XML 51 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Note 6 - Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Available for Sale Securities [Table Text Block]
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
June 30, 2021
(In thousands)Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$213,954 $— $1,161 $(902)$214,213 
State and municipal obligations141,431 — 16,635 (122)157,944 
Corporate bonds and notes2,909,453 — 175,493 (19,486)3,065,460 
RMBS701,664 — 21,478 (3,302)719,840 
CMBS685,595 — 31,437 (2,361)714,671 
CLO519,909 — 1,851 (607)521,153 
Other ABS225,012 — 2,190 (234)226,968 
Foreign government and agency securities5,105 — 294 — 5,399 
Mortgage insurance-linked notes (1)
45,384 — 2,649 — 48,033 
Total securities available for sale, including loaned securities5,447,507 $— $253,188 $(27,014)5,673,681 
Less: loaned securities (2)
98,102 100,868 
Total fixed-maturities available for sale$5,349,405 $5,572,813 
(1)Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information about our reinsurance programs.
(2)Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.
Available for sale securities
December 31, 2020
(In thousands)Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$176,033 $— $1,677 $(3,611)$174,099 
State and municipal obligations149,258 — 16,113 (100)165,271 
Corporate bonds and notes2,832,350 (948)250,771 (3,758)3,078,415 
RMBS799,814 — 34,439 (314)833,939 
CMBS645,071 — 39,495 (3,301)681,265 
CLO569,173 — 2,026 (2,641)568,558 
Other ABS249,988 — 2,901 (432)252,457 
Foreign government and agency securities5,100 — 338 — 5,438 
Total securities available for sale, including loaned securities5,426,787 $(948)$347,760 $(14,157)5,759,442 
Less: loaned securities (1)
33,164 36,102 
Total fixed-maturities available for sale$5,393,623 $5,723,340 
(1)Included in other assets in our consolidated balance sheet as further described below. See below for a discussion of our securities lending agreements.
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated.
Rollforward of allowance for credit losses on fixed-maturities available for sale
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2021202020212020
Beginning balance$638 $— $948 $— 
Current provision for securities without prior allowance— 2,782 — 2,782 
Net increases (decreases) in allowance on previously impaired securities(608)— (918)— 
Reduction for securities sold(30)(306)(30)(306)
Ending balance$— $2,476 $— $2,476 
Gross Unrealized Losses and Fair Value of Available for Sale Securities [Table Text Block] the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of June 30, 2021 and December 31, 2020 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
June 30, 2021
($ in thousands)Less Than 12 Months12 Months or GreaterTotal
Description of Securities# of
securities		Fair ValueUnrealized
Losses		# of
securities		Fair ValueUnrealized
Losses		# of
securities		Fair ValueUnrealized
Losses
U.S. government and agency securities6 $59,708 $(902)— $— $— 6 $59,708 $(902)
State and municipal obligations8 10,034 (122)— — — 8 10,034 (122)
Corporate bonds and notes174 684,401 (19,380)1 2,626 (106)175 687,027 (19,486)
RMBS35 260,712 (3,292)2 803 (10)37 261,515 (3,302)
CMBS49 106,289 (1,280)16 35,577 (1,081)65 141,866 (2,361)
CLO
43 151,791 (242)16 76,845 (365)59 228,636 (607)
Other ABS45 93,360 (210)1 677 (24)46 94,037 (234)
Total360 $1,366,295 $(25,428)36 $116,528 $(1,586)396 $1,482,823 $(27,014)
December 31, 2020
($ in thousands)Less Than 12 Months12 Months or GreaterTotal
Description of Securities# of
securities		Fair ValueUnrealized
Losses		# of
securities		Fair ValueUnrealized
Losses		# of
securities		Fair ValueUnrealized
Losses
U.S. government and agency securities4 $90,591 $(3,611)— $— $— 4 $90,591 $(3,611)
State and municipal obligations4 9,626 (100)— — — 4 9,626 (100)
Corporate bonds and notes60 174,848 (3,758)— — — 60 174,848 (3,758)
RMBS5 42,003 (305)2 915 (9)7 42,918 (314)
CMBS43 118,345 (3,035)6 8,312 (266)49 126,657 (3,301)
CLO52 173,459 (970)25 137,506 (1,671)77 310,965 (2,641)
Other ABS26 70,759 (322)3 12,119 (110)29 82,878 (432)
Total194 $679,631 $(12,101)36 $158,852 $(2,056)230 $838,483 $(14,157)
Net Gains (Losses) on Investments [Table Text Block]
Net gains (losses) on investments consisted of the following.
Net gains (losses) on investments
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2021202020212020
Net realized gains (losses)   
Fixed-maturities available for sale (1)
$2,376 $6,974 $1,586 $18,221 
Trading securities(112)(45)391 4 
Equity securities(227)51 (227)361 
Other investments2,229 44 2,334 77 
Net realized gains (losses) on investments4,266 7,024 4,084 18,663 
Impairment losses due to intent to sell— (779)— (1,401)
Net decrease (increase) in expected credit losses608 (2,782)918 (2,782)
Net unrealized gains (losses) on investments8,036 24,948 5,517 (1,897)
Total net gains (losses) on investments$12,910 $28,411 $10,519 $12,583 
(1)Components of net realized gains (losses) on fixed-maturities available for sale include the following.
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2021202020212020
Gross investment gains from sales and redemptions$9,597 $8,304 $13,714 $20,203 
Gross investment losses from sales and redemptions(7,221)(1,330)(12,128)(1,982)
Net Changes in Unrealized Gains (Losses) Recognized in Earnings [Table Text Block]
The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows.
Net changes in unrealized gains (losses) on investments still held
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2021202020212020
Net unrealized gains (losses) on investments still held   
Trading securities$4,601 $13,790 $(3,448)$11,131 
Equity securities5,140 10,443 9,983 (12,612)
Other investments178 (201)1,062 471 
Net unrealized gains (losses) on investments still held$9,919 $24,032 $7,597 $(1,010)
Contractual Maturities [Table Text Block]
The contractual maturities of fixed-maturities available for sale were as follows.
Contractual maturities of fixed-maturities available for sale
June 30, 2021
Available for Sale
(In thousands)Amortized
Cost		Fair
Value
Due in one year or less$187,546 $189,292 
Due after one year through five years (1)
1,130,214 1,182,709 
Due after five years through 10 years (1)
1,242,012 1,308,582 
Due after 10 years (1)
710,171 762,433 
Asset-backed and mortgage-backed securities (2)
2,177,564 2,230,665 
Total 5,447,507 5,673,681 
Less: loaned securities98,102 100,868 
Total fixed-maturities available for sale$5,349,405 $5,572,813 
(1)Actual maturities may differ as a result of calls before scheduled maturity.
(2)Includes RMBS, CMBS, CLO, Other ABS and mortgage insurance-linked notes, which are not due at a single maturity date.