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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Summary of available for sale securities
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
March 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$200,188 $97 $(10,095)$190,190 
State and municipal obligations163,188 4,010 (5,806)161,392 
Corporate bonds and notes2,992,078 31,307 (132,705)2,890,680 
RMBS818,893 2,141 (32,875)788,159 
CMBS674,217 1,074 (14,595)660,696 
CLO524,328 419 (4,664)520,083 
Other ABS185,896 376 (2,594)183,678 
Foreign government and agency securities5,111 4 — 5,115 
Mortgage insurance-linked notes (1)
60,441 — (416)60,025 
Total securities available for sale, including loaned securities5,624,340 $39,428 $(203,750)5,460,018 
Less: loaned securities (2)
60,574 58,314 
Total fixed-maturities available for sale$5,563,766 $5,401,704 
(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 condensed consolidated balance sheets as further described below. See “—Securities Lending Agreements” below for a discussion of our securities lending agreements.
Available for sale securities
December 31, 2021
(In thousands)Amortized
Cost		Gross
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 condensed consolidated balance sheets as further described below. See “—Securities Lending Agreements” below for a discussion of our securities lending agreements.
Rollforward of 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. There was no allowance as of March 31, 2022 or December 31, 2021.
Rollforward of allowance for credit losses on fixed-maturities available for sale
(In thousands)Three Months Ended
March 31, 2021
Beginning balance$948 
Net decreases in allowance on previously impaired securities(310)
Ending balance$638 
Unrealized losses on fixed-maturities available for sale by category and length of time the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2022 and December 31, 2021 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
March 31, 2022
($ 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 securities16 $133,485 $(8,988)5 $20,254 $(1,107)21 $153,739 $(10,095)
State and municipal obligations37 61,712 (5,806)— — — 37 61,712 (5,806)
Corporate bonds and notes361 1,504,271 (94,813)71 220,194 (37,892)432 1,724,465 (132,705)
RMBS114 427,374 (21,712)16 116,182 (11,163)130 543,556 (32,875)
CMBS135 510,675 (9,682)18 44,834 (4,913)153 555,509 (14,595)
CLO
120 403,176 (3,975)14 53,121 (689)134 456,297 (4,664)
Other ABS61 140,177 (2,573)3 1,029 (21)64 141,206 (2,594)
Mortgage insurance linked-notes3 60,025 (416)— — — 3 60,025 (416)
Total847 $3,240,895 $(147,965)127 $455,614 $(55,785)974 $3,696,509 $(203,750)
December 31, 2021
($ 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 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)
Net gains (losses) on investments
Net gains (losses) on investments consisted of the following.
Net gains (losses) on investments
Three Months Ended
March 31,
(In thousands)20222021
Net realized gains (losses) 
Fixed-maturities available for sale (1)
$(1,978)$(790)
Trading securities— 503 
Equity securities1,655 — 
Other investments— 105 
Net realized gains (losses) on investments(323)(182)
Net decrease (increase) in expected credit losses— 310 
Net unrealized gains (losses)
Trading securities(13,066)(8,433)
Equity securities(6,289)5,118 
Other investments(275)796 
Net unrealized gains (losses) on investments(19,630)(2,519)
Total net gains (losses) on investments$(19,953)$(2,391)
(1)Components of net realized gains (losses) on fixed-maturities available for sale include the following.
Three Months Ended
March 31,
(In thousands)20222021
Gross investment gains from sales and redemptions$1,430 $4,117 
Gross investment losses from sales and redemptions(3,408)(4,907)
Net changes in unrealized gains (losses) on investments still held
The net changes in unrealized gains (losses) recognized in earnings on investments that were still held at each period-end were as follows.
Net changes in unrealized gains (losses) on investments still held
Three Months Ended
March 31,
(In thousands)20222021
Net unrealized gains (losses) on investments still held 
Trading securities$(13,033)$(8,089)
Equity securities(4,385)5,118 
Other investments(263)886 
Net unrealized gains (losses) on investments still held$(17,681)$(2,085)
Contractual maturities of fixed-maturities available for sale
The contractual maturities of fixed-maturities available for sale were as follows.
Contractual maturities of fixed-maturities available for sale
March 31, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$177,655 $177,609 
Due after one year through five years (1)
1,216,226 1,200,007 
Due after five years through 10 years (1)
1,124,190 1,071,396 
Due after 10 years (1)
842,494 798,365 
Asset-backed and mortgage-backed securities (2)
2,263,775 2,212,641 
Total 5,624,340 5,460,018 
Less: loaned securities60,574 58,314 
Total fixed-maturities available for sale$5,563,766 $5,401,704 
(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.