Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Assets & Liabilities Measured at Fair Value by Hierarchy Level

The following tables include a list of assets that are measured at fair value by hierarchy level as of December 31, 2021 and 2020.

Assets carried at fair value by hierarchy level
	December 31, 2021
(In thousands)	Level I		Level II		Level III		Total
Investments
Fixed-maturities available for sale
U.S. government and agency securities	$	192,452	$	29,278	$	—	$	221,730
State and municipal obligations	—		177,257		—		177,257
Corporate bonds and notes	—		2,910,231		—		2,910,231
RMBS	—		705,117		—		705,117
CMBS	—		709,203		—		709,203
CLO	—		530,040		—		530,040
Other ABS	—		211,187		—		211,187
Foreign government and agency securities	—		5,296		—		5,296
Mortgage insurance-linked notes (1)	—		47,017		—		47,017
Total fixed-maturities available for sale	192,452		5,324,626		—		5,517,078
Trading securities
State and municipal obligations	—		94,637		—		94,637
Corporate bonds and notes	—		119,186		—		119,186
RMBS	—		9,438		—		9,438
CMBS	—		33,285		—		33,285
Total trading securities	—		256,546		—		256,546
Equity securities	176,828		7,417		—		184,245
Short-term investments
U.S. government and agency securities	94,665		—		—		94,665
State and municipal obligations	—		12,270		—		12,270
Money market instruments	274,535		—		—		274,535
Corporate bonds and notes	—		65,191		—		65,191
CMBS	—		3,023		—		3,023
Other investments (2)	—		101,824		—		101,824
Total short-term investments	369,200		182,308		—		551,508
Other invested assets (3)	—		—		3,000		3,000
Total investments at fair value (3)	738,480		5,770,897		3,000		6,512,377

Assets carried at fair value by hierarchy level
	December 31, 2021
(In thousands)	Level I		Level II		Level III		Total
Other
Embedded derivatives (4)	—		—		4,200		4,200
Loaned securities (5)
Corporate bonds and notes	—		65,994		—		65,994
Equity securities	38,002		—		—		38,002
Total assets at fair value (3)	$	776,482	$	5,836,891	$	7,200	$	6,620,573

(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)Comprising short-term certificates of deposit and commercial paper.

(3)Does not include other invested assets of $1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(4)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.

(5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.

Assets carried at fair value by hierarchy level
	December 31, 2020
(In thousands)	Level I		Level II		Level III		Total
Investments
Fixed-maturities available for sale
U.S. government and agency securities	$	140,034	$	29,189	$	—	$	169,223
State and municipal obligations	—		165,271		—		165,271
Corporate bonds and notes	—		3,047,189		—		3,047,189
RMBS	—		833,939		—		833,939
CMBS	—		681,265		—		681,265
CLO	—		568,558		—		568,558
Other ABS	—		252,457		—		252,457
Foreign government and agency securities	—		5,438		—		5,438
Total fixed-maturities available for sale	140,034		5,583,306		—		5,723,340
Trading securities
State and municipal obligations	—		120,449		—		120,449
Corporate bonds and notes	—		123,142		—		123,142
RMBS	—		13,000		—		13,000
CMBS	—		34,294		—		34,294
Total trading securities	—		290,885		—		290,885
Equity securities	142,761		8,479		—		151,240

Assets carried at fair value by hierarchy level
	December 31, 2020
(In thousands)	Level I		Level II		Level III		Total
Short-term investments
State and municipal obligations	—		21,819		—		21,819
Money market instruments	268,900		—		—		268,900
Corporate bonds and notes	—		30,495		—		30,495
Other ABS	—		219		—		219
Other investments (1)	—		296,571		—		296,571
Total short-term investments	268,900		349,104		—		618,004
Other invested assets (2)	—		—		3,000		3,000
Total investments at fair value (2)	551,695		6,231,774		3,000		6,786,469
Other
Embedded derivatives (3)	—		—		5,513		5,513
Loaned securities (4)
U.S. government and agency securities	4,876		—		—		4,876
Corporate bonds and notes	—		31,324		—		31,324
Equity securities	21,299		—		—		21,299
Total assets at fair value (2)	$	577,870	$	6,263,098	$	8,513	$	6,849,481

(1)Comprising short-term certificates of deposit and commercial paper.

(2)Does not include other invested assets of $2.0 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(3)Embedded derivatives related to our Excess-of-Loss Program are classified as other assets in our consolidated balance sheets. See Note 8 for more information about our reinsurance programs.

(4)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.

Fair Value, by Balance Sheet Grouping

The carrying value and estimated fair value of other selected liabilities not carried at fair value in our consolidated balance sheets were as follows as of the dates indicated.

Financial liabilities not carried at fair value
	December 31, 2021				December 31, 2020
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior notes	$	1,409,473	$	1,534,378	$	1,405,674	$	1,563,503
FHLB advances	150,983		152,117		176,483		179,578