Radian (RDN) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		153,160,338
Entity Central Index Key	0000890926
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments (Notes 5 and 6)
Fixed-maturities available for sale—at fair value (amortized cost of $5,683,372 and $5,587,261)	$ 5,037,747	$ 5,017,711
Trading securities—at fair value (amortized cost of $110,676 and $122,472)	99,769	115,665
Equity securities—at fair value (cost of $113,248 and $162,899)	108,911	148,965
Mortgage loans held for sale—at fair value	138,289	3,549
Other invested assets—at fair value	8,492	5,511
Short-term investments—at fair value (includes $119,197 and $99,735 of reinvested cash collateral held under securities lending agreements)	492,444	402,090
Total investments	5,885,652	5,693,491
Cash	55,489	56,183
Restricted cash	1,305	377
Accrued investment income	45,623	40,093
Accounts and notes receivable	144,614	119,834
Reinsurance recoverables (includes $68 and $18 for paid losses)	24,148	25,633
Deferred policy acquisition costs	18,817	18,460
Property and equipment, net	74,558	70,981
Goodwill and other acquired intangible assets, net (Note 7)	11,173	15,285
Prepaid federal income taxes (Note 10)	696,820	596,368
Other assets (Note 9)	420,483	427,024
Total assets	7,378,682	7,063,729
Liabilities
Unearned premiums	236,400	271,479
Reserve for losses and LAE (Note 11)	367,568	426,843
Senior notes (Note 12)	1,416,687	1,413,504
Secured borrowings (Note 12)	241,753	155,822
Reinsurance funds withheld	156,114	152,067
Net deferred tax liability	497,560	391,083
Other liabilities	309,701	333,604
Total liabilities	3,225,783	3,144,402
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2023: 175,636 and 155,582 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively)	175	176
Treasury stock, at cost (2023: 20,054 shares; 2022: 19,453 shares)	(945,504)	(930,643)
Additional paid-in capital	1,482,712	1,519,641
Retained earnings	4,136,598	3,786,952
Accumulated other comprehensive income (loss) (Note 15)	(521,082)	(456,799)
Total stockholders’ equity	4,152,899	3,919,327
Total liabilities and stockholders’ equity	$ 7,378,682	$ 7,063,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed-maturities available for sale, amortized cost	$ 5,683,372	$ 5,587,261
Trading securities amortized cost	110,676	122,472
Equity securities, cost	113,248	162,899
Reinvested cash collateral held under securities lending agreements	119,197	99,735
Reinsurance recoverables, paid losses	$ 68	$ 18
Common stock, par or stated value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	485,000	485,000
Common stock, shares, issued (in shares)	175,636	176,509
Common stock, shares, outstanding (in shares)	155,582	157,056
Treasury stock (in shares)	20,054	19,453

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Net premiums earned (Note 8)	$ 240,262	$ 240,222	$ 686,929	$ 748,304
Services revenue (Note 4)	10,892	20,146	33,673	76,775
Net investment income	68,825	51,414	192,228	136,567
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(2,874), $(4,139), $(11,730) and $(8,454)) (Note 6)	(8,555)	(16,252)	(3,206)	(87,578)
Other income	2,109	659	4,942	1,934
Total revenues	313,533	296,189	914,566	876,002
Expenses
Provision for losses	(8,135)	(96,964)	(46,696)	(294,640)
Policy acquisition costs	6,920	5,442	18,431	17,987
Cost of services	8,886	18,717	29,541	66,230
Other operating expenses	79,206	91,327	252,360	271,363
Interest expense	24,302	21,183	69,148	62,860
Amortization of other acquired intangible assets	1,371	1,023	4,112	2,721
Total expenses	112,550	40,728	326,896	126,521
Pretax income	200,983	255,461	587,670	749,481
Income tax provision	44,401	57,181	127,244	168,877
Net income	$ 156,582	$ 198,280	$ 460,426	$ 580,604
Net income per share
Basic net income per share (in usd per share)	$ 0.99	$ 1.22	$ 2.90	$ 3.39
Diluted net income per share (in usd per share)	$ 0.98	$ 1.20	$ 2.86	$ 3.34
Weighted average number of common shares outstanding—basic (in shares)	158,461	162,506	158,992	171,116
Weighted average number of common and common equivalent shares outstanding—diluted (in shares)	160,147	164,738	160,869	173,618

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net realized gains (losses) on investments sold or redeemed	$ (2,874)	$ (4,139)	$ (11,730)	$ (8,454)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 156,582	$ 198,280	$ 460,426	$ 580,604
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	(99,603)	(176,391)	(74,874)	(630,348)
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	(2,207)	(3,281)	(10,412)	(7,956)
Net unrealized gains (losses) on investments	(97,396)	(173,110)	(64,462)	(622,392)
Other adjustments to comprehensive income (loss), net	0	0	179	84
Other comprehensive income (loss), net of tax	(97,396)	(173,110)	(64,283)	(622,308)
Comprehensive income (loss)	$ 59,186	$ 25,170	$ 396,143	$ (41,704)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Treasury stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)
Balance, beginning of period at Dec. 31, 2021		$ 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
Shares repurchased under share repurchase program (Note 14)		(20)		(399,200)
Repurchases of common stock under incentive plans			(9,598)
Share-based compensation				31,280
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	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
Shares repurchased under share repurchase program (Note 14)		(10)		(194,114)
Repurchases of common stock under incentive plans			(112)
Share-based compensation				7,714
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	176	(930,396)	1,513,615	3,656,870	(502,215)
Balance, beginning of period at Dec. 31, 2022	3,919,327	176	(930,643)	1,519,641	3,786,952	(456,799)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		2		3,951
Shares repurchased under share repurchase program (Note 14)		(3)		(70,444)
Repurchases of common stock under incentive plans			(14,861)
Share-based compensation				29,564
Net income	460,426				460,426
Dividends and dividend equivalents declared					(110,780)
Net unrealized gains (losses) on investments, net of tax	(64,462)					(64,462)
Other adjustments to other comprehensive income (loss)						179
Balance, end of period at Sep. 30, 2023	4,152,899	175	(945,504)	1,482,712	4,136,598	(521,082)
Balance, beginning of period at Jun. 30, 2023		177	(945,032)	1,522,895	4,016,482	(423,686)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under incentive and benefit plans		0		1,094
Shares repurchased under share repurchase program (Note 14)		(2)		(50,436)
Repurchases of common stock under incentive plans			(472)
Share-based compensation				9,159
Net income	156,582				156,582
Dividends and dividend equivalents declared					(36,466)
Net unrealized gains (losses) on investments, net of tax	(97,396)					(97,396)
Other adjustments to other comprehensive income (loss)						0
Balance, end of period at Sep. 30, 2023	$ 4,152,899	$ 175	$ (945,504)	$ 1,482,712	$ 4,136,598	$ (521,082)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 264,476	$ 282,148
Proceeds from sales of:
Fixed-maturities available for sale	266,206	395,976
Trading securities	9,123	8,829
Equity securities	46,136	7,645
Proceeds from redemptions of:
Fixed-maturities available for sale	384,262	663,255
Trading securities	1,538	78,462
Purchases of:
Fixed-maturities available for sale	(796,087)	(1,238,636)
Equity securities	(5,711)	(23,225)
Sales, redemptions and (purchases) of:
Short-term investments, net	(77,572)	168,933
Other assets and other invested assets, net	(2,945)	(534)
Additions to property and equipment	(14,395)	(12,149)
Net cash provided by (used in) investing activities	(189,445)	48,556
Cash flows from financing activities
Dividends and dividend equivalents paid	(111,029)	(103,721)
Issuance of common stock	1,533	1,118
Repurchases of common stock	(70,028)	(387,111)
Credit facility commitment fees paid	(666)	(574)
Change in secured borrowings, net (with terms three months or less)	17,312	60,204
Proceeds from secured borrowings (with terms greater than three months)	175,366	26,568
Repayments of secured borrowings (with terms greater than three months)	(87,285)	(24,000)
Net cash provided by (used in) financing activities	(74,797)	(427,516)
Increase (decrease) in cash and restricted cash	234	(96,812)
Cash and restricted cash, beginning of period	56,560	152,620
Cash and restricted cash, end of period	$ 56,794	$ 55,808

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2023
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 real estate 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 home buyers 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 $269.5 billion and $69.3 billion, respectively, as of September 30, 2023, compared to $261.0 billion and $66.1 billion, respectively, as of December 31, 2022. 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 all 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 real estate 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 software-as-a-service solutions and platforms, as well as other 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.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 generally refer to our insurance holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. 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 2022 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. 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 2022 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 2022 Form 10-K. Recent Accounting Pronouncements Accounting Standards Adopted During 2023 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. The adoption of this update on January 1, 2023, did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform—Deferral of the Sunset Date of Topic 848, which extends the period of time that preparers can utilize the reference rate reform relief guidance. The prospective adoption of this update on July 1, 2023, did not have a material impact on our consolidated financial statements or disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify disclosure and presentation requirements related to various topics and align codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirements, the pending content will be removed and not become effective. Early adoption is prohibited. We are currently evaluating the impact the new accounting guidance will have on our financial statements and disclosures.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per ShareBasic 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) 2023 2022 2023 2022 Net income—basic and diluted $ 156,582 $ 198,280 $ 460,426 $ 580,604 Average common shares outstanding—basic 158,461 162,506 158,992 171,116 Dilutive effect of share-based compensation arrangements (1) 1,686 2,232 1,877 2,502 Adjusted average common shares outstanding—diluted 160,147 164,738 160,869 173,618 Net income per share Basic $ 0.99 $ 1.22 $ 2.90 $ 3.39 Diluted $ 0.98 $ 1.20 $ 2.86 $ 3.34 Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Shares of common stock equivalents — — 100 —

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
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 real estate 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. 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 and other financial instruments attributable to our reportable segments and All Other activities; (ii) amortization and impairment of goodwill and other acquired intangible assets; and (iii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income and expenses and gains (losses) on extinguishment of debt. See Note 4 of Notes to Consolidated Financial Statements in our 2022 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 is as follows. Reconciliation of adjusted pretax operating income (loss) by segment Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Adjusted pretax operating income (loss) Mortgage $ 218,601 $ 295,675 $ 630,786 $ 890,036 homegenius (20,932) (25,536) (68,394) (56,732) Total adjusted pretax operating income for reportable segments (1) 197,669 270,139 562,392 833,304 All Other adjusted pretax operating income 12,786 2,581 32,301 6,397 Net gains (losses) on investments and other financial instruments (2) (8,838) (16,252) (3,664) (87,578) Amortization of other acquired intangible assets (1,371) (1,023) (4,112) (2,721) Impairment of other long-lived assets and other non-operating items 737 16 753 79 Consolidated pretax income $ 200,983 $ 255,461 $ 587,670 $ 749,481 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Mortgage Allocated corporate operating expenses (a) $ 31,744 $ 32,457 $ 103,654 $ 101,903 Direct depreciation expense 1,995 2,234 6,164 6,803 homegenius Allocated corporate operating expenses (a) $ 4,241 $ 5,555 $ 13,853 $ 16,554 Direct depreciation expense 704 646 1,912 1,932 (a) Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2023 and 2022. (2) Excludes certain net gains (losses), if any, on investments and other financial instruments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss). 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) 2023 2022 2023 2022 Revenues Mortgage $ 288,649 $ 281,033 $ 829,336 $ 855,262 homegenius (1) 14,707 25,083 42,474 91,338 Total revenues for reportable segments 303,356 306,116 871,810 946,600 All Other revenues 18,249 6,396 45,857 17,218 Net gains (losses) on investments and other financial instruments (8,838) (16,252) (3,664) (87,578) Other non-operating revenue 868 — 868 — Elimination of inter-segment revenues (102) (71) (305) (238) Total revenues $ 313,533 $ 296,189 $ 914,566 $ 876,002 (1) Includes immaterial inter-segment revenues for the three and nine months ended September 30, 2023 and 2022. 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) 2023 2022 2023 2022 homegenius Real estate Valuation $ 4,024 $ 7,634 $ 12,141 $ 26,687 Single family rental 1,529 5,430 5,583 20,887 Asset management technology platform 1,199 1,134 3,574 3,740 Real estate owned asset management 887 750 2,687 2,302 Other real estate services 26 78 27 83 Title 2,964 4,714 8,751 16,012 Real estate technology Real estate technology services (3) 2 24 2 Mortgage 266 404 886 7,062 Total services revenue $ 10,892 $ 20,146 $ 33,673 $ 76,775

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
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 2022 Form 10-K. The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated. Assets and liabilities carried at fair value by hierarchy level September 30, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 125,053 $ 10,125 $ — $ 135,178 State and municipal obligations — 133,569 — 133,569 Corporate bonds and notes — 2,379,958 — 2,379,958 RMBS — 959,210 — 959,210 CMBS — 560,352 — 560,352 CLO — 493,677 — 493,677 Other ABS — 320,088 — 320,088 Foreign government and agency securities — 5,033 — 5,033 Mortgage insurance-linked notes (1) — 50,682 — 50,682 Total fixed-maturities available for sale 125,053 4,912,694 — 5,037,747 Assets and liabilities carried at fair value by hierarchy level September 30, 2023 (In thousands) Level I Level II Level III Total Trading securities State and municipal obligations — 66,554 — 66,554 Corporate bonds and notes — 22,798 — 22,798 RMBS — 5,883 — 5,883 CMBS — 4,534 — 4,534 Total trading securities — 99,769 — 99,769 Equity securities 100,194 6,217 2,500 108,911 Mortgage loans held for sale (2) — 138,289 — 138,289 Other invested assets (3) — — 7,016 7,016 Short-term investments U.S. government and agency securities 7,727 — — 7,727 State and municipal obligations — 2,500 — 2,500 Money market instruments 262,506 — — 262,506 Corporate bonds and notes — 104,899 — 104,899 RMBS — 1,620 — 1,620 CMBS — 1,336 — 1,336 Other ABS — 7,069 — 7,069 Other investments (4) — 104,787 — 104,787 Total short-term investments 270,233 222,211 — 492,444 Total investments at fair value (3) 495,480 5,379,180 9,516 5,884,176 Other Derivative assets (5) — 2,426 137 2,563 Loaned securities (6) Corporate bonds and notes — 79,016 — 79,016 Equity securities 70,525 — — 70,525 Mortgage insurance-linked notes (1) — — — — Total assets at fair value (3) $ 566,005 $ 5,460,622 $ 9,653 $ 6,036,280 Liabilities Derivative liabilities (5) $ — $ 15 $ 562 $ 577 Total liabilities at fair value $ — $ 15 $ 562 $ 577 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. See Note 6 for more information about our mortgage loans held for sale. (3) Does not include other invested assets of $1.5 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Comprises short-term certificates of deposit and commercial paper. (5) Level III derivative assets and liabilities consist 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. (6) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. Assets and liabilities carried at fair value by hierarchy level December 31, 2022 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 140,011 $ 5,431 $ — $ 145,442 State and municipal obligations — 142,386 — 142,386 Corporate bonds and notes — 2,490,582 — 2,490,582 RMBS — 928,399 — 928,399 CMBS — 593,357 — 593,357 CLO — 498,192 — 498,192 Other ABS — 161,359 — 161,359 Foreign government and agency securities — 4,975 — 4,975 Mortgage insurance-linked notes (1) — 53,019 — 53,019 Total fixed-maturities available for sale 140,011 4,877,700 — 5,017,711 Trading securities State and municipal obligations — 70,511 — 70,511 Corporate bonds and notes — 32,827 — 32,827 RMBS — 6,847 — 6,847 CMBS — 5,480 — 5,480 Total trading securities — 115,665 — 115,665 Equity securities 138,716 7,749 2,500 148,965 Mortgage loans held for sale — 3,549 — 3,549 Other invested assets (2) — — 4,296 4,296 Short-term investments State and municipal obligations — 2,785 — 2,785 Money market instruments 241,440 — — 241,440 Corporate bonds and notes — 42,385 — 42,385 Other investments (3) — 115,480 — 115,480 Total short-term investments 241,440 160,650 — 402,090 Total investments at fair value (2) 520,167 5,165,313 6,796 5,692,276 Other Derivative assets — 11 — 11 Loaned securities (4) Corporate bonds and notes — 47,585 — 47,585 Equity securities 64,554 — — 64,554 Total assets at fair value (2) $ 584,721 $ 5,212,909 $ 6,796 $ 5,804,426 Liabilities Derivative liabilities (5) $ — $ 42 $ 4,858 $ 4,900 Total liabilities at fair value $ — $ 42 $ 4,858 $ 4,900 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) 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. (3) Comprises short-term certificates of deposit and commercial paper. (4) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. (5) Level III derivative liabilities consist 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. There were no transfers to or from Level III for the three and nine months ended September 30, 2023 or 2022. 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, 2023 and 2022. Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value September 30, 2023 December 31, 2022 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 107,489 $ 95,407 $ 105,331 $ 94,943 Senior notes 1,416,687 1,379,192 1,413,504 1,361,844 Secured borrowings FHLB advances $ 119,522 $ 119,543 $ 153,686 $ 153,728 Mortgage loan financing facilities 122,231 122,231 2,136 2,136 Total secured borrowings $ 241,753 $ 241,774 $ 155,822 $ 155,864

Investments

Investments	9 Months Ended
	Sep. 30, 2023
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, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,560 $ — $ (36,382) $ 135,178 State and municipal obligations 158,658 4 (25,093) 133,569 Corporate bonds and notes 2,853,366 120 (394,766) 2,458,720 RMBS 1,089,098 5,446 (135,334) 959,210 CMBS 618,127 27 (57,802) 560,352 CLO 502,572 74 (8,969) 493,677 Other ABS 328,896 105 (8,913) 320,088 Foreign government and agency securities 5,125 — (92) 5,033 Mortgage insurance-linked notes (1) 49,264 1,424 (6) 50,682 Total securities available for sale, including loaned securities 5,776,666 $ 7,200 $ (667,357) (2) 5,116,509 Less: loaned securities (3) 93,294 78,762 Total fixed-maturities available for sale $ 5,683,372 $ 5,037,747 December 31, 2022 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 174,138 $ 206 $ (28,902) $ 145,442 State and municipal obligations 164,325 — (21,939) 142,386 Corporate bonds and notes 2,886,905 1,403 (350,537) 2,537,771 RMBS 1,025,795 1,163 (98,559) 928,399 CMBS 645,890 13 (52,546) 593,357 CLO 518,677 — (20,485) 498,192 Other ABS 168,033 69 (6,743) 161,359 Foreign government and agency securities 5,118 — (143) 4,975 Mortgage insurance-linked notes (1) 54,578 80 (1,639) 53,019 Total securities available for sale, including loaned securities 5,643,459 $ 2,934 $ (581,493) (2) 5,064,900 Less: loaned securities (3) 56,198 47,189 Total fixed-maturities available for sale $ 5,587,261 $ 5,017,711 (1) Includes mortgage insurance-linked 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. See “Loaned Securities” below for a discussion of our securities lending agreements. 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, 2023, and December 31, 2022, are loaned securities 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, 2023 (In thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 18,644 $ (3,052) $ 106,409 $ (33,330) $ 125,053 $ (36,382) State and municipal obligations 34,225 (2,994) 98,445 (22,099) 132,670 (25,093) Corporate bonds and notes 439,005 (18,372) 1,976,424 (376,394) 2,415,429 (394,766) RMBS 201,321 (11,093) 628,227 (124,241) 829,548 (135,334) CMBS 18,900 (272) 538,095 (57,530) 556,995 (57,802) CLO 14,841 (19) 445,391 (8,950) 460,232 (8,969) Other ABS 203,657 (3,774) 69,537 (5,139) 273,194 (8,913) Mortgage insurance-linked notes 3,125 (6) — — 3,125 (6) Foreign government and agency securities — — 5,033 (92) 5,033 (92) Total $ 933,718 $ (39,582) $ 3,867,561 $ (627,775) $ 4,801,279 $ (667,357) December 31, 2022 (In thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 86,964 $ (21,370) $ 47,770 $ (7,532) $ 134,734 $ (28,902) State and municipal obligations 116,285 (14,231) 25,401 (7,708) 141,686 (21,939) Corporate bonds and notes 1,769,547 (176,768) 701,936 (173,769) 2,471,483 (350,537) RMBS 610,812 (46,117) 261,370 (52,442) 872,182 (98,559) CMBS 469,100 (38,178) 121,277 (14,368) 590,377 (52,546) CLO 246,705 (10,271) 245,584 (10,214) 492,289 (20,485) Other ABS 115,181 (3,603) 31,041 (3,140) 146,222 (6,743) Mortgage insurance-linked notes 43,745 (1,639) — — 43,745 (1,639) Foreign government and agency securities 4,975 (143) — — 4,975 (143) Total $ 3,463,314 $ (312,320) $ 1,434,379 $ (269,173) $ 4,897,693 $ (581,493) There were 1,216 and 1,284 securities in an unrealized loss position at September 30, 2023, and December 31, 2022, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of September 30, 2023, we did not expect to realize a loss for our investments in an unrealized loss position given our intent and ability to hold these investment securities until recovery of their amortized cost basis. See Note 2 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for information regarding our accounting policy for impairments of investments. Loaned Securities 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. All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $35 million and $16 million as of September 30, 2023, and December 31, 2022, 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. See Note 5 herein for additional detail on the loaned securities, and see Note 6 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder. Mortgage Loans Held for Sale The carrying value of mortgage loans held for sale owned by Radian Mortgage Capital totaled $138 million and $4 million at September 30, 2023, and December 31, 2022, respectively, and is based on fair value as discussed below. As of September 30, 2023, our mortgage loans held for sale consisted of 331 mortgage loans with a total unpaid principal balance of $139 million, related to properties in 35 states and the District of Columbia. As of September 30, 2023, none of these loans were greater than ninety days delinquent. Interest earned on mortgage loans held for sale is included in net investment income on our condensed consolidated statements of operations. We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. Net gains (losses) associated with our mortgage loans held for sale and any related hedges are included in net gains (losses) on investments and other financial instruments on our condensed consolidated statements of operations. See Note 5 for additional information about the fair value of these financial instruments. We typically fund the purchases of our mortgage loans held for sale primarily with amounts borrowed under our mortgage loan financing facilities. See Note 12 for additional information on these facilities and their related terms. 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) 2023 2022 2023 2022 Net realized gains (losses) on investments sold or redeemed Fixed-maturities available for sale Gross realized gains $ 20 $ 411 $ 588 $ 2,554 Gross realized losses (2,814) (4,564) (13,768) (12,625) Fixed-maturities available for sale, net (2,794) (4,153) (13,180) (10,071) Trading securities — (30) (402) (136) Equity securities — — 1,890 1,655 Mortgage loans held for sale (99) — (94) — Other investments 19 44 56 98 Net realized gains (losses) on investments sold or redeemed (2,874) (4,139) (11,730) (8,454) Change in unrealized gains (losses) on investments sold or redeemed 9 29 226 (2,914) Net unrealized gains (losses) on investments still held Trading securities (5,632) (7,398) (4,494) (27,892) Equity securities 290 (7,256) 4,991 (32,249) Mortgage loans held for sale (1,675) — (1,785) — Other investments (1) (149) (97) (490) Net unrealized gains (losses) on investments still held (7,018) (14,803) (1,385) (60,631) Total net gains (losses) on investments (9,883) (18,913) (12,889) (71,999) Net gains (losses) on other financial instruments (1) 1,328 2,661 9,683 (15,579) Net gains (losses) on investments and other financial instruments $ (8,555) $ (16,252) $ (3,206) $ (87,578) (1) Includes changes in the fair value of derivatives, including embedded derivatives associated with our Excess-of-Loss program and derivatives that hedge interest rate risk related to our mortgage loans held for sale. Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale September 30, 2023 (In thousands) Amortized Cost Fair Value Due in one year or less $ 108,051 $ 106,300 Due after one year through five years (1) 1,296,150 1,209,013 Due after five years through 10 years (1) 917,687 781,903 Due after 10 years (1) 866,821 635,284 Asset-backed and mortgage-backed securities (2) 2,587,957 2,384,009 Total 5,776,666 5,116,509 Less: loaned securities 93,294 78,762 Total fixed-maturities available for sale $ 5,683,372 $ 5,037,747 (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 Our fixed-maturities available for sale include securities totaling $13 million at both September 30, 2023, and December 31, 2022, 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, 2023
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, 2023. 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, 2023 December 31, 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (42,179) $ 1,371 $ 43,550 $ (38,067) $ 5,483 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 2022 Form 10-K.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 2023 2022 2023 2022 Direct Mortgage insurance $ 247,941 $ 243,145 $ 736,173 $ 728,171 $ 258,207 $ 256,845 $ 771,251 $ 771,971 Title insurance 3,561 5,164 8,246 21,443 3,561 5,165 8,246 21,444 Total direct 251,502 248,309 744,419 749,614 261,768 262,010 779,497 793,415 Assumed (1) Mortgage insurance — 1,211 — 4,081 — 1,211 — 4,081 Ceded Mortgage insurance (2) (12,771) (9,278) (57,044) (170) (21,406) (22,859) (92,268) (48,772) Title insurance (100) (140) (300) (420) (100) (140) (300) (420) Total ceded (2) (12,871) (9,418) (57,344) (590) (21,506) (22,999) (92,568) (49,192) Total net premiums $ 238,631 $ 240,102 $ 687,075 $ 753,105 $ 240,262 $ 240,222 $ 686,929 $ 748,304 (1) Represents premiums from our participation in certain credit risk transfer programs. We discontinued our participation in these programs in December 2022 by novating these insurance policies to an unrelated third-party reinsurer. See Note 16 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for additional information. (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 recoverable. The nine months ended September 30, 2023, include a $21 million increase in ceded premiums related to the tender offers that were completed in the second quarter of 2023 by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes issued by such entities. See “Excess-of-Loss Program” below for additional information. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Ceding commissions earned (1) $ 5,650 $ 4,772 $ 15,953 $ 13,330 Ceded losses (2) 1,289 (9,278) (1,095) (37,138) (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 $22 million and $27 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2023, and December 31, 2022, respectively. (2) Primarily all related to mortgage insurance. QSR Program 2023 QSR Agreement In July 2023, Radian Guaranty entered into the 2023 QSR Agreement with a panel of third-party reinsurance providers to cede a contractual quota share percentage 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 $3.0 billion over the term of the agreement. Radian Guaranty receives a ceding commission for ceded premiums earned pursuant to this transaction. 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. Radian Guaranty may discontinue ceding new policies under the agreement at the end of any calendar quarter. The agreement is scheduled to terminate June 30, 2034. Radian Guaranty has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of July 1, 2027, or at the end of any calendar quarter thereafter, which 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 agreement. Radian Guaranty also may terminate this agreement 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. 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 percentage 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 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. As of July 1, 2023, Radian Guaranty is no longer ceding NIW under the 2022 QSR Agreement. 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 percentage 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, with RIF ceded as of the dates indicated. QSR Program (1) 2023 QSR Agreement 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jul 1, 2023- Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date Jul 1, 2023 Jul 1, 2022 Jan 1, 2020 Jan 1, 2018 Jan 1, 2016 Scheduled termination date Jun 30, 2034 Jun 30, 2033 Dec 31, 2031 Dec 31, 2029 Dec 31, 2027 Optional termination date (2) Jul 1, 2027 Jul 1, 2026 Jan 1, 2024 Jan 1, 2022 Jan 1, 2020 Quota share % 22.5% 20% 65% 65% 18% - 57% Ceding commission % 20% 20% 25% 25% 25% Profit commission % Up to 55% Up to 59% Up to 56% Up to 56% Up to 55% (In millions) As of September 30, 2023 RIF ceded $ 784 $ 4,524 $ 1,830 $ 763 $ 1,012 (In millions) As of December 31, 2022 RIF ceded $ — $ 3,307 $ 1,993 $ 876 $ 1,207 (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. Excess-of-Loss Program Radian Guaranty has entered into a number of fully collateralized reinsurance arrangements with the Eagle Re Issuers, as described below. 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 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 Ltd. 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 Eagle Re 2018-1 Ltd. and the amortization of the principal amount of the related insurance-linked notes issued by Eagle Re 2018-1 Ltd. have been suspended and will continue to be suspended during the pendency of the trigger event. Given the diminished PMIERs capital benefit and risk mitigation values that Radian Guaranty was receiving from the reinsurance agreements, in June 2023 Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. conducted tender offers to purchase the mortgage insurance-linked notes that supported their reinsurance agreements with Radian Guaranty. As a result of the tender offers, $455 million and $332 million of the original principal amount of the Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. mortgage insurance-linked notes, respectively, were tendered and repurchased, representing 100% of the Eagle Re 2019-1 Ltd. mortgage insurance-linked notes and 82% of the Eagle Re 2020-1 Ltd. mortgage insurance-linked notes. The corresponding portion of the reinsurance agreements supported by the tendered notes were terminated. As a result of these tender offers, for the nine months ended September 30, 2023, Radian Guaranty incurred additional ceded premiums earned of $21 million, consisting of $16 million related to the cost of tender premiums and associated expenses and $5 million related to the acceleration of deferred costs from the original executions of these transactions. Based on projections and expectations in June 2023, at the time of the tender offers, Radian Guaranty expected to save approximately $58 million of future ceded premiums over time as a result of these tenders, including a full recovery of the $21 million of the upfront one-time costs noted above within one year. In addition, as a result of these tender offers, Radian Guaranty reestablished certain contingency reserves related to Eagle Re 2019-1 Ltd. See Note 16 for additional detail on this impact. The following table sets forth additional details regarding the Excess-of-Loss Program, with RIF, remaining coverage and first layer retention as of the dates indicated. Excess-of-Loss Program (In millions) Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (1) Eagle Re Eagle Re Eagle Re 2018-1 Ltd. (1) 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, 2023 RIF $ 8,010 $ 6,548 $ 2,113 $ — $ 1,261 Remaining coverage 383 275 17 — 276 First layer retention 242 221 202 — 200 (In millions) As of December 31, 2022 RIF $ 9,150 $ 7,758 $ 2,401 $ 1,769 $ 1,509 Remaining coverage 472 366 368 385 276 First layer retention 242 221 202 263 200 (1) Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. and $3 million of Eagle Re 2018-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with these reinsurance transactions. On our condensed consolidated balance sheet at September 30, 2023, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. 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 2022 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 SOFR, 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 SOFR and the rates on the investments held by the reinsurance trust and (ii) the outstanding amount of reinsurance coverage. Following the discontinuation of the London Inter-bank Offered Rate (LIBOR), effective June 30, 2023, SOFR is the effective benchmark rate for all of our reinsurance agreements with the Eagle Re Issuers as of September 30, 2023. 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 2022 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 the dates indicated. 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. $ 382,985 $ 471,942 Eagle Re 2018-1 Ltd. 275,718 275,718 Eagle Re 2021-1 Ltd. 274,588 366,169 Eagle Re 2020-1 Ltd. 16,971 368,378 Eagle Re 2019-1 Ltd. — 384,602 Total $ 950,262 $ 1,866,809 (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. In October 2023, Radian Guaranty entered into a fully collateralized reinsurance agreement with Eagle Re 2023-1 Ltd. This reinsurance agreement provides for up to $353 million of aggregate excess-of-loss reinsurance coverage for the mortgage insurance losses on new defaults on an existing portfolio of eligible policies with RIF of $8.8 billion that were issued between April 1, 2022, and December 31, 2022. For the loans subject to the reinsurance agreement, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. Eagle Re 2023-1 Ltd. provides second layer coverage up to the outstanding coverage amounts. Eagle Re 2023-1 Ltd. financed its coverage by issuing mortgage insurance-linked notes to eligible capital markets investors in the amount of $353 million in an unregistered private offering. Also in October 2023, Radian Guaranty executed the 2023 XOL Agreement with a panel of third-party reinsurance providers. This reinsurance agreement provides for up to $246 million of aggregate excess-of-loss reinsurance coverage for the mortgage insurance losses on new defaults on an existing portfolio of eligible policies with RIF of $8.0 billion that were issued between October 1, 2021, and March 31, 2022. Radian Guaranty retains a portion of the aggregate losses up to a specified amount, after which the reinsurers provide coverage above the amount retained by Radian Guaranty up to the reinsurance coverage amount. Radian Guaranty is then responsible for any losses in excess of the reinsurance coverage amount. The agreement is scheduled to terminate September 30, 2033. Radian Guaranty has the option, based on certain conditions, to terminate the agreement as of September 30, 2028, or at the end of any calendar quarter thereafter, which would result in Radian Guaranty reassuming the related RIF. In the event Radian Guaranty does not terminate the agreement on September 30, 2028, the monthly premium rate will increase by a factor of 1.5 times the original monthly premium. 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, th e amount held in reinsurance trusts was $200 million as of September 30, 2023, compared to $175 million as of December 31, 2022. 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 2022 Form 10-K for more information about our reinsurance transactions.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
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, Loaned securities (Note 5 and 6) $ 149,541 $ 112,139 Company-owned life insurance (1) 107,489 105,331 Prepaid reinsurance premiums (2) 106,178 141,402 Right-of-use assets 17,320 21,099 Other 39,955 47,053 Total other assets $ 420,483 $ 427,024 (1) 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. (2) Relates primarily to our Single Premium QSR Program. See Note 9 of Notes to Consolidated Financial Statements in our 2022 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, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We use the estimated effective tax rate method to calculate income taxes in interim periods. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. As of September 30, 2023, and December 31, 2022, our current federal income tax liability was $24 million and $21 million, respectively, which primarily relates to applying the standards of accounting for uncertainty in income taxes, and is included as a component of other liabilities in our condensed consolidated balance sheets. 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, 2023, and December 31, 2022, we held $697 million and $596 million of these bonds, respectively, 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. For additional information on our income taxes, including our accounting policies, see Notes 2 and 10 of Notes to Consolidated Financial Statements in our 2022 Form 10-K.

Losses and LAE

Losses and LAE	9 Months Ended
	Sep. 30, 2023
Insurance Loss Reserves [Abstract]
Losses and LAE	Losses and LAE Our reserve for losses and LAE consisted of the following as of the dates indicated. Reserve for losses and LAE (In thousands) September 30, December 31, Primary case $ 343,336 $ 398,874 Primary IBNR and LAE 10,005 12,169 Pool and other 8,497 9,912 Mortgage insurance 361,838 420,955 Title insurance 5,730 5,888 Total reserve for losses and LAE $ 367,568 $ 426,843 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) 2023 2022 Balance at beginning of period $ 420,955 $ 823,136 Less: Reinsurance recoverables (1) 24,727 66,676 Balance at beginning of period, net of reinsurance recoverables 396,228 756,460 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 130,740 115,159 Prior years (177,483) (411,024) Total incurred (46,743) (295,865) Deduct: Paid claims and LAE related to: Current year (2) 204 381 Prior years 10,712 12,123 Total paid 10,916 12,504 Balance at end of period, net of reinsurance recoverables 338,569 448,091 Add: Reinsurance recoverables (1) 23,269 29,656 Balance at end of period $ 361,838 $ 477,747 (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 both 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 31,555 for the nine months ended September 30, 2023, compared to 27,003 for the nine months ended September 30, 2022, representing an increase of 17%. This increase in new primary defaults is consistent with the natural seasoning of the portfolio, given the increase in our IIF in recent years. Our gross Default to Claim Rate assumption applied to new defaults was 8.0% as of both September 30, 2023, and September 30, 2022, 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. Our provision for losses during both the first nine months of 2023 and 2022 was positively impacted by favorable reserve development on prior year defaults, primarily as a result of more favorable trends in Cures than originally estimated. These Cures have been due primarily 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, which has also contributed to a higher rate of claims that result in no ultimate loss and that are withdrawn by servicers as a result. These favorable observed trends resulted in reductions in our Default to Claim Rate and other reserve adjustments for prior year default notices. As the remaining number of defaults has continued to decline, the magnitude of the impact to our provision for losses from reserve development on prior year defaults has declined as well. Claims Paid Total claims paid were materially unchanged for the nine months ended September 30, 2023, compared to the same period in 2022. 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 2022 Form 10-K.

Borrowings and Financing Activi

Borrowings and Financing Activities	9 Months Ended
	Sep. 30, 2023
Long-Term Debt, Unclassified [Abstract]
Borrowings and Financing Activities	Borrowings and Financing Activities The carrying value of our debt as of the dates indicated was as follows. Borrowings ($ in thousands) Interest rate September 30, December 31, Senior notes Senior Notes due 2024 4.500 % $ 448,723 $ 447,805 Senior Notes due 2025 6.625 % 521,820 520,305 Senior Notes due 2027 4.875 % 446,144 445,394 Total senior notes $ 1,416,687 $ 1,413,504 ($ in thousands) Average interest rate (1) September 30, December 31, Secured borrowings FHLB advances FHLB advances due 2023 4.666 % $ 64,745 $ 104,895 FHLB advances due 2024 (2) 3.325 % 32,371 32,371 FHLB advances due 2025 2.340 % 12,684 9,984 FHLB advances due 2026 4.469 % 1,835 — FHLB advances due 2027 2.562 % 7,887 6,436 Total FHLB advances 119,522 153,686 Mortgage loan financing facilities 7.050 % 122,231 2,136 Total secured borrowings $ 241,753 $ 155,822 (1) As of September 30, 2023. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information. (2) Includes $13 million of floating-rate advances with a weighted average interest rate of 5.51% and 3.62% as of September 30, 2023, and December 31, 2022, respectively, which resets daily based on changes in SOFR. FHLB Advances The principal balance of the FHLB advances is required to be collateralized by eligible assets with a fair 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 $127 million and $164 million at September 30, 2023, and December 31, 2022, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. Mortgage Loan Financing Facilities In 2022, Radian Mortgage Capital entered into the Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. The Goldman Sachs Master Repurchase Agreement is an uncommitted mortgage loan repurchase facility that initially had a maximum borrowing amount of $300 million and was amended in July 2023 to reduce the maximum borrowing amount to $100 million. The BMO Master Repurchase Agreement, which is also uncommitted, initially had a maximum borrowing amount of $300 million and was amended in April 2023 to reduce the maximum borrowing amount to $150 million. The Goldman Sachs Master Repurchase Agreement and the BMO Master Repurchase Agreement are currently scheduled to expire on September 14, 2024, and September 25, 2024, respectively. The borrowings under the Master Repurchase Agreements bear a variable interest rate based on the one-month SOFR, as adjusted, plus an applicable margin, with interest payable monthly. Principal is due upon the earliest of the sale or disposition of the related mortgage loans, the occurrence of certain default or acceleration events or at the termination date of the applicable Master Repurchase Agreement. As of September 30, 2023, there were $118 million and $4 million of outstanding borrowings under the BMO Master Repurchase Agreement and the Goldman Sachs Master Repurchase Agreement, respectively. Funds advanced under the Master Repurchase Agreements generally will be calculated as a percentage of the unpaid principal balance or fair value of the residential mortgage loan assets, depending on the credit characteristics of the loans being purchased. Of our mortgage loans held for sale, $128 million and $2 million at September 30, 2023, and December 31, 2022, respectively, serve as collateral for the Master Repurchase Agreements to support the funds advanced. 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, 2023, there were no amounts outstanding under this facility. Debt Covenants and Other Requirements As of September 30, 2023, we are in compliance with all of our debt covenants, including for our senior notes. In addition to the debt covenants under its financing facilities, Radian Mortgage Capital is also subject to certain requirements established by state and other regulators and loan purchasers, including Freddie Mac, such as certain minimum net worth and capital requirements. The most restrictive of these requirements requires Radian Mortgage Capital to maintain a minimum tangible net worth of $3 million. To the extent these requirements are not met, these parties may exercise certain remedies, which may include, as applicable, prohibiting Radian Mortgage Capital from purchasing, selling, or servicing loans. As of September 30, 2023, Radian Mortgage Capital was in compliance with all such requirements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 or results of operations. 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 $42 million and $49 million as of September 30, 2023, and December 31, 2022, respectively, and is classified in other liabilities

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Capital Stock	Capital Stock Shares of Common Stock The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated. Common stock outstanding (In thousands) September 30, December 31, Balance at beginning of period 157,056 175,421 Shares repurchased under share repurchase programs (2,817) (19,506) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 1,343 1,141 Balance at end of period 155,582 157,056 Share Repurchase Activity From time to time, Radian Group’s board of directors approves share repurchase programs authorizing the Company 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 provides for share repurchases at predetermined price targets and permits the Company to purchase shares when it may otherwise be precluded from doing so. In January 2023, Radian Group’s board of directors approved a share repurchase program authorizing the Company to spend up to $300 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 has implemented a trading plan under Rule 10b5-1 of the Exchange Act. The authorization will expire in January 2025. During the three and nine months ended September 30, 2023, the Company purchased 1.9 million and 2.8 million shares at an average price of $26.71 and $24.86 per share, including commissions, respectively. As of September 30, 2023, purchase authority of up to $230 million remained available under this program. Dividends and Dividend Equivalents We declared quarterly cash dividends on our common stock equal to $0.20 per share during each quarter of 2022. In February 2023, Radian Group’s board of directors authorized an increase to the Company’s quarterly dividend from $0.20 to $0.225 per share, beginning with the dividend declared in the first quarter of 2023. Share-Based and Other Compensation Programs During the second quarter of 2023, 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 over a three-year performance period, adjusted for certain defined items including our total shareholder return relative to certain peers, 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 the second quarter of 2023 generally vest in pro rata installments on each of the first three anniversaries of the grant date. In addition, time-vested RSU awards, which are generally subject to one-year cliff vesting, were also granted to non-employee directors. See Note 17 of Notes to Consolidated Financial Statements in our 2022 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, 2022 (1) 2,362,401 $ 17.59 1,891,800 $ 16.16 Granted (2) 911,550 $ 23.05 526,593 $ 25.13 Performance adjustment (3) 814,529 $ — — $ — Vested (4) (1,083,080) $ 15.90 (602,490) $ 18.17 Forfeited (25,059) $ 19.60 (5,434) $ 21.36 Outstanding, September 30, 2023 (1) 2,980,341 $ 18.30 1,810,469 $ 18.09 (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 per share, adjusted for certain defined items, 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 to the number of 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 the 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, 2023
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 $ (536,312) $ (112,626) $ (423,686) $ (578,228) $ (121,429) $ (456,799) 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 (126,080) (26,477) (99,603) (94,777) (19,903) (74,874) 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 (2,794) (587) (2,207) (13,180) (2,768) (10,412) Net unrealized gains (losses) on investments (123,286) (25,890) (97,396) (81,597) (17,135) (64,462) Other adjustments to comprehensive income (loss), net — — — 227 48 179 Other comprehensive income (loss) (123,286) (25,890) (97,396) (81,370) (17,087) (64,283) Balance at end of period $ (659,598) $ (138,516) $ (521,082) $ (659,598) $ (138,516) $ (521,082) 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, 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) (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, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Statutory Information	Statutory Information Our insurance subsidiaries’ statutory net income (loss) for the periods indicated, and statutory policyholders’ surplus as of the dates indicated, were as follows. Statutory net income (loss) Nine Months Ended (In thousands) 2023 2022 Radian Guaranty (1) $ 599,781 $ 867,405 Other mortgage subsidiaries (383) 1,826 Radian Title Insurance 1,306 2,500 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 673,592 $ 758,467 Other mortgage subsidiaries 17,292 17,086 Radian Title Insurance 40,563 39,285 (1) The amount for 2022 has been updated to reflect the merger of Radian Reinsurance into Radian Guaranty in December 2022. See Note 16 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for details regarding this merger. 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. 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 an 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, 2023. Radian Guaranty’s Risk-to-capital was 10.6:1 and 10.7:1 as of September 30, 2023, and December 31, 2022, respectively. For purposes of the Risk-to-capital requirements imposed by certain states, statutory capital is defined as the sum of statutory policyholders’ surplus plus statutory contingency reserves. Our other mortgage insurance and title insurance subsidiaries were also in compliance with all statutory and counterparty capital requirements as of September 30, 2023. 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, 2023, Radian Guaranty, an approved mortgage insurer under the PMIERs, was 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, 2023, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.4 billion of our consolidated net assets. While all proposed dividends and distributions to stockholders must be filed with the Pennsylvania Insurance Department prior to payment, if a Pennsylvania domiciled insurer has positive unassigned surplus, such insurer can pay dividends or other distributions during any 12-month period in an aggregate amount less than or equal to the greater of: (i) 10% of the preceding year-end statutory policyholders’ surplus or (ii) the preceding year’s statutory net income, in each case without the prior approval of the Pennsylvania Insurance Department. Aided by the positive impacts of the merger with Radian Reinsurance in December 2022, Radian Guaranty had positive unassigned surplus of $258 million as of December 31, 2022. As a result, beginning with the first quarter of 2023, Radian Guaranty has the ability to pay ordinary dividends, and has paid an ordinary dividend of $100 million in cash and marketable securities in each of the first three quarters of 2023. Subsequent to the payment of these dividends and the impact from the reestablishment of $39 million in contingency reserves related to the termination of certain reinsurance agreements as a result of the tender offers by certain Eagle Re Issuers described in Note 8, Radian Guaranty had positive unassigned surplus of $174 million as of September 30, 2023. For a full 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 2022 Form 10-K.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 156,582	$ 198,280	$ 460,426	$ 580,604
Share-Based Payment Arrangement, Net of Shares Withheld for Tax Withholding Obligation			1,343		1,141

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 generally refer to our insurance holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. 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.
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 Adopted During 2023 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. The adoption of this update on January 1, 2023, did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Reform on Financial Reporting. This 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform—Deferral of the Sunset Date of Topic 848, which extends the period of time that preparers can utilize the reference rate reform relief guidance. The prospective adoption of this update on July 1, 2023, did not have a material impact on our consolidated financial statements or disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify disclosure and presentation requirements related to various topics and align codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirements, the pending content will be removed and not become effective. Early adoption is prohibited. We are currently evaluating the impact the new accounting guidance will have on our financial statements and disclosures.
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 real estate 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. We do not manage assets by segment.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 Net income—basic and diluted $ 156,582 $ 198,280 $ 460,426 $ 580,604 Average common shares outstanding—basic 158,461 162,506 158,992 171,116 Dilutive effect of share-based compensation arrangements (1) 1,686 2,232 1,877 2,502 Adjusted average common shares outstanding—diluted 160,147 164,738 160,869 173,618 Net income per share Basic $ 0.99 $ 1.22 $ 2.90 $ 3.39 Diluted $ 0.98 $ 1.20 $ 2.86 $ 3.34
Schedule of Antidilutive Securities	The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive. Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Shares of common stock equivalents — — 100 —

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
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 is as follows. Reconciliation of adjusted pretax operating income (loss) by segment Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Adjusted pretax operating income (loss) Mortgage $ 218,601 $ 295,675 $ 630,786 $ 890,036 homegenius (20,932) (25,536) (68,394) (56,732) Total adjusted pretax operating income for reportable segments (1) 197,669 270,139 562,392 833,304 All Other adjusted pretax operating income 12,786 2,581 32,301 6,397 Net gains (losses) on investments and other financial instruments (2) (8,838) (16,252) (3,664) (87,578) Amortization of other acquired intangible assets (1,371) (1,023) (4,112) (2,721) Impairment of other long-lived assets and other non-operating items 737 16 753 79 Consolidated pretax income $ 200,983 $ 255,461 $ 587,670 $ 749,481 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Mortgage Allocated corporate operating expenses (a) $ 31,744 $ 32,457 $ 103,654 $ 101,903 Direct depreciation expense 1,995 2,234 6,164 6,803 homegenius Allocated corporate operating expenses (a) $ 4,241 $ 5,555 $ 13,853 $ 16,554 Direct depreciation expense 704 646 1,912 1,932 (a) Includes immaterial allocated depreciation expense for the three and nine months ended September 30, 2023 and 2022. (2) Excludes certain net gains (losses), if any, on investments and other financial instruments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss).
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) 2023 2022 2023 2022 Revenues Mortgage $ 288,649 $ 281,033 $ 829,336 $ 855,262 homegenius (1) 14,707 25,083 42,474 91,338 Total revenues for reportable segments 303,356 306,116 871,810 946,600 All Other revenues 18,249 6,396 45,857 17,218 Net gains (losses) on investments and other financial instruments (8,838) (16,252) (3,664) (87,578) Other non-operating revenue 868 — 868 — Elimination of inter-segment revenues (102) (71) (305) (238) Total revenues $ 313,533 $ 296,189 $ 914,566 $ 876,002 (1) Includes immaterial inter-segment revenues for the three and nine months ended September 30, 2023 and 2022.
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) 2023 2022 2023 2022 homegenius Real estate Valuation $ 4,024 $ 7,634 $ 12,141 $ 26,687 Single family rental 1,529 5,430 5,583 20,887 Asset management technology platform 1,199 1,134 3,574 3,740 Real estate owned asset management 887 750 2,687 2,302 Other real estate services 26 78 27 83 Title 2,964 4,714 8,751 16,012 Real estate technology Real estate technology services (3) 2 24 2 Mortgage 266 404 886 7,062 Total services revenue $ 10,892 $ 20,146 $ 33,673 $ 76,775

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated. Assets and liabilities carried at fair value by hierarchy level September 30, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 125,053 $ 10,125 $ — $ 135,178 State and municipal obligations — 133,569 — 133,569 Corporate bonds and notes — 2,379,958 — 2,379,958 RMBS — 959,210 — 959,210 CMBS — 560,352 — 560,352 CLO — 493,677 — 493,677 Other ABS — 320,088 — 320,088 Foreign government and agency securities — 5,033 — 5,033 Mortgage insurance-linked notes (1) — 50,682 — 50,682 Total fixed-maturities available for sale 125,053 4,912,694 — 5,037,747 Assets and liabilities carried at fair value by hierarchy level September 30, 2023 (In thousands) Level I Level II Level III Total Trading securities State and municipal obligations — 66,554 — 66,554 Corporate bonds and notes — 22,798 — 22,798 RMBS — 5,883 — 5,883 CMBS — 4,534 — 4,534 Total trading securities — 99,769 — 99,769 Equity securities 100,194 6,217 2,500 108,911 Mortgage loans held for sale (2) — 138,289 — 138,289 Other invested assets (3) — — 7,016 7,016 Short-term investments U.S. government and agency securities 7,727 — — 7,727 State and municipal obligations — 2,500 — 2,500 Money market instruments 262,506 — — 262,506 Corporate bonds and notes — 104,899 — 104,899 RMBS — 1,620 — 1,620 CMBS — 1,336 — 1,336 Other ABS — 7,069 — 7,069 Other investments (4) — 104,787 — 104,787 Total short-term investments 270,233 222,211 — 492,444 Total investments at fair value (3) 495,480 5,379,180 9,516 5,884,176 Other Derivative assets (5) — 2,426 137 2,563 Loaned securities (6) Corporate bonds and notes — 79,016 — 79,016 Equity securities 70,525 — — 70,525 Mortgage insurance-linked notes (1) — — — — Total assets at fair value (3) $ 566,005 $ 5,460,622 $ 9,653 $ 6,036,280 Liabilities Derivative liabilities (5) $ — $ 15 $ 562 $ 577 Total liabilities at fair value $ — $ 15 $ 562 $ 577 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. See Note 6 for more information about our mortgage loans held for sale. (3) Does not include other invested assets of $1.5 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4) Comprises short-term certificates of deposit and commercial paper. (5) Level III derivative assets and liabilities consist 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. (6) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. Assets and liabilities carried at fair value by hierarchy level December 31, 2022 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 140,011 $ 5,431 $ — $ 145,442 State and municipal obligations — 142,386 — 142,386 Corporate bonds and notes — 2,490,582 — 2,490,582 RMBS — 928,399 — 928,399 CMBS — 593,357 — 593,357 CLO — 498,192 — 498,192 Other ABS — 161,359 — 161,359 Foreign government and agency securities — 4,975 — 4,975 Mortgage insurance-linked notes (1) — 53,019 — 53,019 Total fixed-maturities available for sale 140,011 4,877,700 — 5,017,711 Trading securities State and municipal obligations — 70,511 — 70,511 Corporate bonds and notes — 32,827 — 32,827 RMBS — 6,847 — 6,847 CMBS — 5,480 — 5,480 Total trading securities — 115,665 — 115,665 Equity securities 138,716 7,749 2,500 148,965 Mortgage loans held for sale — 3,549 — 3,549 Other invested assets (2) — — 4,296 4,296 Short-term investments State and municipal obligations — 2,785 — 2,785 Money market instruments 241,440 — — 241,440 Corporate bonds and notes — 42,385 — 42,385 Other investments (3) — 115,480 — 115,480 Total short-term investments 241,440 160,650 — 402,090 Total investments at fair value (2) 520,167 5,165,313 6,796 5,692,276 Other Derivative assets — 11 — 11 Loaned securities (4) Corporate bonds and notes — 47,585 — 47,585 Equity securities 64,554 — — 64,554 Total assets at fair value (2) $ 584,721 $ 5,212,909 $ 6,796 $ 5,804,426 Liabilities Derivative liabilities (5) $ — $ 42 $ 4,858 $ 4,900 Total liabilities at fair value $ — $ 42 $ 4,858 $ 4,900 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information. (2) 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. (3) Comprises short-term certificates of deposit and commercial paper. (4) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information. (5) Level III derivative liabilities consist 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.
Schedule of Liabilities Not Carried at Fair Value	The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value September 30, 2023 December 31, 2022 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 107,489 $ 95,407 $ 105,331 $ 94,943 Senior notes 1,416,687 1,379,192 1,413,504 1,361,844 Secured borrowings FHLB advances $ 119,522 $ 119,543 $ 153,686 $ 153,728 Mortgage loan financing facilities 122,231 122,231 2,136 2,136 Total secured borrowings $ 241,753 $ 241,774 $ 155,822 $ 155,864

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,560 $ — $ (36,382) $ 135,178 State and municipal obligations 158,658 4 (25,093) 133,569 Corporate bonds and notes 2,853,366 120 (394,766) 2,458,720 RMBS 1,089,098 5,446 (135,334) 959,210 CMBS 618,127 27 (57,802) 560,352 CLO 502,572 74 (8,969) 493,677 Other ABS 328,896 105 (8,913) 320,088 Foreign government and agency securities 5,125 — (92) 5,033 Mortgage insurance-linked notes (1) 49,264 1,424 (6) 50,682 Total securities available for sale, including loaned securities 5,776,666 $ 7,200 $ (667,357) (2) 5,116,509 Less: loaned securities (3) 93,294 78,762 Total fixed-maturities available for sale $ 5,683,372 $ 5,037,747 December 31, 2022 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 174,138 $ 206 $ (28,902) $ 145,442 State and municipal obligations 164,325 — (21,939) 142,386 Corporate bonds and notes 2,886,905 1,403 (350,537) 2,537,771 RMBS 1,025,795 1,163 (98,559) 928,399 CMBS 645,890 13 (52,546) 593,357 CLO 518,677 — (20,485) 498,192 Other ABS 168,033 69 (6,743) 161,359 Foreign government and agency securities 5,118 — (143) 4,975 Mortgage insurance-linked notes (1) 54,578 80 (1,639) 53,019 Total securities available for sale, including loaned securities 5,643,459 $ 2,934 $ (581,493) (2) 5,064,900 Less: loaned securities (3) 56,198 47,189 Total fixed-maturities available for sale $ 5,587,261 $ 5,017,711 (1) Includes mortgage insurance-linked 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. See “Loaned Securities” below for a discussion of our securities lending agreements.
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, 2023, and December 31, 2022, are loaned securities 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, 2023 (In thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 18,644 $ (3,052) $ 106,409 $ (33,330) $ 125,053 $ (36,382) State and municipal obligations 34,225 (2,994) 98,445 (22,099) 132,670 (25,093) Corporate bonds and notes 439,005 (18,372) 1,976,424 (376,394) 2,415,429 (394,766) RMBS 201,321 (11,093) 628,227 (124,241) 829,548 (135,334) CMBS 18,900 (272) 538,095 (57,530) 556,995 (57,802) CLO 14,841 (19) 445,391 (8,950) 460,232 (8,969) Other ABS 203,657 (3,774) 69,537 (5,139) 273,194 (8,913) Mortgage insurance-linked notes 3,125 (6) — — 3,125 (6) Foreign government and agency securities — — 5,033 (92) 5,033 (92) Total $ 933,718 $ (39,582) $ 3,867,561 $ (627,775) $ 4,801,279 $ (667,357) December 31, 2022 (In thousands) Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 86,964 $ (21,370) $ 47,770 $ (7,532) $ 134,734 $ (28,902) State and municipal obligations 116,285 (14,231) 25,401 (7,708) 141,686 (21,939) Corporate bonds and notes 1,769,547 (176,768) 701,936 (173,769) 2,471,483 (350,537) RMBS 610,812 (46,117) 261,370 (52,442) 872,182 (98,559) CMBS 469,100 (38,178) 121,277 (14,368) 590,377 (52,546) CLO 246,705 (10,271) 245,584 (10,214) 492,289 (20,485) Other ABS 115,181 (3,603) 31,041 (3,140) 146,222 (6,743) Mortgage insurance-linked notes 43,745 (1,639) — — 43,745 (1,639) Foreign government and agency securities 4,975 (143) — — 4,975 (143) Total $ 3,463,314 $ (312,320) $ 1,434,379 $ (269,173) $ 4,897,693 $ (581,493)
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) 2023 2022 2023 2022 Net realized gains (losses) on investments sold or redeemed Fixed-maturities available for sale Gross realized gains $ 20 $ 411 $ 588 $ 2,554 Gross realized losses (2,814) (4,564) (13,768) (12,625) Fixed-maturities available for sale, net (2,794) (4,153) (13,180) (10,071) Trading securities — (30) (402) (136) Equity securities — — 1,890 1,655 Mortgage loans held for sale (99) — (94) — Other investments 19 44 56 98 Net realized gains (losses) on investments sold or redeemed (2,874) (4,139) (11,730) (8,454) Change in unrealized gains (losses) on investments sold or redeemed 9 29 226 (2,914) Net unrealized gains (losses) on investments still held Trading securities (5,632) (7,398) (4,494) (27,892) Equity securities 290 (7,256) 4,991 (32,249) Mortgage loans held for sale (1,675) — (1,785) — Other investments (1) (149) (97) (490) Net unrealized gains (losses) on investments still held (7,018) (14,803) (1,385) (60,631) Total net gains (losses) on investments (9,883) (18,913) (12,889) (71,999) Net gains (losses) on other financial instruments (1) 1,328 2,661 9,683 (15,579) Net gains (losses) on investments and other financial instruments $ (8,555) $ (16,252) $ (3,206) $ (87,578)
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, 2023 (In thousands) Amortized Cost Fair Value Due in one year or less $ 108,051 $ 106,300 Due after one year through five years (1) 1,296,150 1,209,013 Due after five years through 10 years (1) 917,687 781,903 Due after 10 years (1) 866,821 635,284 Asset-backed and mortgage-backed securities (2) 2,587,957 2,384,009 Total 5,776,666 5,116,509 Less: loaned securities 93,294 78,762 Total fixed-maturities available for sale $ 5,683,372 $ 5,037,747 (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, 2023
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, 2023 December 31, 2022 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships $ 43,550 $ (42,179) $ 1,371 $ 43,550 $ (38,067) $ 5,483

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
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) 2023 2022 2023 2022 2023 2022 2023 2022 Direct Mortgage insurance $ 247,941 $ 243,145 $ 736,173 $ 728,171 $ 258,207 $ 256,845 $ 771,251 $ 771,971 Title insurance 3,561 5,164 8,246 21,443 3,561 5,165 8,246 21,444 Total direct 251,502 248,309 744,419 749,614 261,768 262,010 779,497 793,415 Assumed (1) Mortgage insurance — 1,211 — 4,081 — 1,211 — 4,081 Ceded Mortgage insurance (2) (12,771) (9,278) (57,044) (170) (21,406) (22,859) (92,268) (48,772) Title insurance (100) (140) (300) (420) (100) (140) (300) (420) Total ceded (2) (12,871) (9,418) (57,344) (590) (21,506) (22,999) (92,568) (49,192) Total net premiums $ 238,631 $ 240,102 $ 687,075 $ 753,105 $ 240,262 $ 240,222 $ 686,929 $ 748,304 (1) Represents premiums from our participation in certain credit risk transfer programs. We discontinued our participation in these programs in December 2022 by novating these insurance policies to an unrelated third-party reinsurer. See Note 16 of Notes to Consolidated Financial Statements in our 2022 Form 10-K for additional information. (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 recoverable. The nine months ended September 30, 2023, include a $21 million increase in ceded premiums related to the tender offers that were completed in the second quarter of 2023 by Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. to purchase the mortgage insurance-linked notes issued by such entities. See “Excess-of-Loss Program” below for additional information. Other reinsurance impacts Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Ceding commissions earned (1) $ 5,650 $ 4,772 $ 15,953 $ 13,330 Ceded losses (2) 1,289 (9,278) (1,095) (37,138) (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 $22 million and $27 million are included in other liabilities on our condensed consolidated balance sheets at September 30, 2023, and December 31, 2022, respectively. (2) Primarily all related to mortgage insurance.
Single Premium QSR Program	The following table sets forth additional details regarding the QSR Program, with RIF ceded as of the dates indicated. QSR Program (1) 2023 QSR Agreement 2022 QSR Agreement 2020 Single Premium QSR Agreement 2018 Single Premium QSR Agreement 2016 Single Premium QSR Agreement NIW policy dates Jul 1, 2023- Jan 1, 2022- Jan 1, 2020- Jan 1, 2018- Jan 1, 2012- Effective date Jul 1, 2023 Jul 1, 2022 Jan 1, 2020 Jan 1, 2018 Jan 1, 2016 Scheduled termination date Jun 30, 2034 Jun 30, 2033 Dec 31, 2031 Dec 31, 2029 Dec 31, 2027 Optional termination date (2) Jul 1, 2027 Jul 1, 2026 Jan 1, 2024 Jan 1, 2022 Jan 1, 2020 Quota share % 22.5% 20% 65% 65% 18% - 57% Ceding commission % 20% 20% 25% 25% 25% Profit commission % Up to 55% Up to 59% Up to 56% Up to 56% Up to 55% (In millions) As of September 30, 2023 RIF ceded $ 784 $ 4,524 $ 1,830 $ 763 $ 1,012 (In millions) As of December 31, 2022 RIF ceded $ — $ 3,307 $ 1,993 $ 876 $ 1,207 (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.
Excess-of-Loss Program	The following table sets forth additional details regarding the Excess-of-Loss Program, with RIF, remaining coverage and first layer retention as of the dates indicated. Excess-of-Loss Program (In millions) Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (1) Eagle Re Eagle Re Eagle Re 2018-1 Ltd. (1) 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, 2023 RIF $ 8,010 $ 6,548 $ 2,113 $ — $ 1,261 Remaining coverage 383 275 17 — 276 First layer retention 242 221 202 — 200 (In millions) As of December 31, 2022 RIF $ 9,150 $ 7,758 $ 2,401 $ 1,769 $ 1,509 Remaining coverage 472 366 368 385 276 First layer retention 242 221 202 263 200 (1) Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. and $3 million of Eagle Re 2018-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with these reinsurance transactions. On our condensed consolidated balance sheet at September 30, 2023, these notes are included either in fixed-maturities available for sale or, if included in our securities lending program, in other assets. 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. $ 382,985 $ 471,942 Eagle Re 2018-1 Ltd. 275,718 275,718 Eagle Re 2021-1 Ltd. 274,588 366,169 Eagle Re 2020-1 Ltd. 16,971 368,378 Eagle Re 2019-1 Ltd. — 384,602 Total $ 950,262 $ 1,866,809 (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.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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, Loaned securities (Note 5 and 6) $ 149,541 $ 112,139 Company-owned life insurance (1) 107,489 105,331 Prepaid reinsurance premiums (2) 106,178 141,402 Right-of-use assets 17,320 21,099 Other 39,955 47,053 Total other assets $ 420,483 $ 427,024 (1) 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, 2023
Insurance Loss Reserves [Abstract]
Reserve for Losses and LAE by Segment	Our reserve for losses and LAE consisted of the following as of the dates indicated. Reserve for losses and LAE (In thousands) September 30, December 31, Primary case $ 343,336 $ 398,874 Primary IBNR and LAE 10,005 12,169 Pool and other 8,497 9,912 Mortgage insurance 361,838 420,955 Title insurance 5,730 5,888 Total reserve for losses and LAE $ 367,568 $ 426,843
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) 2023 2022 Balance at beginning of period $ 420,955 $ 823,136 Less: Reinsurance recoverables (1) 24,727 66,676 Balance at beginning of period, net of reinsurance recoverables 396,228 756,460 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 130,740 115,159 Prior years (177,483) (411,024) Total incurred (46,743) (295,865) Deduct: Paid claims and LAE related to: Current year (2) 204 381 Prior years 10,712 12,123 Total paid 10,916 12,504 Balance at end of period, net of reinsurance recoverables 338,569 448,091 Add: Reinsurance recoverables (1) 23,269 29,656 Balance at end of period $ 361,838 $ 477,747 (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, 2023
Long-Term Debt, Unclassified [Abstract]
Schedule of Debt	The carrying value of our debt as of the dates indicated was as follows. Borrowings ($ in thousands) Interest rate September 30, December 31, Senior notes Senior Notes due 2024 4.500 % $ 448,723 $ 447,805 Senior Notes due 2025 6.625 % 521,820 520,305 Senior Notes due 2027 4.875 % 446,144 445,394 Total senior notes $ 1,416,687 $ 1,413,504 ($ in thousands) Average interest rate (1) September 30, December 31, Secured borrowings FHLB advances FHLB advances due 2023 4.666 % $ 64,745 $ 104,895 FHLB advances due 2024 (2) 3.325 % 32,371 32,371 FHLB advances due 2025 2.340 % 12,684 9,984 FHLB advances due 2026 4.469 % 1,835 — FHLB advances due 2027 2.562 % 7,887 6,436 Total FHLB advances 119,522 153,686 Mortgage loan financing facilities 7.050 % 122,231 2,136 Total secured borrowings $ 241,753 $ 155,822 (1) As of September 30, 2023. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information. (2) Includes $13 million of floating-rate advances with a weighted average interest rate of 5.51% and 3.62% as of September 30, 2023, and December 31, 2022, respectively, which resets daily based on changes in SOFR.

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Rollforward of Common Stock	The following table shows the year-to-date changes in common stock outstanding for each of the periods indicated. Common stock outstanding (In thousands) September 30, December 31, Balance at beginning of period 157,056 175,421 Shares repurchased under share repurchase programs (2,817) (19,506) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 1,343 1,141 Balance at end of period 155,582 157,056
Rollforward of RSUs	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, 2022 (1) 2,362,401 $ 17.59 1,891,800 $ 16.16 Granted (2) 911,550 $ 23.05 526,593 $ 25.13 Performance adjustment (3) 814,529 $ — — $ — Vested (4) (1,083,080) $ 15.90 (602,490) $ 18.17 Forfeited (25,059) $ 19.60 (5,434) $ 21.36 Outstanding, September 30, 2023 (1) 2,980,341 $ 18.30 1,810,469 $ 18.09 (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 per share, adjusted for certain defined items, 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 to the number of 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 the 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, 2023
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 $ (536,312) $ (112,626) $ (423,686) $ (578,228) $ (121,429) $ (456,799) 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 (126,080) (26,477) (99,603) (94,777) (19,903) (74,874) 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 (2,794) (587) (2,207) (13,180) (2,768) (10,412) Net unrealized gains (losses) on investments (123,286) (25,890) (97,396) (81,597) (17,135) (64,462) Other adjustments to comprehensive income (loss), net — — — 227 48 179 Other comprehensive income (loss) (123,286) (25,890) (97,396) (81,370) (17,087) (64,283) Balance at end of period $ (659,598) $ (138,516) $ (521,082) $ (659,598) $ (138,516) $ (521,082) 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, 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) (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, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Statutory Accounting Practices Disclosure	Our insurance subsidiaries’ statutory net income (loss) for the periods indicated, and statutory policyholders’ surplus as of the dates indicated, were as follows. Statutory net income (loss) Nine Months Ended (In thousands) 2023 2022 Radian Guaranty (1) $ 599,781 $ 867,405 Other mortgage subsidiaries (383) 1,826 Radian Title Insurance 1,306 2,500 Statutory policyholders’ surplus (In thousands) September 30, December 31, Radian Guaranty $ 673,592 $ 758,467 Other mortgage subsidiaries 17,292 17,086 Radian Title Insurance 40,563 39,285

Description of Business (Detail

Description of Business (Details) $ in Billions	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
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	$ 269.5	$ 261
Direct primary mortgage insurance risk in force	$ 69.3	$ 66.1

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income—basic	$ 156,582	$ 198,280	$ 460,426	$ 580,604
Net income—diluted	$ 156,582	$ 198,280	$ 460,426	$ 580,604
Average common shares outstanding—basic (in shares)	158,461	162,506	158,992	171,116
Dilutive effect of share-based compensation arrangements (in shares)	1,686	2,232	1,877	2,502
Adjusted average common shares outstanding—diluted (in shares)	160,147	164,738	160,869	173,618
Net income per share
Basic (in usd per share)	$ 0.99	$ 1.22	$ 2.90	$ 3.39
Diluted (in usd per share)	$ 0.98	$ 1.20	$ 2.86	$ 3.34
Shares of common stock equivalents	0	0	100	0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment	2
Accounts and notes receivable	$ 144,614	$ 119,834
homegenius
Segment Reporting Information [Line Items]
Accounts and notes receivable	$ 8,000	$ 12,000

Segment Reporting - Adjusted Pr

Segment Reporting - Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net gains (losses) on investments and other financial instruments	$ (8,555)	$ (16,252)	$ (3,206)	$ (87,578)
Amortization of other acquired intangible assets	(1,371)	(1,023)	(4,112)	(2,721)
Pretax income	200,983	255,461	587,670	749,481
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	197,669	270,139	562,392	833,304
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	12,786	2,581	32,301	6,397
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	(8,838)	(16,252)	(3,664)	(87,578)
Amortization of other acquired intangible assets	(1,371)	(1,023)	(4,112)	(2,721)
Impairment of other long-lived assets and other non-operating items	737	16	753	79
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Allocated corporate operating expenses	31,744	32,457	103,654	101,903
Direct depreciation expense	1,995	2,234	6,164	6,803
Mortgage | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	218,601	295,675	630,786	890,036
homegenius
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Allocated corporate operating expenses	4,241	5,555	13,853	16,554
Direct depreciation expense	704	646	1,912	1,932
homegenius | Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted pretax operating income (loss)	$ (20,932)	$ (25,536)	$ (68,394)	$ (56,732)

Segment Reporting - Revenues (D

Segment Reporting - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 313,533	$ 296,189	$ 914,566	$ 876,002
Net gains (losses) on investments and other financial instruments	(8,555)	(16,252)	(3,206)	(87,578)
Other non-operating revenue	868	0	868	0
All Other revenues
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	18,249	6,396	45,857	17,218
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	303,356	306,116	871,810	946,600
Operating Segments | Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	288,649	281,033	829,336	855,262
Operating Segments | homegenius
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	14,707	25,083	42,474	91,338
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	(8,838)	(16,252)	(3,664)	(87,578)
Intersegment Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 102	$ 71	$ 305	$ 238

Segment Reporting - Services Re

Segment Reporting - Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total services revenue	$ 10,892	$ 20,146	$ 33,673	$ 76,775
Valuation
Segment Reporting Information [Line Items]
Total services revenue	4,024	7,634	12,141	26,687
Single family rental
Segment Reporting Information [Line Items]
Total services revenue	1,529	5,430	5,583	20,887
Asset management technology platform
Segment Reporting Information [Line Items]
Total services revenue	1,199	1,134	3,574	3,740
Real estate owned asset management
Segment Reporting Information [Line Items]
Total services revenue	887	750	2,687	2,302
Other real estate services
Segment Reporting Information [Line Items]
Total services revenue	26	78	27	83
Title
Segment Reporting Information [Line Items]
Total services revenue	2,964	4,714	8,751	16,012
Real estate technology services
Segment Reporting Information [Line Items]
Total services revenue	(3)	2	24	2
Mortgage
Segment Reporting Information [Line Items]
Total services revenue	$ 266	$ 404	$ 886	$ 7,062

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value by Hierarchy Level (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	$ 149,541	$ 112,139
Other invested assets—at fair value	8,492	5,511
Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,884,176	5,692,276
Derivative assets	2,563	11
Total assets at fair value	6,036,280	5,804,426
Derivative liabilities	577	4,900
Total liabilities at fair value	577	4,900
Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	495,480	520,167
Derivative assets	0	0
Total assets at fair value	566,005	584,721
Derivative liabilities	0	0
Total liabilities at fair value	0	0
Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,379,180	5,165,313
Derivative assets	2,426	11
Total assets at fair value	5,460,622	5,212,909
Derivative liabilities	15	42
Total liabilities at fair value	15	42
Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	9,516	6,796
Derivative assets	137	0
Total assets at fair value	9,653	6,796
Derivative liabilities	562	4,858
Total liabilities at fair value	562	4,858
Loaned securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	78,762
Loaned securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	79,016	47,585
Loaned securities | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0
Loaned securities | Fair Value, Measurements, Recurring | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	70,525	64,554
Loaned securities | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0	0
Loaned securities | Level I | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0
Loaned securities | Level I | Fair Value, Measurements, Recurring | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	70,525	64,554
Loaned securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	79,016	47,585
Loaned securities | Level II | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0
Loaned securities | Level II | Fair Value, Measurements, Recurring | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0	0
Loaned securities | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0	0
Loaned securities | Level III | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0
Loaned securities | Level III | Fair Value, Measurements, Recurring | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loaned securities	0	0
Fixed-maturities available for sale | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,037,747	5,017,711
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	135,178	145,442
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	133,569	142,386
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	2,379,958	2,490,582
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	959,210	928,399
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	560,352	593,357
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | CLO
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	493,677	498,192
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	320,088	161,359
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,033	4,975
Fixed-maturities available for sale | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	50,682	53,019
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	125,053	140,011
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	125,053	140,011
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | CLO
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	4,912,694	4,877,700
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	10,125	5,431
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	133,569	142,386
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	2,379,958	2,490,582
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	959,210	928,399
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	560,352	593,357
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | CLO
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	493,677	498,192
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	320,088	161,359
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Foreign government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,033	4,975
Fixed-maturities available for sale | Level II | Fair Value, Measurements, Recurring | Mortgage insurance-linked notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	50,682	53,019
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | CLO
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Fixed-maturities available for sale | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	99,769	115,665
Trading securities | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	66,554	70,511
Trading securities | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	22,798	32,827
Trading securities | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,883	6,847
Trading securities | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	4,534	5,480
Trading securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	99,769	115,665
Trading securities | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	66,554	70,511
Trading securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	22,798	32,827
Trading securities | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	5,883	6,847
Trading securities | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	4,534	5,480
Trading securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Trading securities | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Equity securities | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	108,911	148,965
Equity securities | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	100,194	138,716
Equity securities | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	6,217	7,749
Equity securities | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	2,500	2,500
Mortgage loans held for sale | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	138,289	3,549
Mortgage loans held for sale | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Mortgage loans held for sale | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	138,289	3,549
Mortgage loans held for sale | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Other investments | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,016	4,296
Other investments | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Other investments | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Other investments | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,016	4,296
Short-term investments | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	492,444	402,090
Short-term investments | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,727
Short-term investments | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	2,500	2,785
Short-term investments | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	104,899	42,385
Short-term investments | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	1,620
Short-term investments | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	1,336
Short-term investments | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,069
Short-term investments | Fair Value, Measurements, Recurring | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	104,787	115,480
Short-term investments | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	262,506	241,440
Short-term investments | Level I | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	270,233	241,440
Short-term investments | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,727
Short-term investments | Level I | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level I | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	262,506	241,440
Short-term investments | Level II | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	222,211	160,650
Short-term investments | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level II | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	2,500	2,785
Short-term investments | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	104,899	42,385
Short-term investments | Level II | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	1,620
Short-term investments | Level II | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	1,336
Short-term investments | Level II | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	7,069
Short-term investments | Level II | Fair Value, Measurements, Recurring | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	104,787	115,480
Short-term investments | Level II | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [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, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | State and municipal obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | RMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | CMBS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Other ABS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Other investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Short-term investments | Level III | Fair Value, Measurements, Recurring | Money market instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments at fair value	0	0
Partnership investments | Investments measured at NAV
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other invested assets—at fair value	$ 1,500	$ 1,200

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Other Fair Value Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	$ 107,489	$ 105,331
Senior notes (Note 12)	1,416,687	1,413,504
Total secured borrowings	241,753	155,822
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	107,489	105,331
Senior notes (Note 12)	1,416,687	1,413,504
FHLB advances, carrying amount	119,522	153,686
Mortgage financing facilities, carrying amount	122,231	2,136
Total secured borrowings	241,753	155,822
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company-owned life insurance	95,407	94,943
Senior notes, fair value	1,379,192	1,361,844
FHLB advances, fair value	119,543	153,728
Mortgage financing facilities, fair value	122,231	2,136
Total secured borrowings	$ 241,774	$ 155,864

Investments - Available for Sal

Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,776,666
Loaned securities	149,541	$ 112,139
Total fixed maturities, available-for-sale, Amortized Cost	5,683,372	5,587,261
Fair Value	5,116,509
Total fixed-maturities available for sale, Fair Value	5,037,747	5,017,711
Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, available-for-sale, Amortized Cost	5,683,372	5,587,261
Total fixed-maturities available for sale, Fair Value	5,037,747	5,017,711
Loaned securities, amortized cost
Debt Securities, Available-for-sale [Line Items]
Loaned securities	93,294
Loaned securities, fair value
Debt Securities, Available-for-sale [Line Items]
Loaned securities	78,762
Fixed-maturities available for sale | U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	171,560	174,138
Gross Unrealized Gains	0	206
Gross Unrealized Losses	(36,382)	(28,902)
Fair Value	135,178	145,442
Fixed-maturities available for sale | State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	158,658	164,325
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(25,093)	(21,939)
Fair Value	133,569	142,386
Fixed-maturities available for sale | Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,853,366	2,886,905
Gross Unrealized Gains	120	1,403
Gross Unrealized Losses	(394,766)	(350,537)
Fair Value	2,458,720	2,537,771
Fixed-maturities available for sale | RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,089,098	1,025,795
Gross Unrealized Gains	5,446	1,163
Gross Unrealized Losses	(135,334)	(98,559)
Fair Value	959,210	928,399
Fixed-maturities available for sale | CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	618,127	645,890
Gross Unrealized Gains	27	13
Gross Unrealized Losses	(57,802)	(52,546)
Fair Value	560,352	593,357
Fixed-maturities available for sale | CLO
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	502,572	518,677
Gross Unrealized Gains	74	0
Gross Unrealized Losses	(8,969)	(20,485)
Fair Value	493,677	498,192
Fixed-maturities available for sale | Other ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	328,896	168,033
Gross Unrealized Gains	105	69
Gross Unrealized Losses	(8,913)	(6,743)
Fair Value	320,088	161,359
Fixed-maturities available for sale | Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,125	5,118
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(92)	(143)
Fair Value	5,033	4,975
Fixed-maturities available for sale | Mortgage insurance-linked notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49,264	54,578
Gross Unrealized Gains	1,424	80
Gross Unrealized Losses	(6)	(1,639)
Fair Value	50,682	53,019
Fixed-maturities available for sale | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,776,666	5,643,459
Gross Unrealized Gains	7,200	2,934
Gross Unrealized Losses	(667,357)	(581,493)
Fair Value	5,116,509	5,064,900
Fixed-maturities available for sale | Loaned securities, amortized cost | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Loaned securities	93,294	56,198
Fixed-maturities available for sale | Loaned securities, fair value | Total fixed-maturities available for sale
Debt Securities, Available-for-sale [Line Items]
Loaned securities	$ 78,762	$ 47,189

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 933,718	$ 3,463,314
Unrealized losses, less than 12 months	(39,582)	(312,320)
Fair value, 12 months or greater	3,867,561	1,434,379
Unrealized losses, 12 months or greater	(627,775)	(269,173)
Fair value, total	4,801,279	4,897,693
Unrealized losses, total	$ (667,357)	$ (581,493)
Number of securities in unrealized loss position | security	1,216	1,284
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 18,644	$ 86,964
Unrealized losses, less than 12 months	(3,052)	(21,370)
Fair value, 12 months or greater	106,409	47,770
Unrealized losses, 12 months or greater	(33,330)	(7,532)
Fair value, total	125,053	134,734
Unrealized losses, total	(36,382)	(28,902)
State and municipal obligations
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	34,225	116,285
Unrealized losses, less than 12 months	(2,994)	(14,231)
Fair value, 12 months or greater	98,445	25,401
Unrealized losses, 12 months or greater	(22,099)	(7,708)
Fair value, total	132,670	141,686
Unrealized losses, total	(25,093)	(21,939)
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	439,005	1,769,547
Unrealized losses, less than 12 months	(18,372)	(176,768)
Fair value, 12 months or greater	1,976,424	701,936
Unrealized losses, 12 months or greater	(376,394)	(173,769)
Fair value, total	2,415,429	2,471,483
Unrealized losses, total	(394,766)	(350,537)
RMBS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	201,321	610,812
Unrealized losses, less than 12 months	(11,093)	(46,117)
Fair value, 12 months or greater	628,227	261,370
Unrealized losses, 12 months or greater	(124,241)	(52,442)
Fair value, total	829,548	872,182
Unrealized losses, total	(135,334)	(98,559)
CMBS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	18,900	469,100
Unrealized losses, less than 12 months	(272)	(38,178)
Fair value, 12 months or greater	538,095	121,277
Unrealized losses, 12 months or greater	(57,530)	(14,368)
Fair value, total	556,995	590,377
Unrealized losses, total	(57,802)	(52,546)
CLO
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	14,841	246,705
Unrealized losses, less than 12 months	(19)	(10,271)
Fair value, 12 months or greater	445,391	245,584
Unrealized losses, 12 months or greater	(8,950)	(10,214)
Fair value, total	460,232	492,289
Unrealized losses, total	(8,969)	(20,485)
Other ABS
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	203,657	115,181
Unrealized losses, less than 12 months	(3,774)	(3,603)
Fair value, 12 months or greater	69,537	31,041
Unrealized losses, 12 months or greater	(5,139)	(3,140)
Fair value, total	273,194	146,222
Unrealized losses, total	(8,913)	(6,743)
Mortgage insurance-linked notes
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	3,125	43,745
Unrealized losses, less than 12 months	(6)	(1,639)
Fair value, 12 months or greater	0	0
Unrealized losses, 12 months or greater	0	0
Fair value, total	3,125	43,745
Unrealized losses, total	(6)	(1,639)
Foreign government and agency securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	0	4,975
Unrealized losses, less than 12 months	0	(143)
Fair value, 12 months or greater	5,033	0
Unrealized losses, 12 months or greater	(92)	0
Fair value, total	5,033	4,975
Unrealized losses, total	$ (92)	$ (143)

Investments - Loaned Securities

Investments - Loaned Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loaned securities
Securities Financing Transaction [Line Items]
Securities received as collateral	$ 35	$ 16

Investments - Mortgage Loans He

Investments - Mortgage Loans Held for Sale (Details) $ in Thousands	Sep. 30, 2023 USD ($) state investment	Dec. 31, 2022 USD ($)
Gain (Loss) on Securities [Line Items]
Mortgage loans held for sale—at fair value | $	$ 138,289	$ 3,549
Mortgage loans held for sale
Gain (Loss) on Securities [Line Items]
Number of investments | investment	331
Unpaid principal balance | $	$ 139,000
Number of states | state	35
Mortgage loans held for sale | Financial Asset, Equal to or Greater than 90 Days Past Due
Gain (Loss) on Securities [Line Items]
Number of investments | investment	0

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	$ (2,874)	$ (4,139)	$ (11,730)	$ (8,454)
Mortgage loans held for sale	(99)	0	(94)	0
Change in unrealized gains (losses) on investments sold or redeemed	9	29	226	(2,914)
Net unrealized gains (losses) on investments still held	(7,018)	(14,803)	(1,385)	(60,631)
Mortgage loans held for sale	(1,675)	0	(1,785)	0
Total net gains (losses) on investments	(9,883)	(18,913)	(12,889)	(71,999)
Net gains (losses) on other financial instruments	1,328	2,661	9,683	(15,579)
Net gains (losses) on investments and other financial instruments	(8,555)	(16,252)	(3,206)	(87,578)
Fixed-maturities available for sale
Gain (Loss) on Securities [Line Items]
Gross realized gains	20	411	588	2,554
Gross realized losses	(2,814)	(4,564)	(13,768)	(12,625)
Fixed-maturities available for sale, net	(2,794)	(4,153)	(13,180)	(10,071)
Trading securities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	0	(30)	(402)	(136)
Net unrealized gains (losses) on investments still held	(5,632)	(7,398)	(4,494)	(27,892)
Equity securities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	0	0	1,890	1,655
Net unrealized gains (losses) on investments still held	290	(7,256)	4,991	(32,249)
Other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses) on investments sold or redeemed	19	44	56	98
Net unrealized gains (losses) on investments still held	$ (1)	$ (149)	$ (97)	$ (490)

Investments - Contractual Matur

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 5,776,666
Loaned securities	149,541	$ 112,139
Fixed-maturities available for sale, amortized cost	5,683,372	5,587,261
Fair Value
Fair Value	5,116,509
Loaned securities	149,541	112,139
Total fixed-maturities available for sale, Fair Value	5,037,747	5,017,711
Non asset-backed securities
Amortized Cost
Due in one year or less	108,051
Due after one year through five years	1,296,150
Due after five years through 10 years	917,687
Due after 10 years	866,821
Fair Value
Due in one year or less	106,300
Due after one year through five years	1,209,013
Due after five years through 10 years	781,903
Due after 10 years	635,284
Asset-backed and mortgage-backed securities
Amortized Cost
Asset-backed and mortgage-backed securities	2,587,957
Fair Value
Asset-backed and mortgage-backed securities	2,384,009
Total fixed-maturities available for sale
Amortized Cost
Fixed-maturities available for sale, amortized cost	5,683,372	5,587,261
Fair Value
Total fixed-maturities available for sale, Fair Value	5,037,747	$ 5,017,711
Loaned securities, amortized cost
Amortized Cost
Loaned securities	93,294
Fair Value
Loaned securities	93,294
Loaned securities, fair value
Amortized Cost
Loaned securities	78,762
Fair Value
Loaned securities	$ 78,762

Investments - Other (Details)

Investments - Other (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fixed-maturities available for sale | Debt securities
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 13	$ 13

Goodwill and Other Acquired I_3

Goodwill and Other Acquired Intangible Assets, Net - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
homegenius
Goodwill [Line Items]
Goodwill, net	$ 9.8

Goodwill and Other Acquired I_4

Goodwill and Other Acquired Intangible Assets, Net - Schedule of Other Intangible Assets (Details) - homegenius - Client relationships - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 43,550	$ 43,550
Accumulated Amortization	(42,179)	(38,067)
Net Carrying Amount	$ 1,371	$ 5,483

Reinsurance - Net Premiums Writ

Reinsurance - Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Ceded Credit Risk [Line Items]
Direct premiums written	$ 251,502	$ 248,309	$ 744,419	$ 749,614
Ceded premiums written	(12,871)	(9,418)	(57,344)	(590)
Net Premiums Written	238,631	240,102	687,075	753,105
Direct premiums earned	261,768	262,010	779,497	793,415
Ceded premiums earned	(21,506)	(22,999)	(92,568)	(49,192)
Net Premiums Earned	240,262	240,222	686,929	748,304
Ceding commissions earned	5,650	4,772	15,953	13,330
Ceded losses	1,289	(9,278)	(1,095)	(37,138)
Deferred ceding commissions	22,000		22,000		$ 27,000
Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd.
Ceded Credit Risk [Line Items]
Ceded premiums earned			(21,000)
Mortgage
Ceded Credit Risk [Line Items]
Direct premiums written	247,941	243,145	736,173	728,171
Assumed premiums written	0	1,211	0	4,081
Ceded premiums written	(12,771)	(9,278)	(57,044)	(170)
Direct premiums earned	258,207	256,845	771,251	771,971
Assumed premiums earned	0	1,211	0	4,081
Ceded premiums earned	(21,406)	(22,859)	(92,268)	(48,772)
homegenius
Ceded Credit Risk [Line Items]
Direct premiums written	3,561	5,164	8,246	21,443
Ceded premiums written	(100)	(140)	(300)	(420)
Direct premiums earned	3,561	5,165	8,246	21,444
Ceded premiums earned	$ (100)	$ (140)	$ (300)	$ (420)

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 01, 2023 USD ($)

Jul. 01, 2022

Oct. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Jun. 30, 2024 USD ($)

Sep. 30, 2028

Dec. 31, 2022 USD ($)

Feb. 29, 2020 USD ($)

Apr. 30, 2019 USD ($)

Ceded Credit Risk [Line Items]

Mortgage-linked insurance notes tendered

$ 5,116,509

$ 5,116,509

Ceded premiums earned

21,506

$ 22,999

92,568

$ 49,192

Mortgage insurance-linked notes | Fixed-maturities available for sale

Ceded Credit Risk [Line Items]

Mortgage-linked insurance notes tendered

50,682

50,682

$ 53,019

Mortgage

Ceded Credit Risk [Line Items]

RIF ceded

69,300,000

69,300,000

66,100,000

Ceded premiums earned

21,406

$ 22,859

92,268

$ 48,772

Radian Guaranty

Ceded Credit Risk [Line Items]

Funds held under reinsurance agreements, asset

200,000

200,000

175,000

Radian Guaranty | Eagle Re 2019-1 Ltd. | Mortgage insurance-linked notes | Fixed-maturities available for sale

Ceded Credit Risk [Line Items]

Mortgage-linked insurance notes tendered

$ 455,000

Mortgage-linked insurance notes tendered (as a percent)

100%

Radian Guaranty | Eagle Re 2020-1 Ltd. | Mortgage insurance-linked notes | Fixed-maturities available for sale

Ceded Credit Risk [Line Items]

Mortgage-linked insurance notes tendered

$ 332,000

Mortgage-linked insurance notes tendered (as a percent)

82%

Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd.

Ceded Credit Risk [Line Items]

Ceded premiums earned

$ 21,000

One-time costs recovery period

1 year

Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. | Forecast

Ceded Credit Risk [Line Items]

Ceded premiums saved

$ 58,000

Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. | Tender Premiums

Ceded Credit Risk [Line Items]

Ceded premiums earned

$ 16,000

Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. | Deferred Costs

Ceded Credit Risk [Line Items]

Ceded premiums earned

$ 5,000

Radian Guaranty | Maximum | Mortgage

Ceded Credit Risk [Line Items]

Reinsurance retention policy, term of coverage, period

12 years 6 months

Radian Guaranty | Minimum | Mortgage

Ceded Credit Risk [Line Items]

Reinsurance retention policy, term of coverage, period

10 years

2023 QSR Agreement | Maximum

Ceded Credit Risk [Line Items]

RIF ceded

$ 3,000,000

2023 QSR Agreement | Radian Guaranty

Ceded Credit Risk [Line Items]

Ceding commission %

20%

2023 QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk

Ceded Credit Risk [Line Items]

Quota share %

22.50%

2023 QSR Agreement | Radian Guaranty | Maximum

Ceded Credit Risk [Line Items]

Profit commission %

55%

Excess-of-Loss Program | Radian Guaranty

Ceded Credit Risk [Line Items]

Percent of reinsurance coverage threshold (in percent)

0.10

Excess-of-Loss Program | Radian Guaranty | Mortgage | Eagle Re 2019-1 Ltd.

Ceded Credit Risk [Line Items]

RIF ceded

0

$ 0

1,769,000

$ 10,705,000

Excess-of-Loss Program | Radian Guaranty | Mortgage | Eagle Re 2020-1 Ltd.

Ceded Credit Risk [Line Items]

RIF ceded

2,113,000

$ 2,113,000

$ 2,401,000

$ 9,866,000

Excess-of-Loss Program | Radian Guaranty | Mortgage | Eagle Re 2023-1 Ltd. | Subsequent Event

Ceded Credit Risk [Line Items]

RIF ceded

$ 8,800,000

Aggregate excess-of-loss coverage (up to)

353,000

Excess-of-Loss Program | Radian Guaranty | Mortgage | 2023 XOL Agreement | Subsequent Event

Ceded Credit Risk [Line Items]

RIF ceded

8,000,000

Aggregate excess-of-loss coverage (up to)

246,000

Excess-of-Loss Program | Radian Guaranty | Mortgage | 2023 XOL Agreement | Forecast

Ceded Credit Risk [Line Items]

Increase to monthly premium if agreement is not terminated (as a percent)

1.5

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

Excess-of-Loss Program | Eagle Re 2023-1 Ltd. | Mortgage | Eagle Re 2023-1 Ltd. | Subsequent Event | Mortgage insurance-linked notes

Ceded Credit Risk [Line Items]

Proceeds from issuance of debt

$ 353,000

2022 QSR Agreement | Maximum

Ceded Credit Risk [Line Items]

RIF ceded

$ 8,500,000

$ 8,500,000

2022 QSR Agreement | Radian Guaranty

Ceded Credit Risk [Line Items]

Ceding commission %

20%

2022 QSR Agreement | Radian Guaranty | Revenue Benchmark | Product Concentration Risk

Ceded Credit Risk [Line Items]

Quota share %

20%

2022 QSR Agreement | Radian Guaranty | Maximum

Ceded Credit Risk [Line Items]

Profit commission %

59%

Reinsurance - QSR Program (Deta

Reinsurance - QSR Program (Details) - Radian Guaranty - USD ($) $ in Millions	Jul. 01, 2023	Sep. 30, 2022	Jul. 01, 2022	Jan. 01, 2020	Jan. 01, 2018	Jan. 01, 2016	Sep. 30, 2023	Dec. 31, 2022
2023 QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %	20%
RIF ceded							$ 784	$ 0
2023 QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %	22.50%
2022 QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %			20%
RIF ceded							4,524	3,307
2022 QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %			20%
2020 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %				25%
RIF ceded							1,830	1,993
2020 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %				65%
2018 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %					25%
RIF ceded							763	876
2018 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %					65%
2016 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Ceding commission %						25%
RIF ceded							$ 1,012	$ 1,207
Maximum | 2023 QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %	55%
Maximum | 2022 QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %			59%
Maximum | 2020 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %				56%
Maximum | 2018 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %					56%
Maximum | 2016 Single Premium QSR Agreement
Ceded Credit Risk [Line Items]
Profit commission %						55%
Maximum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %		57%
Minimum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk
Ceded Credit Risk [Line Items]
Quota share %		18%

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, 2023	Dec. 31, 2022
Mortgage
RIF						$ 69,300	$ 66,100
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-2 Ltd. | Mortgage
RIF	$ 10,758					8,010	9,150
Initial and remaining coverage	484					383	472
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-2 Ltd. | First layer retention | Mortgage
First layer retention	$ 242					242	242
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | Mortgage
RIF		$ 11,061				6,548	7,758
Initial and remaining coverage		498				275	366
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | Radian Group Inc.
Proceeds from issuance of debt						45
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2021-1 Ltd. | First layer retention | Mortgage
First layer retention		$ 221				221	221
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 Ltd. | Mortgage
RIF			$ 9,866			2,113	2,401
Initial and remaining coverage			488			17	368
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2020-1 Ltd. | First layer retention | Mortgage
First layer retention			$ 202			202	202
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 Ltd. | Mortgage
RIF				$ 10,705		0	1,769
Initial and remaining coverage				562		0	385
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2019-1 Ltd. | First layer retention | Mortgage
First layer retention				$ 268		0	263
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 Ltd. | Mortgage
RIF					$ 9,109	1,261	1,509
Initial and remaining coverage					434	276	276
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 Ltd. | Radian Group Inc.
Proceeds from issuance of debt						3
Excess-of-Loss Program | Radian Guaranty | Eagle Re 2018-1 Ltd. | First layer retention | Mortgage
First layer retention					$ 205	$ 200	$ 200

Reinsurance - Total VIE Assets

Reinsurance - Total VIE Assets and Liabilities of Eagle Re Issuers (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Ceded Credit Risk [Line Items]
Total assets	$ 7,378,682	$ 7,063,729
Total liabilities	3,225,783	3,144,402
Excess-of-Loss Program | Radian Guaranty
Ceded Credit Risk [Line Items]
Total assets	950,262	1,866,809
Total liabilities	950,262	1,866,809
Eagle Re 2021-2 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	382,985	471,942
Total liabilities	382,985	471,942
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
Eagle Re 2021-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	274,588	366,169
Total liabilities	274,588	366,169
Eagle Re 2020-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	16,971	368,378
Total liabilities	16,971	368,378
Eagle Re 2019-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage
Ceded Credit Risk [Line Items]
Total assets	0	384,602
Total liabilities	$ 0	$ 384,602

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Abstract]
Loaned securities	$ 149,541	$ 112,139
Company-owned life insurance	107,489	105,331
Prepaid reinsurance premiums	106,178	141,402
Right-of-use assets	17,320	21,099
Other	39,955	47,053
Total other assets	$ 420,483	$ 427,024

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
US Treasury Securities
Operating Loss Carryforwards [Line Items]
Debt securities	$ 697	$ 596
Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Current federal income tax liability	$ 24	$ 21

Losses and LAE - Reserve for Lo

Losses and LAE - Reserve for Losses and LAE by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 367,568	$ 426,843
Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	361,838	420,955	$ 477,747	$ 823,136
Title insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	5,730	5,888
Primary case | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	343,336	398,874
Primary IBNR and LAE | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	10,005	12,169
Pool and other | Mortgage insurance
Liability for Claims and Claims Adjustment Expense [Line Items]
Total reserve for losses and LAE	$ 8,497	$ 9,912

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, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Loss reserve [Roll Forward]
Balance at beginning of period	$ 426,843
Deduct: Paid claims and LAE related to:
Balance at end of period	367,568
Mortgage
Loss reserve [Roll Forward]
Balance at beginning of period	420,955	$ 823,136
Less: Reinsurance recoverables	24,727	66,676
Balance at beginning of period, net of reinsurance recoverables	338,569	448,091	$ 396,228	$ 756,460
Add: Losses and LAE incurred in respect of default notices reported and unreported in:
Current year	130,740	115,159
Prior years	(177,483)	(411,024)
Total incurred	(46,743)	(295,865)
Deduct: Paid claims and LAE related to:
Current year	204	381
Prior years	10,712	12,123
Total paid	10,916	12,504
Balance at end of period, net of reinsurance recoverables	338,569	448,091
Add: Reinsurance recoverables	23,269	29,656
Balance at end of period	$ 361,838	$ 477,747

Losses and LAE - Narrative (Det

Losses and LAE - Narrative (Details) - Primary Mortgage Product - Mortgage - default	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
New primary defaults	31,555	27,003
Increase in number of new primary default notices (in percent)	17%
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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total secured borrowings	$ 241,753	$ 155,822
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
FHLB, floating SOFR advances	$ 13,000	$ 13,000
FHLB, weighted average interest rate	5.51%	3.62%
Senior notes
Debt Instrument [Line Items]
Total senior notes	$ 1,416,687	$ 1,413,504
Senior notes | Senior Notes due 2024
Debt Instrument [Line Items]
Interest rate on senior notes	4.50%
Total senior notes	$ 448,723	447,805
Senior notes | Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on senior notes	6.625%
Total senior notes	$ 521,820	520,305
Senior notes | Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%
Total senior notes	$ 446,144	445,394
FHLB advances
Debt Instrument [Line Items]
FHLB advances due 2023, average interest rate	4.666%
FHLB advances due 2024, average interest rate	3.325%
FHLB advances due 2025, average interest rate	2.34%
FHLB advances due 2026, average interest rate	4.469%
FHLB advances due 2027, average interest rate	2.562%
2023	$ 64,745	104,895
2024	32,371	32,371
2025	12,684	9,984
2026	1,835	0
2027	7,887	6,436
Total FHLB advances	119,522	153,686
Mortgage loan financing facilities
Debt Instrument [Line Items]
Total senior notes	$ 122,231	$ 2,136
Mortgage financing facilities, average interest rate	7.05%

Borrowings and Financing Acti_4

Borrowings and Financing Activities - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)	Jul. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Collateral	$ 5,885,652,000			$ 5,693,491,000
Radian Mortgage Capital
Debt Instrument [Line Items]
Minimum net worth for debt covenants	3,000,000
Mortgages | BMO Master Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000	300,000,000
Outstanding borrowings	118,000,000
Mortgages | Goldman Sachs Master Repurchase Agreement
Debt Instrument [Line Items]
Long-term debt		$ 100,000,000		300,000,000
Outstanding borrowings	4,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	275,000,000
Fair value of amount outstanding	$ 0
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	$ 127,000,000			164,000,000
Mortgage loans held for sale | Asset Pledged as Collateral
Debt Instrument [Line Items]
Collateral	$ 128,000,000			$ 2,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($) legalMatter	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Operating lease liability | $	$ 42	$ 49
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 - Shares of Commo

Capital Stock - Shares of Common Stock (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Common Stock Outstanding [Roll Forward]
Common stock, beginning balance (in shares)		157,056	175,421
Shares repurchased under share repurchase programs (in shares)	(1,900)	(2,800)
Issuance of common stock under incentive and benefit plans, net of share withheld for employee taxes (in shares)		1,343	1,141
Common stock, ending balance (in shares)	155,582	155,582	157,056
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs
Common Stock Outstanding [Roll Forward]
Shares repurchased under share repurchase programs (in shares)		(2,817)	(19,506)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) anniversary $ / shares shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Sep. 30, 2023 USD ($) anniversary $ / shares shares	Dec. 31, 2022 shares	Jan. 31, 2023 USD ($)
Capital Stock [Line Items]
Authorized amount | $										$ 300
Stock repurchased during period (in shares) | shares	1,900							2,800
Stock repurchased during period, average price per share (in dollars per share) | $ / shares	$ 26.71							$ 24.86
Common stock, dividends, per share, declared (in usd per share) | $ / shares	$ 0.225	$ 0.225	$ 0.225	$ 0.20	$ 0.20	$ 0.20	$ 0.20
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 | Maximum
Capital Stock [Line Items]
Payout percentage of target award								200%
2021 Award Year | Performance Based RSUs Equity Settled | Minimum
Capital Stock [Line Items]
Cliff-vesting period								1 year
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
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs
Capital Stock [Line Items]
Stock repurchased during period (in shares) | shares								2,817	19,506
Remaining authorized repurchase amount | $	$ 230							$ 230

Capital Stock - Share-based and

Capital Stock - Share-based and Other Compensation Programs (Details)	9 Months Ended
	Sep. 30, 2023 $ / 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]
Outstanding, Number of Shares, Beginning Balance (in shares) | shares	2,362,401
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 17.59
Number of Shares, Granted (in shares) | shares	911,550
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares	$ 23.05
Number of Shares, Performance adjustment (in shares) | shares	814,529
Weighted Average Grant Date Fair Value, Performance adjustment (in usd per share) | $ / shares	$ 0
Number of Shares, Vested (in shares) | shares	(1,083,080)
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares	$ 15.90
Number of Shares, Forfeited (in shares) | shares	(25,059)
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares	$ 19.60
Outstanding, Number of Shares, Ending Balance (in shares) | shares	2,980,341
Ending Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 18.30
Performance Based RSUs Equity Settled | 2021 Award Year
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Performance period, performance-based RSUs	3 years
Performance Based RSUs Equity Settled | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Payout percentage of target award	0%
Performance Based RSUs Equity Settled | Maximum | 2021 Award Year
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Payout percentage of target award	200%
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]
Outstanding, Number of Shares, Beginning Balance (in shares) | shares	1,891,800
Outstanding, Beginning Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 16.16
Number of Shares, Granted (in shares) | shares	526,593
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ / shares	$ 25.13
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	(602,490)
Weighted Average Grant Date Fair Value, Vested (in usd per share) | $ / shares	$ 18.17
Number of Shares, Forfeited (in shares) | shares	(5,434)
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ / shares	$ 21.36
Outstanding, Number of Shares, Ending Balance (in shares) | shares	1,810,469
Ending Balance, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares	$ 18.09

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Before Tax
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	$ (126,080)	$ (223,279)	$ (94,777)	$ (797,908)
Net realized gains (losses) on disposals and non-credit related impairment losses	(2,794)	(4,153)	(13,180)	(10,071)
Net unrealized gains (losses) on investments	(123,286)	(219,126)	(81,597)	(787,837)
Other adjustments to comprehensive income (loss), net	0	0	227	106
Other comprehensive income (loss)	(123,286)	(219,126)	(81,370)	(787,731)
Tax Effect
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	(26,477)	(46,888)	(19,903)	(167,560)
Net realized gains (losses) on disposals and non-credit related impairment losses	(587)	(872)	(2,768)	(2,115)
Net unrealized gains (losses) on investments	(25,890)	(46,016)	(17,135)	(165,445)
Other adjustments to comprehensive income (loss), net	0	0	48	22
Other comprehensive income (loss)	(25,890)	(46,016)	(17,087)	(165,423)
Net of Tax
Balance at beginning and end of the period	(521,082)		(521,082)			$ (456,799)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized	(99,603)	(176,391)	(74,874)	(630,348)
Net realized gains (losses) on disposals and non-credit related impairment losses	(2,207)	(3,281)	(10,412)	(7,956)
Net unrealized gains (losses) on investments	(97,396)	(173,110)	(64,462)	(622,392)
Other adjustments to other comprehensive income (loss)	0	0	179	84
Other comprehensive income (loss), net of tax	(97,396)	(173,110)	(64,283)	(622,308)
AOCI Attributable to Parent
Before Tax
Balance at beginning of period	(536,312)	(416,589)	(578,228)	152,016
Balance at end of period	(659,598)	(635,715)	(659,598)	(635,715)
Tax Effect
Balance at beginning of period	(112,626)	(87,484)	(121,429)	31,923
Balance at end of period	(138,516)	(133,500)	(138,516)	(133,500)
Net of Tax
Balance at beginning and end of the period	(521,082)	(502,215)	(521,082)	(502,215)	$ (423,686)	$ (456,799)	$ (329,105)	$ 120,093
Net unrealized gains (losses) on investments	$ (97,396)	$ (173,110)	$ (64,462)	$ (622,392)

Statutory Information - Statuto

Statutory Information - Statutory Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Radian Guaranty
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 599,781	$ 867,405
Statutory policyholders’ surplus	673,592		$ 758,467
Other mortgage subsidiaries
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	(383)	1,826
Statutory policyholders’ surplus	17,292		17,086
Radian Title Insurance
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	1,306	$ 2,500
Statutory policyholders’ surplus	$ 40,563		$ 39,285

Statutory Information - Narrati

Statutory Information - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Statutory Accounting Practices [Line Items]
Risk to capital ratio, regulatory maximum	25
Consolidated insurance subsidiaries
Statutory Accounting Practices [Line Items]
Restricted net assets held by consolidated subsidiaries	$ 4,400
Radian Guaranty
Statutory Accounting Practices [Line Items]
Risk to capital ratio	10.6			10.7
Statutory positive unassigned surplus	$ 174			$ 258
Payments of ordinary dividends	100	$ 100	$ 100
Radian Guaranty | Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd.
Statutory Accounting Practices [Line Items]
Contingency reserves	$ 39