Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.001 par value per share | |
Trading Symbol | RDN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 150,578,465 | |
Entity Central Index Key | 0000890926 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments (Notes 5 and 6) | ||
Fixed-maturities available for sale—at fair value (amortized cost of $5,657,808 and $5,599,111) | $ 5,209,025 | $ 5,188,228 |
Trading securities—at fair value (amortized cost of $109,275 and $110,484) | 103,256 | 106,423 |
Equity securities—at fair value (cost of $159,937 and $92,124) | 155,405 | 89,057 |
Mortgage loans held for sale—at fair value (Note 7) | 147,034 | 32,755 |
Other invested assets—at fair value | 8,849 | 8,625 |
Short-term investments—at fair value (includes $89,532 and $149,364 of reinvested cash collateral held under securities lending agreements) | 703,545 | 660,566 |
Total investments | 6,327,114 | 6,085,654 |
Cash | 26,993 | 18,999 |
Restricted cash | 1,832 | 1,066 |
Accrued investment income | 46,334 | 45,783 |
Accounts and notes receivable | 130,095 | 123,857 |
Reinsurance recoverables (includes $164 and $59 for paid losses) | 28,151 | 25,909 |
Deferred policy acquisition costs | 18,561 | 18,718 |
Property and equipment, net | 60,521 | 63,822 |
Prepaid federal income taxes (Note 10) | 750,320 | 750,320 |
Other assets (Note 9) | 369,944 | 459,805 |
Total assets | 7,759,865 | 7,593,933 |
Liabilities | ||
Unearned premiums | 215,124 | 225,396 |
Reserve for losses and LAE (Note 11) | 361,833 | 370,148 |
Senior notes (Note 12) | 1,512,860 | 1,417,781 |
Secured borrowings (Note 12) | 207,601 | 119,476 |
Reinsurance funds withheld | 133,460 | 130,564 |
Net deferred tax liability | 626,353 | 589,564 |
Other liabilities | 262,902 | 343,199 |
Total liabilities | 3,320,133 | 3,196,128 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 171,588 and 151,509 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively) | 171 | 173 |
Treasury stock, at cost (2024: 20,079 shares; 2023: 20,068 shares) | (946,202) | (945,870) |
Additional paid-in capital | 1,390,436 | 1,430,594 |
Retained earnings | 4,357,823 | 4,243,759 |
Accumulated other comprehensive income (loss) (Note 15) | (362,496) | (330,851) |
Total stockholders’ equity | 4,439,732 | 4,397,805 |
Total liabilities and stockholders’ equity | $ 7,759,865 | $ 7,593,933 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Fixed-maturities available for sale, amortized cost | $ 5,657,808 | $ 5,599,111 |
Trading securities, amortized cost | 109,275 | 110,484 |
Equity securities, cost | 159,937 | 92,124 |
Reinvested cash collateral held under securities lending agreements | 89,532 | 149,364 |
Reinsurance recoverables, paid losses | $ 164 | $ 59 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 485,000 | 485,000 |
Common stock, shares, issued (in shares) | 171,588 | 173,247 |
Common stock, shares, outstanding (in shares) | 151,509 | 153,179 |
Treasury stock (in shares) | 20,079 | 20,068 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Net premiums earned (Note 8) | $ 235,857 | $ 233,238 |
Services revenue (Note 4) | 12,588 | 10,984 |
Net investment income (Note 6) | 69,221 | 58,453 |
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(3,682) and $(5,506)) (Note $0) | 490 | 5,585 |
Other income | 1,262 | 1,592 |
Total revenues | 319,418 | 309,852 |
Expenses | ||
Provision for losses (Note $0) | (7,034) | (16,929) |
Policy acquisition costs | 6,794 | 6,293 |
Cost of services | 9,327 | 10,398 |
Other operating expenses | 82,636 | 83,269 |
Interest expense (Note 12) | 29,046 | 21,439 |
Amortization of other acquired intangible assets | 0 | 1,371 |
Total expenses | 120,769 | 105,841 |
Pretax income | 198,649 | 204,011 |
Income tax provision | 46,295 | 46,254 |
Net income | $ 152,354 | $ 157,757 |
Net income per share | ||
Basic (in usd per share) | $ 0.99 | $ 1 |
Diluted (in usd per share) | $ 0.98 | $ 0.98 |
Weighted average number of common shares outstanding—basic (in shares) | 153,817 | 158,304 |
Weighted average number of common and common equivalent shares outstanding—diluted (in shares) | 155,971 | 161,349 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net realized gains (losses) on investments | $ (3,682) | $ (5,506) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 152,354 | $ 157,757 |
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 | (34,487) | 65,854 |
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 | (2,910) | (4,133) |
Net unrealized gains (losses) on investments | (31,577) | 69,987 |
Other adjustments to comprehensive income (loss), net | (68) | 179 |
Other comprehensive income (loss), net of tax | (31,645) | 70,166 |
Comprehensive income (loss) | $ 120,709 | $ 227,923 |
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, 2022 | $ 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 | 1 | 2,105 | ||||
Shares repurchased under share repurchase program (Note 14) | (1) | (15,156) | ||||
Repurchases of common stock under incentive plans | (670) | |||||
Share-based compensation | 9,262 | |||||
Net income | $ 157,757 | 157,757 | ||||
Dividends and dividend equivalents declared | (36,313) | |||||
Net unrealized gains (losses) on investments, net of tax | 69,987 | 69,987 | ||||
Other adjustments to other comprehensive income (loss) | 179 | |||||
Balance, end of period at Mar. 31, 2023 | 4,106,478 | 176 | (931,313) | 1,515,852 | 3,908,396 | (386,633) |
Balance, beginning of period at Dec. 31, 2023 | 4,397,805 | 173 | (945,870) | 1,430,594 | 4,243,759 | (330,851) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under incentive and benefit plans | 0 | 1,531 | ||||
Shares repurchased under share repurchase program (Note 14) | (2) | (50,501) | ||||
Repurchases of common stock under incentive plans | (332) | |||||
Share-based compensation | 8,812 | |||||
Net income | 152,354 | 152,354 | ||||
Dividends and dividend equivalents declared | (38,290) | |||||
Net unrealized gains (losses) on investments, net of tax | (31,577) | (31,577) | ||||
Other adjustments to other comprehensive income (loss) | (68) | |||||
Balance, end of period at Mar. 31, 2024 | $ 4,439,732 | $ 171 | $ (946,202) | $ 1,390,436 | $ 4,357,823 | $ (362,496) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | $ 51,044 | $ 116,778 |
Proceeds from sales of: | ||
Fixed-maturities available for sale | 130,248 | 110,882 |
Trading securities | 0 | 9,123 |
Equity securities | 840 | 2,076 |
Proceeds from redemptions of: | ||
Fixed-maturities available for sale | 164,685 | 110,973 |
Trading securities | 704 | 211 |
Purchases of: | ||
Fixed-maturities available for sale | (328,174) | (300,474) |
Equity securities | (816) | (1,572) |
Sales, redemptions and (purchases) of: | ||
Short-term investments, net | (39,147) | 43,190 |
Other assets and other invested assets, net | (180) | (165) |
Additions to property and equipment | (1,558) | (4,786) |
Net cash provided by (used in) investing activities | (73,398) | (30,542) |
Cash flows from financing activities | ||
Dividends and dividend equivalents paid | (37,563) | (35,685) |
Issuance of common stock | 460 | 983 |
Repurchases of common stock | (50,018) | (15,007) |
Issuance of senior notes, net | 617,164 | 0 |
Redemption of senior notes | (527,079) | 0 |
Change in secured borrowings, net (with terms three months or less) | (68,832) | (52,120) |
Proceeds from secured borrowings (with terms greater than three months) | 145,977 | 10,569 |
Repayments of secured borrowings (with terms greater than three months) | (48,853) | (599) |
Credit facility commitment fees paid | (142) | (193) |
Net cash provided by (used in) financing activities | 31,114 | (92,052) |
Increase (decrease) in cash and restricted cash | 8,760 | (5,816) |
Cash and restricted cash, beginning of period | 20,065 | 56,560 |
Cash and restricted cash, end of period | $ 28,825 | $ 50,744 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business We are a mortgage and real estate company, providing both credit-related mortgage insurance coverage and an array of products and services across the residential real estate and mortgage finance industries. We have one reportable business segment—Mortgage Insurance. Mortgage Insurance Our Mortgage Insurance 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 $271.0 billion and $70.3 billion, respectively, as of March 31, 2024, compared to $270.0 billion and $69.7 billion, respectively, as of December 31, 2023. 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 with respect to Radian Guaranty and state insurance regulators with respect to all of our mortgage insurance subsidiaries possess significant discretion regarding all aspects of these businesses. See Note 16 for additional information on PMIERs and other regulatory information. All Other We report on our other operating segments and business activities within an All Other category, which includes the results of our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. See Note 4 for additional information about our Mortgage Insurance reportable segment 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, including a reclassification for the three months ended March 31, 2023, of interest expense to net investment income for expenses associated with our securities lending transactions. 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 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 2023 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 2023 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 2023 Form 10-K. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted 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 disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses under ASC 280. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. We are currently evaluating the impact the new accounting guidance will have on our disclosures. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements. The calculation of basic and diluted net income per share is as follows. Net income per share Three Months Ended (In thousands, except per-share amounts) 2024 2023 Net income—basic and diluted $ 152,354 $ 157,757 Average common shares outstanding—basic 153,817 158,304 Dilutive effect of share-based compensation arrangements (1) 2,154 3,045 Adjusted average common shares outstanding—diluted 155,971 161,349 Net income per share Basic $ 0.99 $ 1.00 Diluted $ 0.98 $ 0.98 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 (In thousands) 2024 2023 Shares of common stock equivalents — 25 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting In the first quarter of 2024, our Chief Executive Officer (Radian’s chief operating decision maker) made certain changes to the way that he organizes and assesses the performance of our operating segments, which resulted in updates to our quantitative and aggregation analyses in accordance with the accounting standard regarding segment reporting. Whereas previously we aggregated our Title, Real Estate Services and Real Estate Technology businesses and reported them as a single reportable segment named homegenius, effective this quarter, we are including the individual results of operations for these immaterial businesses, as well as the results of our Mortgage Conduit business (our other operating segment that does not meet the reportable segment materiality thresholds) in the All Other category, along with certain corporate and other activities. This reflects the way our Chief Executive Officer is currently managing and evaluating these businesses individually and is aligned with materiality considerations consistent with current accounting guidance. As a result of the change described above, we now have one reportable segment, Mortgage Insurance, which 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. In addition to this reportable segment, in All Other we report 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 segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. We have reflected this change in our segment operating results for all periods presented, as shown below. We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our mortgage insurance business. We do not manage assets by operating segments. See Note 1 for additional details about our Mortgage Insurance business. Adjusted Pretax Operating Income (Loss) Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s businesses and to allocate resources to them. 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 segment or 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 (expenses) and gains (losses) on extinguishment of debt. See Note 4 of Notes to Consolidated Financial Statements in our 2023 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 segment to consolidated pretax income is as follows. Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income Three Months Ended (In thousands) 2024 2023 Mortgage Insurance adjusted pretax operating income (1) $ 209,850 $ 214,699 Reconciling items All Other adjusted pretax operating income (loss) (7,033) (14,836) Net gains (losses) on investments and other financial instruments (2) 107 5,505 Amortization and impairment of goodwill and other acquired intangible assets — (1,371) Impairment of other long-lived assets and other non-operating items (3) (4,275) 14 Consolidated pretax income $ 198,649 $ 204,011 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended (In thousands) 2024 2023 Mortgage Insurance Allocated corporate operating expenses (a) $ 34,509 $ 34,829 Direct depreciation expense 1,923 2,124 (a) Includes immaterial allocated depreciation expense for the three months ended March 31, 2024 and 2023. (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). (3) The non-operating loss for the three months ended March 31, 2024, primarily relates to a loss on extinguishment of debt. See Note 12 for more information. Revenues The reconciliation of revenues for our reportable segment to consolidated revenues is as follows. Reconciliation of reportable segment revenues to total revenues Three Months Ended (In thousands) 2024 2023 Mortgage Insurance revenues $ 285,023 $ 279,366 Reconciling items All Other (1) 34,406 25,076 Net gains (losses) on investments and other financial instruments 107 5,505 Elimination of inter-segment revenues (118) (95) Total revenues $ 319,418 $ 309,852 (1) Includes immaterial inter-segment revenues for the three months ended March 31, 2024 and 2023. The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type. Services revenue Three Months Ended (In thousands) 2024 2023 Mortgage Insurance Contract underwriting services $ 210 $ 336 All Other Real Estate Services Valuation 4,475 2,881 Single family rental 2,360 2,435 Asset management technology platform 1,200 1,166 Real estate owned asset management 1,149 912 Other real estate services 9 1 Title 2,573 2,554 Real Estate Technology 612 699 Total services revenue $ 12,588 $ 10,984 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 2023 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 March 31, 2024 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 128,295 $ 9,563 $ — $ 137,858 State and municipal obligations — 156,765 — 156,765 Corporate bonds and notes — 2,503,736 — 2,503,736 RMBS — 1,049,473 — 1,049,473 CMBS — 523,580 — 523,580 CLO — 471,610 — 471,610 Other ABS — 318,601 — 318,601 Mortgage insurance-linked notes (1) — 47,402 — 47,402 Total fixed-maturities available for sale 128,295 5,080,730 — 5,209,025 Trading securities State and municipal obligations — 68,457 — 68,457 Corporate bonds and notes — 24,335 — 24,335 RMBS — 5,665 — 5,665 CMBS — 4,799 — 4,799 Total trading securities — 103,256 — 103,256 Equity securities 148,297 4,608 2,500 155,405 Mortgage loans held for sale (2) — 147,034 — 147,034 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,600 — 2,600 Money market instruments 434,652 — — 434,652 Corporate bonds and notes — 119,715 — 119,715 Other ABS — 9,500 — 9,500 Other investments (5) — 137,078 — 137,078 Total short-term investments 434,652 268,893 — 703,545 Total investments at fair value (4) 711,244 5,604,521 9,696 6,325,461 Other Derivative assets (6) — 954 — 954 Mortgage servicing rights — — 345 345 Loaned securities (7) Corporate bonds and notes — 106,237 — 106,237 Equity securities 13,600 — — 13,600 Total assets at fair value (4) $ 724,844 $ 5,711,712 $ 10,041 $ 6,446,597 Liabilities Derivative liabilities (6) $ — $ 397 $ 865 $ 1,262 Total liabilities at fair value $ — $ 397 $ 865 $ 1,262 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our mortgage loans held for sale. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets on our condensed consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements. Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 124,734 $ 9,859 $ — $ 134,593 State and municipal obligations — 142,785 — 142,785 Corporate bonds and notes — 2,511,905 — 2,511,905 RMBS — 1,014,071 — 1,014,071 CMBS — 558,383 — 558,383 CLO — 487,849 — 487,849 Other ABS — 284,559 — 284,559 Foreign government and agency securities — 5,087 — 5,087 Mortgage insurance-linked notes (1) — 48,996 — 48,996 Total fixed-maturities available for sale 124,734 5,063,494 — 5,188,228 Trading securities State and municipal obligations — 70,844 — 70,844 Corporate bonds and notes — 24,913 — 24,913 RMBS — 5,930 — 5,930 CMBS — 4,736 — 4,736 Total trading securities — 106,423 — 106,423 Equity securities 81,170 5,387 2,500 89,057 Mortgage loans held for sale (2) — 32,755 — 32,755 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,700 — 2,700 Money market instruments 368,433 — — 368,433 Corporate bonds and notes — 150,930 — 150,930 CMBS — 1,347 — 1,347 Other ABS — 1,158 — 1,158 Other investments (5) — 135,998 — 135,998 Total short-term investments 368,433 292,133 — 660,566 Total investments at fair value (4) 574,337 5,500,192 9,696 6,084,225 Other Derivative assets (6) — 1,912 1 1,913 Loaned securities (7) U.S. government and agency securities 9,803 — — 9,803 Corporate bonds and notes — 117,992 — 117,992 Equity securities 75,898 — — 75,898 Total assets at fair value (4) $ 660,038 $ 5,620,096 $ 9,697 $ 6,289,831 Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Liabilities Derivative liabilities (6) $ — $ 817 $ 692 $ 1,509 Total liabilities at fair value $ — $ 817 $ 692 $ 1,509 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL 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 7 for more information about our mortgage loans held for sale. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information. Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three months ended March 31, 2024 and 2023. Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value March 31, 2024 December 31, 2023 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 108,226 $ 108,226 $ 106,417 $ 106,417 Senior notes 1,512,860 1,520,523 1,417,781 1,406,118 Secured borrowings FHLB advances $ 79,281 $ 79,303 $ 95,277 $ 95,348 Mortgage loan financing facilities 128,320 128,320 24,199 24,199 Total secured borrowings $ 207,601 $ 207,623 $ 119,476 $ 119,547 The fair value of our company-owned life insurance is estimated based on the cash surrender value less applicable surrender charges. These assets are categorized in Level II of the fair value hierarchy. See Note 9 for further information on our company-owned life insurance. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 167,869 $ — $ (30,011) $ 137,858 State and municipal obligations 172,084 218 (15,537) 156,765 Corporate bonds and notes 2,886,238 7,042 (283,575) 2,609,705 RMBS 1,138,990 8,842 (98,359) 1,049,473 CMBS 565,949 55 (42,424) 523,580 CLO 475,769 188 (4,347) 471,610 Other ABS 321,559 1,084 (4,042) 318,601 Mortgage insurance-linked notes (1) 45,864 1,538 — 47,402 Total securities available for sale, including loaned securities 5,774,322 $ 18,967 $ (478,295) (2) 5,314,994 Less: loaned securities (3) 116,514 105,969 Total fixed-maturities available for sale $ 5,657,808 $ 5,209,025 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,194 $ 93 $ (26,891) $ 144,396 State and municipal obligations 158,539 283 (16,037) 142,785 Corporate bonds and notes 2,876,175 12,286 (259,177) 2,629,284 RMBS 1,089,919 8,250 (84,098) 1,014,071 CMBS 605,029 51 (46,697) 558,383 CLO 494,339 63 (6,553) 487,849 Other ABS 286,988 1,608 (4,037) 284,559 Foreign government and agency securities 5,128 — (41) 5,087 Mortgage insurance-linked notes (1) 47,456 1,540 — 48,996 Total securities available for sale, including loaned securities 5,734,767 $ 24,174 $ (443,531) (2) 5,315,410 Less: loaned securities (3) 135,656 127,182 Total fixed-maturities available for sale $ 5,599,111 $ 5,188,228 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL 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 on 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 March 31, 2024, and December 31, 2023, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time March 31, 2024 Less Than 12 Months 12 Months or Greater Total (In thousands) Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 21,017 $ (1,915) $ 107,278 $ (28,096) $ 128,295 $ (30,011) State and municipal obligations 24,066 (720) 99,220 (14,817) 123,286 (15,537) Corporate bonds and notes 318,330 (4,319) 1,942,216 (279,256) 2,260,546 (283,575) RMBS 129,902 (3,132) 635,067 (95,227) 764,969 (98,359) CMBS 612 (1) 513,908 (42,423) 514,520 (42,424) CLO 164,220 (398) 148,248 (3,949) 312,468 (4,347) Other ABS 84,720 (730) 59,057 (3,312) 143,777 (4,042) Total $ 742,867 $ (11,215) $ 3,504,994 $ (467,080) $ 4,247,861 $ (478,295) December 31, 2023 Less Than 12 Months 12 Months or Greater Total (In thousands) Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 15,650 $ (938) $ 113,678 $ (25,953) $ 129,328 $ (26,891) State and municipal obligations 17,154 (551) 104,949 (15,486) 122,103 (16,037) Corporate bonds and notes 161,924 (1,261) 2,055,113 (257,916) 2,217,037 (259,177) RMBS 113,506 (1,439) 653,955 (82,659) 767,461 (84,098) CMBS 8,558 (31) 546,104 (46,666) 554,662 (46,697) CLO 15,083 (25) 438,294 (6,528) 453,377 (6,553) Other ABS 49,513 (322) 64,078 (3,715) 113,591 (4,037) Foreign government and agency securities — — 5,087 (41) 5,087 (41) Total $ 381,388 $ (4,567) $ 3,981,258 $ (438,964) $ 4,362,646 $ (443,531) There were 1,041 and 1,063 securities in an unrealized loss position at March 31, 2024, and December 31, 2023, respectively. We determined that these unrealized losses were due to non-credit factors and that, as of March 31, 2024, 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 2023 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. Under this program, we had loaned $120 million and $204 million of our investment securities to third parties as of March 31, 2024, and December 31, 2023, respectively, including both fixed-maturities and equity securities. Although we report such securities at fair value within other assets on 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 $34 million and $61 million as of March 31, 2024, and December 31, 2023, 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 2023 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder. Net Investment Income Net investment income consisted of the following. Net investment income Three Months Ended (In thousands) 2024 2023 Investment income Fixed-maturities $ 57,259 $ 52,948 Equity securities 2,539 2,932 Mortgage loans held for sale (1) 1,793 194 Short-term investments 8,958 3,588 Other (2) 1,597 1,075 Gross investment income 72,146 60,737 Investment expenses (2) (2,925) (2,284) Net investment income $ 69,221 $ 58,453 (1) See Note 7 for additional information on our mortgage loans held for sale. (2) Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses. 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 (In thousands) 2024 2023 Net realized gains (losses) on investments sold or redeemed (1) Fixed-maturities available for sale Gross realized gains $ 52 $ 78 Gross realized losses (3,735) (5,310) Fixed-maturities available for sale, net (3,683) (5,232) Trading securities — (302) Other investments 1 28 Net realized gains (losses) on investments sold or redeemed (1) (3,682) (5,506) Change in unrealized gains (losses) on investments sold or redeemed (1) 7 439 Net unrealized gains (losses) on investments still held (1) Trading securities (1,977) 2,078 Equity securities 4,074 3,444 Other investments (93) (37) Net unrealized gains (losses) on investments still held (1) 2,004 5,485 Total net gains (losses) on investments (1) (1,671) 418 Net gains (losses) on mortgage loans held for sale (Note 7) (2) 384 80 Net gains (losses) on other financial instruments (1) (3) 1,777 5,087 Net gains (losses) on investments and other financial instruments $ 490 $ 5,585 (1) Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information. (2) Includes realized and unrealized net gains (losses) on mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details. (3) Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information. Contractual Maturities The contractual maturities of fixed-maturities available for sale were as follows. Contractual maturities of fixed-maturities available for sale March 31, 2024 (In thousands) Amortized Cost Fair Value Due in one year or less $ 107,336 $ 105,965 Due after one year through five years (1) 1,243,833 1,187,261 Due after five years through 10 years (1) 994,198 907,708 Due after 10 years (1) 880,824 703,394 Asset-backed and mortgage-backed securities (2) 2,548,131 2,410,666 Total 5,774,322 5,314,994 Less: loaned securities 116,514 105,969 Total fixed-maturities available for sale $ 5,657,808 $ 5,209,025 (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 $14 million at both March 31, 2024, and December 31, 2023, that are on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances. |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale The carrying value of mortgage loans held for sale owned by Radian Mortgage Capital totaled $147 million and $33 million at March 31, 2024, and December 31, 2023, respectively, and is based on fair value. The estimated fair value of our mortgage loans held for sale is subject to changes in mortgage interest rates from the date we agree to purchase the mortgage loan through the date we agree to sell the mortgage loan. 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 in our condensed consolidated statements of operations. As of March 31, 2024, our mortgage loans held for sale consisted of 217 mortgage loans with a total unpaid principal balance of $145 million, related to properties in 37 states and the District of Columbia. As of March 31, 2024, none of these loans were greater than ninety days delinquent or in nonaccrual status. Interest earned on mortgage loans held for sale is included in net investment income in our condensed consolidated statements of operations. Further, as of March 31, 2024, the Company had commitments to purchase and fund additional mortgage loans with a total unpaid principal balance of $277 million. Prior to the settlement and funding of these loan purchases, any unrealized net gains (losses) related to these commitments are recorded as derivative assets or liabilities on our consolidated balance sheets. The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated. Derivative instruments March 31, 2024 December 31, 2023 Notional (1) Fair Value Notional (1) Fair Value (In thousands) Derivative Derivative Derivative Derivative Forward mortgage loan purchase commitments $ 277,339 $ 435 $ — $ 83,962 $ 708 $ — Hedging instruments (2) Forward RMBS purchase contracts $ 238,350 $ 20 $ 397 $ 51,100 $ 715 $ 817 Interest rate swap futures contracts (3) 22,500 499 — 7,300 489 — (1) Notional amounts provide an indication of the volume of the Company’s derivative capacity. (2) All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges. (3) Derivative assets include cash collateral receivables of $357 thousand and $720 thousand as of March 31, 2024, and December 31, 2023, respectively . Included in our net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations are net gains (losses) related to our mortgage loans and related hedging activities, which consisted of the following. Net gains (losses) on mortgage loans held for sale Three Months Ended (In thousands) 2024 2023 Net realized gains (losses) Mortgage loans $ 63 $ — Mortgage loan hedging activities (783) (116) Total realized gains (losses) (720) (116) Mortgage loan servicing rights resulting from loan sales 310 — Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed (49) 33 Unrealized gains (losses) on mortgage loans and related derivatives still held Mortgage loans (1) 1,078 192 Mortgage loan hedging activities (235) (29) Total net unrealized gains (losses) 843 163 Net gains (losses) on mortgage loans held for sale $ 384 $ 80 (1) Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement. We primarily fund the purchases of our mortgage loans held for sale with amounts borrowed under our mortgage loan financing facilities. Expenses related to these facilities are included in interest expense in our condensed consolidated statements of operations. See Note 12 for additional information on these facilities and their related terms and covenants. Net investment income earned on our mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consisted of the following. Net interest margin on mortgage loans held for sale Three Months Ended (In thousands) 2024 2023 Interest income $ 1,793 $ 194 Interest expense 1,438 77 Net interest margin on mortgage loans held for sale $ 355 $ 117 |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2024 | |
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 XOL Program. The amount of credit that we receive under the PMIERs financial requirements for our third-party reinsurance transactions is subject to approval and regular review 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 Three Months Ended (In thousands) 2024 2023 2024 2023 Direct Mortgage insurance $ 250,435 $ 242,784 $ 260,707 $ 256,527 Title insurance 1,948 1,888 1,948 1,888 Total direct 252,383 244,672 262,655 258,415 Ceded Mortgage insurance (1) (18,558) (13,364) (26,708) (25,077) Title insurance (90) (100) (90) (100) Total ceded (1) (18,648) (13,464) (26,798) (25,177) Total net premiums $ 233,735 $ 231,208 $ 235,857 $ 233,238 (1) 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. Other reinsurance impacts Three Months Ended (In thousands) 2024 2023 Ceding commissions earned (1) $ 6,113 $ 5,251 Ceded losses (2) 2,195 (1,166) (1) Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions of $18 million and $20 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2024, and December 31, 2023, respectively. (2) Ceded losses are primarily related to mortgage insurance. QSR Program 2023 and 2022 QSR Agreements Radian Guaranty entered into each of the 2023 and 2022 QSR Agreements with panels 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 for the 2023 QSR Agreement 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 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 agreements 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 2023 QSR Agreement at the end of any calendar quarter. 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) March 31, 2024 RIF ceded $ 1,987 $ 4,378 $ 1,729 $ 716 $ 952 (In millions) December 31, 2023 RIF ceded $ 1,366 $ 4,454 $ 1,783 $ 739 $ 982 (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. XOL Program Mortgage Insurance-linked Notes Radian Guaranty has entered into 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 mortgage 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 mortgage insurance-linked notes falls below 10% of the initial coverage level or principal balance, depending on the transaction, of the related mortgage 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 mortgage insurance-linked notes transaction agreements. Any remaining mortgage insurance-linked notes issued by Eagle Re 2020-1 Ltd. were paid in full in March 2024, with no material impact to the Company. As a result, as of March 31, 2024, Eagle Re 2020-1 Ltd. is no longer providing reinsurance coverage to Radian Guaranty. Traditional Reinsurance For the respective coverage periods under traditional XOL reinsurance agreements, Radian Guaranty retains the first-loss layer of aggregate losses, as well as any losses in excess of the outstanding reinsurance coverage amounts. The reinsurers provide second layer coverage up to the outstanding coverage amounts. The 2023 XOL Agreement is scheduled to terminate September 30, 2033. Radian Guaranty has the option, based upon 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 exercise its right to terminate the agreement on September 30, 2028, the monthly premium rate will increase from the original monthly premium. The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated. XOL Program Mortgage Insurance-linked Notes (1) Traditional Reinsurance (In millions) Eagle Re 2023-1 Ltd. Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (2) 2023 XOL Agreement Issued October November April October NIW policy dates Apr 1, 2022- Jan 1, 2021- Aug 1, 2020- Oct 1, 2021- Initial RIF $ 8,782 $ 10,758 $ 11,061 $ 8,002 Initial coverage 353 484 498 246 Initial first layer retention 287 242 221 240 (In millions) March 31, 2024 RIF $ 8,525 $ 7,309 $ 5,922 $ 7,581 Remaining coverage 353 328 227 204 First layer retention 287 242 221 240 (In millions) December 31, 2023 RIF $ 8,659 $ 7,651 $ 6,227 $ 7,814 Remaining coverage 353 355 250 226 First layer retention 287 242 221 240 (1) Excludes Eagle Re 2020-1 Ltd., which as further discussed above, was terminated in March 2024. (2) Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheet at March 31, 2024, 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 2023 Form 10-K for more information on our accounting treatment of VIEs. SOFR is the effective benchmark rate for all of our reinsurance agreements with the Eagle Re Issuers as of March 31, 2024. 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. 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 2023 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) March 31, December 31, Eagle Re 2023-1 Ltd. $ 353,077 $ 353,077 Eagle Re 2021-2 Ltd. 328,326 354,947 Eagle Re 2021-1 Ltd. 227,212 250,268 Eagle Re 2020-1 Ltd. — 6,617 Total $ 908,615 $ 964,909 (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 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, the third-party reinsurers to Radian Guaranty 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 $281 million as of March 31, 2024, compared to $274 million as of December 31, 2023. 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 2023 Form 10-K for more information about our reinsurance transactions. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Loaned securities (Notes 5 and 6) $ 119,837 $ 203,693 Company-owned life insurance (1) 108,226 106,417 Prepaid reinsurance premiums (2) 92,293 100,443 Right-of-use assets 15,150 16,292 Other 34,438 32,960 Total other assets $ 369,944 $ 459,805 (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 2023 Form 10-K for more information about our right-of-use assets and related impairment analysis. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 both March 31, 2024, and December 31, 2023, our current federal income tax liability was $21 million, which primarily relates to applying the accounting standard for uncertainty in income taxes, and is included as a component of other liabilities on 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 both March 31, 2024, and December 31, 2023, we held $750 million of these bonds, which are included as prepaid federal income taxes on 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 2023 Form 10-K. |
Losses and LAE
Losses and LAE | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Primary case $ 336,929 $ 344,235 Primary IBNR and LAE 11,956 12,177 Pool and other 7,788 8,511 Mortgage insurance 356,673 364,923 Title insurance 5,160 5,225 Total reserve for losses and LAE $ 361,833 $ 370,148 Provision for losses consisted of the following. Provision for losses Three Months Ended (In thousands) 2024 2023 Mortgage insurance $ (6,886) $ (16,864) Title insurance (148) (65) Total provision for losses $ (7,034) $ (16,929) 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 Three Months Ended (In thousands) 2024 2023 Balance at beginning of period $ 364,923 $ 420,955 Less: Reinsurance recoverables (1) 25,074 24,727 Balance at beginning of period, net of reinsurance recoverables 339,849 396,228 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 53,688 50,579 Prior years (60,574) (67,443) Total incurred (6,886) (16,864) Deduct: Paid claims and LAE related to: Current year (2) — 32 Prior years 3,387 2,983 Total paid 3,387 3,015 Balance at end of period, net of reinsurance recoverables 329,576 376,349 Add: Reinsurance recoverables (1) 27,097 23,501 Balance at end of period $ 356,673 $ 399,850 (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 and Claim Severity assumptions 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 and Claim Severity assumptions applied to these loans. New primary default notices totaled 11,756 for the three months ended March 31, 2024, compared to 10,624 for the three months ended March 31, 2023, representing an increase of 11%. We believe this increase in new primary defaults is mainly due to the natural seasoning of our insured portfolio given the increase in our IIF in recent years and not the result of deteriorating credit performance of the insured portfolio. Our gross Default to Claim Rate assumption applied to new defaults was 8.0% as of both March 31, 2024, and March 31, 2023, based on our review of trends in Cures and claims paid for our default inventory and taking into consideration the risks and uncertainties associated with the current economic environment. Our provision for losses during both the first three months of 2024 and 2023 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 positive trends in home price appreciation, which has also contributed to a higher rate of claims that result in no ultimate loss to us and that are withdrawn by servicers as a result. These favorable observed trends for prior year default notices resulted in reductions in our Default to Claim Rate and other reserve assumptions in both 2024 and 2023, including most notably our Claim Severity assumptions in 2024. 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 three months ended March 31, 2024, compared to the same period in 2023. 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 2023 Form 10-K. |
Borrowings and Financing Activi
Borrowings and Financing Activities | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, December 31, Senior notes Senior Notes due 2024 4.500 % $ 449,354 $ 449,037 Senior Notes due 2025 6.625 % — 522,343 Senior Notes due 2027 4.875 % 446,661 446,401 Senior Notes due 2029 6.200 % 616,845 — Total senior notes $ 1,512,860 $ 1,417,781 ($ in thousands) Average interest rate (1) March 31, December 31, Secured borrowings FHLB advances FHLB advances due 2024 (2) 4.730 % $ 56,875 $ 72,871 FHLB advances due 2025 2.340 % 12,684 12,684 FHLB advances due 2026 4.469 % 1,835 1,835 FHLB advances due 2027 2.562 % 7,887 7,887 Total FHLB advances 79,281 95,277 Mortgage loan financing facilities 7.097 % 128,320 24,199 Total secured borrowings $ 207,601 $ 119,476 (1) As of March 31, 2024. 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 5.532% and 5.602% as of March 31, 2024, and December 31, 2023, respectively, which resets daily based on changes in SOFR. Interest expense consisted of the following. Interest expense Three Months Ended 2024 2023 Senior notes $ 22,128 $ 20,288 Loss on extinguishment of debt 4,275 — Mortgage loan financing facilities 1,438 77 FHLB advances 945 745 Revolving credit facility 260 311 Other — 18 Total interest expense $ 29,046 $ 21,439 Senior Notes Senior Notes due 2029. In March 2024, we issued $625 million aggregate principal amount of Senior Notes due 2029 and received net proceeds of $617 million. These notes mature on May 15, 2029, and bear interest at a rate of 6.200% per annum, payable semi-annually on May 15 and November 15 of each year, with interest payments commencing on November 15, 2024. We have the option to redeem these notes, in whole or in part, at any time, or from time to time, prior to April 15, 2029 (the date that is one month prior to the maturity date of the notes) (the “Par Call Date”), at a redemption price equal to the greater of (a) the make-whole amount, which is the sum of the present values of the remaining scheduled payments of principal and interest in respect of the notes to be redeemed discounted to the redemption date (assuming the Senior Notes due 2029 matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable treasury rate plus 30 basis points less interest accrued to the redemption date, and (b) 100% of the aggregate principal amount of the notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, we may, at our option, redeem the notes in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The indenture governing the Senior Notes due 2029 contains covenants customary for securities of this nature, including covenants related to the payments of the notes, reports to be provided, compliance certificates to be issued and the ability to modify the covenants. Additionally, the indenture includes covenants restricting us from encumbering the capital stock of a designated subsidiary (as defined in the indenture for the notes) or disposing of any capital stock of any designated subsidiary unless either all of the stock is disposed of for cash or property which is at least equal to the fair market value of the stock or we retain more than 80% of the stock. Extinguishment of Debt Redemption of Senior Notes due 2025. In March 2024, we exercised our right to redeem all of our outstanding Senior Notes due 2025 in the aggregate principal amount of $525 million, at a redemption price of 100.4% of the principal amount plus accrued and unpaid interest. We funded the redemption with $527 million in cash (which included accrued and unpaid interest due on the redeemed notes). This redemption resulted in a loss on extinguishment of debt of $4 million during the three months ended March 31, 2024, which is included in interest expense in our condensed consolidated statements of operations. Following this redemption, there were no remaining principal amounts outstanding on the Senior Notes due 2025 at March 31, 2024. 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 include securities totaling $84 million and $101 million at March 31, 2024, and December 31, 2023, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. Mortgage Loan Financing Facilities Radian Mortgage Capital has entered into Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. The Goldman Sachs Master Repurchase Agreement and the BMO Master Repurchase Agreement are uncommitted mortgage loan repurchase facilities, with maximum borrowing amounts of $100 million and $150 million, respectively, as of March 31, 2024. In April 2024, the BMO Master Repurchase Agreement was amended to increase the maximum borrowing amount to $400 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. In January 2024, Radian Mortgage Capital entered into a master repurchase agreement with Flagstar Bank, N.A. (“Flagstar”). This agreement is an uncommitted mortgage loan repurchase facility with a maximum borrowing amount of $150 million pursuant to which Radian Mortgage Capital may from time to time sell to Flagstar, and later repurchase, certain residential mortgage loan assets. The Flagstar Master Repurchase Agreement is scheduled to expire on January 27, 2025. The borrowings under the Master Repurchase Agreements bear a variable interest rate based on one-month SOFR or compounded SOFR, depending on the agreement, 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. 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, $142 million and $31 million served as collateral for the Master Repurchase Agreements to support the funds advanced at March 31, 2024, and December 31, 2023, respectively. Revolving Credit Facility Radian Group has in place a $275 million unsecured revolving credit facility with a syndicate of bank lenders. As of March 31, 2024, there were no amounts outstanding under this facility. Debt Covenants and Other Information |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 $45 million as of March 31, 2024, and December 31, 2023, respectively, and is classified in other liabilities |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Balance at beginning of period 153,179 157,056 Shares repurchased under share repurchase programs (1,770) (5,264) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 100 1,387 Balance at end of period 151,509 153,179 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 months ended March 31, 2024, the Company purchased 1.8 million shares at an average price of $28.26 per share, including commissions. As of March 31, 2024, purchase authority of up to $117 million remained available under this program. The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable, unless otherwise indicated. Dividends and Dividend Equivalents In February 2024, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.225 to $0.245 per share, beginning with the dividend declared in the first quarter of 2024. The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated. Dividends declared and paid 2024 2023 Quarter ended March 31 $ 0.245 $ 0.225 June 30 N/A 0.225 September 30 N/A 0.225 December 31 N/A 0.225 Total annual dividends per share declared and paid $ 0.245 $ 0.900 N/A – Not applicable Share-Based and Other Compensation Programs In the three months ended March 31, 2024, we did not grant any material amounts of performance-based or time-based awards in the form of non-qualified stock options, restricted stock, restricted stock units, phantom stock or stock appreciation rights. See Note 17 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for additional information regarding the Company’s share-based and other compensation programs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
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 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (418,799) $ (87,948) $ (330,851) 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 (43,655) (9,168) (34,487) 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 (3,684) (774) (2,910) Net unrealized gains (losses) on investments (39,971) (8,394) (31,577) Other adjustments to comprehensive income (loss), net (86) (18) (68) Other comprehensive income (loss) (40,057) (8,412) (31,645) Balance at end of period $ (458,856) $ (96,360) $ (362,496) Three Months Ended (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (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 83,359 17,505 65,854 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 (5,232) (1,099) (4,133) Net unrealized gains (losses) on investments 88,591 18,604 69,987 Other adjustments to comprehensive income, net 227 48 179 Other comprehensive income (loss) 88,818 18,652 70,166 Balance at end of period $ (489,410) $ (102,777) $ (386,633) (1) Included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. |
Statutory Information
Statutory Information | 3 Months Ended |
Mar. 31, 2024 | |
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) Three Months Ended (In thousands) 2024 2023 Radian Guaranty $ 200,483 $ 199,171 Other mortgage insurance subsidiaries (430) (388) Radian Title Insurance 584 253 Statutory policyholders’ surplus (In thousands) March 31, December 31, Radian Guaranty $ 703,315 $ 619,584 Other mortgage insurance subsidiaries 17,105 17,444 Radian Title Insurance 41,676 41,108 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 March 31, 2024. Radian Guaranty’s Risk-to-capital was 10.2:1 and 10.4:1 as of March 31, 2024, and December 31, 2023, 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 March 31, 2024. In addition, in order to be eligible to insure loans purchased by the GSEs, mortgage insurers such as Radian Guaranty must meet the GSEs’ eligibility requirements, or PMIERs. At March 31, 2024, 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 March 31, 2024, the amount of restricted net assets held by our consolidated insurance subsidiaries (which represents our equity investment in those insurance subsidiaries) totaled $4.7 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. Radian Guaranty had positive unassigned surplus of $120 million as of December 31, 2023, providing it with the ability to pay ordinary dividends in the first quarter of 2024, subject to the above restrictions under Pennsylvania’s insurance laws. As a result, Radian Guaranty paid an ordinary dividend of $100 million to Radian Group in the first quarter of 2024 and maintains the ability to pay additional ordinary dividends during the remainder of 2024. Subsequent to the payment of these dividends, as of March 31, 2024, Radian Guaranty had positive unassigned surplus of $203 million. For a full description of our compliance with statutory and other regulations for our mortgage insurance and title insurance businesses, including statutory capital requirements and dividend restrictions, see Note 16 of Notes to Consolidated Financial Statements in our 2023 Form 10-K. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 152,354 | $ 157,757 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
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, including a reclassification for the three months ended March 31, 2023, of interest expense to net investment income for expenses associated with our securities lending transactions. 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 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 Not Yet Adopted 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 disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses under ASC 280. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. We are currently evaluating the impact the new accounting guidance will have on our disclosures. |
Segment Reporting | In the first quarter of 2024, our Chief Executive Officer (Radian’s chief operating decision maker) made certain changes to the way that he organizes and assesses the performance of our operating segments, which resulted in updates to our quantitative and aggregation analyses in accordance with the accounting standard regarding segment reporting. Whereas previously we aggregated our Title, Real Estate Services and Real Estate Technology businesses and reported them as a single reportable segment named homegenius, effective this quarter, we are including the individual results of operations for these immaterial businesses, as well as the results of our Mortgage Conduit business (our other operating segment that does not meet the reportable segment materiality thresholds) in the All Other category, along with certain corporate and other activities. This reflects the way our Chief Executive Officer is currently managing and evaluating these businesses individually and is aligned with materiality considerations consistent with current accounting guidance. As a result of the change described above, we now have one reportable segment, Mortgage Insurance, which 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. In addition to this reportable segment, in All Other we report 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 segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. We have reflected this change in our segment operating results for all periods presented, as shown below. We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our mortgage insurance business. We do not manage assets by operating segments. See Note 1 for additional details about our Mortgage Insurance business. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (In thousands, except per-share amounts) 2024 2023 Net income—basic and diluted $ 152,354 $ 157,757 Average common shares outstanding—basic 153,817 158,304 Dilutive effect of share-based compensation arrangements (1) 2,154 3,045 Adjusted average common shares outstanding—diluted 155,971 161,349 Net income per share Basic $ 0.99 $ 1.00 Diluted $ 0.98 $ 0.98 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 (In thousands) 2024 2023 Shares of common stock equivalents — 25 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Adjusted Pretax Operating Income (Loss) to Consolidated Pretax Income | The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows. Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income Three Months Ended (In thousands) 2024 2023 Mortgage Insurance adjusted pretax operating income (1) $ 209,850 $ 214,699 Reconciling items All Other adjusted pretax operating income (loss) (7,033) (14,836) Net gains (losses) on investments and other financial instruments (2) 107 5,505 Amortization and impairment of goodwill and other acquired intangible assets — (1,371) Impairment of other long-lived assets and other non-operating items (3) (4,275) 14 Consolidated pretax income $ 198,649 $ 204,011 (1) Includes allocated corporate operating expenses and depreciation expense as follows. Three Months Ended (In thousands) 2024 2023 Mortgage Insurance Allocated corporate operating expenses (a) $ 34,509 $ 34,829 Direct depreciation expense 1,923 2,124 (a) Includes immaterial allocated depreciation expense for the three months ended March 31, 2024 and 2023. (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). (3) The non-operating loss for the three months ended March 31, 2024, primarily relates to a loss on extinguishment of debt. See Note 12 for more information. |
Schedule of Reconciliation of Reportable Segment Revenues to Total Revenues | The reconciliation of revenues for our reportable segment to consolidated revenues is as follows. Reconciliation of reportable segment revenues to total revenues Three Months Ended (In thousands) 2024 2023 Mortgage Insurance revenues $ 285,023 $ 279,366 Reconciling items All Other (1) 34,406 25,076 Net gains (losses) on investments and other financial instruments 107 5,505 Elimination of inter-segment revenues (118) (95) Total revenues $ 319,418 $ 309,852 (1) Includes immaterial inter-segment revenues for the three months ended March 31, 2024 and 2023. |
Schedule of Services Revenue | The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type. Services revenue Three Months Ended (In thousands) 2024 2023 Mortgage Insurance Contract underwriting services $ 210 $ 336 All Other Real Estate Services Valuation 4,475 2,881 Single family rental 2,360 2,435 Asset management technology platform 1,200 1,166 Real estate owned asset management 1,149 912 Other real estate services 9 1 Title 2,573 2,554 Real Estate Technology 612 699 Total services revenue $ 12,588 $ 10,984 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 128,295 $ 9,563 $ — $ 137,858 State and municipal obligations — 156,765 — 156,765 Corporate bonds and notes — 2,503,736 — 2,503,736 RMBS — 1,049,473 — 1,049,473 CMBS — 523,580 — 523,580 CLO — 471,610 — 471,610 Other ABS — 318,601 — 318,601 Mortgage insurance-linked notes (1) — 47,402 — 47,402 Total fixed-maturities available for sale 128,295 5,080,730 — 5,209,025 Trading securities State and municipal obligations — 68,457 — 68,457 Corporate bonds and notes — 24,335 — 24,335 RMBS — 5,665 — 5,665 CMBS — 4,799 — 4,799 Total trading securities — 103,256 — 103,256 Equity securities 148,297 4,608 2,500 155,405 Mortgage loans held for sale (2) — 147,034 — 147,034 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,600 — 2,600 Money market instruments 434,652 — — 434,652 Corporate bonds and notes — 119,715 — 119,715 Other ABS — 9,500 — 9,500 Other investments (5) — 137,078 — 137,078 Total short-term investments 434,652 268,893 — 703,545 Total investments at fair value (4) 711,244 5,604,521 9,696 6,325,461 Other Derivative assets (6) — 954 — 954 Mortgage servicing rights — — 345 345 Loaned securities (7) Corporate bonds and notes — 106,237 — 106,237 Equity securities 13,600 — — 13,600 Total assets at fair value (4) $ 724,844 $ 5,711,712 $ 10,041 $ 6,446,597 Liabilities Derivative liabilities (6) $ — $ 397 $ 865 $ 1,262 Total liabilities at fair value $ — $ 397 $ 865 $ 1,262 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information. (2) See Note 7 for more information about our mortgage loans held for sale. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets on our condensed consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements. Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Investments Fixed-maturities available for sale U.S. government and agency securities $ 124,734 $ 9,859 $ — $ 134,593 State and municipal obligations — 142,785 — 142,785 Corporate bonds and notes — 2,511,905 — 2,511,905 RMBS — 1,014,071 — 1,014,071 CMBS — 558,383 — 558,383 CLO — 487,849 — 487,849 Other ABS — 284,559 — 284,559 Foreign government and agency securities — 5,087 — 5,087 Mortgage insurance-linked notes (1) — 48,996 — 48,996 Total fixed-maturities available for sale 124,734 5,063,494 — 5,188,228 Trading securities State and municipal obligations — 70,844 — 70,844 Corporate bonds and notes — 24,913 — 24,913 RMBS — 5,930 — 5,930 CMBS — 4,736 — 4,736 Total trading securities — 106,423 — 106,423 Equity securities 81,170 5,387 2,500 89,057 Mortgage loans held for sale (2) — 32,755 — 32,755 Other invested assets (3) (4) — — 7,196 7,196 Short-term investments State and municipal obligations — 2,700 — 2,700 Money market instruments 368,433 — — 368,433 Corporate bonds and notes — 150,930 — 150,930 CMBS — 1,347 — 1,347 Other ABS — 1,158 — 1,158 Other investments (5) — 135,998 — 135,998 Total short-term investments 368,433 292,133 — 660,566 Total investments at fair value (4) 574,337 5,500,192 9,696 6,084,225 Other Derivative assets (6) — 1,912 1 1,913 Loaned securities (7) U.S. government and agency securities 9,803 — — 9,803 Corporate bonds and notes — 117,992 — 117,992 Equity securities 75,898 — — 75,898 Total assets at fair value (4) $ 660,038 $ 5,620,096 $ 9,697 $ 6,289,831 Assets and liabilities carried at fair value by hierarchy level December 31, 2023 (In thousands) Level I Level II Level III Total Liabilities Derivative liabilities (6) $ — $ 817 $ 692 $ 1,509 Total liabilities at fair value $ — $ 817 $ 692 $ 1,509 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL 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 7 for more information about our mortgage loans held for sale. (3) Consists primarily of interests in private debt and equity investments. (4) Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (5) Comprises short-term certificates of deposit and commercial paper. (6) Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information. (7) Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 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 on our condensed consolidated balance sheets were as follows as of the dates indicated. Financial instruments not carried at fair value March 31, 2024 December 31, 2023 (In thousands) Carrying Estimated Carrying Estimated Company-owned life insurance $ 108,226 $ 108,226 $ 106,417 $ 106,417 Senior notes 1,512,860 1,520,523 1,417,781 1,406,118 Secured borrowings FHLB advances $ 79,281 $ 79,303 $ 95,277 $ 95,348 Mortgage loan financing facilities 128,320 128,320 24,199 24,199 Total secured borrowings $ 207,601 $ 207,623 $ 119,476 $ 119,547 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule 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 March 31, 2024 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 167,869 $ — $ (30,011) $ 137,858 State and municipal obligations 172,084 218 (15,537) 156,765 Corporate bonds and notes 2,886,238 7,042 (283,575) 2,609,705 RMBS 1,138,990 8,842 (98,359) 1,049,473 CMBS 565,949 55 (42,424) 523,580 CLO 475,769 188 (4,347) 471,610 Other ABS 321,559 1,084 (4,042) 318,601 Mortgage insurance-linked notes (1) 45,864 1,538 — 47,402 Total securities available for sale, including loaned securities 5,774,322 $ 18,967 $ (478,295) (2) 5,314,994 Less: loaned securities (3) 116,514 105,969 Total fixed-maturities available for sale $ 5,657,808 $ 5,209,025 December 31, 2023 (In thousands) Amortized Gross Gross Fair Value Fixed-maturities available for sale U.S. government and agency securities $ 171,194 $ 93 $ (26,891) $ 144,396 State and municipal obligations 158,539 283 (16,037) 142,785 Corporate bonds and notes 2,876,175 12,286 (259,177) 2,629,284 RMBS 1,089,919 8,250 (84,098) 1,014,071 CMBS 605,029 51 (46,697) 558,383 CLO 494,339 63 (6,553) 487,849 Other ABS 286,988 1,608 (4,037) 284,559 Foreign government and agency securities 5,128 — (41) 5,087 Mortgage insurance-linked notes (1) 47,456 1,540 — 48,996 Total securities available for sale, including loaned securities 5,734,767 $ 24,174 $ (443,531) (2) 5,315,410 Less: loaned securities (3) 135,656 127,182 Total fixed-maturities available for sale $ 5,599,111 $ 5,188,228 (1) Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL 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 on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements. |
Schedule of 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 March 31, 2024, and December 31, 2023, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below. Unrealized losses on fixed-maturities available for sale by category and length of time March 31, 2024 Less Than 12 Months 12 Months or Greater Total (In thousands) Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 21,017 $ (1,915) $ 107,278 $ (28,096) $ 128,295 $ (30,011) State and municipal obligations 24,066 (720) 99,220 (14,817) 123,286 (15,537) Corporate bonds and notes 318,330 (4,319) 1,942,216 (279,256) 2,260,546 (283,575) RMBS 129,902 (3,132) 635,067 (95,227) 764,969 (98,359) CMBS 612 (1) 513,908 (42,423) 514,520 (42,424) CLO 164,220 (398) 148,248 (3,949) 312,468 (4,347) Other ABS 84,720 (730) 59,057 (3,312) 143,777 (4,042) Total $ 742,867 $ (11,215) $ 3,504,994 $ (467,080) $ 4,247,861 $ (478,295) December 31, 2023 Less Than 12 Months 12 Months or Greater Total (In thousands) Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government and agency securities $ 15,650 $ (938) $ 113,678 $ (25,953) $ 129,328 $ (26,891) State and municipal obligations 17,154 (551) 104,949 (15,486) 122,103 (16,037) Corporate bonds and notes 161,924 (1,261) 2,055,113 (257,916) 2,217,037 (259,177) RMBS 113,506 (1,439) 653,955 (82,659) 767,461 (84,098) CMBS 8,558 (31) 546,104 (46,666) 554,662 (46,697) CLO 15,083 (25) 438,294 (6,528) 453,377 (6,553) Other ABS 49,513 (322) 64,078 (3,715) 113,591 (4,037) Foreign government and agency securities — — 5,087 (41) 5,087 (41) Total $ 381,388 $ (4,567) $ 3,981,258 $ (438,964) $ 4,362,646 $ (443,531) |
Schedule of Net Investment Income | Net investment income consisted of the following. Net investment income Three Months Ended (In thousands) 2024 2023 Investment income Fixed-maturities $ 57,259 $ 52,948 Equity securities 2,539 2,932 Mortgage loans held for sale (1) 1,793 194 Short-term investments 8,958 3,588 Other (2) 1,597 1,075 Gross investment income 72,146 60,737 Investment expenses (2) (2,925) (2,284) Net investment income $ 69,221 $ 58,453 (1) See Note 7 for additional information on our mortgage loans held for sale. (2) Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses. |
Schedule of 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 (In thousands) 2024 2023 Net realized gains (losses) on investments sold or redeemed (1) Fixed-maturities available for sale Gross realized gains $ 52 $ 78 Gross realized losses (3,735) (5,310) Fixed-maturities available for sale, net (3,683) (5,232) Trading securities — (302) Other investments 1 28 Net realized gains (losses) on investments sold or redeemed (1) (3,682) (5,506) Change in unrealized gains (losses) on investments sold or redeemed (1) 7 439 Net unrealized gains (losses) on investments still held (1) Trading securities (1,977) 2,078 Equity securities 4,074 3,444 Other investments (93) (37) Net unrealized gains (losses) on investments still held (1) 2,004 5,485 Total net gains (losses) on investments (1) (1,671) 418 Net gains (losses) on mortgage loans held for sale (Note 7) (2) 384 80 Net gains (losses) on other financial instruments (1) (3) 1,777 5,087 Net gains (losses) on investments and other financial instruments $ 490 $ 5,585 (1) Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information. (2) Includes realized and unrealized net gains (losses) on mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details. (3) |
Schedule of 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 March 31, 2024 (In thousands) Amortized Cost Fair Value Due in one year or less $ 107,336 $ 105,965 Due after one year through five years (1) 1,243,833 1,187,261 Due after five years through 10 years (1) 994,198 907,708 Due after 10 years (1) 880,824 703,394 Asset-backed and mortgage-backed securities (2) 2,548,131 2,410,666 Total 5,774,322 5,314,994 Less: loaned securities 116,514 105,969 Total fixed-maturities available for sale $ 5,657,808 $ 5,209,025 (1) Actual maturities may differ as a result of calls before scheduled maturity. (2) |
Mortgage Loans Held for Sale (T
Mortgage Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Derivative Instruments Used to Hedge Mortgage Loan Activity | The following table reflects the outstanding derivative instruments related to our mortgage loan activity as of the dates indicated. Derivative instruments March 31, 2024 December 31, 2023 Notional (1) Fair Value Notional (1) Fair Value (In thousands) Derivative Derivative Derivative Derivative Forward mortgage loan purchase commitments $ 277,339 $ 435 $ — $ 83,962 $ 708 $ — Hedging instruments (2) Forward RMBS purchase contracts $ 238,350 $ 20 $ 397 $ 51,100 $ 715 $ 817 Interest rate swap futures contracts (3) 22,500 499 — 7,300 489 — (1) Notional amounts provide an indication of the volume of the Company’s derivative capacity. (2) All of the derivatives used for hedging purposes are interest rate derivatives subject to master netting agreements and are considered economic hedges. (3) Derivative assets include cash collateral receivables of $357 thousand and $720 thousand as of March 31, 2024, and December 31, 2023, respectively . |
Schedule of Net Gain (Losses) on Mortgage Loans Held for Sale Related Derivatives | Included in our net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations are net gains (losses) related to our mortgage loans and related hedging activities, which consisted of the following. Net gains (losses) on mortgage loans held for sale Three Months Ended (In thousands) 2024 2023 Net realized gains (losses) Mortgage loans $ 63 $ — Mortgage loan hedging activities (783) (116) Total realized gains (losses) (720) (116) Mortgage loan servicing rights resulting from loan sales 310 — Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed (49) 33 Unrealized gains (losses) on mortgage loans and related derivatives still held Mortgage loans (1) 1,078 192 Mortgage loan hedging activities (235) (29) Total net unrealized gains (losses) 843 163 Net gains (losses) on mortgage loans held for sale $ 384 $ 80 (1) Includes net gains (losses) on mortgage loan commitments accounted for as derivatives prior to settlement. Net investment income earned on our mortgage loans held for sale and interest expense incurred on our mortgage loan financing facilities consisted of the following. Net interest margin on mortgage loans held for sale Three Months Ended (In thousands) 2024 2023 Interest income $ 1,793 $ 194 Interest expense 1,438 77 Net interest margin on mortgage loans held for sale $ 355 $ 117 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Reinsurance Disclosures [Abstract] | |
Schedule of 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 Three Months Ended (In thousands) 2024 2023 2024 2023 Direct Mortgage insurance $ 250,435 $ 242,784 $ 260,707 $ 256,527 Title insurance 1,948 1,888 1,948 1,888 Total direct 252,383 244,672 262,655 258,415 Ceded Mortgage insurance (1) (18,558) (13,364) (26,708) (25,077) Title insurance (90) (100) (90) (100) Total ceded (1) (18,648) (13,464) (26,798) (25,177) Total net premiums $ 233,735 $ 231,208 $ 235,857 $ 233,238 (1) 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. Other reinsurance impacts Three Months Ended (In thousands) 2024 2023 Ceding commissions earned (1) $ 6,113 $ 5,251 Ceded losses (2) 2,195 (1,166) (1) Ceding commissions earned are related to mortgage insurance and are included as an offset to expenses primarily in other operating expenses in our condensed consolidated statements of operations. Deferred ceding commissions of $18 million and $20 million are included in other liabilities on our condensed consolidated balance sheets at March 31, 2024, and December 31, 2023, respectively. (2) Ceded losses are primarily related to mortgage insurance. |
Schedule of 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) March 31, 2024 RIF ceded $ 1,987 $ 4,378 $ 1,729 $ 716 $ 952 (In millions) December 31, 2023 RIF ceded $ 1,366 $ 4,454 $ 1,783 $ 739 $ 982 (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. |
Schedule of Excess-of-Loss Program | The following tables set forth additional details regarding the XOL Program, with RIF, remaining coverage and first layer retention as of the dates indicated. XOL Program Mortgage Insurance-linked Notes (1) Traditional Reinsurance (In millions) Eagle Re 2023-1 Ltd. Eagle Re 2021-2 Ltd. Eagle Re 2021-1 Ltd. (2) 2023 XOL Agreement Issued October November April October NIW policy dates Apr 1, 2022- Jan 1, 2021- Aug 1, 2020- Oct 1, 2021- Initial RIF $ 8,782 $ 10,758 $ 11,061 $ 8,002 Initial coverage 353 484 498 246 Initial first layer retention 287 242 221 240 (In millions) March 31, 2024 RIF $ 8,525 $ 7,309 $ 5,922 $ 7,581 Remaining coverage 353 328 227 204 First layer retention 287 242 221 240 (In millions) December 31, 2023 RIF $ 8,659 $ 7,651 $ 6,227 $ 7,814 Remaining coverage 353 355 250 226 First layer retention 287 242 221 240 (1) Excludes Eagle Re 2020-1 Ltd., which as further discussed above, was terminated in March 2024. (2) Radian Group purchased $45 million of Eagle Re 2021-1 Ltd. outstanding principal amounts of the respective mortgage insurance-linked notes issued in connection with that reinsurance transaction. On our condensed consolidated balance sheet at March 31, 2024, 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) March 31, December 31, Eagle Re 2023-1 Ltd. $ 353,077 $ 353,077 Eagle Re 2021-2 Ltd. 328,326 354,947 Eagle Re 2021-1 Ltd. 227,212 250,268 Eagle Re 2020-1 Ltd. — 6,617 Total $ 908,615 $ 964,909 (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) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, Loaned securities (Notes 5 and 6) $ 119,837 $ 203,693 Company-owned life insurance (1) 108,226 106,417 Prepaid reinsurance premiums (2) 92,293 100,443 Right-of-use assets 15,150 16,292 Other 34,438 32,960 Total other assets $ 369,944 $ 459,805 (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) |
Losses and LAE (Tables)
Losses and LAE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance Loss Reserves [Abstract] | |
Schedule of 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) March 31, December 31, Primary case $ 336,929 $ 344,235 Primary IBNR and LAE 11,956 12,177 Pool and other 7,788 8,511 Mortgage insurance 356,673 364,923 Title insurance 5,160 5,225 Total reserve for losses and LAE $ 361,833 $ 370,148 |
Schedule of Provision for Losses | Provision for losses consisted of the following. Provision for losses Three Months Ended (In thousands) 2024 2023 Mortgage insurance $ (6,886) $ (16,864) Title insurance (148) (65) Total provision for losses $ (7,034) $ (16,929) |
Schedule of 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 Three Months Ended (In thousands) 2024 2023 Balance at beginning of period $ 364,923 $ 420,955 Less: Reinsurance recoverables (1) 25,074 24,727 Balance at beginning of period, net of reinsurance recoverables 339,849 396,228 Add: Losses and LAE incurred in respect of default notices reported and unreported in: Current year (2) 53,688 50,579 Prior years (60,574) (67,443) Total incurred (6,886) (16,864) Deduct: Paid claims and LAE related to: Current year (2) — 32 Prior years 3,387 2,983 Total paid 3,387 3,015 Balance at end of period, net of reinsurance recoverables 329,576 376,349 Add: Reinsurance recoverables (1) 27,097 23,501 Balance at end of period $ 356,673 $ 399,850 (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) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, December 31, Senior notes Senior Notes due 2024 4.500 % $ 449,354 $ 449,037 Senior Notes due 2025 6.625 % — 522,343 Senior Notes due 2027 4.875 % 446,661 446,401 Senior Notes due 2029 6.200 % 616,845 — Total senior notes $ 1,512,860 $ 1,417,781 ($ in thousands) Average interest rate (1) March 31, December 31, Secured borrowings FHLB advances FHLB advances due 2024 (2) 4.730 % $ 56,875 $ 72,871 FHLB advances due 2025 2.340 % 12,684 12,684 FHLB advances due 2026 4.469 % 1,835 1,835 FHLB advances due 2027 2.562 % 7,887 7,887 Total FHLB advances 79,281 95,277 Mortgage loan financing facilities 7.097 % 128,320 24,199 Total secured borrowings $ 207,601 $ 119,476 (1) As of March 31, 2024. 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 5.532% and 5.602% as of March 31, 2024, and December 31, 2023, respectively, which resets daily based on changes in SOFR. |
Schedule of Interest Expense | Interest expense consisted of the following. Interest expense Three Months Ended 2024 2023 Senior notes $ 22,128 $ 20,288 Loss on extinguishment of debt 4,275 — Mortgage loan financing facilities 1,438 77 FHLB advances 945 745 Revolving credit facility 260 311 Other — 18 Total interest expense $ 29,046 $ 21,439 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of 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) March 31, December 31, Balance at beginning of period 153,179 157,056 Shares repurchased under share repurchase programs (1,770) (5,264) Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes 100 1,387 Balance at end of period 151,509 153,179 |
Schedule of Dividends Declared and Paid | The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated. Dividends declared and paid 2024 2023 Quarter ended March 31 $ 0.245 $ 0.225 June 30 N/A 0.225 September 30 N/A 0.225 December 31 N/A 0.225 Total annual dividends per share declared and paid $ 0.245 $ 0.900 N/A – Not applicable |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (418,799) $ (87,948) $ (330,851) 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 (43,655) (9,168) (34,487) 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 (3,684) (774) (2,910) Net unrealized gains (losses) on investments (39,971) (8,394) (31,577) Other adjustments to comprehensive income (loss), net (86) (18) (68) Other comprehensive income (loss) (40,057) (8,412) (31,645) Balance at end of period $ (458,856) $ (96,360) $ (362,496) Three Months Ended (In thousands) Before Tax Tax Effect Net of Tax Balance at beginning of period $ (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 83,359 17,505 65,854 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 (5,232) (1,099) (4,133) Net unrealized gains (losses) on investments 88,591 18,604 69,987 Other adjustments to comprehensive income, net 227 48 179 Other comprehensive income (loss) 88,818 18,652 70,166 Balance at end of period $ (489,410) $ (102,777) $ (386,633) (1) Included in net gains (losses) on investments and other financial instruments in our condensed consolidated statements of operations. |
Statutory Information (Tables)
Statutory Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule of 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) Three Months Ended (In thousands) 2024 2023 Radian Guaranty $ 200,483 $ 199,171 Other mortgage insurance subsidiaries (430) (388) Radian Title Insurance 584 253 Statutory policyholders’ surplus (In thousands) March 31, December 31, Radian Guaranty $ 703,315 $ 619,584 Other mortgage insurance subsidiaries 17,105 17,444 Radian Title Insurance 41,676 41,108 |
Description of Business (Detail
Description of Business (Details) $ in Billions | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Dec. 31, 2023 USD ($) | |
Business Overview [Abstract] | ||
Number of reportable business segments | segment | 1 | |
Mortgage Insurance revenues | ||
Business Overview [Abstract] | ||
Down payment purchase price (percent) | 20% | |
Equity in home (percent) | 20% | |
Direct primary mortgage insurance in force | $ 271 | $ 270 |
Direct primary mortgage insurance risk in force | $ 70.3 | $ 69.7 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income—basic | $ 152,354 | $ 157,757 |
Net income—diluted | $ 152,354 | $ 157,757 |
Average common shares outstanding—basic (in shares) | 153,817 | 158,304 |
Dilutive effect of share-based compensation arrangements (in shares) | 2,154 | 3,045 |
Adjusted average common shares outstanding—diluted (in shares) | 155,971 | 161,349 |
Net income per share | ||
Basic (in usd per share) | $ 0.99 | $ 1 |
Diluted (in usd per share) | $ 0.98 | $ 0.98 |
Stock Compensation Plan | ||
Net income per share | ||
Shares of common stock equivalents (in shares) | 0 | 25 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable business segments | segment | 1 | |
Accounts and notes receivable | $ 130,095 | $ 123,857 |
Real estate | ||
Segment Reporting Information [Line Items] | ||
Accounts and notes receivable | $ 7,000 | $ 5,000 |
Segment Reporting - Adjusted Pr
Segment Reporting - Adjusted Pretax Operating Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net gains (losses) on investments and other financial instruments | $ 490 | $ 5,585 |
Pretax income | 198,649 | 204,011 |
Corporate, Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
All Other adjusted pretax operating income (loss) | (7,033) | (14,836) |
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 | 107 | 5,505 |
Amortization and impairment of goodwill and other acquired intangible assets | 0 | (1,371) |
Impairment of other long-lived assets and other non-operating items | (4,275) | 14 |
Mortgage Insurance revenues | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Allocated corporate operating expenses | 34,509 | 34,829 |
Direct depreciation expense | 1,923 | 2,124 |
Mortgage Insurance revenues | Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
All Other adjusted pretax operating income (loss) | $ 209,850 | $ 214,699 |
Segment Reporting - Revenues (D
Segment Reporting - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total revenues | $ 319,418 | $ 309,852 |
Net gains (losses) on investments and other financial instruments | 490 | 5,585 |
All Other | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total revenues | 34,406 | 25,076 |
Operating Segments | Mortgage Insurance revenues | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total revenues | 285,023 | 279,366 |
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 | 107 | 5,505 |
Intersegment Eliminations | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Total revenues | $ (118) | $ (95) |
Segment Reporting - Services Re
Segment Reporting - Services Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total services revenue | $ 12,588 | $ 10,984 |
Contract underwriting services | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 210 | 336 |
Valuation | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 4,475 | 2,881 |
Single family rental | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 2,360 | 2,435 |
Asset management technology platform | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 1,200 | 1,166 |
Real estate owned asset management | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 1,149 | 912 |
Other real estate services | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 9 | 1 |
Title | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | 2,573 | 2,554 |
Real Estate Technology | ||
Segment Reporting Information [Line Items] | ||
Total services revenue | $ 612 | $ 699 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | $ 119,837 | $ 203,693 |
Other invested assets—at fair value | 8,849 | 8,625 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 6,325,461 | 6,084,225 |
Derivative assets | 954 | 1,913 |
Mortgage servicing rights | 345 | |
Total assets at fair value | 6,446,597 | 6,289,831 |
Derivative Liabilities | 1,262 | 1,509 |
Total liabilities at fair value | 1,262 | 1,509 |
Level I | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 711,244 | 574,337 |
Derivative assets | 0 | 0 |
Mortgage servicing rights | 0 | |
Total assets at fair value | 724,844 | 660,038 |
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 | 5,604,521 | 5,500,192 |
Derivative assets | 954 | 1,912 |
Mortgage servicing rights | 0 | |
Total assets at fair value | 5,711,712 | 5,620,096 |
Derivative Liabilities | 397 | 817 |
Total liabilities at fair value | 397 | 817 |
Level III | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 9,696 | 9,696 |
Derivative assets | 0 | 1 |
Mortgage servicing rights | 345 | |
Total assets at fair value | 10,041 | 9,697 |
Derivative Liabilities | 865 | 692 |
Total liabilities at fair value | 865 | 692 |
Loaned securities | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 9,803 | |
Loaned securities | Fair Value, Measurements, Recurring | Corporate bonds and notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 106,237 | 117,992 |
Loaned securities | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 13,600 | 75,898 |
Loaned securities | Level I | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 9,803 | |
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 | Equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 13,600 | 75,898 |
Loaned securities | Level II | Fair Value, Measurements, Recurring | U.S. government and agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 0 | |
Loaned securities | Level II | Fair Value, Measurements, Recurring | Corporate bonds and notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 106,237 | 117,992 |
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 | U.S. government and agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loaned securities | 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 | 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 | 5,209,025 | 5,188,228 |
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 | 137,858 | 134,593 |
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 | 156,765 | 142,785 |
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 | 2,503,736 | 2,511,905 |
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 | 1,049,473 | 1,014,071 |
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 | 523,580 | 558,383 |
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 | 471,610 | 487,849 |
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 | 318,601 | 284,559 |
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 | 5,087 | |
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 | 47,402 | 48,996 |
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 | 128,295 | 124,734 |
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 | 128,295 | 124,734 |
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 | |
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 | 5,080,730 | 5,063,494 |
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 | 9,563 | 9,859 |
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 | 156,765 | 142,785 |
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 | 2,503,736 | 2,511,905 |
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 | 1,049,473 | 1,014,071 |
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 | 523,580 | 558,383 |
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 | 471,610 | 487,849 |
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 | 318,601 | 284,559 |
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 | 5,087 | |
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 | 47,402 | 48,996 |
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 | |
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 | 103,256 | 106,423 |
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 | 68,457 | 70,844 |
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 | 24,335 | 24,913 |
Trading securities | Fair Value, Measurements, Recurring | RMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 5,665 | 5,930 |
Trading securities | Fair Value, Measurements, Recurring | CMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 4,799 | 4,736 |
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 | 103,256 | 106,423 |
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 | 68,457 | 70,844 |
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 | 24,335 | 24,913 |
Trading securities | Level II | Fair Value, Measurements, Recurring | RMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 5,665 | 5,930 |
Trading securities | Level II | Fair Value, Measurements, Recurring | CMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 4,799 | 4,736 |
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 | 155,405 | 89,057 |
Equity securities | Level I | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 148,297 | 81,170 |
Equity securities | Level II | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 4,608 | 5,387 |
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 | 147,034 | 32,755 |
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 | 147,034 | 32,755 |
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 | 7,196 | 7,196 |
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 | 7,196 | 7,196 |
Short-term investments | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 703,545 | 660,566 |
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 | 2,600 | 2,700 |
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 | 119,715 | 150,930 |
Short-term investments | Fair Value, Measurements, Recurring | CMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 1,347 | |
Short-term investments | Fair Value, Measurements, Recurring | Other ABS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 9,500 | 1,158 |
Short-term investments | Fair Value, Measurements, Recurring | Other investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 137,078 | 135,998 |
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 | 434,652 | 368,433 |
Short-term investments | Level I | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 434,652 | 368,433 |
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 | 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 | 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 | 434,652 | 368,433 |
Short-term investments | Level II | Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments at fair value | 268,893 | 292,133 |
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 | 2,600 | 2,700 |
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 | 119,715 | 150,930 |
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 | 1,347 | |
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 | 9,500 | 1,158 |
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 | 137,078 | 135,998 |
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 | 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 | 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 | 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 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other invested assets—at fair value | $ 2,000 | $ 1,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Other Fair Value Disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Company-owned life insurance | $ 108,226 | $ 106,417 |
Senior notes (Note 12) | 1,512,860 | 1,417,781 |
Total secured borrowings | 207,601 | 119,476 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Company-owned life insurance | 108,226 | 106,417 |
Senior notes (Note 12) | 1,512,860 | 1,417,781 |
FHLB advances, carrying amount | 79,281 | 95,277 |
Mortgage financing facilities, carrying amount | 128,320 | 24,199 |
Total secured borrowings | 207,601 | 119,476 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Company-owned life insurance | 108,226 | 106,417 |
Senior notes, fair value | 1,520,523 | 1,406,118 |
FHLB advances, fair value | 79,303 | 95,348 |
Mortgage financing facilities, fair value | 128,320 | 24,199 |
Total secured borrowings | $ 207,623 | $ 119,547 |
Investments - Available for Sal
Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Loaned securities | $ 119,837 | $ 203,693 |
Total fixed maturities, available-for-sale, Amortized Cost | 5,657,808 | 5,599,111 |
Total fixed-maturities available for sale, Fair Value | 5,209,025 | 5,188,228 |
Total fixed-maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 5,774,322 | 5,734,767 |
Total fixed maturities, available-for-sale, Amortized Cost | 5,657,808 | 5,599,111 |
Gross Unrealized Gains | 18,967 | 24,174 |
Gross Unrealized Losses | (478,295) | (443,531) |
Fair Value | 5,314,994 | 5,315,410 |
Total fixed-maturities available for sale, Fair Value | 5,209,025 | 5,188,228 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 167,869 | 171,194 |
Gross Unrealized Gains | 0 | 93 |
Gross Unrealized Losses | (30,011) | (26,891) |
Fair Value | 137,858 | 144,396 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 172,084 | 158,539 |
Gross Unrealized Gains | 218 | 283 |
Gross Unrealized Losses | (15,537) | (16,037) |
Fair Value | 156,765 | 142,785 |
Corporate bonds and notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 2,886,238 | 2,876,175 |
Gross Unrealized Gains | 7,042 | 12,286 |
Gross Unrealized Losses | (283,575) | (259,177) |
Fair Value | 2,609,705 | 2,629,284 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 1,138,990 | 1,089,919 |
Gross Unrealized Gains | 8,842 | 8,250 |
Gross Unrealized Losses | (98,359) | (84,098) |
Fair Value | 1,049,473 | 1,014,071 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 565,949 | 605,029 |
Gross Unrealized Gains | 55 | 51 |
Gross Unrealized Losses | (42,424) | (46,697) |
Fair Value | 523,580 | 558,383 |
CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 475,769 | 494,339 |
Gross Unrealized Gains | 188 | 63 |
Gross Unrealized Losses | (4,347) | (6,553) |
Fair Value | 471,610 | 487,849 |
Other ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 321,559 | 286,988 |
Gross Unrealized Gains | 1,084 | 1,608 |
Gross Unrealized Losses | (4,042) | (4,037) |
Fair Value | 318,601 | 284,559 |
Foreign government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 5,128 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (41) | |
Fair Value | 5,087 | |
Mortgage insurance-linked notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 45,864 | 47,456 |
Gross Unrealized Gains | 1,538 | 1,540 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 47,402 | 48,996 |
Loaned securities, amortized cost | Total fixed-maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loaned securities | 116,514 | 135,656 |
Loaned securities, fair value | Total fixed-maturities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loaned securities | $ 105,969 | $ 127,182 |
Investments - Gross Unrealized
Investments - Gross Unrealized Losses and Fair Value of Available for Sale Securities (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 742,867 | $ 381,388 |
Unrealized losses, less than 12 months | (11,215) | (4,567) |
Fair value, 12 months or greater | 3,504,994 | 3,981,258 |
Unrealized losses, 12 months or greater | (467,080) | (438,964) |
Fair value, total | 4,247,861 | 4,362,646 |
Unrealized losses, total | $ (478,295) | $ (443,531) |
Number of securities in unrealized loss position | security | 1,041 | 1,063 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 21,017 | $ 15,650 |
Unrealized losses, less than 12 months | (1,915) | (938) |
Fair value, 12 months or greater | 107,278 | 113,678 |
Unrealized losses, 12 months or greater | (28,096) | (25,953) |
Fair value, total | 128,295 | 129,328 |
Unrealized losses, total | (30,011) | (26,891) |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 24,066 | 17,154 |
Unrealized losses, less than 12 months | (720) | (551) |
Fair value, 12 months or greater | 99,220 | 104,949 |
Unrealized losses, 12 months or greater | (14,817) | (15,486) |
Fair value, total | 123,286 | 122,103 |
Unrealized losses, total | (15,537) | (16,037) |
Corporate bonds and notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 318,330 | 161,924 |
Unrealized losses, less than 12 months | (4,319) | (1,261) |
Fair value, 12 months or greater | 1,942,216 | 2,055,113 |
Unrealized losses, 12 months or greater | (279,256) | (257,916) |
Fair value, total | 2,260,546 | 2,217,037 |
Unrealized losses, total | (283,575) | (259,177) |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 129,902 | 113,506 |
Unrealized losses, less than 12 months | (3,132) | (1,439) |
Fair value, 12 months or greater | 635,067 | 653,955 |
Unrealized losses, 12 months or greater | (95,227) | (82,659) |
Fair value, total | 764,969 | 767,461 |
Unrealized losses, total | (98,359) | (84,098) |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 612 | 8,558 |
Unrealized losses, less than 12 months | (1) | (31) |
Fair value, 12 months or greater | 513,908 | 546,104 |
Unrealized losses, 12 months or greater | (42,423) | (46,666) |
Fair value, total | 514,520 | 554,662 |
Unrealized losses, total | (42,424) | (46,697) |
CLO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 164,220 | 15,083 |
Unrealized losses, less than 12 months | (398) | (25) |
Fair value, 12 months or greater | 148,248 | 438,294 |
Unrealized losses, 12 months or greater | (3,949) | (6,528) |
Fair value, total | 312,468 | 453,377 |
Unrealized losses, total | (4,347) | (6,553) |
Other ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 84,720 | 49,513 |
Unrealized losses, less than 12 months | (730) | (322) |
Fair value, 12 months or greater | 59,057 | 64,078 |
Unrealized losses, 12 months or greater | (3,312) | (3,715) |
Fair value, total | 143,777 | 113,591 |
Unrealized losses, total | $ (4,042) | (4,037) |
Foreign government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | |
Unrealized losses, less than 12 months | 0 | |
Fair value, 12 months or greater | 5,087 | |
Unrealized losses, 12 months or greater | (41) | |
Fair value, total | 5,087 | |
Unrealized losses, total | $ (41) |
Investments - Loaned Securities
Investments - Loaned Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities Financing Transaction [Line Items] | ||
Loaned securities | $ 119,837 | $ 203,693 |
Loaned securities | ||
Securities Financing Transaction [Line Items] | ||
Securities received as collateral | $ 34,000 | $ 61,000 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Gross investment income | $ 72,146 | $ 60,737 |
Investment expenses | (2,925) | (2,284) |
Net investment income | 69,221 | 58,453 |
Fixed-maturities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 57,259 | 52,948 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 2,539 | 2,932 |
Mortgage loans held for sale | ||
Net Investment Income [Line Items] | ||
Gross investment income | 1,793 | 194 |
Short-term investments | ||
Net Investment Income [Line Items] | ||
Gross investment income | 8,958 | 3,588 |
Other | ||
Net Investment Income [Line Items] | ||
Gross investment income | $ 1,597 | $ 1,075 |
Investments - Net Gains (Losses
Investments - Net Gains (Losses) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fixed-maturities available for sale | ||
Net realized gains (losses) on investments sold or redeemed | $ (3,682) | $ (5,506) |
Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed | 7 | 439 |
Net unrealized gains (losses) on investments still held | ||
Net changes in unrealized gains (losses) on investments | 2,004 | 5,485 |
Total net gains (losses) on investments | (1,671) | 418 |
Mortgage loans | 384 | 80 |
Net gains (losses) on other financial instruments | 1,777 | 5,087 |
Net gains (losses) on investments and other financial instruments | 490 | 5,585 |
Fixed-maturities available for sale | ||
Fixed-maturities available for sale | ||
Gross realized gains | 52 | 78 |
Gross realized losses | (3,735) | (5,310) |
Fixed-maturities available for sale, net | (3,683) | (5,232) |
Trading securities | ||
Fixed-maturities available for sale | ||
Trading securities | 0 | (302) |
Net unrealized gains (losses) on investments still held | ||
Trading securities | (1,977) | 2,078 |
Equity securities | ||
Net unrealized gains (losses) on investments still held | ||
Equity securities | 4,074 | 3,444 |
Other investments | ||
Fixed-maturities available for sale | ||
Other investments | 1 | 28 |
Net unrealized gains (losses) on investments still held | ||
Other investments | $ (93) | $ (37) |
Investments - Contractual Matur
Investments - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Loaned securities | $ 119,837 | $ 203,693 |
Fixed-maturities available for sale, amortized cost | 5,657,808 | 5,599,111 |
Fair Value | ||
Loaned securities | 119,837 | 203,693 |
Total fixed-maturities available for sale, Fair Value | 5,209,025 | 5,188,228 |
Total fixed-maturities available for sale | ||
Amortized Cost | ||
Total | 5,774,322 | 5,734,767 |
Fixed-maturities available for sale, amortized cost | 5,657,808 | 5,599,111 |
Fair Value | ||
Total | 5,314,994 | 5,315,410 |
Total fixed-maturities available for sale, Fair Value | 5,209,025 | 5,188,228 |
Total fixed-maturities available for sale | Fixed-maturities available for sale | ||
Amortized Cost | ||
Total | 5,774,322 | |
Fixed-maturities available for sale, amortized cost | 5,657,808 | |
Fair Value | ||
Total | 5,314,994 | |
Total fixed-maturities available for sale, Fair Value | 5,209,025 | |
Non asset-backed securities | ||
Amortized Cost | ||
Due in one year or less | 107,336 | |
Due after one year through five years | 1,243,833 | |
Due after five years through 10 years | 994,198 | |
Due after 10 years | 880,824 | |
Fair Value | ||
Due in one year or less | 105,965 | |
Due after one year through five years | 1,187,261 | |
Due after five years through 10 years | 907,708 | |
Due after 10 years | 703,394 | |
Asset-backed and mortgage-backed securities | ||
Amortized Cost | ||
Asset-backed and mortgage-backed securities | 2,548,131 | |
Fair Value | ||
Asset-backed and mortgage-backed securities | 2,410,666 | |
Loaned securities, amortized cost | Total fixed-maturities available for sale | ||
Amortized Cost | ||
Loaned securities | 116,514 | 135,656 |
Fair Value | ||
Loaned securities | 116,514 | 135,656 |
Loaned securities, fair value | Total fixed-maturities available for sale | ||
Amortized Cost | ||
Loaned securities | 105,969 | 127,182 |
Fair Value | ||
Loaned securities | $ 105,969 | $ 127,182 |
Investments - Other (Details)
Investments - Other (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Assets held by insurance regulators | $ 14 | $ 14 |
Mortgage Loans Held for Sale -
Mortgage Loans Held for Sale - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) investment state | Dec. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Mortgage loans held for sale—at fair value (Note 7) | $ 147,034 | $ 32,755 |
Number of investments | investment | 217 | |
Unpaid principal balance | $ 145,000 | |
Number of states | state | 37 | |
Commitments to purchase and fund mortgage loans | $ 277,000 | |
Radian Mortgage Capital | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Minimum net worth for debt covenants | $ 3,000 |
Mortgage Loans Held for Sale _2
Mortgage Loans Held for Sale - Derivative Instruments Related to Mortgage Loan Activity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash collateral receivable (payable) | $ 357 | $ 720 |
Forward mortgage loan purchase commitments | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Notional | 277,339 | 83,962 |
Derivative Assets | 435 | 708 |
Derivative Liabilities | 0 | 0 |
Forward RMBS purchase contracts | Designated as Hedging Instrument | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Notional | 238,350 | 51,100 |
Derivative Assets | 20 | 715 |
Derivative Liabilities | 397 | 817 |
Interest rate swap futures contracts (3) | Designated as Hedging Instrument | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Notional | 22,500 | 7,300 |
Derivative Assets | 499 | 489 |
Derivative Liabilities | $ 0 | $ 0 |
Mortgage Loans Held for Sale _3
Mortgage Loans Held for Sale - Schedule of Net Gain (Losses) Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Mortgage loans | $ 384 | $ 80 |
Total realized gains (losses) | (3,682) | (5,506) |
Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed | 7 | 439 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Mortgage loans | 63 | 0 |
Mortgage loan hedging activities | (783) | (116) |
Total realized gains (losses) | (720) | (116) |
Mortgage loan servicing rights resulting from loan sales | 310 | 0 |
Change in unrealized gains (losses) on mortgage loans and related derivatives sold or redeemed | (49) | 33 |
Mortgage loans | 1,078 | 192 |
Mortgage loan hedging activities | (235) | (29) |
Total net unrealized gains (losses) | 843 | 163 |
Net gains (losses) on mortgage loans held for sale | $ 384 | $ 80 |
Mortgage Loans Held for Sale _4
Mortgage Loans Held for Sale - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest expense (Note 12) | $ 29,046 | $ 21,439 |
Disposal Group, Held-for-Sale, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest income | 1,793 | 194 |
Interest expense (Note 12) | 1,438 | 77 |
Net interest margin on mortgage loans held for sale | $ 355 | $ 117 |
Reinsurance - Net Premiums Writ
Reinsurance - Net Premiums Written and Earned, Insurance (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Ceded Credit Risk [Line Items] | |||
Direct premiums written | $ 252,383 | $ 244,672 | |
Ceded premiums written, net | (18,648) | (13,464) | |
Net Premiums Written | 233,735 | 231,208 | |
Direct premiums earned | 262,655 | 258,415 | |
Ceded premiums earned | (26,798) | (25,177) | |
Total net premiums earned | 235,857 | 233,238 | |
Ceding commissions earned | 6,113 | 5,251 | |
Ceded losses | 2,195 | ||
Ceded losses | (1,166) | ||
Deferred ceding commissions | 18,000 | $ 20,000 | |
Mortgage insurance | |||
Ceded Credit Risk [Line Items] | |||
Direct premiums written | 250,435 | 242,784 | |
Ceded premiums written, net | (18,558) | (13,364) | |
Direct premiums earned | 260,707 | 256,527 | |
Ceded premiums earned | (26,708) | (25,077) | |
Title insurance | |||
Ceded Credit Risk [Line Items] | |||
Direct premiums earned | 1,948 | 1,888 | |
Ceded premiums earned | (90) | (100) | |
Real estate | |||
Ceded Credit Risk [Line Items] | |||
Direct premiums written | 1,948 | 1,888 | |
Ceded premiums written, net | $ (90) | $ (100) |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 01, 2023 USD ($) | |
Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Funds held under reinsurance agreements, asset | $ 281 | $ 274 | |
Mortgage Insurance revenues | |||
Ceded Credit Risk [Line Items] | |||
Direct primary mortgage insurance risk in force | $ 70,300 | $ 69,700 | |
Excess-of-Loss Program | Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Percent of reinsurance coverage threshold (in percent) | 0.10 | ||
Maximum | Mortgage Insurance revenues | Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance retention policy, term of coverage, period | 12 years 6 months | ||
Maximum | 2023 QSR Agreement | |||
Ceded Credit Risk [Line Items] | |||
Direct primary mortgage insurance risk in force | $ 3,000 | ||
Maximum | Excess-of-Loss Program | Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Right to termination on or after option call date, period after issuance of insurance-linked notes | 7 years | ||
Minimum | Mortgage Insurance revenues | Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Reinsurance retention policy, term of coverage, period | 10 years | ||
Minimum | Excess-of-Loss Program | Radian Guaranty | |||
Ceded Credit Risk [Line Items] | |||
Right to termination on or after option call date, period after issuance of insurance-linked notes | 5 years |
Reinsurance - QSR Program (Deta
Reinsurance - QSR Program (Details) - Radian Guaranty - USD ($) $ in Millions | Jul. 01, 2023 | Jul. 01, 2022 | Jan. 01, 2020 | Jan. 01, 2018 | Jan. 01, 2016 | Mar. 31, 2024 | Dec. 31, 2023 |
2023 QSR Agreement | |||||||
Ceded Credit Risk [Line Items] | |||||||
Ceding commission % | 20% | ||||||
RIF ceded | $ 1,987 | $ 1,366 | |||||
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 | 4,378 | 4,454 | |||||
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 | 1,729 | 1,783 | |||||
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 | 716 | 739 | |||||
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 | $ 952 | $ 982 | |||||
Minimum | 2016 Single Premium QSR Agreement | Revenue Benchmark | Product Concentration Risk | |||||||
Ceded Credit Risk [Line Items] | |||||||
Quota share % | 18% | ||||||
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% |
Reinsurance - Excess-of-Loss Pr
Reinsurance - Excess-of-Loss Program (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Nov. 30, 2021 | Apr. 30, 2021 | Mar. 31, 2024 | Dec. 31, 2023 | |
Mortgage Insurance revenues | |||||
Ceded Credit Risk [Line Items] | |||||
Direct primary mortgage insurance risk in force | $ 70,300 | $ 69,700 | |||
Eagle Re 2023-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | |||||
Ceded Credit Risk [Line Items] | |||||
RIF | $ 8,782 | 8,525 | 8,659 | ||
Coverage | 353 | 353 | 353 | ||
Eagle Re 2023-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention | |||||
Ceded Credit Risk [Line Items] | |||||
First layer retention | 287 | 287 | 287 | ||
Eagle Re 2021-2 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | |||||
Ceded Credit Risk [Line Items] | |||||
RIF | $ 10,758 | 7,309 | 7,651 | ||
Coverage | 484 | 328 | 355 | ||
Eagle Re 2021-2 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention | |||||
Ceded Credit Risk [Line Items] | |||||
First layer retention | $ 242 | 242 | 242 | ||
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Radian Guaranty | Radian Group Inc. | |||||
Ceded Credit Risk [Line Items] | |||||
Proceeds from issuance of debt | 45 | ||||
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | |||||
Ceded Credit Risk [Line Items] | |||||
RIF | $ 11,061 | 5,922 | 6,227 | ||
Coverage | 498 | 227 | 250 | ||
Eagle Re 2021-1 Ltd. | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention | |||||
Ceded Credit Risk [Line Items] | |||||
First layer retention | $ 221 | 221 | 221 | ||
2023 XOL Agreement | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | |||||
Ceded Credit Risk [Line Items] | |||||
Coverage | 246 | 204 | 226 | ||
Direct primary mortgage insurance risk in force | 8,002 | 7,581 | 7,814 | ||
2023 XOL Agreement | Excess-of-Loss Program | Mortgage Insurance revenues | Radian Guaranty | First layer retention | |||||
Ceded Credit Risk [Line Items] | |||||
First layer retention | $ 240 | $ 240 | $ 240 |
Reinsurance - Total VIE Assets
Reinsurance - Total VIE Assets and Liabilities of Eagle Re Issuers (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Ceded Credit Risk [Line Items] | ||
Total assets | $ 7,759,865 | $ 7,593,933 |
Total liabilities | 3,320,133 | 3,196,128 |
Excess-of-Loss Program | Radian Guaranty | ||
Ceded Credit Risk [Line Items] | ||
Total assets | 908,615 | 964,909 |
Total liabilities | 908,615 | 964,909 |
Eagle Re 2023-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues | ||
Ceded Credit Risk [Line Items] | ||
Total assets | 353,077 | 353,077 |
Total liabilities | 353,077 | 353,077 |
Eagle Re 2021-2 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues | ||
Ceded Credit Risk [Line Items] | ||
Total assets | 328,326 | 354,947 |
Total liabilities | 328,326 | 354,947 |
Eagle Re 2021-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues | ||
Ceded Credit Risk [Line Items] | ||
Total assets | 227,212 | 250,268 |
Total liabilities | 227,212 | 250,268 |
Eagle Re 2020-1 Ltd. | Variable Interest Entity, Primary Beneficiary | Excess-of-Loss Program | Radian Guaranty | Mortgage Insurance revenues | ||
Ceded Credit Risk [Line Items] | ||
Total assets | 0 | 6,617 |
Total liabilities | $ 0 | $ 6,617 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Abstract] | ||
Loaned securities | $ 119,837 | $ 203,693 |
Company-owned life insurance | 108,226 | 106,417 |
Prepaid reinsurance premiums | 92,293 | 100,443 |
Right-of-use assets | 15,150 | 16,292 |
Other | $ 34,438 | $ 32,960 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Total other assets | $ 369,944 | $ 459,805 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Loss Carryforwards [Line Items] | ||
Net federal income tax liability, current | $ 21 | $ 21 |
US Treasury Securities | ||
Operating Loss Carryforwards [Line Items] | ||
Debt securities | $ 750 | $ 750 |
Losses and LAE - Reserve for Lo
Losses and LAE - Reserve for Losses and LAE by Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | $ 361,833 | $ 370,148 | ||
Mortgage insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | 356,673 | 364,923 | $ 399,850 | $ 420,955 |
Title insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | 5,160 | 5,225 | ||
Primary case | Mortgage insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | 336,929 | 344,235 | ||
Primary IBNR and LAE | Mortgage insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | 11,956 | 12,177 | ||
Pool and other | Mortgage insurance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Total reserve for losses and LAE | $ 7,788 | $ 8,511 |
Losses and LAE - Schedule of Pr
Losses and LAE - Schedule of Provision for Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effects of Reinsurance [Line Items] | ||
Total provision for losses | $ (7,034) | $ (16,929) |
Mortgage insurance | ||
Effects of Reinsurance [Line Items] | ||
Total provision for losses | (6,886) | (16,864) |
Title insurance | ||
Effects of Reinsurance [Line Items] | ||
Total provision for losses | $ (148) | $ (65) |
Losses and LAE - Mortgage Insur
Losses and LAE - Mortgage Insurance Reserve for Losses and LAE Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Loss reserve [Roll Forward] | ||||
Balance at beginning of period | $ 370,148 | |||
Deduct: Paid claims and LAE related to: | ||||
Balance at end of period | 361,833 | |||
Mortgage Insurance revenues | ||||
Loss reserve [Roll Forward] | ||||
Balance at beginning of period | 364,923 | $ 420,955 | ||
Less: Reinsurance recoverables | 25,074 | 24,727 | ||
Balance at beginning of period, net of reinsurance recoverables | 329,576 | 376,349 | $ 339,849 | $ 396,228 |
Add: Losses and LAE incurred in respect of default notices reported and unreported in: | ||||
Current year | 53,688 | 50,579 | ||
Prior years | (60,574) | (67,443) | ||
Total incurred | (6,886) | (16,864) | ||
Deduct: Paid claims and LAE related to: | ||||
Current year | 0 | 32 | ||
Prior years | 3,387 | 2,983 | ||
Total paid | 3,387 | 3,015 | ||
Balance at end of period, net of reinsurance recoverables | 329,576 | 376,349 | ||
Add: Reinsurance recoverables | 27,097 | 23,501 | ||
Balance at end of period | $ 356,673 | $ 399,850 |
Losses and LAE - Narrative (Det
Losses and LAE - Narrative (Details) - Primary Mortgage Product - Mortgage Insurance revenues - default | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
New primary defaults | 11,756 | 10,624 |
Increase in number of new primary default notices (in percent) | 11% | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total secured borrowings | $ 207,601 | $ 119,476 |
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 | 5.532% | 5.602% |
Senior notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,512,860 | $ 1,417,781 |
Senior notes | Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.50% | |
Long-term debt | $ 449,354 | 449,037 |
Senior notes | Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.625% | |
Long-term debt | $ 0 | 522,343 |
Senior notes | Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.875% | |
Long-term debt | $ 446,661 | 446,401 |
Senior notes | Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Long-term debt | $ 616,845 | 0 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
FHLB advances due 2024, average interest rate | 4.73% | |
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% | |
2024 | $ 56,875 | 72,871 |
2025 | 12,684 | 12,684 |
2026 | 1,835 | 1,835 |
2027 | 7,887 | 7,887 |
Total FHLB advances | 79,281 | 95,277 |
Mortgage loan financing facilities | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 128,320 | $ 24,199 |
Mortgage financing facilities, average interest rate | 7.097% |
Borrowings and Financing Acti_4
Borrowings and Financing Activities - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 4,275 | $ 0 | |
Other | 0 | 18 | |
Total interest expense | 29,046 | 21,439 | |
Senior notes | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 22,128 | 20,288 | |
Senior notes | Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 4,000 | ||
Mortgage loan financing facilities | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 1,438 | 77 | |
FHLB advances | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 945 | 745 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | $ 260 | $ 311 |
Borrowings and Financing Acti_5
Borrowings and Financing Activities - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Apr. 30, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||
Repayments in cash | $ 527,079,000 | $ 0 | ||||
Loss on extinguishment of debt | 4,275,000 | $ 0 | ||||
Collateral | $ 6,327,114,000 | 6,327,114,000 | $ 6,085,654,000 | |||
Mortgage loans held for sale | Asset Pledged as Collateral | ||||||
Debt Instrument [Line Items] | ||||||
Collateral | 142,000,000 | 142,000,000 | 31,000,000 | |||
Total fixed-maturities available for sale | Fixed maturities AFS and trading securities | ||||||
Debt Instrument [Line Items] | ||||||
FHLB, collateral pledged | 84,000,000 | 84,000,000 | 101,000,000 | |||
Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding borrowings | 1,512,860,000 | $ 1,512,860,000 | 1,417,781,000 | |||
FHLB advances | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
FHLB, ratio of market value of collateral to advances | 1.03 | |||||
FHLB advances | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
FHLB, ratio of market value of collateral to advances | 1.14 | |||||
Mortgage loan financing facilities | Goldman Sachs Master Repurchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 100,000,000 | $ 100,000,000 | ||||
Mortgage loan financing facilities | BMO Master Repurchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 150,000,000 | 150,000,000 | ||||
Mortgage loan financing facilities | BMO Master Repurchase Agreement | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 400,000,000 | |||||
Mortgage loan financing facilities | Flagstar Bank Master Repurchase Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 150,000,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Fair value of amount outstanding | 0 | 0 | ||||
Revolving Credit Facility | Unsecured Revolving Credit Facility, Expiration Date 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | 275,000,000 | 275,000,000 | ||||
Senior Notes due 2029 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | 625,000,000 | $ 625,000,000 | ||||
Net proceeds received | $ 617,000,000 | |||||
Interest rate on senior notes | 6.20% | 6.20% | ||||
Redemption price, percentage of principal amount | 100% | |||||
Basis spread on variable rate | 0.30% | |||||
Stock retention percentage required in order to make capital stock transactions | 80% | 80% | ||||
Outstanding borrowings | $ 616,845,000 | $ 616,845,000 | 0 | |||
Senior Notes due 2025 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 6.625% | 6.625% | ||||
Redemption price, percentage of principal amount | 100.40% | |||||
Aggregate principal redemption amount | $ 525,000,000 | |||||
Repayments in cash | 527,000,000 | |||||
Loss on extinguishment of debt | 4,000,000 | |||||
Outstanding borrowings | $ 0 | $ 0 | $ 522,343,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Mar. 31, 2024 USD ($) legalMatter | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | ||
Operating lease liability | $ | $ 42 | $ 45 |
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 | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Common Stock Outstanding [Roll Forward] | ||
Common stock, beginning balance (in shares) | 153,179 | 157,056 |
Shares repurchased under share repurchase programs (in shares) | (1,800) | |
Issuance of common stock under incentive and benefit plans, net of share withheld for employee taxes (in shares) | 100 | 1,387 |
Common stock, ending balance (in shares) | 151,509 | 153,179 |
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs | ||
Common Stock Outstanding [Roll Forward] | ||
Shares repurchased under share repurchase programs (in shares) | (1,770) | (5,264) |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 31, 2023 | |
Capital Stock [Line Items] | |||||||
Authorized amount | $ 300 | ||||||
Stock repurchased during period (in shares) | 1,800 | ||||||
Stock repurchased during period, average price per share (in usd per share) | $ 28.26 | ||||||
Common stock, dividends, per share, declared (in usd per share) | $ 0.245 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.900 | |
Total of 3Q19, 1Q20, and 3Q21 Repurchase Programs | |||||||
Capital Stock [Line Items] | |||||||
Stock repurchased during period (in shares) | 1,770 | 5,264 | |||||
Remaining authorized repurchase amount | $ 117 |
Capital Stock - Schedule of Dec
Capital Stock - Schedule of Declared and Paid Per Share (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 | |
Capital Stock [Line Items] | |||||||
Common stock, dividends, per share, declared (in usd per share) | $ 0.245 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.900 | |
Forecast | |||||||
Capital Stock [Line Items] | |||||||
Common stock, dividends, per share, declared (in usd per share) | $ 0.245 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Before Tax | ||||
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | $ (43,655) | $ 83,359 | ||
Net realized gains (losses) on disposals and non-credit related impairment losses | (3,684) | (5,232) | ||
Net unrealized gains (losses) on investments | (39,971) | 88,591 | ||
Other adjustments to comprehensive income (loss), net | (86) | 227 | ||
Other comprehensive income (loss) | (40,057) | 88,818 | ||
Tax Effect | ||||
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | (9,168) | 17,505 | ||
Net realized gains (losses) on disposals and non-credit related impairment losses | (774) | (1,099) | ||
Net unrealized gains (losses) on investments | (8,394) | 18,604 | ||
Other adjustments to comprehensive income (loss), net | (18) | 48 | ||
Other comprehensive income (loss) | (8,412) | 18,652 | ||
Net of Tax | ||||
Balance at beginning and end of the period | (362,496) | $ (330,851) | ||
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected credit losses has not been recognized | (34,487) | 65,854 | ||
Net realized gains (losses) on disposals and non-credit related impairment losses | (2,910) | (4,133) | ||
Net unrealized gains (losses) on investments | (31,577) | 69,987 | ||
Other adjustments to other comprehensive income (loss) | (68) | 179 | ||
Other comprehensive income (loss), net of tax | (31,645) | 70,166 | ||
AOCI Attributable to Parent | ||||
Before Tax | ||||
Balance at beginning of period | (418,799) | (578,228) | ||
Balance at end of period | (458,856) | (489,410) | ||
Tax Effect | ||||
Balance at beginning of period | (87,948) | (121,429) | ||
Balance at end of period | (96,360) | (102,777) | ||
Net of Tax | ||||
Balance at beginning and end of the period | (362,496) | (386,633) | $ (330,851) | $ (456,799) |
Net unrealized gains (losses) on investments | $ (31,577) | $ 69,987 |
Statutory Information - Statuto
Statutory Information - Statutory Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Radian Guaranty | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 200,483 | $ 199,171 | |
Statutory policyholders’ surplus | 703,315 | $ 619,584 | |
Other mortgage insurance subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (430) | (388) | |
Statutory policyholders’ surplus | 17,105 | 17,444 | |
Radian Title Insurance | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 584 | $ 253 | |
Statutory policyholders’ surplus | $ 41,676 | $ 41,108 |
Statutory Information - Narrati
Statutory Information - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
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 | $ 4,700 | |
Radian Guaranty | ||
Statutory Accounting Practices [Line Items] | ||
Risk to capital ratio | 10.2 | 10.4 |
Statutory positive unassigned surplus | $ 203 | $ 120 |
Payments of ordinary dividends | $ 100 |