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Document and Entity Information
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9 Months Ended | |
|---|---|---|
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Sep. 30, 2012
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Oct. 31, 2012
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| 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 Common Stock, Shares Outstanding | 202,031,904 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q3 | |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Sep. 30, 2012 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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- Definition
Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount needed to reflect the estimated ultimate cost of settling claims relating to casualty insurance insured events that have occurred on or before a particular date (ordinarily, the balance sheet date) and the amount needed to provide for the estimated ultimate cost required to investigate and settle claims relating to insured events that have occurred on or before a particular date (ordinarily, the balance sheet date), whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount as of the balance sheet date due the entity from (a) agents and insureds, (b) uncollected premiums and (c) others, net of the allowance for doubtful accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Receivables currently due from reinsurers for ceded claims paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of premiums written on insurance contracts that have not been earned as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Sep. 30, 2012
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Dec. 31, 2011
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|---|---|---|
| Securities, available-for-sale, at fair value: | ||
| Fixed maturities, amortized cost | $ 4,793,698 | $ 5,700,894 |
| Shareholders' equity (note 14): | ||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, shares authorized (in shares) | 680,000 | 460,000 |
| Common stock, shares issued (in shares) | 205,047 | 205,047 |
| Common stock, shares outstanding (in shares) | 202,032 | 201,172 |
| Treasury stock, shares at cost (in shares) | 3,015 | 3,875 |
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- Details
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- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, which include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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| Premiums written: | ||||
| Direct | $ 271,360 | $ 274,610 | $ 782,094 | $ 845,798 |
| Assumed | 597 | (6,999) | 1,852 | (5,569) |
| Ceded | (8,452) | (11,866) | (26,850) | (39,622) |
| Net premiums written | 263,505 | 255,745 | 757,096 | 800,607 |
| Decrease in unearned premiums, net | 2,927 | 19,349 | 14,369 | 47,487 |
| Net premiums earned | 266,432 | 275,094 | 771,465 | 848,094 |
| Investment income, net of expenses | 30,394 | 48,898 | 99,980 | 160,931 |
| Realized investment gains, net | 6,184 | 11,405 | 110,356 | 38,900 |
| Total other-than-temporary impairment losses | 0 | (253) | (339) | (253) |
| Portion of losses recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 0 |
| Net impairment losses recognized in earnings | 0 | (253) | (339) | (253) |
| Other revenue | 3,209 | 2,025 | 25,530 | 9,617 |
| Total revenues | 306,219 | 337,169 | 1,006,992 | 1,057,289 |
| Losses and expenses: | ||||
| Losses incurred, net (note 12) | 490,121 | 462,654 | 1,378,617 | 1,232,637 |
| Change in premium deficiency reserve (note 13) | (9,144) | (12,388) | (50,685) | (32,441) |
| Amortization of deferred policy acquisition costs (note 2) | 1,939 | 1,762 | 5,544 | 5,210 |
| Other underwriting and operating expenses, net | 48,739 | 50,715 | 144,387 | 158,860 |
| Interest expense | 24,478 | 25,761 | 74,017 | 78,129 |
| Total losses and expenses | 556,133 | 528,504 | 1,551,880 | 1,442,395 |
| Loss before tax | (249,914) | (191,335) | (544,888) | (385,106) |
| Benefit from income taxes (note 11) | (2,972) | (26,130) | (4,500) | (34,508) |
| Net loss | $ (246,942) | $ (165,205) | $ (540,388) | $ (350,598) |
| Loss per share (note 6): | ||||
| Basic (in dollars per share) | $ (1.22) | $ (0.82) | $ (2.68) | $ (1.74) |
| Diluted (in dollars per share) | $ (1.22) | $ (0.82) | $ (2.68) | $ (1.74) |
| Weighted average common shares outstanding - diluted (note 6) (in shares) | 202,014 | 201,109 | 201,851 | 200,983 |
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- Definition
The portion of unearned premiums, net, amortized into income. Premiums written are initially booked as unearned premiums and are recognized as revenue over the known or estimated life of the policy. No definition available.
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- Definition
Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves No definition available.
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- Definition
Premiums assumed for all property and casualty insurance assumed from other insurers as a result of reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Premiums for property and casualty coverage ceded to another insurer under reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of deferred policy acquisition costs charged to expense in the period, generally in proportion to related revenue earned, estimated gross profits, or over the customer relationship or some other period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Premiums written directly by insurer for all property and casualty insurance before adding contracts assumed from other insurers or subtracting any amounts assumed by other insurers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Provision for benefits, claims and claims settlement expenses incurred during the period for property and casualty insurance net of the effects of contracts assumed and ceded. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The income earned from investments in securities and property, equipment and other capital assets. It includes rent from property and equipment, dividends from shares in corporations, and interest from bonds, loans, mortgages, derivatives, commercial paper, bank accounts, certificates of deposits, treasuries, and other financial securities. It does not include realized gains and losses on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Before tax amount of other than temporary impairment (OTTI) on a debt security, categorized as either available-for-sale or held-to-maturity, recognized in other comprehensive income (loss), attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred during the period, such as those relating to general administration and policy maintenance that do not vary with and are not primarily related to the acquisition or renewal of insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Premiums recognized as revenue in the period earned on all property and casualty insurance and reinsurance contracts after subtracting any amounts ceded to another insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Premiums written for all property and casualty insurance and reinsurance contracts after subtracting any amounts ceded to another insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
| Net Loss | $ (246,942) | $ (165,205) | $ (540,388) | $ (350,598) |
| Other comprehensive income (loss), net of tax (note 9): | ||||
| Unrealized holding gains (losses) for the period included in accumulated other comprehensive income (loss) | 49,360 | 49,870 | 60,130 | 81,624 |
| Less: net gains (losses) reclassified out of accumulated other comprehensive income (loss) into earnings for the period | 4,873 | 1,433 | 53,349 | 8,870 |
| Change in unrealized investment gains and losses | 44,487 | 48,437 | 6,781 | 72,754 |
| Foreign currency translation adjustment | 1,109 | (10,021) | 1,468 | (5,497) |
| Other comprehensive income (loss) net of tax | 45,596 | 38,416 | 8,249 | 67,257 |
| Total comprehensive income (loss) | $ (201,346) | $ (126,789) | $ (532,139) | $ (283,341) |
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount of unrealized holding gain (loss) before reclassification adjustments on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount of other comprehensive income (loss) attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Net of tax amount of the income statement impact of the reclassification adjustment for unrealized gain (loss) realized upon the sale of available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (USD $)
In Thousands |
Total
|
Common stock [Member]
|
Paid-in capital [Member]
|
Treasury stock [Member]
|
Accumulated other comprehensive income (loss) [Member]
|
Retained earnings (deficit) [Member]
|
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2010 | $ 205,047 | $ 1,138,942 | $ (222,632) | $ 22,136 | $ 525,562 | |
| Net loss | (485,892) | |||||
| Change in unrealized investment gains and losses, net (notes 7 and 8) | 0 | 0 | 0 | 21,057 | 0 | |
| Reissuance of treasury stock, net | 0 | (14,577) | 60,090 | 0 | (51,305) | |
| Equity compensation | 0 | 11,456 | 0 | 0 | 0 | |
| Defined benefit plan adjustments, net | 0 | 0 | 0 | (12,862) | 0 | |
| Unrealized foreign currency translation adjustment | 0 | 0 | 0 | (207) | 0 | |
| Balance at Dec. 31, 2011 | 1,196,815 | 205,047 | 1,135,821 | (162,542) | 30,124 | (11,635) |
| Net loss | (540,388) | (540,388) | ||||
| Change in unrealized investment gains and losses, net (notes 7 and 8) | 6,781 | 0 | 0 | 0 | 6,781 | 0 |
| Reissuance of treasury stock, net | 0 | (8,749) | 57,583 | 0 | (51,569) | |
| Equity compensation | 0 | 6,035 | 0 | 0 | 0 | |
| Unrealized foreign currency translation adjustment | 1,468 | 0 | 0 | 0 | 1,468 | 0 |
| Balance at Sep. 30, 2012 | $ 667,976 | $ 205,047 | $ 1,133,107 | $ (104,959) | $ 38,373 | $ (603,592) |
| X | ||||||||||
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- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments amount of the increase (decrease) in accumulated other comprehensive income (loss) related to pension and other postretirement benefit plans, attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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| X | ||||||||||
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- Definition
The net change during the reporting period in the amount of receivables currently due from reinsurers for ceded claims paid. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) from the difference between the repurchase price of a debt instrument initially issued by the entity and the net carrying amount of the debt at the time of its repurchase. No definition available.
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| X | ||||||||||
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- Definition
The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in investment income that has been earned but not yet received in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in receivables or payables that result from buying and selling securities for the firm's own account or from acting as an agent or intermediary in the sale of securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the balance sheet value of capitalized sales costs that are associated with acquiring a new insurance customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes. No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the reserve account established to account for expected but unspecified losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The change in the premium receivable balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amount of benefits the ceding insurer expects to recover on insurance policies ceded to other insurance entities as of the balance sheet date for all guaranteed benefit types. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Change during the period in the unearned portion of premiums written, excluding the portion amortized into income. Premiums written are initially booked as unearned premiums and are recognized as revenue over the known or estimated life of the policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow to acquire equity securities classified as available-for-sale securities, because they are not classified as trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the sale of debt securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the sale of equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of presentation
|
9 Months Ended |
|---|---|
|
Sep. 30, 2012
|
|
| Basis of presentation [Abstract] | |
| Basis of presentation | Note 1 - Basis of Presentation MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), MGIC Indemnity Corporation ("MIC") and several other subsidiaries, is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities ("GSEs") to protect against loss from defaults on low down payment residential mortgage loans. The accompanying unaudited consolidated financial statements of MGIC Investment Corporation and its wholly-owned subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission ("SEC") for interim reporting and do not include all of the other information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2011 included in our Annual Report on Form 10-K. As used below, "we," "our" and "us" refer to MGIC Investment Corporation's consolidated operations or to MGIC Investment Corporation, as the context requires. In the opinion of management the accompanying financial statements include all adjustments, consisting primarily of normal recurring accruals, necessary to fairly state our financial position and results of operations for the periods indicated. The results of operations for the interim period may not be indicative of the results that may be expected for the year ending December 31, 2012. Capital 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 risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the "Capital Requirements." New insurance written in the jurisdictions that have Capital Requirements represented approximately 50% of new insurance written in 2011 and the first nine months of 2012. While formulations of minimum capital vary among jurisdictions, the most common formulation allows for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if the percentage decrease in capital exceeds the percentage decrease in insured risk. Therefore, as capital decreases, the same dollar decrease in capital will cause a greater percentage decrease in capital and a greater increase in the risk-to-capital ratio. 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 September 30, 2012, MGIC's preliminary risk-to-capital ratio was 31.5 to 1, exceeding the maximum allowed by many jurisdictions, and its preliminary policyholder position was $344 million below the required MPP of $1.3 billion. We expect MGIC's risk-to-capital ratio to increase and to continue to exceed 25 to 1. At September 30, 2012, the preliminary risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 34.1 to 1. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC or MIC to continue to utilize reinsurance arrangements with its subsidiaries or subsidiaries of our holding company, additional capital contributions to the reinsurance affiliates could be needed. These reinsurance arrangements permit MGIC and MIC to write insurance with a higher coverage percentage than they could on their own under certain state-specific requirements. Under Statement of Statutory Accounting Principles No. 101 ("SSAP No. 101"), which became effective January 1, 2012, MGIC received no benefit to statutory capital at June 30, 2012 for deferred tax assets because MGIC's risk-to-capital ratio exceeded 25 to 1 before considering those assets. The exclusion of deferred tax assets at June 30, 2012, negatively impacted our statutory capital. Under a permitted practice effective September 30, 2012 and until further notice, the Office of the Commissioner of Insurance of the State of Wisconsin ("OCI") has approved MGIC to report its net deferred tax asset as an admitted asset in an amount not to exceed 10% of surplus as regards policyholders, notwithstanding contrary provisions of SSAP No. 101. At September 30, 2012, pursuant to the permitted practice, deferred tax assets of $90 million were included in statutory capital. Although MGIC does not meet the Capital Requirements of Wisconsin, the OCI has waived them until December 31, 2013. In place of the Capital Requirements, the OCI Order containing the waiver of Capital Requirements (the "OCI Order") provides that MGIC can write new business as long as it maintains regulatory capital that the OCI determines is reasonably in excess of a level that would constitute a financially hazardous condition. The OCI Order requires MGIC Investment Corporation, beginning January 1, 2012 and continuing through the earlier of December 31, 2013 and the termination of the OCI Order (the "Covered Period"), to make cash equity contributions to MGIC as may be necessary so that its "Liquid Assets" are at least $1 billion (this portion of the OCI Order is referred to as the "Keepwell Provision"). "Liquid Assets," which include those of MGIC as well as those held in certain of our subsidiaries, excluding MIC and its reinsurance affiliates, are the sum of (i) the aggregate cash and cash equivalents, (ii) fair market value of investments and (iii) assets held in trusts supporting the obligations of captive mortgage reinsurers to MGIC. As of September 30, 2012, "Liquid Assets" were approximately $5.1 billion. Although we do not expect that MGIC's Liquid Assets will fall below $1 billion during the Covered Period, we do expect the amount of Liquid Assets to continue to decline materially after September 30, 2012 and through the end of the Covered Period as MGIC's claim payments and other uses of cash continue to exceed cash generated from operations. For more information about factors that could negatively impact MGIC's Liquid Assets, see Note 5 – "Litigation and Contingencies" and Note 11 – "Income Taxes." MGIC applied for waivers in the other jurisdictions with Capital Requirements and, at this time, has active waivers from eight of them, two of which allow a maximum risk-to-capital ratio that we expect to exceed in the fourth quarter of 2012. Four jurisdictions have either denied our request for waivers, have laws that do not allow for waivers or have granted waivers allowing risk-to-capital ratios that MGIC has exceeded. We are awaiting a response from three other jurisdictions, some of which may deny our request. As part of our longstanding plan to write new business in MIC, a direct subsidiary of MGIC, and pursuant to the OCI Order, MGIC has made capital contributions to MIC, with $200 million contributed in January 2012. As of September 30, 2012, MIC had statutory capital of $443 million. In the third quarter of 2012, we began writing new mortgage insurance in MIC on the same policy terms as MGIC, in those jurisdictions where we did not have active waivers of Capital Requirements for MGIC. In the third quarter of 2012, MIC's new insurance written was $587 million, which includes business from certain jurisdictions for which new insurance is again being written in MGIC after it received the necessary waivers, but excludes business in certain jurisdictions in which we expect MIC to write new insurance in the fourth quarter of 2012, after MGIC exceeds the risk-to-capital ratio limit included in the jurisdictions' waivers. With the $443 million of statutory capital in MIC, we have the capacity to write 100% of our new insurance written in MIC for at least five years at current quality and volume levels of new insurance written if we obtained GSE approval to do so. We are currently writing new mortgage insurance in MIC in Florida, Idaho, New Jersey, New York, Ohio, Puerto Rico and Texas. MIC is licensed to write business in all jurisdictions and, subject to the conditions and restrictions discussed below, has received the necessary approvals from Fannie Mae and Freddie Mac (the "GSEs") and the OCI to write business in all of the jurisdictions that have not waived their Capital Requirements for MGIC. Under an agreement in place with Fannie Mae, MIC will be eligible to write mortgage insurance through December 31, 2013, only in those jurisdictions (other than Wisconsin) in which MGIC cannot write new insurance due to MGIC's failure to meet Capital Requirements and to obtain a waiver of them. The agreement with Fannie Mae contains certain conditions and restrictions to its continued effectiveness including the continued effectiveness of the OCI Order and the continued applicability of the Keepwell Provision of the OCI Order. Under a letter dated January 23, 2012, Freddie Mac approved MIC to write business only in certain jurisdictions where MGIC does not meet the Capital Requirements and does not obtain waivers of them. The January 23, 2012 approval from Freddie Mac, contains certain conditions and restrictions to its continued effectiveness, which remain in effect, including requirements that while MIC is writing new business under the Freddie Mac approval, MIC may not exceed a risk-to-capital ratio of 20:1 (at September 30, 2012, MIC's preliminary risk-to-capital ratio was 0.3 to 1), MGIC and MIC comply with all terms and conditions of the OCI Order, the OCI Order remain effective, and that MIC provide MGIC access to the capital of MIC in an amount necessary for MGIC to maintain sufficient liquidity to satisfy its obligations under insurance policies issued by MGIC. As requested by the OCI, we have notified Freddie Mac that the OCI has objected to this last requirement and others contained in the Freddie Mac approval because those requirements do not recognize the OCI's statutory authority and obligations. In this regard, see the third condition to the September 28, 2012 Freddie Mac letter referred to in the next paragraph. Under a letter dated August 1, 2012, as amended by a letter dated September 28, 2012 (collectively, the "September Freddie Mac Letter"), Freddie Mac expanded the jurisdictions in which MIC is approved to cover all of the 15 jurisdictions besides Wisconsin that have Capital Requirements when MGIC is not able to write new business in a jurisdiction because MGIC would not meet those Requirements, after considering any waiver that may be granted. The approval in the September Freddie Mac Letter is subject to the following conditions: (1) a $100 million capital contribution to MGIC by our holding company be made on or before December 1, 2012 (the "Contribution Condition"); (2) substantial agreement to a settlement of our dispute with Freddie Mac regarding the interpretation of certain pool policies be reached on or before October 31, 2012 (such condition is the "Settlement Condition"; for more information about this dispute, see Note 5 "Litigation and Contingencies"); and (3) agreement by the OCI by December 31, 2012 that MIC's capital will be available to MGIC to support MGIC's policyholder obligations without segregation of those obligations (the "OCI Condition"). The approval in the September Freddie Mac Letter may be withdrawn at any time, ends December 31, 2013 and is also subject to compliance with the conditions and restrictions in Freddie Mac's January 23, 2012 letter. The Settlement Condition has been met, and with the exception of drafting issues that we consider minor, MGIC and Freddie Mac have agreed on the terms and text of a definitive settlement agreement, subject to approval by the Boards of Directors of MGIC and Freddie Mac and by the FHFA. Under the settlement agreement, MGIC is to pay Freddie Mac $267.5 million in satisfaction of any further obligations under the policies in dispute, of which $100 million is to be paid upon effectiveness of the settlement and the remaining $167.5 million is to be paid in 48 equal monthly installments thereafter. The settlement will become effective if and when the definitive settlement agreement is signed by all parties, including the FHFA. MGIC does not intend to sign the settlement agreement unless MIC is approved by Freddie Mac and Fannie Mae, for a period that MGIC and the GSEs need to agree on, to write business in jurisdictions in which MGIC cannot due to failure to meet the Capital Requirements (the "Further MIC Approvals"). If the Further MIC Approvals are obtained, and there is a satisfactory resolution of the OCI Condition (which is completely beyond our control), we are willing to satisfy the Contribution Condition and MGIC is willing to sign the settlement agreement. While we are hopeful of making further progress regarding the settlement, there are substantial risks the settlement will not be concluded. We have not made any loss provision for a settlement and are unable to predict if and when a signed and effective settlement will be reached. Effectiveness of the settlement would negatively impact our statutory capital and materially worsen the current non-compliance with Capital Requirements. Absent a settlement, such an effect could also occur from changed circumstances that lead us to conclude a loss is probable in litigation. If one GSE does not approve MIC in all jurisdictions that have not waived their Capital Requirements for MGIC, MIC may be able to write insurance on loans that will be sold to the other GSE or retained by private investors. However, because lenders may not know which GSE will purchase their loans until mortgage insurance has been procured, lenders may be unwilling to procure mortgage insurance from MIC. Furthermore, if we are unable to write business on a nationwide basis utilizing a combination of MGIC and MIC, lenders may be unwilling to procure insurance from us anywhere. In addition, new insurance written can be influenced by a lender's assessment of the financial strength of our insurance operations and the matters in the September Freddie Mac Letter. Insurance departments, in their sole discretion, may modify, terminate or extend their waivers of Capital Requirements. If an insurance department other than the OCI modifies or terminates its waiver, or if it fails to grant a waiver or renew its waiver after expiration, depending on the circumstances, MGIC could be prevented from writing new business in that particular jurisdiction. Also, depending on the level of losses that MGIC experiences in the future, it is possible that regulatory action by one or more jurisdictions, including those that do not have specific Capital Requirements, may prevent MGIC from continuing to write new insurance in some or all of the jurisdictions in which MIC is not eligible to insure loans purchased or guaranteed by Fannie Mae or Freddie Mac. If this were to occur, we would need to seek the GSEs' approval to allow MIC to write business in those jurisdictions. The OCI, in its sole discretion, may modify, terminate or extend its waiver, although any modification or extension of the Keepwell Provision requires our written consent. If the OCI modifies or terminates its waiver, or if it fails to renew its waiver upon expiration, depending on the circumstances, MGIC could be prevented from writing new business in all jurisdictions if MGIC does not comply with the Capital Requirements. If MGIC were prevented from writing new business in all jurisdictions, our insurance operations in MGIC would be in run-off (meaning no new loans would be insured but loans previously insured would continue to be covered, with premiums continuing to be received and losses continuing to be paid on those loans) until MGIC either met the Capital Requirements or obtained a necessary waiver to allow it to once again write new business. Furthermore, if the OCI revokes or fails to renew MGIC's waiver, MIC's ability to write new business would be severely limited because the GSEs' approval of MIC is conditioned upon the continued effectiveness of the OCI Order. We cannot assure you that the OCI or any other jurisdiction that has granted a waiver of its Capital Requirements will not modify or revoke the waiver, or will renew the waiver when it expires; that the GSEs will approve MIC to write new business in all jurisdictions in which MGIC is unable to do so; or that MGIC could obtain the additional capital necessary to comply with the Capital Requirements. At present the amount of additional capital we would need to comply with the Capital Requirements would be substantial. For more information about factors that could negatively impact MGIC's compliance with Capital Requirements, which depending on the severity of adverse outcomes could exacerbate materially the current non-compliance with Capital Requirements, see Note 5 – "Litigation and Contingencies" and Note 11 – "Income Taxes." As discussed above, we have not accrued an estimated loss in our financial statements to reflect the satisfaction of the Settlement Condition. In addition, as discussed below, in accordance with Accounting Standards Codification ("ASC") 450-20, we have not accrued an estimated loss in our financial statements to reflect possible adverse developments in other litigation or other dispute resolution proceedings. An accrual, if required and depending on the amount, could exacerbate materially MGIC's current non-compliance with Capital Requirements. In addition to the factors listed above, our statutory capital and compliance with Capital Requirements could be negatively affected by an unfunded pension liability. An unfunded pension liability for statutory capital purposes may result from increases in pension benefit obligations due to a lower discount rate assumption or decreases to the fair value of pension plan assets due to poor asset performance, as well as changes in certain other actuarial assumptions. Since mid-2011, two of our competitors, Republic Mortgage Insurance Company ("RMIC") and PMI Mortgage Insurance Co. ("PMI"), ceased writing new insurance commitments, were placed under the supervision of the insurance departments of their respective domiciliary states and are subject to partial claim payment plans with the remaining claim amounts deferred. (PMI's parent company subsequently filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.) In addition, in 2008, Triad Guaranty Insurance Corporation ceased writing new business and entered into voluntary run-off. It is also subject to a partial payment plan ordered by its domiciliary state. MGIC's failure to meet the Capital Requirements to insure new business does not necessarily mean that MGIC does not have sufficient resources to pay claims on its insurance liabilities. While we believe that MGIC has sufficient claims paying resources to meet its claim obligations on its insurance in force on a timely basis, even though it does not meet Capital Requirements, we cannot assure you that the events that led to MGIC failing to meet Capital Requirements would not also result in it not having sufficient claims paying resources. Furthermore, our estimates of MGIC's claims paying resources and claim obligations are based on various assumptions. These assumptions include the timing of the receipt of claims on loans in our delinquency inventory and future claims that we anticipate will ultimately be received, our anticipated rescission activity, future housing values and future unemployment rates. These assumptions are subject to inherent uncertainty and require judgment by management. Current conditions in the domestic economy make the assumptions about when anticipated claims will be received, housing values, and unemployment rates highly volatile in the sense that there is a wide range of reasonably possible outcomes. Our anticipated rescission activity is also subject to inherent uncertainty due to the difficulty of predicting the amount of claims that will be rescinded and the outcome of any legal proceedings or settlement discussions related to rescissions that we make, including those with Countrywide. (For more information about the Countrywide legal proceedings, see Note 5 - "Litigation and Contingencies.") Prior to 2008, rescissions of coverage on loans for which claims have been submitted to us were not a material portion of our claims resolved during a year. However, beginning in 2008, our rescission of coverage on loans has materially mitigated our paid losses. In each of 2009 and 2010, rescissions mitigated our paid losses by approximately $1.2 billion; in 2011, rescissions mitigated our paid losses by approximately $0.6 billion; and in the first nine months of 2012, rescissions mitigated our paid losses by approximately $0.2 billion (in each case, the figure includes amounts that would have either resulted in a claim payment or been charged to a deductible under a bulk or pool policy, and may have been charged to a captive reinsurer). In recent quarters, 8% to 13% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009. As discussed in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Although the loans with suspended rescissions are included in our delinquency inventory, for purposes of determining our reserve amounts, it is assumed that coverage on these loans will be rescinded. The decision to suspend these potential rescissions does not represent the only reason for the recent decline in the percentage of claims that have been resolved through rescissions and we continue to expect that our rescissions will continue to decline. Our loss reserving methodology incorporates the effects we expect rescission activity to have on the losses we expect to pay on our delinquent inventory. Historically, the number of rescissions that we have reversed has been immaterial. A variance between ultimate actual rescission and reversal rates and these estimates, as a result of the outcome of claims investigations, litigation, settlements or other factors, could materially affect our losses. We estimate rescissions mitigated our incurred losses by approximately $2.5 billion in 2009 and $0.2 billion in 2010. In 2011 and the first nine months of 2012, we estimate that rescissions had no significant impact on our losses incurred. All of these figures include the benefit of claims not paid in the period as well as the impact of changes in our estimated expected rescission activity on our loss reserves in the period. At September 30, 2012, we had 148,885 loans in our primary delinquency inventory; a significant portion of these loans will cure their delinquency or be rescinded and will not involve paid claims. If the insured disputes our right to rescind coverage, the outcome of the dispute ultimately would be determined by legal proceedings. Under our policies, legal proceedings disputing our right to rescind coverage may be brought up to three years after the lender has obtained title to the property (typically through a foreclosure) or the property was sold in a sale that we approved, whichever is applicable, although in a few jurisdictions there is a longer time to bring such an action. For the majority of our rescissions since the beginning of 2009 that are not subject to a settlement agreement, this period in which a dispute may be brought has not ended. We consider a rescission resolved for financial reporting purposes even though legal proceedings have been initiated and are ongoing. Although it is reasonably possible that, when the proceedings are completed, there will be a determination that we were not entitled to rescind in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. Under ASC 450-20, an estimated loss from such proceedings is accrued for only if we determine that the loss is probable and can be reasonably estimated. Therefore, when establishing our loss reserves, we do not include additional loss reserves that would reflect an adverse outcome from ongoing legal proceedings, including those with Countrywide. For more information about these legal proceedings, see Note 5 – "Litigation and Contingencies." In addition to the proceedings involving Countrywide, we are involved in legal proceedings with respect to rescissions that we do not consider to be collectively material in amount. Although it is reasonably possible that, when these discussions or proceedings are completed, there will be a conclusion or determination that we were not entitled to rescind in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. In 2010, we entered into a settlement agreement with a lender-customer regarding our rescission practices. In April 2011, Freddie Mac advised its servicers that they must obtain its prior approval for rescission settlements and Fannie Mae advised its servicers that they are prohibited from entering into such settlements. In addition, in April 2011, Fannie Mae notified us that we must obtain its prior approval to enter into certain settlements. We continue to discuss with other lender-customers their objections to material rescissions and have reached settlement terms with several of our significant lender-customers. In connection with some of these settlement discussions, we have suspended rescissions related to loans that we believe could be included in potential settlements. As of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Any definitive agreement with these customers would be subject to GSE approval under announcements they made last year. Both GSEs approved our proposed settlement agreement with one customer. We considered the terms of the proposed agreement when establishing our loss reserves at September 30, 2012. This agreement did not have a significant impact on our established loss reserves. Neither GSE has approved our other settlement agreements, which were structured in a different manner than the one that was approved by the GSEs, and the terms of these other agreements were not considered when establishing our loss reserves at September 30, 2012. We have also reached settlement agreements that do not require GSE approval, but they have not been material in the aggregate. Reclassifications Certain reclassifications have been made in the accompanying financial statements to 2011 amounts to conform to 2012 presentation. Subsequent events We have considered subsequent events through the date of this filing. |
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New Accounting Guidance
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Sep. 30, 2012
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| New Accounting Guidance [Abstract] | |
| New Accounting Guidance | Note 2 - New Accounting Guidance In May 2011, new guidance was issued regarding fair value measurement. The guidance in the new standard is intended to harmonize the fair value measurement and disclosure requirements for accounting principles generally accepted in the United States ("GAAP") and International Financial Reporting Standards. Many of the changes in the standard represent clarifications to existing guidance, but the standard also includes some new guidance and new required disclosures. Our disclosures reflect the requirements of this new guidance beginning with the first quarter of 2012. In June 2011, as amended in December 2011, new guidance was issued requiring entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. Our disclosures reflect the requirements of this new guidance beginning with the first quarter of 2012. Other provisions of this guidance regarding reclassifications out of other comprehensive income have been delayed. In October 2011, new guidance was issued on accounting for costs associated with acquiring or renewing insurance contracts. The new guidance changed how insurance companies account for acquisition costs, particularly in determining what costs are deferrable. The new requirements were effective beginning in the first quarter of 2012 and we have adopted them prospectively. Under the new guidance in effect, for the three and nine months ended September 30, 2012, we deferred $2.6 million and $6.7 million of acquisition costs, respectively. For the three and nine months ended September 30, 2011, we deferred $1.2 million and $3.9 million in acquisition costs, respectively, and under the new guidance we would have deferred $1.8 million and $5.2 million of such costs, respectively. Acquisition costs are not deferred on a statutory accounting basis; therefore this new guidance has no impact on our statutory capital. |
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| Debt | Note 3 – Debt Senior Notes At September 30, 2012 and December 31, 2011 we had outstanding $100.1 million and $171.0 million, respectively, of 5.375% Senior Notes due in November 2015. During 2012 we repurchased $70.9 in par value of those Senior Notes. We recognized a gain on the repurchases of approximately $17.8 million, which is included in other revenue on the Consolidated Statements of Operations for the nine months ended September 30, 2012. During 2011 we repurchased $129.0 million in par value of these same Senior Notes. We recognized a gain on the repurchases of approximately $27.7 million, which is included in other revenue on the Consolidated Statements of Operations for the year ended December 31, 2011. Covenants in the Senior Notes include the requirement that there be no liens on the stock of the designated subsidiaries unless the Senior Notes are equally and ratably secured; that there be no disposition of the stock of designated subsidiaries unless all of the stock is disposed of for consideration equal to the fair market value of the stock; 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 Senior Notes. A designated subsidiary is any of our consolidated subsidiaries which has shareholders' equity of at least 15% of our consolidated shareholders' equity. We were in compliance with all covenants at September 30, 2012. If we fail to meet any of the covenants of the Senior Notes; there is a failure to pay when due at maturity, or a default results in the acceleration of maturity of, any of our other debt in an aggregate amount of $40 million or more; or we fail to make a payment of principal on the Senior Notes when due or a payment of interest on the Senior Notes within thirty days after due and we are not successful in obtaining an agreement from holders of a majority of the Senior Notes to change (or waive) the applicable requirement or payment default, then the holders of 25% or more of our Senior Notes would have the right to accelerate the maturity of those notes. In addition, the trustee of the Senior Notes could, independent of any action by holders of Senior Notes, accelerate the maturity of the Senior Notes. The amounts we owe under the Senior Notes would also be accelerated upon certain bankruptcy or insolvency-related events involving our holding company, including certain events involving the appointment of a custodian, receiver, liquidator, assignee, trustee or other similar official (collectively, an "Insolvency Official") of our holding company or any substantial part of its property or the consent of our holding company to such an appointment. The description above is not intended to be complete in all respects. Moreover, the description is qualified in its entirety by the terms of the notes, which are contained in the Indenture, dated as of October 15, 2000, between us and U.S. Bank, National Association, as trustee, and in an Officer's Certificate dated as of October 4, 2005, which specifies the interest rate, maturity date and other terms of the Senior Notes. Interest payments on the Senior Notes were $4.8 million and $8.1 million for the nine months ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2011 we also had interest payments of $4.4 million related to Senior Notes repaid in 2011. Convertible Senior Notes At September 30, 2012 and December 31, 2011 we had outstanding $345 million principal amount of 5% Convertible Senior Notes due in 2017. Interest on the Convertible Senior Notes is payable semi-annually in arrears on May 1 and November 1 of each year. The Convertible Senior Notes will mature on May 1, 2017, unless earlier converted by the holders or repurchased by us. Covenants in the Convertible Senior 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 the Convertible Senior Notes. If we fail to meet any of the covenants of the Convertible Senior Notes; there is a failure to pay when due at maturity, or a default results in the acceleration of maturity of, any of our other debt in an aggregate amount of $40 million or more; a final judgment for the payment of $40 million or more (excluding any amounts covered by insurance) is rendered against us or any of our subsidiaries which judgment is not discharged or stayed within certain time limits; or we fail to make a payment of principal on the Convertible Senior Notes when due or a payment of interest on the Convertible Senior Notes within thirty days after due and we are not successful in obtaining an agreement from holders of a majority of the Convertible Senior Notes to change (or waive) the applicable requirement or payment default, then the holders of 25% or more of the Convertible Senior Notes would have the right to accelerate the maturity of those notes. In addition, the trustee of the Convertible Senior Notes could, independent of any action by holders, accelerate the maturity of the Convertible Senior Notes. The amounts we owe under the Convertible Senior Notes would also be accelerated upon certain bankruptcy or insolvency-related events involving our holding company or a Significant Subsidiary, including the failure to have dismissed or stayed a petition seeking relief under bankruptcy or insolvency laws or the consent of our holding company or a Significant Subsidiary to the appointment of an Insolvency Official for all or substantially all of their respective property. "Significant Subsidiary" is defined in Regulation S-X under the Securities Act of 1933 and is measured as of the most recently completed fiscal year. As of December 31, 2011, MGIC and MGIC Reinsurance Corporation of Wisconsin were our Significant Subsidiaries. The Convertible Senior 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 Convertible Senior Notes will be equal in right of payment to our existing Senior Notes, discussed above, and will be senior in right of payment to our existing Convertible Junior Debentures, discussed below. Debt issuance costs are being amortized to interest expense over the contractual life of the Convertible Senior Notes. The provisions of the Convertible Senior Notes 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 notes, which are contained in the Supplemental Indenture, dated as of April 26, 2010, between us and U.S. Bank National Association, as trustee, and the Indenture dated as of October 15, 2000, between us and the trustee. Interest payments on the Convertible Senior Notes were $8.6 million in each of the nine months ended September 30, 2012 and 2011. Convertible Junior Subordinated Debentures At September 30, 2012 and December 31, 2011 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063 (the "debentures"). The debentures have an effective interest rate of 19% that reflects our non-convertible debt borrowing rate at the time of issuance. At September 30, 2012 and December 31, 2011 the amortized value of the principal amount of the debentures is reflected as a liability on our consolidated balance sheet of $370.2 million and $344.4 million, respectively, with the unamortized discount reflected in equity. The debentures rank junior to all of our existing and future senior indebtedness. Violations of the covenants under the Indenture governing the debentures, including covenants to provide certain documents to the trustee, are not events of default under the Indenture and would not allow the acceleration of amounts that we owe under the debentures. Similarly, events of default under, or acceleration of, any of our other obligations, including those described above, would not allow the acceleration of amounts that we owe under the debentures. However, if we fail to pay principal or interest when due under the debentures, then the holders of 25% or more of the debentures would have the right to accelerate the maturity of them. In addition, the trustee of the debentures could, independent of any action by holders, accelerate the maturity of the debentures. The amounts we owe under the Convertible Junior Subordinated Debentures would also be accelerated upon certain bankruptcy or insolvency-related events involving our holding company, including the appointment of a custodian of it or any substantial part of its properties. Interest on the 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 ten 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. On September 11, 2012, we sent notice to the holders of record of our debentures that we were deferring to October 1, 2022, the interest payment of $17.5 million that was scheduled to be paid on October 1, 2012. During this 10-year deferral period the deferred interest will continue to accrue and compound semi-annually to the extent permitted by applicable law at an annual rate of 9%. When interest on the 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 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 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 debentures, which are contained in the Indenture, dated as of March 28, 2008, between us and U.S. Bank National Association, as trustee. We may redeem the debentures prior to April 6, 2013, in whole but not in part, only in the event of a specified tax or rating agency event, as defined in the Indenture. In any such event, the redemption price will be equal to the greater of (1) 100% of the principal amount of the debentures being redeemed and (2) the applicable make-whole amount, as defined in the Indenture, in each case plus any accrued but unpaid interest. On or after April 6, 2013, we may redeem the 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 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 debentures for at least 20 of the 30 trading days preceding notice of the redemption. We will not be able to redeem the debentures, other than in the event of a specified tax event or rating agency event, during an optional deferral period. The 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 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 debentures, deferred interest owed on the 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 debentures occurring after April 6, 2013, we may, at our option, make a cash payment to converting holders equal to the value of all or some of the shares of our common stock otherwise issuable upon conversion. Interest payments on the debentures were $17.5 million in each of the nine months ended September 30, 2012 and 2011. All debt The par value and fair value of our debt at September 30, 2012 and December 31, 2011 appears in the table below.
The fair value of our Senior Notes and Convertible Senior Notes was determined using publicly available trade information and are considered Level 1 securities as described in Note 8 – "Fair Value Measurements." The fair value of our debentures was determined using available pricing for these debentures or similar instruments and are considered Level 2 securities as described in Note 8 – "Fair Value Measurements." The Senior Notes, Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At September 30, 2012, we had approximately $425 million in cash and investments at our holding company. The net unrealized gains on our holding company investment portfolio were approximately $3 million at September 30, 2012. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 2.2 years at September 30, 2012. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reinsurance
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Sep. 30, 2012
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| Reinsurance | Note 4 – Reinsurance The reinsurance recoverable on loss reserves as of September 30, 2012 and December 31, 2011 was approximately $118 million and $155 million, respectively. Captive agreements are written on an annual book of business and the captives are required to maintain a separate trust account to support the combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trust, and the trust account is made up of capital deposits by the lender captive, premium deposits by MGIC, and investment income earned. These amounts are held in the trust account and are available to pay reinsured losses. The reinsurance recoverable on loss reserves related to captive agreements was approximately $115 million at September 30, 2012 which was supported by $324 million of trust assets, while at December 31, 2011 the reinsurance recoverable on loss reserves related to captives was $142 million which was supported by $359 million of trust assets. As of September 30, 2012 and December 31, 2011 there was an additional $26 million and $27 million, respectively, of trust assets in captive agreements where there was no related reinsurance recoverable on loss reserves. Trust fund assets of $0.4 million and $39 million were transferred to us as a result of captive terminations during the first nine months of 2012 and 2011, respectively. In the third quarter of 2011, our Australian writing company terminated a reinsurance agreement under which it had assumed business from a third party. As a result of that termination, it returned approximately $7 million in unearned premium and it has no further obligations under this reinsurance agreement. The termination of this reinsurance agreement had no significant impact on our remaining risk in force in Australia. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Litigation and Contingencies
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Sep. 30, 2012
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| Litigation and Contingencies | Note 5 – Litigation and Contingencies Consumers are bringing a growing number of lawsuits against home mortgage lenders and settlement service providers. Mortgage insurers, including MGIC, have been involved in litigation alleging violations of the anti-referral fee provisions of the Real Estate Settlement Procedures Act, which is commonly known as RESPA, and the notice provisions of the Fair Credit Reporting Act, which is commonly known as FCRA. MGIC's settlement of class action litigation against it under RESPA became final in October 2003. MGIC settled the named plaintiffs' claims in litigation against it under FCRA in December 2004, following denial of class certification in June 2004. Since December 2006, class action litigation has been brought against a number of large lenders alleging that their captive mortgage reinsurance arrangements violated RESPA. On or about December 9, 2011, seven mortgage insurers (including MGIC) and a large mortgage lender (which was the named plaintiffs' lender) were named as defendants in a complaint, alleged to be a class action, filed in U.S. District Court for the Central District of California. Since then, nine similar cases have been filed naming various mortgage lenders and mortgage insurers (including MGIC) as defendants. In one case, an amended complaint has been filed after MGIC's motion to dismiss was granted. One case has been voluntarily dismissed and nine cases remain pending. The complaints in all nine of the remaining cases alleged various causes of action related to the captive mortgage reinsurance arrangements of the mortgage lenders, including that the defendants violated RESPA by paying excessive premiums to the lenders' captive reinsurer in relation to the risk assumed by that captive. MGIC denies any wrongdoing and intends to vigorously defend itself against the allegations in the lawsuits. There can be no assurance that we will not be subject to further litigation under RESPA (or FCRA) or that the outcome of any such litigation, including the lawsuits mentioned above, would not have a material adverse effect on us. In June 2005, in response to a letter from the New York Department of Financial Services, we provided information regarding captive mortgage reinsurance arrangements and other types of arrangements in which lenders receive compensation. In February 2006, the New York Department of Financial Services requested MGIC to review its premium rates in New York and to file adjusted rates based on recent years' experience or to explain why such experience would not alter rates. In March 2006, MGIC advised the New York Department of Financial Services that it believes its premium rates are reasonable and that, given the nature of mortgage insurance risk, premium rates should not be determined only by the experience of recent years. In February 2006, in response to an administrative subpoena from the Minnesota Department of Commerce (the "MN Department"), which regulates insurance, we provided the MN Department with information about captive mortgage reinsurance and certain other matters. We subsequently provided additional information to the MN Department, and beginning in March 2008, the MN Department has sought additional information as well as answers to questions regarding captive mortgage reinsurance on several occasions, including as recently as May 2011. In addition, beginning in June 2008, and as recently as December 2011, we received various subpoenas from the U.S. Department of Housing and Urban Development ("HUD"), seeking information about captive mortgage reinsurance similar to that requested by the MN Department, but not limited in scope to the state of Minnesota. In January 2012, we received correspondence from the Consumer Financial Protection Bureau ("CFPB") indicating that the CFPB had opened an investigation into captive mortgage reinsurance premium ceding practices by private mortgage insurers. In that correspondence, the CFPB also requested, among other things, certain information regarding captive mortgage reinsurance transactions in which we participated. In June 2012, we received a Civil Investigative Demand from the CFPB requiring additional information and documentation regarding captive mortgage reinsurance. We have met with, and expect to continue to meet with, the CFPB to discuss the Civil Investigative Demand and how to resolve its investigation. Other insurance departments or other officials, including attorneys general, may also seek information about or investigate captive mortgage reinsurance. Various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring actions seeking various forms of relief, including civil penalties and injunctions against 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 captive reinsurance arrangements 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. We are subject to comprehensive, detailed regulation by state insurance departments. These regulations are principally designed for the protection of our insured policyholders, rather than for the benefit of investors. Although their scope varies, state insurance laws generally grant broad supervisory powers to agencies or officials to examine insurance companies and enforce rules or exercise discretion affecting almost every significant aspect of the insurance business. Given the recent significant losses incurred by many insurers in the mortgage and financial guaranty industries, our insurance subsidiaries have been subject to heightened scrutiny by insurance regulators. State insurance regulatory authorities could take actions, including changes in capital requirements or termination of waivers of capital requirements, that could have a material adverse effect on us. In addition, we are uncertain whether the CFPB, established by the Dodd-Frank Act to regulate the offering and provision of consumer financial products or services under federal law, will issue any rules or regulations that affect our business apart from any action it may take as a result of its investigation of captive mortgage reinsurance. Such rules and regulations could have a material adverse effect on us. In October 2010, a purported class action lawsuit was filed against MGIC in the U.S. District Court for the Western District of Pennsylvania by a loan applicant on whose behalf a now-settled action we previously disclosed had been filed by the U.S. Department of Justice. In this lawsuit, the loan applicant alleged that MGIC discriminated against her and certain proposed class members on the basis of sex and familial status when MGIC underwrote their loans for mortgage insurance. In May 2011, the District Court granted MGIC's motion to dismiss with respect to all claims except certain Fair Housing Act claims. On July 2, 2012, the District Court granted preliminary approval for a class action settlement of the lawsuit. The proposed settlement creates a settlement class of 265 borrowers. Under the terms of the proposed settlement, MGIC is required to deposit $500,000 into an escrow account to fund possible payments to affected borrowers. In addition, MGIC will pay the named plaintiff an "incentive fee" of $7,500 and pay class counsels' fees of $337,500. Any funds remaining in the escrow account after payment of all claims approved under the procedures established by the settlement will be returned to MGIC. The settlement is contingent upon the District Court's final approval. Five previously-filed purported class action complaints filed against us and several of our executive officers were consolidated in March 2009 in the United States District Court for the Eastern District of Wisconsin and Fulton County Employees' Retirement System was appointed as the lead plaintiff. The lead plaintiff filed a Consolidated Class Action Complaint (the "Complaint") in June 2009. Due in part to its length and structure, it is difficult to summarize briefly the allegations in the Complaint but it appears the allegations are that we and our officers named in the Complaint violated the federal securities laws by misrepresenting or failing to disclose material information about (i) loss development in our insurance in force, and (ii) C-BASS (a former minority-owned, unconsolidated, joint venture investment), including its liquidity. The Complaint also named two officers of C-BASS with respect to the Complaints' allegations regarding C-BASS. Our motion to dismiss the Complaint was granted in February 2010. In March 2010, plaintiffs filed a motion for leave to file an amended complaint. Attached to this motion was a proposed Amended Complaint (the "Amended Complaint"). The Amended Complaint alleged that we and two of our officers named in the Amended Complaint violated the federal securities laws by misrepresenting or failing to disclose material information about C-BASS, including its liquidity, and by failing to properly account for our investment in C-BASS. The Amended Complaint also named two officers of C-BASS with respect to the Amended Complaint's allegations regarding C-BASS. The Complaint was dismissed and the motion to file the Amended Complaint was denied. These decisions were affirmed by the Appeals Court in April 2012. In early July 2012, the plaintiffs re-filed a motion with the District Court for relief from that court's judgment of dismissal on the ground of newly discovered evidence consisting of transcripts the plaintiffs obtained of testimony taken by the Securities and Exchange Commission in its now-terminated investigation regarding C-BASS. On October 3, 2012, the District Court denied the July 2012 motion and the plaintiffs did not appeal. Although this case has been resolved in our favor, other lawsuits alleging violations of the securities laws could be brought against us. We understand several law firms have, among other things, issued press releases to the effect that they are investigating us, including whether the fiduciaries of our 401(k) plan breached their fiduciary duties regarding the plan's investment in or holding of our common stock or whether we breached other legal or fiduciary obligations to our shareholders. We intend to defend vigorously any proceedings that may result from these investigations. With limited exceptions, our bylaws provide that our officers and 401(k) plan fiduciaries are entitled to indemnification from us for claims against them. In December 2009, Countrywide filed a complaint for declaratory relief in the Superior Court of the State of California in San Francisco against MGIC. This complaint alleges that MGIC has denied, and continues to deny, valid mortgage insurance claims submitted by Countrywide and says it seeks declaratory relief regarding the proper interpretation of the insurance policies at issue. In October 2011, the United States District Court for the Northern District of California, to which the case had been removed, entered an order staying the litigation in favor of the arbitration proceeding we commenced against Countrywide in February 2010. In the arbitration proceeding, we are seeking a determination that MGIC is entitled to rescind coverage on the loans involved in the proceeding. From January 1, 2008 through September 30, 2012, rescissions of coverage on Countrywide-related loans mitigated our paid losses on the order of $440 million. This amount is the amount we estimate we would have paid had the coverage not been rescinded. On a per loan basis, the average amount that we would have paid had the loans not been rescinded was approximately $72,100. Various materials exchanged by MGIC and Countrywide in 2011 bring into the dispute loans we did not consider before then to be Countrywide-related and loans on which MGIC rescinded coverage subsequent to those specified at the time MGIC began the proceeding (including loans insured through the bulk channel), and set forth Countrywide's contention that, in addition to the claim amounts under coverage it alleges MGIC has improperly rescinded, Countrywide is entitled to other damages of almost $700 million as well as exemplary damages. Countrywide and MGIC have each selected 12 loans for which a three-member arbitration panel will determine coverage. While the panel's determination will not be binding on the other loans at issue, the panel will identify the issues for these 24 "bellwether" loans and strive to set forth findings of fact and conclusions of law in such a way as to aid the parties to apply them to the other loans at issue. The hearing before the panel on the bellwether loans has been scheduled to begin in March 2013. We are in mediation in an effort to resolve our dispute with Countrywide, although we cannot predict whether the mediation will result in a resolution. If it does, a resolution with Countrywide will be subject to various conditions before it becomes effective. In connection with our mediation with Countrywide, we have voluntarily suspended rescissions related to loans that we believe could be covered by a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later. If we are able to reach a resolution with Countrywide, under ASC 450-20, we would record the effects of the resolution in our accounts when we determine that it is probable the resolution will become effective and the financial effect on us can be reasonably estimated. If these conditions to recording are met, the financial statement effect on us would involve the recognition of additional loss, which would negatively impact our capital. If we are not able to reach a resolution with Countrywide, we intend to defend MGIC against any further proceedings arising from Countrywide's complaint and to advocate MGIC's position in the arbitration, vigorously. Although it is reasonably possible that, when the proceedings are completed, there will be a determination that we were not entitled to rescind in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. Under ASC 450-20, an estimated loss is accrued for only if we determine that the loss is probable and can be reasonably estimated. Therefore, we have not accrued any reserves that would reflect an adverse outcome in this proceeding. An accrual for an adverse outcome in this (or any other) proceeding would be a reduction to our capital. In this regard, see Note 1 – "Basis of Presentation – Capital." At September 30, 2012, 32,560 loans in our primary delinquency inventory were Countrywide-related loans (approximately 22% of our primary delinquency inventory). As noted above, we have suspended Countrywide rescissions of coverage on loans that we believe could be included in a potential resolution with Countrywide. Although these loans are included in our delinquency inventory, for purposes of determining our reserve amounts, it is assumed that coverage on these loans will be rescinded. We expect a significant portion of the Countrywide loans in our delinquency inventory will cure their delinquency or their coverage will be rescinded and will not involve paid claims. From January 1, 2008 through September 30, 2012, of the claims on Countrywide-related loans that were resolved (a claim is resolved when it is paid or the coverage is rescinded; claims that are submitted but which are under review are not resolved until one of these two outcomes occurs), approximately 83% were paid and coverage on the remaining 17% were rescinded. Had we processed the rescissions we have suspended, these percentages would be approximately 79% and 21%, respectively. The flow policies at issue with Countrywide are in the same form as the flow policies that we use with all of our customers, and the bulk policies at issue vary from one another, but are generally similar to those used in the majority of our Wall Street bulk transactions. Because our rescission practices with Countrywide do not differ from our practices with other servicers with which we have not entered into settlement agreements, an adverse result in the Countrywide proceeding may adversely affect the ultimate result of rescissions involving other servicers and lenders. From January 1, 2008 through September 30, 2012, we estimate that total rescissions mitigated our incurred losses by approximately $3.1 billion, which included approximately $2.8 billion of mitigation on paid losses, excluding $0.6 billion that would have been applied to a deductible. At September 30, 2012, we estimate that our total loss reserves were benefited from anticipated rescissions by approximately $0.5 billion. In addition to the rescissions at issue with Countrywide, we have a substantial pipeline of claims investigations and pre-rescission rebuttals (including those involving loans related to Countrywide) that we expect will eventually result in future rescissions. For additional information about rescissions as well as rescission settlement agreements, see Note 12 – "Loss Reserves." MGIC and Freddie Mac disagree on the amount of the aggregate loss limit under eleven pool insurance policies that insure loans for a fixed period, usually ten years, after which the "sunset" date is reached and coverage terminates. These eleven policies, which each cover numerous individual loan pools, share a single, consolidated aggregate loss limit calculated based upon the initial principal balance of all loans insured under the policies. We believe that under the policies this aggregate loss limit decreases when an individual pool reaches its sunset date and thus the loans in that pool are no longer insured. Freddie Mac's position is that under the policies the expiration of coverage on individual loan pools has no effect on the aggregate loss limit, which remains at the same level until the last of the policies that provide coverage for any of the pools terminates. The aggregate loss limit is approximately $535 million higher under Freddie Mac's interpretation of the policies than under our interpretation. On May 16, 2012, MGIC filed a lawsuit in U.S. District Court for the Eastern District of Wisconsin (the "Wisconsin Court") against Freddie Mac and FHFA seeking declaratory relief regarding the proper interpretation of the pool insurance policies ("MGIC's Lawsuit"). On June 8, 2012, Freddie Mac filed a motion to dismiss, stay, or transfer MGIC's Lawsuit to the U.S. District Court for the Eastern District of Virginia (the "Virginia Court"). On July 20, 2012, FHFA made a motion to dismiss MGIC's Lawsuit on the ground that the Wisconsin Court lacks subject matter jurisdiction. These motions are currently pending. On May 17, 2012, Freddie Mac filed a lawsuit in the Virginia Court against MGIC effectively seeking declaratory judgment regarding the proper interpretation of the pool insurance policies and on June 14, 2012, FHFA was added as a plaintiff ("Freddie Mac's Lawsuit"). On July 5, 2012, the Virginia Court granted our motion to transfer Freddie Mac's Lawsuit to the Wisconsin Court, but it stayed the transfer pending the Wisconsin Court's determining that it had subject matter jurisdiction. Freddie Mac has asked the Virginia Court to reconsider its transfer decision. In August 2012, the court denied that request. For subsequent developments regarding settlement of the pool insurance dispute, see Note 1 – "Basis of Presentation – Capital." We account for losses under our interpretation of the pool insurance policies. If we are unable to finalize a settlement with Freddie Mac, we intend to defend MGIC against the litigation described above and to advocate MGIC's position in the litigation, vigorously. Although it is reasonably possible that our interpretation will not prevail in the litigation described above, under ASC 450-20, an estimated loss is accrued for only if we determine that the loss is probable and can be reasonably estimated. Therefore, we have not accrued any reserves that would reflect an adverse outcome in this litigation. Changed circumstances that lead us to conclude a loss is probable in litigation would negatively impact our statutory capital and, depending on the amount, could exacerbate materially the current non-compliance with Capital Requirements. In the third quarter of 2012 the aggregate loss limit under our interpretation of the policy was exhausted, the policy was cancelled and approximately 15,600 pool notices were removed from the pool notice inventory and thus, we are no longer estimating loss reserves on this policy. A non-insurance subsidiary of our holding company is a shareholder of the corporation that operates the Mortgage Electronic Registration System ("MERS"). Our subsidiary, as a shareholder of MERS, has been named as a defendant (along with MERS and its other shareholders) in seven lawsuits asserting various causes of action arising from allegedly improper recording and foreclosure activities by MERS. Two of those lawsuits remain pending and the other five lawsuits have been dismissed without an appeal. The damages sought in the remaining case are substantial. Our mortgage insurance business utilizes its underwriting skills to provide an outsourced underwriting service to our customers known as contract underwriting. As part of our contract underwriting activities, we are responsible for the quality of our underwriting decisions in accordance with the terms of the contract underwriting agreements with customers. We may be required to provide certain remedies to our customers if certain standards relating to the quality of our underwriting work are not met, and we have an established reserve for such obligations. A generally positive economic environment for residential real estate that continued until approximately 2007 may have mitigated the effect of some of these costs in previous years. Historically, a material portion of our new insurance written through the flow channel has involved loans for which we provided contract underwriting services, including new insurance written between 2006 and 2008. Claims for remedies may be made a number of years after the underwriting work was performed. We believe the rescission of mortgage insurance coverage on loans for which we provided contract underwriting services may make a claim for a contract underwriting remedy more likely to occur. Beginning in the second half of 2009, we experienced an increase in claims for contract underwriting remedies, which has continued into the first nine months of 2012. 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 results of operations. See Note 11 – "Income Taxes" for a description of federal income tax contingencies. |
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| Earnings (Loss) per Share | Note 6 – Earnings (Loss) per Share Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities of 1.1 million for each of the three and nine months ended September 30, 2012 and 1.0 million and 1.8 million, respectively, for the three and nine months ended September 30, 2011 because they were anti-dilutive due to our reported net loss. Typically, diluted EPS is based on the weighted average number of common shares outstanding plus common stock equivalents which include certain stock awards, stock options and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended September 30, 2012 and 2011 common stock equivalents of 55.4 million and 55.5 million, respectively, and for each of the nine months ended September 30, 2012 and 2011 common stock equivalents of 55.6 million were not included because they were anti-dilutive.
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 7 – Investments The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at September 30, 2012 and December 31, 2011 are shown below.
(1) At September 30, 2012 and December 31, 2011, there were no other-than-temporary impairment losses recorded in other comprehensive income. The amortized cost and fair values of debt securities at September 30, 2012, 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 auction rate and mortgage-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
(1) At September 30, 2012, all of the auction rate securities had a contractual maturity greater than 10 years. At September 30, 2012 and December 31, 2011, the investment portfolio had gross unrealized losses of $5.9 million and $14.6 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:
The securities in an unrealized loss position for 12 months or greater are primarily auction rate securities ("ARS") backed by student loans. See further discussion of these securities below. The unrealized losses in all categories of our investments were primarily caused by the difference in interest rates at September 30, 2012 and December 31, 2011, respectively, compared to the interest rates at the time of purchase as well as the liquidity discount rate applied in our auction rate securities discounted cash flow model. The fair value of our ARS backed by student loans was approximately $111 million and $170 million at September 30, 2012 and December 31, 2011, respectively. ARS were intended to behave like short-term debt instruments because their interest rates are reset periodically through an auction process, most commonly at intervals of 7, 28 and 35 days. The same auction process had historically provided a means by which we may rollover the investment or sell these securities at par in order to provide us with liquidity as needed. The ARS we hold are collateralized by portfolios of student loans, substantially all of which are ultimately 97% guaranteed by the United States Department of Education. At September 30, 2012, our ARS portfolio was approximately 66% AAA/Aaa-rated by one or more of the major rating agencies. In mid-February 2008, auctions began to fail due to insufficient buyers, as the amount of securities submitted for sale in auctions exceeded the aggregate amount of the bids. For each failed auction, the interest rate on the security moves to a maximum rate specified for each security, and generally resets at a level higher than specified short-term interest rate benchmarks. At September 30, 2012, our entire ARS portfolio, consisting of 13 investments, was subject to failed auctions; however, from the period when the auctions began to fail through September 30, 2012, $422 million in par value of ARS was either sold or called, with the average amount we received being approximately 96% of par which approximated the aggregate fair value prior to redemption. To date, we have collected all interest due on our ARS. As a result of the persistent failed auctions, and the uncertainty of when these investments could be liquidated at par, the investment principal associated with failed auctions will not be accessible until successful auctions occur, a buyer is found outside of the auction process, the issuers establish a different form of financing to replace these securities, or final payments come due according to the contractual maturities of the debt issues. Under the current guidance a debt security impairment is deemed other than temporary if we either intend to sell the security, or it is more likely than not that we will be required to sell the security before recovery or we do not expect to collect cash flows sufficient to recover the amortized cost basis of the security. During each of the first nine months of 2012 and 2011 there were other-than-temporary impairments ("OTTI") recognized of $0.3 million. The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
We elected to realize these gains, by selling certain securities, given the favorable market conditions experienced in 2011 and the first nine months of 2012. We then reinvested the funds taking into account our anticipated future claim payment obligations. We also continue to reduce our investments in tax exempt municipal securities and increase our investments in taxable securities. For statutory purposes investments are generally held at amortized cost, therefore the realized gains increased our statutory policyholders' position or statutory capital in 2011 and the first nine months of 2012. |
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The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Fair Value Measurements | Note 8 – Fair Value Measurements In accordance with fair value 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 certain U.S. Treasury securities and obligations of U.S. government corporations and agencies and Australian government and semi government securities. 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 financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include certain municipal and corporate bonds. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs include certain state and auction rate (backed by student loans) securities. Non-financial assets which utilize Level 3 inputs include real estate acquired through claim settlement. 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. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Assets classified as Level 3 are as follows:
A 1% change in the discount rate would change the value of our ARS by approximately $2.4 million. A two year change to the years to liquidity assumption would change the value of our ARS by approximately $4.6 million.
Fair value measurements for assets measured at fair value included the following as of September 30, 2012 and December 31, 2011:
(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet. There were no transfers of securities between Level 1 and Level 2 during the first nine months of 2012 or 2011. For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and nine months ended September 30, 2012 and 2011 is as follows:
Additional fair value disclosures related to our investment portfolio are included in Note 7 – "Investments." Fair value disclosures related to our debt are included in Note 3 – "Debt." |
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Sep. 30, 2012
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| Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income | Note 9 – Other Comprehensive Income Our other comprehensive income for the three and nine months ended September 30, 2012 and 2011 was as follows:
See Note 11 – "Income Taxes" for a discussion of the valuation allowance. Our total accumulated other comprehensive income was as follows:
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- Definition
The entire disclosure for other 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 other comprehensive income. No definition available.
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Benefit Plans
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Sep. 30, 2012
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| Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Plans | Note 10 - Benefit Plans The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
In October 2012, we contributed $15 million to the pension plan. We currently do not intend to make any additional contributions to the plans during 2012. Under Statement of Statutory Accounting Principles ("SSAP") No. 92 and No. 102, which will become effective January 1, 2013, the measurement of pension and other postretirement benefit liabilities will begin to include non-vested employees. This measurement, referred to as the projected benefit obligation, is the measurement currently used under GAAP. Once the SSAPs are effective, our statutory benefit obligations will increase. We are currently evaluating the provisions of this guidance, however we do not expect the new guidance to have a material impact on our statutory benefit obligations. |
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The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Sep. 30, 2012
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | Note 11 – Income Taxes We review the need to establish 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 expected occurrence of future income or loss and available tax planning alternatives. Based on our analysis and the level of cumulative operating losses, we have reduced our benefit from income tax through the recognition of a valuation allowance. For the nine months ended September 30, 2012 and 2011, our deferred tax valuation allowance was reduced by the change in the deferred tax liability related to $7.8 million and $103.9 million, respectively, of unrealized gains on investments that were recorded in other comprehensive income. In the event of future operating losses, it is likely that the valuation allowance will be adjusted by any taxes recorded to equity for changes in unrealized gains or losses or other items in other comprehensive income. The effect of the change in valuation allowance on the benefit from income taxes was as follows:
The decrease in the valuation allowance that was included in other comprehensive income for the three months ended September 30, 2012 was $13.7 million. There was no change in the valuation allowance included in other comprehensive income for nine months ended September 30, 2012 or the three and nine months ended September 30, 2011. The total valuation allowance as of September 30, 2012 and December 31, 2011 was $800.8 million and $608.8 million, respectively. We have approximately $2,105 million of net operating loss carryforwards on a regular tax basis and $1,225 million of net operating loss carryforwards for computing the alternative minimum tax as of September 30, 2012. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2032. The Internal Revenue Service ("IRS") completed separate examinations of our federal income tax returns for the years 2000 through 2004 and 2005 through 2007 and issued assessments for unpaid 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"). This portfolio has been managed and maintained during years prior to, during and subsequent to the examination period. 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. The IRS assessment related to the REMIC issue is $190.7 million in taxes and penalties. There would also be applicable interest which, when computed on the amount of the assessment, is substantial. Depending on the outcome of this matter, additional state income taxes along with any applicable interest may become due when a final resolution is reached and could also be substantial. We appealed these assessments within the IRS and, in 2007, we made a payment of $65.2 million with the United States Department of the Treasury related to this assessment. In August 2010, we reached a tentative settlement agreement with the IRS. In July 2012, we were informed by the IRS that it would not finalize our previous settlement. We are exploring our alternatives with respect to this matter. One alternative is to seek to reach a new settlement which, if reached, we expect would be more costly to us than the prior settlement. In the event that we are unable to reach any settlement of the proposed adjustments, we would be required to litigate their validity in order to avoid a full concession to the IRS. Any such litigation could be lengthy and costly in terms of legal fees and related expenses. We adjusted our tax provision and liabilities for the effects of the tentative settlement agreement in 2010. The IRS' reconsideration of the terms of the settlement agreement did not change our belief that the previously recorded items are appropriate. However, we would need to make appropriate 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 and statutory capital. In this regard, see Note 1 – "Basis of Presentation - Capital." In March 2012, we received a Revenue Agent's Report from the IRS related to the examination of our federal income tax returns for the years 2008 and 2009. The adjustments that are proposed by the IRS are temporary in nature and will have no material effect on the financial statements. In July 2012, the IRS began an audit of our 2010 federal income tax return. |
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Loss Reserves
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Sep. 30, 2012
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| Loss reserves | Note 12 – Loss Reserves We establish reserves to recognize the estimated liability for losses and loss adjustment expenses ("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, and the current and future strength of local housing markets. Current conditions in the housing and mortgage industries make these assumptions more volatile than they would otherwise be. 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 further 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 further drop in housing values that could result in, among other things, greater losses on loans that have pool insurance, and may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance and mitigation from rescissions being materially less than assumed. 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 following table provides a reconciliation of beginning and ending loss reserves for the nine months ended September 30, 2012 and 2011:
The "Losses incurred" section of the table above shows losses incurred on default notices received in the current year and in prior years. The amount of losses incurred relating to default notices received in the current year represents the estimated amount to be ultimately paid on such default notices. The amount of losses incurred relating to default notices received in prior years represents the actual claim rate and severity associated with those default notices 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 remaining in inventory from the end of the prior year. This re-estimation of the estimated claim rate and estimated severity is the result of our review of current trends in default inventory, such as percentages of defaults that have resulted in a claim, the amount of the claims, changes in the relative level of defaults by geography and changes in average loan exposure. In the first nine months of 2012, net losses incurred were $1,379 million, comprised of $1,091 million of current year loss development and $287 million of unfavorable prior years' loss development. In the first nine months of 2011, net losses incurred were $1,233 million, comprised of $1,329 million of current year loss development, offset by $96 million of favorable prior years' loss development. Current year losses incurred decreased in the first nine months of 2012 compared to the same period in 2011 primarily due to a decrease in the number of new default notices received, net of cures, compared to the prior period. The development of the reserves in the first nine months of 2012 and 2011 is reflected in the "Prior years" line in the table above. The $287 million increase in losses incurred in the first nine months of 2012 that was related to defaults that occurred in prior years resulted primarily from an increase in the estimated claim rate on primary defaults (approximately $300 million). The increase in the claim rate was based on a re-estimation of amounts to be ultimately paid on defaults remaining in inventory from the end of the prior year. Our experience on defaults that are 12 months or more delinquent during the first nine months of 2012 has increased our estimate of the claim rate. The offsetting decrease in losses incurred that was related to defaults that occurred in prior years (approximately $13 million) related to pool reserves, LAE reserves and reinsurance. The $96 million decrease in losses incurred in the first nine months of 2011 that was related to defaults that occurred in prior periods resulted primarily from a decrease in the estimated severity on primary defaults (approximately $105 million) as well as a decrease in estimated severity on pool defaults (approximately $50 million). The decrease in losses incurred related to prior years was also related to a decrease in estimated loss adjustment expenses (approximately $121 million). These decreases were offset by an increase in the estimated claim rate on primary defaults (approximately $180 million). The decrease in the severity was based on the resolution of approximately 49% of the prior year default inventory. The decrease in estimated loss adjustment expense was based on recent historical trends in the costs associated with resolving a claim. The increase in the claim rate was also based on the resolution of the prior year default inventory, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory from the end of the prior year and estimated incurred but not reported items from the end of the prior year. The "Losses paid" section of the table above shows the breakdown between claims paid on default notices received in the current year and default notices received in prior years. It has historically taken, prior to the last few years, on average, approximately twelve months for a default which is not cured to develop into a paid claim, therefore, most losses paid relate to default notices received in prior years. Due to a combination of reasons that have slowed the rate at which claims are received and paid, including foreclosure moratoriums and suspensions, servicing delays, court delays, loan modifications, our fraud investigations and our claim rescissions and denials for misrepresentation, it is difficult to estimate how long it may take for current and future defaults that do not cure to develop into paid claims. Beginning in 2011, we experienced an increase in claims paid on default notices related to the current year due to fewer claim investigations and an increase in short sales. The "Losses paid" section of the table also includes a decrease in losses paid related to terminated reinsurance agreements as noted in footnote (4) of the table above. The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at September 30, 2012 and December 31, 2011 and approximated $118 million and $114 million, respectively. Separate components of this liability are included in "Other liabilities" and "Premium deficiency reserve" on our consolidated balance sheet. Changes in the liability affect premiums written and earned and change in premium deficiency reserve. The decrease in the primary default inventory experienced during 2012 and 2011 was generally across all markets and all book years. However, the percentage of loans in the inventory that have been in default for 12 or more consecutive months has increased, as shown in the table below. 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 has been affected by our suspended rescissions discussed below. Aging of the Primary Default Inventory
(1) As discussed in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. 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
Before paying a claim, we can review the loan file to determine whether we are required, under the applicable insurance policy, to pay the claim or whether we are entitled to reduce the amount of the claim. For example, all of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligation to mitigate our loss by performing reasonable loss mitigation efforts or diligently pursuing a foreclosure or bankruptcy relief in a timely manner. We also do not cover losses resulting from property damage that has not been repaired. In addition, subject to rescission caps in certain of our Wall Street bulk transactions, all of our insurance policies allow us to rescind coverage under certain circumstances. Because we can review the loan origination documents and information as part of our normal processing when a claim is submitted to us, rescissions occur on a loan by loan basis most often after we have received a claim. Prior to 2008, rescissions of coverage on loans for which claims have been submitted to us were not a material portion of our claims resolved during a year. However, beginning in 2008, our rescission of coverage on loans has materially mitigated our paid losses. In each of 2009 and 2010, rescissions mitigated our paid losses by approximately $1.2 billion; in 2011, rescissions mitigated our paid losses by approximately $0.6 billion; and in the first nine months of 2012, rescissions mitigated our paid losses by approximately $0.2 billion (in each case, the figure includes amounts that would have either resulted in a claim payment or been charged to a deductible under a bulk or pool policy, and may have been charged to a captive reinsurer). In recent quarters, 8% to 13% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009. As discussed in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Although the loans with suspended rescissions are included in our delinquency inventory, for purposes of determining our reserve amounts, it is assumed that coverage on these loans will be rescinded. The decision to suspend these potential rescissions does not represent the only reason for the recent decline in the percentage of claims that have been resolved through rescissions and we continue to expect that our rescissions will continue to decline. Our loss reserving methodology incorporates the effect that rescission activity is expected to have on the losses we will pay on our delinquent inventory. Historically, the number of rescissions that we have reversed has been immaterial. We do not utilize an explicit rescission rate in our reserving methodology, but rather our reserving methodology incorporates the effects rescission activity has had on our historical claim rate and claim severities. A variance between ultimate actual rescission rates and these estimates could materially affect our losses incurred. Our estimation process does not include a direct correlation between claim rates and severities to projected rescission activity or other economic conditions such as changes in unemployment rates, interest rates or housing values. Our experience is that analysis of that nature would not produce reliable results, as the change in one condition cannot be isolated to determine its sole effect on our ultimate paid losses as our ultimate paid losses are also influenced at the same time by other economic conditions. The estimation of the impact of rescissions on incurred losses, as shown in the table below, must be considered together with the various other factors impacting incurred losses and not in isolation. At September 30, 2012, we had 148,885 loans in our primary delinquency inventory; a significant portion of these loans will cure their delinquency or be rescinded and will not involve paid claims. The table below represents our estimate of the impact rescissions have had on reducing our loss reserves, paid losses and losses incurred.
(1) As noted in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Although the loans with suspended rescissions are included in our delinquency inventory, for purposes of determining our reserve amounts, it is assumed that coverage on these loans will be rescinded, and thus are included in the estimated $0.5 million estimated rescission reduction to ending reserves at September 30, 2012. The decision to suspend these potential rescissions does not represent the only reason for the recent decline in the percentage of claims that have been resolved through rescissions and we continue to expect that our rescissions will continue to decline. At September 30, 2012, our loss reserves continued to be significantly impacted by expected rescission activity. We expect that the reduction of our loss reserves due to rescissions will continue to decline because our recent experience indicates new notices in our default inventory have a lower likelihood of being rescinded than those already in the inventory. The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At September 30, 2012 and December 31, 2011 the estimate of this liability totaled $49 million and $58 million, respectively. Separate components of this liability are included in "Other liabilities" and "Premium deficiency reserve" on our consolidated balance sheet. Changes in the liability affect premiums written and earned and change in premium deficiency reserve. If the insured disputes our right to rescind coverage, the outcome of the dispute ultimately would be determined by legal proceedings. Under our policies, legal proceedings disputing our right to rescind coverage may be brought up to three years after the lender has obtained title to the property (typically through a foreclosure) or the property was sold in a sale that we approved, whichever is applicable, although in a few jurisdictions there is a longer time to bring such an action. For the majority of our rescissions since the beginning of 2009 that are not subject to a settlement agreement, this period in which a dispute may be brought has not ended. We consider a rescission resolved for financial reporting purposes even though legal proceedings have been initiated and are ongoing. Although it is reasonably possible that, when the proceedings are completed, there will be a determination that we were not entitled to rescind in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. Under ASC 450-20, an estimated loss from such proceedings is accrued for only if we determine that the loss is probable and can be reasonably estimated. Therefore, when establishing our loss reserves, we do not include additional loss reserves that would reflect an adverse outcome from ongoing legal proceedings, including those with Countrywide. For more information about these legal proceedings, see Note 5 – "Litigation and Contingencies." In addition to the proceedings involving Countrywide, we are involved in legal proceedings with respect to rescissions that we do not consider to be collectively material in amount. Although it is reasonably possible that, when these discussions or proceedings are completed, there will be a conclusion or determination that we were not entitled to rescind in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. In 2010, we entered into a settlement agreement with a lender-customer regarding our rescission practices. In April 2011, Freddie Mac advised its servicers that they must obtain its prior approval for rescission settlements and Fannie Mae advised its servicers that they are prohibited from entering into such settlements. In addition, in April 2011, Fannie Mae notified us that we must obtain its prior approval to enter into certain settlements. We continue to discuss with other lender-customers their objections to material rescissions and have reached settlement terms with several of our significant lender-customers. In connection with some of these settlement discussions, we have suspended rescissions related to loans that we believe could be included in potential settlements. As of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Any definitive agreement with these customers would be subject to GSE approval under announcements they made last year. Both GSEs approved our proposed settlement agreement with one customer. We considered the terms of the proposed agreement when establishing our loss reserves at September 30, 2012. This agreement did not have a significant impact on our established loss reserves. Neither GSE has approved our other settlement agreements, which are structured in a different manner than the one that was approved by the GSEs, and the terms of these other agreements were not considered when establishing our loss reserves at September 30, 2012. We have also reached settlement agreements that do not require GSE approval, but they have not been material in the aggregate. A rollforward of our primary default inventory for the three and nine months ended September 30, 2012 and 2011 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 by transfers of servicing between loan servicers.
Pool insurance notice inventory decreased from 32,971 at December 31, 2011 to 9,337 at September 30, 2012. During the third quarter of 2012, approximately 15,600 pool notices were removed from the pool notice inventory due to the exhaustion of the aggregate loss on a pool policy we have with Freddie Mac. See Note 5 – "Litigation and Contingencies" for a discussion of our dispute with Freddie Mac regarding this pool policy. The pool insurance notice inventory was 33,792 at September 30, 2011. |
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| Premium Deficiency Reserve | Note 13 – Premium Deficiency Reserve The components of the premium deficiency reserve at September 30, 2012, December 31, 2011 and September 30, 2011 appear in the table below.
The decrease in the premium deficiency reserve for the three and nine months ended September 30, 2012 was $9 million and $51 million, respectively, as shown in the table below, which represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The net change in assumptions for the three and nine months ended September 30, 2012 are both primarily related to higher estimated ultimate losses. The decrease in the premium deficiency reserve for the three and nine months ended September 30, 2011 was $12 million and $32 million, respectively. The net change in assumptions for the third quarter of 2011 was primarily related to higher estimated ultimate losses. The net change in assumptions for the first nine months of 2011 was primarily related to higher estimated ultimate premiums and lower estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. |
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| Shareholders' Equity [Abstract] | |
| Shareholders' Equity | Note 14 – Shareholders' Equity In April 2012, we amended our Articles of Incorporation to increase our authorized common stock from 460 million shares to 680 million shares. We have a Shareholders Rights Agreement (the "Agreement"), which was amended in July 2012, that seeks to diminish the risk that our ability to use our net operating losses ("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-half of one share of our Common Stock at a Purchase Price of $14 per full share (equivalent to $7.00 for each one-half 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, 2015, 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. |
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements (Policies)
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Sep. 30, 2012
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| Fair Value Measurements [Abstract] | |||||||||||||||||
| Fair value measurements, policy | 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. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Assets classified as Level 3 are as follows:
A 1% change in the discount rate would change the value of our ARS by approximately $2.4 million. A two year change to the years to liquidity assumption would change the value of our ARS by approximately $4.6 million.
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Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Policies)
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Sep. 30, 2012
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| Income Taxes [Abstract] | |
| Income Taxes | We review the need to establish 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 expected occurrence of future income or loss and available tax planning alternatives. Based on our analysis and the level of cumulative operating losses, we have reduced our benefit from income tax through the recognition of a valuation allowance. |
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Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Loss Reserves (Policies)
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9 Months Ended |
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Sep. 30, 2012
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| Loss Reserves [Abstract] | |
| Loss Reserves | We establish reserves to recognize the estimated liability for losses and loss adjustment expenses ("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, and the current and future strength of local housing markets. Current conditions in the housing and mortgage industries make these assumptions more volatile than they would otherwise be. 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 further 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 further drop in housing values that could result in, among other things, greater losses on loans that have pool insurance, and may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance and mitigation from rescissions being materially less than assumed. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment. |
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Disclosure of accounting policy for estimating the ultimate cost of settling insurance claims relating to insured events that have occurred on or before a particular date (ordinarily, the statement of financial position date). The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claims adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt (Tables)
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Sep. 30, 2012
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| Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of debt | The par value and fair value of our debt at September 30, 2012 and December 31, 2011 appears in the table below.
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- Definition
Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings (Loss) per Share (Tables)
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Sep. 30, 2012
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| Earnings (Loss) per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calculation of earnings (loss) per share | Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities of 1.1 million for each of the three and nine months ended September 30, 2012 and 1.0 million and 1.8 million, respectively, for the three and nine months ended September 30, 2011 because they were anti-dilutive due to our reported net loss. Typically, diluted EPS is based on the weighted average number of common shares outstanding plus common stock equivalents which include certain stock awards, stock options and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended September 30, 2012 and 2011 common stock equivalents of 55.4 million and 55.5 million, respectively, and for each of the nine months ended September 30, 2012 and 2011 common stock equivalents of 55.6 million were not included because they were anti-dilutive.
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Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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Investments (Tables)
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Sep. 30, 2012
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| Amortized cost, gross unrealized gains and losses and fair value of investments | The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at September 30, 2012 and December 31, 2011 are shown below.
(1) At September 30, 2012 and December 31, 2011, there were no other-than-temporary impairment losses recorded in other comprehensive income. |
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| Amortized cost and fair values of debt securities by contractual maturity | The amortized cost and fair values of debt securities at September 30, 2012, 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 auction rate and mortgage-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
(1) At September 30, 2012, all of the auction rate securities had a contractual maturity greater than 10 years. |
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| Aging of the fair values of securities in an unrealized loss position | At September 30, 2012 and December 31, 2011, the investment portfolio had gross unrealized losses of $5.9 million and $14.6 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:
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| Net realized investment gains (losses) and OTTI on the investment portfolio, investment type | The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
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| Net realized investment gains (losses) and OTTI on the investment portfolio, sales/impairments |
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| X | ||||||||||
|
- Definition
Tabular disclosure of the gross realized gains and gross realized losses that have been included in earnings as a result of available-for-sale securities sales. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. No definition available.
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| X | ||||||||||
|
- Definition
For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Fair Value Measurements (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements for items measured at fair value | Fair value measurements for assets measured at fair value included the following as of September 30, 2012 and December 31, 2011:
(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet. |
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| Reconciliation of beginning and ending balance for assets measured at fair value with significant unobservable inputs (level 3) | For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and nine months ended September 30, 2012 and 2011 is as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Other Comprehensive Income (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | Our other comprehensive income for the three and nine months ended September 30, 2012 and 2011 was as follows:
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| Accumulated other comprehensive income (loss) | Our total accumulated other comprehensive income was as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of components of comprehensive income (loss) including, but not limited to: (a) foreign currency translation adjustments; (b) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (c) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (d) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (e) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (f) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (g) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Benefit Plans (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of net periodic benefit cost | The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax provision | The effect of the change in valuation allowance on the benefit from income taxes was as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the income tax provisions (benefit), including adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. No definition available.
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| X | ||||||||||
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- Details
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Loss Reserves (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Loss Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of beginning and ending loss reserves | The following table provides a reconciliation of beginning and ending loss reserves for the nine months ended September 30, 2012 and 2011:
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| Aging of the primary default inventory | The decrease in the primary default inventory experienced during 2012 and 2011 was generally across all markets and all book years. However, the percentage of loans in the inventory that have been in default for 12 or more consecutive months has increased, as shown in the table below. 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 has been affected by our suspended rescissions discussed below. Aging of the Primary Default Inventory
(1) As discussed in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. |
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| Number of payments delinquent | 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
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| Estimate of impact of rescissions on loss reserves, paid and incurred losses | The table below represents our estimate of the impact rescissions have had on reducing our loss reserves, paid losses and losses incurred.
(1) As noted in Note 5 – "Litigation and Contingencies" we are in mediation in an effort to resolve our dispute with Countrywide. In connection with that mediation, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of September 30, 2012, coverage on approximately 1,700 loans, representing total potential claim payments of approximately $125 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later and, had we not suspended rescissions, most of these rescissions would have been processed in the first nine months of 2012. In addition, as of September 30, 2012, approximately 350 rescissions, representing total potential claim payments of approximately $23 million, were affected by our decision to suspend rescissions for customers other than Countrywide. Although the loans with suspended rescissions are included in our delinquency inventory, for purposes of determining our reserve amounts, it is assumed that coverage on these loans will be rescinded, and thus are included in the estimated $0.5 million estimated rescission reduction to ending reserves at September 30, 2012. The decision to suspend these potential rescissions does not represent the only reason for the recent decline in the percentage of claims that have been resolved through rescissions and we continue to expect that our rescissions will continue to decline. |
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| Rollforward of primary default inventory | A rollforward of our primary default inventory for the three and nine months ended September 30, 2012 and 2011 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 by transfers of servicing between loan servicers.
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| X | ||||||||||
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- Definition
Tabular disclosure of the aging of the loan primary default inventory. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the estimate of the impact rescissions have had on our loss reserves, paid losses and losses incurred. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the number of payments delinquent on loans in the primary default inventory. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the activity related to loans in the primary default inventory. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Premium Deficiency Reserve (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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| Premium Deficiency Reserve [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of the premium deficiency reserve | The components of the premium deficiency reserve at September 30, 2012, December 31, 2011 and September 30, 2011 appear in the table below.
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| Reconciliation of beginning and ending balances in the premium deficiency reserve | The decrease in the premium deficiency reserve for the three and nine months ended September 30, 2012 was $9 million and $51 million, respectively, as shown in the table below, which represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The net change in assumptions for the three and nine months ended September 30, 2012 are both primarily related to higher estimated ultimate losses. The decrease in the premium deficiency reserve for the three and nine months ended September 30, 2011 was $12 million and $32 million, respectively. The net change in assumptions for the third quarter of 2011 was primarily related to higher estimated ultimate losses. The net change in assumptions for the first nine months of 2011 was primarily related to higher estimated ultimate premiums and lower estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. |
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of the premium deficiency reserve. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the activity in the premium deficiency reserve during the reporting period, including paid claims and loss adjustment expenses, net change in loss reserves, premiums earned and other changes. No definition available.
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| X | ||||||||||
|
- Definition
The amount by which the entity's policyholders position (the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums) was above or below the required regulatory minimum of the entity's domiciliary state. No definition available.
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| X | ||||||||||
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- Definition
The amount of minimum policyholder position (MPP) required by the entity's domiciliary state. No definition available.
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| X | ||||||||||
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- Definition
The amount of contribution that can be made from the holding company upon reaching a definitive settlement agreement. No definition available.
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| X | ||||||||||
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- Definition
The cash inflow from parent to increase statutory capital. No definition available.
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| X | ||||||||||
|
- Definition
The future contribution required by the Freddie Mac letter from our holding company to MGIC. No definition available.
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| X | ||||||||||
|
- Definition
Represents the value of the sum of (i) the aggregate cash and cash equivalents, (ii) fair market value of investments and (iii) assets held in trusts supporting the obligations of captive mortgage reinsurers to MGIC as of the balance sheet date. No definition available.
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| X | ||||||||||
|
- Definition
Maximum risk-to-capital ratio allowed for MIC as one of the conditions and restrictions under Freddie Mac's approval to write business only in those jurisdictions where MGIC does not meet the Capital Requirements and does not obtain waivers of them. No definition available.
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| X | ||||||||||
|
- Definition
Amount of minimum liquid assets required to be maintained as required by the Office of the Commissioner of Insurance of the State of Wisconsin ("OCI"). "Liquid Assets," which include those of MGIC as well as those held in certain of our subsidiaries, excluding MGIC Indemnity Corporation ("MIC") and its reinsurance affiliates, are the sum of (i) the aggregate cash and cash equivalents, (ii) fair market value of investments and (iii) assets held in trusts supporting the obligations of captive mortgage reinsurers to MGIC. No definition available.
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| X | ||||||||||
|
- Definition
The amount by which incurred losses are estimated to be mitigated as a result of rescissions of loans. No definition available.
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| X | ||||||||||
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- Definition
The amount by which paid losses have been mitigated by the rescissions of policies. No definition available.
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| X | ||||||||||
|
- Definition
The number of monthly installments for which consideration will be paid to settle a legal matter. No definition available.
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| X | ||||||||||
|
- Definition
The amount of new insurance written by MIC in the current period. No definition available.
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| X | ||||||||||
|
- Definition
Number of competitors subject to partial claim payment plans. No definition available.
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| X | ||||||||||
|
- Definition
The number of jurisdictions, besides Wisconsin, that MIC is approved to write business in by Freddie Mac if MGIC is not able to do so. No definition available.
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| X | ||||||||||
|
- Definition
The number of jurisdictions that require a mortgage insurer to maintain a minimum amount of statutory capital relative to the risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. This is generally referred to as a risk-to-capital requirement. No definition available.
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| X | ||||||||||
|
- Definition
The number of jurisdictions that their regulatory action, including those that do not have specific capital requirement may prevent the company from continuing to write new insurance in some or all jurisdiction. No definition available.
|
| X | ||||||||||
|
- Definition
The number of jurisdictions that have no current waiver in effect. No definition available.
|
| X | ||||||||||
|
- Definition
Number of jurisdiction with pending response. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for customers other than Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
Number of settlement agreements approved by the government sponsored entities (GSEs). No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims received in a quarter, at lower range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims received in a quarter, at upper range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of new insurance written during the current period that was written in jurisdictions that have risk-to-capital requirements. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of surplus as regards policyholders allowed for determining the amount of admitted statutory deferred tax assets. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum number of years, after the lender has obtained title to the property or the property was sold in an approved sale, in which the insured may initiate legal proceedings against the entity. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
|
- Definition
The entity's risk-to-capital ratio as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The risk-to-capital ratio of the entity's combined insurance operations, including its reinsurance affiliates, as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The MIC's risk-to-capital ratio as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of consideration the entity has agreed to pay in monthly installments. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of consideration the entity has agreed to pay upon effectiveness of the settlement. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the tax effects as of the balance sheet date of the admitted amounts of all future tax deductions arising from temporary differences between tax basis and statutory accounting principles basis recognition of assets, liabilities, revenues and expenses. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions for customers other than Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of consideration the entity has agreed to pay to settle a legal matter. No definition available.
|
| X | ||||||||||
|
- Definition
Number of jurisdiction from which waiver has been received. No definition available.
|
| X | ||||||||||
|
- Definition
For insurance companies, a description of the minimum regulatory capital requirements imposed by state insurance regulators, and restrictions on dividend payments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
New Accounting Guidance (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
|
Previous Accounting Guidance [Member]
|
||||
| Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | ||||
| Deferred policy acquisition costs | $ 1.2 | $ 3.9 | ||
|
New guidance on accounting for costs associated with acquiring or renewing insurance contracts [Member]
|
||||
| Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | ||||
| Deferred policy acquisition costs | $ 2.6 | $ 1.8 | $ 6.7 | $ 5.2 |
| X | ||||||||||
|
- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force during the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
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. No definition available.
|
| X | ||||||||||
|
- Definition
The period after a principal or interest payment is due within which a payment must be made to avoid a default pursuant to the restrictive covenants under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The gain on repurchase of principal outstanding on a debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash and investments held at our holding company at balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the interest payment that was deferred pursuant to the optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, which may be presented in a variety of ways (year, month and year, day, month and year, quarter, etc.). No definition available.
|
| X | ||||||||||
|
- Definition
The maximum number of shares of common stock, including shares underlying qualifying warrants, that the entity may be required to issue pursuant to the Alternative Payment Mechanism under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The maximum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum ratio of total net proceeds of all issuances of qualifying securities to the aggregate principal amount of the debentures. Pursuant to the Alternative Payment Mechanism under the note agreement(s), the entity may not issue qualifying preferred stock if the total net proceeds exceed this ratio. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum length of time for which interest payments on the convertible debentures may be deferred without giving rise to an event of default. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum number of consecutive interest periods for which interest payments may be deferred pursuant to an optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The minimum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum percentage of notes held by holders, in the aggregate, that would allow such holders the right to accelerate the maturity of a given series of notes pursuant to the restrictive covenants under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The minimum percentage of consolidated shareholders' equity that a subsidiary's shareholders' equity must represent to be deemed a designated subsidiary as defined by the note agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The modified duration of the holding company's investment portfolio, excluding cash and cash equivalents, at balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage calculated as the average closing price of the entity's common stock times the number of the entity's 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 the entity's most recent publicly released financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
The ratio of the closing sale price of the entity's common stock over the prevailing conversion price of the debentures as of the redemption date. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum period, in business days, after payment of interest on debentures that was not deferred, in which the entity must begin reasonable commercial efforts to sell qualifying securities to unaffiliated persons pursuant to the optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The minimum period in which the entity must begin reasonable commercial efforts to sell qualifying securities to unaffiliated persons pursuant to the optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The period immediately prior to an election to convert debentures during which the average price of shares traded is determined for the purpose of calculating the conversion rate. No definition available.
|
| X | ||||||||||
|
- Definition
The principal amount of notes used in the determination of the initial conversion rate, which is subject to adjustment. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the principal amount of the debentures being redeemed which would equal the redemption price under certain conditions as specified in the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The minimum aggregate amount of other debt that, if maturity were accelerated, would result in a default pursuant to the restrictive covenants under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The minimum aggregate amount of payments due with respect to a final judgment rendered against the entity or any of its subsidiaries and which is not discharged or stayed within certain time limits that would result in a default pursuant to the restrictive covenants under the note agreement(s). No definition available.
|
| X | ||||||||||
|
- Definition
The amount of unrealized gains or losses on investments held at our holding company at balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of convertible debt at the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The ratio applied to the debt for purposes of determining the number of shares of the equity security into which the debt will be converted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate on the liability component of convertible debt instrument which may be settled in cash upon conversion, including partial cash settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the debt instrument for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of subordinated debt obligations (also known as subordinated loan, subordinated bond, subordinated debenture or junior debt) which has a priority ranking after other debts in a dissolution, measured at fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents notes payable as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Reinsurance (Details) (USD $)
|
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Reinsurance [Abstract] | |||||
| Reinsurance recoverable on loss reserves | $ 166,874,000 | $ 117,859,000 | $ 166,874,000 | $ 154,607,000 | $ 275,290,000 |
| Reinsurance recoverable on loss reserves related to captive agreements | 115,000,000 | 142,000,000 | |||
| Fair value of trust fund assets under captive agreements | 324,000,000 | 359,000,000 | |||
| Fair value of trust fund assets under captive agreements, no reinsurance recoverable on loss reserves | 26,000,000 | 27,000,000 | |||
| Trust fund assets transferred to us as a result of captive terminations | 400,000 | 39,000,000 | |||
| Unearned premium returned under assumed reinsurance agreement terminated by our Australian writing company | $ 7,000,000 | ||||
| X | ||||||||||
|
- Definition
The fair value of trust fund assets under the entity's captive agreements that do not have reinsurance recoverable on loss reserves. No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of trust fund assets under the entity's captive agreements that have related reinsurance recoverable on loss reserves. No definition available.
|
| X | ||||||||||
|
- Definition
The known and estimated amount recoverable, related to captive agreements, as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of trust fund assets that were transferred to the entity as a result of captive terminations during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of unearned premium returned due to termination of an assumed reinsurance agreement by our Australian writing company. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount excluded from mitigation on paid losses that would have been applied to a deductible. Mitigation of incurred losses is the amount by which incurred losses are estimated to be mitigated as a result of rescissions of loans. No definition available.
|
| X | ||||||||||
|
- Definition
The average amount that would have been paid, per loan, had the loans not been rescinded. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims resolved through payment related to the plaintiff had the Company processed the rescissions it has suspended. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims resolved through payment related to the plaintiff. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims resolved through rescission related to plaintiff had the Company processed the rescissions it has suspended. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims resolved through rescission related to plaintiff. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Class counsels' fees to be paid under a settlement agreement. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The difference in the computed aggregate loss limit under a pool insurance policy between the entity and the pool insured, Freddie Mac. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of incentive fee the entity has agreed to pay to settle a legal matter. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which incurred losses are estimated to be mitigated as a result of rescissions of loans since January 1, 2008. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which paid losses were mitigated as a result of rescissions of loans. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which paid losses were mitigated as a result of rescissions of loans, excluding amounts that would have been applied to a deductible, which is included in the estimated amount by which incurred losses were mitigated. No definition available.
|
| X | ||||||||||
|
- Definition
Number of borrowers under settlement class. No definition available.
|
| X | ||||||||||
|
- Definition
The number of cases alleging various causes of action related to the captive mortgage reinsurance arrangements of the mortgage lenders, including that the defendants violated RESPA by paying excessive premiums to the lenders' captive reinsurer in relation to the risk assumed by that captive. No definition available.
|
| X | ||||||||||
|
- Definition
The number of cases pending during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of cases that were voluntarily dismissed during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of cases that filed an amended complaint after the company's motion to dismiss was granted during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of C-BASS officers named as defendants in the amended complaint. No definition available.
|
| X | ||||||||||
|
- Definition
The number of C-BASS officers named as defendants in the original consolidated class action complaint. No definition available.
|
| X | ||||||||||
|
- Definition
The number of lawsuits naming the entity's non-insurance subsidiary as defendant. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary delinquency inventory directly related to the plaintiff. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans that each of the plaintiff and the defendant have selected for review by an arbitration panel to determine coverage. No definition available.
|
| X | ||||||||||
|
- Definition
The number of members comprising the arbitration panel. No definition available.
|
| X | ||||||||||
|
- Definition
The number of mortgage insurers (including MGIC) named as defendants in the complaint. No definition available.
|
| X | ||||||||||
|
- Definition
The number of pool notices removed from the pool insurance notice inventory as the aggregate loss limit was exhausted. No definition available.
|
| X | ||||||||||
|
- Definition
The number of officers of the entity named as defendants in the amended complaint. No definition available.
|
| X | ||||||||||
|
- Definition
The number of other lawsuits naming subsidiary as defendant that were dismissed by the courts. No definition available.
|
| X | ||||||||||
|
- Definition
The number of pool insurance policies covered by the aggregate loss limit disagreement. No definition available.
|
| X | ||||||||||
|
- Definition
The number of previously-filed purported class action complaints. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
The number of similar cases filed naming various mortgage lenders and mortgage insurers as defendants. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary delinquency inventory directly related to the plaintiff. No definition available.
|
| X | ||||||||||
|
- Definition
The pool insurance coverage period for pool insurance policies. No definition available.
|
| X | ||||||||||
|
- Definition
The estimated amount by which total loss reserves were benefited from rescissions of loans. No definition available.
|
| X | ||||||||||
|
- Definition
The combined number of loans selected by the plaintiff and the defendant for review by an arbitration panel to determine coverage. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
The value (monetary amount) of the award the plaintiff seeks in the legal matter. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of consideration the entity has agreed to pay to settle a legal matter. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective date of a duly executed litigation settlement agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings (Loss) per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| Basic earnings per share [Abstract] | ||||
| Weighted average common shares outstanding (in shares) | 202,014,000 | 201,109,000 | 201,851,000 | 200,983,000 |
| Net loss | $ (246,942) | $ (165,205) | $ (540,388) | $ (350,598) |
| Basic loss per share (in dollars per share) | $ (1.22) | $ (0.82) | $ (2.68) | $ (1.74) |
| Diluted earnings per share [Abstract] | ||||
| Weighted-average shares - Basic (in shares) | 202,014,000 | 201,109,000 | 201,851,000 | 200,983,000 |
| Common stock equivalents (in shares) | 0 | 0 | 0 | 0 |
| Weighted-average shares - Diluted (in shares) | 202,014,000 | 201,109,000 | 201,851,000 | 200,983,000 |
| Net loss | $ (246,942) | $ (165,205) | $ (540,388) | $ (350,598) |
| Diluted loss per share (in dollars per share) | $ (1.22) | $ (0.82) | $ (2.68) | $ (1.74) |
|
Participating Securities [Member]
|
||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Anti-dilutive securities excluded from EPS calculation (in shares) | 1,100,000 | 1,000,000 | 1,100,000 | 1,800,000 |
|
Common Stock Equivalents [Member]
|
||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Anti-dilutive securities excluded from EPS calculation (in shares) | 55,400,000 | 55,500,000 | 55,600,000 | 55,600,000 |
| X | ||||||||||
|
- Definition
The incremental shares attributable to common stock equivalents. A common stock equivalent is generally a security that can be converted into common stock. No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Securities that are debt instruments (backed by student loans) that typically have long-term nominal maturities for which the interest rate is reset through an auction process. It could also refer to a preferred stock for which the dividend is reset through the same type of auction process. No definition available.
|
| X | ||||||||||
|
- Definition
The highest number of days in the most common intervals at which the interest rates for auction rate securities are reset. No definition available.
|
| X | ||||||||||
|
- Definition
The lowest number of days in the most common intervals at which the interest rates for auction rate securities are reset. No definition available.
|
| X | ||||||||||
|
- Definition
The middle number of days in the most common intervals at which the interest rates for auction rate securities are reset. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the total debt securities, categorized neither as held-to-maturity nor trading securities, which have a single maturity date, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments, as defined), and fair value hedge accounting adjustments, if any. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the total fair value of debt securities, categorized neither as held-to-maturity nor trading securities, which have a single maturity date. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. No definition available.
|
| X | ||||||||||
|
- Definition
The contractual maturity, in years, for which the vast majority of the entity's auction rate securities contractual maturities exceeded. No definition available.
|
| X | ||||||||||
|
- Definition
The number of investments held in the auction rate securities ("ARS") portfolio as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The cumulative par value of auction rate securities ("ARS") that has been sold or called since the period when auctions began to fail through the current reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of auction rate securities ("ARS") held that are guaranteed by the U.S. Department of Education. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the auction rate securities ("ARS") portfolio that were rated in the highest ranking by one or more of the major rating agencies. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the par value that was received in the sale or redemption of auction rate securities ("ARS"). No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the excess of amortized cost basis over fair value of securities that have been in a loss position for twelve months or longer for securities which are categorized neither as held-to-maturity nor trading securities. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the excess of amortized cost basis over fair value of securities in a loss position and categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the excess of amortized cost basis over fair value of securities that have been in a loss position for less than twelve months for securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing after the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing after the tenth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, which include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the next fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the cost over several maturity groupings. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of available-for-sale debt securities at fair value that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the fair value over several maturity groupings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross unrealized gains for securities, at a point in time, which are categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross unrealized losses for securities, at a point in time, which are categorized neither as held-to-maturity nor trading securities. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the carrying value and the sale price of an investment. A gain would be recognized when the sale price of the investment is greater than the carrying value of the investment. This element refers to the Gain included in earnings and not to the cash proceeds of the sale. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the carrying value and the sale price of an investment. A loss would be recognized when the sale price of the investment is less than the carrying value of the investment. This element refers to the Loss included in earnings and not to the cash proceeds of the sale. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which the fair value of an investment in debt and equity securities categorized as Available-for-sale is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the total realized gain (loss) included in earnings for the period as a result of selling marketable securities categorized as trading, available-for-sale, or held-to-maturity and any gains or losses realized during the period from the sale of investments accounted for under the cost method of accounting and/or investments that are separately or otherwise not categorized as trading, available-for-sale, or held-to-maturity. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
|
Fair Value Measurements (Details) (USD $)
|
9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
|
Sep. 30, 2011
Obligations of U.S. States and Political Subdivisions [Member]
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
|
Sep. 30, 2011
Obligations of U.S. States and Political Subdivisions [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
|
Sep. 30, 2011
Corporate Debt Securities [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
|
Sep. 30, 2011
Corporate Debt Securities [Member]
|
Sep. 30, 2012
Equity Securities [Member]
|
Sep. 30, 2011
Equity Securities [Member]
|
Sep. 30, 2012
Equity Securities [Member]
|
Sep. 30, 2011
Equity Securities [Member]
|
Sep. 30, 2012
Total Investments [Member]
|
Sep. 30, 2011
Total Investments [Member]
|
Sep. 30, 2012
Total Investments [Member]
|
Sep. 30, 2011
Total Investments [Member]
|
Sep. 30, 2012
Real Estate Acquired [Member]
|
Sep. 30, 2011
Real Estate Acquired [Member]
|
Sep. 30, 2012
Real Estate Acquired [Member]
|
Sep. 30, 2011
Real Estate Acquired [Member]
|
Sep. 30, 2012
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
|
Dec. 31, 2011
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
|
Sep. 30, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
|
Dec. 31, 2011
Obligations of U.S. States and Political Subdivisions [Member]
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Obligations of U.S. States and Political Subdivisions [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Obligations of U.S. States and Political Subdivisions [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Obligations of U.S. States and Political Subdivisions [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Obligations of U.S. States and Political Subdivisions [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
|
Dec. 31, 2011
Corporate Debt Securities [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Corporate Debt Securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Corporate Debt Securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Corporate Debt Securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Corporate Debt Securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Residential mortgage-backed securities [Member]
|
Dec. 31, 2011
Residential mortgage-backed securities [Member]
|
Sep. 30, 2012
Residential mortgage-backed securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Residential mortgage-backed securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Residential mortgage-backed securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Residential mortgage-backed securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Residential mortgage-backed securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Residential mortgage-backed securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Commercial mortgage-backed securities [Member]
|
Dec. 31, 2011
Commercial mortgage-backed securities [Member]
|
Sep. 30, 2012
Commercial mortgage-backed securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Commercial mortgage-backed securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Commercial mortgage-backed securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Commercial mortgage-backed securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Commercial mortgage-backed securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Commercial mortgage-backed securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Debt securities issued by foreign sovereign governments [Member]
|
Dec. 31, 2011
Debt securities issued by foreign sovereign governments [Member]
|
Sep. 30, 2012
Debt securities issued by foreign sovereign governments [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Debt securities issued by foreign sovereign governments [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Debt securities issued by foreign sovereign governments [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Debt securities issued by foreign sovereign governments [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Debt securities issued by foreign sovereign governments [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Debt securities issued by foreign sovereign governments [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Total debt securities [Member]
|
Dec. 31, 2011
Total debt securities [Member]
|
Sep. 30, 2012
Total debt securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Total debt securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Total debt securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Total debt securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Total debt securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Total debt securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Sep. 30, 2012
Equity securities [Member]
|
Dec. 31, 2011
Equity securities [Member]
|
Sep. 30, 2012
Equity securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2011
Equity securities [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Sep. 30, 2012
Equity securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2011
Equity securities [Member]
Significant Other Observable Inputs (Level 2) [Member]
|
Sep. 30, 2012
Equity securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2011
Equity securities [Member]
Significant Unobservable Inputs (Level 3) [Member]
|
|||||||||||
| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discount rates used for the DCF model, minimum (in hundredths) | 2.21% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discount rate used for the DCF model, maximum (in hundredths) | 3.71% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Percentage of change in discount rate (in hundredths) | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in value of ARS with change in discount rate assumption | $ 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in years to liquidity assumption | 2 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in value of ARS with change in expected term | 4,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total investments | 4,926,764,000 | 5,823,647,000 | 367,273,000 | 748,894,000 | 4,444,450,000 | 4,899,978,000 | 115,041,000 | 174,775,000 | 219,263,000 | 597,037,000 | 219,263,000 | 597,037,000 | 0 | 0 | 0 | 0 | 1,272,032,000 | 2,323,471,000 | 0 | 0 | 1,198,237,000 | 2,209,245,000 | 73,795,000 | 114,226,000 | 2,563,438,000 | 2,032,851,000 | 0 | 1,455,000 | 2,522,513,000 | 1,971,168,000 | 40,925,000 | 60,228,000 | 456,910,000 | 445,417,000 | 0 | 0 | 456,910,000 | 445,417,000 | 0 | 0 | 266,790,000 | 264,934,000 | 0 | 0 | 266,790,000 | 264,934,000 | 0 | 0 | 145,413,000 | 157,190,000 | 145,413,000 | 147,976,000 | 0 | 9,214,000 | 0 | 0 | 4,923,846,000 | 5,820,900,000 | 364,676,000 | 746,468,000 | 4,444,450,000 | 4,899,978,000 | 114,720,000 | 174,454,000 | 2,918,000 | 2,747,000 | 2,597,000 | 2,426,000 | 0 | 0 | 321,000 | 321,000 | ||||||||||||||||||||||||||||||
| Real estate acquired | 3,097,000 | [1] | 1,621,000 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,097,000 | [1] | 1,621,000 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of assets measured at fair value using significant unobservable inputs (Level 3) [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at beginning of period | 83,981,000 | 223,402,000 | 114,226,000 | 295,690,000 | 40,857,000 | 70,039,000 | 60,228,000 | 70,053,000 | 321,000 | 321,000 | 321,000 | 321,000 | 125,159,000 | 293,762,000 | 174,775,000 | 366,064,000 | 3,074,000 | 2,828,000 | 1,621,000 | 6,220,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total realized/unrealized gains (losses) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in earnings and reported as realized investment gains (losses), net | (467,000) | (2,992,000) | 0 | (1,081,000) | 0 | 0 | (467,000) | (4,073,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in earnings and reported as impairment losses, net | 300,000 | 0 | 0 | 0 | 0 | 0 | (200,000) | (339,000) | (200,000) | 0 | 0 | 0 | 0 | 0 | (200,000) | (339,000) | (200,000) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (309,000) | (85,000) | (774,000) | (180,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in other comprehensive income | 971,000 | 342,000 | 1,727,000 | (845,000) | 68,000 | 451,000 | 423,000 | 437,000 | 0 | 0 | 0 | 0 | 1,039,000 | 793,000 | 2,150,000 | (408,000) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases | 0 | 0 | 27,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27,000 | 0 | 2,718,000 | 1,148,000 | 8,688,000 | 3,944,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | (10,690,000) | (2,537,000) | (39,193,000) | (73,638,000) | 0 | 0 | (18,306,000) | 0 | 0 | 0 | 0 | 0 | (10,690,000) | (2,537,000) | (57,499,000) | (73,638,000) | (2,386,000) | (1,567,000) | (6,438,000) | (7,660,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at end of period | 73,795,000 | 221,207,000 | 73,795,000 | 221,207,000 | 40,925,000 | 70,290,000 | 40,925,000 | 70,290,000 | 321,000 | 321,000 | 321,000 | 321,000 | 115,041,000 | 291,818,000 | 115,041,000 | 291,818,000 | 3,097,000 | 2,324,000 | 3,097,000 | 2,324,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| X | ||||||||||
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- Definition
The change in value of auction rate securities with change in discount rate assumption. No definition available.
|
| X | ||||||||||
|
- Definition
The change in value of auction rate securities with change in expected term. No definition available.
|
| X | ||||||||||
|
- Definition
The change in years to liquidity assumption used in valuing an instrument. No definition available.
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| X | ||||||||||
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- Definition
The lowest discount rate, including a spread for liquidity risk, that serves as a key assumption in determining fair values of securities calculated under the Discounted Cash Flow model. No definition available.
|
| X | ||||||||||
|
- Definition
The lowest discount rate, including a spread for liquidity risk, that serves as a key assumption in determining fair values of securities calculated under the Discounted Cash Flow model. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents total gains or losses for the period reported as realized investment losses, net, arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in earnings or resulted in a change in net asset value. No definition available.
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| X | ||||||||||
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- Definition
This element represents total losses for the period (realized and unrealized), arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in earnings or resulted in a change in net asset value and are attributable to the change in unrealized losses on assets still held at the end of the period. No definition available.
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| X | ||||||||||
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- Definition
The change in discount rate assumption used in valuing an instrument. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of gain (loss) recognized in earnings, arising from assets measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) recognized in other comprehensive income, arising from assets measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Purchases that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sales that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Transfers into assets measured at fair value and categorized within Level 3 of the fair value hierarchy that have taken place during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Transfers out of assets measured at fair value and categorized within Level 3 of the fair value hierarchy that have taken place during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents an asset measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This element represents the fair value of assets categorized as other which are not in and of themselves material enough to require separate disclosure. No definition available.
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| X | ||||||||||
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- Definition
The amount by which the fair value of an investment in debt and equity securities categorized as Available-for-sale is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
||||||
| Other comprehensive income (before tax) [Abstract] | ||||||||||
| Change in unrealized gains and losses on investments | $ 47,368 | $ 74,142 | $ 10,243 | $ 111,355 | ||||||
| Unrealized foreign currency translation adjustment | 1,709 | (15,422) | 2,260 | (8,459) | ||||||
| Other comprehensive income (loss) | 49,077 | 58,720 | 12,503 | 102,896 | ||||||
| Other comprehensive income (tax) [Abstract] | ||||||||||
| Change in unrealized gains and losses on investments | (16,552) | (25,705) | (3,462) | (38,601) | ||||||
| Unrealized foreign currency translation adjustment | (600) | 5,401 | (792) | 2,962 | ||||||
| Other comprehensive income (loss) | (17,152) | (20,304) | (4,254) | (35,639) | ||||||
| Other comprehensive income (valuation allowance) [Abstract] | ||||||||||
| Change in unrealized investment gains and losses, net | 13,671 | 0 | 0 | 0 | ||||||
| Other comprehensive income (loss) | 13,671 | 0 | 0 | 0 | ||||||
| Other comprehensive income (net of tax) [Abstract] | ||||||||||
| Change in unrealized investment gains and losses, net (notes 7 and 8) | 44,487 | 48,437 | 6,781 | 72,754 | ||||||
| Unrealized foreign currency translation adjustment | 1,109 | (10,021) | 1,468 | (5,497) | ||||||
| Other comprehensive income (loss) | 45,596 | 38,416 | 8,249 | 67,257 | ||||||
| Accumulated other comprehensive income (loss) [Abstract] | ||||||||||
| Unrealized gains (losses) on investments | 130,330 | 130,330 | 120,087 | |||||||
| Defined benefit plans | (70,582) | (70,582) | (70,582) | |||||||
| Foreign currency translation adjustment | 32,554 | 32,554 | 30,294 | |||||||
| Accumulated other comprehensive income before tax | 92,302 | 92,302 | 79,799 | |||||||
| Tax Effect | (53,929) | [1] | (53,929) | [1] | (49,675) | [1] | ||||
| Total accumulated other comprehensive income (loss), net of tax | $ 38,373 | $ 38,373 | $ 30,124 | |||||||
|
||||||||||
| X | ||||||||||
|
- Definition
Accumulated appreciation or loss, before tax, in value of the total of available-for-sale securities at the end of an accounting period. No definition available.
|
| X | ||||||||||
|
- Definition
The total before tax of gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost. No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated adjustment, before tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses. No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, before tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. No definition available.
|
| X | ||||||||||
|
- Definition
The net amount of tax on accumulated change in equity from transactions and other events and circumstances from non-owner sources, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. No definition available.
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Adjustment to other comprehensive income (loss) resulting from valuation allowance of securities. No definition available.
|
| X | ||||||||||
|
- Definition
Total adjustment to other comprehensive income (loss) during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Before tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Before tax and net of reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect, net of reclassification adjustments, of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tax effect of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
|
Benefit Plans (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
Pension and Supplemental Executive Retirement Plans [Member]
|
Sep. 30, 2011
Pension and Supplemental Executive Retirement Plans [Member]
|
Sep. 30, 2012
Pension and Supplemental Executive Retirement Plans [Member]
|
Sep. 30, 2011
Pension and Supplemental Executive Retirement Plans [Member]
|
Sep. 30, 2012
Other Postretirement Benefits [Member]
|
Sep. 30, 2011
Other Postretirement Benefits [Member]
|
Sep. 30, 2012
Other Postretirement Benefits [Member]
|
Sep. 30, 2011
Other Postretirement Benefits [Member]
|
Oct. 31, 2012
Pension Plan [Member]
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
| Service cost | $ 2,416,000 | $ 2,229,000 | $ 7,247,000 | $ 6,688,000 | $ 307,000 | $ 273,000 | $ 920,000 | $ 818,000 | |
| Interest cost | 4,120,000 | 4,025,000 | 12,361,000 | 12,074,000 | 286,000 | 338,000 | 857,000 | 1,013,000 | |
| Expected return on plan assets | (4,553,000) | (4,343,000) | (13,659,000) | (13,030,000) | (791,000) | (824,000) | (2,372,000) | (2,474,000) | |
| Recognized net actuarial loss | 1,457,000 | 1,002,000 | 4,372,000 | 3,008,000 | 199,000 | 157,000 | 599,000 | 473,000 | |
| Amortization of prior service cost | 166,000 | 165,000 | 499,000 | 496,000 | (1,554,000) | (1,554,000) | (4,663,000) | (4,663,000) | |
| Net periodic benefit cost | 3,606,000 | 3,078,000 | 10,820,000 | 9,236,000 | (1,553,000) | (1,610,000) | (4,659,000) | (4,833,000) | |
| Company Contributions | $ 15,000,000 | ||||||||
| X | ||||||||||
|
- Definition
The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in the fair value of plan assets from contributions made by the employer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details) (USD $)
|
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2007
|
Dec. 31, 2011
|
|
| Income Taxes [Abstract] | ||||||
| Components of other comprehensive income (loss) that impact changes to valuation allowance | $ 7,800,000 | $ 103,900,000 | ||||
| Tax provision (benefit) [Abstract] | ||||||
| Tax benefit before valuation allowance | (89,106,000) | (74,069,000) | (196,535,000) | (157,162,000) | ||
| Change in valuation allowance | 86,134,000 | 47,939,000 | 192,035,000 | 122,654,000 | ||
| Benefit from income taxes | (2,972,000) | (26,130,000) | (4,500,000) | (34,508,000) | ||
| Increase or decrease in the valuation allowance that was included in other comprehensive income | 13,700,000 | 0 | 0 | 0 | ||
| Valuation allowance | 800,800,000 | 800,800,000 | 608,800,000 | |||
| Net operating loss carryforwards, regular tax basis | 2,105,000,000 | 2,105,000,000 | ||||
| Operating loss carryforwards, alternative minimum tax | 1,225,000,000 | 1,225,000,000 | ||||
| Operating loss carryforwards, expiration dates | 2029 through 2032 | |||||
| Information regarding income tax examinations [Abstract] | ||||||
| Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue | 190,700,000 | |||||
| Amount of payment made related to the IRS assessment on the REMIC issue | $ 65,200,000 | |||||
| X | ||||||||||
|
- Definition
The amount of the IRS assessment for unpaid taxes and penalties related to the REMIC issue. No definition available.
|
| X | ||||||||||
|
- Definition
The element represents components of Other Comprehensive Income or Loss, before tax, for the period. The pretax revenues, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income, but excluded from net income. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit, excluding the change in the deferred tax valuation allowance, pertaining to pretax income or loss from continuing operations. No definition available.
|
| X | ||||||||||
|
- Definition
The increase or decrease in the deferred tax valuation allowance that was included in other comprehensive income as it relates to the change in deferred tax liability related to unrealized holding gains/losses on investments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws and used for computing the alternative minimum tax. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the payment made to the United States Department of Treasury related to the IRS assessment on the REMIC issue. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The expiration date of each operating loss carryforward included in total operating loss carryforwards, or the applicable range of such expiration dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the change in the period in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Loss Reserves (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Jun. 30, 2009
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|||||||||||||||||||||||
| Loss Reserve [Roll Forward] | ||||||||||||||||||||||||||||||
| Reserve at beginning of period | $ 4,557,512,000 | $ 5,884,171,000 | $ 5,884,171,000 | |||||||||||||||||||||||||||
| Less reinsurance recoverable | 154,607,000 | 275,290,000 | 275,290,000 | |||||||||||||||||||||||||||
| Net reserve at beginning of year | 4,402,905,000 | [1] | 5,608,881,000 | [1] | 5,608,881,000 | [1] | ||||||||||||||||||||||||
| Loss Reserve Reduction From Rescission | 500,000,000 | 800,000,000 | 500,000,000 | 800,000,000 | 700,000,000 | 1,300,000,000 | ||||||||||||||||||||||||
| Losses and LAE incurred in respect of default notices received to [Abstract] | ||||||||||||||||||||||||||||||
| Current year | 1,091,326,000 | 1,328,906,000 | ||||||||||||||||||||||||||||
| Prior years | 287,291,000 | [2] | (96,269,000) | [2] | ||||||||||||||||||||||||||
| Subtotal | 1,378,617,000 | [3] | 1,232,637,000 | [3] | ||||||||||||||||||||||||||
| Losses and LAE paid in respect of default notices received to [Abstract] | ||||||||||||||||||||||||||||||
| Current year | 54,813,000 | 37,111,000 | ||||||||||||||||||||||||||||
| Prior years | 1,840,992,000 | 2,218,490,000 | ||||||||||||||||||||||||||||
| Reinsurance terminations | (425,000) | [4] | (38,769,000) | [4] | ||||||||||||||||||||||||||
| Subtotal | 1,895,380,000 | [5] | 2,216,832,000 | [5] | ||||||||||||||||||||||||||
| Net reserve at end of period | 3,886,142,000 | [6] | 4,624,686,000 | [6] | 3,886,142,000 | [6] | 4,624,686,000 | [6] | 4,402,905,000 | [1] | 5,608,881,000 | [1] | ||||||||||||||||||
| Plus reinsurance recoverables | 117,859,000 | 166,874,000 | 117,859,000 | 166,874,000 | 154,607,000 | 275,290,000 | ||||||||||||||||||||||||
| Reserve at end of period | 4,004,001,000 | 4,791,560,000 | 4,004,001,000 | 4,791,560,000 | 4,557,512,000 | 5,884,171,000 | ||||||||||||||||||||||||
| Paid Losses Mitigated By Rescission Amount | 200,000,000 | 500,000,000 | ||||||||||||||||||||||||||||
| Loss Reserve Reduction From Rescission | 500,000,000 | 800,000,000 | 500,000,000 | 800,000,000 | 700,000,000 | 1,300,000,000 | ||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Historical average period for uncured default to develop into paid claim | 12 months | |||||||||||||||||||||||||||||
| Premium refund liability, expected claim payments | 118,000,000 | 118,000,000 | 114,000,000 | |||||||||||||||||||||||||||
| Aging of the Primary Default Inventory [Abstract] | ||||||||||||||||||||||||||||||
| 3 months or less | 25,593 | 33,167 | 25,593 | 33,167 | 31,456 | |||||||||||||||||||||||||
| 3 months or less (in hundredths) | 17.00% | 18.00% | 17.00% | 18.00% | 18.00% | |||||||||||||||||||||||||
| 4 - 11 months | 35,029 | 45,110 | 35,029 | 45,110 | 46,352 | |||||||||||||||||||||||||
| 4 - 11 months (in hundredths) | 24.00% | 25.00% | 24.00% | 25.00% | 26.00% | |||||||||||||||||||||||||
| 12 months or more | 88,263 | 102,617 | 88,263 | 102,617 | 97,831 | |||||||||||||||||||||||||
| 12 months or more (in hundredths) | 59.00% | 57.00% | 59.00% | 57.00% | 56.00% | |||||||||||||||||||||||||
| Total primary default inventory | 148,885 | 180,894 | 148,885 | 180,894 | 175,639 | 214,724 | ||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||
| Primary claims received inventory included in ending default inventory | 12,508 | [7] | 13,799 | [7] | 12,508 | [7] | 13,799 | [7] | 12,610 | [7] | ||||||||||||||||||||
| Primary claims received inventory included in ending default inventory (in hundredths) | 8.00% | [7] | 8.00% | [7] | 8.00% | [7] | 8.00% | [7] | 7.00% | [7] | ||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions | 1,700 | 1,700 | ||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions | 125,000,000 | 125,000,000 | ||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for customers other than Countrywide | 350 | 350 | ||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for customers other than Countrywide | 23,000,000 | 23,000,000 | ||||||||||||||||||||||||||||
| Number of payments delinquent [Abstract] | ||||||||||||||||||||||||||||||
| 3 payments or less | 35,130 | 43,312 | 35,130 | 43,312 | 42,804 | |||||||||||||||||||||||||
| 3 payments or less (in hundredths) | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% | |||||||||||||||||||||||||
| 4 - 11 payments | 36,359 | 47,929 | 36,359 | 47,929 | 47,864 | |||||||||||||||||||||||||
| 4 - 11 payments (in hundredths) | 24.00% | 26.00% | 24.00% | 26.00% | 27.00% | |||||||||||||||||||||||||
| 12 payments or more | 77,396 | 89,653 | 77,396 | 89,653 | 84,971 | |||||||||||||||||||||||||
| 12 payments or more (in hundredths) | 52.00% | 50.00% | 52.00% | 50.00% | 49.00% | |||||||||||||||||||||||||
| Total primary default inventory | 148,885 | 180,894 | 148,885 | 180,894 | 175,639 | 214,724 | ||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||
| Claims resolved by rescissions [Abstract] | ||||||||||||||||||||||||||||||
| Mitigation of paid losses by rescission of policies | 200,000,000 | 600,000,000 | 1,200,000,000 | 1,200,000,000 | ||||||||||||||||||||||||||
| Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths) | 8.00% | 8.00% | ||||||||||||||||||||||||||||
| Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths) | 28.00% | 13.00% | 13.00% | |||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions | 1,700 | 1,700 | ||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions | 125,000,000 | 125,000,000 | ||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for customers other than Countrywide | 350 | 350 | ||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for customers other than Countrywide | 23,000,000 | 23,000,000 | ||||||||||||||||||||||||||||
| Estimated Rescission Reduction - Loss Reserve [Roll Forward] | ||||||||||||||||||||||||||||||
| Estimated rescission reduction - beginning reserve | 600,000,000 | 900,000,000 | 700,000,000 | 1,300,000,000 | 1,300,000,000 | |||||||||||||||||||||||||
| Estimated rescission reduction - losses incurred | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
| Rescission reduction - paid claims | 100,000,000 | 100,000,000 | 200,000,000 | 500,000,000 | ||||||||||||||||||||||||||
| Amounts that may have been applied to a deductible | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
| Net rescission reduction - paid claims | 100,000,000 | 100,000,000 | 200,000,000 | 500,000,000 | ||||||||||||||||||||||||||
| Estimated rescission reduction - ending reserve | 500,000,000 | [8] | 800,000,000 | [8] | 500,000,000 | [8] | 800,000,000 | [8] | 700,000,000 | 1,300,000,000 | ||||||||||||||||||||
| Premium refund liability, expected future rescissions | 49,000,000 | 49,000,000 | 58,000,000 | |||||||||||||||||||||||||||
| Statute of limitations to bring legal proceedings disputing right to rescind coverage | 3 years | 3 years | ||||||||||||||||||||||||||||
| Number of settlement agreements approved by GSEs | 1 | 1 | ||||||||||||||||||||||||||||
| Primary Default Inventory [Roll Forward] | ||||||||||||||||||||||||||||||
| Default inventory at beginning of period | 153,990 | 184,452 | 175,639 | 214,724 | 214,724 | |||||||||||||||||||||||||
| Plus: New Notices | 34,432 | 44,342 | 101,454 | 127,509 | ||||||||||||||||||||||||||
| Less: Cures | (27,384) | (34,335) | (90,896) | (115,806) | ||||||||||||||||||||||||||
| Less: Paids (including those charged to a deductible or captive) | (11,344) | (12,033) | (34,991) | (39,052) | ||||||||||||||||||||||||||
| Less: Rescissions and denials | (809) | (1,532) | (2,321) | (6,481) | ||||||||||||||||||||||||||
| Default inventory at end of period | 148,885 | 180,894 | 148,885 | 180,894 | 175,639 | 214,724 | ||||||||||||||||||||||||
| Pool insurance notice inventory [Abstract] | ||||||||||||||||||||||||||||||
| Pool insurance notice inventory (in number of loans) | 9,337 | 33,792 | 9,337 | 33,792 | 32,971 | |||||||||||||||||||||||||
| Number of notices removed from pool notice inventory | 15,600 | |||||||||||||||||||||||||||||
|
Increase (Decrease) in Severity, Primary Defaults [Member]
|
||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Change in loss reserves | 105,000,000 | |||||||||||||||||||||||||||||
| Percentage of prior year default inventory resolved (in hundredths) | 49.00% | |||||||||||||||||||||||||||||
|
Decrease in Estimated Loss Adjustment Expenses [Member]
|
||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Change in loss reserves | 121,000,000 | |||||||||||||||||||||||||||||
|
Increase (Decrease) in Expected Claim Rate [Member]
|
||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Change in loss reserves | 300,000,000 | 180,000,000 | ||||||||||||||||||||||||||||
|
Increase (Decrease) in Severity, Pool Defaults [Member]
|
||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Change in loss reserves | 50,000,000 | |||||||||||||||||||||||||||||
|
Increase (Decrease) Related to Pool Reserves, LAE Reserves and Reinsurance [Member]
|
||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||
| Change in loss reserves | $ 13,000,000 | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amounts of paid claims that may have been applied to a deductible. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The estimated reduction to the cost of settling claims under the terms of the underlying insurance policies and assumed and ceded insurance contracts as of the balance sheet date due to rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
Total estimated impact to the provision for losses incurred in the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average period, on a historical basis, for a default which is not cured to develop into a paid claim. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of reduction in loss reserve from rescission. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount by which paid losses have been mitigated by the rescissions of policies. No definition available.
|
| X | ||||||||||
|
- Definition
Total estimated impact to amount of payments made during the reporting period to settle insured claims and pay costs incurred in the claims settlement process due to rescissions, net of amounts that may have been applied to a deductible. No definition available.
|
| X | ||||||||||
|
- Definition
The number of pool notices removed from the pool insurance notice inventory as the aggregate loss limit was exhausted. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory that have been delinquent for twelve payments or more. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary default inventory that have been delinquent for twelve payments or more. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory that have been delinquent for three payments or less. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary default inventory that have been delinquent for three payments or less. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory that have been delinquent for at least four payments but no more than eleven payments. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary default inventory that have been delinquent for at least four payments but no more than eleven payments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for customers other than Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
Number of settlement agreements approved by the government sponsored entities (GSEs). No definition available.
|
| X | ||||||||||
|
- Definition
The amount paid losses were reduced due to rescission. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims received in a quarter, at lower range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of claims received in a quarter, at upper range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the prior year default inventory resolved, which is used in the calculation of the change in the severity and claim rates. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans included in the pool insurance notice inventory as of the end of the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amount for the estimate of premiums to be refunded on expected claim payments. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount for the estimate of premiums to be refunded on expected future rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans in the primary default inventory that are in the claims received inventory. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary default inventory that are in the claims received inventory. No definition available.
|
| X | ||||||||||
|
- Definition
Deductions from the primary default inventory resulting from loans in default being brought current. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Additions to the primary default inventory resulting from new notices of defaulted loans. No definition available.
|
| X | ||||||||||
|
- Definition
Deductions from the primary default inventory resulting from claims being paid, including those charged to a deductible or captive. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
|
- Definition
Deductions from the primary default inventory resulting from rescissions and denials. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of loans that have been in the primary default inventory for three months or less as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans that have been in the primary default inventory for three months or less as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The number of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Decrease in losses paid resulting from cancellations of reinsurance agreements, with no future premium ceded and funds for any incurred but unpaid losses transferred to the entity. No definition available.
|
| X | ||||||||||
|
- Definition
Total estimated impact to amount of payments made during the reporting period to settle insured claims and pay costs incurred in the claims settlement process due to rescissions, including amounts that may have been applied to a deductible. No definition available.
|
| X | ||||||||||
|
- Definition
The time period subsequent to the lender obtaining title to the property or the sale of the property in a company-approved sale during which legal proceedings may be brought disputing the company's right to rescind coverage. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions for customers other than Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in reserve for incurred claims and claim adjustment expenses attributable to insured events of prior fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total amount of payments made during the reporting period to settle insured claims and pay costs incurred in the claims settlement process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of payments made in the reporting period to settle claims incurred in the current period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of payments made in the reporting period to settle claims incurred in prior periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated cost of settling claims under the terms of the underlying insurance policies and assumed and ceded insurance contracts as of the balance sheet date, including an estimate for claims which have been incurred but not reported and the actual and estimated costs of settling claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total provision in the period for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of provision in the period for claims incurred in the reporting period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of provision in the period for claims incurred in prior reporting periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Premium Deficiency Reserve (Details) (USD $)
|
3 Months Ended | 9 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|||||||
| Premium Deficiency Reserve [Abstract] | |||||||||||
| Present value of expected future paid losses and expenses, net of expected future premium | $ (865,000,000) | $ (1,039,000,000) | $ (865,000,000) | $ (1,039,000,000) | $ (961,000,000) | ||||||
| Established loss reserves | 781,000,000 | 892,000,000 | 781,000,000 | 892,000,000 | 826,000,000 | ||||||
| Net deficiency | (84,132,000) | (147,000,000) | (84,132,000) | (147,000,000) | |||||||
| Change in premium deficiency reserve, excluding prior period adjustments | 9,000,000 | 12,000,000 | 51,000,000 | 32,000,000 | |||||||
| Premium Deficiency Reserve [Roll Forward] | |||||||||||
| Premium Deficiency reserve at beginning of period | (93,000,000) | (159,000,000) | (134,817,000) | (179,000,000) | |||||||
| Paid claims and loss adjustment expenses | 67,000,000 | 85,000,000 | 219,000,000 | 257,000,000 | |||||||
| Decrease in loss reserves | (25,000,000) | (8,000,000) | (45,000,000) | (182,000,000) | |||||||
| Premium earned | (25,000,000) | (30,000,000) | (77,000,000) | (91,000,000) | |||||||
| Effects of present valuing on future premiums, losses and expenses | (4,000,000) | (6,000,000) | (8,000,000) | (15,000,000) | |||||||
| Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized | 13,000,000 | 41,000,000 | 89,000,000 | (31,000,000) | |||||||
| Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate | (4,000,000) | [1] | (29,000,000) | [1] | (38,000,000) | [1] | 63,000,000 | [1] | |||
| Premium Deficiency Reserve at end of period | $ (84,132,000) | $ (147,000,000) | $ (84,132,000) | $ (147,000,000) | |||||||
|
|||||||||||
| X | ||||||||||
|
- Definition
The change in the premium deficiency reserve to reflect actual premium, losses and expenses recognized during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The change in the premium deficiency reserve to reflect the change in assumptions relating to future premiums, losses, expenses and discount rate. No definition available.
|
| X | ||||||||||
|
- Definition
The decrease during the reporting period in the reserve account established to account for expected but unspecified losses. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustments to reflect the effects of present valuing on future premiums, losses and expenses. No definition available.
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- Definition
Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves, excluding the impact of prior period adjustments. No definition available.
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- Definition
Total amount of payments made during the reporting period to settle insured claims, as well as losses (the actual damage) and related adjustment expenses (the expense incurred related to claims other than the actual loss, for example, legal fees) made by an insurance company to settle claims. No definition available.
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- Definition
Present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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- Details
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- Details
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- Definition
The present value of the expected future paid losses and expenses, net of expected future premiums. No definition available.
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- Definition
Alternate concept name for the aggregate amount of policy reserves (provided for future obligations including unpaid claims and claims adjustment expenses) and policy benefits (liability for future policy benefits) as of the balance sheet date; grouped amount of all the liabilities associated with the company's insurance policies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of premium revenue earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shareholders' Equity (Details) (USD $)
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Sep. 30, 2012
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Dec. 31, 2011
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|---|---|---|
| Shareholders' Equity [Abstract] | ||
| Common stock, shares authorized (in shares) | 680,000,000 | 460,000,000 |
| Shareholder Rights Agreement [Abstract] | ||
| 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% | |
| Distribution Date, description | 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 | |
| Common shares purchaseable per Right (in shares) | 0.5 | |
| Purchase price (in dollars per share) | $ 14 | |
| Purchase price (in dollars per one-half share) | $ 7.00 | |
| Redemption price (in dollars per Right) | $ 0.001 |
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- Definition
The number of shares of the company's common stock to which each Right initially entitles a shareholder to purchase. No definition available.
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- Definition
The minimum percentage of beneficial ownership of the company's common stock by any person, by itself or together with its affiliates and associates, required to be considered an Acquiring Person as defined in the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The description of the Distribution Date as per the Shareholder Rights Agreement. No definition available.
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- Definition
The stated purchase price for which a shareholder is initially entitled to purchase a full share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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- Definition
The stated purchase price for which a shareholder is initially entitled to purchase a one-half share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The price, per Right, at which each Right is redeemable at any time prior to the time a person becomes an Acquiring Person. No definition available.
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| X | ||||||||||
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- Definition
The number of shareholder rights accompanying each outstanding share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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