Note 2 - Segment Reporting Level 3 (Tables)

3 Months Ended

Mar. 31, 2012

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

Summarized financial information concerning our operating segments, as of and for the periods indicated, are as follows:



	Three Months Ended March 31,
(In thousands)	2012			2011
Mortgage Insurance
Net premiums written—insurance	$	196,853		$	180,846
Net premiums earned—insurance	$	173,451		$	186,134
Net investment income	18,011			26,833
Net gains on investments	32,178			17,762
Net impairment losses recognized in earnings	—			—
Change in fair value of derivative instruments	21			(394		)
Net (losses) gains on other financial instruments	(709		)	2,466
Other income	1,344			1,400
Total revenues	224,296			234,201
Provision for losses	234,729			413,973
Change in reserve for premium deficiency	(20		)	(1,383		)
Policy acquisition costs	8,646			10,216
Other operating expenses	36,265			34,137
Interest expense	1,722			9,789
Total expenses	281,342			466,732
Equity in net (loss) income of affiliates	—			—
Pretax loss	(57,046		)	(232,531		)
Income tax (benefit) provision	(11,799		)	3,501
Net loss	$	(45,247	)	$	(236,032	)
Cash and investments	$	3,259,204		$	3,977,445
Deferred policy acquisition costs	49,786			42,322
Total assets	3,476,732			4,471,425
Unearned premiums	256,809			191,910
Reserve for losses and LAE	3,230,938			3,542,797
VIE debt	8,625			72,369
Derivative liabilities	—			—

NIW	6,465			2,586



	Three Months Ended March 31,
(In thousands)	2012			2011
Financial Guaranty
Net premiums written—insurance	$	(119,175	)	$	1,903
Net premiums earned—insurance	$	(6,086	)	$	16,889
Net investment income	16,702			15,407
Net gains on investments	35,281			19,673
Net impairment losses recognized in earnings	—			—
Change in fair value of derivative instruments	(72,778		)	244,286
Net (losses) gains on other financial instruments	(17,143		)	72,785
Other income	96			48
Total revenues	(43,928		)	369,088
Provision for losses	31,425			13,400
Change in reserve for premium deficiency	—			—
Policy acquisition costs	19,400			3,915
Other operating expenses	13,889			12,082
Interest expense	12,426			7,235
Total expenses	77,140			36,632
Equity in net (loss) income of affiliates	(11		)	65
Pretax (loss) income	(121,079		)	332,521
Income tax provision (benefit)	2,906			(6,517		)
Net (loss) income	$	(123,985	)	$	339,038
Cash and investments	$	2,392,620		$	2,464,819
Deferred policy acquisition costs	58,155			103,399
Total assets	2,971,789			2,880,138
Unearned premiums	315,756			474,109
Reserve for losses and LAE	85,426			84,898
VIE debt	246,609			300,638
Derivative liabilities	202,100			487,345

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

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



	Three Months Ended March 31,
(In thousands)	2012			2011
Consolidated
Net (loss) income:
Mortgage Insurance	$	(45,247	)	$	(236,032	)
Financial Guaranty	(123,985		)	339,038
Total	$	(169,232	)	$	103,006

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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