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Note 5 - Investments (Tables)
6 Months Ended
Jun. 30, 2017
Investments [Abstract]  
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:
 
June 30, 2017
(In thousands)
Amortized
Cost
 
Fair Value
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
Fixed-maturities available for sale:
 
 
 
 
 
 
 
U.S. government and agency securities
$
58,706

 
$
58,343

 
$
201

 
$
564

State and municipal obligations
111,858

 
115,454

 
3,936

 
340

Corporate bonds and notes
1,713,237

 
1,735,846

 
30,429

 
7,820

RMBS
184,603

 
182,716

 
921

 
2,808

CMBS
432,124

 
435,101

 
4,075

 
1,098

Other ABS
596,416

 
597,864

 
2,023

 
575

Foreign government and agency securities
31,457

 
32,019

 
589

 
27

Other investments
1,500

 
1,500

 

 

Total fixed-maturities available for sale
3,129,901

 
3,158,843

 
42,174

 
13,232

Equity securities available for sale (1) 
176,930

 
176,808

 
316

 
438

Total debt and equity securities
$
3,306,831

 
$
3,335,651

 
$
42,490

 
$
13,670


______________________
(1)
Primarily consists of investments in fixed income and equity exchange-traded funds and publicly-traded business development company equities.
 
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 FHLB.
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:
 
June 30, 2017
($ in thousands) Description of Securities
Less Than 12 Months
 
12 Months or Greater
 
Total
# 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

 
$
36,682

 
$
564

 

 
$

 
$

 
7

 
$
36,682

 
$
564

State and municipal obligations
10

 
47,282

 
340

 

 

 

 
10

 
47,282

 
340

Corporate bonds and notes
132

 
530,077

 
7,718

 
1

 
3,736

 
102

 
133

 
533,813

 
7,820

RMBS
32

 
128,589

 
2,733

 
3

 
6,529

 
75

 
35

 
135,118

 
2,808

CMBS
31

 
113,103

 
1,095

 
1

 
1,038

 
3

 
32

 
114,141

 
1,098

Other ABS
83

 
205,378

 
575

 

 

 

 
83

 
205,378

 
575

Foreign government and agency securities
5

 
5,419

 
27

 

 

 

 
5

 
5,419

 
27

Equity Securities
11

 
73,441

 
438

 

 

 

 
11

 
73,441

 
438

Total
311

 
$
1,139,971

 
$
13,490

 
5

 
$
11,303

 
$
180

 
316

 
$
1,151,274

 
$
13,670


 
December 31, 2016
($ in thousands) Description of Securities
Less Than 12 Months
 
12 Months or Greater
 
Total
# 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)
June 30,
2017
 
December 31,
2016
Trading securities:
 
 
 
U.S. government and agency securities
$
28,336

 
$
33,042

State and municipal obligations
216,838

 
259,573

Corporate bonds and notes
360,906

 
453,617

RMBS
34,114

 
38,214

CMBS
64,267

 
78,984

Other ABS

 
8,219

Foreign government and agency securities
4,327

 
8,213

Total
$
708,788

 
$
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
June 30,
 
Six Months Ended June 30,
(In thousands)
2017
 
2016
 
2017
 
2016
Net realized gains (losses):
 
 
 
 
 
 
 
Fixed-maturities available for sale
$
(1,180
)
 
$
1,166

 
$
(3,689
)
 
$
(1,982
)
Equity securities available for sale
385

 

 
385

 
(170
)
Trading securities
(349
)
 
421

 
(6,043
)
 
(1,819
)
Short-term investments
(38
)
 

 
(32
)
 
(39
)
Other gains (losses)

 

 
18

 
18

Net realized gains (losses) on investments
(1,182
)
 
1,587

 
(9,361
)
 
(3,992
)
Other-than-temporary impairment losses
(1,000
)
 

 
(1,000
)
 

Unrealized gains (losses) on trading securities
6,938

 
27,678

 
12,164

 
62,909

Total net gains (losses) on investments
4,756

 
29,265

 
1,803

 
58,917

Net gains (losses) on other financial instruments
575

 
1,262

 
677

 
2,896

Net gains (losses) on investments and other financial instruments
$
5,331

 
$
30,527

 
$
2,480

 
$
61,813

Investments Classified by Contractual Maturity Date [Table Text Block]
The contractual maturities of fixed-maturity investments were as follows:
 
June 30, 2017
 
Available for Sale
(In thousands)
Amortized
Cost
 
Fair
Value
Due in one year or less (1) 
$
59,342

 
$
59,351

Due after one year through five years (1) 
656,233

 
661,676

Due after five years through 10 years (1) 
874,709

 
880,162

Due after 10 years (1) 
326,474

 
341,973

RMBS (2) 
184,603

 
182,716

CMBS (2) 
432,124

 
435,101

Other ABS (2) 
596,416

 
597,864

Total
$
3,129,901

 
$
3,158,843

______________________
(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.