Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments [Abstract]

Schedule of Available for Sale Securities

Our available for sale securities within our investment portfolio consist of the following as of the dates indicated.

Available for sale securities
	June 30, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Fixed maturities available for sale
U.S. government and agency securities	$	164,513	$	126	$	(29,270	)		$	135,369
State and municipal obligations		159,695		167		(16,375	)			143,487
Corporate bonds and notes		2,767,925		17,288		(230,241	)			2,554,972
RMBS		1,063,500		8,628		(80,619	)			991,509
CMBS		343,420		37		(18,073	)			325,384
CLO		480,161		862		(580	)			480,443
Other ABS		559,833		4,055		(3,467	)			560,421
Mortgage insurance-linked notes (1)		45,384		1,436		—				46,820
Total securities available for sale, including loaned securities		5,584,431	$	32,599	$	(378,625	)	(2)		5,238,405
Less: loaned securities (3)		134,439								130,127
Total fixed maturities available for sale	$	5,449,992							$	5,108,278
	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Fair Value
Fixed maturities available for sale
U.S. government and agency securities	$	160,509	$	—	$	(32,177	)		$	128,332
State and municipal obligations		167,114		40		(18,263	)			148,891
Corporate bonds and notes		2,878,705		5,261		(277,535	)			2,606,431
RMBS		1,104,721		6,965		(100,056	)			1,011,630
CMBS		438,139		51		(26,191	)			411,999
CLO		411,328		983		(849	)			411,462
Other ABS		442,620		1,556		(5,305	)			438,871
Mortgage insurance-linked notes (1)		45,447		1,709		—				47,156
Total securities available for sale, including loaned securities		5,648,583	$	16,565	$	(460,376	)	(2)		5,204,772
Less: loaned securities (3)		137,082								129,852
Total fixed maturities available for sale	$	5,511,501							$	5,074,920

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

(2)See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details.

(3)Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.

Schedule of 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, 2025, and December 31, 2024, are loaned securities that are classified as other assets on our condensed consolidated balance sheets, as further described below under “Loaned Securities.”

Unrealized losses on fixed maturities available for sale by category and length of time
	June 30, 2025
	Less Than 12 Months					12 Months or Greater					Total
(In thousands) Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government and agency securities	$	4,696	$	(532	)	$	112,687	$	(28,738	)	$	117,383	$	(29,270	)
State and municipal obligations		40,568		(1,724	)		84,611		(14,651	)		125,179		(16,375	)
Corporate bonds and notes		312,136		(7,899	)		1,362,178		(222,342	)		1,674,314		(230,241	)
RMBS		124,531		(2,878	)		543,954		(77,741	)		668,485		(80,619	)
CMBS		8,280		(75	)		304,678		(17,998	)		312,958		(18,073	)
CLO		99,329		(228	)		35,728		(352	)		135,057		(580	)
Other ABS		91,004		(1,928	)		33,629		(1,539	)		124,633		(3,467	)
Total	$	680,544	$	(15,264	)	$	2,477,465	$	(363,361	)	$	3,158,009	$	(378,625	)
	December 31, 2024
	Less Than 12 Months					12 Months or Greater					Total
(In thousands) Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. government and agency securities	$	5,807	$	(574	)	$	113,783	$	(31,603	)	$	119,590	$	(32,177	)
State and municipal obligations		45,539		(2,399	)		78,523		(15,864	)		124,062		(18,263	)
Corporate bonds and notes		749,427		(18,113	)		1,552,535		(259,422	)		2,301,962		(277,535	)
RMBS		296,899		(6,467	)		559,525		(93,589	)		856,424		(100,056	)
CMBS		15,179		(139	)		388,282		(26,052	)		403,461		(26,191	)
CLO		44,350		(65	)		43,542		(784	)		87,892		(849	)
Other ABS		180,824		(3,081	)		45,192		(2,224	)		226,016		(5,305	)
Total	$	1,338,025	$	(30,838	)	$	2,781,382	$	(429,538	)	$	4,119,407	$	(460,376	)

Schedule of Contractual Maturities of Fixed-Maturities Available for Sale

The contractual maturities of fixed-maturities available for sale are as follows.

Contractual maturities of fixed maturities available for sale
	June 30, 2025
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	148,535	$	146,434
Due after one year through five years (1)		1,019,664		995,687
Due after five years through 10 years (1)		1,021,904		986,687
Due after 10 years (1)		902,030		705,020
Asset-backed and mortgage-backed securities (2)		2,492,298		2,404,577
Total		5,584,431		5,238,405
Less: loaned securities		134,439		130,127
Total fixed maturities available for sale	$	5,449,992	$	5,108,278

(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.

Schedule of Net Investment Income

Net investment income consists of the following.

Net investment income
	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Investment income
Fixed maturities	$	57,835		$	57,924		$	114,549		$	115,183
Equity securities		2,634			3,067			4,779			5,606
Residential mortgage loans held for sale (1)		10,064			5,411			16,337			7,204
Short-term investments		3,409			8,614			8,160			17,572
Other (2)		1,860			1,504			3,433			3,101
Gross investment income		75,802			76,520			147,258			148,666
Investment expenses (2)		(3,033	)		(2,754	)		(5,915	)		(5,679	)
Net investment income	$	72,769		$	73,766		$	141,343		$	142,987

(1)See Note 7 for additional information on our residential mortgage loans held for sale.

(2)Includes the impact from our securities lending activities. Investment expenses also include other investment management expenses.

Schedule of Net Gains (Losses) on Investments and Other Financial Instruments

Net gains (losses) on investments and other financial instruments consists of the following.

Net gains (losses) on investments and other financial instruments
	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Net realized gains (losses) on investments sold or redeemed (1)
Fixed maturities available for sale
Gross realized gains	$	371		$	579		$	463		$	631
Gross realized losses		(2,426	)		(3,413	)		(4,868	)		(7,148	)
Fixed maturities available for sale, net		(2,055	)		(2,834	)		(4,405	)		(6,517	)
Fixed maturities trading securities		—			(191	)		—			(191	)
Equity securities		—			6			898			6
Other investments		2			—			20			1
Net realized gains (losses) on investments sold or redeemed (1)		(2,053	)		(3,019	)		(3,487	)		(6,701	)
Change in unrealized gains (losses) on investments sold or redeemed (1)		4			367			(937	)		130
Impairment losses due to intent to sell		—			(237	)		—			(237	)
Net unrealized gains (losses) on investments still held (1)
Fixed maturities trading securities		30			(1,371	)		2,249			(3,131	)
Equity securities		1,304			(416	)		(243	)		3,605
Other investments		(24	)		(42	)		(28	)		(55	)
Net unrealized gains (losses) on investments still held (1)		1,310			(1,829	)		1,978			419
Total net gains (losses) on investments (1)		(739	)		(4,718	)		(2,446	)		(6,389	)
Net gains (losses) on residential mortgage loans held for sale (Note 7) (2)		(6,704	)		(50	)		(5,417	)		334
Net gains (losses) on other financial instruments (1) (3)		2,591			281			2,288			2,058
Net gains (losses) on investments and other financial instruments	$	(4,852	)	$	(4,487	)	$	(5,575	)	$	(3,997	)

(1)Does not include activities related to our residential mortgage loans held for sale. See Note 7 for additional information.

(2)Includes realized and unrealized net gains (losses) on residential mortgage loans held for sale and related activities, including interest rate hedges. See Note 7 for additional details.

(3)Includes changes in the fair value of embedded derivatives associated with our XOL Program. See Note 8 for additional information.