Note 2 - Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Summarized financial information concerning our segments, as of and for the periods indicated, are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2013			2012			2013			2012
Mortgage Insurance
Net premiums written—insurance	$	251,159		$	182,518		$	468,445		$	379,371
Net premiums earned—insurance	$	197,952		$	170,763		$	380,944		$	344,214
Net investment income	15,266			17,608			30,368			35,619
Net (losses) gains on investments	(83,386		)	26,662			(86,623		)	58,840
Change in fair value of derivative instruments	—			(52		)	—			(31		)
Net gains (losses) on other financial instruments	74			42			(1,803		)	(667		)
Other income	2,159			1,304			3,871			2,648
Total revenues	132,065			216,327			326,757			440,623
Provision for losses	136,410			208,078			268,366			442,807
Change in PDR	1,251			559			622			539
Policy acquisition costs	6,501			7,890			18,233			16,536
Other operating expenses	51,295			31,272			117,075			67,537
Interest expense	3,704			1,723			6,373			3,445
Total expenses	199,161			249,522			410,669			530,864
Pretax loss	$	(67,096	)	$	(33,195	)	$	(83,912	)	$	(90,241	)
Cash and investments	$	2,962,997		$	3,176,027
Deferred policy acquisition costs	29,138			44,240
Total assets	3,431,444			3,388,524
Unearned premiums	483,303			290,880
Reserve for losses and LAE	2,690,861			3,155,343
VIE debt	10,963			7,500
Derivative liabilities	—			—
New Insurance Written (“NIW”) (in millions)	$	13,377		$	8,335		$	24,283		$	14,800

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2013			2012			2013			2012
Financial Guaranty
Net premiums written—insurance	$	70		$	(586	)	$	(10,031	)	$	(119,761	)
Net premiums earned—insurance	$	15,172		$	16,016		$	24,768		$	9,930
Net investment income	12,349			13,269			24,120			29,971
Net (losses) gains on investments	(46,868		)	(243		)	(49,136		)	35,038
Change in fair value of derivative instruments	86,535			(33,072		)	(81,135		)	(105,850		)
Net gains (losses) on other financial instruments	1,114			(61,904		)	(2,684		)	(79,047		)
Gain on sale of affiliate	—			7,708			—			7,708
Other income	75			91			134			187
Total revenues	68,377			(58,135		)	(83,933		)	(102,063		)
Provision for losses	3,881			2,790			3,984			34,215
Change in PDR	—			—			—			—
Policy acquisition costs	3,505			2,915			8,968			22,315
Other operating expenses	9,686			8,921			24,006			22,810
Interest expense	15,716			10,858			28,928			23,284
Total expenses	32,788			25,484			65,886			102,624
Equity in net (loss) income of affiliates	—			(2		)	1			(13		)
Pretax income (loss)	$	35,589		$	(83,621	)	$	(149,818	)	$	(204,700	)
Cash and investments	$	2,403,636		$	2,137,956
Deferred policy acquisition costs	41,289			55,146
Total assets	2,622,556			2,643,006
Unearned premiums	229,403			297,551
Reserve for losses and LAE	25,629			94,937
VIE debt	95,804			100,333
Derivative liabilities	350,576			219,960

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

A reconciliation of segment pretax income (loss) to consolidated net loss is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2013			2012			2013			2012
Mortgage Insurance pretax loss	$	(67,096	)	$	(33,195	)	$	(83,912	)	$	(90,241	)
Financial Guaranty pretax income (loss)	35,589			(83,621		)	(149,818		)	(204,700		)
Income tax provision (benefit)	1,665			2,443			(13,058		)	(6,450		)
Consolidated net loss	$	(33,172	)	$	(119,259	)	$	(220,672	)	$	(288,491	)