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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following tables include a list of assets that are measured at fair value by hierarchy level as of March 31, 2022 and December 31, 2021.
Assets carried at fair value by hierarchy level
March 31, 2022
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$162,309 $27,881 $— $190,190 
State and municipal obligations— 161,392 — 161,392 
Corporate bonds and notes— 2,832,366 — 2,832,366 
RMBS— 788,159 — 788,159 
CMBS— 660,696 — 660,696 
CLO— 520,083 — 520,083 
Other ABS— 183,678 — 183,678 
Foreign government and agency securities— 5,115 — 5,115 
Mortgage insurance-linked notes (1)
— 60,025 — 60,025 
Total fixed-maturities available for sale162,309 5,239,395 — 5,401,704 
Trading securities
State and municipal obligations— 86,349 — 86,349 
Corporate bonds and notes— 90,613 — 90,613 
RMBS— 8,601 — 8,601 
CMBS— 32,455 — 32,455 
Total trading securities— 218,018 — 218,018 
Equity securities178,466 7,337 — 185,803 
Short-term investments
State and municipal obligations— 12,170 — 12,170 
Money market instruments198,116 — — 198,116 
Corporate bonds and notes— 127,729 — 127,729 
Foreign government and agency securities— 700 — 700 
Other investments (2)
— 186,745 — 186,745 
Total short-term investments198,116 327,344 — 525,460 
Other invested assets (3)
— — 3,000 3,000 
Total investments at fair value (3)
538,891 5,792,094 3,000 6,333,985 
Other
Embedded derivatives (4)
— — 1,792 1,792 
Loaned securities (5)
Corporate bonds and notes— 62,628 — 62,628 
Equity securities32,658 — — 32,658 
Total assets at fair value (3)
$571,549 $5,854,722 $4,792 $6,431,063 
(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)Comprises short-term certificates of deposit and commercial paper.
(3)Does not include other invested assets of $1.0 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 condensed 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 condensed consolidated balance sheets. See Note 6 for more information.
Assets carried at fair value by hierarchy level
December 31, 2021
(In thousands)Level ILevel IILevel IIITotal
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 sale192,452 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 securities176,828 7,417 — 184,245 
Short-term investments
U.S. government and agency securities94,665 — — 94,665 
State and municipal obligations— 12,270 — 12,270 
Money market instruments274,535 — — 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 investments369,200 182,308 — 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 
Other
Embedded derivatives (4)
— — 4,200 4,200 
Loaned securities (5)
Corporate bonds and notes— 65,994 — 65,994 
Equity securities38,002 — — 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)Comprises 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 condensed 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 condensed 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 condensed consolidated balance sheets were as follows as of the dates indicated.
Financial liabilities not carried at fair value
March 31, 2022December 31, 2021
(In thousands)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Senior notes$1,410,458 $1,456,753 $1,409,473 $1,534,378 
FHLB advances148,983 149,201 150,983 152,117