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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities [Abstract]      
Net income $ 308,253 $ 286,924 [1] $ 959,517
Less: Income (loss) from discontinued operations, net of tax 0 5,385 [1],[2] (300,057)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Net (gains) losses on investments and other financial instruments recognized in earnings (30,751) (35,693) [1] (79,989)
Loss on induced conversion and debt extinguishment 75,075 94,207 [1] 0
Deferred income tax provision (benefit) 170,887 156,170 (825,843)
Amortization and impairment of intangible assets 13,221 12,986 [1] 8,648
Depreciation and other amortization, net 57,795 68,639 57,301
Change in:      
Accounts and notes receivable (16,011) 25,656 (28,310)
Prepaid reinsurance premiums (188,947) 16,800 3,221
Unearned premiums 862 35,796 77,432
Reserve for losses and LAE (216,135) (583,633) (604,321)
Reinsurance funds withheld 158,001 0 0
Other assets (3,381) 14 23,790
Other liabilities 52,855 (59,001) (54,836)
Net cash provided by (used in) operating activities, continuing operations 381,724 13,480 (163,333)
Net cash provided by (used in) operating activities, discontinued operations 0 (1,759) 17,071
Net cash provided by (used in) operating activities 381,724 11,721 (146,262)
Cash flows from investing activities:      
Proceeds from Sale and Maturity of Available-for-sale Securities 687,173 20,100 19,672
Proceeds from Sale of Available-for-sale Securities, Equity 74,868 146,049 0
Proceeds from Sale of Trading Securities Held-for-investment 290,855 78,826 469,582
Proceeds from redemptions of fixed-maturity investments held to maturity 0 0 350
Proceeds from redemptions of fixed-maturity investments available for sale 337,630 103,595 4,985
Proceeds from redemptions of fixed-maturity investments held to maturity 123,645 221,914 201,597
Purchases of Available-for-sale Securities (1,990,652) (1,486,318) (519,166)
Purchases of equity securities available for sale (830) (75,538) 0
Sales, redemptions and (purchases) of short-term investments, net 334,456 222,882 (364,855)
Sales, redemptions and (purchases) of other assets and other invested assets, net 2,489 16,717 7,836
Proceeds from the sale of investment in affiliate, net of cash transferred 0 784,866 0
Purchases of property and equipment, net (35,542) (25,466) (18,495)
Acquisitions, net of cash acquired (150) (9,834) (294,386)
Net cash provided by (used in) investing activities, continuing operations (176,058) (2,207) (492,880)
Net cash provided by (used in) investing activities, discontinued operations 0 4,999 156,839
Net cash provided by (used in) investing activities (176,058) 2,792 (336,041)
Cash flows from financing activities:      
Dividends paid (2,105) (1,996) (1,865)
Issuance of long-term debt, net 343,417 343,334 293,809
Purchases and redemptions of long-term debt (445,072) (156,172) (57,223)
Proceeds from termination of capped calls 0 13,150 0
Issuance of common stock 717 1,285 247,188
Purchase of common shares (100,188) (202,000) 0
Excess tax benefits from stock-based awards 333 3,000 107
Repayment of other borrowings (371) 0 0
Net cash provided by financing activities, continuing operations (203,269) 601 482,016
Net cash provided by (used in) financing activities, discontinued operations 0 0 0
Net cash provided by (used in) financing activities (203,269) 601 482,016
Effect of exchange rate changes on cash and restricted cash (481) (133) (67)
Increase (decrease) in cash and restricted cash 1,916 14,981 (354)
Cash and restricted cash, beginning of period 59,898 44,496 45,407
Less: Increase (decrease) in cash of business held for sale 0 (421) 557
Cash and restricted cash, end of period 61,814 59,898 44,496
Supplemental disclosures of cash flow information:      
Income taxes paid (received), continuing operations (673) 3,712 (4,312)
Income taxes paid, discontinued operations 0 2,036 13,891
Interest paid $ 65,531 $ 61,077 $ 50,702
[1] For all periods presented, reflects changes to align our segment reporting structure with recent changes in personnel reporting lines and management oversight related to contract underwriting performed on behalf of third parties. Revenue and expenses for this business are now reflected in the Services segment. As a result, for all periods presented, Services revenue and cost of services have increased, with offsetting reductions in other operating expenses.
[2] Radian completed the sale of Radian Asset Assurance to Assured on April 1, 2015, pursuant to the Radian Asset Assurance Stock Purchase Agreement. Until the April 1, 2015 sale date, the operating results of Radian Asset Assurance were classified as discontinued operations for all periods presented in our consolidated statements of operations. See Note 18 for additional information.