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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021.
Assets and liabilities carried at fair value by hierarchy level
December 31, 2022
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$140,011 $5,431 $— $145,442 
State and municipal obligations— 142,386 — 142,386 
Corporate bonds and notes— 2,490,582 — 2,490,582 
RMBS— 928,399 — 928,399 
CMBS— 593,357 — 593,357 
CLO— 498,192 — 498,192 
Other ABS— 161,359 — 161,359 
Foreign government and agency securities— 4,975 — 4,975 
Mortgage insurance-linked notes (1)
— 53,019 — 53,019 
Total fixed-maturities available for sale140,011 4,877,700 — 5,017,711 
Trading securities
State and municipal obligations— 70,511 — 70,511 
Corporate bonds and notes— 32,827 — 32,827 
RMBS— 6,847 — 6,847 
CMBS— 5,480 — 5,480 
Total trading securities— 115,665 — 115,665 
Equity securities138,716 7,749 2,500 148,965 
Mortgage loans held for sale— 3,549 — 3,549 
Other invested assets (2)
— — 4,296 4,296 
Short-term investments
State and municipal obligations— 2,785 — 2,785 
Money market instruments241,440 — — 241,440 
Corporate bonds and notes— 42,385 — 42,385 
Other investments (3)
— 115,480 — 115,480 
Total short-term investments241,440 160,650 — 402,090 
Total investments at fair value (2)
520,167 5,165,313 6,796 5,692,276 
Other
Derivative assets— 11 — 11 
Loaned securities (4)
Corporate bonds and notes— 47,585 — 47,585 
Equity securities64,554 — — 64,554 
Total assets at fair value (2)
$584,721 $5,212,909 $6,796 $5,804,426 
Assets and liabilities carried at fair value by hierarchy level
December 31, 2022
(In thousands)Level ILevel IILevel IIITotal
Liabilities
Derivative liabilities (5)
$— $42 $4,858 $4,900 
Total liabilities at fair value$— $42 $4,858 $4,900 
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.
(2)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.
(3)Comprises short-term certificates of deposit and commercial paper.
(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.
(5)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other liabilities in our consolidated balance sheets. See Note 8 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 
Other invested assets (2)
— — 3,000 3,000 
Assets carried at fair value by hierarchy level
December 31, 2021
(In thousands)Level ILevel IILevel IIITotal
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 (3)
— 101,824 — 101,824 
Total short-term investments369,200 182,308 — 551,508 
Total investments at fair value (2)
738,480 5,770,897 3,000 6,512,377 
Other
Derivative assets (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 (2)
$776,482 $5,836,891 $7,200 $6,620,573 
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.
(2)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.
(3)Comprises short-term certificates of deposit and commercial paper.
(4)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our consolidated balance sheets. See Note 8 for more information.
(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.
Carrying Value & Estimated Fair Value of Financial Liabilities Not Carried at Fair Value
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, 2022December 31, 2021
(In thousands)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Senior notes$1,413,504 $1,361,844 $1,409,473 $1,534,378 
Other borrowings
FHLB advances$153,686 $153,728 $150,983 $152,117 
Mortgage financing facilities2,136 2,136 — — 
Total other borrowings$155,822 $155,864 $150,983 $152,117