Note 2 - Segment Reporting Level 3 (Tables)

9 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2011			2010			2011			2010
Mortgage Insurance
Net premiums written—insurance	$	178,215		$	174,419		$	523,255		$	499,360
Net premiums earned—insurance	$	163,436		$	181,731		$	513,895		$	539,062
Net investment income	21,642			26,658			73,328			81,561
Net gains on investments	53,263			62,326			98,450			125,548
Net impairment losses recognized in earnings	(20		)	(34		)	(31		)	(90		)
Change in fair value of derivative instruments	200			6,772			64			5,739
Net gains (losses) on other financial instruments	2,486			(6,591		)	4,321			(44,764		)
Other income	1,357			1,870			3,881			5,292
Total revenues	242,364			272,732			693,908			712,348
Provision for losses	276,599			347,800			960,564			1,304,513
Change in reserve for premium deficiency	(1,942		)	8,628			(6,427		)	43
Policy acquisition costs	7,834			6,444			26,651			29,061
Other operating expenses	36,082			31,690			104,132			103,562
Interest expense	2,015			3,251			11,950			6,920
Total expenses	320,588			397,813			1,096,870			1,444,099
Equity in net income of affiliates	—			—			—			—
Pretax loss	(78,224		)	(125,081		)	(402,962		)	(731,751		)
Income tax benefit	(36,033		)	(50,090		)	(27,158		)	(267,700		)
Net loss	$	(42,191	)	$	(74,991	)	$	(375,804	)	$	(464,051	)
Cash and investments	$	3,176,860		$	3,722,189
Deferred policy acquisition costs	47,863			37,144
Total assets	3,731,978			5,293,768
Unearned premiums	206,477			199,764
Reserve for losses and LAE	3,214,854			3,504,181
VIE debt	31,164			156,811
Derivative liabilities	—			178

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2011			2010			2011			2010
Financial Guaranty
Net premiums written—insurance	$	72		$	388		$	(9,441	)	$	(9,151	)
Net premiums earned—insurance	$	16,219		$	22,206		$	57,717		$	66,589
Net investment income	17,121			19,896			51,498			58,970
Net gains on investments	28,377			31,932			64,861			83,920
Net impairment losses recognized in earnings	—			—			—			—
Change in fair value of derivative instruments	125,808			223,011			558,562			(378,516		)
Net gains (losses) on other financial instruments	78,116			11,473			156,579			(115,118		)
Other income	47			81			167			299
Total revenues	265,688			308,599			889,384			(283,856		)
Provision for losses	(27,001		)	(3,411		)	(20,027		)	18,922
Change in reserve for premium deficiency	—			—			—			—
Policy acquisition costs	3,615			4,610			13,316			13,658
Other operating expenses	9,158			11,362			33,281			39,511
Interest expense	12,079			6,251			35,247			21,631
Total expenses	(2,149		)	18,812			61,817			93,722
Equity in net income of affiliates	—			—			65			78
Pretax income (loss)	267,837			289,787			827,632			(377,500		)
Income tax provision (benefit)	42,078			102,611			28,139			(136,278		)
Net income (loss)	$	225,759		$	187,176		$	799,493		$	(241,222	)
Cash and investments	$	2,759,726		$	2,716,715
Deferred policy acquisition costs	91,099			109,331
Total assets	3,514,307			3,257,829
Unearned premiums	421,923			507,501
Reserve for losses and LAE	45,702			88,792
VIE debt	242,215			339,482
Derivative liabilities	188,921			530,510

(In thousands)	Nine Months Ended September 30, 2010
Financial Services
Net premiums written—insurance	$	—
Net premiums earned—insurance	$	—
Net investment income	—
Net gains on investments	—
Net impairment losses recognized in earnings	—
Change in fair value of derivative instruments	—
Net gains (losses) on other financial instruments	—
Gain on sale of affiliate	34,815
Other income	63
Total revenues	34,878
Provision for losses	—
Change in reserve for premium deficiency	—
Policy acquisition costs	—
Other operating expenses	200
Interest expense	—
Total expenses	200
Equity in net income of affiliates	14,590
Pretax income	49,268
Income tax provision	17,245
Net income	$	32,023
Cash and investments
Deferred policy acquisition costs
Total assets
Unearned premiums
Reserve for losses and LAE
VIE debt
Derivative liabilities

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

A reconciliation of segment net income (loss) to consolidated net income (loss) is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2011			2010			2011			2010
Consolidated
Net income (loss):
Mortgage Insurance	$	(42,191	)	$	(74,991	)	$	(375,804	)	$	(464,051	)
Financial Guaranty	225,759			187,176			799,493			(241,222		)
Financial Services	—			—			—			32,023
Total	$	183,568		$	112,185		$	423,689		$	(673,250	)