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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Debt Securities, Available-for-sale
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
December 31, 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$221,407 $— $1,719 $(1,396)$221,730 
State and municipal obligations162,964 — 14,694 (401)177,257 
Corporate bonds and notes2,867,063 — 133,665 (24,886)2,975,842 
RMBS697,581 — 14,313 (6,777)705,117 
CMBS690,827 — 21,444 (3,068)709,203 
CLO529,906 — 1,032 (898)530,040 
Other ABS210,657 — 1,142 (612)211,187 
Foreign government and agency securities5,109 — 187 — 5,296 
Mortgage insurance-linked notes (1)
45,384 — 1,633 — 47,017 
Total securities available for sale, including loaned securities5,430,898 $— $189,829 $(38,038)5,582,689 
Less: loaned securities (2)
63,169 65,611 
Total fixed-maturities available for sale$5,367,729 $5,517,078 
(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 sheets as further described below. See below for a discussion of our securities lending agreements.
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 sheets as further described below. See below for a discussion of our securities lending agreements.
Allowance for Credit Losses on Fixed-Maturities Available for Sale 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
Years Ended December 31,
(In thousands)20212020
Beginning balance$948 $— 
Current provision for securities without prior allowance— 1,254 
Net increases (decreases) in allowance on previously impaired securities(918)— 
Reduction for securities sold(30)(306)
Ending balance$— $948 
Gross Unrealized Losses and Related Fair Values of Available for Sale Securities the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of December 31, 2021 and 2020, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
December 31, 2021
($ in thousands)Less Than 12 Months12 Months or GreaterTotal
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 securities14 $101,602 $(1,165)2 $6,937 $(231)16 $108,539 $(1,396)
State and municipal obligations20 32,721 (401)— — — 20 32,721 (401)
Corporate bonds and notes209 864,355 (16,799)34 99,475 (8,087)243 963,830 (24,886)
RMBS57 365,476 (6,749)3 1,543 (28)60 367,019 (6,777)
CMBS81 188,457 (2,053)9 22,050 (1,015)90 210,507 (3,068)
CLO84 313,380 (675)11 35,612 (223)95 348,992 (898)
Other ABS54 138,851 (603)1 631 (9)55 139,482 (612)
Total519 $2,004,842 $(28,445)60 $166,248 $(9,593)579 $2,171,090 $(38,038)
December 31, 2020
($ in thousands)Less Than 12 Months12 Months or GreaterTotal
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 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 Investment Income
Net investment income consisted of the following.
Net investment income
Years Ended December 31,
(In thousands)202120202019
Investment income   
Fixed-maturities$145,613 $148,127 $155,104 
Equity securities8,158 6,378 7,028 
Short-term investments817 5,774 17,255 
Other368 354 545 
Gross investment income154,956 160,633 179,932 
Investment expenses(7,047)(6,596)(8,136)
Net investment income$147,909 $154,037 $171,796 
Net Gains (Losses) on Investments
Net gains on investments consisted of the following.
Net gains on investments
Years Ended December 31,
(In thousands)2021

2020

2019
Net realized gains (losses)   
Fixed-maturities available for sale (1)
$5,661 $34,869 $11,262 
Trading securities390 4 (303)
Equity securities10,820 353 (719)
Other investments3,971 600 603 
Net realized gains on investments20,842 35,826 10,843 
Impairment losses due to intent to sell— (1,401)— 
Net decrease (increase) in expected credit losses918 (1,254)— 
Net unrealized gains (losses) on investments(4,661)10,960 33,220 
Total net gains on investments$17,099 $44,131 $44,063 
(1)Components of net realized gains (losses) on fixed-maturities available for sale include the following.
Years Ended December 31,
(In thousands)202120202019
Gross investment gains from sales and redemptions$22,766 $37,431 $17,663 
Gross investment losses from sales and redemptions(17,105)(2,562)(6,401)
Net Unrealized Gains (Losses) on Investment Securities
The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows.
Net changes in unrealized gains (losses) on investments still held
Years Ended December 31,
(In thousands)202120202019
Net unrealized gains (losses) on investments still held
Trading securities$(7,330)$10,583 $16,346 
Equity securities10,210 1,759 11,906 
Other investments1,173 248 (174)
Net unrealized gains (losses) on investments still held$4,053 $12,590 $28,078 
Contractual Maturities
The contractual maturities of fixed-maturities available for sale were as follows.
Contractual maturities of fixed-maturities available for sale
December 31, 2021
(In thousands)Amortized CostFair Value
Due in one year or less$182,884 $183,770 
Due after one year through five years (1)
1,116,102 1,150,676 
Due after five years through 10 years (1)
1,191,992 1,228,959 
Due after 10 years (1)
765,565 816,720 
Asset-backed and mortgage-backed securities (2)
2,174,355 2,202,564 
Total5,430,898 5,582,689 
Less: loaned securities63,169 65,611 
Total fixed-maturities available for sale$5,367,729 $5,517,078 
(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.