Note 2 - Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(In thousands)	2013			2012			2013			2012
Mortgage Insurance
Net premiums written—insurance	$	250,799		$	209,890		$	719,244		$	589,261
Net premiums earned—insurance	$	200,120		$	178,685		$	581,064		$	522,899
Net investment income	14,868			14,758			45,236			50,377
Net (losses) gains on investments	(4,380		)	43,379			(91,003		)	102,219
Change in fair value of derivative instruments	—			(1		)	—			(32		)
Net losses on other financial instruments	(168		)	(1,960		)	(1,971		)	(2,627		)
Other income	1,250			1,280			5,121			3,928
Total revenues	211,690			236,141			538,447			676,764
Provision for losses	152,012			171,805			420,378			614,612
Change in PDR	(2,325		)	966			(1,703		)	1,505
Policy acquisition costs	5,839			10,126			24,072			26,662
Other operating expenses	59,590			40,250			176,665			107,787
Interest expense	4,447			1,910			10,820			5,355
Total expenses	219,563			225,057			630,232			755,921
Pretax (loss) income	$	(7,873	)	$	11,084		$	(91,785	)	$	(79,157	)
Cash and investments	$	2,790,050		$	3,192,341
Deferred policy acquisition costs	29,158			39,148
Total assets	3,238,224			3,651,849
Unearned premiums	535,420			333,144
Reserve for losses and LAE	2,314,785			3,046,706
VIE debt	11,109			9,448
Derivative liabilities	—			—
New Insurance Written (“NIW”) (in millions)	$	13,720		$	10,598		$	38,003		$	25,398

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2013			2012			2013			2012
Financial Guaranty
Net premiums written—insurance	$	43		$	(613	)	$	(9,988	)	$	(120,374	)
Net premiums earned—insurance	$	11,864		$	12,278		$	36,632		$	22,208
Net investment income	11,864			10,877			35,984			40,848
Net (losses) gains on investments	(2,752		)	41,280			(51,888		)	76,318
Change in fair value of derivative instruments	10,778			(41,055		)	(70,357		)	(146,905		)
Net gains (losses) on other financial instruments	1,070			1,220			(1,614		)	(77,827		)
Gain on sale of affiliate	—			—			—			7,708
Other income	64			48			198			235
Total revenues	32,888			24,648			(51,045		)	(77,415		)
Provision for losses	5,162			4,547			9,146			38,762
Policy acquisition costs	2,119			2,801			11,087			25,116
Other operating expenses	11,384			10,179			35,390			32,989
Interest expense	15,123			10,610			44,051			33,894
Total expenses	33,788			28,137			99,674			130,761
Equity in net income (loss) of affiliates	—			—			1			(13		)
Pretax loss	$	(900	)	$	(3,489	)	$	(150,718	)	$	(208,189	)
Cash and investments	$	2,293,586		$	2,099,454
Deferred policy acquisition costs	39,303			52,123
Total assets	2,520,349			2,389,508
Unearned premiums	216,167			281,311
Reserve for losses and LAE	32,094			72,891
VIE debt	93,109			100,203
Derivative liabilities	344,870			267,323

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

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

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2013			2012			2013			2012
Mortgage Insurance pretax (loss) income	$	(7,873	)	$	11,084		$	(91,785	)	$	(79,157	)
Financial Guaranty pretax loss	(900		)	(3,489		)	(150,718		)	(208,189		)
Income tax provision (benefit)	3,909			(6,730		)	(9,149		)	(13,180		)
Consolidated net (loss) income	$	(12,682	)	$	14,325		$	(233,354	)	$	(274,166	)