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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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
March 31, 2024
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$128,295 $9,563 $— $137,858 
State and municipal obligations— 156,765 — 156,765 
Corporate bonds and notes— 2,503,736 — 2,503,736 
RMBS— 1,049,473 — 1,049,473 
CMBS— 523,580 — 523,580 
CLO— 471,610 — 471,610 
Other ABS— 318,601 — 318,601 
Mortgage insurance-linked notes (1)
— 47,402 — 47,402 
Total fixed-maturities available for sale128,295 5,080,730 — 5,209,025 
Trading securities
State and municipal obligations— 68,457 — 68,457 
Corporate bonds and notes— 24,335 — 24,335 
RMBS— 5,665 — 5,665 
CMBS— 4,799 — 4,799 
Total trading securities— 103,256 — 103,256 
Equity securities148,297 4,608 2,500 155,405 
Mortgage loans held for sale (2)
— 147,034 — 147,034 
Other invested assets (3) (4)
— — 7,196 7,196 
Short-term investments
State and municipal obligations— 2,600 — 2,600 
Money market instruments434,652 — — 434,652 
Corporate bonds and notes— 119,715 — 119,715 
Other ABS— 9,500 — 9,500 
Other investments (5)
— 137,078 — 137,078 
Total short-term investments434,652 268,893 — 703,545 
Total investments at fair value (4)
711,244 5,604,521 9,696 6,325,461 
Other
Derivative assets (6)
— 954 — 954 
Mortgage servicing rights— — 345 345 
Loaned securities (7)
Corporate bonds and notes— 106,237 — 106,237 
Equity securities13,600 — — 13,600 
Total assets at fair value (4)
$724,844 $5,711,712 $10,041 $6,446,597 
Liabilities
Derivative liabilities (6)
$— $397 $865 $1,262 
Total liabilities at fair value$— $397 $865 $1,262 
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.
(2)See Note 7 for more information about our mortgage loans held for sale.
(3)Consists primarily of interests in private debt and equity investments.
(4)Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(5)Comprises short-term certificates of deposit and commercial paper.
(6)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets on our condensed consolidated balance sheets. See Note 8 for more information.
(7)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements.
Assets and liabilities carried at fair value by hierarchy level
December 31, 2023
(In thousands)Level ILevel IILevel IIITotal
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 sale124,734 5,063,494 — 5,188,228 
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 securities81,170 5,387 2,500 89,057 
Mortgage loans held for sale (2)
— 32,755 — 32,755 
Other invested assets (3) (4)
— — 7,196 7,196 
Short-term investments
State and municipal obligations— 2,700 — 2,700 
Money market instruments368,433 — — 368,433 
Corporate bonds and notes— 150,930 — 150,930 
CMBS— 1,347 — 1,347 
Other ABS— 1,158 — 1,158 
Other investments (5)
— 135,998 — 135,998 
Total short-term investments368,433 292,133 — 660,566 
Total investments at fair value (4)
574,337 5,500,192 9,696 6,084,225 
Other
Derivative assets (6)
— 1,912 1 1,913 
Loaned securities (7)
U.S. government and agency securities9,803 — — 9,803 
Corporate bonds and notes— 117,992 — 117,992 
Equity securities75,898 — — 75,898 
Total assets at fair value (4)
$660,038 $5,620,096 $9,697 $6,289,831 
Assets and liabilities carried at fair value by hierarchy level
December 31, 2023
(In thousands)Level ILevel IILevel IIITotal
Liabilities
Derivative liabilities (6)
$— $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)Consists primarily of interests in private debt and equity investments.
(4)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.
(5)Comprises short-term certificates of deposit and commercial paper.
(6)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information.
(7)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.
Schedule of Liabilities Not Carried at Fair Value
The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial instruments not carried at fair value
March 31, 2024December 31, 2023
(In thousands)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Company-owned life insurance$108,226 $108,226 $106,417 $106,417 
Senior notes1,512,860 1,520,523 1,417,781 1,406,118 
Secured borrowings
FHLB advances$79,281 $79,303 $95,277 $95,348 
Mortgage loan financing facilities128,320 128,320 24,199 24,199 
Total secured borrowings$207,601 $207,623 $119,476 $119,547