Debt And Equity Securities (Tables)

3 Months Ended

Mar. 31, 2012

Debt And Equity Securities [Abstract]

Amortized Cost And Estimated Fair Value Of Investments In Debt Securities, Classified As Available-For-Sale

Amortized			Gross unrealized					Estimated			Other-than- temporary impairments
(in thousands)	cost			gains		losses			fair value			in AOCI
March 31, 2012
U.S. Treasury bonds	$	109,035		$	1,843	$	(816	)	$	110,062		$
Municipal bonds		357,372			18,013		(674	)		374,711
Foreign bonds		224,883			2,186		(654	)		226,415
Governmental agency bonds		173,059			1,100		(373	)		173,786
Governmental agency mortgage-backed securities		989,290			9,207		(1,143	)		997,354
Non-agency mortgage-backed securities (1)		37,553			1,189		(7,805	)		30,937			29,727
Corporate debt securities		262,721			10,661		(524	)		272,858
	$	2,153,913		$	44,199	$	(11,989	)	$	2,186,123		$	29,727
December 31, 2011
U.S. Treasury bonds	$	71,995		$	2,236	$			$	74,231		$
Municipal bonds		329,935			19,272		(84	)		349,123
Foreign bonds		212,200			3,026		(206	)		215,020
Governmental agency bonds		195,784			1,970		(1	)		197,753
Governmental agency mortgage-backed securities		1,066,656			10,816		(925	)		1,076,547
Non-agency mortgage-backed securities (1)		42,089			478		(11,933	)		30,634			32,089
Corporate debt securities		248,921			10,420		(738	)		258,603
	$	2,167,580		$	48,218	$	(13,887	)	$	2,201,911		$	32,089

(1) At March 31, 2012, the $37.6 million amortized cost is net of $2.6 million in other-than-temporary impairments determined to be credit related which have been recognized in earnings for the three months ended March 31, 2012. At December 31, 2011, the $42.1 million amortized cost is net of $9.1 million in other-than-temporary impairments determined to be credit related which have been recognized in earnings for the year ended December 31, 2011. At March 31, 2012, the $7.8 million gross unrealized losses include $7.1 million of unrealized losses for securities determined to be other-than-temporarily impaired and $0.7 million of unrealized losses for securities for which an other-than-temporary impairment has not been recognized. At December 31, 2011, the $11.9 million gross unrealized losses include $11.4 million of unrealized losses for securities determined to be other-than-temporarily impaired and $0.5 million of unrealized losses for securities for which an other-than-temporary impairment has not been recognized. The $29.7 million and $32.1 million other-than-temporary impairments recorded in accumulated other comprehensive income (AOCI) through March 31, 2012 and December 31, 2011, respectively, represent the amount of other-than-temporary impairment losses recognized in AOCI which, starting January 1, 2009, were not included in earnings due to the fact that the losses were not considered to be credit related. Other-than-temporary impairments were recognized in AOCI for non-agency mortgage-backed securities only.

Cost And Estimated Fair Value Of Investments In Equity Securities, Classified As Available-For-Sale

(in thousands)	Cost		Gross unrealized					Estimated fair value
			gains		losses
March 31, 2012
Preferred stocks	$	7,098	$	597	$	(3	)	$	7,692
Common stocks (1)		225,127		6,817		(21,808	)		210,136
	$	232,225	$	7,414	$	(21,811	)	$	217,828
December 31, 2011
Preferred stocks	$	7,007	$	678	$	(17	)	$	7,668
Common stocks (1)		224,880		3,793		(52,341	)		176,332
	$	231,887	$	4,471	$	(52,358	)	$	184,000

(1) CoreLogic common stock with a cost basis of $167.6 million at March 31, 2012 and December 31, 2011, and an estimated fair value of $145.8 million and $115.5 million at March 31, 2012 and December 31, 2011, respectively, is included in common stocks. In connection with the Separation, TFAC issued to the Company a number of shares of its common stock. Under the terms of the Separation and Distribution Agreement, if the Company chooses to dispose of 1% or more of CoreLogics outstanding common stock at a given date, the Company must first provide CoreLogic with the option to purchase the shares. The Company has agreed to dispose of the shares within five years after the Separation or to bear any adverse tax consequences arising as a result of holding the shares for a longer period.

Net Unrealized Gains (Losses)

(in thousands)	As of March 31, 2012			As of December 31, 2011
Debt securities for which an other-than-temporary impairment has been recognized	$	(5,873	)	$	(10,937	)
Debt securitiesall other		38,083			45,268
Equity securities		(14,397	)		(47,887	)
	$	17,813		$	(13,556	)

Gross Unrealized Losses

	Less than 12 months					12 months or longer					Total
(in thousands)	Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses			Estimated fair value		Unrealized losses
March 31, 2012
Debt securities:
U.S. Treasury bonds	$	44,552	$	(816	)	$		$			$	44,552	$	(816	)
Municipal bonds		34,495		(674	)							34,495		(674	)
Foreign bonds		78,545		(654	)							78,545		(654	)
Governmental agency bonds		49,028		(373	)							49,028		(373	)
Governmental agency mortgage-backed securities		330,281		(890	)		39,156		(253	)		369,437		(1,143	)
Non-agency mortgage-backed securities							23,059		(7,805	)		23,059		(7,805	)
Corporate debt securities		36,852		(507	)		1,353		(17	)		38,205		(524	)
Total debt securities		573,753		(3,914	)		63,568		(8,075	)		637,321		(11,989	)
Equity securities		813		(14	)		145,791		(21,797	)		146,604		(21,811	)
Total	$	574,566	$	(3,928	)	$	209,359	$	(29,872	)	$	783,925	$	(33,800	)
December 31, 2011
Debt securities:
U.S. Treasury bonds	$		$			$		$			$		$
Municipal bonds		7,186		(43	)		1,896		(41	)		9,082		(84	)
Foreign bonds		30,508		(206	)		690					31,198		(206	)
Governmental agency bonds		13,828		(1	)		4,150					17,978		(1	)
Governmental agency mortgage-backed securities		280,114		(793	)		43,835		(132	)		323,949		(925	)
Non-agency mortgage-backed securities							26,500		(11,933	)		26,500		(11,933	)
Corporate debt securities		40,682		(708	)		1,290		(30	)		41,972		(738	)
Total debt securities		372,318		(1,751	)		78,361		(12,136	)		450,679		(13,887	)
Equity securities		131,768		(52,358	)							131,768		(52,358	)
Total	$	504,086	$	(54,109	)	$	78,361	$	(12,136	)	$	582,447	$	(66,245	)

Composition Of The Company's Non-Agency Mortgage-Backed Securities

(in thousands, except percentages and number of securities)	Number of Securities		Amortized Cost		Estimated Fair Value		Non-Investment Grade/ Not Rated
Non-agency mortgage-backed securities:
Prime single family residential:
2007		1	$	5,371	$	4,031		100.0	%
2006		6		15,899		11,963		100.0	%
2005		1		3,797		3,054		100.0	%
Alt-A single family residential:
2007		2		12,486		11,889		100.0	%
		10	$	37,553	$	30,937		100.0	%

Amortized Cost And Estimated Fair Value Of Debt Securities

		000000		000000		000000		000000		000000
(in thousands)	Due in one year or less		Due after one through five years		Due after five through ten years		Due after ten years		Total
U.S. Treasury bonds
Amortized cost		45,702		19,278		43,921		134		109,035
Estimated fair value		45,973		20,682		43,219		188		110,062
Municipal bonds
Amortized cost		2,131		102,850		139,977		112,414		357,372
Estimated fair value		2,158		106,599		148,652		117,302		374,711
Foreign bonds
Amortized cost		33,455		160,494		30,934				224,883
Estimated fair value		33,785		161,865		30,765				226,415
Governmental agency bonds
Amortized cost		2,343		83,363		69,862		17,491		173,059
Estimated fair value		2,376		83,726		69,751		17,933		173,786
Corporate debt securities
Amortized cost		5,137		103,615		134,485		19,484		262,721
Estimated fair value		5,190		106,697		140,737		20,234		272,858
Total debt securities excluding mortgage-backed securities
Amortized cost		88,768		469,600		419,179		149,523		1,127,070
Estimated fair value		89,482		479,569		433,124		155,657		1,157,832
Total mortgage-backed securities
Amortized cost										1,026,843
Estimated fair value										1,028,291
Total debt securities
Amortized cost										2,153,913
Estimated fair value										2,186,123

Summary Of Primary Assumptions Used In Estimating The Cash Flows Expected To Be Collected For The Securities

	Weighted average			Range
Prepayment speeds		7.3	%	4.0%  9.4%
Default rates		7.4	%	2.5%  13.1%
Loss severity		29.7	%	7.7%  46.2%

Change In Credit Portion Of The Other-Than-Temporary Impairments Recognized In Earnings On Debt Securities

	For the Three Months Ended March 31,
(in thousands)	2012		2011
Credit loss on debt securities held at beginning of period	$	34,176	$	25,108
Addition to credit loss for which an other-than-temporary impairment was previously recognized		2,602		297
Addition to credit loss for which an other-than-temporary impairment was not previously recognized
Credit loss on debt securities held as of March 31	$	36,778	$	25,405

Available-For-Sale Investments Measured At Fair Value On A Recurring Basis

(in thousands)	Estimated fair value as of March 31, 2012		Level 1		Level 2		Level 3
Debt securities:
U.S. Treasury bonds	$	110,062	$		$	110,062	$
Municipal bonds		374,711				374,711
Foreign bonds		226,415				226,415
Governmental agency bonds		173,786				173,786
Governmental agency mortgage-backed securities		997,354				997,354
Non-agency mortgage-backed securities		30,937						30,937
Corporate debt securities		272,858				272,858
		2,186,123				2,155,186		30,937
Equity securities:
Preferred stocks		7,692		7,692
Common stocks		210,136		210,136
		217,828		217,828
	$	2,403,951	$	217,828	$	2,155,186	$	30,937

(in thousands)	Estimated fair value as of December 31, 2011		Level 1		Level 2		Level 3
Debt securities:
U.S. Treasury bonds	$	74,231	$		$	74,231	$
Municipal bonds		349,123				349,123
Foreign bonds		215,020				215,020
Governmental agency bonds		197,753				197,753
Governmental agency mortgage-backed securities		1,076,547				1,076,547
Non-agency mortgage-backed securities		30,634						30,634
Corporate debt securities		258,603				258,603
		2,201,911				2,171,277		30,634
Equity securities:
Preferred stocks		7,668		7,668
Common stocks		176,332		176,332
		184,000		184,000
	$	2,385,911	$	184,000	$	2,171,277	$	30,634

Summary Of The Changes In Fair Value Of Level 3 Available-For-Sale Investments

	For the Three Months Ended March 31,
(in thousands)	2012			2011
Fair value at beginning of period	$	30,634		$	47,534
Total gains/(losses) (realized and unrealized):
Included in earnings:
Realized losses
Net other-than-temporary impairment losses recognized in earnings		(2,602	)		(297	)
Included in other comprehensive loss		4,839			2,585
Settlements		(1,934	)		(3,452	)
Sales
Transfers into Level 3
Transfers out of Level 3
Fair value as of March 31	$	30,937		$	46,370
Unrealized gains (losses) included in earnings for the period relating to Level 3 available-for-sale investments that were still held at the end of the period:
Net other-than-temporary impairment losses recognized in earnings	$	(2,602	)	$	(297	)