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Investments (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$198,819 $35 $(18,350)$180,504 
State and municipal obligations166,024 1,006 (12,050)154,980 
Corporate bonds and notes3,042,032 1,838 (271,736)2,772,134 
RMBS840,157 146 (63,917)776,386 
CMBS649,521 89 (31,007)618,603 
CLO520,479 — (17,665)502,814 
Other ABS184,182 42 (4,202)180,022 
Foreign government and agency securities5,113 — (64)5,049 
Mortgage insurance-linked notes (1)
53,685 — (1,085)52,600 
Total securities available for sale, including loaned securities5,660,012 $3,156 $(420,076)5,243,092 
Less: loaned securities (2)
16,128 14,348 
Total fixed-maturities available for sale$5,643,884 $5,228,744 
(1)Comprises the notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.
(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.
(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 June 30, 2022, or December 31, 2021.
Rollforward of allowance for credit losses on fixed-maturities available for sale
(In thousands)Three Months Ended
June 30, 2021		Six Months Ended
June 30, 2021
Beginning balance$638 $948 
Net decreases in allowance on previously impaired securities(608)(918)
Reduction for securities sold(30)(30)
Ending balance$— $— 
Unrealized Losses on Fixed-Maturities Available for Sale by Category and Length of Time For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of June 30, 2022, and December 31, 2021, are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
June 30, 2022
($ 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 securities19 $122,570 $(17,028)5 $20,027 $(1,322)24 $142,597 $(18,350)
State and municipal obligations51 103,028 (12,050)— — — 51 103,028 (12,050)
Corporate bonds and notes532 2,308,451 (214,471)71 198,415 (57,265)603 2,506,866 (271,736)
RMBS142 607,722 (43,891)22 128,182 (20,026)164 735,904 (63,917)
CMBS144 558,045 (24,441)17 43,123 (6,566)161 601,168 (31,007)
CLO
136 413,093 (13,506)22 89,722 (4,159)158 502,815 (17,665)
Other ABS74 161,012 (3,933)4 4,806 (269)78 165,818 (4,202)
Mortgage insurance linked-notes3 52,600 (1,085)— — — 3 52,600 (1,085)
Foreign government and agency securities1 5,049 (64)— — — 1 5,049 (64)
Total1,102 $4,331,570 $(330,469)141 $484,275 $(89,607)1,243 $4,815,845 $(420,076)
December 31, 2021
($ 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 and other financial instruments consisted of the following.
Net gains (losses) on investments and other financial instruments
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2022202120222021
Net realized gains (losses) on investments sold or redeemed   
Fixed-maturities available for sale
Gross realized gains$713 $9,597 $2,143 $13,714 
Gross realized losses(4,653)(7,221)(8,061)(12,128)
Fixed-maturities available for sale, net(3,940)2,376 (5,918)1,586 
Trading securities(106)(112)(106)391 
Equity securities— (227)1,655 (227)
Other investments54 2,229 54 2,334 
Net realized gains (losses) on investments sold or redeemed(3,992)4,266 (4,315)4,084 
Change in unrealized gains (losses) on investments sold or redeemed(28)(1,883)(2,198)(2,080)
Net decrease (increase) in expected credit losses— 608 — 918 
Net unrealized gains (losses) on investments still held
Trading securities(8,221)4,601 (21,138)(3,448)
Equity securities(20,707)5,140 (25,014)9,983 
Other investments(185)178 (421)1,062 
Net unrealized gains (losses) on investments still held(29,113)9,919 (46,573)7,597 
Total net gains (losses) on investments(33,133)12,910 (53,086)10,519 
Net gains (losses) on other financial instruments(8,736)2,751 (18,240)(39)
Net gains (losses) on investments and other financial instruments$(41,869)$15,661 $(71,326)$10,480 
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
June 30, 2022
(In thousands)Amortized CostFair Value
Due in one year or less$151,491 $150,543 
Due after one year through five years (1)
1,298,176 1,249,795 
Due after five years through 10 years (1)
1,112,921 1,001,606 
Due after 10 years (1)
849,400 710,723 
Asset-backed and mortgage-backed securities (2)
2,248,024 2,130,425 
Total 5,660,012 5,243,092 
Less: loaned securities16,128 14,348 
Total fixed-maturities available for sale$5,643,884 $5,228,744 
(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.