Note 2 - Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

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

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

	Three Months Ended March 31, 2014
	Mortgage		Financial
(In thousands)	Insurance		Guaranty			Total
Net premiums written—insurance	$	212,953	$	753		$	213,706
Net premiums earned—insurance	$	198,762	$	6,903		$	205,665
Net premiums earned on derivatives	—		3,445			3,445
Net investment income	14,021		10,208			24,229
Other income	1,057		70			1,127
Total revenues	213,840		20,626			234,466
Provision for losses	49,159		5,650			54,809
Estimated present value of net credit losses (recoveries) incurred	139		(501		)	(362		)
Change in PDR	466		—			466
Policy acquisition costs	7,017		1,597			8,614
Other operating expenses	50,358		9,551			59,909
Interest expense	5,372		14,555			19,927
Total expenses	112,511		30,852			143,363
Equity in net loss of affiliates	—		(13		)	(13		)
Adjusted pretax operating income (loss)	$	101,329	$	(10,239	)	$	91,090
Cash and investments	$	2,735,809	$	2,166,099		$	4,901,908
Deferred policy acquisition costs	27,870		35,838			63,708
Total assets	3,136,537		2,392,448			5,528,985
Unearned premiums	580,453		194,335			774,788
Reserve for losses and LAE	1,893,960		29,751			1,923,711
VIE debt	3,144		92,436			95,580
Derivative liabilities	—		257,717			257,717
New Insurance Written (“NIW”) (in millions)	$	6,808

	Three Months Ended March 31, 2013
	Mortgage			Financial
(In thousands)	Insurance			Guaranty			Total
Net premiums written—insurance	$	217,286		$	(10,101	)	$	207,185
Net premiums earned—insurance	$	182,992		$	9,596		$	192,588
Net premiums earned on derivatives	—			4,992			4,992
Net investment income	15,102			11,771			26,873
Other income	1,712			59			1,771
Total revenues	199,806			26,418			226,224
Provision for losses	131,956			103			132,059
Estimated present value of net credit recoveries incurred	(299		)	(2,845		)	(3,144		)
Change in PDR	(629		)	—			(629		)
Policy acquisition costs	11,732			5,463			17,195
Other operating expenses	65,780			14,320			80,100
Interest expense	2,669			13,212			15,881
Total expenses	211,209			30,253			241,462
Equity in net income of affiliates	—			1			1
Adjusted pretax operating loss	$	(11,403	)	$	(3,834	)	$	(15,237	)
Cash and investments	$	3,186,871		$	2,486,017		$	5,672,888
Deferred policy acquisition costs	29,920			44,681			74,601
Total assets	3,663,552			2,707,397			6,370,949
Unearned premiums	428,574			245,275			673,849
Reserve for losses and LAE	2,894,500			24,573			2,919,073
VIE debt	11,062			96,339			107,401
Derivative liabilities	—			430,898			430,898
NIW (in millions)	$	10,906

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

The reconciliation of adjusted pretax operating income (loss) to consolidated pretax income (loss) and consolidated net income (loss) is as follows:

	Three Months Ended March 31,
	2014			2013
Adjusted pretax operating income (loss):
Mortgage insurance	$	101,329		$	(11,403	)
Financial guaranty	(10,239		)	(3,834		)
Total adjusted pretax operating income (loss)	$	91,090		$	(15,237	)
Change in fair value of derivative instruments	50,086			(167,670		)
Less: Estimated present value of net credit recoveries incurred	362			3,144
Less: Net premiums earned on derivatives	3,445			4,992
Change in fair value of derivative instruments expected to reverse over time	46,279			(175,806		)
Net gains (losses) on investments	64,451			(5,505		)
Net gains (losses) on other financial instruments	698			(5,675		)
Consolidated pretax income (loss)	202,518			(202,223		)
Income tax benefit	(241		)	(14,723		)
Consolidated net income (loss)	$	202,759		$	(187,500	)