Note 5 - Investments (Tables)

3 Months Ended

Mar. 31, 2017

Unrealized Gain (Loss) on Investments [Table Text Block]

Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated:



	March 31, 2017
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	128,347	$	125,466	$	279	$	3,160
State and municipal obligations	67,600		69,284		2,316		632
Corporate bonds and notes	1,555,516		1,556,643		17,823		16,696
RMBS	278,710		273,549		445		5,606
CMBS	402,847		402,525		2,248		2,570
Other ABS	477,251		478,099		1,945		1,097
Foreign government and agency securities	29,257		29,849		645		53
Other investments	2,000		2,000		—		—
Total fixed-maturities available for sale	2,941,528		2,937,415		25,701		29,814
Equity securities available for sale (1)	1,330		1,330		—		—
Total debt and equity securities	$	2,942,858	$	2,938,745	$	25,701	$	29,814

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(1)	Primarily consists of investments in Federal Home Loan Bank stock as required in connection with the memberships of Radian Guaranty and Radian Reinsurance in the Federal Home Loan Bank of Pittsburgh.



	December 31, 2016
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	78,931	$	75,474	$	2	$	3,459
State and municipal obligations	66,124		67,171		1,868		821
Corporate bonds and notes	1,463,720		1,455,628		14,320		22,412
RMBS	358,262		350,628		197		7,831
CMBS	429,057		428,289		2,255		3,023
Other ABS	433,603		434,728		2,037		912
Foreign government and agency securities	24,771		24,594		148		325
Other investments	2,000		2,000		—		—
Total fixed-maturities available for sale	2,856,468		2,838,512		20,827		38,783
Equity securities available for sale (1)	1,330		1,330		—		—
Total debt and equity securities	$	2,857,798	$	2,839,842	$	20,827	$	38,783

______________________


(1)	Primarily consists of investments in Federal Home Loan Bank stock as required in connection with the memberships of Radian Guaranty and Radian Reinsurance in the Federal Home Loan Bank of Pittsburgh.

Schedule Of Unrealized Losses [Table Text Block]

The following tables show the gross unrealized losses and fair value of our securities deemed “available for sale” aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated:



	March 31, 2017
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	9	$	74,457	$	3,160	—	$	—	$	—	9	$	74,457	$	3,160
State and municipal obligations	5	19,981		632		—	—		—		5	19,981		632
Corporate bonds and notes	150	620,609		16,360		2	4,471		336		152	625,080		16,696
RMBS	54	217,577		5,541		3	7,308		65		57	224,885		5,606
CMBS	38	186,354		2,519		3	9,924		51		41	196,278		2,570
Other ABS	75	186,578		949		5	21,978		148		80	208,556		1,097
Foreign government and agency securities	4	4,321		53		—	—		—		4	4,321		53
Total	335	$	1,309,877	$	29,214	13	$	43,681	$	600	348	$	1,353,558	$	29,814



	December 31, 2016
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	7	$	73,160	$	3,459	—	$	—	$	—	7	$	73,160	$	3,459
State and municipal obligations	7	30,901		821		—	—		—		7	30,901		821
Corporate bonds and notes	185	788,876		22,135		2	4,582		277		187	793,458		22,412
RMBS	56	311,031		7,822		1	1,398		9		57	312,429		7,831
CMBS	37	218,170		2,909		2	6,585		114		39	224,755		3,023
Other ABS	58	131,268		470		16	45,886		442		74	177,154		912
Foreign government and agency securities	12	13,034		325		—	—		—		12	13,034		325
Total	362	$	1,566,440	$	37,941	21	$	58,451	$	842	383	$	1,624,891	$	38,783

Trading Securities (and Certain Trading Assets) [Table Text Block]

The trading securities within our investment portfolio, which are recorded at fair value, consisted of the following as of the dates indicated:



(In thousands)	March 31, 2017		December 31, 2016
Trading securities:
U.S. government and agency securities	$	33,006	$	33,042
State and municipal obligations	235,864		259,573
Corporate bonds and notes	420,633		453,617
RMBS	35,911		38,214
CMBS	70,980		78,984
Other ABS	6,733		8,219
Foreign government and agency securities	8,186		8,213
Total	$	811,313	$	879,862

Gain (Loss) on Investments [Table Text Block]

Net realized and unrealized gains (losses) on investments and other financial instruments consisted of:



	Three Months Ended March 31,
(In thousands)	2017			2016
Net realized gains (losses):
Fixed-maturities available for sale	$	(2,509	)	$	(3,148	)
Equity securities available for sale	—			(170		)
Trading securities	(5,694		)	(2,240		)
Short-term investments	6			(39		)
Other gains (losses)	18			18
Net realized gains (losses) on investments	(8,179		)	(5,579		)
Unrealized gains (losses) on trading securities	5,226			35,231
Total net gains (losses) on investments	(2,953		)	29,652
Net gains (losses) on other financial instruments	102			1,634
Net gains (losses) on investments and other financial instruments	$	(2,851	)	$	31,286

Investments Classified by Contractual Maturity Date [Table Text Block]

The contractual maturities of fixed-maturity investments were as follows:



	March 31, 2017
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	65,472	$	65,502
Due after one year through five years (1)	411,562		414,006
Due after five years through 10 years (1)	905,821		901,736
Due after 10 years (1)	399,864		401,998
RMBS (2)	278,710		273,549
CMBS (2)	402,848		402,525
Other ABS (2)	477,251		478,099
Total	$	2,941,528	$	2,937,415

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(1)	Actual maturities may differ as a result of calls before scheduled maturity.


(2)	RMBS, CMBS and Other ABS are shown separately, as they are not due at a single maturity date.

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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