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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following tables include a list of assets that are measured at fair value by hierarchy level as of September 30, 2022, and December 31, 2021.
Assets and liabilities carried at fair value by hierarchy level
September 30, 2022
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$142,882 $3,782 $— $146,664 
State and municipal obligations— 142,743 — 142,743 
Corporate bonds and notes— 2,429,325 — 2,429,325 
RMBS— 900,591 — 900,591 
CMBS— 599,478 — 599,478 
CLO— 490,832 — 490,832 
Other ABS— 168,087 — 168,087 
Foreign government and agency securities— 4,970 — 4,970 
Mortgage insurance-linked notes (1)
— 26,542 — 26,542 
Total fixed-maturities available for sale142,882 4,766,350 — 4,909,232 
Trading securities
State and municipal obligations— 70,475 — 70,475 
Corporate bonds and notes— 47,802 — 47,802 
RMBS— 7,058 — 7,058 
CMBS— 14,566 — 14,566 
Total trading securities— 139,901 — 139,901 
Equity securities134,907 7,748 2,500 145,155 
Short-term investments
State and municipal obligations— 2,885 — 2,885 
Money market instruments241,866 — — 241,866 
Corporate bonds and notes— 53,406 — 53,406 
Other investments (2)
— 94,357 — 94,357 
Total short-term investments241,866 150,648 — 392,514 
Other invested assets (3)
— — 4,000 4,000 
Total investments at fair value (3)
519,655 5,064,647 6,500 5,590,802 
Other
Derivative assets— 56 651 707 
Loaned securities and securities sold under repurchase agreements (4)
Corporate bonds and notes— 40,377 — 40,377 
CMBS— 9,651 — 9,651 
CLO— 7,117 — 7,117 
Other ABS— 2,876 — 2,876 
Equity securities60,366 — — 60,366 
Mortgage insurance-linked notes (1)
— 16,895 — 16,895 
Total assets at fair value (3)
$580,021 $5,141,619 $7,151 $5,728,791 
Liabilities
Derivative liabilities (5)
$— $33 $4,601 $4,634 
Total liabilities at fair value$— $33 $4,601 $4,634 
(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.
(2)Comprises short-term certificates of deposit and commercial paper.
(3)Does not include other invested assets of $1.1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(4)Securities loaned to third-party borrowers under securities lending agreements or sold under repurchase agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
(5)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other liabilities in our condensed consolidated balance sheets. See Note 8 for more information.
Assets carried at fair value by hierarchy level
December 31, 2021
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$192,452 $29,278 $— $221,730 
State and municipal obligations— 177,257 — 177,257 
Corporate bonds and notes— 2,910,231 — 2,910,231 
RMBS— 705,117 — 705,117 
CMBS— 709,203 — 709,203 
CLO— 530,040 — 530,040 
Other ABS— 211,187 — 211,187 
Foreign government and agency securities— 5,296 — 5,296 
Mortgage insurance-linked notes (1)
— 47,017 — 47,017 
Total fixed-maturities available for sale192,452 5,324,626 — 5,517,078 
Trading securities
State and municipal obligations— 94,637 — 94,637 
Corporate bonds and notes— 119,186 — 119,186 
RMBS— 9,438 — 9,438 
CMBS— 33,285 — 33,285 
Total trading securities— 256,546 — 256,546 
Equity securities176,828 7,417 — 184,245 
Short-term investments
U.S. government and agency securities94,665 — — 94,665 
State and municipal obligations— 12,270 — 12,270 
Money market instruments274,535 — — 274,535 
Corporate bonds and notes— 65,191 — 65,191 
CMBS— 3,023 — 3,023 
Other investments (2)
— 101,824 — 101,824 
Total short-term investments369,200 182,308 — 551,508 
Other invested assets (3)
— — 3,000 3,000 
Total investments at fair value (3)
738,480 5,770,897 3,000 6,512,377 
Other
Derivative assets (4)
— — 4,200 4,200 
Loaned securities (5)
Corporate bonds and notes— 65,994 — 65,994 
Equity securities38,002 — — 38,002 
Total assets at fair value (3)
$776,482 $5,836,891 $7,200 $6,620,573 
(1)Comprises the mortgage insurance-linked notes purchased by Radian Group in connection with the Excess-of-Loss Program. See Note 8 for more information.
(2)Comprises short-term certificates of deposit and commercial paper.
(3)Does not include other invested assets of $1.2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(4)Consists primarily of embedded derivatives related to our Excess-of-Loss Program, which are classified as other assets in our condensed consolidated balance sheets. See Note 8 for more information.
(5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our condensed consolidated balance sheets. See Note 6 for more information.
Fair Value by Balance Sheet Grouping
The carrying value and estimated fair value of other selected liabilities not carried at fair value in our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial liabilities not carried at fair value
September 30, 2022December 31, 2021
(In thousands)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Senior notes$1,412,473 $1,336,403 $1,409,473 $1,534,378 
FHLB advances153,550 153,562 150,983 152,117