Note 8 - Losses and LAE (Tables)

3 Months Ended

Mar. 31, 2014

Insurance Loss Reserves [Abstract]

Loss Reserves By Segment [Table Text Block]

Our reserve for losses and LAE, as of the dates indicated, consisted of:

(In thousands)	March 31, 2014		December 31, 2013
Mortgage insurance reserves	$	1,893,960	$	2,164,353
Financial guaranty reserves	29,751		21,068
Total reserve for losses and LAE	$	1,923,711	$	2,185,421

Schedule of Liability for Future Policy Benefits, by Product Segment [Table Text Block]

The following table shows our mortgage insurance reserve for losses and LAE by category at the end of each period indicated:

(In thousands)	March 31, 2014		December 31, 2013
Reserves for losses by category:
Prime	$	790,529	$	937,307
Alternative-A (“Alt-A”)	351,695		384,841
A minus and below	189,453		215,545
Incurred but not reported (“IBNR”)  and other	347,674		347,698
LAE	50,684		51,245
Reinsurance recoverable (1)	25,751		38,363
Total primary reserves	1,755,786		1,974,999
Pool	123,596		169,682
IBNR and other	5,679		8,938
LAE	4,517		5,439
Total pool reserves	133,792		184,059
Total first-lien reserves	1,889,578		2,159,058
Second-lien and other (2)	4,382		5,295
Total reserve for losses	$	1,893,960	$	2,164,353

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(1) Primarily represents ceded losses on captive transactions and the Reinsurance Transactions.

(2) Does not include our second-lien premium deficiency reserve that is included in other liabilities.

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The following table presents information relating to our mortgage insurance reserves for losses, including IBNR reserves and LAE, for the periods indicated:

	Three Months Ended March 31,
(In thousands)	2014			2013
Mortgage Insurance
Balance at January 1	$	2,164,353		$	3,083,608
Less reinsurance recoverables (1)	38,363			83,238
Balance at January 1, net of reinsurance recoverables	2,125,990			3,000,370
Add losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	142,696			182,534
Prior years	(93,536		)	(50,578		)
Total incurred	49,160			131,956
Deduct paid claims and LAE related to:
Prior years	306,941			309,927
Total paid	306,941			309,927
Balance at end of period, net of reinsurance recoverables	1,868,209			2,822,399
Add reinsurance recoverables (1)	25,751			72,101
Balance at March 31	$	1,893,960		$	2,894,500

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(1) Related to ceded losses on captive reinsurance transactions and the Reinsurance Transactions. See Note 7 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.

Rescissions And Denials [Table Text Block]

The following table illustrates the amount of first-lien claims submitted to us for payment that were rescinded or denied, for the periods indicated, net of any reinstatements of previously rescinded policies or denied claims within each period:

	Three Months Ended March 31,
(In millions)	2014		2013
Rescissions	$	16.1	$	15.3
Denials	12.2		27.2
Total first-lien claims submitted for payment that were rescinded or denied (1)	$	28.3	$	42.5

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(1) Includes an amount related to a small number of submitted claims that were subsequently withdrawn by the insured.