Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets & Liabilities Measured at Fair Value by Hierarchy Level

The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.

Assets and liabilities carried at fair value by hierarchy level
	December 31, 2023
(In thousands)	Level I		Level II		Level III		Total
Investments
Fixed-maturities available for sale
U.S. government and agency securities	$	124,734	$	9,859	$	—	$	134,593
State and municipal obligations	—		142,785		—		142,785
Corporate bonds and notes	—		2,511,905		—		2,511,905
RMBS	—		1,014,071		—		1,014,071
CMBS	—		558,383		—		558,383
CLO	—		487,849		—		487,849
Other ABS	—		284,559		—		284,559
Foreign government and agency securities	—		5,087		—		5,087
Mortgage insurance-linked notes (1)	—		48,996		—		48,996
Total fixed-maturities available for sale	124,734		5,063,494		—		5,188,228

Assets and liabilities carried at fair value by hierarchy level
	December 31, 2023
(In thousands)	Level I		Level II		Level III		Total
Trading securities
State and municipal obligations	—		70,844		—		70,844
Corporate bonds and notes	—		24,913		—		24,913
RMBS	—		5,930		—		5,930
CMBS	—		4,736		—		4,736
Total trading securities	—		106,423		—		106,423
Equity securities	81,170		5,387		2,500		89,057
Mortgage loans held for sale (2)	—		32,755		—		32,755
Other invested assets (3)	—		—		7,196		7,196
Short-term investments
State and municipal obligations	—		2,700		—		2,700
Money market instruments	368,433		—		—		368,433
Corporate bonds and notes	—		150,930		—		150,930
CMBS	—		1,347		—		1,347
Other ABS	—		1,158		—		1,158
Other investments (4)	—		135,998		—		135,998
Total short-term investments	368,433		292,133		—		660,566
Total investments at fair value (3)	574,337		5,500,192		9,696		6,084,225
Other
Derivative assets (5)	—		1,912		1		1,913
Loaned securities (6)
U.S. government and agency securities	9,803		—		—		9,803
Corporate bonds and notes	—		117,992		—		117,992
Equity securities	75,898		—		—		75,898
Total assets at fair value (3)	$	660,038	$	5,620,096	$	9,697	$	6,289,831
Liabilities
Derivative liabilities (5)	$	—	$	817	$	692	$	1,509
Total liabilities at fair value	$	—	$	817	$	692	$	1,509

(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.

(2)We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. See Note 7 for more information about our mortgage loans held for sale.

(3)Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.

(4)Comprises short-term certificates of deposit and commercial paper.

(5)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets in our consolidated balance sheets. See Note 8 for more information.

(6)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.

Assets and liabilities carried at fair value by hierarchy level
	December 31, 2022
(In thousands)	Level I		Level II		Level III		Total
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 sale	140,011		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 securities	138,716		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 instruments	241,440		—		—		241,440
Corporate bonds and notes	—		42,385		—		42,385
Other investments (3)	—		115,480		—		115,480
Total short-term investments	241,440		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 securities	64,554		—		—		64,554
Total assets at fair value (2)	$	584,721	$	5,212,909	$	6,796	$	5,804,426
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 XOL Program. See Note 8 for more information.

(2)Does not include other invested assets of $1 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)Level III derivative liabilities consist of embedded derivatives related to our XOL Program, which are classified as other liabilities in our consolidated balance sheets. See Note 8 for more information.

Schedule of Carrying Value & Estimated Fair Value of Financial Liabilities Not Carried at Fair Value

The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value in our consolidated balance sheets were as follows as of the dates indicated.

Financial instruments not carried at fair value
	December 31, 2023				December 31, 2022
(In thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Company-owned life insurance	$	106,417	$	106,417	$	105,331	$	105,331
Senior notes	1,417,781		1,406,118		1,413,504		1,361,844
Secured borrowings
FHLB advances	$	95,277	$	95,348	$	153,686	$	153,728
Mortgage loan financing facilities	24,199		24,199		2,136		2,136
Total secured borrowings	$	119,476	$	119,547	$	155,822	$	155,864