Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2016	Feb. 15, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	MGIC INVESTMENT CORP
Entity Central Index Key	0000876437
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2.0
Entity Common Stock, Shares Outstanding		340,990,121
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Securities, available-for-sale, at fair value:
Fixed income (amortized cost, 2016 - $4,717,211; 2015 - $4,684,148)	$ 4,685,222	$ 4,657,561
Equity securities	7,128	5,645
Total investment portfolio	4,692,350	4,663,206
Cash and cash equivalents	155,410	181,120
Accrued investment income	44,073	40,224
Reinsurance recoverable on loss reserves	50,493	44,487
Reinsurance recoverable on paid losses	4,964	3,319
Premiums receivable	52,392	48,469
Home office and equipment, net	36,088	30,095
Deferred insurance policy acquisition costs	17,759	15,241
Deferred income taxes, net	607,655	762,080
Other assets	73,345	80,102
Total assets	5,734,529	5,868,343
Liabilities:
Loss reserves	1,438,813	1,893,402
Unearned premiums	329,737	279,973
FHLB Advance	155,000	0
Senior notes	417,406	0
Convertible senior notes	349,461	822,301
Convertible junior subordinated debentures	256,872	389,522
Other liabilities	238,398	247,005
Total liabilities	3,185,687	3,632,203
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2016 - 359,400; 2015 - 340,097; outstanding 2016 - 340,663; 2015 - 339,657)	359,400	340,097
Paid-in capital	1,782,337	1,670,238
Treasury stock (shares at cost 2016 - 18,737; 2015 - 440)	(150,359)	(3,362)
Accumulated other comprehensive loss, net of tax	(75,100)	(60,880)
Retained earnings	632,564	290,047
Total shareholders' equity	2,548,842	2,236,140
Total liabilities and shareholders' equity	$ 5,734,529	$ 5,868,343

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Fixed income, amortized cost	$ 4,717,211	$ 4,684,148
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	359,400,000	340,097,000
Common stock, shares outstanding (in shares)	340,663,000	339,657,000
Treasury stock, shares at cost (in shares)	18,737,000	440,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Premiums written:
Direct	$ 1,107,923,000	$ 1,074,490,000	$ 999,943,000
Assumed	1,053,000	1,178,000	1,653,000
Ceded	(133,885,000)	(55,391,000)	(119,634,000)
Net premiums written	975,091,000	1,020,277,000	881,962,000
Increase in unearned premiums	(49,865,000)	(124,055,000)	(37,591,000)
Net premiums earned	925,226,000	896,222,000	844,371,000
Investment income, net of expenses	110,666,000	103,741,000	87,647,000
Net realized investment gains (losses):
Total other-than-temporary impairment losses	0	0	(144,000)
Portion of losses recognized in other comprehensive income (loss), before taxes	0	0	0
Net impairment losses recognized in earnings	0	0	(144,000)
Other realized investment gains	8,932,000	28,361,000	1,501,000
Net realized investment gains	8,932,000	28,361,000	1,357,000
Other revenue	17,659,000	12,964,000	9,259,000
Total revenues	1,062,483,000	1,041,288,000	942,634,000
Losses and expenses:
Losses incurred, net	240,157,000	343,547,000	496,077,000
Change in premium deficiency reserve	0	(23,751,000)	(24,710,000)
Amortization of deferred policy acquisition costs	9,646,000	8,789,000	7,618,000
Other underwriting and operating expenses, net	150,763,000	155,577,000	138,441,000
Interest expense	56,672,000	68,932,000	69,648,000
Loss on debt extinguishment	90,531,000	507,000	837,000
Total losses and expenses	547,769,000	553,601,000	687,911,000
Income before tax	514,714,000	487,687,000	254,723,000
Provision for (benefit from) income taxes	172,197,000	(684,313,000)	2,774,000
Net income	$ 342,517,000	$ 1,172,000,000	$ 251,949,000
Earnings per share:
Basic (in dollars per share)	$ 1.00	$ 3.45	$ 0.74
Diluted (in dollars per share)	$ 0.86	$ 2.60	$ 0.64
Weighted average common shares outstanding - basic (in shares)	342,890	339,552	338,523
Weighted average common shares outstanding - diluted (in shares)	431,992	468,039	413,522
Dividends per share (in dollars per share)	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 107,487	$ 56,618	$ 109,221	$ 69,191	$ 102,418	$ 822,852	$ 113,654	$ 133,076	$ 342,517	$ 1,172,000	$ 251,949
Other comprehensive (loss) income, net of tax:
Change in unrealized investment gains and losses									(3,649)	40,403	91,139
Benefit plans adjustment									(9,620)	(15,714)	(52,112)
Foreign currency translation adjustment									(951)	(4,228)	(2,642)
Other comprehensive (loss) income, net of tax									(14,220)	20,461	36,385
Comprehensive income									$ 328,297	$ 1,192,461	$ 288,334

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Treasury stock	Accumulated other comprehensive loss	Retained earnings (deficit)
Balance, beginning of year at Dec. 31, 2013		$ 340,047	$ 1,661,269	$ (64,435)	$ (117,726)	$ (1,074,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		0	0
Net common stock issued under share-based compensation plans		0	0
Reissuance of treasury stock, net			(6,680)	31,498		(29,790)
Tax benefit from share-based compensation			0
Equity compensation			9,003
Reacquisition of convertible junior subordinated debentures-equity component			0
Purchases of common stock				0
Other comprehensive (loss) income	$ 36,385				36,385
Net income	251,949					251,949
Balance, end of year at Dec. 31, 2014	1,036,903	340,047	1,663,592	(32,937)	(81,341)	(852,458)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		0	0
Net common stock issued under share-based compensation plans		50	(478)
Reissuance of treasury stock, net			(6,894)	29,575		(29,495)
Tax benefit from share-based compensation			2,116
Equity compensation			11,902
Reacquisition of convertible junior subordinated debentures-equity component			0
Purchases of common stock				0
Other comprehensive (loss) income	20,461				20,461
Net income	1,172,000					1,172,000
Balance, end of year at Dec. 31, 2015	2,236,140	340,097	1,670,238	(3,362)	(60,880)	290,047
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance		18,313	113,146
Net common stock issued under share-based compensation plans		990	(6,020)
Reissuance of treasury stock, net			(130)	130		0
Tax benefit from share-based compensation			67
Equity compensation			11,373
Reacquisition of convertible junior subordinated debentures-equity component			(6,337)
Purchases of common stock				(147,127)
Other comprehensive (loss) income	(14,220)				(14,220)
Net income	342,517					342,517
Balance, end of year at Dec. 31, 2016	$ 2,548,842	$ 359,400	$ 1,782,337	$ (150,359)	$ (75,100)	$ 632,564

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 342,517	$ 1,172,000	$ 251,949
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and other amortization	61,342	52,559	48,861
Deferred tax expense (benefit)	162,356	(692,810)	312
Net realized investment gains	(8,932)	(28,361)	(1,357)
Loss on debt extinguishment	90,531	507	837
Excess tax benefits related to share-based compensation	(67)	(2,117)	0
Change in certain assets and liabilities:
Accrued investment income	(3,849)	(9,706)	1,142
Prepaid reinsurance premium	101	47,457	(11,380)
Reinsurance recoverable on loss reserves	(6,006)	13,354	6,244
Reinsurance recoverable on paid losses	(1,645)	3,105	4,001
Premiums receivable	(3,923)	8,973	4,859
Deferred insurance policy acquisition costs	(2,518)	(3,001)	(2,519)
Profit commission receivable	(747)	64,525	(89,132)
Loss reserves	(454,589)	(503,405)	(664,594)
Premium deficiency reserve	0	(23,751)	(24,710)
Unearned premiums	49,764	76,559	48,935
Return premium accrual	(18,800)	(9,600)	22,200
Income taxes payable - current	1,123	2,518	(674)
Other, net	13,005	(16,770)	(251)
Net cash provided by (used in) operating activities	219,663	152,036	(405,277)
Purchases of investments:
Fixed income	(1,360,386)	(2,462,844)	(1,979,917)
Equity securities	(3,197)	(2,623)	(94)
Proceeds from sales of fixed income	728,042	1,796,153	1,147,624
Proceeds from maturity of fixed income	547,444	559,774	1,129,087
Proceeds from sale of equity securities	5,257	0	0
Net decrease in payables for securities	0	0	13
Net decrease in restricted cash	0	17,212	228
Additions to property and equipment	(10,552)	(4,630)	(4,707)
Net cash (used in) provided by investing activities	(93,392)	(96,958)	292,234
Cash flows from financing activities:
Proceeds from issuance of long-term debt	573,094	0	0
Repayment of long-term debt	0	(61,953)	(20,772)
Repurchase of convertible senior notes	(363,778)	(11,152)	0
Payment of original issue discount - convertible senior notes	(11,250)	(345)	(158)
Purchase of convertible junior subordinated debentures	(100,860)	0	0
Payment of original issue discount-convertible junior subordinated debentures	(41,540)	0	0
Cash portion of loss on debt extinguishment	(59,460)	(507)	(837)
Repurchase of common stock	(147,127)	0	0
Payment of debt issuance costs	(1,127)	0	0
Excess tax benefits related to share-based compensation	67	2,117	0
Net cash used in financing activities	(151,981)	(71,840)	(21,767)
Net decrease in cash and cash equivalents	(25,710)	(16,762)	(134,810)
Cash and cash equivalents at beginning of year	181,120	197,882	332,692
Cash and cash equivalents at end of year	$ 155,410	$ 181,120	$ 197,882

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2016
Nature of Business [Abstract]
Nature of Business	Nature of Business MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Our principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us. Through certain other non-insurance subsidiaries, we also provide various services for the mortgage finance industry, such as contract underwriting, analysis of loan originations and portfolios, and mortgage lead generation. An insurance subsidiary of MGIC provides credit insurance for certain mortgages under Fannie Mae and Freddie Mac (the "GSEs") credit risk transfer programs. At December 31, 2016, our direct domestic primary insurance in force ("IIF") was $182.0 billion, which represents the principal balance in our records of all mortgage loans that we insure, and our direct domestic primary risk in force ("RIF") was $47.2 billion, which represents the insurance in force multiplied by the insurance coverage percentage. Substantially all of our insurance written since 2008 has been for loans purchased by the GSEs. We operate under the Private Mortgage Insurer Eligibility Requirements ("PMIERs") of the GSEs that became effective December 31, 2015, and were most recently revised in December 2016. The financial requirements of the PMIERs require a mortgage insurer’s "Available Assets" (generally only the most liquid assets of an insurer) to equal or exceed its "Minimum Required Assets" (which are based on an insurer's book and are calculated from tables of factors with several risk dimensions and are subject to a floor amount). Based on our interpretation of the PMIERs, as of December 31, 2016, MGIC’s Available Assets are in excess of its Minimum Required Assets; and MGIC is in compliance with the requirements of the PMIERs and eligible to insure loans purchased by the GSEs. The revisions to the PMIERs in December 2016 had no impact on our calculation of Available Assets or Minimum Required Assets, and did not impact our operations.

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We have considered subsequent events through the date of this filing. Reclassifications Certain reclassifications to 2015 and 2014 amounts have been made in the accompanying consolidated financial statements to conform to the 2016 presentation. See Note 3 - "Significant Accounting Policies" for a discussion of our adoption of accounting guidance in 2016 related to: (1) the presentation of debt issuance costs in the first quarter of 2016, and (2) clarification of certain cash receipts and cash payments. Both of the adopted accounting updates were retrospectively applied to all periods presented, as applicable.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Cash and Cash Equivalents

We consider money market funds and investments with original maturities of three months or less to be cash equivalents.

Fair value measurements

The authoritative guidance around fair value established a framework for measuring fair value. Fair value is disclosed using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and includes Levels 1, 2, and 3. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation.

Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources.

In accordance with fair value accounting guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities:

Level 1 - Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs primarily include U.S. Treasury securities, equity securities, and Australian government and semi government securities.

Level 2 - Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets utilizing Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, and most municipal bonds.

The independent pricing sources utilize these approaches to determine the fair value of the instruments in Level 2 of the fair value hierarchy based on type of instrument:

Corporate Debt & U.S. Government and Agency Bonds are evaluated by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation process.

Obligations of U.S. States & Political Subdivisions are evaluated by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation.

Residential Mortgage-Backed Securities ("RMBS") are evaluated by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities.

Commercial Mortgage-Backed Securities ("CMBS") are evaluated using valuation techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation utilizes regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable.

Asset-Backed Securities ("ABS") are evaluated using spreads and other information solicited from market buy-and-sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including trade activity, bids, and offers are applied, resulting in tranche specific prices.

Collateralized loan obligations ("CLO") Collateralized Loan Obligations are evaluated by manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or from par values for equity securities restricted in their ability to be redeemed or sold. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs primarily include equity securities that can only be redeemed or sold at their par value and only to the security issuer and certain state premium tax credit investments. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends.

Investments

Our entire investment portfolio is classified as available-for-sale and is reported at fair value or, for certain equity securities carried at cost, amounts that approximate fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses are reported in income based upon specific identification of securities sold. (See Note 5 – “Investments.”)

Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:


▪	our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis;


▪	the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security;


▪	extent and duration of the decline;


▪	failure of the issuer to make scheduled interest or principal payments;


▪	change in rating below investment grade; and


▪	adverse conditions specifically related to the security, an industry, or a geographic area.

Based on our evaluation, we will record an other-than-temporary impairment ("OTTI") adjustment on a security if we intend to sell the impaired security, if it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. If the fair value of a security is below its amortized cost at the time of our intent to sell, the security is classified as other-than-temporarily impaired and the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, when a security is considered to be other-than-temporarily impaired, the losses are separated into the portion of the loss that represents the credit loss and the portion that is due to other factors. The credit loss portion is recognized as a loss in the statement of operations, while the loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security.

Home office and equipment

Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods.

Home office and equipment is shown net of accumulated depreciation of $30.6 million, $26.1 million and $54.9 million as of December 31, 2016, 2015 and 2014, respectively. Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $4.6 million, $3.2 million and $2.2 million, respectively.

Deferred Insurance Policy Acquisition Costs

Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs ("DAC"). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. If a premium deficiency exists (in other words, no gross profit is expected), we reduce the related DAC by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the related DAC balance, we then establish a premium deficiency reserve equal to the excess, through a charge to current period earnings.

Loss Reserves

Reserves are established for insurance losses and loss adjustment expenses ("LAE") when we receive notices of default on insured mortgage loans. We consider a loan in default when it is two or more payments past due. Even though the accounting standard, ASC 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies.

Reserves are also established for estimated losses from defaults occurring prior to the close of an accounting period on notices of default not yet reported to us. These incurred but not reported ("IBNR") reserves are also established using estimated claim rates and claim severities.

Reserves are also established for the estimated costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process. Reserves are also ceded to reinsurers under our reinsurance agreements. (See Note 8 – “Loss Reserves” and Note 9 – “Reinsurance.”)

Premium Deficiency Reserve

After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve is based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency testing purposes based on similarities in the way the products are acquired, serviced and measured for profitability.

The calculation of premium deficiency reserves requires the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The calculation of future premium depends on, among other things, assumptions about persistency and repayment patterns on underlying loans. The calculation of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Similar to our loss reserve estimates, our estimates for premium deficiency reserves could be adversely affected by several factors, including a deterioration of regional or economic conditions leading to a reduction in borrowers' income and thus their ability to make mortgage payments, and a drop in housing values can influence the willingness of borrowers with sufficient resources to make mortgage payments to do so when the mortgage balance exceeds the value of the home, which could expose us to greater losses. Assumptions used in calculating the deficiency reserves can also be affected by volatility in the current housing and mortgage lending industries. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings and could be material.

We previously established a premium deficiency reserve in 2007 on our Wall Street Bulk business, which we also ceased writing in that year. As of December 31, 2015 a premium deficiency reserve was no longer required. Changes in the premium deficiency reserve from period to period were primarily due to the recognition of previously estimated premiums, losses, and expenses, and changes in our assumptions relating to the present value of expected future premiums, losses, and expenses on the remaining Wall Street Bulk IIF. Our consolidated statements of operations for the years ended December 31, 2015 and 2014 were affected by decreases in our premium deficiency reserves of $24 million and $25 million, respectively. The decreases represented the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods.

Revenue Recognition

We write policies which are guaranteed renewable contracts at the insured's option on a monthly, single, or annual premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve and earned over the estimated policy life. Premiums written on policies covering more than one year are amortized over the policy life in relationship to the anticipated incurred loss pattern based on historical experience. Premiums written on annual premium policies are earned on a monthly pro rata basis. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. When a policy is cancelled due to rescission, all previously collected premium is returned to the servicer and when a policy is cancelled because a claim is paid, we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. When a premium deficiency exists the premium refund liability is included in “Premium deficiency reserves” on our consolidated balance sheets. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs.

Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations.

Income Taxes

Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the consolidated financial statements and the tax bases of these items. The expected tax effects are computed at the enacted regular federal statutory tax rate. Using this method, we have recorded a net deferred tax asset primarily due to net operating losses incurred in prior years. On a quarterly basis, we review the need to maintain a deferred tax asset valuation allowance as an offset to the net deferred tax asset, before valuation allowance. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, as discussed in Note 12 –“Income Taxes,” we concluded that it was more likely than not that our deferred tax assets would be fully realizable and we reversed the valuation allowance.

We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities.

Benefit Plans

We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Retirement benefits are based on compensation and years of service. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974.

We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents until the retiree reaches the age of 65. Under the plan retirees pay a premium for these benefits. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits. (See Note 11 – “Benefit Plans.”)

Reinsurance

Loss reserves and unearned premiums are reported before taking credit for amounts ceded under reinsurance agreements. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Ceded unearned premiums are included in “Other assets.” Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable are included in “Other liabilities.” Any profit commissions are included with “Premiums written – Ceded” and any ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 9 – “Reinsurance.”)

Share-Based Compensation

We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to three years. (See Note 15 – “Share-based Compensation Plans.”)

Earnings per Share

Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if our unvested restricted stock units result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our convertible debt instruments result in the issuance of common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. We have several debt issuances that could result in contingently issuable shares and consider each potential issuance of shares separately to reflect the maximum potential dilution. Nonetheless, our dilutive common stock equivalents may not reflect all of the contingently issuable shares that could be required to be issued upon any debt conversion. For purposes of calculating basic and diluted EPS, vested restricted stock and restricted stock units ("RSUs") are considered outstanding.

Related party transactions

There were no related party transactions during 2016, 2015 or 2014.

Recent accounting and reporting developments



Standard	Summary of guidance		Effects on financial statements and/or disclosures
Presentation of Debt Issuance Costs	•	Requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge.	•	Adopted March 31, 2016 with retrospective application to prior periods.
	•	Does not impact the amortization method for these costs.	•	There was no material impact on the consolidated balance sheets, and no impact on our statements of operations.
			•	For further information, see Note 7. "Debt."
Accounting for Share-Based Compensation When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period	•	Requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition.	•	Adopted March 31, 2016 with application to performance based awards granted in 2016.
	•	Compensation cost should be recognized in the period in which it become probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered.	•	There was no material impact on our consolidated financial statements.
	•	If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period.	•	For further information, see Note 15. "Share-based Compensation Plans".
Disclosures about Short-Duration Contracts	•	Requires expanded disclosures designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims.	•	This standard is not considered applicable to our business and therefore we have not adopted these disclosure requirements.
	•	Disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding not to exceed ten years.
	•	Expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims.
Classification of Certain Cash Receipts and Cash Payments	•	Provides specific guidance on the presentation of certain cash flow items including, but not limited to, debt prepayment and debt issuance costs and proceeds from the settlement of insurance claims.	•	Adopted December 31, 2016 with application to prior periods.
			•	Cash flows related to debt prepayment and debt issuance transactions have been reclassified as financing activities from operating activities.
			•	For further information on the impact our transactions had on our cash and cash equivalents see our consolidated statements of cash flows.



Financial Accounting Standards Board ("FASB") Standards Issued but not yet Adopted
Standard	Summary of guidance		Effects on financial statements and/or disclosures
Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016	•	Requires equity investments, except those accounted for under the equity method of accounting that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in earnings.	•	Required effective date: January 1, 2018.
	•	Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values.	•	The potential impact from the adoption of this guidance is not expected to have a material impact our consolidated balance sheets, consolidated statements of operations, or liquidity.
	•	Requires recognition of a cumulative effect adjustment to retained earnings as of the beginning of the reporting period of adoption.	•	For further information on our current equity investments see Note 5. "Investments."
Improvements to Employee Share-Based Compensation Accounting Issued March 2016	•	Requires that, prospectively, all tax effects related to share-based compensation be made through the statement of operations at the time of settlement, rather than recognizing excess tax benefits within paid-in capital.	•	Required effective date: January 1, 2017.
	•	Removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. This change is required to be applied on a modified retrospective basis.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements.
	•	Requires all tax related cash flows resulting from share-based compensation to be reported as operating activities, a change from the existing requirement to present tax benefits as an inflow from financing activities and an outflow from operating activities.
	•	Entities, for tax withholding purposes, will be allowed to withhold an amount of shares up to an employee's maximum individual tax rate (as opposed to the minimum statutory tax rate) in the relevant jurisdiction without resulting in liability classification of the award.
Measurement of Credit Losses on Financial Statements Issued June 2016	•	Requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial instruments. Entities are required to use a current expected credit loss ("CECL") methodology that incorporates their forecasts of future economic conditions, unless such forecast is not reasonable or supportable, in which case the entity will revert to historical loss experience.	•	Required effective date: January 1, 2020.
	•	Amends existing guidance for available-for-sale fixed income securities to incorporate an allowance, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which the fair value is less than amortized cost. The guidance will allow for reversals of impairment losses in the event that the credit of an issuer improves. The length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact.
	•	Updated guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore will require significant judgment in application.

Earnings per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

The computation of basic EPS includes as "participating securities" unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, under the "two-class" method. Our participating securities are composed of vested restricted stock and restricted stock units with non-forfeitable rights to dividends (of which none have been declared since the issuance of these participating securities). For each of the years ended December 31, 2016, 2015, and 2014, participating securities of 0.1 million have been included in basic EPS.

The computation of diluted EPS for the years ended December 31, 2016, 2015, and 2014 includes weighted average unvested restricted stock units outstanding of 1.5 million, 2.1 million, and 3.1 million, respectively.

For the years ended December 31, 2016 and 2015, all of our outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS. For the year ended December 31, 2014 our 5% Notes and 9% Debentures were not included in calculating diluted EPS as the result was anti-dilutive under the "if-converted" method.

The following table reconciles basic and diluted EPS amounts:



(In thousands, except per share data)	Years Ended December 31,
(In thousands, except per share data)	2016		2015		2014
Basic earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949

Weighted average common shares outstanding	342,890		339,552		338,523

Basic income per share	$	1.00	$	3.45	$	0.74

Diluted earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949
Interest expense, net of tax ⁽¹⁾:
2% Notes	6,111		7,928		12,197
5% Notes	6,362		12,228		—
9% Debentures	15,893		22,786		—
Diluted income available to common shareholders	$	370,883	$	1,214,942	$	264,146

Weighted-average shares - Basic	342,890		339,552		338,523
Effect of dilutive securities:
Unvested restricted stock units	1,470		2,113		3,082
2% Notes	54,450		71,917		71,917
5% Notes	13,107		25,603		—
9% Debentures	20,075		28,854		—
Weighted-average shares - Diluted	431,992		468,039		413,522

Diluted earnings per share	$	0.86	$	2.60	$	0.64

Anti-dilutive securities (in millions)	—		—		54.5


⁽¹⁾	Interest expense for the years ended December 31, 2016 and December 31, 2015 has been tax effected at a rate of 35%. Due to the valuation allowance recorded against deferred tax assets, interest expense for the year ended December 31, 2014 was not tax effected.

Investments

12 Months Ended

Dec. 31, 2016

Investments [Abstract]

Investments

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2016 and 2015 are shown below:



December 31, 2016
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,847	$	407	$	(724	)	$	73,530
Obligations of U.S. states and political subdivisions	2,147,458		20,983		(25,425		)	2,143,016
Corporate debt securities	1,756,461		6,059		(18,610		)	1,743,910
ABS	59,519		74		(28		)	59,565
RMBS	231,733		102		(7,626		)	224,209
CMBS	327,042		769		(7,994		)	319,817
CLOs	121,151		226		(202		)	121,175
Total debt securities	4,717,211		28,620		(60,609		)	4,685,222
Equity securities	7,144		8		(24		)	7,128
Total investment portfolio	$	4,724,355	$	28,628	$	(60,633	)	$	4,692,350



December 31, 2015
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	160,393	$	2,133	$	(1,942	)	$	160,584
Obligations of U.S. states and political subdivisions	1,766,407		33,410		(7,290		)	1,792,527
Corporate debt securities	2,046,697		2,836		(44,770		)	2,004,763
ABS	116,764		56		(203		)	116,617
RMBS	265,879		161		(8,392		)	257,648
CMBS	237,304		162		(3,975		)	233,491
CLOs	61,345		3		(1,148		)	60,200
Debt securities issued by foreign sovereign governments	29,359		2,474		(102		)	31,731
Total debt securities	4,684,148		41,235		(67,822		)	4,657,561
Equity securities	5,625		38		(18		)	5,645
Total investment portfolio	$	4,689,773	$	41,273	$	(67,840	)	$	4,663,206


⁽¹⁾	There were no OTTI losses recorded in other comprehensive (loss) income as of December 31, 2016 and 2015.

During the first quarter of 2016 we substantially liquidated our Australian entities and repatriated most assets, including proceeds from the monetization of our Australian investment portfolio. As of December 31, 2016 we held no investments in foreign sovereign governments. As of December 31, 2015 our foreign investments primarily consisted of Australian government and semi government securities.

As discussed in Note 7 - "Debt" we are required to maintain collateral of at least 102% of the outstanding principal balance of the FHLB Advance. As of December 31, 2016 that collateral is included in our total investment portfolio amount shown above with a total fair value of $164.4 million.

The amortized cost and fair values of debt securities as of December 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.



December 31, 2016
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	433,464	$	433,770
Due after one year through five years	1,211,034		1,212,650
Due after five years through ten years	1,157,091		1,139,552
Due after ten years	1,176,177		1,174,484
	3,977,766		3,960,456

ABS	59,519		59,565
RMBS	231,733		224,209
CMBS	327,042		319,817
CLOs	121,151		121,175
Total as of December 31, 2016	$	4,717,211	$	4,685,222

At December 31, 2016 and 2015, the investment portfolio had gross unrealized losses of $61 million and $68 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:



December 31, 2016	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	48,642	$	(724	)	$	—	$	—		$	48,642	$	(724	)
Obligations of U.S. states and political subdivisions	1,136,676		(24,918		)	13,681		(507		)	1,150,357		(25,425		)
Corporate debt securities	915,777		(16,771		)	35,769		(1,839		)	951,546		(18,610		)
ABS	3,366		(28		)	656		—			4,022		(28		)
RMBS	46,493		(857		)	171,326		(6,769		)	217,819		(7,626		)
CMBS	205,545		(7,529		)	38,587		(465		)	244,132		(7,994		)
CLOs	13,278		(73		)	34,760		(129		)	48,038		(202		)
Equity securities	568		(15		)	137		(9		)	705		(24		)
Total investment portfolio	$	2,370,345	$	(50,915	)	$	294,916	$	(9,718	)	$	2,665,261	$	(60,633	)



December 31, 2015	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	60,548	$	(1,467	)	$	1,923	$	(475	)	$	62,471	$	(1,942	)
Obligations of U.S. states and political subdivisions	417,615		(6,404		)	37,014		(886		)	454,629		(7,290		)
Corporate debt securities	1,470,628		(38,519		)	114,982		(6,251		)	1,585,610		(44,770		)
ABS	86,604		(173		)	5,546		(30		)	92,150		(203		)
RMBS	35,064		(312		)	209,882		(8,080		)	244,946		(8,392		)
CMBS	134,488		(2,361		)	69,927		(1,614		)	204,415		(3,975		)
CLOs	—		—			51,750		(1,148		)	51,750		(1,148		)
Debt securities issued by foreign sovereign governments	4,463		(102		)	—		—			4,463		(102		)
Equity securities	355		(8		)	171		(10		)	526		(18		)
Total investment portfolio	$	2,209,765	$	(49,346	)	$	491,195	$	(18,494	)	$	2,700,960	$	(67,840	)

The unrealized losses in all categories of our investments as of December 31, 2016 and 2015 were primarily caused by changes in interest rates between the time of purchase and the respective year end. There were 607 and 303 securities in an unrealized loss position as of December 31, 2016 and 2015, respectively. As of December 31, 2016, the fair value as a percent of amortized cost of the securities in an unrealized loss position was 98% and approximately 14% of the securities in an unrealized loss position were backed by the U.S. Government.

There were no OTTI losses in earnings during 2016 and 2015. We recognized OTTI losses of $0.1 million during 2014.

For the years ended December 31, 2016, 2015, and 2014, there were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive loss.

The source of net investment income is as follows:



(In thousands)	2016			2015			2014
Fixed income	$	112,513		$	105,882		$	89,437
Equity securities	182			208			227
Cash equivalents	754			191			179
Other	433			455			711
Investment income	113,882			106,736			90,554
Investment expenses	(3,216		)	(2,995		)	(2,907		)
Net investment income	$	110,666		$	103,741		$	87,647

The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows:



(In thousands)	2016			2015			2014
Net realized investment gains on investments:
Fixed income	$	5,310		$	28,335		$	1,000
Equity securities	3,622			26			356
Other	—			—			1
Total net realized investment gains	$	8,932		$	28,361		$	1,357

Change in net unrealized gains (losses):
Fixed income	$	(5,403	)	$	(33,687	)	$	91,718
Equity securities	(36		)	(32		)	66
Other	14			1			(4		)
Total (decrease) increase in net unrealized gains/losses	$	(5,425	)	$	(33,718	)	$	91,780

The gross realized gains, gross realized losses and impairment losses are as follows:



(In thousands)	2016			2015			2014
Gross realized gains	$	11,909		$	30,039		$	4,966
Gross realized losses	(2,977		)	(1,678		)	(3,465		)
Other-than-temporary-impairment losses	—			—			(144		)
Net realized gains on securities	$	8,932		$	28,361		$	1,357

We had $13.6 million and $18.9 million of investments at fair value on deposit with various states as of December 31, 2016 and 2015, respectively, due to regulatory requirements of those state insurance departments.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2016 and 2015:



December 31, 2016
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,530	$	30,690	$	42,840	$	—
Obligations of U.S. states and political subdivisions	2,143,016		—		2,142,325		691
Corporate debt securities	1,743,910		—		1,743,910		—
ABS	59,565		—		59,565		—
RMBS	224,209		—		224,209		—
CMBS	319,817		—		319,817		—
CLOs	121,175		—		121,175		—
Total debt securities	4,685,222		30,690		4,653,841		691
Equity securities ⁽¹⁾	7,128		2,860		—		4,268
Total investments	$	4,692,350	$	33,550	$	4,653,841	$	4,959
Real estate acquired ⁽²⁾	$	11,748	$	—	$	—	$	11,748



December 31, 2015
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	160,584	$	46,197	$	114,387	$	—
Obligations of U.S. states and political subdivisions	1,792,527		—		1,791,299		1,228
Corporate debt securities	2,004,763		—		2,004,763		—
ABS	116,617		—		116,617		—
RMBS	257,648		—		257,648		—
CMBS	233,491		—		233,491		—
CLOs	60,200		—		60,200		—
Debt securities issued by foreign sovereign governments	31,731		31,731		—		—
Total debt securities	4,657,561		77,928		4,578,405		1,228
Equity securities ⁽¹⁾	5,645		2,790		—		2,855
Total investments	$	4,663,206	$	80,718	$	4,578,405	$	4,083
Real estate acquired ⁽²⁾	$	12,149	$	—	$	—	$	12,149


⁽¹⁾	Equity securities in Level 3 are carried at cost, which approximates fair value.


⁽²⁾	Real estate acquired through claim settlement, which is held for sale, is reported in other assets on the consolidated balance sheets.

For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2016, 2015, and 2014 is shown in the following tables. There were no transfers into or out of Level 3 in those years and there we no losses included in earnings for those years attributable to the change in unrealized losses on assets still held at the end of each applicable year.

Level 3 reconciliations:

(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities			Total Investments			Real Estate Acquired
Balance at December 31, 2015	$	1,228		$	2,855		$	4,083		$	12,149
Total realized/unrealized gains (losses):
Included in earnings and reported as net realized investment gains	—			3,579			3,579			—
Included in earnings and reported as losses incurred, net	—			—			—			(1,142		)
Purchases	—			4,258			4,258			36,859
Sales	(537		)	(6,424		)	(6,961		)	(36,118		)
Balance at December 31, 2016	$	691		$	4,268		$	4,959		$	11,748



(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net	—			—		—			(2,322		)
Purchases	7			2,534		2,541			34,624
Sales	(625		)	—		(625		)	(32,811		)
Balance at December 31, 2015	$	1,228		$	2,855	$	4,083		$	12,149



(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net	—			—		—			(4,129		)
Purchases	30			—		30			42,247
Sales	(607		)	—		(607		)	(38,740		)
Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658

Authoritative guidance over disclosures about the fair value of financial instruments requires additional disclosure for financial instruments not measured at fair value. Certain financial instruments, including insurance contracts, are excluded from these fair value disclosure requirements. The carrying values of cash and cash equivalents (Level 1) and accrued investment income (Level 2) approximated their fair values.

As of December 31, 2016, the majority of the $5.0 million balance of Level 3 securities are equity securities that can only be redeemed or sold at their par value and only to the security issuer, with the remainder of the balance held in a state premium tax credit investment. The state premium tax credit investment has an average maturity of less than 3 years and a credit rating of AAA, and its balance reflects its remaining scheduled payments discounted at an average annual rate of 7.1%. As of December 31, 2015 our Level 3 securities were equity securities that can only be redeemed or sold at their par value and only to the security issuer and state premium tax credit investments. As of December 31, 2014 the majority of our Level 3 securities were state premium tax credit investments.

Additional fair value disclosures related to our investment portfolio are included in Note 5 – “Investments.”

We incur financial liabilities in the normal course of our business. The following table presents the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at December 31, 2016 and 2015. The fair values of our 5% Notes, 2% Notes, 5.75% Notes, and 9% Debentures were based on observable market prices and the fair value of the FHLB Advance was estimated using discounted cash flows on current incremental borrowing rates for similar borrowing arrangements, and in all cases they are categorized as Level 2. See Note 7 - "Debt" for a description of the financial liabilities in the table below.



	December 31, 2016				December 31, 2015
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities:
FHLB Advance	$	155,000	$	151,905	n/a		n/a
5% Notes	144,789		147,679		331,546		345,616
2% Notes	204,672		308,605		490,755		701,955
5.75% Notes	417,406		445,987		n/a		n/a
9% Debentures	256,872		323,040		389,522		455,067
Total financial liabilities	$	1,178,739	$	1,377,216	$	1,211,823	$	1,502,638

The 5% Notes, 2% Notes, 5.75% Notes, and 9% Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

Accounting standard update

As of March 31, 2016 we adopted the accounting update related to the presentation of debt issuance costs in the consolidated financial statements. The change in accounting guidance has been applied retrospectively to prior periods. As a result, a reclassification of approximately $11.2 million of debt issuance costs was made on our December 31, 2015 balance sheet, resulting in a reduction to other assets and a reduction to long-term debt; there was no impact on our consolidated statements of operations or retained earnings.

The impact of the reclassification of debt issuance costs on our outstanding debt obligations as of December 31, 2015 is as follows.



	December 31, 2015
(In millions)	As previously reported		Adjustment			As Adjusted
5% Notes	$	333.5	$	(2.0	)	$	331.5
2% Notes	500.0		(9.2		)	490.8
9% Debentures	389.5		—			389.5
Total long-term debt	$	1,223.0	$	(11.2	)	$	1,211.8

Long-term debt

Long-term debt as of December 31, 2016 and 2015 consisted of the following obligations.



	December 31,
(In millions)	2016		2015
FHLB Advance	$	155.0	$	—
5% Notes	145.0		333.5
2% Notes	207.6		500.0
5.75% Notes	425.0		—
9% Debentures	256.9		389.5
Long-term debt, par value	1,189.5		1,223.0
Less: debt issuance costs	10.8		11.2
Long-term debt, carrying value	$	1,178.7	$	1,211.8

Interest payments, on a consolidated basis, for our debt obligations existing during 2016 and 2015 appear below.



	Years Ended December 31,
(In millions)	2016		2015
5.375% Notes	$	—	$	3.3
FHLB Advance	2.4		—
5% Notes	10.6		17.3
2% Notes	9.1		10.0
5.75% Notes	—		—
9% Debentures	27.4		35.1
Total interest payments	$	49.5	$	65.7

5.75% Notes

In August 2016, we issued $425 million aggregate principal amount of 5.75% Senior Notes due in 2023 ("5.75% Notes") and received net proceeds, after the deduction of underwriting fees, of $418.1 million. Interest on the 5.75% Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2017. We have the option to redeem these notes, in whole or in part, at any time or from time to time prior to maturity at a redemption price equal to the greater of (i)100% of the aggregate principal amount of the notes to be redeemed and (ii) the make-whole amount, which is the sum of the present values of the remaining scheduled payments of principal and interest discounted at the treasury rate defined in the notes plus 50 basis points, plus, in each case, accrued interest thereon to, but excluding, the redemption date. In addition to underwriting fees, we incurred approximately $1.2 million of other expenses associated with the issuance of these notes.

The 5.75% Notes have covenants customary for securities of this nature, including customary events of default and further provide that the trustee or holders of at least 25% in aggregate principal amount of the outstanding 5.75% Notes may declare them immediately due and payable upon the occurrence of certain events of default after the expiration of the applicable grace period. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, the 5.75% Notes will become due and payable immediately. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 5.75% Notes, including their covenants and events of default.

The net proceeds from the 5.75% Notes issuance were primarily used as (i) cash consideration to repurchase a portion of our 2% Notes, and (ii) to repurchase the shares issued as partial consideration in the repurchases of our 2% Notes, as further described below. The remaining proceeds are being held for general corporate purposes.

FHLB Advance

In February 2016, MGIC borrowed $155.0 million in the form of a fixed rate advance from the Federal Home Loan Bank of Chicago ("FHLB Advance"). Interest on the Advance is payable monthly at an annual rate, fixed for the term of the Advance, of 1.91%. The principal of the Advance matures on February 10, 2023. MGIC may prepay the Advance at any time. Such prepayment would be below par if interest rates have risen after the Advance was originated, or above par if interest rates have declined. The Advance is secured by eligible collateral whose market value must be maintained at 102% of the principal balance of the Advance. MGIC provided eligible collateral from its investment portfolio.

5.375% Notes

We repaid the outstanding 5.375% Notes with cash at the holding company on November 2, 2015. Interest on these notes was payable semi-annually in arrears on May 1 and November 1 each year. The repayment of our Senior Notes had no material impact on our financial position or liquidity.

5% Notes

As of December 31, 2016 and 2015 we had outstanding $145.0 million and $333.5 million, respectively, principal amount of 5% Notes due in 2017 ("5% Notes"). In 2016, we repurchased $188.5 million in aggregate principal of our 5% Notes at a purchase price of $195.5 million, plus accrued interest using funds held at our holding company. In 2015, we purchased $11.5 million in aggregate principal of our 5% Notes at a purchase price of $12.0 million, plus accrued interest, using funds held at our holding company. In each of 2016 and 2015, the excess of the purchase price over carrying value, plus the write-off of unamortized issuance costs on the par value repurchased, is reflected as a loss on debt extinguishment on our consolidated statements of operations. Our 5% Notes repurchase in 2015 reduced our potentially dilutive shares by approximately 0.9 million shares, and our 2016 5% Notes repurchases reduced our potentially dilutive shares by approximately 14.0 million shares.

Interest on the 5% Notes is payable semi-annually in arrears on May 1 and November 1 of each year. The 5% Notes will mature on May 1, 2017. The 5% Notes are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our 9% Debentures. Debt issuance costs are being amortized to interest expense over the contractual life of the 5% Notes. We have 10.8 million authorized shares reserved for conversion under our 5% Notes.

The provisions of the 5% Notes are complex. Covenants in the 5% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the holders of the 5% Notes. A designated subsidiary is any of our consolidated subsidiaries which has shareholders' equity of at least 15% of our consolidated shareholders' equity. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 5% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 5% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2016.

2% Notes

As of December 31, 2016 and 2015, we had outstanding $207.6 million and $500.0 million, respectively, principal amount of our 2% Notes due in 2020 ("2% Notes"). In the third quarter of 2016, we entered into privately negotiated agreements to repurchase $292.4 million in aggregate principal of our outstanding 2% Notes at a purchase price of $362.1 million, plus accrued interest. We funded the purchases with $230.7 million in cash, using proceeds from the issuance of our 5.75% Notes, and by issuing to certain sellers approximately 18.3 million shares of our common stock. The excess of the purchase price over carrying value, plus the write-off of unamortized issuance costs on the par value repurchased, is reflected as a loss on debt extinguishment on our consolidated statements of operations for the year ended December 31, 2016. The shares issued as consideration for the notes repurchases have been repurchased as of December 31, 2016 using cash from our 5.75% Notes issuance. The repurchases of the 2% Notes reduced potentially dilutive shares by approximately 42.1 million shares, without considering the shares issued as partial consideration in the purchases of the 2% Notes or the repurchase of shares to offset such shares issued.

Interest on the 2% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. Debt issuance costs are being amortized to interest expense over the contractual life of the 2% Notes. The 2% Notes will mature on April 1, 2020, unless earlier repurchased by us or converted.

Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. This condition was met for the quarter ended December 31, 2016. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. 130% of such conversion price is approximately $9.04. On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions.

Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for at least 20 of the 30 trading days preceding notice of the redemption. We have 29.9 million authorized shares reserved for conversion under our 2% Notes.

The provisions of the 2% Notes are complex. Covenants in the 2% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries (defined above) preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to holders of the 2% Notes. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 2% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 2% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2016. These 2% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our 9% Debentures.

9% Debentures

As of December 31, 2016 and 2015 we had outstanding $256.9 million and $389.5 million, respectively, principal amount of our 9% Debentures due in 2063 ("9% Debentures"). In February 2016, MGIC purchased $132.7 million in aggregate principal of our outstanding 9% Debentures at a purchase price of $150.7 million, plus accrued interest. The 9% Debentures include a conversion feature that allows us, at our option, to make a cash payment to converting holders in lieu of issuing shares of common stock upon conversion of the 9% Debentures. The accounting standards applicable to extinguishment of debt with a cash conversion feature require the consideration paid to be allocated between the extinguishment of the liability component and reacquisition of the equity component. The purchase of the 9% Debentures resulted in an $8.3 million loss on debt extinguishment on the consolidated statement of operations for the year ended December 31, 2016, which represents the difference between the fair value and the carrying value of the liability component on the purchase date. In addition, our shareholders’ equity was separately reduced by $6.3 million related to the reacquisition of the equity component. For GAAP accounting purposes, the 9% Debentures owned by MGIC are considered retired and are eliminated in our consolidated financial statements and the underlying common stock equivalents, approximately 9.8 million shares, are not included in the computation of diluted shares.

The 9% Debentures are currently convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 common shares per $1,000 principal amount of the 9% Debentures at any time prior to the maturity date. This represents an initial conversion price of approximately $13.50 per share. If a holder elects to convert their 9% Debentures, deferred interest owed on the 9% Debentures being converted is also converted into shares of our common stock. The conversion rate for any deferred interest is based on the average price that our shares traded at during a 5-day period immediately prior to the election to convert. In lieu of issuing shares of common stock upon conversion of the 9% Debentures, we may, at our option, make a cash payment to converting holders for all or some of the shares of our common stock otherwise issuable upon conversion. We have 19.0 million authorized shares reserved for conversion under our 9% debentures.

We may redeem the 9% Debentures in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 9% Debentures being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the 9% Debentures for at least 20 of the 30 trading days preceding notice of the redemption. 130% of such conversion price is $17.55.

Interest on the 9% Debentures is payable semi-annually in arrears on April 1 and October 1 of each year. As long as no event of default with respect to the debentures has occurred and is continuing, we may defer interest, under an optional deferral provision, for one or more consecutive interest periods up to 10 years without giving rise to an event of default. Deferred interest will accrue additional interest at the rate then applicable to the debentures. During an optional deferral period we may not pay or declare dividends on our common stock.

When interest on the 9% Debentures is deferred, we are required, not later than a specified time, to use reasonable commercial efforts to begin selling qualifying securities to persons who are not our affiliates. The specified time is one business day after we pay interest on the 9% Debentures that was not deferred, or if earlier, the fifth anniversary of the scheduled interest payment date on which the deferral started. Qualifying securities are common stock, certain warrants and certain non-cumulative perpetual preferred stock. The requirement to use such efforts to sell such securities is called the Alternative Payment Mechanism.

The net proceeds of Alternative Payment Mechanism sales are to be applied to the payment of deferred interest, including the compound portion. We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral. The Alternative Payment Mechanism does not require us to sell common stock or warrants before the fifth anniversary of the interest payment date on which that deferral started if the net proceeds (counting any net proceeds of those securities previously sold under the Alternative Payment Mechanism) would exceed the 2% cap. The 2% cap is 2% of the average closing price of our common stock times the number of our outstanding shares of common stock. The average price is determined over a specified period ending before the issuance of the common stock or warrants being sold, and the number of outstanding shares is determined as of the date of our most recent publicly released financial statements.

We are not required to issue under the Alternative Payment Mechanism a total of more than 10 million shares of common stock, including shares underlying qualifying warrants. In addition, we may not issue under the Alternative Payment Mechanism qualifying preferred stock if the total net proceeds of all issuances would exceed 25% of the aggregate principal amount of the debentures.

The Alternative Payment Mechanism does not apply during any period between scheduled interest payment dates if there is a “market disruption event” that occurs over a specified portion of such period. Market disruption events include any material adverse change in domestic or international economic or financial conditions.

The provisions of the 9% Debentures are complex. The description above is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the 9% Debentures, including their covenants and events of default. We were in compliance with all covenants at December 31, 2016. The 9% Debentures rank junior to all of our existing and future senior indebtedness.

Loss Reserves

12 Months Ended

Dec. 31, 2016

Insurance Loss Reserves [Abstract]

Loss Reserves

As described in Note 3 – “Summary of Significant Accounting Policies – Loss Reserves,” we establish reserves to recognize the estimated liability for losses and LAE related to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity.

Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment, the current and future strength of local housing markets; exposure on insured loans; the amount of time between default and claim filing, and curtailments and rescissions. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, and a drop in housing values which may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment.

The “Losses incurred” section of the table below shows losses incurred on defaults that occurred in the current year and in prior years. The amount of losses incurred relating to defaults that occurred in the current year represents the estimated amount to be ultimately paid on such defaults. The amount of losses incurred relating to defaults that occurred in prior years represents the actual claim rate and severity associated with those defaults resolved in the current year differing from the estimated liability at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on defaults continuing from the end of the prior year. This re-estimation of the claim rate and severity is the result of our review of current trends in the default inventory, such as percentages of defaults that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of defaults by geography and changes in average loan exposure.

Losses incurred on default notices received in the current year decreased in 2016 compared to 2015, and in 2015 compared to 2014, primarily due to a decrease in the number of new defaults, net of cures, as well as a decrease in the estimated claim rate on recently reported defaults.

The “Losses paid” section of the table below shows the breakdown between claims paid on new default notices in the current year, and claims paid on defaults from prior years. Until a few years ago, it took, on average, approximately twelve months for a default that is not cured to develop into a paid claim. Over the past several years, the average time it takes to receive a claim associated with a default has increased. This is, in part, due to new loss mitigation protocols established by servicers and to changes in some state foreclosure laws that may include, for example, a requirement for additional review and/or mediation processes. It is difficult to estimate how long it may take for current and future defaults that do not cure to develop into paid claims.

During 2016, our losses paid included $53 million associated with settlements for claims paying practices and NPL settlements. These settlements reduced our delinquent inventory by 1,273 notices. During 2015, our losses paid included $10 million associated with settlements for claim paying practices. These settlements reduced our delinquent inventory by 1,121 notices. These settlements had no material impact on our losses incurred in either year.

The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at December 31, 2016 and 2015 and approximated $85 million and $102 million, respectively. This liability was included in "Other liabilities" on our consolidated balance sheets.

In each of 2016, 2015, and 2014, we paid $42 million in connection with a 2012 settlement agreement with Freddie Mac regarding the aggregate loss limit under certain pool insurance policies. The final payment under that settlement agreement was made on December 1, 2016.

The following table provides a reconciliation of beginning and ending loss reserves for each of the past three years:



(In thousands)	2016			2015			2014
Reserve at beginning of year	$	1,893,402		$	2,396,807		$	3,061,401
Less reinsurance recoverable	44,487			57,841			64,085
Net reserve at beginning of year	1,848,915			2,338,966			2,997,316

Losses incurred:
Losses and LAE incurred in respect of default notices received in:
Current year	387,815			453,849			596,436
Prior years ⁽¹⁾	(147,658		)	(110,302		)	(100,359		)
Total losses incurred	240,157			343,547			496,077

Losses paid:
Losses and LAE paid in respect of default notices received in:
Current year	14,823			25,980			32,919
Prior years	689,258			823,058			1,121,508
Reinsurance terminations ⁽²⁾	(3,329		)	(15,440		)	—
Total losses paid	700,752			833,598			1,154,427
Net reserve at end of year	1,388,320			1,848,915			2,338,966
Plus reinsurance recoverables	50,493			44,487			57,841
Reserve at end of year	$	1,438,813		$	1,893,402		$	2,396,807


⁽¹⁾	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below for more information about prior year loss development.

⁽²⁾

In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred. (See Note 9 – “Reinsurance”)

For the years ended December 31, 2016, 2015 and 2014 we experienced favorable prior year loss reserve development. This development was, in part, due to the resolution of approximately 63%, 60% and 58% for the years ended December 31, 2016, 2015 and 2014, respectively, of the prior year default inventory. In 2016, 2015, and 2014 we experienced improved cure rates on prior year defaults. Additionally, during 2015 the claim rate development was favorably impacted by re-estimations of previously recorded reserves relating to disputes on our claims paying practices and adjustments to IBNR. The favorable development for the years ended 2016 and 2015 was offset, in part, by an increase in the estimated severity on prior year defaults remaining in the delinquent inventory. The decrease in the estimated severity in 2014 was based on the resolution of the prior year default inventory.

The prior year development of the reserves in 2016, 2015 and 2014 is reflected in the table below.



(In millions)	2016			2015			2014
Decrease in estimated claim rate on primary defaults	$	(148	)	$	(141	)	$	(43	)
Increase (decrease) in estimated severity on primary defaults	9			43			(35		)
Change in estimates related to pool reserves, LAE reserves, reinsurance and other	(9		)	(12		)	(22		)
Total prior year loss development ⁽¹⁾	$	(148	)	$	(110	)	$	(100	)


⁽¹⁾	A negative number for prior year loss development indicates a redundancy of prior year loss reserves.

Default Inventory

A rollforward of our primary default inventory for the years ended December 31, 2016, 2015 and 2014 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.



	2016		2015		2014
Default inventory at beginning of year	62,633		79,901		103,328
New Notices	67,434		74,315		88,844
Cures	(65,516	)	(73,610	)	(87,278	)
Paids (including those charged to a deductible or captive)	(12,367	)	(16,004	)	(23,494	)
Rescissions and denials	(629	)	(848	)	(1,306	)
Other items removed from inventory	(1,273	)	(1,121	)	(193	)
Default inventory at end of year	50,282		62,633		79,901

The decrease in the primary default inventory experienced during 2016 and 2015 was generally across all markets and all book years prior to 2013. In 2016 and 2015, the percentage of loans in the inventory that had been in default for 12 or more consecutive months had decreased compared to the respective prior years. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months and the number of loans in our primary claims received inventory have been affected by our suspended rescissions and the resolution of certain of those rescissions discussed below and in Note 17 - "Litigation and Contingencies".

The number of consecutive months that a borrower has been delinquent is shown in the table below.

Consecutive months in default

	December 31,
	2016			2015			2014
3 months or less	12,194	24	%	13,053	21	%	15,319	19	%
4 - 11 months	13,450	27	%	15,763	25	%	19,710	25	%
12 months or more⁽¹⁾	24,638	49	%	33,817	54	%	44,872	56	%
Total primary default inventory	50,282	100	%	62,633	100	%	79,901	100	%

Primary claims received inventory included in ending default inventory	1,385	3	%	2,769	4	%	4,746	6	%


⁽¹⁾	Approximately 47%, 50% and 53% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of December 31, 2016, 2015 and 2014, respectively.

The length of time a loan is in the default inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. The number of payments that a borrower is delinquent is shown in the table below.

Number of payments delinquent

	December 31,
	2016			2015			2014
3 payments or less	18,419	36	%	20,360	33	%	23,253	29	%
4 - 11 payments	12,892	26	%	15,092	24	%	19,427	24	%
12 payments or more	18,971	38	%	27,181	43	%	37,221	47	%
Total primary default inventory	50,282	100	%	62,633	100	%	79,901	100	%

Pool insurance default inventory decreased to 1,883 at December 31, 2016 from 2,739 at December 31, 2015 and 3,797 at December 31, 2014.

Claims paying practices

Our loss reserving methodology incorporates our estimates of future rescissions. A variance between ultimate actual rescission rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses.

The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At December 31, 2016 and 2015 the estimate of this liability totaled $5 million and $7 million, respectively. This liability was included in "Other liabilities" on our consolidated balance sheets.

For information about discussions and legal proceedings with customers with respect to our claims paying practices, including settlements that we believe are probable, as defined in ASC 450-20, see Note 17 – “Litigation and Contingencies.”

Reinsurance

12 Months Ended

Dec. 31, 2016

Reinsurance Disclosures [Abstract]

Reinsurance

Our consolidated financial statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with the related earned premiums) we have underwritten to other insurance companies who agree to share these risks. The primary purpose of ceded reinsurance is to protect us, at a cost, against a fixed percentage of losses arising from policies covered by the agreement; however we also utilize reinsurance to manage our capital requirements under PMIERs. Reinsurance is currently placed on a quota-share basis, but we also have captive reinsurance agreements that remain in effect. The reinsurance agreements we have entered into are discussed below.

The effect of all reinsurance agreements on premiums earned and losses incurred, which is reflected in the consolidated statements of operations, is as follows:



	Years ended December 31,
(In thousands)	2016			2015			2014
Premiums earned:
Direct	$	1,058,545		$	997,892		$	950,973
Assumed	662			1,178			1,653
Ceded	(133,981		)	(102,848		)	(108,255		)
Net premiums earned	$	925,226		$	896,222		$	844,371

Losses incurred:
Direct	$	273,207		$	369,680		$	524,051
Assumed	1,138			1,552			2,012
Ceded	(34,188		)	(27,685		)	(29,986		)
Net losses incurred	$	240,157		$	343,547		$	496,077

Quota share reinsurance

2015 QSR Transaction

We utilize a quota-share reinsurance agreement with a group of unaffiliated reinsurers, each with an insurer financial strength rating of A- or better by Standard and Poor's Rating Services, A.M. Best, or both, to manage our exposure to losses resulting from our mortgage guaranty policies and to provide reinsurance capital credit under the PMIERs. Our 2015 quota share reinsurance agreement("2015 QSR Transaction"), which became effective July 1, 2015 provides coverage on policies that were in the 2013 quota share reinsurance agreement ("2013 QSR Transaction"); additional qualifying in force policies as of the agreement effective date which either had no history of defaults, or where a single default had been cured for twelve or more months at the agreement effective date; and all qualifying new insurance written through December 31, 2016. The agreement cedes losses incurred and premiums on or after the effective date through December 31, 2024, at which time the agreement expires. Early termination of the agreement can be elected by us effective December 31, 2018 for a fee, or under specified scenarios for no fee upon prior written notice, including if we will receive less than 90% of the full credit amount under the PMIERs for the risk ceded in any required calculation period.

The 2015 QSR Transaction increased the amount of our IIF covered by reinsurance and will increase the amount of premiums and losses ceded. A higher level of losses ceded will reduce our profit commission. The structure of the 2015 QSR Transaction is a 30% quota share for all policies covered, with a 20% ceding commission as well as a profit commission. Generally, under the 2015 QSR Transaction, we will receive a profit commission provided that the loss ratio on the loans covered under the agreement remains below 60%.

2013 QSR Transaction

Effective July 1, 2015, we settled our 2013 QSR Transaction by commutation. The settlement included unearned premiums, loss reserves, and profit commission. The commutation resulted in an increase in net premiums written and earned of $69.4 million and $11.6 million, respectively, and a decrease in ceding commissions of $11.6 million in the third quarter of 2015. Receipt of our profit commission of $142.5 million, in addition to other premium and loss amounts, was also completed as part of the settlement.

2017 QSR Transaction

We have agreed to terms on a quota-share reinsurance agreement for 2017 ("2017 QSR Transaction") with a group of unaffiliated reinsurers, each with an insurer financial strength rating of A- or better by Standard and Poor's, A.M. Best or both, to manage our exposure to losses resulting from our mortgage guaranty policies and to provide reinsurance capital credit under the PMIERs. The GSEs have approved the terms of our proposed 2017 QSR Transaction. The 2017 QSR Transaction is expected to be executed during the first quarter of 2017 with an effective date retroactive to January 1, 2017, and will provide coverage on new business written January 1, 2017 through December 29, 2017 that meets certain eligibility requirements. Under the agreed upon terms, the 2017 QSR Transaction will cede losses incurred and premiums on or after the effective date through December 31, 2028, at which time the agreement expires. Early termination of the agreement can be elected by us effective December 31, 2021 for a fee, or under specified scenarios for no fee upon prior written notice, including if we will receive less than 90% of the full credit amount under the PMIERs for the risk ceded in any required calculation period.

The agreed upon structure of the 2017 QSR Transaction is a 30% quota share for all policies covered, with a 20% ceding commission as well as a profit commission. Generally, under the 2017 QSR Transaction, we will receive a profit commission provided that the loss ratio on the loans covered under the agreement remains below 60%.

Following is a summary of our quota share reinsurance agreements, excluding captive agreements, for 2016, 2015 and 2014.



	Years ended December 31,
(In thousands)	2016		2015				2014

2015 QSR Transaction (Effective July 1, 2015)
Ceded premiums written, net of profit commission ⁽¹⁾	$	125,460	$	52,588			n/a
Ceded premiums earned, net of profit commission ⁽¹⁾	125,460		52,588				n/a
Ceded losses incurred	30,201		11,424				n/a
Ceding commissions ⁽²⁾	47,629		20,582				n/a
Profit commission	112,685		50,322				n/a

2013 QSR Transaction
Ceded premiums written, net of profit commission	n/a		$	(11,355	)	⁽³⁾	$	100,031
Ceded premiums earned, net of profit commission	n/a		35,999			⁽³⁾	88,528
Ceded losses incurred	n/a		6,060				15,163
Ceding commissions ⁽²⁾	n/a		10,235			⁽³⁾	37,833
Profit commission	n/a		62,525			⁽³⁾	89,133


⁽¹⁾	As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.


⁽²⁾	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.


⁽³⁾	The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred.

Under the terms of 2015 QSR Transaction, reinsurance premiums, ceding commission and profit commission are settled net on a quarterly basis. The reinsurance premium due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheets.

The reinsurance recoverable on loss reserves related to our 2015 QSR Transaction was $31.8 million as of December 31, 2016 and $10.9 million as of December 31, 2015. The reinsurance recoverable balance is secured by funds on deposit from the reinsurers which are based on the funding requirements of PMIERs that address ceded risk.

Captive reinsurance

In the past, MGIC also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the CFPB in 2013 and with the Minnesota Department of Commerce in 2015, MGIC has agreed to not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years subsequent to the respective settlements. In accordance with the CFPB settlement, all of our active captive arrangements were placed into run-off. In addition, the GSEs will not approve any future reinsurance or risk sharing transaction with a mortgage enterprise or an affiliate of a mortgage enterprise.

The reinsurance recoverable on loss reserves related to captive agreements was $19 million at December 31, 2016 which was supported by $91 million of trust assets, while at December 31, 2015 the reinsurance recoverable on loss reserves related to captive agreements was $34 million which was supported by $137 million of trust assets. Each captive reinsurer is required to maintain a separate trust account to support its combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trusts.

- Definition

The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts.

+ References + Details

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2016

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive (Loss) Income

The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2016, 2015 and 2014 are included in the table below:



(In thousands)	2016			2015			2014
Net unrealized investment (losses) gains arising during the year	$	(5,425	)	$	(33,718	)	$	91,782
Income tax benefit (expense)	1,776			11,738			(32,017		)
Valuation allowance ⁽¹⁾	—			62,383			31,374
Net of taxes	(3,649		)	40,403			91,139

Net changes in benefit plan assets and obligations	(14,799		)	(12,818		)	(52,112		)
Income tax benefit	5,179			4,487			18,239
Valuation allowance ⁽¹⁾	—			(7,383		)	(18,239		)
Net of taxes	(9,620		)	(15,714		)	(52,112		)

Net changes in unrealized foreign currency translation adjustment	(1,463		)	(5,699		)	(4,067		)
Income tax benefit	512			2,000			1,425
Valuation allowance ⁽¹⁾	—			(529		)	—
Net of taxes	(951		)	(4,228		)	(2,642		)

Total other comprehensive (loss) income	(21,687		)	(52,235		)	35,603
Total income tax benefit, net of valuation allowance	7,467			72,696			782
Total other comprehensive (loss) income, net of tax	$	(14,220	)	$	20,461		$	36,385


⁽¹⁾	See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.

The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014 are included in the table below:



(In thousands)	2016			2015			2014
Reclassification adjustment for net realized gains (losses) included in net income ⁽¹⁾	$	6,207		$	11,693		$	(6,816	)
Income tax (expense) benefit	(2,050		)	(4,076		)	2,402
Valuation allowance ⁽²⁾	—			3,635			(2,502		)
Net of taxes	4,157			11,252			(6,916		)

Reclassification adjustment related to benefit plan assets and obligations ⁽³⁾	1,480			2,184			6,930
Income tax expense	(518		)	(764		)	(2,425		)
Valuation allowance ⁽²⁾	—			574			2,425
Net of taxes	962			1,994			6,930

Reclassification adjustment related to foreign currency ⁽⁴⁾	1,467			—			—
Income tax expense	(513		)	—			—
Net of taxes	954			—			—

Total reclassifications	9,154			13,877			114
Total income tax expense, net of valuation allowance	(3,081		)	(631		)	(100		)
Total reclassifications, net of tax	$	6,073		$	13,246		$	14


⁽¹⁾	Increases (decreases) Net realized investment gains on the consolidated statements of operations.


⁽²⁾	See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.


⁽³⁾	Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.


⁽⁴⁾	Increases (decreases) Other revenue on the consolidated statements of operations.

A rollforward of accumulated other comprehensive loss ("AOCL") for the years ended December 31, 2016, 2015, and 2014, including amounts reclassified from accumulated other comprehensive loss, are included in the table below.



(In thousands)	Net unrealized gains and losses on available-for-sale securities			Net benefit plan assets and obligations recognized in shareholders' equity			Net unrealized foreign currency translation			Total AOCL
Balance, December 31, 2013, net of tax	$	(148,690	)	$	23,174		$	7,790		$	(117,726	)
Other comprehensive income (loss) before reclassifications	84,223			(45,182		)	(2,642		)	36,399
Less: Amounts reclassified from AOCL	(6,916		)	6,930			—			14
Balance, December 31, 2014, net of tax	(57,551		)	(28,938		)	5,148			(81,341		)
Other comprehensive income (loss) before reclassifications	51,655			(13,720		)	(4,228		)	33,707
Less: Amounts reclassified from AOCL	11,252			1,994			—			13,246
Balance, December 31, 2015, net of tax	(17,148		)	(44,652		)	920			(60,880		)
Other comprehensive income (loss) before reclassifications	508			(8,658		)	3			(8,147		)
Less: Amounts reclassified from AOCL	4,157			962			954			6,073
Balance, December 31, 2016, net of tax	$	(20,797	)	$	(54,272	)	$	(31	)	(75,100		)

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Benefit Plans

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Benefit Plans

We have a non-contributory defined benefit pension plan covering substantially all domestic employees, as well as a supplemental executive retirement plan. We also offer both medical and dental benefits for retired domestic employees and their eligible spouses under a postretirement benefit plan. The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2016, 2015, and 2014 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2016 and 2015.

Components of Net Periodic Benefit Cost

	Pension and Supplemental Executive Retirement Plans									Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
1. Company Service Cost	$	9,130		$	10,256		$	8,565		$	751		$	833		$	659
2. Interest Cost	15,906			15,847			15,987			704			697			653
3. Expected Return on Assets	(19,508		)	(21,109		)	(21,030		)	(4,886		)	(4,991		)	(4,648		)
4. Other Adjustments	—			—			—			—			—			—
Subtotal	5,528			4,994			3,522			(3,431		)	(3,461		)	(3,336		)
5. Amortization of :
a. Net Transition Obligation/(Asset)	—			—			—			—			—			—
b. Net Prior Service Cost/(Credit)	(687		)	(845		)	(930		)	(6,649		)	(6,649		)	(6,649		)
c. Net Losses/(Gains)	5,856			5,485			1,083			—			(175		)	(435		)
Total Amortization	5,169			4,640			153			(6,649		)	(6,824		)	(7,084		)
6. Net Periodic Benefit Cost	10,697			9,634			3,675			(10,080		)	(10,285		)	(10,420		)
7. Cost of settlements or curtailments	1,277			3,172			302			—			—			—
8. Total Expense for Year	$	11,974		$	12,806		$	3,977		$	(10,080	)	$	(10,285	)	$	(10,420	)

Development of Funded Status

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
Actuarial Value of Benefit Obligations
1. Measurement Date	12/31/2016			12/31/2015			12/31/2016			12/31/2015
2. Accumulated Benefit Obligation	$	360,423		$	338,450		$	17,378		$	16,423

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
1. Projected Benefit Obligation	$	(369,808	)	$	(349,483	)	$	(17,378	)	$	(16,423	)
2. Plan Assets at Fair Value	360,900			350,107			70,408			65,568
3. Funded Status - Overfunded/Asset	N/A			$	624		$	53,030		$	49,145
4. Funded Status - Underfunded/Liability	(8,908		)	N/A			N/A			N/A

Accumulated Other Comprehensive Income (Loss)

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Net Actuarial (Gain)/Loss	$	103,861		$	95,636		$	(6,088	)	$	(5,311	)
2. Net Prior Service Cost/(Credit)	(2,286		)	(2,989		)	(11,991		)	(18,640		)
3. Net Transition Obligation/(Asset)	—			—			—			—
4. Total at Year End	$	101,575		$	92,647		$	(18,079	)	$	(23,951	)

The amortization of gains and losses resulting from actual experience different from assumed experience or changes in assumptions including discount rates is included as a component of Net Periodic Benefit Cost/(Income) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining service period of participating employees expected to receive benefits under the plan.

The changes in the projected benefit obligation are as follows:

Change in Projected Benefit/Accumulated Benefit Obligation

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Benefit Obligation at Beginning of Year	$	349,483		$	379,324		$	16,423		$	18,225
2. Company Service Cost	9,130			10,256			751			833
3. Interest Cost	15,906			15,847			704			697
4. Plan Participants' Contributions	—			—			408			361
5. Net Actuarial (Gain)/Loss due to Assumption Changes	14,450			(24,118		)	497			(2,083		)
6. Net Actuarial (Gain)/Loss due to Plan Experience	5,428			7,155			357			(397		)
7. Benefit Payments from Fund ⁽¹⁾	(21,831		)	(32,646		)	(1,678		)	(1,147		)
8. Benefit Payments Directly by Company	(2,669		)	(7,661		)	—			—
9. Plan Amendments	16			19			—			—
10. Other Adjustment	(105		)	1,307			(84		)	(66		)
11. Benefit Obligation at End of Year	$	369,808		$	349,483		$	17,378		$	16,423


⁽¹⁾	Includes lump sum payments of $11.2 million and $22.4 million in 2016 and 2015, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.

The increase in our pension and supplemental executive retirement plans obligation in 2016 compare to 2015 was primarily due to a decrease in the discount rate used to calculate the obligation and a lower amount of benefits paid from the fund. The increase in our other postretirement plan obligation was primarily due a decrease in the discount rate used to calculate the obligation.

The changes in the fair value of the net assets available for plan benefits are as follows:

Change in Plan Assets

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Fair Value of Plan Assets at Beginning of Year	$	350,107		$	378,701		$	65,568		$	66,940
2. Company Contributions	11,369			17,311			—			—
3. Plan Participants' Contributions	—			—			408			361
4. Benefit Payments from Fund	(21,831		)	(32,646		)	(1,678		)	(1,147		)
5. Benefit Payments paid directly by Company	(2,669		)	(7,661		)	—			—
6. Actual Return on Assets	23,924			(5,094		)	6,518			(225		)
7. Other Adjustment	—			(504		)	(408		)	(361		)
8. Fair Value of Plan Assets at End of Year	$	360,900		$	350,107		$	70,408		$	65,568

Change in Accumulated Other Comprehensive Income (Loss) ("AOCI")

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. AOCI in Prior Year	$	92,647		$	89,390		$	(23,951	)	$	(33,511	)
2. Increase/(Decrease) in AOCI
a. Recognized during year - Prior Service (Cost)/Credit	687			845			6,649			6,649
b. Recognized during year - Net Actuarial (Losses)/Gains	(5,856		)	(5,485		)	—			175
c. Occurring during year - Prior Service Cost	16			19			—			—
d. Occurring during year - Net Actuarial Losses/(Gains)	15,358			11,050			(777		)	2,736
e. Occurring during year - Net Settlement Losses/(Gains)	(1,277		)	(3,172		)	—			—
f. Other adjustments	—			—			—			—
3. AOCI in Current Year	$	101,575		$	92,647		$	(18,079	)	$	(23,951	)

Amortizations Expected to be Recognized During Next Fiscal Year Ending

	Pension and Supplemental Executive Retirement Plans			Other Postretirement Benefits
(In thousands)	12/31/2017			12/31/2017
1. Amortization of Net Transition Obligation/(Asset)	$	—		$	—
2. Amortization of Prior Service Cost/(Credit)	(428		)	(6,649		)
3. Amortization of Net Losses/(Gains)	6,141			—

The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.

Actuarial Assumptions

	Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate	4.30	%	4.65	%	3.95	%	4.30	%
2. Rate of Compensation Increase	3.00	%	3.00	%	N/A		N/A

Weighted-Average Assumptions Used to Determine
Net Periodic Benefit Cost for Year
1. Discount Rate	4.65	%	4.25	%	4.30	%	4.00	%
2. Expected Long-term Return on Plan Assets	5.75	%	5.75	%	7.50	%	7.50	%
3. Rate of Compensation Increase	3.00	%	3.00	%	N/A		N/A

Assumed Health Care Cost Trend Rates at year end
1. Health Care Cost Trend Rate Assumed for Next Year	N/A		N/A		6.50	%	7.00	%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)	N/A		N/A		5.00	%	5.00	%
3. Year That the Rate Reaches the Ultimate Trend Rate	N/A		N/A		2020		2020

In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years.

The year-end asset allocations of the plans are as follows:

Plan Assets

	Pension Plan				Other Postretirement Benefits
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
1. Equity Securities	23	%	20	%	100	%	100	%
2. Debt Securities	77	%	80	%	—	%	—	%
3. Total	100	%	100	%	100	%	100	%

In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value of our benefit plan assets:

Level 1 – Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs include equity securities, mutual funds, money market funds, certain U.S. Treasury securities and exchange traded funds ("ETFs").

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets utilizing Level 2 inputs include certain municipal, corporate and foreign bonds, obligations of U.S. government corporations and agencies, and pooled equity accounts.

To determine the fair value of securities in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. In addition, on a quarterly basis, we perform quality controls over values received from the pricing source (the “Trustee”) which include comparing values to other independent pricing sources. In addition, we review annually the Trustee’s auditor’s report on internal controls in order to determine that their controls around valuing securities are operating effectively. We have not made any adjustments to the prices obtained from the independent sources.

The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2016 and 2015. There were no securities that utilized Level 3 inputs.

Pension Plan

Assets at Fair Value as of December 31, 2016
(In thousands)	Level 1		Level 2		Total
Domestic Mutual Funds	$	11,805	$	—	$	11,805
Corporate Bonds	—		178,412		178,412
U.S. Government Securities	6,761		354		7,115
Municipal Bonds	—		63,492		63,492
Foreign Bonds	—		27,917		27,917
ETFs	5,694		—		5,694
Pooled Equity Accounts	—		66,465		66,465
Total Assets at fair value	$	24,260	$	336,640	$	360,900

Pension Plan

Assets at Fair Value as of December 31, 2015
(In thousands)	Level 1		Level 2		Total
Domestic Mutual Funds	$	1,442	$	—	$	1,442
Corporate Bonds	—		188,332		188,332
U.S. Government Securities	3,133		497		3,630
Municipal Bonds	—		61,206		61,206
Foreign Bonds	—		25,251		25,251
ETFs	5,676		—		5,676
Pooled Equity Accounts	—		64,570		64,570
Total Assets at fair value	$	10,251	$	339,856	$	350,107

The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status.

An improvement in funded status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funded status would result in a higher allocation to equity. The maximum equity allocation is 40%.

The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:



Strategy	Objective	Investment types
Return seeking growth	Funded ratio improvement over the long term	●	Global quality growth
Return seeking growth	Funded ratio improvement over the long term	●	Global low volatility
Return seeking bridge	Downside protection in the event of a declining equity market	●	Enduring asset
Return seeking bridge		●	Durable company

The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agency, corporate, mortgage-backed, asset-backed, and municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively.

The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2016 and 2015. All are Level 1 assets.

Other Postretirement Benefits Plan

Assets at Fair Value as of December 31, 2016
(In thousands)	Level 1		Total
Domestic Mutual Funds	$	54,426	$	54,426
International Mutual Funds	15,982		15,982
Total Assets at fair value	$	70,408	$	70,408

Other Postretirement Benefits Plan

Assets at Fair Value as of December 31, 2015
(In thousands)	Level 1		Total
Domestic Mutual Funds	$	49,887	$	49,887
International Mutual Funds	15,681		15,681
Total Assets at fair value	$	65,568	$	65,568

Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:


•	Total return should exceed growth in the Consumer Price Index by 5.75% annually


•	Achieve competitive investment results

The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:



	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above.

Investment in international mutual funds is limited to a maximum of 30% of the equity range. The allocation as of December 31, 2016 included 3% that was primarily invested in equity securities of emerging market countries and another 20% was invested in securities of companies primarily based in Europe and the Pacific Basin.

The following tables show the current and estimated future contributions and benefit payments.

Company Contributions

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)	12/31/2016		12/31/2016
Company Contributions for the Year Ending:
1. Current	$	11,369	$	—
2. Current + 1	9,500		—

Benefit Payments (Total)

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)	12/31/2016		12/31/2016
Actual Benefit Payments for the Year Ending:
1. Current	$	24,500	$	1,355
Expected Benefit Payments for the Year Ending:
2. Current + 1	21,831		847
3. Current + 2	23,439		978
4. Current + 3	26,927		1,068
5. Current + 4	27,199		1,257
6. Current + 5	27,151		1,410
7. Current + 6 - 10	146,471		8,574

Health care sensitivities

For measurement purposes, a 7.0% health care trend rate was used for benefits for retirees before they reach age 65 years for 2016. In 2017, the rate is assumed to be 6.5%, decreasing to 5.0% by 2020 and remaining at this level beyond.

Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefits plan. A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:



(In thousands)	1-Percentage Point Increase		1-Percentage Point Decrease
Effect on total service and interest cost components	$	237	$	(205	)
Effect on postretirement benefit obligation	2,382		(2,102		)

Profit sharing and 401(k)

We have a profit sharing and 401(k) savings plan for employees. At the discretion of the Board of Directors, we may make a contribution of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees on their before-tax contributions at a rate of 80% of the first $1,000 contributed and 40% of the next $2,000 contributed. For employees hired after January 1, 2014, the match is 100% up to 4% contributed. We recognized expenses related to these plans of $5.9 million, $5.1 million and $5.0 million in 2016, 2015 and 2014, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Net deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:



(In thousands)	2016			2015
Total deferred tax assets	$	636,449		$	791,286
Total deferred tax liabilities	(28,794		)	(29,206		)
Net deferred tax asset	$	607,655		$	762,080

The components of the net deferred tax asset as of December 31, 2016 and 2015 are as follows:



(In thousands)	2016			2015
Unearned premium reserves	$	40,153		$	33,262
Benefit plans	(12,350		)	(14,283		)
Federal net operating loss	520,812			680,975
Loss reserves	10,883			15,536
Unrealized depreciation in investments	11,211			8,904
Mortgage investments	17,751			17,386
Deferred compensation	12,517			12,927
Other, net	6,678			7,373
Net deferred tax asset	607,655			762,080

We review the need to maintain a deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, operating results on a three year cumulative basis, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015.

In the third quarter of 2015, we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary and we reversed the valuation allowance. For the year ended December 31, 2015, we reversed $161.1 million of our valuation allowance based on income from 2015. The portion of the valuation allowance reversed related to deferred tax assets that are expected to be realized in future years, totaling $747.5 million, is treated as a discrete period item and is recognized as a component of the tax provision in continuing operations in the period of release. Furthermore, in determining the discrete period impact from the reversal, we removed the prior period disproportionate tax effects that had arisen in other comprehensive income because of the valuation allowance. This reduced the amount of tax benefit included in net income and resulted in an allocation of tax benefit of $60.8 million to components of other comprehensive income.

The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.



(In millions)	For the year ended December 31, 2015
Balance at December 31, 2014	$	902.3

Reduction in tax provision in current year	(161.1		)
Amounts recorded in other comprehensive income in the current year	6.3
Change in valuation allowance for deferred tax assets in the current year	(154.8		)

Reduction in tax provision for amounts to be realized in future years	(686.7		)
Amounts recorded in other comprehensive income to be realized in future years	(60.8		)
Change in valuation allowance for deferred tax assets realizable in future years	(747.5		)

Balance at December 31, 2015	$	—

The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:



(In thousands)	2016		2015			2014
Provision for income taxes before valuation allowance	$	172,197	$	163,497		$	91,607
Change in valuation allowance	—		(161,158		)	(88,833		)
Reversal of the valuation allowance	—		(686,652		)	—
Provision for (benefit from) income taxes	$	172,197	$	(684,313	)	$	2,774

The total valuation allowance as of December 31, 2014 was $902.3 million. The remaining valuation allowance was reversed in the third quarter of 2015. The change in the valuation allowance that was included in other comprehensive income was a decrease of $54.5 million, and $13.1 million for the years ended December 31, 2015 and 2014, respectively.

Giving full effect to the carryback of net operating losses for federal income tax purposes, we have approximately $1,489 million of net operating loss ("NOL") carryforwards on a regular tax basis and $589 million of net operating loss carryforwards for computing the alternative minimum tax as of December 31, 2016. Any unutilized carryforwards are scheduled to expire at the end of tax years 2030 through 2033.

The following summarizes the components of the provision for (benefit from) income taxes:



(In thousands)	2016		2015			2014
Current Federal	$	9,470	$	8,067		$	2,391
Deferred Federal	160,657		(686,652		)	1
Other	2,070		(5,728		)	382
Provision for (benefit from) income taxes	$	172,197	$	(684,313	)	$	2,774

We paid $4.5 million, $5.4 million, and $1.3 million in federal income tax in 2016, 2015 and 2014, respectively.

The reconciliation of the federal statutory income tax rate to the effective tax provision (benefit) rate is as follows:



	2016		2015		2014
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Valuation allowance	—	%	(173.8	)%	(34.9	)%
Tax exempt municipal bond interest	(1.9	)%	(0.8	)%	(0.4	)%
Other, net	0.4	%	(0.7	)%	1.4	%
Effective tax provision (benefit) rate	33.5	%	(140.3	)%	1.1	%

As previously disclosed, the Internal Revenue Service ("IRS") completed examinations of our federal income tax returns for the years 2000 through 2007 and issued proposed assessments for taxes, interest and penalties related to our treatment of the flow-through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits ("REMICs"). The IRS indicated that it did not believe that, for various reasons, we had established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. We appealed these assessments within the IRS and in August 2010, we reached a tentative settlement agreement with the IRS which was not finalized.

In 2014, we received Notices of Deficiency (commonly referred to as “90 day letters”) covering the 2000-2007 tax years. The Notices of Deficiency reflect taxes and penalties related to the REMIC matters of $197.5 million and at December 31, 2016, there would also be interest related to these matters of approximately $200.6 million. In 2007, we made a payment of $65.2 million to the United States Department of the Treasury which will reduce any amounts we would ultimately owe. The Notices of Deficiency also reflect additional amounts due of $261.4 million, which are primarily associated with the disallowance of the carryback of the 2009 net operating loss to the 2004-2007 tax years. We believe the IRS included the carryback adjustments as a precaution to keep open the statute of limitations on collection of the tax that was refunded when this loss was carried back, and not because the IRS actually intends to disallow the carryback permanently. Depending on the outcome of this matter, additional state income taxes and state interest may become due when a final resolution is reached. As of December 31, 2016, those state taxes and interest would approximate $50.7 million. In addition, there could also be state tax penalties. Our total amount of unrecognized tax benefits as of December 31, 2016 is $108.2 million, which represents the tax benefits generated by the REMIC portfolio included in our tax returns that we have not taken benefit for in our financial statements, including any related interest.

We filed a petition with the U.S. Tax Court contesting most of the IRS’ proposed adjustments reflected in the Notices of Deficiency and the IRS filed an answer to our petition which continued to assert their claim. The case has twice been scheduled for trial and in each instance, the parties jointly filed, and the U.S. Tax Court approved (most recently in February 2016), motions for continuance to postpone the trial date. Also in February 2016, the U.S. Tax Court approved a joint motion to consolidate for trial, briefing, and opinion, our case with similar cases of Radian Group, Inc., as successor to Enhance Financial Services Group, Inc., et al. In January 2017, the parties informed the Tax Court that they had reached a basis for settlement of the major issues in the case. Any agreed settlement terms will ultimately be subject to review by the Joint Committee on Taxation ("JCT") before a settlement can be completed and there is no assurance that a settlement will be completed. Based on information that we currently have regarding the status of our ongoing dispute, we expect to record a provision for additional taxes and interest of $15 to $25 million in the first quarter of 2017.

Should a settlement not be completed, ongoing litigation to resolve our dispute with the IRS could be lengthy and costly in terms of legal fees and related expenses. We would need to make further adjustments, which could be material, to our tax provision and liabilities if our view of the probability of success in this matter changes, and the ultimate resolution of this matter could have a material negative impact on our effective tax rate, results of operations, cash flows, available assets and statutory capital. In this regard, see Note 14 - "Statutory Information."

In October 2014, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax returns for the years 2011 and 2012. The result of this examination had no material effect on the financial statements.

Under current guidance, when evaluating a tax position for recognition and measurement, an entity shall presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The interpretation adopts a benefit recognition model with a two-step approach, a more-likely-than-not threshold for recognition and derecognition, and a measurement attribute that is the greatest amount of benefit that is cumulatively greater than 50% likely of being realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(In thousands)	2016		2015		2014
Balance at beginning of year	$	107,120	$	106,230	$	105,366
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	1,125		890		864
Reductions for tax positions of prior years	—		—		—
Settlements	—		—		—
Balance at end of year	$	108,245	$	107,120	$	106,230

The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, which would affect our effective tax rate, is $94.6 million. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. During 2016, we recognized $1.1 million in interest. As of December 31, 2016 and 2015, we had $28.9 million and $27.8 million of accrued interest related to uncertain tax positions, respectively. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2000. It is reasonably possible that our 2000-2007 federal tax case will be resolved, other than through litigation. If it is resolved under the basis of settlement as disclosed above, our total unrecognized tax benefits would be reduced by $108.2 million during 2017. After taking into account prior payments and the effect of available net operating loss carrybacks, any net cash outflows would approximate $52 million.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity As described in Note 7 - "Debt", we entered into privately negotiated agreements to repurchase, for cash, together with, in certain cases, shares of our common stock, $292.4 million aggregate principal amount of our outstanding 2% Notes. We issued approximately 18.3 million shares of our common stock as partial consideration under these agreements. As of December 31, 2016 we have repurchased all of the shares issued as partial consideration for our 2% Notes repurchases. The weighted average price paid for the share repurchases was $8.03, which includes commissions, and the aggregate purchase amount was $147.1 million. As described in Note 7 - "Debt" the purchase of a portion of our 9% Debentures by MGIC, and corresponding elimination of the purchased 9% Debentures in consolidation, resulted in a reduction to our consolidated shareholders' equity of approximately $6.3 million as of December 31, 2016. This reduction represents the allocated portion of the consideration paid to reacquire the equity component of the 9% Debentures, net of tax. The reduction was recognized in paid-in capital and was less than the amount ascribed to paid-in capital at original issuance of the 9% Debentures. Our Amended and Restated Rights Agreement dated July 23, 2015 seeks to diminish the risk that our ability to use our NOLs to reduce potential future federal income tax obligations may become substantially limited and to deter certain abusive takeover practices. The benefit of the NOLs would be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, if we were to experience an “ownership change” as defined by Section 382 of the Internal Revenue Code. Under the Agreement each outstanding share of our Common Stock is accompanied by one Right. The Distribution Date occurs on the earlier of ten days after a public announcement that a person has become an Acquiring Person, or ten business days after a person announces or begins a tender offer in which consummation of such offer would result in a person becoming an Acquiring Person. An Acquiring Person is any person that becomes, by itself or together with its affiliates and associates, a beneficial owner of 5% or more of the shares of our Common Stock then outstanding, but excludes, among others, certain exempt and grandfathered persons as defined in the Agreement. The Rights are not exercisable until the Distribution Date. Each Right will initially entitle shareholders to buy one-tenth of one share of our Common Stock at a Purchase Price of $45 per full share (equivalent to $4.50 for each one-tenth share), subject to adjustment. Each exercisable Right (subject to certain limitations) will entitle its holder to purchase, at the Rights’ then-current Purchase Price, a number of our shares of Common Stock (or if after the Shares Acquisition Date, we are acquired in a business combination, common shares of the acquiror) having a market value at the time equal to twice the Purchase Price. The Rights will expire on August 1, 2018, or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Statutory Information

12 Months Ended

Dec. 31, 2016

Statutory Capital [Abstract]

Statutory Information

Statutory Accounting Principles

The statutory financial statements of our insurance companies are presented on the basis of accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI"), which has adopted the National Association of Insurance Commissioners ("NAIC") statutory accounting practices as the basis of its statutory accounting practices ("SSAP"). In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of net unrealized holding gains or losses in shareholders' equity relating to fixed maturities and the inclusion of statutory non-admitted assets.

In addition to the typical adjustments from statutory to GAAP, mortgage insurance companies are required to maintain contingency loss reserves equal to 50% of premiums earned under SSAP and practices prescribed by the OCI, Such amounts cannot be withdrawn for a period of ten years except as permitted by insurance regulations. With regulatory approval a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year. For the year ended 2016, MGIC's losses incurred were 26% of net premiums earned. Changes in contingency loss reserves impact the statutory statement of operations. Contingency loss reserves are not reflected as liabilities under GAAP and changes in contingency loss reserves do not impact the GAAP statements of operations. A premium deficiency reserve that may be recorded on a GAAP basis when the present value of expected future losses and expenses exceeds the present value of expected future premiums and already established loss reserves, may not be recorded on a statutory basis if the present value of expected future premiums and already established loss reserves and statutory contingency reserves, exceeds the present value of expected future losses and expenses. On a GAAP basis, when calculating a premium deficiency reserve policies are grouped based on how they are acquired, serviced and measured. On a statutory basis, a premium deficiency reserve is calculated on all policies in force.

The statutory net income (loss), policyholders' surplus and contingency reserve liability of the insurance subsidiaries of our holding company are show in the following table. The statutory net loss in 2015 was driven by the dissolution of an MGIC non-insurance subsidiary. The surplus amounts included in the following table are the combined policyholders' surplus of our insurance operations as utilized in our risk-to-capital calculations.



	As of and for the Years Ended December 31,
(In thousands)	2016		2015				2014
Statutory net income (loss)	$	106,326	$	(72,767	)	⁽¹⁾	$	13,203
Statutory policyholders' surplus	1,506,475		1,608,214			⁽¹⁾	1,585,164
Contingency reserve	1,360,088		826,706				318,247


⁽¹⁾	The dissolution of an MGIC non-insurance subsidiary in 2015 had no impact on statutory surplus as the equity value of the investment was fully reflected in surplus as an unrealized loss prior to 2015.

The surplus contributions made to MGIC and dividends paid by MGIC and distributions from other insurance subsidiaries to us, are shown in the table below.



	Years Ended December 31,
(In thousands)	2016		2015	2014
Additions to the surplus of MGIC from parent company funds	$	36,025	—	—
Dividends paid by MGIC to the parent company	$	64,000	—	—
Distributions from other insurance subsidiaries to the parent company	$	52,001	38,500	—

Statutory Capital Requirements

The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the RIF (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Financial Requirements, the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position ("MPP"). The “policyholder position” of a mortgage insurer is its net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums.

At December 31, 2016, MGIC’s risk-to-capital ratio was 10.7 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements and its policyholder position was $1.6 billion above the required MPP of $1.1 billion. In calculating our risk-to-capital ratio and MPP, we are allowed full credit for the risk ceded under our reinsurance transaction with a group of unaffiliated reinsurers. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the PMIERs, MGIC may terminate the reinsurance agreement, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements; however, you should read the rest of these financial statement footnotes for information about matters that could negatively affect such compliance.

At December 31, 2016, the risk-to-capital ratio of our combined insurance operations (which includes a reinsurance affiliate) was 12.0 to 1. Reinsurance transactions with our affiliate permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance arrangements with its reinsurance affiliate, additional capital contributions to the affiliate could be needed.

The NAIC previously announced that it plans to revise the minimum capital and surplus requirements for mortgage insurers that are provided for in its Mortgage Guaranty Insurance Model Act. In May 2016, a working group of state regulators released an exposure draft of a risk-based capital framework to establish capital requirements for mortgage insurers, although no date has been established by which the NAIC must propose revisions to the capital requirements. We continue to evaluate the impact of the framework contained in the exposure draft, including the potential impact of certain items that have not yet been completely addressed by the framework which include: the treatment of ceded risk, minimum capital floors, and action level triggers. Currently we believe that the PMIERs contain the more restrictive capital requirements in most circumstances.

While MGIC currently meets the State Capital Requirements of Wisconsin and all other jurisdictions, it could be prevented from writing new business in the future in all jurisdictions if it fails to meet the State Capital Requirements of Wisconsin, or it could be prevented from writing new business in a particular jurisdiction if it fails to meet the State Capital Requirements of that jurisdiction and in each case MGIC does not obtain a waiver of such requirements. It is possible that regulatory action by one or more jurisdictions, including those that do not have specific State Capital Requirements, may prevent MGIC from continuing to write new insurance in such jurisdictions. If we are unable to write business in all jurisdictions, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the future ability of our insurance operations to meet the State Capital Requirements or the PMIERs may affect its willingness to procure insurance from us. A possible future failure by MGIC to meet the State Capital Requirements or the PMIERs will not necessarily mean that MGIC lacks sufficient resources to pay claims on its insurance liabilities. While we believe MGIC has sufficient claims paying resources to meet its claim obligations on its IIF on a timely basis, you should read the rest of these financial statement footnotes for information about matters that could negatively affect MGIC’s claims paying resources.

Dividend restrictions

In 2016, MGIC paid a total of $64 million in dividends to our holding company, its first dividends since 2008, and we expect MGIC to continue to pay quarterly dividends. During 2016, distributions of $52 million were paid to our holding company from other insurance subsidiaries. These distributions were completed in conjunction with the transfer of risk and the final dissolution of those insurance entities during 2016. Our holding company subsequently contributed the majority of the funds to MGIC in relation to the transfer of risk. During 2015, distributions of $38.5 million were paid to our holding company from other insurance subsidiaries.

MGIC is subject to statutory regulations as to payment of dividends. The maximum amount of dividends that MGIC may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The OCI recognizes only statutory accounting practices prescribed or permitted by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in the contingency reserves through the income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency reserves, statutory net income is lowered. For the year ended December 31, 2016, MGIC’s statutory net income was reduced by $490 million to account for the increase in contingency reserves.

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Plans

We have an omnibus incentive plan that was adopted on April 23, 2015. When the 2015 plan was adopted, no further awards could be made under our previous 2011 plan. The purpose of the 2015 plan is to motivate and incent performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. The maximum number of shares of stock that can be awarded under the 2015 plan is 10.0 million. Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. The 2015 plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after April 23, 2025 under the 2015 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. Shares issued under the 2015 plan will be newly issued shares.

The compensation cost that has been charged against income for share-based plans was $11.4 million, $11.9 million, and $9.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The related income tax benefit recognized for share-based plans was $4.0 million and $4.2 million for the years ended December 31, 2016 and 2015, respectively. The related income tax benefit, before valuation allowance, recognized for share-based plans was, and $3.2 million for the year ended December 31, 2014.

A summary of restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2016 is as follows:



	Weighted Average Grant Date Fair Market Value		Shares
Restricted stock outstanding at December 31, 2015	$	7.97	3,319,467
Granted	5.66		1,689,300
Vested	7.00		(1,707,711	)
Forfeited	4.24		(154,384	)
Restricted stock outstanding at December 31, 2016	$	7.44	3,146,672

At December 31, 2016, the 3.1 million shares of restricted stock outstanding consisted of 2.3 million shares that are subject to performance conditions (“performance shares”) and 0.8 million shares that are subject only to service conditions (“time vested shares”). The weighted-average grant date fair value of restricted stock granted during 2015 and 2014 was $9.03 and $8.43, respectively. The fair value of restricted stock granted is the closing price of the common stock on the New York Stock Exchange on the date of grant. The total fair value of restricted stock vested during 2016, 2015 and 2014 was $12.2 million, $17.2 million, and $12.1 million, respectively.

As of December 31, 2016, there was $11.7 million of total unrecognized compensation cost related to non-vested share-based compensation agreements granted under the plans. Of this total, $8.9 million of unrecognized compensation costs relate to performance shares and $2.8 million relates to time vested shares. A portion of the unrecognized costs associated with the performance shares may or may not be recognized in future periods, depending upon whether or not the performance and service conditions are met. The cost associated with the time vested shares is expected to be recognized over a weighted-average period of 1.3 years.

At December 31, 2016, 8.3 million shares were available for future grant under the 2015 omnibus incentive plan.

Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Leases

We lease certain office space as well as data processing equipment and autos under operating leases that expire during the next five years. Generally, rental payments are fixed.

Total rental expense under operating leases was $2.1 million in 2016, $2.2 million in 2015, and $2.8 million in 2014.

At December 31, 2016, minimum future operating lease payments are as follows (in thousands):



2017	$	665
2018	676
2019	688
2020	490
2021 and thereafter	46
Total	$	2,565

Litigation and Contingencies	12 Months Ended
Litigation and Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies Before paying an insurance claim, we review the loan and servicing files to determine the appropriateness of the claim amount. When reviewing the files, we may determine that we have the right to rescind coverage on the loan. We refer to insurance rescissions and denials of claims collectively as “rescissions” and variations of that term. In addition, all of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy. We call such reduction of claims “curtailments.” In 2015 and 2016, curtailments reduced our average claim paid by approximately 6.7% and 5.5%, respectively. Our loss reserving methodology incorporates our estimates of future rescissions, curtailments, and reversals of rescissions and curtailments. A variance between ultimate actual rescission, curtailment, and reversal rates and our estimates, as a result of the outcome of litigation, settlements or other factors, could materially affect our losses. When the insured disputes our right to rescind coverage or curtail claims, we generally engage in discussions in an attempt to settle the dispute. If we are unable to reach a settlement, the outcome of a dispute ultimately would be determined by legal proceedings. Under ASC 450-20, until a liability associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes and do not accrue an estimated loss. Where we determine that a loss is probable and can be reasonably estimated we have recorded our best estimate of our probable loss. If we are not able to implement settlements we consider probable, we intend to defend MGIC vigorously against any related legal proceedings. In addition to matters for which we have recorded a probable loss, we are involved in other discussions and/or proceedings with insureds with respect to our claims paying practices. Although it is reasonably possible that when these matters are resolved we will not prevail in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. We estimate the maximum exposure associated with matters where a loss is reasonably possible to be approximately $295 million, although we believe (but can give no assurance that) we will ultimately resolve these matters for significantly less than this amount. This estimate of our maximum exposure does not include interest or consequential or exemplary damages. Mortgage insurers, including MGIC, have been involved in litigation and regulatory actions related to alleged violations of the anti-referral fee provisions of RESPA, and the notice provisions of the FCRA. While these proceedings in the aggregate have not resulted in material liability for MGIC, there can be no assurance that the outcome of future proceedings under these laws, if any, would have a material adverse affect on us. In addition, various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring other actions seeking various forms of relief in connection with alleged violations of RESPA. The insurance law provisions of many states prohibit paying for the referral of insurance business and provide various mechanisms to enforce this prohibition. While we believe our practices are in conformity with applicable laws and regulations, it is not possible to predict the eventual scope, duration or outcome of any such reviews or investigations nor is it possible to predict their effect on us or the mortgage insurance industry. Through a non-insurance subsidiary, we utilize our underwriting skills to provide an outsourced underwriting service to our customers known as contract underwriting. As part of the contract underwriting activities, that subsidiary is responsible for the quality of the underwriting decisions in accordance with the terms of the contract underwriting agreements with customers. That subsidiary may be required to provide certain remedies to its customers if certain standards relating to the quality of our underwriting work are not met, and we have an established reserve for such future obligations. Claims for remedies may be made a number of years after the underwriting work was performed. Beginning in the second half of 2009, our subsidiary experienced an increase in claims for contract underwriting remedies, which continued throughout 2012. The related contract underwriting remedy expense for the years ended December 31, 2016, 2015, and 2014, respectively, was immaterial to our consolidated financial statements. In addition to the matters described above, we are involved in other legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course legal proceedings will not have a material adverse effect on our financial position or consolidated results of operations. See Note 12 – “Income Taxes” for a description of federal income tax contingencies.

Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data



2016:	Quarter									Full
(In thousands, except per share data)	First		Second		Third		Fourth			Year
Net premiums earned	$	221,341	$	231,456	$	237,376	$	235,053		$	925,226
Investment income, net of expenses	27,809		27,248		27,515		28,094			110,666
Realized gains	3,056		836		5,092		(52		)	8,932
Other revenue	6,373		3,994		3,867		3,425			17,659
Loss incurred, net	85,012		46,590		60,897		47,658			240,157
Underwriting and other expenses, net	56,439		49,837		53,981		56,824			217,081
Loss on debt extinguishment	13,440		1,868		75,223		—			90,531
Provision for income tax	34,497		56,018		27,131		54,551			172,197
Net income	69,191		109,221		56,618		107,487			342,517
Income per share ^{(a) (b)}:
Basic	0.20		0.32		0.16		0.31			1.00
Diluted	0.17		0.26		0.14		0.28			0.86



2015:	Quarter									Full
(In thousands, except per share data)	First		Second		Third			Fourth		Year
Net premiums earned	$	217,288	$	213,508	$	239,234		$	226,192	$	896,222
Investment income, net of expenses	24,120		25,756		25,939			27,926		103,741
Realized (losses) gains	26,327		166		640			1,228		28,361
Other revenue	2,480		3,699		3,698			3,087		12,964
Loss incurred, net	81,785		90,238		76,458			95,066		343,547
Underwriting and other expenses, net	51,969		37,915		65,805			53,858		209,547
Loss on debt extinguishment	—		—		—			507		507
Provision for (benefit from) income tax	3,385		1,322		(695,604		)	6,584		(684,313		)
Net income	133,076		113,654		822,852			102,418		1,172,000
Income per share^{(a) (b)}:
Basic	0.39		0.33		2.42			0.30		3.45
Diluted	0.32		0.28		1.78			0.24		2.60


^(a)	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.

^(b)

In periods where convertible debt instruments are dilutive to earnings per share the “if-converted” method of computing diluted EPS requires an interest expense adjustment, net of tax, to net income available to shareholders. The interest expense adjustment was not tax effected for the first and second quarter of 2015 due to our valuation allowance on deferred tax assets. See Note 4 – “Earnings Per Share” for further discussion on our calculation of diluted EPS.

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2016

Summary of Investments, Other than Investments in Related Parties [Abstract]

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I — SUMMARY OF INVESTMENTS -

OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2016



(In thousands) Type of Investment	Amortized Cost		Fair Value		Amount at which shown in the balance sheet
Fixed income:
Bonds:
United States Government and government agencies and authorities	$	73,847	$	73,530	$	73,530
States, municipalities and political subdivisions	2,147,458		2,143,016		2,143,016
Foreign governments	—		—		—
Public utilities	176,184		175,084		175,084
Asset-backed securities	59,519		59,565		59,565
Collateralized loan obligations	121,151		121,174		121,174
Mortgage-backed	558,775		544,026		544,026
All other corporate bonds	1,580,278		1,568,827		1,568,827
Total fixed income	4,717,212		4,685,222		4,685,222

Equity securities:
Common stocks:
Industrial, miscellaneous and all other	7,144		7,128		7,128
Total equity securities	7,144		7,128		7,128

Total investments	$	4,724,356	$	4,692,350	$	4,692,350

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED BALANCE SHEETS

PARENT COMPANY ONLY



	December 31,
(In thousands)	2016			2015
ASSETS
Fixed income (amortized cost, 2016 – $247,396; 2015 – $385,281)	$	245,435		$	382,565
Cash and cash equivalents	37,666			19,417
Investment in subsidiaries, at equity in net assets	3,150,671			2,903,944
Accounts receivable - affiliates	780			938
Income taxes - current and deferred	289,703			151,318
Accrued investment income	1,749			3,700
Other assets	80			123
Total assets	$	3,726,084		$	3,462,005

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Senior notes	$	417,406		$	—
Convertible senior notes	349,461			822,301
Convertible junior subordinated debentures	389,522			389,522
Accrued interest	20,853			14,042
Total liabilities	1,177,242			1,225,865

Shareholders’ equity:
Common stock, (one dollar par value, shares authorized 1,000,000; shares issued 2016 – 359,400; 2015 – 340,097; outstanding 2016 – 340,663; 2015 – 339,657)	359,400			340,097
Paid-in capital	1,782,337			1,670,238
Treasury stock (shares at cost 2016 – 18,737; 2015 – 440)	(150,359		)	(3,362		)
Accumulated other comprehensive loss, net of tax	(75,100		)	(60,880		)
Retained earnings	632,564			290,047
Total shareholders’ equity	2,548,842			2,236,140
Total liabilities and shareholders’ equity	$	3,726,084		$	3,462,005

See accompanying supplementary notes to Parent Company condensed financial statements.

MGIC INVESTMENT CORPORATION

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED STATEMENTS OF OPERATIONS

PARENT COMPANY ONLY



	Years Ended December 31,
(In thousands)	2016			2015			2014
Revenues:
Investment income, net of expenses	$	3,807		$	7,586		$	6,985
Net realized investment gains	646			357			395
Total revenues	4,453			7,943			7,380

Expenses:
Operating expenses	1,409			582			546
Interest expense	64,598			68,932			69,648
Loss on debt extinguishment	82,234			507			837
Total expenses	148,241			70,021			71,031
Loss before tax	(143,788		)	(62,078		)	(63,651		)
Benefit from income taxes	(52,575		)	(125,487		)	—
Equity in net income of subsidiaries	433,730			1,108,591			315,600
Net income	342,517			1,172,000			251,949
Other comprehensive (loss) income, net of tax	(14,220		)	20,461			36,385
Comprehensive income	$	328,297		$	1,192,461		$	288,334

See accompanying supplementary notes to Parent Company condensed financial statements.

MGIC INVESTMENT CORPORATION

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CONDENSED STATEMENTS OF CASH FLOWS

PARENT COMPANY ONLY



	Years Ended December 31,
(In thousands)	2016			2015			2014
Cash flows from operating activities:
Net income	$	342,517		$	1,172,000		$	251,949
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net income of subsidiaries	(433,730		)	(1,108,591		)	(315,600		)
Dividends received from subsidiaries	64,000			6,500			—
Deferred tax benefit	(55,988		)	(125,532		)	—
Loss on debt extinguishment	82,234			507			837
Other	11,625			22,342			14,025
Change in certain assets and liabilities:
Accounts receivable - affiliates	158			(626		)	68
Income taxes receivable	3,602			(8,308		)	480
Accrued investment income	1,951			(265		)	194
Accrued interest	6,811			(652		)	(188		)
Net cash provided by (used in) operating activities	23,180			(42,625		)	(48,235		)

Cash flows from investing activities:
Capital distributions from subsidiaries	51,987			32,000			—
Capital contributions to subsidiaries	(36,025		)	—			—
Purchase of fixed income	(194,751		)	(295,010		)	(553,538		)
Sale of fixed income	330,142			386,385			613,322
Net cash provided by investing activities	151,353			123,375			59,784

Cash flows from financing activities:
Net proceeds from issuance of long-term debt	416,967			—			—
Repayment of long-term debt	—			(61,953		)	(21,767		)
Repurchase of convertible senior notes	(426,191		)	(12,004		)	—
Repurchase of common stock	(147,127		)	—			—
Excess tax benefits related to share-based compensation	67			2,117			—
Net cash used in financing activities	(156,284		)	(71,840		)	(21,767		)

Net increase (decrease) in cash and cash equivalents	18,249			8,910			(10,218		)
Cash and cash equivalents at beginning of year	19,417			10,507			20,725
Cash and cash equivalents at end of year	$	37,666		$	19,417		$	10,507

See accompanying supplementary notes to Parent Company condensed financial statements.

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

PARENT COMPANY ONLY

SUPPLEMENTARY NOTES

Note A

The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements appearing this annual report.

Note B

Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years.

The payment of dividends from our insurance subsidiaries is the principal source of cash inflow for MGIC Investment Corporation, our holding company, other than investment income and raising capital in the public markets. The payment of dividends by our insurance subsidiaries is restricted by insurance regulation as discussed above. MGIC is the principal source of dividend-paying capacity and, in 2016, it paid a total of $64 million in dividends to our holding company, its first dividends since 2008, and we expect MGIC to continue to pay quarterly dividends. During 2016, distributions of $52 million were paid to our holding company from other insurance subsidiaries. These distributions were completed in conjunction with the transfer of risk and the final dissolution of those insurance entities during 2016. Our holding company subsequently contributed the majority of the funds, approximately $36 million, to MGIC in relation to the transfer of risk. During 2015, distributions of $38.5 million, which includes dividends of $6.5 million, were paid to the holding company from other insurance subsidiaries. No dividends were paid to the holding company by our insurance subsidiaries in 2014 and no contributions were made to our insurance subsidiaries in 2015 or 2014.

Note C

The senior notes, convertible senior notes and convertible junior subordinated debentures ("9% Debentures"), discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. In February 2016, MGIC purchased $132.7 million in aggregate principal of the 9% Debentures. The details of this transaction are discussed in Note 7 – “Debt” to our consolidated financial statements. The 9% Debentures owned by MGIC remain obligations of our holding company. The carrying amount outstanding of the 9% Debentures of $389.5 million is reported on the Parent Company only condensed balance sheet. For GAAP accounting purposes, the 9% Debentures owned by MGIC are eliminated in our consolidated financial statements.

SCHEDULE IV - REINSURANCE

12 Months Ended

Dec. 31, 2016

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

SCHEDULE IV - REINSURANCE

SCHEDULE IV — REINSURANCE

MORTGAGE INSURANCE PREMIUMS EARNED

Years Ended December 31, 2016, 2015 and 2014



(Dollars in thousands)	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
Years ended December 31,
2016	$	1,058,545	$	133,981	$	662	$	925,226	0.1	%
2015	997,892		102,848		1,178		896,222		0.1	%
2014	950,973		108,255		1,653		844,371		0.2	%

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We have considered subsequent events through the date of this filing.

Reclassifications

Certain reclassifications to 2015 and 2014 amounts have been made in the accompanying consolidated financial statements to conform to the 2016 presentation.

Cash and Cash Equivalents

We consider money market funds and investments with original maturities of three months or less to be cash equivalents.

Fair value measurements

In accordance with fair value accounting guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities:

The independent pricing sources utilize these approaches to determine the fair value of the instruments in Level 2 of the fair value hierarchy based on type of instrument:

Investments


▪	our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis;


▪	the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security;


▪	extent and duration of the decline;


▪	failure of the issuer to make scheduled interest or principal payments;


▪	change in rating below investment grade; and


▪	adverse conditions specifically related to the security, an industry, or a geographic area.

Home office and equipment

Deferred Insurance Policy Acquisition Costs

Loss Reserves

Premium Deficiency Reserve

Share-Based Compensation

Earnings per Share

Recent accounting and reporting developments



Standard	Summary of guidance		Effects on financial statements and/or disclosures
Presentation of Debt Issuance Costs	•	Requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge.	•	Adopted March 31, 2016 with retrospective application to prior periods.
	•	Does not impact the amortization method for these costs.	•	There was no material impact on the consolidated balance sheets, and no impact on our statements of operations.
			•	For further information, see Note 7. "Debt."
Accounting for Share-Based Compensation When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period	•	Requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition.	•	Adopted March 31, 2016 with application to performance based awards granted in 2016.
	•	Compensation cost should be recognized in the period in which it become probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered.	•	There was no material impact on our consolidated financial statements.
	•	If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period.	•	For further information, see Note 15. "Share-based Compensation Plans".
Disclosures about Short-Duration Contracts	•	Requires expanded disclosures designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims.	•	This standard is not considered applicable to our business and therefore we have not adopted these disclosure requirements.
	•	Disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding not to exceed ten years.
	•	Expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims.
Classification of Certain Cash Receipts and Cash Payments	•	Provides specific guidance on the presentation of certain cash flow items including, but not limited to, debt prepayment and debt issuance costs and proceeds from the settlement of insurance claims.	•	Adopted December 31, 2016 with application to prior periods.
			•	Cash flows related to debt prepayment and debt issuance transactions have been reclassified as financing activities from operating activities.
			•	For further information on the impact our transactions had on our cash and cash equivalents see our consolidated statements of cash flows.



Financial Accounting Standards Board ("FASB") Standards Issued but not yet Adopted
Standard	Summary of guidance		Effects on financial statements and/or disclosures
Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016	•	Requires equity investments, except those accounted for under the equity method of accounting that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in earnings.	•	Required effective date: January 1, 2018.
	•	Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values.	•	The potential impact from the adoption of this guidance is not expected to have a material impact our consolidated balance sheets, consolidated statements of operations, or liquidity.
	•	Requires recognition of a cumulative effect adjustment to retained earnings as of the beginning of the reporting period of adoption.	•	For further information on our current equity investments see Note 5. "Investments."
Improvements to Employee Share-Based Compensation Accounting Issued March 2016	•	Requires that, prospectively, all tax effects related to share-based compensation be made through the statement of operations at the time of settlement, rather than recognizing excess tax benefits within paid-in capital.	•	Required effective date: January 1, 2017.
	•	Removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. This change is required to be applied on a modified retrospective basis.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements.
	•	Requires all tax related cash flows resulting from share-based compensation to be reported as operating activities, a change from the existing requirement to present tax benefits as an inflow from financing activities and an outflow from operating activities.
	•	Entities, for tax withholding purposes, will be allowed to withhold an amount of shares up to an employee's maximum individual tax rate (as opposed to the minimum statutory tax rate) in the relevant jurisdiction without resulting in liability classification of the award.
Measurement of Credit Losses on Financial Statements Issued June 2016	•	Requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial instruments. Entities are required to use a current expected credit loss ("CECL") methodology that incorporates their forecasts of future economic conditions, unless such forecast is not reasonable or supportable, in which case the entity will revert to historical loss experience.	•	Required effective date: January 1, 2020.
	•	Amends existing guidance for available-for-sale fixed income securities to incorporate an allowance, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which the fair value is less than amortized cost. The guidance will allow for reversals of impairment losses in the event that the credit of an issuer improves. The length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact.
	•	Updated guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore will require significant judgment in application.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Recent Accounting and Reporting Developments



Standard	Summary of guidance		Effects on financial statements and/or disclosures
Presentation of Debt Issuance Costs	•	Requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge.	•	Adopted March 31, 2016 with retrospective application to prior periods.
	•	Does not impact the amortization method for these costs.	•	There was no material impact on the consolidated balance sheets, and no impact on our statements of operations.
			•	For further information, see Note 7. "Debt."
Accounting for Share-Based Compensation When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period	•	Requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition.	•	Adopted March 31, 2016 with application to performance based awards granted in 2016.
	•	Compensation cost should be recognized in the period in which it become probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered.	•	There was no material impact on our consolidated financial statements.
	•	If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period.	•	For further information, see Note 15. "Share-based Compensation Plans".
Disclosures about Short-Duration Contracts	•	Requires expanded disclosures designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims.	•	This standard is not considered applicable to our business and therefore we have not adopted these disclosure requirements.
	•	Disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding not to exceed ten years.
	•	Expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims.
Classification of Certain Cash Receipts and Cash Payments	•	Provides specific guidance on the presentation of certain cash flow items including, but not limited to, debt prepayment and debt issuance costs and proceeds from the settlement of insurance claims.	•	Adopted December 31, 2016 with application to prior periods.
			•	Cash flows related to debt prepayment and debt issuance transactions have been reclassified as financing activities from operating activities.
			•	For further information on the impact our transactions had on our cash and cash equivalents see our consolidated statements of cash flows.



Financial Accounting Standards Board ("FASB") Standards Issued but not yet Adopted
Standard	Summary of guidance		Effects on financial statements and/or disclosures
Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016	•	Requires equity investments, except those accounted for under the equity method of accounting that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in earnings.	•	Required effective date: January 1, 2018.
	•	Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values.	•	The potential impact from the adoption of this guidance is not expected to have a material impact our consolidated balance sheets, consolidated statements of operations, or liquidity.
	•	Requires recognition of a cumulative effect adjustment to retained earnings as of the beginning of the reporting period of adoption.	•	For further information on our current equity investments see Note 5. "Investments."
Improvements to Employee Share-Based Compensation Accounting Issued March 2016	•	Requires that, prospectively, all tax effects related to share-based compensation be made through the statement of operations at the time of settlement, rather than recognizing excess tax benefits within paid-in capital.	•	Required effective date: January 1, 2017.
	•	Removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. This change is required to be applied on a modified retrospective basis.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements.
	•	Requires all tax related cash flows resulting from share-based compensation to be reported as operating activities, a change from the existing requirement to present tax benefits as an inflow from financing activities and an outflow from operating activities.
	•	Entities, for tax withholding purposes, will be allowed to withhold an amount of shares up to an employee's maximum individual tax rate (as opposed to the minimum statutory tax rate) in the relevant jurisdiction without resulting in liability classification of the award.
Measurement of Credit Losses on Financial Statements Issued June 2016	•	Requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial instruments. Entities are required to use a current expected credit loss ("CECL") methodology that incorporates their forecasts of future economic conditions, unless such forecast is not reasonable or supportable, in which case the entity will revert to historical loss experience.	•	Required effective date: January 1, 2020.
	•	Amends existing guidance for available-for-sale fixed income securities to incorporate an allowance, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which the fair value is less than amortized cost. The guidance will allow for reversals of impairment losses in the event that the credit of an issuer improves. The length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact.
	•	Updated guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore will require significant judgment in application.

The impact of the reclassification of debt issuance costs on our outstanding debt obligations as of December 31, 2015 is as follows.



	December 31, 2015
(In millions)	As previously reported		Adjustment			As Adjusted
5% Notes	$	333.5	$	(2.0	)	$	331.5
2% Notes	500.0		(9.2		)	490.8
9% Debentures	389.5		—			389.5
Total long-term debt	$	1,223.0	$	(11.2	)	$	1,211.8

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

The following table reconciles basic and diluted EPS amounts:



(In thousands, except per share data)	Years Ended December 31,
(In thousands, except per share data)	2016		2015		2014
Basic earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949

Weighted average common shares outstanding	342,890		339,552		338,523

Basic income per share	$	1.00	$	3.45	$	0.74

Diluted earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949
Interest expense, net of tax ⁽¹⁾:
2% Notes	6,111		7,928		12,197
5% Notes	6,362		12,228		—
9% Debentures	15,893		22,786		—
Diluted income available to common shareholders	$	370,883	$	1,214,942	$	264,146

Weighted-average shares - Basic	342,890		339,552		338,523
Effect of dilutive securities:
Unvested restricted stock units	1,470		2,113		3,082
2% Notes	54,450		71,917		71,917
5% Notes	13,107		25,603		—
9% Debentures	20,075		28,854		—
Weighted-average shares - Diluted	431,992		468,039		413,522

Diluted earnings per share	$	0.86	$	2.60	$	0.64

Anti-dilutive securities (in millions)	—		—		54.5


⁽¹⁾	Interest expense for the years ended December 31, 2016 and December 31, 2015 has been tax effected at a rate of 35%. Due to the valuation allowance recorded against deferred tax assets, interest expense for the year ended December 31, 2014 was not tax effected.

Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of investment portfolio

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2016 and 2015 are shown below:



December 31, 2016
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,847	$	407	$	(724	)	$	73,530
Obligations of U.S. states and political subdivisions	2,147,458		20,983		(25,425		)	2,143,016
Corporate debt securities	1,756,461		6,059		(18,610		)	1,743,910
ABS	59,519		74		(28		)	59,565
RMBS	231,733		102		(7,626		)	224,209
CMBS	327,042		769		(7,994		)	319,817
CLOs	121,151		226		(202		)	121,175
Total debt securities	4,717,211		28,620		(60,609		)	4,685,222
Equity securities	7,144		8		(24		)	7,128
Total investment portfolio	$	4,724,355	$	28,628	$	(60,633	)	$	4,692,350



December 31, 2015
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	160,393	$	2,133	$	(1,942	)	$	160,584
Obligations of U.S. states and political subdivisions	1,766,407		33,410		(7,290		)	1,792,527
Corporate debt securities	2,046,697		2,836		(44,770		)	2,004,763
ABS	116,764		56		(203		)	116,617
RMBS	265,879		161		(8,392		)	257,648
CMBS	237,304		162		(3,975		)	233,491
CLOs	61,345		3		(1,148		)	60,200
Debt securities issued by foreign sovereign governments	29,359		2,474		(102		)	31,731
Total debt securities	4,684,148		41,235		(67,822		)	4,657,561
Equity securities	5,625		38		(18		)	5,645
Total investment portfolio	$	4,689,773	$	41,273	$	(67,840	)	$	4,663,206


⁽¹⁾	There were no OTTI losses recorded in other comprehensive (loss) income as of December 31, 2016 and 2015.

Amortized cost and fair values of debt securities by contractual maturity



December 31, 2016
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	433,464	$	433,770
Due after one year through five years	1,211,034		1,212,650
Due after five years through ten years	1,157,091		1,139,552
Due after ten years	1,176,177		1,174,484
	3,977,766		3,960,456

ABS	59,519		59,565
RMBS	231,733		224,209
CMBS	327,042		319,817
CLOs	121,151		121,175
Total as of December 31, 2016	$	4,717,211	$	4,685,222

Aging of the fair values of securities in an unrealized loss position

For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:



December 31, 2016	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	48,642	$	(724	)	$	—	$	—		$	48,642	$	(724	)
Obligations of U.S. states and political subdivisions	1,136,676		(24,918		)	13,681		(507		)	1,150,357		(25,425		)
Corporate debt securities	915,777		(16,771		)	35,769		(1,839		)	951,546		(18,610		)
ABS	3,366		(28		)	656		—			4,022		(28		)
RMBS	46,493		(857		)	171,326		(6,769		)	217,819		(7,626		)
CMBS	205,545		(7,529		)	38,587		(465		)	244,132		(7,994		)
CLOs	13,278		(73		)	34,760		(129		)	48,038		(202		)
Equity securities	568		(15		)	137		(9		)	705		(24		)
Total investment portfolio	$	2,370,345	$	(50,915	)	$	294,916	$	(9,718	)	$	2,665,261	$	(60,633	)



December 31, 2015	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	60,548	$	(1,467	)	$	1,923	$	(475	)	$	62,471	$	(1,942	)
Obligations of U.S. states and political subdivisions	417,615		(6,404		)	37,014		(886		)	454,629		(7,290		)
Corporate debt securities	1,470,628		(38,519		)	114,982		(6,251		)	1,585,610		(44,770		)
ABS	86,604		(173		)	5,546		(30		)	92,150		(203		)
RMBS	35,064		(312		)	209,882		(8,080		)	244,946		(8,392		)
CMBS	134,488		(2,361		)	69,927		(1,614		)	204,415		(3,975		)
CLOs	—		—			51,750		(1,148		)	51,750		(1,148		)
Debt securities issued by foreign sovereign governments	4,463		(102		)	—		—			4,463		(102		)
Equity securities	355		(8		)	171		(10		)	526		(18		)
Total investment portfolio	$	2,209,765	$	(49,346	)	$	491,195	$	(18,494	)	$	2,700,960	$	(67,840	)

Net investment income

The source of net investment income is as follows:



(In thousands)	2016			2015			2014
Fixed income	$	112,513		$	105,882		$	89,437
Equity securities	182			208			227
Cash equivalents	754			191			179
Other	433			455			711
Investment income	113,882			106,736			90,554
Investment expenses	(3,216		)	(2,995		)	(2,907		)
Net investment income	$	110,666		$	103,741		$	87,647

Net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments

The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows:



(In thousands)	2016			2015			2014
Net realized investment gains on investments:
Fixed income	$	5,310		$	28,335		$	1,000
Equity securities	3,622			26			356
Other	—			—			1
Total net realized investment gains	$	8,932		$	28,361		$	1,357

Change in net unrealized gains (losses):
Fixed income	$	(5,403	)	$	(33,687	)	$	91,718
Equity securities	(36		)	(32		)	66
Other	14			1			(4		)
Total (decrease) increase in net unrealized gains/losses	$	(5,425	)	$	(33,718	)	$	91,780

Gross realized gains, gross realized losses and impairment losses

The gross realized gains, gross realized losses and impairment losses are as follows:



(In thousands)	2016			2015			2014
Gross realized gains	$	11,909		$	30,039		$	4,966
Gross realized losses	(2,977		)	(1,678		)	(3,465		)
Other-than-temporary-impairment losses	—			—			(144		)
Net realized gains on securities	$	8,932		$	28,361		$	1,357

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair value measurements for items measured at fair value

Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2016 and 2015:



December 31, 2016
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,530	$	30,690	$	42,840	$	—
Obligations of U.S. states and political subdivisions	2,143,016		—		2,142,325		691
Corporate debt securities	1,743,910		—		1,743,910		—
ABS	59,565		—		59,565		—
RMBS	224,209		—		224,209		—
CMBS	319,817		—		319,817		—
CLOs	121,175		—		121,175		—
Total debt securities	4,685,222		30,690		4,653,841		691
Equity securities ⁽¹⁾	7,128		2,860		—		4,268
Total investments	$	4,692,350	$	33,550	$	4,653,841	$	4,959
Real estate acquired ⁽²⁾	$	11,748	$	—	$	—	$	11,748



December 31, 2015
(In thousands)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	160,584	$	46,197	$	114,387	$	—
Obligations of U.S. states and political subdivisions	1,792,527		—		1,791,299		1,228
Corporate debt securities	2,004,763		—		2,004,763		—
ABS	116,617		—		116,617		—
RMBS	257,648		—		257,648		—
CMBS	233,491		—		233,491		—
CLOs	60,200		—		60,200		—
Debt securities issued by foreign sovereign governments	31,731		31,731		—		—
Total debt securities	4,657,561		77,928		4,578,405		1,228
Equity securities ⁽¹⁾	5,645		2,790		—		2,855
Total investments	$	4,663,206	$	80,718	$	4,578,405	$	4,083
Real estate acquired ⁽²⁾	$	12,149	$	—	$	—	$	12,149


⁽¹⁾	Equity securities in Level 3 are carried at cost, which approximates fair value.


⁽²⁾	Real estate acquired through claim settlement, which is held for sale, is reported in other assets on the consolidated balance sheets.

Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3)

Level 3 reconciliations:

(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities			Total Investments			Real Estate Acquired
Balance at December 31, 2015	$	1,228		$	2,855		$	4,083		$	12,149
Total realized/unrealized gains (losses):
Included in earnings and reported as net realized investment gains	—			3,579			3,579			—
Included in earnings and reported as losses incurred, net	—			—			—			(1,142		)
Purchases	—			4,258			4,258			36,859
Sales	(537		)	(6,424		)	(6,961		)	(36,118		)
Balance at December 31, 2016	$	691		$	4,268		$	4,959		$	11,748



(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net	—			—		—			(2,322		)
Purchases	7			2,534		2,541			34,624
Sales	(625		)	—		(625		)	(32,811		)
Balance at December 31, 2015	$	1,228		$	2,855	$	4,083		$	12,149



(In thousands)	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net	—			—		—			(4,129		)
Purchases	30			—		30			42,247
Sales	(607		)	—		(607		)	(38,740		)
Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658

Schedule of carrying value and fair value of financial liabilities measured on a recurring basis

The following table presents the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at December 31, 2016 and 2015. The fair values of our 5% Notes, 2% Notes, 5.75% Notes, and 9% Debentures were based on observable market prices and the fair value of the FHLB Advance was estimated using discounted cash flows on current incremental borrowing rates for similar borrowing arrangements, and in all cases they are categorized as Level 2. See Note 7 - "Debt" for a description of the financial liabilities in the table below.



	December 31, 2016				December 31, 2015
(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities:
FHLB Advance	$	155,000	$	151,905	n/a		n/a
5% Notes	144,789		147,679		331,546		345,616
2% Notes	204,672		308,605		490,755		701,955
5.75% Notes	417,406		445,987		n/a		n/a
9% Debentures	256,872		323,040		389,522		455,067
Total financial liabilities	$	1,178,739	$	1,377,216	$	1,211,823	$	1,502,638

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Recent Accounting and Reporting Developments



Standard	Summary of guidance		Effects on financial statements and/or disclosures
Presentation of Debt Issuance Costs	•	Requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge.	•	Adopted March 31, 2016 with retrospective application to prior periods.
	•	Does not impact the amortization method for these costs.	•	There was no material impact on the consolidated balance sheets, and no impact on our statements of operations.
			•	For further information, see Note 7. "Debt."
Accounting for Share-Based Compensation When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period	•	Requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition.	•	Adopted March 31, 2016 with application to performance based awards granted in 2016.
	•	Compensation cost should be recognized in the period in which it become probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered.	•	There was no material impact on our consolidated financial statements.
	•	If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period.	•	For further information, see Note 15. "Share-based Compensation Plans".
Disclosures about Short-Duration Contracts	•	Requires expanded disclosures designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims.	•	This standard is not considered applicable to our business and therefore we have not adopted these disclosure requirements.
	•	Disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding not to exceed ten years.
	•	Expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims.
Classification of Certain Cash Receipts and Cash Payments	•	Provides specific guidance on the presentation of certain cash flow items including, but not limited to, debt prepayment and debt issuance costs and proceeds from the settlement of insurance claims.	•	Adopted December 31, 2016 with application to prior periods.
			•	Cash flows related to debt prepayment and debt issuance transactions have been reclassified as financing activities from operating activities.
			•	For further information on the impact our transactions had on our cash and cash equivalents see our consolidated statements of cash flows.



Financial Accounting Standards Board ("FASB") Standards Issued but not yet Adopted
Standard	Summary of guidance		Effects on financial statements and/or disclosures
Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016	•	Requires equity investments, except those accounted for under the equity method of accounting that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in earnings.	•	Required effective date: January 1, 2018.
	•	Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values.	•	The potential impact from the adoption of this guidance is not expected to have a material impact our consolidated balance sheets, consolidated statements of operations, or liquidity.
	•	Requires recognition of a cumulative effect adjustment to retained earnings as of the beginning of the reporting period of adoption.	•	For further information on our current equity investments see Note 5. "Investments."
Improvements to Employee Share-Based Compensation Accounting Issued March 2016	•	Requires that, prospectively, all tax effects related to share-based compensation be made through the statement of operations at the time of settlement, rather than recognizing excess tax benefits within paid-in capital.	•	Required effective date: January 1, 2017.
	•	Removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. This change is required to be applied on a modified retrospective basis.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements.
	•	Requires all tax related cash flows resulting from share-based compensation to be reported as operating activities, a change from the existing requirement to present tax benefits as an inflow from financing activities and an outflow from operating activities.
	•	Entities, for tax withholding purposes, will be allowed to withhold an amount of shares up to an employee's maximum individual tax rate (as opposed to the minimum statutory tax rate) in the relevant jurisdiction without resulting in liability classification of the award.
Measurement of Credit Losses on Financial Statements Issued June 2016	•	Requires immediate recognition of estimated credit losses expected to occur over the remaining life of many financial instruments. Entities are required to use a current expected credit loss ("CECL") methodology that incorporates their forecasts of future economic conditions, unless such forecast is not reasonable or supportable, in which case the entity will revert to historical loss experience.	•	Required effective date: January 1, 2020.
	•	Amends existing guidance for available-for-sale fixed income securities to incorporate an allowance, rather than a write-down of the asset, with the amount of the allowance limited to the amount by which the fair value is less than amortized cost. The guidance will allow for reversals of impairment losses in the event that the credit of an issuer improves. The length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists.	•	We are currently evaluating the impacts the adoption of this guidance will have on our consolidated financial statements, but do not expect it to have a material impact.
	•	Updated guidance is not prescriptive about certain aspects of estimating expected credit losses, including the specific methodology to use, and therefore will require significant judgment in application.

The impact of the reclassification of debt issuance costs on our outstanding debt obligations as of December 31, 2015 is as follows.



	December 31, 2015
(In millions)	As previously reported		Adjustment			As Adjusted
5% Notes	$	333.5	$	(2.0	)	$	331.5
2% Notes	500.0		(9.2		)	490.8
9% Debentures	389.5		—			389.5
Total long-term debt	$	1,223.0	$	(11.2	)	$	1,211.8

Schedule of debt

Long-term debt as of December 31, 2016 and 2015 consisted of the following obligations.



	December 31,
(In millions)	2016		2015
FHLB Advance	$	155.0	$	—
5% Notes	145.0		333.5
2% Notes	207.6		500.0
5.75% Notes	425.0		—
9% Debentures	256.9		389.5
Long-term debt, par value	1,189.5		1,223.0
Less: debt issuance costs	10.8		11.2
Long-term debt, carrying value	$	1,178.7	$	1,211.8

Interest Payments Made

Interest payments, on a consolidated basis, for our debt obligations existing during 2016 and 2015 appear below.



	Years Ended December 31,
(In millions)	2016		2015
5.375% Notes	$	—	$	3.3
FHLB Advance	2.4		—
5% Notes	10.6		17.3
2% Notes	9.1		10.0
5.75% Notes	—		—
9% Debentures	27.4		35.1
Total interest payments	$	49.5	$	65.7

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

+ Details

Loss Reserves (Tables)

12 Months Ended

Dec. 31, 2016

Insurance Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

The following table provides a reconciliation of beginning and ending loss reserves for each of the past three years:



(In thousands)	2016			2015			2014
Reserve at beginning of year	$	1,893,402		$	2,396,807		$	3,061,401
Less reinsurance recoverable	44,487			57,841			64,085
Net reserve at beginning of year	1,848,915			2,338,966			2,997,316

Losses incurred:
Losses and LAE incurred in respect of default notices received in:
Current year	387,815			453,849			596,436
Prior years ⁽¹⁾	(147,658		)	(110,302		)	(100,359		)
Total losses incurred	240,157			343,547			496,077

Losses paid:
Losses and LAE paid in respect of default notices received in:
Current year	14,823			25,980			32,919
Prior years	689,258			823,058			1,121,508
Reinsurance terminations ⁽²⁾	(3,329		)	(15,440		)	—
Total losses paid	700,752			833,598			1,154,427
Net reserve at end of year	1,388,320			1,848,915			2,338,966
Plus reinsurance recoverables	50,493			44,487			57,841
Reserve at end of year	$	1,438,813		$	1,893,402		$	2,396,807


⁽¹⁾	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table below for more information about prior year loss development.

⁽²⁾

Prior year development of the reserves

The prior year development of the reserves in 2016, 2015 and 2014 is reflected in the table below.



(In millions)	2016			2015			2014
Decrease in estimated claim rate on primary defaults	$	(148	)	$	(141	)	$	(43	)
Increase (decrease) in estimated severity on primary defaults	9			43			(35		)
Change in estimates related to pool reserves, LAE reserves, reinsurance and other	(9		)	(12		)	(22		)
Total prior year loss development ⁽¹⁾	$	(148	)	$	(110	)	$	(100	)


⁽¹⁾	A negative number for prior year loss development indicates a redundancy of prior year loss reserves.

Rollforward of primary default inventory



	2016		2015		2014
Default inventory at beginning of year	62,633		79,901		103,328
New Notices	67,434		74,315		88,844
Cures	(65,516	)	(73,610	)	(87,278	)
Paids (including those charged to a deductible or captive)	(12,367	)	(16,004	)	(23,494	)
Rescissions and denials	(629	)	(848	)	(1,306	)
Other items removed from inventory	(1,273	)	(1,121	)	(193	)
Default inventory at end of year	50,282		62,633		79,901

Aging of the primary default inventory

The percentage of loans that have been in default for 12 or more consecutive months and the number of loans in our primary claims received inventory have been affected by our suspended rescissions and the resolution of certain of those rescissions discussed below and in Note 17 - "Litigation and Contingencies".

The number of consecutive months that a borrower has been delinquent is shown in the table below.

Consecutive months in default

	December 31,
	2016			2015			2014
3 months or less	12,194	24	%	13,053	21	%	15,319	19	%
4 - 11 months	13,450	27	%	15,763	25	%	19,710	25	%
12 months or more⁽¹⁾	24,638	49	%	33,817	54	%	44,872	56	%
Total primary default inventory	50,282	100	%	62,633	100	%	79,901	100	%

Primary claims received inventory included in ending default inventory	1,385	3	%	2,769	4	%	4,746	6	%


⁽¹⁾	Approximately 47%, 50% and 53% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of December 31, 2016, 2015 and 2014, respectively.

Number of payments delinquent

The number of payments that a borrower is delinquent is shown in the table below.

Number of payments delinquent

	December 31,
	2016			2015			2014
3 payments or less	18,419	36	%	20,360	33	%	23,253	29	%
4 - 11 payments	12,892	26	%	15,092	24	%	19,427	24	%
12 payments or more	18,971	38	%	27,181	43	%	37,221	47	%
Total primary default inventory	50,282	100	%	62,633	100	%	79,901	100	%

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2016

Reinsurance Disclosures [Abstract]

Effect of reinsurance agreements on premiums earned and losses incurred

The effect of all reinsurance agreements on premiums earned and losses incurred, which is reflected in the consolidated statements of operations, is as follows:



	Years ended December 31,
(In thousands)	2016			2015			2014
Premiums earned:
Direct	$	1,058,545		$	997,892		$	950,973
Assumed	662			1,178			1,653
Ceded	(133,981		)	(102,848		)	(108,255		)
Net premiums earned	$	925,226		$	896,222		$	844,371

Losses incurred:
Direct	$	273,207		$	369,680		$	524,051
Assumed	1,138			1,552			2,012
Ceded	(34,188		)	(27,685		)	(29,986		)
Net losses incurred	$	240,157		$	343,547		$	496,077

Quota share reinsurance, excluding captive agreements

Following is a summary of our quota share reinsurance agreements, excluding captive agreements, for 2016, 2015 and 2014.



	Years ended December 31,
(In thousands)	2016		2015				2014

2015 QSR Transaction (Effective July 1, 2015)
Ceded premiums written, net of profit commission ⁽¹⁾	$	125,460	$	52,588			n/a
Ceded premiums earned, net of profit commission ⁽¹⁾	125,460		52,588				n/a
Ceded losses incurred	30,201		11,424				n/a
Ceding commissions ⁽²⁾	47,629		20,582				n/a
Profit commission	112,685		50,322				n/a

2013 QSR Transaction
Ceded premiums written, net of profit commission	n/a		$	(11,355	)	⁽³⁾	$	100,031
Ceded premiums earned, net of profit commission	n/a		35,999			⁽³⁾	88,528
Ceded losses incurred	n/a		6,060				15,163
Ceding commissions ⁽²⁾	n/a		10,235			⁽³⁾	37,833
Profit commission	n/a		62,525			⁽³⁾	89,133


⁽¹⁾	As of July 1, 2015, premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.


⁽²⁾	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.


⁽³⁾	The year ended December 31, 2015 includes the non-recurring impact of commuting our 2013 QSR Transaction. The commutation had no impact on ceded losses incurred.

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2016

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2016, 2015 and 2014 are included in the table below:



(In thousands)	2016			2015			2014
Net unrealized investment (losses) gains arising during the year	$	(5,425	)	$	(33,718	)	$	91,782
Income tax benefit (expense)	1,776			11,738			(32,017		)
Valuation allowance ⁽¹⁾	—			62,383			31,374
Net of taxes	(3,649		)	40,403			91,139

Net changes in benefit plan assets and obligations	(14,799		)	(12,818		)	(52,112		)
Income tax benefit	5,179			4,487			18,239
Valuation allowance ⁽¹⁾	—			(7,383		)	(18,239		)
Net of taxes	(9,620		)	(15,714		)	(52,112		)

Net changes in unrealized foreign currency translation adjustment	(1,463		)	(5,699		)	(4,067		)
Income tax benefit	512			2,000			1,425
Valuation allowance ⁽¹⁾	—			(529		)	—
Net of taxes	(951		)	(4,228		)	(2,642		)

Total other comprehensive (loss) income	(21,687		)	(52,235		)	35,603
Total income tax benefit, net of valuation allowance	7,467			72,696			782
Total other comprehensive (loss) income, net of tax	$	(14,220	)	$	20,461		$	36,385


⁽¹⁾	See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.

Reclassification out of accumulated other comprehensive income



(In thousands)	2016			2015			2014
Reclassification adjustment for net realized gains (losses) included in net income ⁽¹⁾	$	6,207		$	11,693		$	(6,816	)
Income tax (expense) benefit	(2,050		)	(4,076		)	2,402
Valuation allowance ⁽²⁾	—			3,635			(2,502		)
Net of taxes	4,157			11,252			(6,916		)

Reclassification adjustment related to benefit plan assets and obligations ⁽³⁾	1,480			2,184			6,930
Income tax expense	(518		)	(764		)	(2,425		)
Valuation allowance ⁽²⁾	—			574			2,425
Net of taxes	962			1,994			6,930

Reclassification adjustment related to foreign currency ⁽⁴⁾	1,467			—			—
Income tax expense	(513		)	—			—
Net of taxes	954			—			—

Total reclassifications	9,154			13,877			114
Total income tax expense, net of valuation allowance	(3,081		)	(631		)	(100		)
Total reclassifications, net of tax	$	6,073		$	13,246		$	14


⁽¹⁾	Increases (decreases) Net realized investment gains on the consolidated statements of operations.


⁽²⁾	See Note 12 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets.


⁽³⁾	Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.


⁽⁴⁾	Increases (decreases) Other revenue on the consolidated statements of operations.

Accumulated other comprehensive income (loss)



(In thousands)	Net unrealized gains and losses on available-for-sale securities			Net benefit plan assets and obligations recognized in shareholders' equity			Net unrealized foreign currency translation			Total AOCL
Balance, December 31, 2013, net of tax	$	(148,690	)	$	23,174		$	7,790		$	(117,726	)
Other comprehensive income (loss) before reclassifications	84,223			(45,182		)	(2,642		)	36,399
Less: Amounts reclassified from AOCL	(6,916		)	6,930			—			14
Balance, December 31, 2014, net of tax	(57,551		)	(28,938		)	5,148			(81,341		)
Other comprehensive income (loss) before reclassifications	51,655			(13,720		)	(4,228		)	33,707
Less: Amounts reclassified from AOCL	11,252			1,994			—			13,246
Balance, December 31, 2015, net of tax	(17,148		)	(44,652		)	920			(60,880		)
Other comprehensive income (loss) before reclassifications	508			(8,658		)	3			(8,147		)
Less: Amounts reclassified from AOCL	4,157			962			954			6,073
Balance, December 31, 2016, net of tax	$	(20,797	)	$	(54,272	)	$	(31	)	(75,100		)

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Components of net periodic benefit cost

The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2016, 2015, and 2014 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2016 and 2015.

Components of Net Periodic Benefit Cost

	Pension and Supplemental Executive Retirement Plans									Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2014			12/31/2016			12/31/2015			12/31/2014
1. Company Service Cost	$	9,130		$	10,256		$	8,565		$	751		$	833		$	659
2. Interest Cost	15,906			15,847			15,987			704			697			653
3. Expected Return on Assets	(19,508		)	(21,109		)	(21,030		)	(4,886		)	(4,991		)	(4,648		)
4. Other Adjustments	—			—			—			—			—			—
Subtotal	5,528			4,994			3,522			(3,431		)	(3,461		)	(3,336		)
5. Amortization of :
a. Net Transition Obligation/(Asset)	—			—			—			—			—			—
b. Net Prior Service Cost/(Credit)	(687		)	(845		)	(930		)	(6,649		)	(6,649		)	(6,649		)
c. Net Losses/(Gains)	5,856			5,485			1,083			—			(175		)	(435		)
Total Amortization	5,169			4,640			153			(6,649		)	(6,824		)	(7,084		)
6. Net Periodic Benefit Cost	10,697			9,634			3,675			(10,080		)	(10,285		)	(10,420		)
7. Cost of settlements or curtailments	1,277			3,172			302			—			—			—
8. Total Expense for Year	$	11,974		$	12,806		$	3,977		$	(10,080	)	$	(10,285	)	$	(10,420	)

Development of funded status

Development of Funded Status

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
Actuarial Value of Benefit Obligations
1. Measurement Date	12/31/2016			12/31/2015			12/31/2016			12/31/2015
2. Accumulated Benefit Obligation	$	360,423		$	338,450		$	17,378		$	16,423

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
1. Projected Benefit Obligation	$	(369,808	)	$	(349,483	)	$	(17,378	)	$	(16,423	)
2. Plan Assets at Fair Value	360,900			350,107			70,408			65,568
3. Funded Status - Overfunded/Asset	N/A			$	624		$	53,030		$	49,145
4. Funded Status - Underfunded/Liability	(8,908		)	N/A			N/A			N/A

Accumulated Other Comprehensive Income (Loss)

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Net Actuarial (Gain)/Loss	$	103,861		$	95,636		$	(6,088	)	$	(5,311	)
2. Net Prior Service Cost/(Credit)	(2,286		)	(2,989		)	(11,991		)	(18,640		)
3. Net Transition Obligation/(Asset)	—			—			—			—
4. Total at Year End	$	101,575		$	92,647		$	(18,079	)	$	(23,951	)

Change in projected benefit obligation

The changes in the projected benefit obligation are as follows:

Change in Projected Benefit/Accumulated Benefit Obligation

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Benefit Obligation at Beginning of Year	$	349,483		$	379,324		$	16,423		$	18,225
2. Company Service Cost	9,130			10,256			751			833
3. Interest Cost	15,906			15,847			704			697
4. Plan Participants' Contributions	—			—			408			361
5. Net Actuarial (Gain)/Loss due to Assumption Changes	14,450			(24,118		)	497			(2,083		)
6. Net Actuarial (Gain)/Loss due to Plan Experience	5,428			7,155			357			(397		)
7. Benefit Payments from Fund ⁽¹⁾	(21,831		)	(32,646		)	(1,678		)	(1,147		)
8. Benefit Payments Directly by Company	(2,669		)	(7,661		)	—			—
9. Plan Amendments	16			19			—			—
10. Other Adjustment	(105		)	1,307			(84		)	(66		)
11. Benefit Obligation at End of Year	$	369,808		$	349,483		$	17,378		$	16,423


⁽¹⁾	Includes lump sum payments of $11.2 million and $22.4 million in 2016 and 2015, respectively, from our pension plan to eligible participants, which were former employees with vested benefits.

Change in plan assets

The changes in the fair value of the net assets available for plan benefits are as follows:

Change in Plan Assets

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. Fair Value of Plan Assets at Beginning of Year	$	350,107		$	378,701		$	65,568		$	66,940
2. Company Contributions	11,369			17,311			—			—
3. Plan Participants' Contributions	—			—			408			361
4. Benefit Payments from Fund	(21,831		)	(32,646		)	(1,678		)	(1,147		)
5. Benefit Payments paid directly by Company	(2,669		)	(7,661		)	—			—
6. Actual Return on Assets	23,924			(5,094		)	6,518			(225		)
7. Other Adjustment	—			(504		)	(408		)	(361		)
8. Fair Value of Plan Assets at End of Year	$	360,900		$	350,107		$	70,408		$	65,568

Change in accumulated other comprehensive income (AOCI)

Change in Accumulated Other Comprehensive Income (Loss) ("AOCI")

	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)	12/31/2016			12/31/2015			12/31/2016			12/31/2015
1. AOCI in Prior Year	$	92,647		$	89,390		$	(23,951	)	$	(33,511	)
2. Increase/(Decrease) in AOCI
a. Recognized during year - Prior Service (Cost)/Credit	687			845			6,649			6,649
b. Recognized during year - Net Actuarial (Losses)/Gains	(5,856		)	(5,485		)	—			175
c. Occurring during year - Prior Service Cost	16			19			—			—
d. Occurring during year - Net Actuarial Losses/(Gains)	15,358			11,050			(777		)	2,736
e. Occurring during year - Net Settlement Losses/(Gains)	(1,277		)	(3,172		)	—			—
f. Other adjustments	—			—			—			—
3. AOCI in Current Year	$	101,575		$	92,647		$	(18,079	)	$	(23,951	)

Amortizations expected to be recognized during next fiscal year

Amortizations Expected to be Recognized During Next Fiscal Year Ending

	Pension and Supplemental Executive Retirement Plans			Other Postretirement Benefits
(In thousands)	12/31/2017			12/31/2017
1. Amortization of Net Transition Obligation/(Asset)	$	—		$	—
2. Amortization of Prior Service Cost/(Credit)	(428		)	(6,649		)
3. Amortization of Net Losses/(Gains)	6,141			—

Actuarial assumptions

The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.

Actuarial Assumptions

	Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate	4.30	%	4.65	%	3.95	%	4.30	%
2. Rate of Compensation Increase	3.00	%	3.00	%	N/A		N/A

Weighted-Average Assumptions Used to Determine
Net Periodic Benefit Cost for Year
1. Discount Rate	4.65	%	4.25	%	4.30	%	4.00	%
2. Expected Long-term Return on Plan Assets	5.75	%	5.75	%	7.50	%	7.50	%
3. Rate of Compensation Increase	3.00	%	3.00	%	N/A		N/A

Assumed Health Care Cost Trend Rates at year end
1. Health Care Cost Trend Rate Assumed for Next Year	N/A		N/A		6.50	%	7.00	%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)	N/A		N/A		5.00	%	5.00	%
3. Year That the Rate Reaches the Ultimate Trend Rate	N/A		N/A		2020		2020

Year-end asset allocations of the plans

The year-end asset allocations of the plans are as follows:

Plan Assets

	Pension Plan				Other Postretirement Benefits
	12/31/2016		12/31/2015		12/31/2016		12/31/2015
1. Equity Securities	23	%	20	%	100	%	100	%
2. Debt Securities	77	%	80	%	—	%	—	%
3. Total	100	%	100	%	100	%	100	%

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of investment allocation strategies

The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:



Strategy	Objective	Investment types
Return seeking growth	Funded ratio improvement over the long term	●	Global quality growth
Return seeking growth	Funded ratio improvement over the long term	●	Global low volatility
Return seeking bridge	Downside protection in the event of a declining equity market	●	Enduring asset
Return seeking bridge		●	Durable company

Minimum and maximum allocation ranges for fixed income securities and equity securities



	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Actual and estimated future contributions and actual and estimated future benefit payments

The following tables show the current and estimated future contributions and benefit payments.

Company Contributions

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)	12/31/2016		12/31/2016
Company Contributions for the Year Ending:
1. Current	$	11,369	$	—
2. Current + 1	9,500		—

Benefit Payments (Total)

	Pension and Supplemental Executive Retirement Plans		Other Postretirement Benefits
(In thousands)	12/31/2016		12/31/2016
Actual Benefit Payments for the Year Ending:
1. Current	$	24,500	$	1,355
Expected Benefit Payments for the Year Ending:
2. Current + 1	21,831		847
3. Current + 2	23,439		978
4. Current + 3	26,927		1,068
5. Current + 4	27,199		1,257
6. Current + 5	27,151		1,410
7. Current + 6 - 10	146,471		8,574

Effect of a 1% change in the health care trend rate assumption

A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:



(In thousands)	1-Percentage Point Increase		1-Percentage Point Decrease
Effect on total service and interest cost components	$	237	$	(205	)
Effect on postretirement benefit obligation	2,382		(2,102		)

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Fair value of plan assets

Pension Plan

Assets at Fair Value as of December 31, 2016
(In thousands)	Level 1		Level 2		Total
Domestic Mutual Funds	$	11,805	$	—	$	11,805
Corporate Bonds	—		178,412		178,412
U.S. Government Securities	6,761		354		7,115
Municipal Bonds	—		63,492		63,492
Foreign Bonds	—		27,917		27,917
ETFs	5,694		—		5,694
Pooled Equity Accounts	—		66,465		66,465
Total Assets at fair value	$	24,260	$	336,640	$	360,900

Pension Plan

Assets at Fair Value as of December 31, 2015
(In thousands)	Level 1		Level 2		Total
Domestic Mutual Funds	$	1,442	$	—	$	1,442
Corporate Bonds	—		188,332		188,332
U.S. Government Securities	3,133		497		3,630
Municipal Bonds	—		61,206		61,206
Foreign Bonds	—		25,251		25,251
ETFs	5,676		—		5,676
Pooled Equity Accounts	—		64,570		64,570
Total Assets at fair value	$	10,251	$	339,856	$	350,107

Other Postretirement Benefit Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Fair value of plan assets

The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2016 and 2015. All are Level 1 assets.

Other Postretirement Benefits Plan

Assets at Fair Value as of December 31, 2016
(In thousands)	Level 1		Total
Domestic Mutual Funds	$	54,426	$	54,426
International Mutual Funds	15,982		15,982
Total Assets at fair value	$	70,408	$	70,408

Other Postretirement Benefits Plan

Assets at Fair Value as of December 31, 2015
(In thousands)	Level 1		Total
Domestic Mutual Funds	$	49,887	$	49,887
International Mutual Funds	15,681		15,681
Total Assets at fair value	$	65,568	$	65,568

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:



(In thousands)	2016			2015
Total deferred tax assets	$	636,449		$	791,286
Total deferred tax liabilities	(28,794		)	(29,206		)
Net deferred tax asset	$	607,655		$	762,080

Components of the net deferred tax asset (liability)

The components of the net deferred tax asset as of December 31, 2016 and 2015 are as follows:



(In thousands)	2016			2015
Unearned premium reserves	$	40,153		$	33,262
Benefit plans	(12,350		)	(14,283		)
Federal net operating loss	520,812			680,975
Loss reserves	10,883			15,536
Unrealized depreciation in investments	11,211			8,904
Mortgage investments	17,751			17,386
Deferred compensation	12,517			12,927
Other, net	6,678			7,373
Net deferred tax asset	607,655			762,080

Summary of valuation allowance

The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.



(In millions)	For the year ended December 31, 2015
Balance at December 31, 2014	$	902.3

Reduction in tax provision in current year	(161.1		)
Amounts recorded in other comprehensive income in the current year	6.3
Change in valuation allowance for deferred tax assets in the current year	(154.8		)

Reduction in tax provision for amounts to be realized in future years	(686.7		)
Amounts recorded in other comprehensive income to be realized in future years	(60.8		)
Change in valuation allowance for deferred tax assets realizable in future years	(747.5		)

Balance at December 31, 2015	$	—

Tax provision (benefit)

The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:



(In thousands)	2016		2015			2014
Provision for income taxes before valuation allowance	$	172,197	$	163,497		$	91,607
Change in valuation allowance	—		(161,158		)	(88,833		)
Reversal of the valuation allowance	—		(686,652		)	—
Provision for (benefit from) income taxes	$	172,197	$	(684,313	)	$	2,774

Components of the provision for (benefit from) income taxes

The following summarizes the components of the provision for (benefit from) income taxes:



(In thousands)	2016		2015			2014
Current Federal	$	9,470	$	8,067		$	2,391
Deferred Federal	160,657		(686,652		)	1
Other	2,070		(5,728		)	382
Provision for (benefit from) income taxes	$	172,197	$	(684,313	)	$	2,774

Reconciliation of federal statutory income tax rate

The reconciliation of the federal statutory income tax rate to the effective tax provision (benefit) rate is as follows:



	2016		2015		2014
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Valuation allowance	—	%	(173.8	)%	(34.9	)%
Tax exempt municipal bond interest	(1.9	)%	(0.8	)%	(0.4	)%
Other, net	0.4	%	(0.7	)%	1.4	%
Effective tax provision (benefit) rate	33.5	%	(140.3	)%	1.1	%

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(In thousands)	2016		2015		2014
Balance at beginning of year	$	107,120	$	106,230	$	105,366
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	1,125		890		864
Reductions for tax positions of prior years	—		—		—
Settlements	—		—		—
Balance at end of year	$	108,245	$	107,120	$	106,230

Statutory Information (Tables)

12 Months Ended

Dec. 31, 2016

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices



	As of and for the Years Ended December 31,
(In thousands)	2016		2015				2014
Statutory net income (loss)	$	106,326	$	(72,767	)	⁽¹⁾	$	13,203
Statutory policyholders' surplus	1,506,475		1,608,214			⁽¹⁾	1,585,164
Contingency reserve	1,360,088		826,706				318,247


⁽¹⁾	The dissolution of an MGIC non-insurance subsidiary in 2015 had no impact on statutory surplus as the equity value of the investment was fully reflected in surplus as an unrealized loss prior to 2015.

The surplus contributions made to MGIC and dividends paid by MGIC and distributions from other insurance subsidiaries to us, are shown in the table below.



	Years Ended December 31,
(In thousands)	2016		2015	2014
Additions to the surplus of MGIC from parent company funds	$	36,025	—	—
Dividends paid by MGIC to the parent company	$	64,000	—	—
Distributions from other insurance subsidiaries to the parent company	$	52,001	38,500	—

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Unaudited quarterly financial data



2016:	Quarter									Full
(In thousands, except per share data)	First		Second		Third		Fourth			Year
Net premiums earned	$	221,341	$	231,456	$	237,376	$	235,053		$	925,226
Investment income, net of expenses	27,809		27,248		27,515		28,094			110,666
Realized gains	3,056		836		5,092		(52		)	8,932
Other revenue	6,373		3,994		3,867		3,425			17,659
Loss incurred, net	85,012		46,590		60,897		47,658			240,157
Underwriting and other expenses, net	56,439		49,837		53,981		56,824			217,081
Loss on debt extinguishment	13,440		1,868		75,223		—			90,531
Provision for income tax	34,497		56,018		27,131		54,551			172,197
Net income	69,191		109,221		56,618		107,487			342,517
Income per share ^{(a) (b)}:
Basic	0.20		0.32		0.16		0.31			1.00
Diluted	0.17		0.26		0.14		0.28			0.86



2015:	Quarter									Full
(In thousands, except per share data)	First		Second		Third			Fourth		Year
Net premiums earned	$	217,288	$	213,508	$	239,234		$	226,192	$	896,222
Investment income, net of expenses	24,120		25,756		25,939			27,926		103,741
Realized (losses) gains	26,327		166		640			1,228		28,361
Other revenue	2,480		3,699		3,698			3,087		12,964
Loss incurred, net	81,785		90,238		76,458			95,066		343,547
Underwriting and other expenses, net	51,969		37,915		65,805			53,858		209,547
Loss on debt extinguishment	—		—		—			507		507
Provision for (benefit from) income tax	3,385		1,322		(695,604		)	6,584		(684,313		)
Net income	133,076		113,654		822,852			102,418		1,172,000
Income per share^{(a) (b)}:
Basic	0.39		0.33		2.42			0.30		3.45
Diluted	0.32		0.28		1.78			0.24		2.60


^(a)	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.

^(b)

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2016 USD ($) Payment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Home office and equipment [Abstract]
Accumulated depreciation of home office and equipment	$ 30,600,000	$ 26,100,000	$ 54,900,000
Depreciation expense of home office and equipment	$ 4,600,000	3,200,000	2,200,000
Minimum number of payments past due to be in default \| Payment	2
Change in premium deficiency reserve	$ 0	23,751,000	24,710,000
Threshold period for amortization	1 year
Maximum age for qualified employees for both medical and dental benefits	65 years
Related party transaction amount	$ 0	$ 0	$ 0
Minimum
Home office and equipment [Abstract]
Estimated useful life	3 years
Award vesting period	1 year
Maximum
Home office and equipment [Abstract]
Estimated useful life	45 years
Award vesting period	3 years

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Participating securities (as shares)									100	100	100
Basic earnings per share [Abstract]
Net income	$ 107,487	$ 56,618	$ 109,221	$ 69,191	$ 102,418	$ 822,852	$ 113,654	$ 133,076	$ 342,517	$ 1,172,000	$ 251,949
Weighted average common shares outstanding - basic (in shares)									342,890	339,552	338,523
Basic income per share (in dollars per share)	$ 0.31	$ 0.16	$ 0.32	$ 0.20	$ 0.30	$ 2.42	$ 0.33	$ 0.39	$ 1.00	$ 3.45	$ 0.74
Diluted earnings per share [Abstract]
Net income	$ 107,487	$ 56,618	$ 109,221	$ 69,191	$ 102,418	$ 822,852	$ 113,654	$ 133,076	$ 342,517	$ 1,172,000	$ 251,949
Diluted income available to common shareholders									$ 370,883	$ 1,214,942	$ 264,146
Weighted-average shares - Basic (in shares)									342,890	339,552	338,523
Effect of dilutive securities [Abstract]
Weighted-average shares - Diluted (in shares)									431,992	468,039	413,522
Diluted income per share (in dollars per share)	$ 0.28	$ 0.14	$ 0.26	$ 0.17	$ 0.24	$ 1.78	$ 0.28	$ 0.32	$ 0.86	$ 2.60	$ 0.64
Antidilutive securities (in shares)									0	0	54,500
Federal statutory income tax rate (in hundredths)									35.00%	35.00%	35.00%
2% Convertible Senior Notes due 2020
Diluted earnings per share [Abstract]
Dilutive securities									$ 6,111	$ 7,928	$ 12,197
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)									54,450	71,917	71,917
Stated interest rate (in hundredths)	2.00%								2.00%
5% Convertible Senior Notes due 2017
Diluted earnings per share [Abstract]
Dilutive securities									$ 6,362	$ 12,228	$ 0
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)									13,107	25,603	0
Stated interest rate (in hundredths)	5.00%								5.00%
9% Convertible Junior Subordinated Debentures due 2063
Diluted earnings per share [Abstract]
Dilutive securities									$ 15,893	$ 22,786	$ 0
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)									20,075	28,854	0
Stated interest rate (in hundredths)	9.00%								9.00%
Unvested Restricted Stock Units
Effect of dilutive securities [Abstract]
Dilutive securities - Share based compensation (in shares)									1,470	2,113	3,082

Investments (Details)	1 Months Ended	12 Months Ended
Investments (Details)	Feb. 29, 2016	Dec. 31, 2016 USD ($) security	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($)
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		$ 4,717,211,000	$ 4,684,148,000
Total at end of period		4,685,222,000	4,657,561,000
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Fair Value		7,128,000	5,645,000
Total Investment Portfolio [Abstract]
Amortized Cost		4,724,355,000	4,689,773,000
Gross Unrealized Gains		28,628,000	41,273,000
Gross Unrealized Losses		(60,633,000)	(67,840,000)
Fair Value		$ 4,692,350,000	4,663,206,000
Collateral, principal balance of FHLB (as a percent)	102.00%	102.00%
Collateral, principal balance of FHLB		$ 164,400,000
Maturities, Amortized Cost [Abstract]
Due in one year or less		433,464,000
Due after one year through five years		1,211,034,000
Due after five years through ten years		1,157,091,000
Due after ten years		1,176,177,000
Total debt securities with single maturity date		3,977,766,000
Total at end of period		4,717,211,000	4,684,148,000
Maturities, Fair Value [Abstract]
Due in one year or less		433,770,000
Due after one year through five years		1,212,650,000
Due after five years through ten years		1,139,552,000
Due after ten years		1,174,484,000
Total debt securities with single maturity date		3,960,456,000
Total at end of period		4,685,222,000	4,657,561,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		2,370,345,000	2,209,765,000
12 months or greater		294,916,000	491,195,000
Total investment portfolio		2,665,261,000	2,700,960,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(50,915,000)	(49,346,000)
12 months or greater		(9,718,000)	(18,494,000)
Total investment portfolio		$ (60,633,000)	$ (67,840,000)
Number of securities in unrealized loss position \| security		607	303
For securities in an unrealized loss position, percentage of fair value to amortized cost (in hundredths)		98.00%
For securities in an unrealized loss position, percentage backed by the U.S. Government (in hundredths)		14.00%
Recognized other than temporary impairments		$ 0	$ 0	$ 144,000
Assets held by insurance regulatory requirements		13,600,000	18,900,000
Total debt securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		4,717,211,000	4,684,148,000
Gross Unrealized Gains		28,620,000	41,235,000
Gross Unrealized Losses		(60,609,000)	(67,822,000)
Total at end of period		4,685,222,000	4,657,561,000
Total Investment Portfolio [Abstract]
Fair Value		4,685,222,000	4,657,561,000
Maturities, Amortized Cost [Abstract]
Total at end of period		4,717,211,000	4,684,148,000
Maturities, Fair Value [Abstract]
Total at end of period		4,685,222,000	4,657,561,000
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		73,847,000	160,393,000
Gross Unrealized Gains		407,000	2,133,000
Gross Unrealized Losses		(724,000)	(1,942,000)
Total at end of period		73,530,000	160,584,000
Total Investment Portfolio [Abstract]
Fair Value		73,530,000	160,584,000
Maturities, Amortized Cost [Abstract]
Total at end of period		73,847,000	160,393,000
Maturities, Fair Value [Abstract]
Total at end of period		73,530,000	160,584,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		48,642,000	60,548,000
12 months or greater		0	1,923,000
Total investment portfolio		48,642,000	62,471,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(724,000)	(1,467,000)
12 months or greater		0	(475,000)
Total investment portfolio		(724,000)	(1,942,000)
Obligations of U.S. states and political subdivisions
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		2,147,458,000	1,766,407,000
Gross Unrealized Gains		20,983,000	33,410,000
Gross Unrealized Losses		(25,425,000)	(7,290,000)
Total at end of period		2,143,016,000	1,792,527,000
Total Investment Portfolio [Abstract]
Fair Value		2,143,016,000	1,792,527,000
Maturities, Amortized Cost [Abstract]
Total at end of period		2,147,458,000	1,766,407,000
Maturities, Fair Value [Abstract]
Total at end of period		2,143,016,000	1,792,527,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		1,136,676,000	417,615,000
12 months or greater		13,681,000	37,014,000
Total investment portfolio		1,150,357,000	454,629,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(24,918,000)	(6,404,000)
12 months or greater		(507,000)	(886,000)
Total investment portfolio		(25,425,000)	(7,290,000)
Corporate debt securities
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		1,756,461,000	2,046,697,000
Gross Unrealized Gains		6,059,000	2,836,000
Gross Unrealized Losses		(18,610,000)	(44,770,000)
Total at end of period		1,743,910,000	2,004,763,000
Total Investment Portfolio [Abstract]
Fair Value		1,743,910,000	2,004,763,000
Maturities, Amortized Cost [Abstract]
Total at end of period		1,756,461,000	2,046,697,000
Maturities, Fair Value [Abstract]
Total at end of period		1,743,910,000	2,004,763,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		915,777,000	1,470,628,000
12 months or greater		35,769,000	114,982,000
Total investment portfolio		951,546,000	1,585,610,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(16,771,000)	(38,519,000)
12 months or greater		(1,839,000)	(6,251,000)
Total investment portfolio		(18,610,000)	(44,770,000)
ABS
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		59,519,000	116,764,000
Gross Unrealized Gains		74,000	56,000
Gross Unrealized Losses		(28,000)	(203,000)
Total at end of period		59,565,000	116,617,000
Total Investment Portfolio [Abstract]
Fair Value		59,565,000	116,617,000
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		59,519,000
Total at end of period		59,519,000	116,764,000
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		59,565,000
Total at end of period		59,565,000	116,617,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		3,366,000	86,604,000
12 months or greater		656,000	5,546,000
Total investment portfolio		4,022,000	92,150,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(28,000)	(173,000)
12 months or greater		0	(30,000)
Total investment portfolio		(28,000)	(203,000)
RMBS
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		231,733,000	265,879,000
Gross Unrealized Gains		102,000	161,000
Gross Unrealized Losses		(7,626,000)	(8,392,000)
Total at end of period		224,209,000	257,648,000
Total Investment Portfolio [Abstract]
Fair Value		224,209,000	257,648,000
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		231,733,000
Total at end of period		231,733,000	265,879,000
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		224,209,000
Total at end of period		224,209,000	257,648,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		46,493,000	35,064,000
12 months or greater		171,326,000	209,882,000
Total investment portfolio		217,819,000	244,946,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(857,000)	(312,000)
12 months or greater		(6,769,000)	(8,080,000)
Total investment portfolio		(7,626,000)	(8,392,000)
CMBS
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		327,042,000	237,304,000
Gross Unrealized Gains		769,000	162,000
Gross Unrealized Losses		(7,994,000)	(3,975,000)
Total at end of period		319,817,000	233,491,000
Total Investment Portfolio [Abstract]
Fair Value		319,817,000	233,491,000
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		327,042,000
Total at end of period		327,042,000	237,304,000
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		319,817,000
Total at end of period		319,817,000	233,491,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		205,545,000	134,488,000
12 months or greater		38,587,000	69,927,000
Total investment portfolio		244,132,000	204,415,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(7,529,000)	(2,361,000)
12 months or greater		(465,000)	(1,614,000)
Total investment portfolio		(7,994,000)	(3,975,000)
CLOs
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period		121,151,000	61,345,000
Gross Unrealized Gains		226,000	3,000
Gross Unrealized Losses		(202,000)	(1,148,000)
Total at end of period		121,175,000	60,200,000
Total Investment Portfolio [Abstract]
Fair Value		121,175,000	60,200,000
Maturities, Amortized Cost [Abstract]
Debt securities without single maturity date		121,151,000
Total at end of period		121,151,000	61,345,000
Maturities, Fair Value [Abstract]
Debt securities without single maturity date		121,175,000
Total at end of period		121,175,000	60,200,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		13,278,000	0
12 months or greater		34,760,000	51,750,000
Total investment portfolio		48,038,000	51,750,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(73,000)	0
12 months or greater		(129,000)	(1,148,000)
Total investment portfolio		(202,000)	(1,148,000)
Debt securities issued by foreign sovereign governments
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract]
Total at end of period			29,359,000
Gross Unrealized Gains			2,474,000
Gross Unrealized Losses			(102,000)
Total at end of period			31,731,000
Total Investment Portfolio [Abstract]
Fair Value			31,731,000
Maturities, Amortized Cost [Abstract]
Total at end of period			29,359,000
Maturities, Fair Value [Abstract]
Total at end of period			31,731,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months			4,463,000
12 months or greater			0
Total investment portfolio			4,463,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months			(102,000)
12 months or greater			0
Total investment portfolio			(102,000)
Equity securities
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract]
Amortized Cost		7,144,000	5,625,000
Gross Unrealized Gains		8,000	38,000
Gross Unrealized Losses		(24,000)	(18,000)
Fair Value		7,128,000	5,645,000
Total Investment Portfolio [Abstract]
Fair Value		7,128,000	5,645,000
Continuous Unrealized Loss Portion, Fair Value [Abstract]
Less than 12 months		568,000	355,000
12 months or greater		137,000	171,000
Total investment portfolio		705,000	526,000
Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]
Less than 12 months		(15,000)	(8,000)
12 months or greater		(9,000)	(10,000)
Total investment portfolio		$ (24,000)	$ (18,000)

Investments, Investment Income By Category (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									$ 113,882	$ 106,736	$ 90,554
Investment expenses									(3,216)	(2,995)	(2,907)
Net investment income	$ 28,094	$ 27,515	$ 27,248	$ 27,809	$ 27,926	$ 25,939	$ 25,756	$ 24,120	110,666	103,741	87,647
Fixed income
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									112,513	105,882	89,437
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									182	208	227
Cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									754	191	179
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Investment income									$ 433	$ 455	$ 711

Investments, Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Realized (losses) gains	$ (52)	$ 5,092	$ 836	$ 3,056	$ 1,228	$ 640	$ 166	$ 26,327	$ 8,932	$ 28,361	$ 1,357
Change in net unrealized gains (losses)									(5,425)	(33,718)	91,780
Gross realized gains, gross realized losses and impairment losses [Abstract]
Gross realized gains									11,909	30,039	4,966
Gross realized losses									(2,977)	(1,678)	(3,465)
Other-than-temporary-impairment losses									0	0	(144)
Net realized investment gains	$ (52)	$ 5,092	$ 836	$ 3,056	$ 1,228	$ 640	$ 166	$ 26,327	8,932	28,361	1,357
Available-for-Sale Securities
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									8,932	28,361	1,357
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									8,932	28,361	1,357
Available-for-Sale Securities \| Fixed income
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									5,310	28,335	1,000
Change in net unrealized gains (losses)									(5,403)	(33,687)	91,718
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									5,310	28,335	1,000
Available-for-Sale Securities \| Equity Securities
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									3,622	26	356
Change in net unrealized gains (losses)									(36)	(32)	66
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									3,622	26	356
Available-for-Sale Securities \| Other
Gain (Loss) on Investments [Line Items]
Realized (losses) gains									0	0	1
Change in net unrealized gains (losses)									14	1	(4)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Net realized investment gains									$ 0	$ 0	$ 1

Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total realized/unrealized gains (losses) [Abstract]
State premium tax credit investments, average maturity	3 years
Annual average discount rate (in hundredths)	7.10%
Total Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 4,083	$ 2,167	$ 2,744
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as net realized investment gains	3,579
Included in earnings and reported as losses incurred, net	0	0	0
Purchases	4,258	2,541	30
Sales	(6,961)	(625)	(607)
Balance at end of period	4,959	4,083	2,167
Obligations of U.S. states and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	1,228	1,846	2,423
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as net realized investment gains	0
Included in earnings and reported as losses incurred, net	0	0	0
Purchases	0	7	30
Sales	(537)	(625)	(607)
Balance at end of period	691	1,228	1,846
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	2,855	321	321
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as net realized investment gains	3,579
Included in earnings and reported as losses incurred, net	0	0	0
Purchases	4,258	2,534	0
Sales	(6,424)	0	0
Balance at end of period	4,268	2,855	321
Real Estate Acquired
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	12,149	12,658	13,280
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as net realized investment gains	0
Included in earnings and reported as losses incurred, net	(1,142)	(2,322)	(4,129)
Purchases	36,859	34,624	42,247
Sales	(36,118)	(32,811)	(38,740)
Balance at end of period	$ 11,748	$ 12,149	$ 12,658

Fair Value Measurements - Recurring Measurements of Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Aug. 31, 2016	Dec. 31, 2015
5% Convertible Senior Notes due 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate (in hundredths)	5.00%
2% Convertible Senior Notes due 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate (in hundredths)	2.00%
Senior Notes \| 5.75% Senior Notes due 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate (in hundredths)	5.75%	5.75%
9% Convertible Junior Subordinated Debentures due 2063
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate (in hundredths)	9.00%
Carrying Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
FHLB Advance	$ 155,000
5% Notes	144,789		$ 331,546
2% Notes	204,672		490,755
5.75% Notes	417,406
9% Debentures	256,872		389,522
Total financial liabilities	1,178,739		1,211,823
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
FHLB Advance	151,905
5% Notes	147,679		345,616
2% Notes	308,605		701,955
5.75% Notes	445,987
9% Debentures	323,040		455,067
Total financial liabilities	$ 1,377,216		$ 1,502,638

Debt (Details)	1 Months Ended		3 Months Ended								12 Months Ended
Debt (Details)	Aug. 31, 2016 USD ($)	Feb. 29, 2016 USD ($)	Dec. 31, 2016 USD ($) Period $ / shares shares	Sep. 30, 2016 USD ($) shares	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) Period $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Feb. 26, 2016 USD ($)	Nov. 02, 2015
Debt Instrument [Line Items]
Deferred issuance costs			$ 10,800,000				$ 11,200,000				$ 10,800,000	$ 11,200,000
Repayments of Convertible Debt											$ 363,778,000	11,152,000	$ 0
FHLBC advances														$ 155,000,000
FHLBC fixed interest rate		1.91%
Collateral, principal balance of FHLB (as a percent)		102.00%									102.00%
Long-term debt, gross			1,189,500,000				1,223,000,000				$ 1,189,500,000	1,223,000,000
Repayment of long-term debt											0	61,953,000	20,772,000
Loss on debt extinguishment			$ 0	$ 75,223,000	$ 1,868,000	$ 13,440,000	507,000	$ 0	$ 0	$ 0	$ 90,531,000	507,000	$ 837,000
Senior Notes \| 5.75% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (in hundredths)	5.75%		5.75%								5.75%
Outstanding principal amount	$ 425,000,000
Proceeds from issuance of debt	$ 418,100,000
Redemption price, percentage (in hundredths)											100.00%
Other expenses associated with the issuance of notes			$ 1,200,000								$ 1,200,000
Ownership percentage threshold for declaration of due and payable											25.00%
Long-term debt, gross			$ 425,000,000				0				$ 425,000,000	0
Senior Notes \| 5.75% Senior Notes due 2023 \| U.S. Treasury Rate
Debt Instrument [Line Items]
Basis spread on redemption premium (as a percent)	0.50%
Senior Notes \| 5.375% Senior Notes
Debt Instrument [Line Items]
Stated interest rate (in hundredths)															5.375%
Convertible Debt
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			5.00%								5.00%
Repayments of Convertible Debt											$ 195,500,000	12,000,000
Long-term debt, gross			$ 145,000,000				333,500,000				145,000,000	333,500,000
Extinguishment of debt, amount											$ 188,500,000	$ 11,500,000
Reduction in shares for computation of earnings per share \| shares											14,000,000	900,000
Conversion rate (in shares per $1,000 note) \| shares											74.4186
Principal amount of notes used in determining conversion rate			$ 1,000								$ 1,000
Initial conversion price (in dollars per share) \| $ / shares			$ 13.44								$ 13.44
Convertible debt, number of equity instruments reserved for conversion \| shares			10,800,000								10,800,000
Minimum percentage of consolidated shareholders' equity that determines designated subsidiary status			15.00%								15.00%
Convertible Debt \| 2% Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			2.00%								2.00%
Repayments of Convertible Debt				230,700,000
Extinguishment of debt, amount				$ 292,400,000
Reduction in shares for computation of earnings per share \| shares				42,100,000
Repayments of long-term debt				$ 362,100,000
Repayments of debt (in shares) \| shares				18,300,000
2% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			2.00%								2.00%
Redemption price, percentage (in hundredths)											100.00%
Long-term debt, gross			$ 207,600,000				500,000,000				$ 207,600,000	$ 500,000,000
Conversion rate (in shares per $1,000 note) \| shares											143.8332
Principal amount of notes used in determining conversion rate			$ 1,000								$ 1,000
Initial conversion price (in dollars per share) \| $ / shares			$ 6.95								$ 6.95
Convertible debt, number of equity instruments reserved for conversion \| shares			29,900,000								29,900,000
Minimum number of trading days											20 days
Maximum number of trading days											30 days
Percentage of conversion price (in hundredths)			130.00%								130.00%
130% of conversion price (in dollars per share) \| $ / shares			$ 9.04								$ 9.04
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%								9.00%
Redemption price, percentage (in hundredths)											100.00%
Long-term debt, gross			$ 256,900,000				389,500,000				$ 256,900,000	389,500,000
Conversion rate (in shares per $1,000 note) \| shares											74.0741
Principal amount of notes used in determining conversion rate			$ 1,000								$ 1,000
Initial conversion price (in dollars per share) \| $ / shares			$ 13.50								$ 13.50
Convertible debt, number of equity instruments reserved for conversion \| shares			19,000,000								19,000,000
Minimum number of trading days											20 days
Maximum number of trading days											30 days
Percentage of conversion price (in hundredths)			130.00%								130.00%
130% of conversion price (in dollars per share) \| $ / shares			$ 17.55								$ 17.55
Period preceding election to convert											5 days
Minimum number of consecutive interest periods for which interest payments may be deferred \| Period			1								1
Maximum period for which interest payments may be deferred without giving rise to an event of default											10 years
Period in which reasonable commercial efforts must begin, maximum											1 day
Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures											10 years
Net proceeds cap (in hundredths)			2.00%								2.00%
Maximum number of shares of common stock issuable under the Alternative Payment Mechanism (in shares) \| shares			10,000,000								10,000,000
Maximum percentage of aggregate principal amount of the debentures (in hundredths)			25.00%								25.00%
Convertible Junior Debentures at 9% per annum, Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%								9.00%
Extinguishment of debt, amount		$ 132,700,000
Repayment of long-term debt		$ 150,700,000
Reduction in shares for computation of earnings per share \| shares											9,800,000
Loss on debt extinguishment											$ 8,300,000
Reacquisition of convertible junior subordinated debentures-equity component											$ 6,300,000
Accounting Standards Update 2015-03 \| Long-term Debt
Debt Instrument [Line Items]
Deferred issuance costs							(11,200,000)					(11,200,000)
Accounting Standards Update 2015-03 \| Other Assets
Debt Instrument [Line Items]
Deferred issuance costs							$ (11,200,000)					$ (11,200,000)

Debt - Summary of Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,189.5	$ 1,223.0
Deferred issuance costs	10.8	11.2
Total long-term debt	1,178.7	1,211.8
Interest payments made	49.5	65.7
Federal Home Loan Bank Advances (FHLB)
Debt Instrument [Line Items]
Long-term debt, gross	155.0	0.0
Interest payments made	2.4	0.0
5% Convertible Senior Notes due 2017
Debt Instrument [Line Items]
Long-term debt, gross	145.0	333.5
Total long-term debt		331.5
Interest payments made	10.6	17.3
2% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Long-term debt, gross	207.6	500.0
Total long-term debt		490.8
Interest payments made	9.1	10.0
Senior Notes \| 5.75% Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt, gross	425.0	0.0
Interest payments made	0.0	0.0
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Long-term debt, gross	256.9	389.5
Total long-term debt		389.5
Interest payments made	27.4	35.1
Senior Notes
Debt Instrument [Line Items]
Interest payments made	$ 0.0	$ 3.3

Debt - Impact of Accounting Changes (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt	$ 1,178.7	$ 1,211.8
As previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		1,223.0
Accounting Standards Update 2015-03 \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		(11.2)
5% Convertible Senior Notes due 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		331.5
5% Convertible Senior Notes due 2017 \| As previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		333.5
5% Convertible Senior Notes due 2017 \| Accounting Standards Update 2015-03 \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		(2.0)
2% Convertible Senior Notes due 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		490.8
2% Convertible Senior Notes due 2020 \| As previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		500.0
2% Convertible Senior Notes due 2020 \| Accounting Standards Update 2015-03 \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		(9.2)
Convertible Junior Subordinated Debentures Due 2063
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		389.5
Convertible Junior Subordinated Debentures Due 2063 \| As previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		389.5
Convertible Junior Subordinated Debentures Due 2063 \| Accounting Standards Update 2015-03 \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total long-term debt		$ 0.0

Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Reserve [Roll Forward]
Reserve at beginning of year	$ 1,893,402	$ 2,396,807	$ 3,061,401
Less reinsurance recoverable	50,493	44,487	57,841	$ 64,085
Net reserve at beginning of year	1,388,320	1,848,915	2,338,966	$ 2,997,316
Losses incurred: [Abstract]
Current year	387,815	453,849	596,436
Prior years	(147,658)	(110,302)	(100,359)
Total losses incurred	240,157	343,547	496,077
Losses paid [Abstract]
Current year	14,823	25,980	32,919
Prior years	689,258	823,058	1,121,508
Reinsurance terminations	(3,329)	(15,440)	0
Total losses paid	700,752	833,598	1,154,427
Reserve at end of year	$ 1,438,813	$ 1,893,402	$ 2,396,807

Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years	$ (147,658)	$ (110,302)	$ (100,359)
Decrease in estimated claim rate on primary defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years	(148,000)	(141,000)	(43,000)
Increase (decrease) in estimated severity on primary defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years	9,000	43,000	(35,000)
Change in estimates related to pool reserves, LAE reserves, reinsurance and other
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior years	$ (9,000)	$ (12,000)	$ (22,000)

Loss Reserves - Default Inventory Reconciliation (Details) - loan	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Primary Default Inventory [Roll Forward]
Default inventory at beginning of year	62,633	79,901	103,328
New Notices	67,434	74,315	88,844
Cures	(65,516)	(73,610)	(87,278)
Paids (including those charged to a deductible or captive)	(12,367)	(16,004)	(23,494)
Rescissions and denials	(629)	(848)	(1,306)
Other items removed from inventory	(1,273)	(1,121)	(193)
Default inventory at end of year	50,282	62,633	79,901

Loss Reserves - Aging of Primary Default Inventory and Number of Delinquent Payments (Details) - loan	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Aging of the Primary Default Inventory [Abstract]
3 months or less	12,194	13,053	15,319
3 months or less (in hundredths)	24.00%	21.00%	19.00%
4 - 11 months	13,450	15,763	19,710
4 - 11 months (in hundredths)	27.00%	25.00%	25.00%
12 months or more	24,638	33,817	44,872
12 months or more (in hundredths)	49.00%	54.00%	56.00%
Total primary default inventory	50,282	62,633	79,901	103,328
Total primary default inventory (in hundredths)	100.00%	100.00%	100.00%
Primary claims received inventory included in ending default inventory	1,385	2,769	4,746
Primary claims received inventory included in ending default inventory (in hundredths)	3.00%	4.00%	6.00%
Number of Payments Delinquent [Abstract]
3 payments or less	18,419	20,360	23,253
3 payments or less (in hundredths)	36.00%	33.00%	29.00%
4 - 11 payments	12,892	15,092	19,427
4 - 11 payments (in hundredths)	26.00%	24.00%	24.00%
12 payments or more	18,971	27,181	37,221
12 payments or more (in hundredths)	38.00%	43.00%	47.00%
Total primary default inventory	50,282	62,633	79,901	103,328
Total primary default inventory (in hundredths)	100.00%	100.00%	100.00%

Loss Reserves - Narrative (Details) $ in Thousands	12 Months Ended
Loss Reserves - Narrative (Details) $ in Thousands	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan	Dec. 31, 2014 USD ($) loan
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses for unpaid claims and adjustment expense	$ 689,258	$ 823,058	$ 1,121,508
Other items removed from inventory \| loan	1,273	1,121	193
Premium refund liability, expected claim payments	$ 85,000	$ 102,000
Percent of inventory in default for more than 36 consecutive months	47.00%	50.00%	53.00%
Pool insurance notice inventory (in number of loans) \| loan	1,883	2,739	3,797
Premium refund liability, expected future rescissions	$ 5,000	$ 7,000
Payments for Settlements
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses for unpaid claims and adjustment expense	53,000	10,000
Payments for Settlements \| Freddie Mac
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses for unpaid claims and adjustment expense	$ 42,000	$ 42,000	$ 42,000
Decrease in estimated claim rate on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Percentage of prior year default inventory resolved (in hundredths)	63.00%	60.00%	58.00%

Reinsurance - Summary of Quota Share Reinsurance Agreements (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Jul. 01, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Premiums Earned, Net [Abstract]
Premiums earned, direct										$ 1,058,545	$ 997,892	$ 950,973
Premiums earned, assumed										662	1,178	1,653
Premiums earned, ceded										(133,981)	(102,848)	(108,255)
Net premiums earned		$ 235,053	$ 237,376	$ 231,456	$ 221,341	$ 226,192	$ 239,234	$ 213,508	$ 217,288	925,226	896,222	844,371
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, direct										273,207	369,680	524,051
Losses incurred, assumed										1,138	1,552	2,012
Losses incurred, ceded										(34,188)	(27,685)	(29,986)
Net losses incurred		$ 47,658	$ 60,897	$ 46,590	$ 85,012	$ 95,066	76,458	$ 90,238	$ 81,785	240,157	343,547	496,077
Ceded premiums written, net of profit commission										133,885	55,391	119,634
Ceded premiums earned, net of profit commission										133,981	102,848	108,255
Ceded losses incurred										34,188	27,685	29,986
Quota Share Reinsurance Agreement, 2015
Premiums Earned, Net [Abstract]
Premiums earned, ceded										(125,460)	(52,588)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded										(30,201)	(11,424)
Ceded premiums written, net of profit commission										125,460	52,588
Ceded premiums earned, net of profit commission										125,460	52,588
Ceded losses incurred										30,201	11,424
Ceding commission										47,629	20,582
Profit commission										$ 112,685	50,322
Quota Share Reinsurance Agreement, 2013
Premiums Earned, Net [Abstract]
Premiums earned, ceded							(11,600)				(35,999)	(88,528)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded											(6,060)	(15,163)
Ceded premiums written, net of profit commission							69,400				(11,355)	100,031
Ceded premiums earned, net of profit commission							11,600				35,999	88,528
Ceded losses incurred											6,060	15,163
Ceding commission							$ 11,600				10,235	37,833
Profit commission	$ 142,500										$ 62,525	$ 89,133

Reinsurance - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
Reinsurance - Narrative (Details) - USD ($)	Jul. 01, 2015	Mar. 31, 2017	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission				$ 133,885,000	$ 55,391,000	$ 119,634,000
Ceded to Other Companies				133,981,000	102,848,000	108,255,000
Less reinsurance recoverable				$ 50,493,000	$ 44,487,000	57,841,000	$ 64,085,000
Period of existing captive reinsurance agreement				10 years	10 years
Reinsurance recoverable on loss reserves related to captive agreements				$ 19,000,000	$ 34,000,000
Fair value of trust fund assets under our captive agreements				91,000,000	137,000,000
Quota Share Reinsurance Agreement, 2015
Effects of Reinsurance [Line Items]
Contingent termination fee	$ 0
Threshold for private mortgage insurer eligibility requirements for termination election	90.00%
Quota share, percentage	30.00%
Ceding commission, percentage	20.00%
Loss ratio	60.00%
Ceded premiums written, net of profit commission				125,460,000	52,588,000
Ceded to Other Companies				125,460,000	52,588,000
Ceding commission				47,629,000	20,582,000
Profit commission				112,685,000	50,322,000
Less reinsurance recoverable				$ 31,800,000	10,900,000
Quota Share Reinsurance Agreement, 2013
Effects of Reinsurance [Line Items]
Ceded premiums written, net of profit commission			$ 69,400,000		(11,355,000)	100,031,000
Ceded to Other Companies			11,600,000		35,999,000	88,528,000
Ceding commission			$ 11,600,000		10,235,000	37,833,000
Profit commission	$ 142,500,000				$ 62,525,000	$ 89,133,000
Quota Share Reinsurance Agreement, 2017 \| Forecast
Effects of Reinsurance [Line Items]
Contingent termination fee		$ 0
Threshold for private mortgage insurer eligibility requirements for termination election		90.00%
Quota share, percentage		30.00%
Ceding commission, percentage		20.00%
Loss ratio		60.00%

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized investment (losses) gains arising during the year									$ (5,425)	$ (33,718)	$ 91,782
Income tax benefit (expense)									1,776	11,738	(32,017)
Valuation allowance									0	62,383	31,374
Net of taxes									(3,649)	40,403	91,139
Net changes in benefit plan assets and obligations									(14,799)	(12,818)	(52,112)
Income tax benefit									5,179	4,487	18,239
Valuation allowance									0	(7,383)	(18,239)
Net of taxes									(9,620)	(15,714)	(52,112)
Net changes in unrealized foreign currency translation adjustment									(1,463)	(5,699)	(4,067)
Income tax benefit									512	2,000	1,425
Valuation allowance									0	(529)	0
Net of taxes									(951)	(4,228)	(2,642)
Total other comprehensive (loss) income									(21,687)	(52,235)	35,603
Total income tax benefit, net of valuation allowance									7,467	72,696	782
Other comprehensive (loss) income, net of tax									(14,220)	20,461	36,385
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications									514,714	487,687	254,723
Total income tax expense, net of valuation allowance	$ (54,551)	$ (27,131)	$ (56,018)	$ (34,497)	$ (6,584)	$ 695,604	$ (1,322)	$ (3,385)	(172,197)	684,313	(2,774)
Valuation allowance									0	161,158	88,833
Net income	107,487	$ 56,618	$ 109,221	69,191	102,418	$ 822,852	$ 113,654	133,076	342,517	1,172,000	251,949
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year				2,236,140				1,036,903	2,236,140	1,036,903
Balance, end of year	2,548,842				2,236,140				2,548,842	2,236,140	1,036,903
Accumulated other comprehensive loss
Components of Other Comprehensive Income (Loss) [Abstract]
Other comprehensive (loss) income, net of tax									(14,220)	20,461	36,385
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year				(60,880)				(81,341)	(60,880)	(81,341)	(117,726)
Other comprehensive income (loss) before reclassifications									(8,147)	33,707	36,399
Less: Amounts reclassified from AOCL									6,073	13,246	14
Balance, end of year	(75,100)				(60,880)				(75,100)	(60,880)	(81,341)
Net unrealized gains and losses on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year				(17,148)				(57,551)	(17,148)	(57,551)	(148,690)
Other comprehensive income (loss) before reclassifications									508	51,655	84,223
Less: Amounts reclassified from AOCL									4,157	11,252	(6,916)
Balance, end of year	(20,797)				(17,148)				(20,797)	(17,148)	(57,551)
Net benefit plan assets and obligations recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year				(44,652)				(28,938)	(44,652)	(28,938)	23,174
Other comprehensive income (loss) before reclassifications									(8,658)	(13,720)	(45,182)
Less: Amounts reclassified from AOCL									962	1,994	6,930
Balance, end of year	(54,272)				(44,652)				(54,272)	(44,652)	(28,938)
Net unrealized foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year				$ 920				$ 5,148	920	5,148	7,790
Other comprehensive income (loss) before reclassifications									3	(4,228)	(2,642)
Less: Amounts reclassified from AOCL									954	0	0
Balance, end of year	$ (31)				$ 920				(31)	920	5,148
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications									9,154	13,877	114
Total income tax expense, net of valuation allowance									(3,081)	(631)	(100)
Net income									6,073	13,246	14
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized gains and losses on available-for-sale securities
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications									6,207	11,693	(6,816)
Total income tax expense, net of valuation allowance									(2,050)	(4,076)	2,402
Valuation allowance									0	3,635	(2,502)
Net income									4,157	11,252	(6,916)
Reclassification from Accumulated Other Comprehensive Income \| Net benefit plan assets and obligations recognized in shareholders' equity
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications									1,480	2,184	6,930
Total income tax expense, net of valuation allowance									(518)	(764)	(2,425)
Valuation allowance									0	574	2,425
Net income									962	1,994	6,930
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized foreign currency translation
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications									1,467	0	0
Total income tax expense, net of valuation allowance									(513)	0	0
Net income									$ 954	$ 0	$ 0

Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	$ 9,130	$ 10,256	$ 8,565
Interest Cost	15,906	15,847	15,987
Expected Return on Assets	(19,508)	(21,109)	(21,030)
Other Adjustments	0	0	0
Subtotal	5,528	4,994	3,522
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	(687)	(845)	(930)
Amortization of Net Losses/(Gains)	5,856	5,485	1,083
Total Amortization	5,169	4,640	153
Net Periodic Benefit Cost	10,697	9,634	3,675
Cost of settlements or curtailments	1,277	3,172	302
Total Expense for Year	11,974	12,806	3,977
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	751	833	659
Interest Cost	704	697	653
Expected Return on Assets	(4,886)	(4,991)	(4,648)
Other Adjustments	0	0	0
Subtotal	(3,431)	(3,461)	(3,336)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	(6,649)	(6,649)	(6,649)
Amortization of Net Losses/(Gains)	0	(175)	(435)
Total Amortization	(6,649)	(6,824)	(7,084)
Net Periodic Benefit Cost	(10,080)	(10,285)	(10,420)
Cost of settlements or curtailments	0	0	0
Total Expense for Year	$ (10,080)	$ (10,285)	$ (10,420)

Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Measurement Date	December 31, 2016	December 31, 2015
Accumulated Benefit Obligation	$ 360,423	$ 338,450
Projected Benefit Obligation	(369,808)	(349,483)	$ (379,324)
Plan Assets at Fair Value	360,900	350,107	378,701
Funded Status - Overfunded/(Underfunded)	$ (8,908)	$ 624
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Measurement Date	December 31, 2016	December 31, 2015
Accumulated Benefit Obligation	$ 17,378	$ 16,423
Projected Benefit Obligation	(17,378)	(16,423)	(18,225)
Plan Assets at Fair Value	70,408	65,568	$ 66,940
Funded Status - Overfunded/(Underfunded)	$ 53,030	$ 49,145

Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	$ 103,861	$ 95,636
Net Prior Service Cost/(Credit)	(2,286)	(2,989)
Net Transition Obligation/(Asset)	0	0
Total at Year End	101,575	92,647	$ 89,390
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	(6,088)	(5,311)
Net Prior Service Cost/(Credit)	(11,991)	(18,640)
Net Transition Obligation/(Asset)	0	0
Total at Year End	$ (18,079)	$ (23,951)	$ (33,511)

Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	$ 349,483	$ 379,324
Company Service Cost	9,130	10,256	$ 8,565
Interest Cost	15,906	15,847	15,987
Plan Participants' Contributions	0	0
Net Actuarial (Gain)/Loss due to Assumption Changes	14,450	(24,118)
Net Actuarial (Gain)/Loss due to Plan Experience	5,428	7,155
Benefit Payments from Fund	(21,831)	(32,646)
Benefit Payments Directly by Company	(2,669)	(7,661)
Plan Amendments	16	19
Other Adjustment	(105)	1,307
Benefit Obligation at End of Year	369,808	349,483	379,324
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	16,423	18,225
Company Service Cost	751	833	659
Interest Cost	704	697	653
Plan Participants' Contributions	408	361
Net Actuarial (Gain)/Loss due to Assumption Changes	497	(2,083)
Net Actuarial (Gain)/Loss due to Plan Experience	357	(397)
Benefit Payments from Fund	(1,678)	(1,147)
Benefit Payments Directly by Company	0	0
Plan Amendments	0	0
Other Adjustment	(84)	(66)
Benefit Obligation at End of Year	$ 17,378	$ 16,423	$ 18,225

Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	$ 350,107	$ 378,701
Company Contributions	11,369	17,311
Plan Participants' Contributions	0	0
Benefit Payments from Fund	(21,831)	(32,646)
Benefit Payments paid directly by Company	(2,669)	(7,661)
Actual Return on Assets	23,924	(5,094)
Other Adjustment	0	(504)
Fair Value of Plan Assets at End of Year	360,900	350,107
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	65,568	66,940
Company Contributions	0	0
Plan Participants' Contributions	408	361
Benefit Payments from Fund	(1,678)	(1,147)
Benefit Payments paid directly by Company	0	0
Actual Return on Assets	6,518	(225)
Other Adjustment	(408)	(361)
Fair Value of Plan Assets at End of Year	$ 70,408	$ 65,568

Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Pension and Supplemental Executive Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	$ 92,647	$ 89,390
Recognized during year - Prior Service (Cost)/Credit	687	845
Recognized during year - Net Actuarial (Losses)/Gains	(5,856)	(5,485)
Occurring during year - Prior Service Cost	16	19
Occurring during year - Net Actuarial Losses/(Gains)	15,358	11,050
Occurring during year - Net Settlement Losses/(Gains)	(1,277)	(3,172)
Other adjustments	0	0
AOCI in Current Year	101,575	92,647
Amortization of Net Transition Obligation/(Asset)	0
Amortization of Prior Service Cost/(Credit)	(428)
Amortization of Net Losses/(Gains)	6,141
Other Postretirement Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	(23,951)	(33,511)
Recognized during year - Prior Service (Cost)/Credit	6,649	6,649
Recognized during year - Net Actuarial (Losses)/Gains	0	175
Occurring during year - Prior Service Cost	0	0
Occurring during year - Net Actuarial Losses/(Gains)	(777)	2,736
Occurring during year - Net Settlement Losses/(Gains)	0	0
Other adjustments	0	0
AOCI in Current Year	(18,079)	$ (23,951)
Amortization of Net Transition Obligation/(Asset)	0
Amortization of Prior Service Cost/(Credit)	(6,649)
Amortization of Net Losses/(Gains)	$ 0

Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount Rate (in hundredths)	4.30%	4.65%
Rate of Compensation Increase (in hundredths)	3.00%	3.00%
Discount Rate (in hundredths)	4.65%	4.25%
Expected Long-term Return on Plan Assets (in hundredths)	5.75%	5.75%
Rate of Compensation Increase (in hundredths)	3.00%	3.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Discount Rate (in hundredths)	3.95%	4.30%
Discount Rate (in hundredths)	4.30%	4.00%
Expected Long-term Return on Plan Assets (in hundredths)	7.50%	7.50%
Health Care Cost Trend Rate Assumed for Next Year (in hundredths)	6.50%	7.00%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths)	5.00%	5.00%
Year That the Rate Reaches the Ultimate Trend Rate	2020	2020
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Other Postretirement Benefit Plan \| Total debt securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	0.00%	0.00%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100.00%	100.00%
Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	23.00%	20.00%
Pension Plan \| Total debt securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	77.00%	80.00%

Benefit Plans - Additional Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Effect of 1-percentage point increase on total service and interest cost component	$ 237
Effect of 1-percentage point decrease on total service and interest cost components	(205)
Effect of 1-percentage point increase on postretirement benefit obligation	2,382
Effect of 1-percentage point decrease on postretirement benefit obligation	(2,102)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Contributions	0	$ 0
Current plus 1	0
Actual Benefit Payments for the Year Ending: Current	1,355
Expected Benefit Payments for the Year Ending: Current plus 1	847
Expected Benefit Payments for the Year Ending: Current plus 2	978
Expected Benefit Payments for the Year Ending: Current plus 3	1,068
Expected Benefit Payments for the Year Ending: Current plus 4	1,257
Expected Benefit Payments for the Year Ending: Current plus 5	1,410
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 8,574
Other Postretirement Benefit Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	70.00%
Target asset allocations, maximum (in hundredths)	100.00%
Other Postretirement Benefit Plan \| Real Estate
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	15.00%
Other Postretirement Benefit Plan \| Commodities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	10.00%
Other Postretirement Benefit Plan \| Fixed Income/Cash
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, minimum (in hundredths)	0.00%
Target asset allocations, maximum (in hundredths)	10.00%
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Contributions	$ 11,369	$ 17,311
Current plus 1	9,500
Actual Benefit Payments for the Year Ending: Current	24,500
Expected Benefit Payments for the Year Ending: Current plus 1	21,831
Expected Benefit Payments for the Year Ending: Current plus 2	23,439
Expected Benefit Payments for the Year Ending: Current plus 3	26,927
Expected Benefit Payments for the Year Ending: Current plus 4	27,199
Expected Benefit Payments for the Year Ending: Current plus 5	27,151
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 146,471

Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Minimum percentages of gain loss consider for amortization (in hundredths)	10.00%
Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise	$ 50,000,000
Future earnings period used in determining the expected average rate of earnings	20 years
Minimum percentage return should exceed growth in consumer price index annually (in hundredths)	5.75%
Maximum investment in international mutual funds (in hundredths)	30.00%
Percent of international mutual funds equity allocation in emerging markets (in hundredths)	3.00%
Percent of international mutual funds equity allocation in companies primarily based in Europe and the Pacific Basin (in hundredths)	20.00%
Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths)	5.00%
Matching contribution rate on employees' before-tax contributions, first contribution level (in hundredths)	80.00%
Employee contributions subject to employer match, first contribution level	$ 1,000
Matching contribution rate on employees' before-tax contributions, second contribution level (in hundredths)	40.00%
Employee contributions subject to employer match, second contribution level	$ 2,000
Matching contribution rate on employees' before-tax contributions, hired after 01/01/2014 (in hundredths)	100.00%
Employee contributions subject to employer match for employees hired after 01/01/2014 (in hundredths)	4.00%
Profit sharing and 401(k) savings plan expenses	$ 5,900,000	$ 5,100,000	$ 5,000,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Lump sum pension plan benefit payments	$ 11,200,000	$ 22,400,000
Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, maximum (in hundredths)	40.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Health care trend rate used for pre-65 benefits (in hundredths)	7.00%
Age of retirees at which retirement benefits under the plan are terminated	65 years
Health care trend rate used for pre-65 benefits in 2016 (in hundredths)	6.50%
Health care trend rate used for pre-65 benefits in 2020 (in hundredths)	5.00%
Other Postretirement Benefit Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations, maximum (in hundredths)	100.00%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2007	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net deferred tax assets and liabilities [Abstract]
Total deferred tax assets														$ 636,449	$ 791,286
Total deferred tax liabilities														(28,794)	(29,206)
Net deferred tax asset														607,655	762,080
Components of net deferred tax liability [Abstract]
Unearned premium reserves														40,153	33,262
Benefit plans														(12,350)	(14,283)
Federal net operating loss														520,812	680,975
Loss reserves														10,883	15,536
Unrealized depreciation in investments														11,211	8,904
Mortgage investments														17,751	17,386
Deferred compensation														12,517	12,927
Other, net														6,678	7,373
Net deferred tax asset														607,655	762,080
Tax provision (benefit) [Abstract]
Provision for income taxes before valuation allowance										$ 172,197	$ 163,497	$ 91,607
Change in valuation allowance										0	(161,158)	(88,833)
Reversal of the valuation allowance										0	(686,652)	0
Provision for (benefit from) income taxes		$ 54,551	$ 27,131	$ 56,018	$ 34,497	$ 6,584	$ (695,604)	$ 1,322	$ 3,385	172,197	(684,313)	2,774
Valuation allowance															0	$ 902,300
Change in deferred tax valuation allowance, included in other comprehensive income											(54,500)	(13,100)
Net operating loss carryforwards, regular tax basis														1,489,000
Net operating loss carryforwards for computing the alternative minimum tax														589,000
Components of provisions for (benefit from) income taxes [Abstract]
Current Federal										9,470	8,067	2,391
Deferred Federal										160,657	(686,652)	1
Other										2,070	(5,728)	382
Provision for (benefit from) income taxes		54,551	$ 27,131	$ 56,018	34,497	6,584	$ (695,604)	$ 1,322	3,385	172,197	(684,313)	2,774
Income taxes paid										$ 4,500	$ 5,400	$ 1,300
Reconciliation of effective income tax rate [Abstract]
Federal statutory income tax rate (in hundredths)										35.00%	35.00%	35.00%
Valuation allowance (in hundredths)										0.00%	(173.80%)	(34.90%)
Tax exempt municipal bond interest (in hundredths)										(1.90%)	(0.80%)	(0.40%)
Other, net (in hundredths)										0.40%	(0.70%)	1.40%
Effective income tax provision (benefit) rate (in hundredths)										33.50%	(140.30%)	1.10%
Information regarding income tax examinations [Abstract]
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue														197,500
Estimate of federal interest that may be due														200,600
Amount of payment made related to the IRS assessment on the REMIC issue													$ 65,200
Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss														261,400
Estimate of additional state income taxes and interest that may be due														50,700
Unrecognized tax benefits	$ 108,245	108,245			107,120	107,120			106,230	$ 107,120	$ 106,230	$ 105,366		108,245	107,120	$ 106,230
Unrecognized tax benefits [Roll Forward]
Balance at beginning of year	108,245				$ 107,120				$ 106,230	107,120	106,230	105,366
Additions based on tax positions related to the current year										0	0	0
Additions for tax positions of prior years										1,125	890	864
Reductions for tax positions of prior years										0	0	0
Settlements										0	0	0
Balance at end of year		$ 108,245				$ 107,120				108,245	107,120	$ 106,230
Unrecognized tax benefits [Abstract]
Total amount of unrecognized tax benefits that would affect effective tax rate														94,600
Interest expense recognized during period										$ 1,100
Unrecognized tax benefits, accrued interest														28,900	$ 27,800
Significant change in unrecognized tax benefits														108,200
Approximate net cash outflows upon resolution of IRS matters														$ 52,000
Deferred Tax Asset, Changes In Current Period
Tax provision (benefit) [Abstract]
Change in valuation allowance											154,800
Deferred Tax Asset, Changes In Current Period \| Other Comprehensive Income (Loss)
Tax provision (benefit) [Abstract]
Change in valuation allowance											(6,300)
Deferred Tax Asset, Changes In Current Period \| Income Tax Expense (Benefit)
Tax provision (benefit) [Abstract]
Change in valuation allowance											161,100
Deferred Tax Asset, Changes In Future Periods
Tax provision (benefit) [Abstract]
Change in valuation allowance											747,500
Deferred Tax Asset, Changes In Future Periods \| Other Comprehensive Income (Loss)
Tax provision (benefit) [Abstract]
Change in valuation allowance											60,800
Deferred Tax Asset, Changes In Future Periods \| Income Tax Expense (Benefit)
Tax provision (benefit) [Abstract]
Change in valuation allowance											$ 686,700
Forecast \| Internal Revenue Service (IRS) \| Minimum
Information regarding income tax examinations [Abstract]
Income Tax Examination, Estimate of Possible Loss	15,000
Forecast \| Internal Revenue Service (IRS) \| Maximum
Information regarding income tax examinations [Abstract]
Income Tax Examination, Estimate of Possible Loss	$ 25,000

Income Taxes - Summary of Changes In Tax Provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement In Deferred Tax Asset [Roll Forward]
Balance at December 31, 2014	$ 0	$ 902,300
Valuation allowance	$ 0	161,158	$ 88,833
Balance at December 31, 2015		0	$ 902,300
Deferred Tax Asset, Changes In Current Period
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		(154,800)
Deferred Tax Asset, Changes In Current Period \| Other Comprehensive Income (Loss)
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		6,300
Deferred Tax Asset, Changes In Current Period \| Income Tax Expense (Benefit)
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		(161,100)
Deferred Tax Asset, Changes In Future Periods
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		(747,500)
Deferred Tax Asset, Changes In Future Periods \| Other Comprehensive Income (Loss)
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		(60,800)
Deferred Tax Asset, Changes In Future Periods \| Income Tax Expense (Benefit)
Movement In Deferred Tax Asset [Roll Forward]
Valuation allowance		$ (686,700)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Shares repurchased, weighted average price per share		$ 8.03
Shares repurchased, value		$ 147.1
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights)			1
Common stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths)			5.00%
Purchase price (in dollars per share)			$ 45
Purchase price (in dollars per one-tenth share)			4.50
Redemption price (in dollars per Right)			$ 0.001
Rights
Debt Instrument [Line Items]
Period after person becomes acquiring person			10 days
Common stock purchased per right			0.1
5% Convertible Senior Notes due 2017
Debt Instrument [Line Items]
Extinguishment of debt, amount			$ 188.5	$ 11.5
Stated interest rate (in hundredths)			5.00%
5% Convertible Senior Notes due 2017 \| 2% Convertible Senior Notes
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 292.4
Stated interest rate (in hundredths)			2.00%
Repayments of debt (in shares)		18,300,000
2% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			2.00%
Convertible Junior Subordinated Debentures Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%
9% Convertible Junior Subordinated Debentures due 2063
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 132.7
Stated interest rate (in hundredths)			9.00%
Reacquisition of convertible junior subordinated debentures-equity component			$ 6.3

Statutory Information (Details)	12 Months Ended
Statutory Information (Details)	Dec. 31, 2016 USD ($) jurisdiction	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Statutory Capital [Abstract]
Percentage of premiums earned required to be maintained as contingency loss reserves (in hundredths)	50.00%
Period that contingency loss reserves must be held (in years)	10 years
Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves (in hundredths)	35.00%
Related Party Transaction [Line Items]
Statutory net income (loss)	$ 106,326,000	$ (72,767,000)	$ 13,203,000
Statutory policyholders' surplus	1,506,475,000	1,608,214,000	1,585,164,000
Contingency reserve	1,360,088,000	826,706,000	318,247,000
Dividends paid to the parent company	$ 64,000,000
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements \| jurisdiction	16
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Risk-to-capital ratio on a combined basis at end of period	12.0 to 1
Risk-to-capital ratio on combined insurance operations	12.0
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10.00%
Maximum
Statutory capital requirements [Abstract]
Risk to capital ratio	25
Mortgage Guaranty Insurance Corporation
Related Party Transaction [Line Items]
Loss ratio	26.00%
Additions to the surplus of MGIC from parent company funds	$ 36,025,000	0	0
Dividends paid to the parent company	$ 64,000,000	0	0
Statutory capital requirements [Abstract]
Risk to capital ratio	10.7
Risk to capital ratio at end of period	10.7 to 1
Amount of policyholders position above or below required MPP	$ 1,600,000,000
Amount of required MPP	$ 1,100,000,000
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Adjustment to statutory net income	$ 490,000,000
Other Insurance Subsidiaries
Related Party Transaction [Line Items]
Dividends paid to the parent company		6,500,000	0
Distributions from other insurance subsidiaries to the parent company	$ 52,001,000	$ 38,500,000	$ 0

Share-based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 11.4	$ 11.9	$ 9.2
Income tax benefit from compensation cost	$ 4.0	$ 4.2	$ 3.2
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	3,100,000
Restricted Stock/Restricted Stock Units
Weighted average grant date fair market value [Abstract]
Restricted stock outstanding at end of period (in dollars per share)	$ 7.97
Granted (in dollars per share)	5.66	$ 9.03	$ 8.43
Vested (in dollars per share)	7.00
Forfeited (in dollars per share)	4.24
Restricted stock outstanding at end of period (in dollars per share)	$ 7.44	$ 7.97
Shares [Roll Forward]
Restricted stock outstanding at beginning of period (in shares)	3,319,467
Granted (in shares)	1,689,300
Vested (in shares)	(1,707,711)
Forfeited (in shares)	(154,384)
Restricted stock outstanding at end of period (in shares)	3,146,672	3,319,467
Additional disclosures [Abstract]
Restricted stock, performance shares (in shares)	2,300,000
Restricted stock, time vested shares (in shares)	800,000
Total fair value of restricted stock vested	$ 12.2	$ 17.2	$ 12.1
Unrecognized compensation cost	11.7
Unrecognized compensation cost, performance shares	8.9
Unrecognized compensation cost, time vested shares	$ 2.8
Weighted-average period for recognition of compensation cost	1 year 3 months 18 days
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares can be awarded under the plan (in shares)	10,000,000
Additional disclosures [Abstract]
Shares available for future grants (in shares)	8,300,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Leases [Abstract]
Remaining term of operating leases (in years)	5 years
Total rental expense under operating leases	$ 2,100	$ 2,200	$ 2,800
Minimum future operating lease payments [Abstract]
2017	665
2018	676
2019	688
2020	490
2021 and thereafter	46
Total	$ 2,565

Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 235,053	$ 237,376	$ 231,456	$ 221,341	$ 226,192	$ 239,234	$ 213,508	$ 217,288	$ 925,226	$ 896,222	$ 844,371
Investment income, net of expenses	28,094	27,515	27,248	27,809	27,926	25,939	25,756	24,120	110,666	103,741	87,647
Realized (losses) gains	(52)	5,092	836	3,056	1,228	640	166	26,327	8,932	28,361	1,357
Other revenue	3,425	3,867	3,994	6,373	3,087	3,698	3,699	2,480	17,659	12,964	9,259
Loss incurred, net	47,658	60,897	46,590	85,012	95,066	76,458	90,238	81,785	240,157	343,547	496,077
Underwriting and other expenses, net	56,824	53,981	49,837	56,439	53,858	65,805	37,915	51,969	217,081	209,547
Loss on debt extinguishment	0	75,223	1,868	13,440	507	0	0	0	90,531	507	837
Provision for income tax	54,551	27,131	56,018	34,497	6,584	(695,604)	1,322	3,385	172,197	(684,313)	2,774
Net income	$ 107,487	$ 56,618	$ 109,221	$ 69,191	$ 102,418	$ 822,852	$ 113,654	$ 133,076	$ 342,517	$ 1,172,000	$ 251,949
Earnings per Share [Abstract]
Basic (in dollars per share)	$ 0.31	$ 0.16	$ 0.32	$ 0.20	$ 0.30	$ 2.42	$ 0.33	$ 0.39	$ 1.00	$ 3.45	$ 0.74
Diluted (in dollars per share)	$ 0.28	$ 0.14	$ 0.26	$ 0.17	$ 0.24	$ 1.78	$ 0.28	$ 0.32	$ 0.86	$ 2.60	$ 0.64

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 4,724,356
Fair Value	4,692,350
Amount at which shown in the balance sheet	4,692,350
Fixed income
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	4,717,212
Fair Value	4,685,222
Amount at which shown in the balance sheet	4,685,222
Fixed income \| U.S. Treasury securities and obligations of U.S. government corporations and agencies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	73,847
Fair Value	73,530
Amount at which shown in the balance sheet	73,530
Fixed income \| Obligations of U.S. states and political subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	2,147,458
Fair Value	2,143,016
Amount at which shown in the balance sheet	2,143,016
Fixed income \| Foreign governments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	0
Fair Value	0
Amount at which shown in the balance sheet	0
Fixed income \| Public utilities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	176,184
Fair Value	175,084
Amount at which shown in the balance sheet	175,084
Fixed income \| ABS
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	59,519
Fair Value	59,565
Amount at which shown in the balance sheet	59,565
Fixed income \| Collateralized loan obligations
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	121,151
Fair Value	121,174
Amount at which shown in the balance sheet	121,174
Fixed income \| Mortgage-backed
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	558,775
Fair Value	544,026
Amount at which shown in the balance sheet	544,026
Fixed income \| All other corporate bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	1,580,278
Fair Value	1,568,827
Amount at which shown in the balance sheet	1,568,827
Equity Securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	7,144
Fair Value	7,128
Amount at which shown in the balance sheet	7,128
Equity Securities \| Industrial, miscellaneous and all other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	7,144
Fair Value	7,128
Amount at which shown in the balance sheet	$ 7,128

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Fixed income (amortized cost, 2016 – $247,396; 2015 – $385,281)												$ 4,685,222	$ 4,657,561
Cash and cash equivalents	$ 155,410			$ 181,120	$ 181,120			$ 197,882	$ 181,120	$ 197,882	$ 332,692	155,410	181,120	$ 197,882
Accrued investment income												44,073	40,224
Other assets												73,345	80,102
Total assets												5,734,529	5,868,343
Liabilities:
Senior notes												417,406	0
Convertible senior notes												349,461	822,301
Convertible junior subordinated debentures												256,872	389,522
Total liabilities												3,185,687	3,632,203
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2016 - 359,400; 2015 - 340,097; outstanding 2016 - 340,663; 2015 - 339,657)												359,400	340,097
Paid-in capital												1,782,337	1,670,238
Treasury stock (shares at cost 2016 – 18,737; 2015 – 440)												(150,359)	(3,362)
Accumulated other comprehensive loss, net of tax												(75,100)	(60,880)
Retained earnings												632,564	290,047
Total shareholders' equity												2,548,842	2,236,140	1,036,903
Total liabilities and shareholders' equity												5,734,529	5,868,343
Parenthetical information [Abstract]
Fixed income, amortized cost												$ 4,717,211	$ 4,684,148
Common stock, par value (in dollars per share)												$ 1	$ 1
Common stock, shares authorized (in shares)												1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)												359,400,000	340,097,000
Common stock, shares outstanding (in shares)												340,663,000	339,657,000
Treasury stock, shares at cost (in shares)												18,737,000	440,000
Revenues:
Investment income, net of expenses	28,094	$ 27,515	$ 27,248	27,809	27,926	$ 25,939	$ 25,756	24,120	110,666	103,741	87,647
Realized (losses) gains	(52)	5,092	836	3,056	1,228	640	166	26,327	8,932	28,361	1,357
Total revenues									1,062,483	1,041,288	942,634
Expenses:
Interest expense									56,672	68,932	69,648
Loss on debt extinguishment	0	75,223	1,868	13,440	507	0	0	0	90,531	507	837
Total losses and expenses									547,769	553,601	687,911
Income before tax									514,714	487,687	254,723
Provision for (benefit from) income taxes	54,551	27,131	56,018	34,497	6,584	(695,604)	1,322	3,385	172,197	(684,313)	2,774
Net income	107,487	56,618	109,221	69,191	102,418	822,852	113,654	133,076	342,517	1,172,000	251,949
Other comprehensive (loss) income, net of tax									(14,220)	20,461	36,385
Comprehensive income									328,297	1,192,461	288,334
Cash flows from operating activities:
Net income	107,487	56,618	109,221	69,191	102,418	822,852	113,654	133,076	342,517	1,172,000	251,949
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred Federal									160,657	(686,652)	1
Loss on debt extinguishment	0	$ 75,223	$ 1,868	13,440	507	$ 0	$ 0	0	90,531	507	837
Change in certain assets and liabilities:
Accrued investment income									(3,849)	(9,706)	1,142
Cash flows from investing activities:
Purchase of fixed income									(1,360,386)	(2,462,844)	(1,979,917)
Sale of fixed income									728,042	1,796,153	1,147,624
Cash flows from financing activities:
Proceeds from issuance of long-term debt									573,094	0	0
Repayment of long-term debt									0	(61,953)	(20,772)
Repurchase of convertible senior notes									(363,778)	(11,152)	0
Repurchase of common stock									(147,127)	0	0
Excess tax benefits related to share-based compensation									67	2,117	0
Net decrease in cash and cash equivalents									(25,710)	(16,762)	(134,810)
Cash and cash equivalents at beginning of year				181,120				197,882	181,120	197,882	332,692
Cash and cash equivalents at end of year	155,410				181,120				155,410	181,120	197,882
Parent Company
ASSETS
Fixed income (amortized cost, 2016 – $247,396; 2015 – $385,281)												$ 245,435	$ 382,565
Cash and cash equivalents	37,666			19,417	19,417			10,507	19,417	10,507	20,725	37,666	19,417	$ 10,507
Investment in subsidiaries, at equity in net assets												3,150,671	2,903,944
Accounts receivable - affiliates												780	938
Income taxes - current and deferred												289,703	151,318
Accrued investment income												1,749	3,700
Other assets												80	123
Total assets												3,726,084	3,462,005
Liabilities:
Senior notes												417,406	0
Convertible senior notes												349,461	822,301
Convertible junior subordinated debentures												389,522	389,522
Accrued interest												20,853	14,042
Total liabilities												1,177,242	1,225,865
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2016 - 359,400; 2015 - 340,097; outstanding 2016 - 340,663; 2015 - 339,657)												359,400	340,097
Paid-in capital												1,782,337	1,670,238
Treasury stock (shares at cost 2016 – 18,737; 2015 – 440)												(150,359)	(3,362)
Accumulated other comprehensive loss, net of tax												(75,100)	(60,880)
Retained earnings												632,564	290,047
Total shareholders' equity												2,548,842	2,236,140
Total liabilities and shareholders' equity												3,726,084	3,462,005
Parenthetical information [Abstract]
Fixed income, amortized cost												$ 247,396	$ 385,281
Common stock, par value (in dollars per share)												$ 1	$ 1
Common stock, shares authorized (in shares)												1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)												359,400,000	340,097,000
Common stock, shares outstanding (in shares)												340,663,000	339,657,000
Treasury stock, shares at cost (in shares)												18,737,000	440,000
Revenues:
Investment income, net of expenses									3,807	7,586	6,985
Realized (losses) gains									646	357	395
Total revenues									4,453	7,943	7,380
Expenses:
Operating expenses									1,409	582	546
Interest expense									64,598	68,932	69,648
Loss on debt extinguishment									82,234	507	837
Total losses and expenses									148,241	70,021	71,031
Income before tax									(143,788)	(62,078)	(63,651)
Provision for (benefit from) income taxes									(52,575)	(125,487)	0
Equity in net income of subsidiaries									433,730	1,108,591	315,600
Net income									342,517	1,172,000	251,949
Other comprehensive (loss) income, net of tax									(14,220)	20,461	36,385
Comprehensive income									328,297	1,192,461	288,334
Cash flows from operating activities:
Net income									342,517	1,172,000	251,949
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net income of subsidiaries									(433,730)	(1,108,591)	(315,600)
Dividends received from subsidiaries									64,000	6,500	0
Deferred Federal									(55,988)	(125,532)	0
Loss on debt extinguishment									82,234	507	837
Other									11,625	22,342	14,025
Change in certain assets and liabilities:
Accounts receivable - affiliates									158	(626)	68
Income taxes receivable									3,602	(8,308)	480
Accrued investment income									1,951	(265)	194
Accrued interest									6,811	(652)	(188)
Net cash used in operating activities									23,180	(42,625)	(48,235)
Cash flows from investing activities:
Capital distributions from subsidiaries									51,987	32,000	0
Capital contributions to subsidiaries									(36,025)	0	0
Purchase of fixed income									(194,751)	(295,010)	(553,538)
Sale of fixed income									330,142	386,385	613,322
Net cash provided by investing activities									151,353	123,375	59,784
Cash flows from financing activities:
Proceeds from issuance of long-term debt									416,967	0	0
Repayment of long-term debt									0	(61,953)	(21,767)
Repurchase of convertible senior notes									(426,191)	(12,004)	0
Repurchase of common stock									(147,127)	0	0
Excess tax benefits related to share-based compensation									67	2,117	0
Net cash used in financing activities									(156,284)	(71,840)	(21,767)
Net decrease in cash and cash equivalents									18,249	8,910	(10,218)
Cash and cash equivalents at beginning of year				$ 19,417				$ 10,507	19,417	10,507	20,725
Cash and cash equivalents at end of year	$ 37,666				$ 19,417				$ 37,666	$ 19,417	$ 10,507

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - SUPPLEMENTARY NOTES (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplementary Insurance Information, by Segment [Line Items]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends		10.00%
Dividends paid to the parent company		$ 64,000,000
Convertible junior subordinated debentures		$ 256,872,000	$ 389,522,000
Mortgage Guaranty Insurance Corporation
Supplementary Insurance Information, by Segment [Line Items]
Adjusted statutory net income measurement period		3 years
Adjusted statutory net income dividend payment measurement period		2 years
Dividends paid to the parent company		$ 64,000,000	0	$ 0
Additions to the surplus of MGIC from parent company funds		36,025,000	0	0
Other Insurance Subsidiaries
Supplementary Insurance Information, by Segment [Line Items]
Dividends paid to the parent company			6,500,000	0
Distributions from other insurance subsidiaries to the parent company		52,001,000	38,500,000	0
Proceeds from contribution from parent			0	$ 0
Parent Company
Supplementary Insurance Information, by Segment [Line Items]
Convertible junior subordinated debentures		$ 389,522,000	$ 389,522,000
Convertible Junior Subordinated Debentures Due 2063
Supplementary Insurance Information, by Segment [Line Items]
Stated interest rate (in hundredths)		9.00%
9% Convertible Junior Subordinated Debentures due 2063
Supplementary Insurance Information, by Segment [Line Items]
Stated interest rate (in hundredths)		9.00%
Extinguishment of debt, amount	$ 132,700,000

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Gross Amount	$ 1,058,545	$ 997,892	$ 950,973
Ceded to Other Companies	133,981	102,848	108,255
Assumed From Other Companies	662	1,178	1,653
Net Amount	$ 925,226	$ 896,222	$ 844,371
Percentage of Amount Assumed to Net	0.10%	0.10%	0.20%

Nature of Business (Details) $ in Billions	Dec. 31, 2016 USD ($)
Nature of Business [Abstract]
Direct domestic primary insurance in force	$ 182.0
Direct domestic primary risk in force	$ 47.2

Litigation and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Average paid claim reduction due to curtailments (in hundredths)	5.50%	6.70%
Maximum exposure to loss	$ 295

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 4,692,350	$ 4,663,206
Real estate acquired	11,748	12,149
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	33,550	80,718
Real estate acquired	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	4,653,841	4,578,405
Real estate acquired	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	4,959	4,083
Real estate acquired	11,748	12,149
Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	4,685,222	4,657,561
Total debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	30,690	77,928
Total debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	4,653,841	4,578,405
Total debt securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	691	1,228
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	73,530	160,584
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	30,690	46,197
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	42,840	114,387
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,143,016	1,792,527
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,142,325	1,791,299
Obligations of U.S. states and political subdivisions \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	691	1,228
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,743,910	2,004,763
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,743,910	2,004,763
Corporate debt securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	59,565	116,617
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
ABS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	59,565	116,617
ABS \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	224,209	257,648
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
RMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	224,209	257,648
RMBS \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	319,817	233,491
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
CMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	319,817	233,491
CMBS \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	121,175	60,200
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
CLOs \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	121,175	60,200
CLOs \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Debt securities issued by foreign sovereign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		31,731
Debt securities issued by foreign sovereign governments \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		31,731
Debt securities issued by foreign sovereign governments \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0
Debt securities issued by foreign sovereign governments \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments		0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	7,128	5,645
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,860	2,790
Equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
Equity securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 4,268	$ 2,855