The time-vested RSU awards granted to certain executive and non-executive officers in 2022 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 2021 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 the 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, 2021 (1) 2,340,673 $ 16.76 1,808,551 $ 15.51 Granted (2) 643,740 $ 20.09 567,237 $ 21.06 Performance adjustment (3) 197,534 $ — — $ — Vested (4) (796,479) $ 18.35 (458,034) $ 18.89 Forfeited (5,969) $ 18.60 (8,778) $ 20.10 Outstanding, September 30, 2022 (1) 2,379,499 $ 17.61 1,908,976 $ 16.33 (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. For performance-based awards, the final number of RSUs distributed depends on the cumulative growth in Radian’s book value, adjusted for certain defined terms, 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, amount represents the number of target shares at grant date. (3) For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods, and the number of target shares at grant date. (4) Represents amounts vested during the year, including the impact of performance adjustments for performance-based awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following tables show the rollforward of accumulated other comprehensive income (loss) as of the periods indicated. Rollforward of accumulated other comprehensive income (loss) Three Months Ended Nine Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ (416,589) $ (87,484) $ (329,105) $ 152,016 $ 31,923 $ 120,093 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 (223,279) (46,888) (176,391) (797,908) (167,560) (630,348) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses (4,153) (872) (3,281) (10,071) (2,115) (7,956) Net unrealized gains (losses) on investments (219,126) (46,016) (173,110) (787,837) (165,445) (622,392) Other adjustments to comprehensive income (loss), net — — — 106 22 84 Other comprehensive income (loss) (219,126) (46,016) (173,110) (787,731) (165,423) (622,308) Balance at end of period $ (635,715) $ (133,500) $ (502,215) $ (635,715) $ (133,500) $ (502,215) Three Months Ended Nine Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 226,400 $ 47,544 $ 178,856 $ 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 (29,613) (6,219) (23,394) (134,539) (28,253) (106,286) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses 4,099 861 3,238 5,684 1,194 4,490 Net decrease (increase) in expected credit losses — — — 918 193 725 Net unrealized gains (losses) on investments (33,712) (7,080) (26,632) (141,141) (29,640) (111,501) Other comprehensive income (loss) (33,712) (7,080) (26,632) (141,141) (29,640) (111,501) Balance at end of period $ 192,688 $ 40,464 $ 152,224 $ 192,688 $ 40,464 $ 152,224 (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations.

Statutory Information

Statutory Information	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and 2021, and statutory policyholders’ surplus as of September 30, 2022, and December 31, 2021, were as follows. Statutory net income Nine Months Ended September 30, (In thousands) 2022 2021 Radian Guaranty $ 864,681 $ 516,866 Radian Reinsurance 2,724 8,765 Other mortgage subsidiaries 1,826 777 Radian Title Insurance 2,500 4,777 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 738,625 $ 778,148 Radian Reinsurance 292,121 327,118 Other mortgage subsidiaries 16,246 14,524 Radian Title Insurance 39,241 36,599 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 September 30, 2022. Radian Guaranty’s Risk-to-capital was 11.1:1 as of both September 30, 2022, and December 31, 2021. 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 September 30, 2022. 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 September 30, 2022, Radian Guaranty is an approved mortgage insurer under the PMIERs and is in compliance with the current PMIERs financial requirements. State insurance regulations include various capital requirements and dividend restrictions based on our insurance subsidiaries’ statutory financial position and results of operations. As of September 30, 2022, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.3 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 $4.2 billion as of September 30, 2022, Radian Guaranty is not currently permitted under applicable insurance laws to pay ordinary dividends or other distributions to Radian Group without prior approval from the Pennsylvania Insurance Department. In February 2022, the Pennsylvania Insurance Department provided such approval for a $500 million return of capital from Radian Guaranty to Radian Group, which was paid on February 11, 2022, in cash and marketable securities. This transfer was approved as an Extraordinary Distribution in the form of a return of paid-in capital and resulted in a $500 million decrease in Radian Guaranty’s statutory policyholders’ surplus. Based on the current performance and assuming the continuation of favorable credit performance in our mortgage insurance business, we expect that Radian Guaranty could potentially have positive unassigned surplus by early 2023. Radian Reinsurance has positive unassigned surplus, and as a result, Radian Reinsurance paid an ordinary dividend of $32.5 million to Radian Group in September 2022. For a description of our compliance with statutory and other regulations for our mortgage insurance and title insurance businesses, including statutory capital requirements and dividend restrictions, see Note 16 of Notes to Consolidated Financial Statements in our 2021 Form 10-K.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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 consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP.
Reclassification	Certain prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance—Targeted Improvements to the Accounting for Long-Duration Contracts. 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 continue to evaluate the impact the new accounting guidance will have on our financial statements and disclosures but do not expect the adoption of these amendments to have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This new guidance provides optional expedients and exceptions for applying GAAP requirements to investments, derivatives, or other transactions affected by reference rate reform such as those that impact the assessment of contract modifications. 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 continue to monitor the impact the discontinuance of LIBOR and the new accounting guidance will have on our financial statements and disclosures but do not expect the adoption of these amendments to have a material impact on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, this update introduces new disclosure requirements for equity securities subject to contractual sale restrictions measured at fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of this ASU to have a material effect on our consolidated operating results or financial position.
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 solutions provided to mortgage lending institutions and mortgage credit investors. Our homegenius segment offers an array of title, real estate and technology products and services to consumers, 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 Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) certain investments in new business opportunities, including activities and investments associated with Radian Mortgage Capital, and other immaterial activities.
Income Taxes	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.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Net Income Per Share, Basic and Diluted	The calculation of basic and diluted net income per share is as follows. Net income per share Three Months Ended Nine Months Ended (In thousands, except per-share amounts) 2022 2021 2022 2021 Net income—basic and diluted $ 198,280 $ 126,412 $ 580,604 $ 407,226 Average common shares outstanding—basic 162,506 186,741 171,116 191,357 Dilutive effect of share-based compensation arrangements 2,232 1,301 2,502 1,545 Adjusted average common shares outstanding—diluted 164,738 188,042 173,618 192,902 Net income per share Basic $ 1.22 $ 0.68 $ 3.39 $ 2.13 Diluted $ 1.20 $ 0.67 $ 3.34 $ 2.11

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Reconciliation of Adjusted Pretax Operating Income (Loss) by Segment	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 Nine Months Ended (In thousands) 2022 2021 2022 2021 Adjusted pretax operating income (loss) Mortgage $ 295,675 $ 165,220 $ 890,036 $ 534,972 homegenius (25,536) (5,557) (56,732) (25,208) Total adjusted pretax operating income for reportable segments (1) 270,139 159,663 833,304 509,764 All Other adjusted pretax operating income 2,581 986 6,397 2,920 Net gains (losses) on investments and other financial instruments (16,252) 2,098 (87,578) 12,578 Amortization of other acquired intangible assets (1,023) (862) (2,721) (2,587) Impairment of other long-lived assets and other non-operating items 16 (244) 79 (4,349) Consolidated pretax income $ 255,461 $ 161,641 $ 749,481 $ 518,326 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Mortgage Allocated corporate operating expenses (a) $ 32,457 $ 33,963 $ 101,903 $ 94,177 Direct depreciation expense 2,234 2,240 6,803 7,342 homegenius Allocated corporate operating expenses (b) $ 5,555 $ 4,918 $ 16,554 $ 13,635 Direct depreciation expense 646 639 1,932 1,828 (a) Includes allocated depreciation expense of $0.7 million and $2.3 million for the three and nine months ended September 30, 2022, respectively, and $0.8 million and $2.5 million for the three and nine months ended September 30, 2021, respectively. (b) Includes allocated depreciation expense of $0.2 million and $0.4 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2021, respectively.
Reconciliation of Revenues by Segment	The reconciliation of revenues for our reportable segments to consolidated revenues is as follows. Reconciliation of revenues by segment Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Revenues Mortgage $ 281,033 $ 274,659 $ 855,262 $ 862,757 homegenius (1) 25,083 45,091 91,338 104,337 Total revenues for reportable segments 306,116 319,750 946,600 967,094 All Other revenues 6,396 3,996 17,218 12,100 Net gains (losses) on investments and other financial instruments (16,252) 2,098 (87,578) 12,578 Elimination of inter-segment revenues (71) (86) (238) (207) Total revenues $ 296,189 $ 325,758 $ 876,002 $ 991,565 (1) Includes immaterial inter-segment revenues for the three and nine months ended September 30, 2022 and 2021.
Services Revenue	The table below, which represents total services revenue on our condensed consolidated statements of operations for the periods indicated, represents the disaggregation of services revenue by revenue type. Services revenue Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 homegenius Title $ 4,714 $ 12,927 $ 16,012 $ 30,383 Real estate Valuation 6,731 8,435 23,732 19,835 Single family rental 5,430 8,539 20,887 17,610 Real estate owned asset management 750 571 2,302 1,738 Other real estate services 78 67 83 143 Technology Asset management technology platform 1,134 1,199 3,740 4,225 Other technology services 905 981 2,957 2,964 Mortgage 404 5,027 7,062 13,110 All Other — 27 — 124 Total services revenue $ 20,146 $ 37,773 $ 76,775 $ 90,132

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables include a list of assets that are measured at fair value by hierarchy level as of September 30, 2022, and December 31, 2021. Assets and liabilities carried at fair value by hierarchy level September 30, 2022 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 142,882 $ 3,782 $ — $ 146,664 State and municipal obligations — 142,743 — 142,743 Corporate bonds and notes — 2,429,325 — 2,429,325 RMBS — 900,591 — 900,591 CMBS — 599,478 — 599,478 CLO — 490,832 — 490,832 Other ABS — 168,087 — 168,087 Foreign government and agency securities — 4,970 — 4,970 Mortgage insurance-linked notes (1) — 26,542 — 26,542 Total fixed-maturities available for sale 142,882 4,766,350 — 4,909,232 Trading securities State and municipal obligations — 70,475 — 70,475 Corporate bonds and notes — 47,802 — 47,802 RMBS — 7,058 — 7,058 CMBS — 14,566 — 14,566 Total trading securities — 139,901 — 139,901 Equity securities 134,907 7,748 2,500 145,155 Short-term investments State and municipal obligations — 2,885 — 2,885 Money market instruments 241,866 — — 241,866 Corporate bonds and notes — 53,406 — 53,406 Other investments (2) — 94,357 — 94,357 Total short-term investments 241,866 150,648 — 392,514 Other invested assets (3) — — 4,000 4,000 Total investments at fair value (3) 519,655 5,064,647 6,500 5,590,802 Other Derivative assets — 56 651 707 Loaned securities and securities sold under repurchase agreements (4) Corporate bonds and notes — 40,377 — 40,377 CMBS — 9,651 — 9,651 CLO — 7,117 — 7,117 Other ABS — 2,876 — 2,876 Equity securities 60,366 — — 60,366 Mortgage insurance-linked notes (1) — 16,895 — 16,895 Total assets at fair value (3) $ 580,021 $ 5,141,619 $ 7,151 $ 5,728,791 Liabilities Derivative liabilities (5) $ — $ 33 $ 4,601 $ 4,634 Total liabilities at fair value $ — $ 33 $ 4,601 $ 4,634 (1) Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) Comprises short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $1.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Securities loaned to third-party borrowers under securities lending agreements or sold under repurchase agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. (5) Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other liabilities in our condensed consolidated balance sheets. See Note 8 for more information. Assets carried at fair value by hierarchy level December 31, 2021 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 192,452 $ 29,278 $ — $ 221,730 State and municipal obligations — 177,257 — 177,257 Corporate bonds and notes — 2,910,231 — 2,910,231 RMBS — 705,117 — 705,117 CMBS — 709,203 — 709,203 CLO — 530,040 — 530,040 Other ABS — 211,187 — 211,187 Foreign government and agency securities — 5,296 — 5,296 Mortgage insurance-linked notes (1) — 47,017 — 47,017 Total fixed-maturities available for sale 192,452 5,324,626 — 5,517,078 Trading securities State and municipal obligations — 94,637 — 94,637 Corporate bonds and notes — 119,186 — 119,186 RMBS — 9,438 — 9,438 CMBS — 33,285 — 33,285 Total trading securities — 256,546 — 256,546 Equity securities 176,828 7,417 — 184,245 Short-term investments U.S. government and agency securities 94,665 — — 94,665 State and municipal obligations — 12,270 — 12,270 Money market instruments 274,535 — — 274,535 Corporate bonds and notes — 65,191 — 65,191 CMBS — 3,023 — 3,023 Other investments (2) — 101,824 — 101,824 Total short-term investments 369,200 182,308 — 551,508 Other invested assets (3) — — 3,000 3,000 Total investments at fair value (3) 738,480 5,770,897 3,000 6,512,377 Other Derivative assets (4) — — 4,200 4,200 Loaned securities (5) Corporate bonds and notes — 65,994 — 65,994 Equity securities 38,002 — — 38,002 Total assets at fair value (3) $ 776,482 $ 5,836,891 $ 7,200 $ 6,620,573 (1) Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) Comprises short-term certificates of deposit and commercial paper. (3) Does not include other invested assets of $1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our condensed consolidated balance sheets. See Note 8 for more information. (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.
Fair Value by Balance Sheet Grouping	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 September 30, 2022 December 31, 2021 (In thousands) Carrying Estimated Carrying Estimated Senior notes $ 1,412,473 $ 1,336,403 $ 1,409,473 $ 1,534,378 FHLB advances 153,550 153,562 150,983 152,117

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Summary of 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 September 30, 2022 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 175,175 $ — $ (28,511) $ 146,664 State and municipal obligations 164,045 — (21,302) 142,743 Corporate bonds and notes 2,869,400 132 (400,572) 2,468,960 RMBS 1,010,453 522 (110,384) 900,591 CMBS 656,321 4 (47,196) 609,129 CLO 518,261 — (20,312) 497,949 Other ABS 177,299 26 (6,362) 170,963 Foreign government and agency securities 5,115 — (145) 4,970 Mortgage insurance-linked notes (1) 45,384 — (1,947) 43,437 Total securities available for sale, including loaned securities and securities sold under repurchase agreements 5,621,453 $ 684 $ (636,731) (2) 4,985,406 Less: loaned securities and securities sold under repurchase agreements (3) 85,921 76,174 Total fixed-maturities available for sale $ 5,535,532 $ 4,909,232 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) See “—Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets in our condensed consolidated balance sheets as further described below. See “—Loaned Securities and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase agreements. Available for sale securities December 31, 2021 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 221,407 $ 1,719 $ (1,396) $ 221,730 State and municipal obligations 162,964 14,694 (401) 177,257 Corporate bonds and notes 2,867,063 133,665 (24,886) 2,975,842 RMBS 697,581 14,313 (6,777) 705,117 CMBS 690,827 21,444 (3,068) 709,203 CLO 529,906 1,032 (898) 530,040 Other ABS 210,657 1,142 (612) 211,187 Foreign government and agency securities 5,109 187 — 5,296 Mortgage insurance-linked notes (1) 45,384 1,633 — 47,017 Total securities available for sale, including loaned securities 5,430,898 $ 189,829 $ (38,038) (2) 5,582,689 Less: loaned securities (3) 63,169 65,611 Total fixed-maturities available for sale $ 5,367,729 $ 5,517,078 (1) Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) See “—Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details. (3) Included in other assets in our condensed consolidated balance sheets as further described below. See “—Loaned Securities and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase agreements.
Rollforward of Allowance for Credit Losses on Fixed-Maturities Available for Sale	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. There was no allowance as of September 30, 2022, or December 31, 2021. Rollforward of allowance for credit losses on fixed-maturities available for sale (In thousands) Nine Months Ended Beginning balance $ 948 Net decreases in allowance on previously impaired securities (918) Reduction for securities sold (30) Ending balance $ —
Unrealized Losses on Fixed-Maturities Available for Sale by Category and Length of Time	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 September 30, 2022, and December 31, 2021, are loaned securities and securities sold under repurchase 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 September 30, 2022 ($ 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 16 $ 94,560 $ (22,377) 8 $ 48,322 $ (6,134) 24 $ 142,882 $ (28,511) State and municipal obligations 57 133,696 (19,265) 7 8,747 (2,037) 64 142,443 (21,302) Corporate bonds and notes 487 1,992,250 (266,626) 123 451,971 (133,946) 610 2,444,221 (400,572) RMBS 152 716,471 (80,207) 24 130,465 (30,177) 176 846,936 (110,384) CMBS 129 517,151 (35,210) 39 86,743 (11,986) 168 603,894 (47,196) CLO 121 359,365 (14,230) 36 138,584 (6,082) 157 497,949 (20,312) Other ABS 76 133,593 (3,938) 8 18,850 (2,424) 84 152,443 (6,362) Mortgage insurance-linked notes 2 43,437 (1,947) — — — 2 43,437 (1,947) Foreign government and agency securities 1 4,970 (145) — — — 1 4,970 (145) Total 1,041 $ 3,995,493 $ (443,945) 245 $ 883,682 $ (192,786) 1,286 $ 4,879,175 $ (636,731) December 31, 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 14 $ 101,602 $ (1,165) 2 $ 6,937 $ (231) 16 $ 108,539 $ (1,396) State and municipal obligations 20 32,721 (401) — — — 20 32,721 (401) Corporate bonds and notes 209 864,355 (16,799) 34 99,475 (8,087) 243 963,830 (24,886) RMBS 57 365,476 (6,749) 3 1,543 (28) 60 367,019 (6,777) CMBS 81 188,457 (2,053) 9 22,050 (1,015) 90 210,507 (3,068) CLO 84 313,380 (675) 11 35,612 (223) 95 348,992 (898) Other ABS 54 138,851 (603) 1 631 (9) 55 139,482 (612) Total 519 $ 2,004,842 $ (28,445) 60 $ 166,248 $ (9,593) 579 $ 2,171,090 $ (38,038)
Net Gains (Losses) on Investments	Net gains (losses) on investments and other financial instruments consisted of the following. Net gains (losses) on investments and other financial instruments Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Net realized gains (losses) on investments sold or redeemed Fixed-maturities available for sale Gross realized gains $ 411 $ 5,874 $ 2,554 $ 19,588 Gross realized losses (4,564) (1,776) (12,625) (13,904) Fixed-maturities available for sale, net (4,153) 4,098 (10,071) 5,684 Trading securities (30) — (136) 391 Equity securities — 8,632 1,655 8,405 Other investments 44 1,516 98 3,850 Net realized gains (losses) on investments sold or redeemed (4,139) 14,246 (8,454) 18,330 Change in unrealized gains (losses) on investments sold or redeemed 29 (7,584) (2,914) (7,115) Net decrease (increase) in expected credit losses — — — 918 Net unrealized gains (losses) on investments still held Trading securities (7,398) (2,659) (27,892) (6,011) Equity securities (7,256) (1,086) (32,249) 6,251 Other investments (149) (13) (490) 1,050 Net unrealized gains (losses) on investments still held (14,803) (3,758) (60,631) 1,290 Total net gains (losses) on investments (18,913) 2,904 (71,999) 13,423 Net gains (losses) on other financial instruments 2,661 (806) (15,579) (845) Net gains (losses) on investments and other financial instruments $ (16,252) $ 2,098 $ (87,578) $ 12,578
Contractual Maturities of Fixed-Maturities Available for Sale	The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale September 30, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 105,948 $ 104,459 Due after one year through five years (1) 1,264,301 1,178,849 Due after five years through 10 years (1) 1,004,494 847,994 Due after 10 years (1) 838,992 632,035 Asset-backed and mortgage-backed securities (2) 2,407,718 2,222,069 Total 5,621,453 4,985,406 Less: loaned securities and securities sold under repurchase agreements 85,921 76,174 Total fixed-maturities available for sale $ 5,535,532 $ 4,909,232 (1) Actual maturities may differ as a result of calls before scheduled maturity.

Goodwill and Other Acquired I_2

Goodwill and Other Acquired Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets	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 September 30, 2022 December 31, 2021 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (36,931) $ 6,619 $ 43,550 $ (34,620) $ 8,930 Technology 8,285 (7,980) 305 8,285 (7,675) 610 Licenses 463 (316) 147 463 (212) 251 Total $ 52,298 $ (45,227) $ 7,071 $ 52,298 $ (42,507) $ 9,791

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2022
Reinsurance Disclosures [Abstract]
Reinsurance Impacts on Net Premiums Written and Earned	The effect of all of our reinsurance programs on our net income is as follows. Reinsurance impacts on net premiums written and earned Net Premiums Written Net Premiums Earned Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 2022 2021 2022 2021 Direct Mortgage insurance $ 243,145 $ 240,669 $ 728,171 $ 734,993 $ 256,845 $ 265,378 $ 771,971 $ 835,462 Title insurance 5,164 12,570 21,443 27,714 5,165 12,570 21,444 27,714 Total direct 248,309 253,239 749,614 762,707 262,010 277,948 793,415 863,176 Assumed (1) Mortgage insurance 1,211 1,683 4,081 5,596 1,211 1,683 4,081 5,596 Ceded Mortgage insurance (2) (9,278) (14,236) (170) (34,572) (22,859) (30,194) (48,772) (92,441) Title insurance (140) (319) (420) (585) (140) (319) (420) (585) Total ceded (9,418) (14,555) (590) (35,157) (22,999) (30,513) (49,192) (93,026) Total net premiums $ 240,102 $ 240,367 $ 753,105 $ 733,146 $ 240,222 $ 249,118 $ 748,304 $ 775,746 (1) Represents 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. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2022 2021 2022 2021 Ceding commissions earned (1) $ 4,772 $ 7,120 $ 13,330 $ 25,446 Ceded losses (2) (9,278) 795 (37,138) 3,463 (1) Ceding commissions earned are primarily related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses on our condensed consolidated statements of operations. Deferred ceding commissions of $30.2 million and $38.6 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2022, and December 31, 2021, respectively. (2) Primarily all related to mortgage insurance.
Single Premium QSR Program	The following table sets forth additional details regarding the QSR Program. QSR Program (1) 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date July 1, 2022 January 1, 2020 January 1, 2018 January 1, 2016 Scheduled termination date June 30, 2033 December 31, 2031 December 31, 2029 December 31, 2027 Optional termination date (2) July 1, 2026 January 1, 2024 January 1, 2022 January 1, 2020 Quota share % 20% 65% 65% 18% - 57% (3) Ceding commission % 20% 25% 25% 25% Profit commission % Up to 59% Up to 56% Up to 56% Up to 55% (In millions) As of September 30, 2022 RIF ceded $ 2,710 $ 2,038 $ 917 $ 1,319 (In millions) As of December 31, 2021 RIF ceded $ — $ 2,137 $ 1,021 $ 1,698 (1) Excludes the 2012 QSR Agreements, for which RIF ceded is no longer material. (2) 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 reinsurers calculated in accordance with the terms of the applicable agreement. Radian Guaranty also may terminate any of the agreements prior to the scheduled termination date under certain circumstances, including if one or both of the GSEs no longer grant full PMIERs credit for the reinsurance. (3) 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%. Effective September 30, 2022, one reinsurer terminated its interest in the 2016 Single Premium QSR Agreement in exchange for participating in the 2022 QSR Agreement. As a result, the portions ceded under this agreement declined from 20% to 65% to approximately 18% to 57% as of September 30, 2022.
Excess-of-Loss Program	The following tables set forth additional details regarding the Excess-of-Loss Program as of September 30, 2022, and December 31, 2021. Excess-of-Loss Program (1) (In millions) Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (2) Eagle Re Eagle Re Eagle Re Issued November April February April November NIW policy dates Jan 1, 2021- Aug 1, 2020- Jan 1, 2019- Jan 1, 2018- Jan 1, 2017- Initial RIF $ 10,758 $ 11,061 $ 9,866 $ 10,705 $ 9,109 Initial coverage 484 498 488 562 434 Initial first layer retention 242 221 202 268 205 (In millions) As of September 30, 2022 RIF $ 9,394 $ 8,223 $ 2,510 $ 1,849 $ 1,596 Remaining coverage 484 401 394 385 276 First layer retention 242 221 202 263 201 (In millions) As of December 31, 2021 RIF $ 10,379 $ 9,496 $ 3,241 $ 2,429 $ 2,117 Remaining coverage 484 498 488 385 276 First layer retention 242 221 202 264 201 (1) Excludes Eagle Re 2020-2 Ltd., which was terminated in September 2022, as further discussed above. (2) 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 September 30, 2022. See Notes 5 and 6 for additional information.
Schedule of VIE Assets	The following table presents the total assets and liabilities of the Eagle Re Issuers as of the dates indicated. Total VIE assets and liabilities of Eagle Re Issuers (1) (In thousands) September 30, December 31, Eagle Re 2021-2 Ltd. $ 484,122 $ 484,122 Eagle Re 2021-1 Ltd. 401,377 497,735 Eagle Re 2020-2 Ltd. (2) — 143,986 Eagle Re 2020-1 Ltd. 394,306 488,385 Eagle Re 2019-1 Ltd. 384,603 384,602 Eagle Re 2018-1 Ltd. 275,718 275,718 Total $ 1,940,126 $ 2,274,548 (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, as described above. Assets and liabilities are equal to each other for each of the Eagle Re Issuers. (2) In September 2022, the excess-of-loss reinsurance agreement with Eagle Re 2020-2 Ltd. was terminated, as further discussed above.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Other Assets [Abstract]
Schedule of Other Assets	The following table shows the components of other assets as of the dates indicated. Other assets (In thousands) September 30, December 31, Prepaid reinsurance premiums (1) $ 153,072 $ 201,674 Loaned securities and securities sold under repurchase agreements (Note 5) 137,282 103,996 Company-owned life insurance (2) 104,712 113,386 Right-of-use assets 30,653 31,878 Other 32,573 32,246 Total other assets $ 458,292 $ 483,180 (1) Relates primarily 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.

Losses and LAE (Tables)

Losses and LAE (Tables)	9 Months Ended
	Sep. 30, 2022
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) September 30, December 31, Primary case $ 454,726 $ 790,380 Primary IBNR and LAE 13,672 22,745 Pool and other 9,349 10,011 Mortgage insurance 477,747 823,136 Title insurance 5,917 5,506 Total reserve for losses and LAE $ 483,664 $ 828,642
Mortgage Insurance Reserve for Losses and LAE Rollforward	For the periods indicated, the following table presents information relating to our mortgage insurance reserve for losses, including our IBNR reserve and LAE. Rollforward of mortgage insurance reserve for losses Nine Months Ended (In thousands) 2022 2021 Balance at beginning of period $ 823,136 $ 844,107 Less: Reinsurance recoverables (1) 66,676 71,769 Balance at beginning of period, net of reinsurance recoverables 756,460 772,338 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 115,159 119,823 Prior years (411,024) (53,947) Total incurred (295,865) 65,876 Deduct: Paid claims and LAE related to: Current year (2) 381 499 Prior years 12,123 24,431 Total paid 12,504 24,930 Balance at end of period, net of reinsurance recoverables 448,091 813,284 Add: Reinsurance recoverables (1) 29,656 74,737 Balance at end of period $ 477,747 $ 888,021 (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.

Borrowings and Financing Acti_2

Borrowings and Financing Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
Schedule of Debt	The carrying value of our debt at September 30, 2022, and December 31, 2021, was as follows. Borrowings (In thousands) September 30, December 31, Senior notes Senior Notes due 2024 $ 447,506 $ 446,631 Senior Notes due 2025 519,817 518,405 Senior Notes due 2027 445,150 444,437 Total senior notes $ 1,412,473 $ 1,409,473 FHLB advances FHLB advances due 2022 $ 51,765 $ 71,050 FHLB advances due 2023 52,994 52,995 FHLB advances due 2024 32,371 (1) 13,954 FHLB advances due 2025 9,984 9,984 FHLB advances due 2027 6,436 3,000 Total FHLB advances $ 153,550 $ 150,983 (1) Includes $13.4 million of floating-rate advances.

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	Information with regard to RSUs to be settled in stock for the 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, 2021 (1) 2,340,673 $ 16.76 1,808,551 $ 15.51 Granted (2) 643,740 $ 20.09 567,237 $ 21.06 Performance adjustment (3) 197,534 $ — — $ — Vested (4) (796,479) $ 18.35 (458,034) $ 18.89 Forfeited (5,969) $ 18.60 (8,778) $ 20.10 Outstanding, September 30, 2022 (1) 2,379,499 $ 17.61 1,908,976 $ 16.33 (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. For performance-based awards, the final number of RSUs distributed depends on the cumulative growth in Radian’s book value, adjusted for certain defined terms, 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, amount represents the number of target shares at grant date. (3) For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods, and the number of target shares at grant date. (4) Represents amounts vested during the year, including the impact of performance adjustments for performance-based awards.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables show the rollforward of accumulated other comprehensive income (loss) as of the periods indicated. Rollforward of accumulated other comprehensive income (loss) Three Months Ended Nine Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ (416,589) $ (87,484) $ (329,105) $ 152,016 $ 31,923 $ 120,093 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 (223,279) (46,888) (176,391) (797,908) (167,560) (630,348) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses (4,153) (872) (3,281) (10,071) (2,115) (7,956) Net unrealized gains (losses) on investments (219,126) (46,016) (173,110) (787,837) (165,445) (622,392) Other adjustments to comprehensive income (loss), net — — — 106 22 84 Other comprehensive income (loss) (219,126) (46,016) (173,110) (787,731) (165,423) (622,308) Balance at end of period $ (635,715) $ (133,500) $ (502,215) $ (635,715) $ (133,500) $ (502,215) Three Months Ended Nine Months Ended (In thousands) Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Balance at beginning of period $ 226,400 $ 47,544 $ 178,856 $ 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 (29,613) (6,219) (23,394) (134,539) (28,253) (106,286) Less: Reclassification adjustment for net gains (losses) on investments included in net income (1) Net realized gains (losses) on disposals and non-credit related impairment losses 4,099 861 3,238 5,684 1,194 4,490 Net decrease (increase) in expected credit losses — — — 918 193 725 Net unrealized gains (losses) on investments (33,712) (7,080) (26,632) (141,141) (29,640) (111,501) Other comprehensive income (loss) (33,712) (7,080) (26,632) (141,141) (29,640) (111,501) Balance at end of period $ 192,688 $ 40,464 $ 152,224 $ 192,688 $ 40,464 $ 152,224 (1) Included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations.

Statutory Information (Tables)

Statutory Information (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 and 2021, and statutory policyholders’ surplus as of September 30, 2022, and December 31, 2021, were as follows. Statutory net income Nine Months Ended September 30, (In thousands) 2022 2021 Radian Guaranty $ 864,681 $ 516,866 Radian Reinsurance 2,724 8,765 Other mortgage subsidiaries 1,826 777 Radian Title Insurance 2,500 4,777 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 738,625 $ 778,148 Radian Reinsurance 292,121 327,118 Other mortgage subsidiaries 16,246 14,524 Radian Title Insurance 39,241 36,599

Description of Business (Detail

Description of Business (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Business Overview [Abstract]
Number of reportable business segments | segment	2
Mortgage
Business Overview [Abstract]
Down payment purchase price (percent)	20%
Equity in home (percent)	20%
Direct primary mortgage insurance in force	$ 259,100	$ 246,000
Direct primary mortgage insurance risk in force	65,300	60,900
Credit Risk Transfer Transactions | Mortgage
Business Overview [Abstract]
Direct primary mortgage insurance risk in force	$ 276.2	$ 417.7

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income—basic	$ 198,280	$ 126,412	$ 580,604	$ 407,226
Net income—diluted	$ 198,280	$ 126,412	$ 580,604	$ 407,226
Average common shares outstanding—basic (in shares)	162,506	186,741	171,116	191,357
Dilutive effect of share-based compensation arrangements (in shares)	2,232	1,301	2,502	1,545
Adjusted average common shares outstanding—diluted (in shares)	164,738	188,042	173,618	192,902
Net income per share
Basic net income per share (in usd per share)	$ 1.22	$ 0.68	$ 3.39	$ 2.13
Diluted net income per share (in usd per share)	$ 1.20	$ 0.67	$ 3.34	$ 2.11

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Accounts and notes receivable	$ 174,041	$ 124,016
homegenius
Segment Reporting Information [Line Items]
Accounts and notes receivable	$ 11,900	$ 20,000

Segment Reporting - Adjusted Pr

Segment Reporting - Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	$ (16,252)	$ 2,098	$ (87,578)	$ 12,578
Amortization of other acquired intangible assets	(1,023)	(862)	(2,721)	(2,587)
Pretax income	255,461	161,641	749,481	518,326
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	2,581	986	6,397	2,920
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	(16,252)	2,098	(87,578)	12,578
Amortization of other acquired intangible assets	(1,023)	(862)	(2,721)	(2,587)
Impairment of other long-lived assets and other non-operating items	16	(244)	79	(4,349)
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	295,675	165,220	890,036	534,972
Allocated corporate operating expenses	32,457	33,963	101,903	94,177
Direct depreciation expense	2,234	2,240	6,803	7,342
Mortgage | Depreciation Expense
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Allocated corporate operating expenses	700	800	2,300	2,500
homegenius
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	(25,536)	(5,557)	(56,732)	(25,208)
Allocated corporate operating expenses	5,555	4,918	16,554	13,635
Direct depreciation expense	646	639	1,932	1,828
homegenius | Depreciation Expense
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Allocated corporate operating expenses	200	100	400	400
Mortgage and homegenius segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	$ 270,139	$ 159,663	$ 833,304	$ 509,764

Segment Reporting - Revenues (D

Segment Reporting - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	$ (16,252)	$ 2,098	$ (87,578)	$ 12,578
Total revenues	296,189	325,758	876,002	991,565
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	281,033	274,659	855,262	862,757
homegenius
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	25,083	45,091	91,338	104,337
All Other revenues
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	6,396	3,996	17,218	12,100
Operating Segments | Mortgage and homegenius segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	306,116	319,750	946,600	967,094
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ (71)	$ (86)	$ (238)	$ (207)

Segment Reporting - Services Re

Segment Reporting - Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total services revenue	$ 20,146	$ 37,773	$ 76,775	$ 90,132
Title
Segment Reporting Information [Line Items]
Total services revenue	4,714	12,927	16,012	30,383
Valuation
Segment Reporting Information [Line Items]
Total services revenue	6,731	8,435	23,732	19,835
Single family rental
Segment Reporting Information [Line Items]
Total services revenue	5,430	8,539	20,887	17,610
Real estate owned asset management
Segment Reporting Information [Line Items]
Total services revenue	750	571	2,302	1,738
Other real estate services
Segment Reporting Information [Line Items]
Total services revenue	78	67	83	143
Asset management technology platform
Segment Reporting Information [Line Items]
Total services revenue	1,134	1,199	3,740	4,225
Other technology services
Segment Reporting Information [Line Items]
Total services revenue	905	981	2,957	2,964
Mortgage
Segment Reporting Information [Line Items]
Total services revenue	404	5,027	7,062	13,110
All Other
Segment Reporting Information [Line Items]
Total services revenue	$ 0	$ 27	$ 0	$ 124

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets Measured at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	$ 137,282	$ 103,996
Other invested assets—at fair value	5,079	4,165
Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	5,590,802	6,512,377
Derivative assets	707	4,200
Total assets at fair value	5,728,791	6,620,573
Derivative liabilities	4,634
Total liabilities at fair value	4,634
Level I | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	519,655	738,480
Derivative assets	0	0
Total assets at fair value	580,021	776,482
Derivative liabilities	0
Total liabilities at fair value	0
Level II | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	5,064,647	5,770,897
Derivative assets	56	0
Total assets at fair value	5,141,619	5,836,891
Derivative liabilities	33
Total liabilities at fair value	33
Level III | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	6,500	3,000
Derivative assets	651	4,200
Total assets at fair value	7,151	7,200
Derivative liabilities	4,601
Total liabilities at fair value	4,601
Loaned securities, fair value
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	76,174
Loaned securities, fair value | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	40,377	65,994
Loaned securities, fair value | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	9,651
Loaned securities, fair value | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	7,117
Loaned securities, fair value | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	2,876
Loaned securities, fair value | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	16,895
Loaned securities, fair value | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	60,366	38,002
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0	0
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level I | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	60,366	38,002
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	40,377	65,994
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	9,651
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	7,117
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	2,876
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	16,895
Loaned securities, fair value | Level II | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0
Loaned securities, fair value | Level III | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Loaned securities and securities sold under repurchase agreements (Note 5)	0	0
Fixed-maturities available for sale | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,909,232	5,517,078
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	146,664	221,730
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	142,743	177,257
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	2,429,325	2,910,231
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	900,591	705,117
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	599,478	709,203
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	490,832	530,040
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	168,087	211,187
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,970	5,296
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	26,542	47,017
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	142,882	192,452
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	142,882	192,452
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | 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 | Level II | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,766,350	5,324,626
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	3,782	29,278
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	142,743	177,257
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	2,429,325	2,910,231
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	900,591	705,117
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	599,478	709,203
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	490,832	530,040
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	168,087	211,187
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,970	5,296
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	26,542	47,017
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CLO
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | 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	139,901	256,546
Trading securities | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	70,475	94,637
Trading securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	47,802	119,186
Trading securities | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	7,058	9,438
Trading securities | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	14,566	33,285
Trading securities | Level I | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level II | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	139,901	256,546
Trading securities | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	70,475	94,637
Trading securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	47,802	119,186
Trading securities | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	7,058	9,438
Trading securities | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	14,566	33,285
Trading securities | Level III | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Equity securities | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	145,155	184,245
Equity securities | Level I | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	134,907	176,828
Equity securities | Level II | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	7,748	7,417
Equity securities | Level III | Fair Value, Measurements, Recurring | Equity securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	2,500	0
Short-term investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	392,514	551,508
Short-term investments | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		94,665
Short-term investments | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	2,885	12,270
Short-term investments | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	53,406	65,191
Short-term investments | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		3,023
Short-term investments | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	241,866	274,535
Short-term investments | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	94,357	101,824
Short-term investments | Level I | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	241,866	369,200
Short-term investments | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		94,665
Short-term investments | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	241,866	274,535
Short-term investments | Level I | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level II | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	150,648	182,308
Short-term investments | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		0
Short-term investments | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	2,885	12,270
Short-term investments | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	53,406	65,191
Short-term investments | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		3,023
Short-term investments | Level II | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level II | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	94,357	101,824
Short-term investments | Level III | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		0
Short-term investments | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value		0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Money market instruments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Other investments
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Other investments | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,000	3,000
Other investments | Level I | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Other investments | Level II | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	0	0
Other investments | Level III | Fair Value, Measurements, Recurring
Fair Value by Hierarchy Level [Line Items]
Total investments at fair value	4,000	3,000
Partnership investments | Investments measured at NAV
Fair Value by Hierarchy Level [Line Items]
Other invested assets—at fair value	$ 1,100	$ 1,200

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - Level III - Fair Value, Measurements, Recurring - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Other Fair Value Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes. carrying amount	$ 1,412,473	$ 1,409,473
FHLB advances, carrying amount	153,550	150,983
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes. carrying amount	1,412,473	1,409,473
FHLB advances, carrying amount	153,550	150,983
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes, fair value	1,336,403	1,534,378
FHLB advances, fair value	$ 153,562	$ 152,117

Investments - Available for Sal

Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,621,453
Less: loaned securities and securities sold under repurchase agreements	137,282	$ 103,996
Total fixed-maturities available for sale	5,535,532	5,367,729
Fair Value	4,985,406
Total fixed-maturities available for sale	4,909,232	5,517,078
Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Total fixed-maturities available for sale	5,535,532	5,367,729
Total fixed-maturities available for sale	4,909,232	5,517,078
Loaned securities, amortized cost
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities and securities sold under repurchase agreements	85,921
Loaned securities, fair value
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities and securities sold under repurchase agreements	76,174
Fixed-maturities available for sale | U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	175,175	221,407
Gross Unrealized Gains	0	1,719
Gross Unrealized Losses	(28,511)	(1,396)
Fair Value	146,664	221,730
Fixed-maturities available for sale | State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	164,045	162,964
Gross Unrealized Gains	0	14,694
Gross Unrealized Losses	(21,302)	(401)
Fair Value	142,743	177,257
Fixed-maturities available for sale | Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,869,400	2,867,063
Gross Unrealized Gains	132	133,665
Gross Unrealized Losses	(400,572)	(24,886)
Fair Value	2,468,960	2,975,842
Fixed-maturities available for sale | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,010,453	697,581
Gross Unrealized Gains	522	14,313
Gross Unrealized Losses	(110,384)	(6,777)
Fair Value	900,591	705,117
Fixed-maturities available for sale | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	656,321	690,827
Gross Unrealized Gains	4	21,444
Gross Unrealized Losses	(47,196)	(3,068)
Fair Value	609,129	709,203
Fixed-maturities available for sale | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	518,261	529,906
Gross Unrealized Gains	0	1,032
Gross Unrealized Losses	(20,312)	(898)
Fair Value	497,949	530,040
Fixed-maturities available for sale | Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	177,299	210,657
Gross Unrealized Gains	26	1,142
Gross Unrealized Losses	(6,362)	(612)
Fair Value	170,963	211,187
Fixed-maturities available for sale | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,115	5,109
Gross Unrealized Gains	0	187
Gross Unrealized Losses	(145)	0
Fair Value	4,970	5,296
Fixed-maturities available for sale | Mortgage insurance-linked notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,384	45,384
Gross Unrealized Gains	0	1,633
Gross Unrealized Losses	(1,947)	0
Fair Value	43,437	47,017
Fixed-maturities available for sale | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,621,453	5,430,898
Gross Unrealized Gains	684	189,829
Gross Unrealized Losses	(636,731)	(38,038)
Fair Value	4,985,406	5,582,689
Fixed-maturities available for sale | Loaned securities, amortized cost | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities and securities sold under repurchase agreements	85,921	63,169
Fixed-maturities available for sale | Loaned securities, fair value | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Less: loaned securities and securities sold under repurchase agreements	$ 76,174	$ 65,611

Investments - Rollforward of Al

Investments - Rollforward of Allowances For Credit Losses Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Allowance for credit loss	$ 0	$ 0

Investments - Rollforward of _2

Investments - Rollforward of Allowance for Credit Losses (Details) - Corporate bonds and notes - Fixed-maturities available for sale $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss {Roll Forward]
Beginning balance	$ 948
Net decreases in allowance on previously impaired securities	(918)
Reduction for securities sold	(30)
Ending balance	$ 0

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	1,041	519
Fair value, less than 12 months	$ 3,995,493	$ 2,004,842
Unrealized losses, less than 12 months	$ (443,945)	$ (28,445)
Number of securities, 12 months or greater | security	245	60
Fair value, 12 months or greater	$ 883,682	$ 166,248
Unrealized losses, 12 months or greater	$ (192,786)	$ (9,593)
Number of securities, total | security	1,286	579
Fair value, total	$ 4,879,175	$ 2,171,090
Unrealized losses, total	$ (636,731)	$ (38,038)
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	16	14
Fair value, less than 12 months	$ 94,560	$ 101,602
Unrealized losses, less than 12 months	$ (22,377)	$ (1,165)
Number of securities, 12 months or greater | security	8	2
Fair value, 12 months or greater	$ 48,322	$ 6,937
Unrealized losses, 12 months or greater	$ (6,134)	$ (231)
Number of securities, total | security	24	16
Fair value, total	$ 142,882	$ 108,539
Unrealized losses, total	$ (28,511)	$ (1,396)
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	57	20
Fair value, less than 12 months	$ 133,696	$ 32,721
Unrealized losses, less than 12 months	$ (19,265)	$ (401)
Number of securities, 12 months or greater | security	7	0
Fair value, 12 months or greater	$ 8,747	$ 0
Unrealized losses, 12 months or greater	$ (2,037)	$ 0
Number of securities, total | security	64	20
Fair value, total	$ 142,443	$ 32,721
Unrealized losses, total	$ (21,302)	$ (401)
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	487	209
Fair value, less than 12 months	$ 1,992,250	$ 864,355
Unrealized losses, less than 12 months	$ (266,626)	$ (16,799)
Number of securities, 12 months or greater | security	123	34
Fair value, 12 months or greater	$ 451,971	$ 99,475
Unrealized losses, 12 months or greater	$ (133,946)	$ (8,087)
Number of securities, total | security	610	243
Fair value, total	$ 2,444,221	$ 963,830
Unrealized losses, total	$ (400,572)	$ (24,886)
RMBS
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	152	57
Fair value, less than 12 months	$ 716,471	$ 365,476
Unrealized losses, less than 12 months	$ (80,207)	$ (6,749)
Number of securities, 12 months or greater | security	24	3
Fair value, 12 months or greater	$ 130,465	$ 1,543
Unrealized losses, 12 months or greater	$ (30,177)	$ (28)
Number of securities, total | security	176	60
Fair value, total	$ 846,936	$ 367,019
Unrealized losses, total	$ (110,384)	$ (6,777)
CMBS
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	129	81
Fair value, less than 12 months	$ 517,151	$ 188,457
Unrealized losses, less than 12 months	$ (35,210)	$ (2,053)
Number of securities, 12 months or greater | security	39	9
Fair value, 12 months or greater	$ 86,743	$ 22,050
Unrealized losses, 12 months or greater	$ (11,986)	$ (1,015)
Number of securities, total | security	168	90
Fair value, total	$ 603,894	$ 210,507
Unrealized losses, total	$ (47,196)	$ (3,068)
CLO
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	121	84
Fair value, less than 12 months	$ 359,365	$ 313,380
Unrealized losses, less than 12 months	$ (14,230)	$ (675)
Number of securities, 12 months or greater | security	36	11
Fair value, 12 months or greater	$ 138,584	$ 35,612
Unrealized losses, 12 months or greater	$ (6,082)	$ (223)
Number of securities, total | security	157	95
Fair value, total	$ 497,949	$ 348,992
Unrealized losses, total	$ (20,312)	$ (898)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	76	54
Fair value, less than 12 months	$ 133,593	$ 138,851
Unrealized losses, less than 12 months	$ (3,938)	$ (603)
Number of securities, 12 months or greater | security	8	1
Fair value, 12 months or greater	$ 18,850	$ 631
Unrealized losses, 12 months or greater	$ (2,424)	$ (9)
Number of securities, total | security	84	55
Fair value, total	$ 152,443	$ 139,482
Unrealized losses, total	$ (6,362)	$ (612)
Mortgage insurance-linked notes
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	2
Fair value, less than 12 months	$ 43,437
Unrealized losses, less than 12 months	$ (1,947)
Number of securities, 12 months or greater | security	0
Fair value, 12 months or greater	$ 0
Unrealized losses, 12 months or greater	$ 0
Number of securities, total | security	2
Fair value, total	$ 43,437
Unrealized losses, total	$ (1,947)
Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Number of securities, less than 12 months | security	1
Fair value, less than 12 months	$ 4,970
Unrealized losses, less than 12 months	$ (145)
Number of securities, 12 months or greater | security	0
Fair value, 12 months or greater	$ 0
Unrealized losses, 12 months or greater	$ 0
Number of securities, total | security	1
Fair value, total	$ 4,970
Unrealized losses, total	$ (145)

Investments - Securities Lendin

Investments - Securities Lending Agreements Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Estimated Fair Value
Securities Financing Transaction [Line Items]
Repurchase agreements, fair value disclosure	$ 23.1
Loaned securities, fair value
Securities Financing Transaction [Line Items]
Securities received as collateral	$ 20.1	$ 57.8

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	$ (4,139)	$ 14,246	$ (8,454)	$ 18,330
Change in unrealized gains (losses) on investments sold or redeemed	29	(7,584)	(2,914)	(7,115)
Net decrease (increase) in expected credit losses	0	0	0	918
Net unrealized gains (losses) on investments still held	(14,803)	(3,758)	(60,631)	1,290
Total net gains (losses) on investments	(18,913)	2,904	(71,999)	13,423
Net gains (losses) on other financial instruments	2,661	(806)	(15,579)	(845)
Net gains (losses) on investments and other financial instruments	(16,252)	2,098	(87,578)	12,578
Fixed-maturities available for sale
Gain (Loss) on Securities [Line Items]
Gross realized gains	411	5,874	2,554	19,588
Gross realized losses	(4,564)	(1,776)	(12,625)	(13,904)
Fixed-maturities available for sale, net	(4,153)	4,098	(10,071)	5,684
Trading securities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	(30)	0	(136)	391
Net unrealized gains (losses) on investments still held	(7,398)	(2,659)	(27,892)	(6,011)
Equity securities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	0	8,632	1,655	8,405
Net unrealized gains (losses) on investments still held	(7,256)	(1,086)	(32,249)	6,251
Other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	44	1,516	98	3,850
Net unrealized gains (losses) on investments still held	$ (149)	$ (13)	$ (490)	$ 1,050

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Amortized Cost	$ 5,621,453
Less: loaned securities and securities sold under repurchase agreements	137,282	$ 103,996
Total fixed-maturities available for sale	5,535,532	5,367,729
Fair Value
Fair Value	4,985,406
Less: loaned securities and securities sold under repurchase agreements	137,282	103,996
Total fixed-maturities available for sale	4,909,232	5,517,078
Non asset-backed securities
Amortized Cost
Due in one year or less	105,948
Due after one year through five years	1,264,301
Due after five years through 10 years	1,004,494
Due after 10 years	838,992
Fair Value
Due in one year or less	104,459
Due after one year through five years	1,178,849
Due after five years through 10 years	847,994
Due after 10 years	632,035
Asset-backed and mortgage-backed securities
Amortized Cost
Asset-backed and mortgage-backed securities	2,407,718
Fair Value
Asset-backed and mortgage-backed securities	2,222,069
Total fixed-maturities available for sale
Amortized Cost
Total fixed-maturities available for sale	5,535,532	5,367,729
Fair Value
Total fixed-maturities available for sale	4,909,232	5,517,078
Loaned securities, amortized cost
Amortized Cost
Less: loaned securities and securities sold under repurchase agreements	85,921
Fair Value
Less: loaned securities and securities sold under repurchase agreements	85,921
Loaned securities, fair value
Amortized Cost
Less: loaned securities and securities sold under repurchase agreements	76,174
Fair Value
Less: loaned securities and securities sold under repurchase agreements	76,174
Fixed-maturities available for sale | Total fixed-maturities available for sale
Amortized Cost
Amortized Cost	5,621,453	5,430,898
Fair Value
Fair Value	4,985,406	5,582,689
Fixed-maturities available for sale | Loaned securities, amortized cost | Total fixed-maturities available for sale
Amortized Cost
Less: loaned securities and securities sold under repurchase agreements	85,921	63,169
Fair Value
Less: loaned securities and securities sold under repurchase agreements	85,921	63,169
Fixed-maturities available for sale | Loaned securities, fair value | Total fixed-maturities available for sale
Amortized Cost
Less: loaned securities and securities sold under repurchase agreements	76,174	65,611
Fair Value
Less: loaned securities and securities sold under repurchase agreements	$ 76,174	$ 65,611

Investments - Other Narrative (

Investments - Other Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fixed-maturities available for sale | Debt securities
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 13.1	$ 14.3

Goodwill and Other Acquired I_3

Goodwill and Other Acquired Intangible Assets, Net - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
homegenius
Goodwill [Roll Forward]
Goodwill, net	$ 9.8

Goodwill and Other Acquired I_4

Goodwill and Other Acquired Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - homegenius - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 52,298	$ 52,298
Accumulated Amortization	(45,227)	(42,507)
Net Carrying Amount	7,071	9,791
Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43,550	43,550
Accumulated Amortization	(36,931)	(34,620)
Net Carrying Amount	6,619	8,930
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,285	8,285
Accumulated Amortization	(7,980)	(7,675)
Net Carrying Amount	305	610
Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	463	463
Accumulated Amortization	(316)	(212)
Net Carrying Amount	$ 147	$ 251

Reinsurance - Net Premiums Writ

Reinsurance - Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Direct premiums written	$ 248,309	$ 253,239	$ 749,614	$ 762,707
Ceded premiums written	(9,418)	(14,555)	(590)	(35,157)
Premiums written, net	240,102	240,367	753,105	733,146
Direct premiums earned	262,010	277,948	793,415	863,176
Ceded premiums earned	(22,999)	(30,513)	(49,192)	(93,026)
Premiums earned, net	240,222	249,118	748,304	775,746
Ceding commissions earned	4,772	7,120	13,330	25,446
Ceded losses	(9,278)	795	(37,138)	3,463
Deferred ceding commissions	30,200		30,200		$ 38,600
Mortgage
Ceded Credit Risk [Line Items]
Direct premiums written	243,145	240,669	728,171	734,993
Assumed premiums written	1,211	1,683	4,081	5,596
Ceded premiums written	(9,278)	(14,236)	(170)	(34,572)
Direct premiums earned	256,845	265,378	771,971	835,462
Assumed premiums earned	1,211	1,683	4,081	5,596
Ceded premiums earned	(22,859)	(30,194)	(48,772)	(92,441)
homegenius
Ceded Credit Risk [Line Items]
Direct premiums written	5,164	12,570	21,443	27,714
Ceded premiums written	(140)	(319)	(420)	(585)
Direct premiums earned	5,165	12,570	21,444	27,714
Ceded premiums earned	$ (140)	$ (319)	$ (420)	$ (585)

Reinsurance - QSR Programs (Det

Reinsurance - QSR Programs (Details) - USD ($) $ in Millions						33 Months Ended	36 Months Ended
	Sep. 30, 2022	Jul. 01, 2022	Jan. 01, 2020	Jan. 01, 2018	Jan. 01, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2021
2022 QSR Agreement | Radian Guaranty
Ceding commission %		20%
RIF ceded	$ 2,710							$ 0
2022 QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk
Quota share %		20%
2020 Single Premium QSR Agreement | Radian Guaranty
Ceding commission %			25%
RIF ceded	2,038							2,137
2020 Single Premium QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk
Quota share %			65%
2018 Single Premium QSR Agreement | Radian Guaranty
Ceding commission %				25%
RIF ceded	917							1,021
2018 Single Premium QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk
Quota share %				65%
2016 Single Premium QSR Agreement | Radian Guaranty
Ceding commission %					25%
RIF ceded	1,319							$ 1,698
Maximum | 2022 QSR Agreement
RIF ceded	$ 8,500
Maximum | 2022 QSR Agreement | Radian Guaranty
Loss Ratio		59%
Maximum | 2020 Single Premium QSR Agreement | Radian Guaranty
Loss Ratio			56%
Maximum | 2018 Single Premium QSR Agreement | Radian Guaranty
Loss Ratio				56%
Maximum | 2016 Single Premium QSR Agreement | Radian Guaranty
Loss Ratio					55%
Maximum | 2016 Single Premium QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk
Quota share %	57%				65%	35%
Minimum | 2016 Single Premium QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk
Quota share %	18%				20%		35%

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) reinsuranceArrangement	Dec. 31, 2021 USD ($)
Mortgage
Ceded Credit Risk [Line Items]
RIF ceded	$ 65,300	$ 60,900
Radian Guaranty
Ceded Credit Risk [Line Items]
Funds held under reinsurance agreements, asset	$ 173.8	167.9
Radian Guaranty | Maximum | Mortgage
Ceded Credit Risk [Line Items]
Reinsurance retention policy, term of coverage, period	12 years 6 months
Radian Guaranty | Minimum
Ceded Credit Risk [Line Items]
Reinsurance retention policy, term of coverage, period	10 years
Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Number of fully collateralized reinsurance arrangements with the eagle re issuers | reinsuranceArrangement	6
Percent of reinsurance coverage threshold (in percent)	0.10
Excess-of-Loss Program | Radian Guaranty | Maximum
Ceded Credit Risk [Line Items]
Right to termination on or after option call date, period after issuance of insurance-linked notes	7 years
Excess-of-Loss Program | Radian Guaranty | Minimum
Ceded Credit Risk [Line Items]
Right to termination on or after option call date, period after issuance of insurance-linked notes	5 years
2022 QSR Agreement | Maximum
Ceded Credit Risk [Line Items]
RIF ceded	$ 8,500
2022 QSR Agreement | Radian Guaranty
Ceded Credit Risk [Line Items]
RIF ceded	$ 2,710	$ 0

Reinsurance - Excess-of-Loss Pr

Reinsurance - Excess-of-Loss Program (Details) - USD ($) $ in Millions	1 Months Ended					9 Months Ended	12 Months Ended
	Nov. 30, 2021	Apr. 30, 2021	Feb. 29, 2020	Apr. 30, 2019	Nov. 30, 2018	Sep. 30, 2022	Dec. 31, 2021
Mortgage
RIF						$ 65,300	$ 60,900
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-2 Ltd. | Mortgage
RIF	$ 10,758					9,394	10,379
Initial and remaining coverage	484					484	484
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-2 Ltd. | First Layer Retention | Mortgage
Initial first layer retention	$ 242					242	242
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | Mortgage
RIF		$ 11,061				8,223	9,496
Initial and remaining coverage		498				401	498
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | Radian Group Inc.
Proceeds from issuance of debt						45.4
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | First Layer Retention | Mortgage
Initial first layer retention		$ 221				221	221
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 Ltd. | Mortgage
RIF			$ 9,866			2,510	3,241
Initial and remaining coverage			488			394	488
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 Ltd. | First Layer Retention | Mortgage
Initial first layer retention			$ 202			202	202
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 Ltd. | Mortgage
RIF				$ 10,705		1,849	2,429
Initial and remaining coverage				562		385	385
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 Ltd. | First Layer Retention | Mortgage
Initial first layer retention				$ 268		263	264
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 Ltd. | Mortgage
RIF					$ 9,109	1,596	2,117
Initial and remaining coverage					434	276	276
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 Ltd. | First Layer Retention | Mortgage
Initial first layer retention					$ 205	$ 201	$ 201

Reinsurance - Total VIE Assets

Reinsurance - Total VIE Assets and Liabilities of Eagle Re Issuers (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Total assets	$ 6,985,843	$ 7,839,185
Total liabilities	3,247,793	3,580,389
Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Total assets	1,940,126	2,274,548
Total liabilities	1,940,126	2,274,548
Eagle Re 2021-2 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	484,122	484,122
Total liabilities	484,122	484,122
Eagle Re 2021-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	401,377	497,735
Total liabilities	401,377	497,735
Eagle Re 2020-2 Ltd. (2) | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	0	143,986
Total liabilities	0	143,986
Eagle Re 2020-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	394,306	488,385
Total liabilities	394,306	488,385
Eagle Re 2019-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	384,603	384,602
Total liabilities	384,603	384,602
Eagle Re 2018-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	275,718	275,718
Total liabilities	$ 275,718	$ 275,718

Other Assets - Components of Ot

Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Abstract]
Prepaid reinsurance premiums	$ 153,072	$ 201,674
Loaned securities and securities sold under repurchase agreements (Note 5)	137,282	103,996
Company-owned life insurance	104,712	113,386
Right-of-use assets	30,653	31,878
Other	32,573	32,246
Total other assets	$ 458,292	$ 483,180

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance, amount	$ 85.1	$ 83.4
US Treasury Securities
Operating Loss Carryforwards [Line Items]
Debt securities	526.1	354.1
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Current federal income tax liability	$ 24.3	$ 19.9

Losses and LAE - Reserve for Lo

Losses and LAE - Reserve for Losses and LAE by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 483,664	$ 828,642
Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	477,747	823,136	$ 888,021	$ 844,107
Mortgage insurance | Primary case
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	454,726	790,380
Mortgage insurance | Primary IBNR and LAE
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	13,672	22,745
Mortgage insurance | Pool and other
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	9,349	10,011
Title insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 5,917	$ 5,506

Losses and LAE - Mortgage Insur

Losses and LAE - Mortgage Insurance Reserve for Losses and LAE Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Loss reserve [Roll Forward]
Balance at beginning of period	$ 828,642
Deduct: Paid claims and LAE related to:
Balance at end of period	483,664
Mortgage
Loss reserve [Roll Forward]
Balance at beginning of period	823,136	$ 844,107
Less: Reinsurance recoverables	66,676	71,769
Balance at beginning of period, net of reinsurance recoverables	448,091	813,284	$ 756,460	$ 772,338
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year	115,159	119,823
Prior years	(411,024)	(53,947)
Total incurred	(295,865)	65,876
Deduct: Paid claims and LAE related to:
Current year	381	499
Prior years	12,123	24,431
Total paid	12,504	24,930
Balance at end of period, net of reinsurance recoverables	448,091	813,284
Add: Reinsurance recoverables	29,656	74,737
Balance at end of period	$ 477,747	$ 888,021

Losses and LAE - Narrative (Det

Losses and LAE - Narrative (Details) - Primary Mortgage Product - Mortgage - default	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
New primary defaults	27,003	28,128
Decrease in number of new primary default notices	(4.00%)
Default to claim rate estimate, gross, for new defaults	8%	8%

Borrowings and Financing Acti_3

Borrowings and Financing Activities - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total FHLB advances	$ 153,550	$ 150,983
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
FHLB, floating SOFR advances	13,400
Senior notes
Debt Instrument [Line Items]
Total senior notes	1,412,473	1,409,473
Senior notes | Senior Notes due 2024
Debt Instrument [Line Items]
Total senior notes	447,506	446,631
Senior notes | Senior Notes due 2025
Debt Instrument [Line Items]
Total senior notes	519,817	518,405
Senior notes | Senior Notes due 2027
Debt Instrument [Line Items]
Total senior notes	445,150	444,437
FHLB advances
Debt Instrument [Line Items]
2022	51,765	71,050
2023	52,994	52,995
2024	32,371	13,954
2025	9,984	9,984
2027	6,436	3,000
Total FHLB advances	$ 153,550	$ 150,983

Borrowings and Financing Acti_4

Borrowings and Financing Activities - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 28, 2022 USD ($)	Jul. 15, 2022 USD ($) facility agreement	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
FHLB, maturity period, fixed rate	90 days
Number of guaranty agreements | agreement			2
Number of mortgage loan repurchase facilities | facility			2
Repurchase agreements, carrying amount	$ 0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
FHLB, weighted average interest rate	2.78%
FHLB, floating SOFR advances	$ 13,400,000
FHLB advances
Debt Instrument [Line Items]
FHLB, fixed SOFR, advances	$ 140,100,000
FHLB, weighted average interest rate	1.06%
Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 275,000,000
Fair value of amount outstanding	$ 0
Mortgages | Mortgage Financing Facility
Debt Instrument [Line Items]
Long-term debt		$ 300,000,000	$ 300,000,000
Minimum | FHLB advances
Debt Instrument [Line Items]
FHLB, ratio of market value of collateral to advances	1.03
Maximum | FHLB advances
Debt Instrument [Line Items]
FHLB, ratio of market value of collateral to advances	1.14
Fixed maturities AFS and trading securities | Debt securities
Debt Instrument [Line Items]
FHLB, collateral pledged	$ 172,200,000			$ 167,300,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($) legalMatter	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Operating lease liability | $	$ 50.8	$ 53.5
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Unasserted Claim | Minimum
Loss Contingencies [Line Items]
Minimum number of pending or threatened matters that could affect our results | legalMatter	1

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions		1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 09, 2022 USD ($) $ / shares	Oct. 31, 2022 $ / shares shares	Sep. 30, 2022 USD ($) anniversary $ / shares shares	Jun. 30, 2022	Mar. 31, 2021 $ / shares	Sep. 30, 2022 USD ($) anniversary $ / shares shares	Dec. 31, 2021 $ / shares
Capital Stock [Line Items]
Common stock, dividends, per share, declared (in usd per share)	$ 0.20				$ 0.125		$ 0.14
Performance Based RSUs Equity Settled | Minimum
Capital Stock [Line Items]
Payout percentage of target award						0%
2021 Award Year | Performance Based RSUs Equity Settled
Capital Stock [Line Items]
Performance period, performance-based RSUs				3 years
2021 Award Year | Performance Based RSUs Equity Settled | Minimum
Capital Stock [Line Items]
Cliff-vesting period				1 year
2021 Award Year | Performance Based RSUs Equity Settled | Maximum
Capital Stock [Line Items]
Payout percentage of target award						200%
2021 Award Year | Timed-Vested RSUs Equity Settled
Capital Stock [Line Items]
Number of anniversaries of the grant date | anniversary			3			3
2021 Award Year | Timed-Vested RSUs Equity Settled | Minimum
Capital Stock [Line Items]
Cliff-vesting period						1 year
3Q19 Repurchase Program
Capital Stock [Line Items]
Authorized amount | $	$ 400
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs
Capital Stock [Line Items]
Stock repurchased during period (in shares) | shares			9,500			19,500
Accelerated share repurchases, final price paid per share (in usd per share)			$ 20.53			$ 20.52
Remaining authorized repurchase amount | $			$ 1			$ 1
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs | Subsequent Event
Capital Stock [Line Items]
Stock repurchased during period (in shares) | shares		49
Accelerated share repurchases, final price paid per share (in usd per share)		$ 19.81

Capital Stock - Share-based and

Capital Stock - Share-based and Other Compensation Programs (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Performance Based RSUs Equity Settled
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Number of Shares (in shares) | shares	2,340,673
Beginning Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 16.76
Number of Shares, Granted (in shares) | shares	643,740
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares	$ 20.09
Number of Shares, Performance adjustment (in shares) | shares	197,534
Weighted Average Grant Date Fair Value, Performance adjustment (in usd per share) | $ / shares	$ 0
Number of Shares, Vested (in shares) | shares	(796,479)
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares	$ 18.35
Number of Shares, Forfeited (in shares) | shares	(5,969)
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares	$ 18.60
Ending Balance, Number of Shares (in shares) | shares	2,379,499
Ending Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 17.61
Timed-Vested RSUs Equity Settled
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Number of Shares (in shares) | shares	1,808,551
Beginning Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 15.51
Number of Shares, Granted (in shares) | shares	567,237
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares	$ 21.06
Number of Shares, Performance adjustment (in shares) | shares	0
Weighted Average Grant Date Fair Value, Performance adjustment (in usd per share) | $ / shares	$ 0
Number of Shares, Vested (in shares) | shares	(458,034)
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares	$ 18.89
Number of Shares, Forfeited (in shares) | shares	(8,778)
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares	$ 20.10
Ending Balance, Number of Shares (in shares) | shares	1,908,976
Ending Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 16.33

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Rollforward of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Before Tax
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	$ (223,279)	$ (29,613)	$ (797,908)	$ (134,539)
Net realized gains (losses) on disposals and non-credit related impairment losses	(4,153)	4,099	(10,071)	5,684
Net decrease (increase) in expected credit losses		0		918
Net unrealized gains (losses) on investments	(219,126)	(33,712)	(787,837)	(141,141)
Other adjustments to comprehensive income (loss), net	0		106
Other comprehensive income (loss)	(219,126)	(33,712)	(787,731)	(141,141)
Tax Effect
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	(46,888)	(6,219)	(167,560)	(28,253)
Net realized gains (losses) on disposals and non-credit related impairment losses	(872)	861	(2,115)	1,194
Net decrease (increase) in expected credit losses		0		193
Net unrealized gains (losses) on investments	(46,016)	(7,080)	(165,445)	(29,640)
Other adjustments to comprehensive income (loss), net	0		22
Other comprehensive income (loss)	(46,016)	(7,080)	(165,423)	(29,640)
Net of Tax
Balance at beginning and end of the period	(502,215)		(502,215)			$ 120,093
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	(176,391)	(23,394)	(630,348)	(106,286)
Net realized gains (losses) on disposals and non-credit related impairment losses	(3,281)	3,238	(7,956)	4,490
Net decrease (increase) in expected credit losses	0	0	0	725
Net unrealized gains (losses) on investments	(173,110)	(26,632)	(622,392)	(111,501)
Other adjustments to other comprehensive income (loss)	0	0	84	0
Other comprehensive income (loss), net of tax	(173,110)	(26,632)	(622,308)	(111,501)
AOCI Attributable to Parent
Before Tax
Balance at beginning of period	(416,589)	226,400	152,016	333,829
Balance at end of period	(635,715)	192,688	(635,715)	192,688
Tax Effect
Balance at beginning of period	(87,484)	47,544	31,923	70,104
AOCI Tax, Balance at end of period	(133,500)	40,464	(133,500)	40,464
Net of Tax
Balance at beginning and end of the period	(502,215)	152,224	(502,215)	152,224	$ (329,105)	$ 120,093	$ 178,856	$ 263,725
Net unrealized gains (losses) on investments	$ (173,110)	$ (26,632)	$ (622,392)	$ (111,501)

Statutory Information - Statuto

Statutory Information - Statutory Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Radian Guaranty
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 864,681	$ 516,866
Statutory policyholders' surplus	738,625		$ 778,148
Radian Reinsurance
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	2,724	8,765
Statutory policyholders' surplus	292,121		327,118
Other mortgage subsidiaries
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	1,826	777
Statutory policyholders' surplus	16,246		14,524
Radian Title Insurance
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	2,500	$ 4,777
Statutory policyholders' surplus	$ 39,241		$ 36,599

Statutory Information - Narrati

Statutory Information - Narrative (Details) $ in Millions		9 Months Ended
	Feb. 11, 2022 USD ($)	Sep. 30, 2022 USD ($) state	Dec. 31, 2021
Statutory Accounting Practices [Line Items]
Risk to capital ratio, regulatory maximum		25
Statutory accounting practices, amount available for return of capital with regulatory approval	$ 500
Consolidated insurance subsidiaries
Statutory Accounting Practices [Line Items]
Restricted net assets held by consolidated subsidiaries		$ 4,300
Radian Guaranty
Statutory Accounting Practices [Line Items]
Risk to capital ratio			11.1
Statutory accounting practices, contingency reserve		4,200
Statutory accounting practices, distributions, decrease	$ 500
Radian Reinsurance
Statutory Accounting Practices [Line Items]
Payments of ordinary dividends		$ 32.5
State Insurance Regulations
Statutory Accounting Practices [Line Items]
Number of states that have a statutory or regulatory risk based capital requirement | state		16