Note 9 - Losses and LAE (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 2014		December 31, 2013
Mortgage insurance reserves	$	1,714,681	$	2,164,353
Financial guaranty reserves	34,754		21,068
Total reserve for losses and LAE	$	1,749,435	$	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)	June 30, 2014		December 31, 2013
Reserves for losses by category:
Prime	$	701,718	$	937,307
Alternative-A	323,490		384,841
A minus and below	174,922		215,545
Incurred but not reported (“IBNR”) and other	326,821		347,698
LAE	50,071		51,245
Reinsurance recoverable (1)	22,458		38,363
Total primary reserves	1,599,480		1,974,999
Pool	104,424		169,682
IBNR and other	4,621		8,938
LAE	4,180		5,439
Total pool reserves	113,225		184,059
Total first-lien reserves	1,712,705		2,159,058
Second-lien and other (2)	1,976		5,295
Total reserve for losses	$	1,714,681	$	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 June 30,						Six Months Ended June 30,
(In thousands)	2014			2013			2014			2013
Mortgage Insurance
Balance at beginning of period	$	1,893,960		$	2,894,500		$	2,164,353		$	3,083,608
Less reinsurance recoverables (1)	25,751			72,101			38,363			83,238
Balance at beginning of period, net of reinsurance recoverables	1,868,209			2,822,399			2,125,990			3,000,370
Add losses and LAE incurred in respect of default notices reported and unreported in:
Current year (2)	89,873			154,606			232,569			337,140
Prior years	(25,608		)	(18,196		)	(119,144		)	(68,774		)
Total incurred	64,265			136,410			113,425			268,366
Deduct paid claims and LAE related to:
Current year (2)	437			149			437			149
Prior years	239,814			326,226			546,755			636,153
Total paid	240,251			326,375			547,192			636,302
Balance at end of period, net of reinsurance recoverables	1,692,223			2,632,434			1,692,223			2,632,434
Add reinsurance recoverables (1)	22,458			58,427			22,458			58,427
Balance at June 30	$	1,714,681		$	2,690,861		$	1,714,681		$	2,690,861

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(1) Related to ceded losses on captive reinsurance transactions and the Reinsurance Transactions. See Note 8 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 June 30,					Six Months Ended June 30,
(In millions)	2014			2013		2014		2013
Rescissions	$	17.7		$	19.6	$	33.8	$	34.9
Denials	(6.2		)	100.0		6.0		127.2
Total first-lien claims submitted for payment that were rescinded or denied (1)	$	11.5		$	119.6	$	39.8	$	162.1

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