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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Schedule of Debt Securities, Available-for-sale
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
December 31, 2023
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$171,194 $93 $(26,891)$144,396 
State and municipal obligations158,539 283 (16,037)142,785 
Corporate bonds and notes2,876,175 12,286 (259,177)2,629,284 
RMBS1,089,919 8,250 (84,098)1,014,071 
CMBS605,029 51 (46,697)558,383 
CLO494,339 63 (6,553)487,849 
Other ABS286,988 1,608 (4,037)284,559 
Foreign government and agency securities5,128 — (41)5,087 
Mortgage insurance-linked notes (1)
47,456 1,540 — 48,996 
Total securities available for sale, including loaned securities5,734,767 $24,174 $(443,531)
(2)
5,315,410 
Less: loaned securities (3)
135,656 127,182 
Total fixed-maturities available for sale$5,599,111 $5,188,228 
December 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$174,138 $206 $(28,902)$145,442 
State and municipal obligations164,325 — (21,939)142,386 
Corporate bonds and notes2,886,905 1,403 (350,537)2,537,771 
RMBS1,025,795 1,163 (98,559)928,399 
CMBS645,890 13 (52,546)593,357 
CLO518,677 — (20,485)498,192 
Other ABS168,033 69 (6,743)161,359 
Foreign government and agency securities5,118 — (143)4,975 
Mortgage insurance-linked notes (1)
54,578 80 (1,639)53,019 
Total securities available for sale, including loaned securities5,643,459 $2,934 $(581,493)
(2)
5,064,900 
Less: loaned securities (3)
56,198 47,189 
Total fixed-maturities available for sale$5,587,261 $5,017,711 
(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 in our consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.
Schedule of Gross Unrealized Losses and Related Fair Value of Available for Sale Securities
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 December 31, 2023 and 2022, are loaned securities that are classified as other assets in our consolidated balance sheets, as further described below.
Unrealized losses on fixed-maturities available for sale by category and length of time
December 31, 2023
(In thousands)Less Than 12 Months12 Months or GreaterTotal
Description of SecuritiesFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government and agency securities$15,650 $(938)$113,678 $(25,953)$129,328 $(26,891)
State and municipal obligations17,154 (551)104,949 (15,486)122,103 (16,037)
Corporate bonds and notes161,924 (1,261)2,055,113 (257,916)2,217,037 (259,177)
RMBS113,506 (1,439)653,955 (82,659)767,461 (84,098)
CMBS8,558 (31)546,104 (46,666)554,662 (46,697)
CLO15,083 (25)438,294 (6,528)453,377 (6,553)
Other ABS49,513 (322)64,078 (3,715)113,591 (4,037)
Foreign government and agency securities— — 5,087 (41)5,087 (41)
Total$381,388 $(4,567)$3,981,258 $(438,964)$4,362,646 $(443,531)
December 31, 2022
(In thousands)Less Than 12 Months12 Months or GreaterTotal
Description of SecuritiesFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government and agency securities$86,964 $(21,370)$47,770 $(7,532)$134,734 $(28,902)
State and municipal obligations116,285 (14,231)25,401 (7,708)141,686 (21,939)
Corporate bonds and notes1,769,547 (176,768)701,936 (173,769)2,471,483 (350,537)
RMBS610,812 (46,117)261,370 (52,442)872,182 (98,559)
CMBS469,100 (38,178)121,277 (14,368)590,377 (52,546)
CLO246,705 (10,271)245,584 (10,214)492,289 (20,485)
Other ABS115,181 (3,603)31,041 (3,140)146,222 (6,743)
Foreign government and agency securities4,975 (143)— — 4,975 (143)
Mortgage insurance-linked notes43,745 (1,639)— — 43,745 (1,639)
Total$3,463,314 $(312,320)$1,434,379 $(269,173)$4,897,693 $(581,493)
Schedule of Net Investment Income
Net investment income consisted of the following.
Net investment income
Years Ended December 31,
(In thousands)202320222021
Investment income   
Fixed-maturities$226,654 $184,189 $145,613 
Equity securities13,420 11,210 8,158 
Mortgage loans held for sale4,212 39 — 
Short-term investments18,840 5,716 817 
Other (1)
5,286 1,370 368 
Gross investment income268,412 202,524 154,956 
Investment expenses (1)
(9,982)(6,866)(7,047)
Net investment income$258,430 $195,658 $147,909 
(1)Includes the impact from our securities lending activities.
Schedule of Net Gains (Losses) on Investments
Net gains (losses) on investments and other financial instruments consisted of the following.
Net gains (losses) on investments and other financial instruments
Years Ended December 31,
(In thousands)2023

2022

2021
Net realized gains (losses) on investments sold or redeemed (1)
   
Fixed-maturities available for sale
Gross realized gains$1,609 $2,763 $22,766 
Gross realized losses(15,346)(12,737)(17,105)
Fixed-maturities available for sale, net(13,737)(9,974)5,661 
Trading securities(402)(135)390 
Equity securities3,350 1,655 10,820 
Other investments56 148 3,971 
Net realized gains (losses) on investments sold or redeemed (1)
(10,733)(8,306)20,842 
Change in unrealized gains (losses) on investments sold or redeemed (1)
915 (3,458)(8,714)
Net decrease (increase) in expected credit losses— — 918 
Net unrealized gains (losses) on investments still held (1)
Trading securities2,308 (27,700)(7,330)
Equity securities7,625 (25,255)10,210 
Other investments25 (387)1,173 
Net unrealized gains (losses) on investments still held (1)
9,958 (53,342)4,053 
Total net gains (losses) on investments (1)
140 (65,106)17,099 
Net gains (losses) on mortgage loans held for sale (Note 7) (2)
814 48 — 
Net gains (losses) on other financial instruments (1)(3)
9,287 (15,675)(1,496)
Net gains (losses) on investments and other financial instruments$10,241 $(80,733)$15,603 
(1)Excludes activities related to our mortgage loans held for sale. See Note 7 for additional information.
(2)Includes realized and unrealized net gains (losses) on 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.
Schedule of Contractual Maturities
The contractual maturities of fixed-maturities available for sale were as follows.
Contractual maturities of fixed-maturities available for sale
December 31, 2023
(In thousands)Amortized CostFair Value
Due in one year or less$120,944 $119,450 
Due after one year through five years (1)
1,296,391 1,243,001 
Due after five years through 10 years (1)
928,170 850,861 
Due after 10 years (1)
865,531 708,240 
Asset-backed securities and mortgage-backed securities (2)
2,523,731 2,393,858 
Total5,734,767 5,315,410 
Less: loaned securities135,656 127,182 
Total fixed-maturities available for sale$5,599,111 $5,188,228 
(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.