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Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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Feb. 15, 2013
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Jun. 30, 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 Public Float | $ 574 | ||
| Entity Common Stock, Shares Outstanding | 202,304,245 | ||
| Document Fiscal Year Focus | 2012 | ||
| Document Fiscal Period Focus | FY | ||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 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
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. 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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- 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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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- 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 (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Securities, available-for-sale, at fair value: | ||
| Fixed maturities, amortized cost | $ 4,185,937 | $ 5,700,894 |
| Shareholders' equity (note 15): | ||
| 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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- 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 (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||
| Premiums written: | |||||||
| Direct | $ 1,049,549 | $ 1,119,182 | $ 1,169,081 | ||||
| Assumed (note 11) | 2,425 | (4,898) | 3,090 | ||||
| Ceded (note 11) | (34,142) | (49,904) | (70,376) | ||||
| Net premiums written | 1,017,832 | 1,064,380 | 1,101,795 | ||||
| Decrease in unearned premiums | 15,338 | 59,455 | 66,952 | ||||
| Net premiums earned (note 11) | 1,033,170 | 1,123,835 | 1,168,747 | ||||
| Investment income, net of expenses (note 6) | 121,640 | 201,270 | 247,253 | ||||
| Realized investment gains, net (note 6) | 197,719 | 143,430 | 102,581 | ||||
| Total other-than-temporary impairment losses | (2,310) | (715) | (9,644) | ||||
| Portion of losses recognized in other comprehensive income (loss), before taxes (note 3) | 0 | 0 | 0 | ||||
| Net impairment losses recognized in earnings | (2,310) | (715) | (9,644) | ||||
| Other revenue | 28,145 | 36,459 | 11,588 | ||||
| Total revenues | 1,378,364 | 1,504,279 | 1,520,525 | ||||
| Losses and expenses: | |||||||
| Losses incurred, net (notes 9 and 11) | 2,067,253 | 1,714,707 | 1,607,541 | ||||
| Change in premium deficiency reserve (note 10) | (61,036) | (44,150) | (51,347) | ||||
| Amortization of deferred policy acquisition costs | 7,452 | 6,880 | 7,062 | ||||
| Other underwriting and operating expenses, net | 193,995 | 207,870 | 218,080 | ||||
| Interest expense (note 8) | 99,344 | 103,271 | 98,589 | ||||
| Total losses and expenses | 2,307,008 | 1,988,578 | 1,879,925 | ||||
| Loss before tax | (928,644) | (484,299) | (359,400) | ||||
| (Benefit from) provision for income taxes (note 14) | (1,565) | 1,593 | 4,335 | ||||
| Net loss | $ (927,079) | $ (485,892) | $ (363,735) | ||||
| Loss per share (note 3): | |||||||
| Basic (in dollars per share) | $ (4.59) | [1] | $ (2.42) | [1] | $ (2.06) | ||
| Diluted (in dollars per share) | $ (4.59) | [1] | $ (2.42) | [1] | $ (2.06) | ||
| Weighted average common shares outstanding - basic (note 3) (in shares) | 201,892 | 201,019 | 176,406 | ||||
| Weighted average common shares outstanding - diluted (note 3) (in shares) | 201,892 | 201,019 | 176,406 | ||||
| Dividends per share (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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| X | ||||||||||
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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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- 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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| 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
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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- 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
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
| Net Loss | $ (927,079) | $ (485,892) | $ (363,735) |
| Other comprehensive income (loss), net of tax (note 3): | |||
| Unrealized holding (losses) gains for the period included in accumulated other comprehensive income (loss) | (12,646) | 68,822 | (7,534) |
| Less: net gains (losses) reclassified out of accumulated other comprehensive income (loss) into earnings for the period | 66,013 | 47,765 | 61,540 |
| Change in unrealized investment gains and losses (note 6) | (78,659) | 21,057 | (69,074) |
| Amortization related to benefit plans (note 13) | (1,221) | (12,862) | 6,390 |
| Foreign currency translation adjustment | 1,593 | (207) | 10,665 |
| Other comprehensive (loss) income, net of tax | (78,287) | 7,988 | (52,019) |
| Total comprehensive loss | $ (1,005,366) | $ (477,904) | $ (415,754) |
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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 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
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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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- Details
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)
In Thousands |
Common stock [Member]
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Paid-in capital [Member]
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Treasury stock [Member]
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Accumulated other comprehensive income (loss) [Member]
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Retained earnings (deficit) [Member]
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Total
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|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2009 | $ 130,163 | $ 443,294 | $ (269,738) | $ 74,155 | $ 924,707 | |
| Net loss | (363,735) | (363,735) | ||||
| Change in unrealized investment gains and losses, net (note 6) | 0 | 0 | 0 | (69,074) | 0 | (69,074) |
| Common stock shares issued (note 15) | 74,884 | 697,492 | 0 | 0 | 0 | |
| Reissuance of treasury stock, net (note 15) | 0 | (14,425) | 47,106 | 0 | (35,410) | |
| Equity compensation (note 18) | 0 | 12,581 | 0 | 0 | 0 | |
| Defined benefit plan adjustments, net (note 13) | 0 | 0 | 0 | 6,390 | 0 | (6,390) |
| Unrealized foreign currency translation adjustment, net | 0 | 0 | 0 | 10,665 | 0 | 10,665 |
| Balance at Dec. 31, 2010 | 205,047 | 1,138,942 | (222,632) | 22,136 | 525,562 | |
| Net loss | (485,892) | (485,892) | ||||
| Change in unrealized investment gains and losses, net (note 6) | 0 | 0 | 0 | 21,057 | 0 | 21,057 |
| Reissuance of treasury stock, net (note 15) | 0 | (14,577) | 60,090 | 0 | (51,305) | |
| Equity compensation (note 18) | 0 | 11,456 | 0 | 0 | 0 | |
| Defined benefit plan adjustments, net (note 13) | 0 | 0 | 0 | (12,862) | 0 | 12,862 |
| Unrealized foreign currency translation adjustment, net | (207) | (207) | ||||
| Balance at Dec. 31, 2011 | 205,047 | 1,135,821 | (162,542) | 30,124 | (11,635) | 1,196,815 |
| Net loss | 0 | 0 | 0 | 0 | (927,079) | (927,079) |
| Change in unrealized investment gains and losses, net (note 6) | 0 | 0 | 0 | (78,659) | 0 | (78,659) |
| Reissuance of treasury stock, net (note 15) | 0 | (8,749) | 57,583 | 0 | (51,567) | |
| Equity compensation (note 18) | 0 | 8,224 | 0 | 0 | 0 | |
| Defined benefit plan adjustments, net (note 13) | 0 | 0 | 0 | (1,221) | 0 | 1,221 |
| Unrealized foreign currency translation adjustment, net | 0 | 0 | 0 | 1,593 | 0 | 1,593 |
| Balance at Dec. 31, 2012 | $ 205,047 | $ 1,135,296 | $ (104,959) | $ (48,163) | $ (990,281) | $ 196,940 |
| 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 | ||||||||||
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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 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
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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
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
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. 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 increase (decrease) in other insurance liabilities during the period which liabilities are not otherwise defined in the taxonomy. 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 other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- 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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- 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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- Details
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| X | ||||||||||
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- Definition
The cash inflow associated with collection, whether partial or full, of long-term loans to a related party. Alternate caption: Proceeds from Advances to Affiliates. No definition available.
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| X | ||||||||||
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- Definition
The cash inflow from the issuance of a long-term debt instrument which 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the additional capital contribution to the entity. 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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- Details
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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
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Nature of Business
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12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2012
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| Nature of Business [Abstract] | |||
| Nature of Business |
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. Our principal product is primary mortgage insurance. Primary mortgage insurance may be written through the flow channel, in which loans are insured in individual, loan-by-loan transactions. Primary mortgage insurance may also be written through the bulk channel, in which portfolios of loans are individually insured in single, bulk transactions. Prior to 2008, we wrote significant volume through the bulk channel, substantially all of which was Wall Street bulk business, which we discontinued writing in 2007. We have not written any business through the bulk channel since 2008. Prior to 2009, we also wrote pool mortgage insurance. Pool insurance generally covers the excess of the loss on a defaulted mortgage loan which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan which did not require primary insurance. Pool insurance may have a stated aggregate loss limit for a pool of loans and may also have a deductible under which no losses are paid by the insurer until losses on the pool of loans exceed the deductible. Through certain other non-insurance subsidiaries, we also provide various services for the mortgage finance industry, such as contract underwriting and portfolio analysis and retention. We began our international operations in Australia, where we started to write business in June 2007. Since 2008, we are no longer writing new business in Australia. Our Australian operations are included in our consolidated financial statements; however they are not material to our consolidated results. At December 31, 2012, our direct domestic primary insurance in force was $162.1 billion, which represents the principal balance in our records of all mortgage loans that we insure, and our direct domestic primary risk in force was $41.7 billion, which represents the insurance in force multiplied by the insurance coverage percentage. Our direct pool risk in force at December 31, 2012 was approximately $1.3 billion ($0.4 billion on pool policies with aggregate loss limits and $0.9 billion on pool policies without aggregate loss limits). Our risk in force in Australia at December 31, 2012 was approximately $680 million which represents the risk associated with 100% coverage on the insurance in force. The mortgage insurance we provided in Australia only covers the unpaid loan balance after the sale of the underlying property. 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 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 December 31, 2012, MGIC's risk-to-capital ratio was 44.7 to 1, exceeding the maximum allowed by many jurisdictions, and its policyholder position was $640 million below the required MPP of $1.2 billion. We expect MGIC's risk-to-capital ratio to increase above its December 31, 2012 level. At December 31, 2012, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 47.8 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. Statement of Statutory Accounting Principles No. 101 ("SSAP No. 101"), became effective January 1, 2012 and prescribed new standards for determining the amount of deferred tax assets that can be recognized as admitted assets for determining 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 any contrary provisions of SSAP No. 101. At December 31, 2012, had MGIC calculated its net deferred tax assets based on the provisions of SSAP No. 101, no deferred tax assets would have been admitted. Pursuant to the permitted practice, deferred tax assets of approximately $63 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, 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, including our Australian subsidiaries, but 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 December 31, 2012, "Liquid Assets" were approximately $4.8 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 December 31, 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. Factors that could negatively impact MGIC's Liquid Assets are discussed throughout the financial statement footnotes. The OCI, in its sole discretion, may modify, terminate or extend its waiver of Capital Requirements, 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. We cannot assure you 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. 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 (discussed below) is conditioned upon the continued effectiveness of the OCI Order. MGIC applied for waivers in the other jurisdictions with Capital Requirements and, at this time, has active waivers from seven of them. MIC is writing new business in the jurisdictions where MGIC does not have active waivers. As a result, MGIC and MIC are collectively writing business on a nationwide basis. 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 that jurisdiction. As discussed below, under certain conditions, this business would be written in MIC. Factors that could negatively impact MGIC's statutory capital and compliance with Capital Requirements are discussed throughout the financial statement footnotes. 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, 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, premiums, housing values and 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. Factors that could negatively affect MGIC's claims paying resources are discussed throughout the financial statement footnotes. As part of our longstanding plan to write new business in MIC, a direct subsidiary of MGIC, MGIC has made capital contributions to MIC. As of December 31, 2012, MIC had statutory capital of $448 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 second half of 2012, MIC's new insurance written was $2.4 billion, which includes business from certain jurisdictions for which new insurance is again being written in MGIC after it received the necessary waivers. We project MIC can write 100% of our new insurance for at least five years if MGIC is unable to write new business. This projection is based on the 18:1 risk-to-capital limitation prescribed by Freddie Mac's approval of MIC (discussed below) and assumes the mix and level of new insurance written in the future would be the same as we wrote in 2012. It also assumes MIC's eligibility would extend throughout this period. We are currently writing new mortgage insurance in MIC in Florida, Idaho, Missouri, New Jersey, New York, North Carolina, Ohio and Puerto Rico. Approximately 19% of new insurance written in 2011 and 2012 was from jurisdictions in which MIC is currently writing business. If we had to write substantially more of our business in MIC and our levels of new insurance written were to increase materially, MIC may require additional capital to stay below Freddie Mac's prescribed risk-to-capital limit or a waiver of Freddie Mac's risk-to-capital limitation may be required. MIC is licensed to write business in all jurisdictions and, subject to the conditions and restrictions discussed below, has received the necessary approvals from 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, as amended November 30, 2012, MIC will be eligible to write mortgage insurance through December 31, 2013, 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. MIC is also approved to write mortgage insurance for 60 days in jurisdictions that do not have Capital Requirements if a jurisdiction notifies MGIC that, due to its financial condition, it may no longer write new business. The agreement provides that Fannie Mae may, in its discretion, extend such approval to no later than December 31, 2013. 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 from Freddie Mac that was amended and restated as of November 30, 2012, Freddie Mac approved MIC to write business only in those jurisdictions (other than Wisconsin) where either (a) MGIC is unable to write business because it does not meet the Capital Requirements and does not obtain waivers of them, or (b) MGIC received notice that it may not write business because of that jurisdiction's view of MGIC's financial condition. This approval of MIC, which may be withdrawn at any time, expires December 31, 2013, or earlier if a financial examination by the OCI determines that there is a reasonable probability that MGIC will be unable to honor claim obligations at any time in the five years after the examination, or if MGIC fails to honor claim payments. The approval from Freddie Mac, contains certain conditions and restrictions to its continued effectiveness, including requirements that MIC not exceed a risk-to-capital ratio of 18:1 (at December 31, 2012, MIC's risk-to-capital ratio was 1.2 to 1); MGIC and MIC comply with all terms and conditions of the OCI Order; the OCI Order remain effective; we contribute $100 million to MGIC on or before December 3, 2012 (which we did); MGIC enter into and comply with the payment terms of the settlement agreement with Freddie Mac and the FHFA dated December 1, 2012 (for more information about the settlement agreement, see Note 20 – "Litigation and Contingencies"); the OCI issue the order described in the next paragraph (which it did); and 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. On November 29, 2012, the OCI issued an order, effective until December 31, 2013, establishing a procedure for MIC to pay a dividend to MGIC if either of the following two events occurs: (1) an OCI examination determines that there is a reasonable probability that MGIC will be unable to honor its policy obligations at any time during the five years after the examination, or (2) MGIC fails to honor its policy obligations that it in good faith believes are valid. If one of these events occurs, the OCI is to conduct a review (to be completed within 60 days after the triggering event) to determine the maximum single dividend MIC could prudently pay to MGIC for the benefit of MGIC's policyholders, taking account of the interests of MIC's policyholders and the general public and certain standards for dividends imposed by Wisconsin law. Upon the completion of the review, the OCI will authorize, and MIC will pay, such a dividend within 30 days. We cannot assure you that the GSEs will approve or continue to approve MIC to write business in all jurisdictions in which MGIC is unable to do so. If one GSE does not approve MIC in all jurisdictions in which MGIC is unable to write new business, 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. See additional disclosure regarding statutory capital in Note 17 – "Statutory Capital." |
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
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:
The spread for liquidity risk at December 31, 2012 increased significantly from September 30, 2012, due to our decision to consider offers from outside the auction process on our remaining two auction rate securities. These secondary market transactions have historically had a higher discount to par than transactions associated with the issuers or trustees.
Investments
Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary in accordance with applicable guidance. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:
Home office and equipment
Deferred Insurance Policy Acquisition Costs
Loss Reserves Reserves are established for reported insurance losses and loss adjustment expenses based on when we receive notices of default on insured mortgage loans. We define a default as an insured loan with a mortgage payment that is 45 days or more past due. Reserves are also established for estimated losses incurred on notices of default not yet reported to us. Even though the accounting standard, Accounting Standards Codification ("ASC") 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies.
Premium Deficiency Reserve After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve was based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings. (See Note 10 - "Premium Deficiency Reserve.") Revenue Recognition We write policies which are guaranteed renewable contracts at the insured's option on a single, annual or monthly premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on a single premium basis and an annual premium basis are initially deferred as unearned premium reserve and earned over the policy term. Premiums written on policies covering more than one year are amortized over the policy life in accordance with the expiration of risk which is the anticipated claim payment pattern based on historical experience. Premiums written on annual policies are earned on a monthly pro rata basis. Premiums written on monthly policies are earned as coverage is provided. When a policy is cancelled, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the lender. Cancellations include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the lender and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and separate components of this liability are included in "Other liabilities" and "Premium deficiency reserves" on our consolidated balance sheet. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs.
Income Taxes
We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities. Benefit Plans
Reinsurance
Foreign Currency Translation Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive income in stockholders' equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income at the rate on the transaction date. Share-Based Compensation We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to five years. (See Note 18 – "Share-based Compensation Plans.") Earnings per Share Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities (with non-forfeitable rights to dividends) of 1.1 million, 1.1 million and 1.8 million, respectively, for the years ended December 31, 2012, 2011 and 2010 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 always excluded from the calculation. The following is a reconciliation of the weighted average number of shares; for the years ended December 31, 2012, 2011 and 2010, common stock equivalents of 61.7 million, 55.6 million and 47.4 million, respectively, were not included because they were anti-dilutive.
Other Comprehensive Income Our other comprehensive income for the years ended December 31, 2012, 2011 and 2010 was as follows:
See Note 14 – "Income Taxes" for a discussion of the valuation allowance. Our total accumulated other comprehensive income was as follows:
Cash and Cash Equivalents We consider money market funds and investments with original maturities of three months or less to be cash equivalents. Subsequent Events We have considered subsequent events through the date of this filing. |
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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 were finalized in February 2013. We are currently evaluating these additional provisions and intend to meet the new requirements beginning in the first quarter of 2013. In October 2010, 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 year ended December 31, 2012, we deferred $9.2 million of acquisition costs. For the year ended December 31, 2011, we deferred $5.2 million in acquisition costs and under the new guidance we would have deferred $7.2 million of such costs. 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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There were no related party transactions during 2012, 2011 or 2010. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investments
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Dec. 31, 2012
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments |
The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at December 31, 2012 and 2011 are shown below.
Our foreign investments primarily consist of the investment portfolio supporting our Australian domiciled subsidiary. This portfolio is comprised of Australian government and semi government securities, representing 88% of the market value of our foreign investments with the remaining 11% invested in corporate securities and 1% in cash equivalents. The The Australian portfolio is rated AAA, by one or more of the following major rating agencies: Moody's, Standard & Poor's and Fitch Ratings. The amortized cost and fair values of debt securities at December 31, 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.
The unrealized losses in all categories of our investments at December 31, 2012 were primarily caused by the difference in interest rates at December 31, 2012, compared to interest rates at the time of purchase. At December 31, 2011, 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 December 31, 2011, 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 $17 million and $170 million at December 31, 2012 and 2011, respectively. The two ARS we hold are collateralized by portfolios of student loans, both of which are ultimately 97% guaranteed by the United States Department of Education. At December 31, 2012, our remaining ARS portfolio was 100% AAA/Aaa-rated by one or more of the major rating agencies. 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 2012 we recognized OTTI losses in earnings of $2.3 million, related to impairments on certain ARS, some of which were previously impaired in 2011. During 2011 we recognized OTTI losses in earnings of $0.7 million. During 2010 we recognized OTTI losses in earnings of $9.6 million. In 2010, our OTTI losses were primarily related to certain securities for which the expected cash flows are not sufficient to recover the amortized cost. For the years ended December 31, 2012 and 2011, there were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive income (loss).
The net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments are as follows:
The gross realized gains, gross realized losses and impairment losses are as follows:
We had $21.4 million and $22.3 million of investments on deposit with various states at December 31, 2012 and 2011, respectively, due to regulatory requirements of those state insurance departments. |
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- Definition
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
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Dec. 31, 2012
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Fair value measurements for items measured at fair value included the following as of December 31, 2012 and 2011:
(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
(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 2012 or 2011. For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2012 and 2011 is as follows:
Additional fair value disclosures related to our investment portfolio are included in Note 6 – "Investments." Fair value disclosures related to our debt are included in Note 8 – "Debt." |
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- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt
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Dec. 31, 2012
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| Debt |
Senior Notes At December 31, 2012 and 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 million 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 year ended December 31, 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 December 31, 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 outstanding at the beginning of 2012 were $7.4 million and $14.9 million for the years ended December 31, 2012 and 2011, respectively. For the year ended December 31, 2011 we also had interest payments of $4.4 million related to Senior Notes repaid in 2011. Convertible Senior Notes At December 31, 2012 and 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, 2012, 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 $17.3 million in each of the years ended December 31, 2012 and 2011. Convertible Junior Subordinated Debentures At December 31, 2012 and 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 December 31, 2012 and 2011 the amortized value of the principal amount of the debentures is reflected as a liability on our consolidated balance sheet of $379.6 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 for the year ended December 31, 2012 and $35.1 million for the year ended December 31, 2011. All debt The par value and fair value of our debt at December 31, 2012 and 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 7 – "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 7 – "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 December 31, 2012, we had approximately $315 million in cash and investments at our holding company. The net unrealized gains on our holding company investment portfolio were approximately $2 million at December 31, 2012. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 2.2 years at December 31, 2012. |
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- Definition
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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Loss Reserves
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Dec. 31, 2012
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| Loss Reserves |
As described in Note 3 – "Summary of Significant Accounting Policies," we establish reserves to recognize the estimated liability for losses and loss adjustment expenses 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 deterioration of regional or national economic conditions, including unemployment, leading to a reduction in borrowers' income and thus their ability to make mortgage payments, and a drop in housing values 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 each of the past three years:
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 defaults 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 the 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. Losses incurred on default notices received in the current year decreased in 2012 compared to 2011, and in 2011 compared to 2010, primarily due to a decrease in the number of new default notices received, net of cures. These factors were somewhat offset by a smaller benefit from captive arrangements. The prior year development of the reserves in 2012, 2011 and 2010 is reflected in the table below.
The increase (decrease) in the claim rate was based on the resolution of approximately 55%, 57% and 55% in 2012, 2011 and 2010, respectively 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. In addition, during 2012, lower estimated rescission rates, as well as our experience on defaults that are 12 months or more delinquent have increased our estimate of the claim rate. In 2010, our estimated claim rates decreased due to greater cures experienced, a portion of which resulted from loan modifications. The decrease in the estimated severity in 2012 and 2011 was based on the resolution of the prior year default inventory. The decrease in estimated loss adjustment expense in 2011was based on recent historical trends in the costs associated with resolving a claim. In 2010, the increase in estimated pool severity was based on the resolution of defaults that occurred in prior periods with higher claim amounts, which in part, were applied to remaining deductibles on certain pool policies. The "Losses paid" section of the table above shows the breakdown between claims paid on default notices received in the current year, claims paid on default notices received in prior years and the decrease in losses paid related to terminated reinsurance agreements as noted in footnote (6) of the table above. 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 had 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. In 2012 and 2011, we experienced an increase in claims paid on default notices received in the current year due to fewer claim investigations and an increase in short sales. The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at December 31, 2012 and 2011 and approximated $134 million and $114 million, respectively. Separate components of this liability are included in "Other liabilities" and "Premium deficiency reserve" on our consolidated balance sheet. (See Note 3 – "Summary of Significant Accounting Policies – Revenue Recognition") A rollforward of our primary default inventory for the years ended December 31, 2012, 2011 and 2010 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 8,594 at December 31, 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 20 – "Litigation and Contingencies" for a discussion of our settlement with Freddie Mac regarding this pool policy. The pool insurance notice inventory was 43,329 at December 31, 2010. 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. Aging of the Primary Default Inventory
(1) Our claims received inventory includes suspended rescissions as discussed in Note 20 – "Litigation and Contingencies". In connection with the Countrywide proceedings, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of December 31, 2012, coverage on approximately 2,150 loans, representing total potential claim payments of approximately $160 million, that we had determined was rescindable were 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. As of December 31, 2012, coverage on approximately 250 loans, representing total potential claim payments of approximately $17 million, were affected by our decision to suspend rescissions for another customer for which we also consider settlement probable. In addition, as of December 31, 2012, approximately 240 rescissions, representing total potential claim payments of approximately $16 million, were affected by our decision to suspend rescissions for customers other than those for which we consider settlement probable, as defined in ASC 450-20. 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
Rescissions 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 were not a material portion of our claims resolved during a year. However, beginning in 2008, our rescissions of coverage on loans have 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 2012, rescissions mitigated our paid losses by approximately $0.3 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, less than 10% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009. Our loss reserving methodology incorporates our estimates of future rescissions and reversals of rescissions. Historically, the number of rescissions that we have reversed has been immaterial. A variance between ultimate actual rescission and reversal rates and our 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, 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. In the fourth quarter of 2012, we estimate that our rescission benefit in loss reserves was reduced due to probable rescission settlement agreements and that other rescissions had no significant impact on our losses incurred in 2012. For information about two settlements that we believe are probable, as defined in ASC 450-20, see Note 20 – "Litigation and Contingencies." The completion of those settlements, assuming they occur, may encourage other lender-customers to seek remedies against us. 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 must be considered together with the various other factors impacting incurred losses and not in isolation. The table below represents our estimate of the impact rescissions have had on reducing our loss reserves, paid losses and losses incurred.
(1) As discussed in Note 20 – "Litigation and Contingencies" we have made substantial progress in reaching an agreement with Countrywide to settle the dispute we have concerning rescissions. We have determined that a settlement with Countrywide is probable and under this probable settlement agreement, we estimate that our rescission benefit in loss reserves was reduced by approximately $0.2 billion. This adjustment to loss reserves was partially offset by an estimated benefit of approximately $0.1 billion under the terms of the settlement agreements we consider probable, as defined in ASC 450-20. As a result, in the fourth quarter of 2012, we increased our loss reserve estimates by approximately $0.1 billion to reflect potential settlements we consider probable. At December 31, 2012, our loss reserves continued to be impacted by expected rescission activity. We expect that the reduction of our loss reserves due to rescissions will continue to decline. 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. Until a liability associated with a settlement agreement or litigation becomes probable and can be reasonably estimated, 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 sometimes 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 generally include additional loss reserves that would reflect an adverse outcome from ongoing legal proceedings. For more information about these legal proceedings, see Note 20 – "Litigation and Contingencies." The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At December 31, 2012 and 2011 the estimate of this liability totaled $18 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. 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. Since those announcements, the GSEs have approved our settlement agreement with one customer and have rejected settlement agreements that were structured differently. We have reached and implemented settlement agreements that do not require GSE approval, but they have not been material in the aggregate. As discussed in Note 20 – "Litigation and Contingencies" we have made substantial progress in reaching an agreement with Countrywide concerning rescissions. 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. We continue to discuss with other customers their objections to material rescissions and have reached settlement terms with several of our significant 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 December 31, 2012, approximately 240 rescissions, representing total potential claim payments of approximately $16 million, were affected by our decision to suspend rescissions for customers other than the two customers for which we consider a settlement agreement probable, as defined in ASC 450-20. Although it is reasonably possible that, when the discussions or legal proceedings with customers regarding rescissions 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. |
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Premium Deficiency Reserve
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| Premium Deficiency Reserve |
Beginning in 2007, when we stopped writing Wall Street bulk business, we began to separately measure the performance of these transactions and established a premium deficiency reserve related to this business. The premium deficiency reserve reflects the present value of expected future losses and expenses that exceeded the present value of expected future premiums and already established loss reserves. The components of the premium deficiency reserve at December 31, 2012, 2011 and 2010 appear in the table below.
Each quarter, we re-estimate the premium deficiency reserve on the remaining Wall Street bulk insurance in force. The premium deficiency reserve primarily changes from quarter to quarter as a result of two factors. First, it changes as the actual premiums, losses and expenses that were previously estimated are recognized. Each period such items are reflected in our financial statements as earned premium, losses incurred and expenses. The difference between the amount and timing of actual earned premiums, losses incurred and expenses and our previous estimates used to establish the premium deficiency reserves has an effect (either positive or negative) on that period's results. Second, the premium deficiency reserve changes as our assumptions relating to the present value of expected future premiums, losses and expenses on the remaining Wall Street bulk insurance in force change. Changes to these assumptions also have an effect on that period's results. The decrease in the premium deficiency reserve for the years ended December 31, 2012, 2011 and 2010 was $61 million, $44 million and $14 million, respectively, as shown in the charts below. The decrease represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The change in assumptions for 2012 is primarily related to higher estimated ultimate losses resulting principally from an increase in the number of projected claims that will ultimately be paid. The change in assumptions for 2011 is primarily related to higher estimated ultimate premiums resulting principally from an increase in the projected persistency rate, somewhat offset by higher estimated ultimate losses resulting principally from an increase in the number of projected claims that will ultimately be paid. The change in assumptions for 2010 is primarily related to higher estimated ultimate premiums, which is principally related to an increase in the projected persistency rate. The decrease in the premium deficiency reserve for the years ended December 31, 2012, 2011 and 2010 appears in the table below.
Each quarter we perform a premium deficiency analysis on the portion of our book of business not covered by the premium deficiency described above. As of December 31, 2012, the analysis concluded that there was no premium deficiency on such portion of our book of business. For the reasons discussed below, our analysis of any potential deficiency reserve is subject to inherent uncertainty and requires significant judgment by management. To the extent, in a future period, expected losses are higher or expected premiums are lower than the assumptions we used in our analysis, we could be required to record a premium deficiency reserve on this portion of our book of business in such period. The calculation of premium deficiency reserves requires the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The calculation of future premium depends on, among other things, assumptions about persistency and repayment patterns on underlying loans. The calculation of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Similar to our loss reserve estimates, our estimates for premium deficiency reserves could be adversely affected by several factors, including a deterioration of regional or economic conditions leading to a reduction in borrowers' income and thus their ability to make mortgage payments, and a drop in housing values that could expose us to greater losses. Assumptions used in calculating the deficiency reserves can also be affected by volatility in the current housing and mortgage lending industries. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimates will affect future period earnings and could be material. |
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The entire disclosure regarding the entity's premium deficiency reserve on wall street bulk. No definition available.
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Reinsurance
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Dec. 31, 2012
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| Reinsurance |
We cede a portion of our business to reinsurers and record assets for reinsurance recoverable on loss reserves and prepaid reinsurance premiums. We cede primary business to reinsurance subsidiaries and affiliates of certain mortgage lenders ("captives"). The majority of ceded premiums relates to these agreements. Historically, most of these reinsurance arrangements were aggregate excess of loss reinsurance agreements, and the remainder have been quota share agreements. Under the aggregate excess of loss agreements, we are responsible for the first aggregate layer of loss (typically 4% or 5%), the captives are responsible for the second aggregate layer of loss (typically 5% or 10%) and we are responsible for any remaining loss. The layers are typically expressed as a percentage of the original risk on an annual book of business reinsured by the captive. The premium cessions on these agreements typically range from 25% to 40% of the direct premium. Under a quota share arrangement premiums and losses are shared on a pro-rata basis between us and the captives, with the captive's portion of both premiums and losses typically ranging from 25% to 50%. Effective January 1, 2009, we no longer cede new business under excess of loss reinsurance treaties with captives. Loans reinsured on an excess of loss basis through December 31, 2008 will run off pursuant to the terms of the particular captive arrangement. New business remains eligible to be ceded under quota share reinsurance arrangements, limited to a maximum 25% cede rate. During 2009 through 2012, many of our captive arrangements have either been terminated or placed into run-off. Under reinsurance agreements with captives, the captives are required to maintain a separate trust account, of which we are the sole beneficiary. Premiums ceded to a captive are deposited into the applicable trust account to support the captive's layer of insured risk. These amounts are held in the trust account and are available to pay reinsured losses. The trust assets are primarily invested in money market funds and government issued securities. The captive's ultimate liability is limited to the assets in the trust account. When specific time periods are met and the individual trust account balance has reached a required level, then the individual captive may make authorized withdrawals from its applicable trust account. In most cases, the captives are also allowed to withdraw funds from the trust account to pay verifiable federal income taxes and operational expenses. Conversely, if the account balance falls below certain thresholds, the individual captive may be required to contribute funds to the trust account. However, in most cases, our sole remedy if a captive does not contribute such funds is to put the captive into run-off (in a run-off, no new loans are reinsured by the captive but loans previously reinsured continue to be covered, with premium and losses continuing to be ceded on those loans). In the event that the captive's incurred but unpaid losses exceed the funds in the trust account, and the captive does not deposit adequate funds to cure the shortfall, we may also be allowed to terminate the captive agreement, assume the captive's obligations, transfer the assets in the relevant trust accounts to us, and retain all future premium payments. The reinsurance recoverable on loss reserves as of December 31, 2012 and 2011 was approximately $105 million and $155 million, respectively. The reinsurance recoverable on loss reserves related to captive agreements was approximately $104 million at December 31, 2012, which was supported by $303 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 in trust assets. As of December 31, 2012 and 2011 there was an additional $25 million and $27 million, respectively, of trust assets in captive agreements where there was no related reinsurance recoverable on loss reserves. During 2012 and 2011, $6 million and $39 million, respectively, of trust fund assets were transferred to us as a result of captive terminations. The transferred funds resulted in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in our net losses paid (reduction in losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred. Since 2005, we have entered into three separate aggregate excess of loss reinsurance agreements under which we ceded approximately $130 million of risk in force in the aggregate to three special purpose reinsurance companies. In 2008, we terminated one of these excess of loss reinsurance agreements. One agreement is in the final stages of termination, with no ceded risk in force at December 31, 2012. The remaining agreement had ceded risk in force at December 31, 2012 of approximately $0.8 million. We receive a ceding commission under certain reinsurance agreements.
See Note 20 – "Litigation and Contingencies" for a discussion of requests or subpoenas for information regarding captive mortgage reinsurance arrangements. 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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Investments in Joint Ventures
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Dec. 31, 2012
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| Investments in Joint Ventures [Abstract] | |||
| Investments in Joint Ventures |
Sherman In August 2008 we sold our entire interest in Sherman Financial Group, LLC ("Sherman") to Sherman. Our interest sold represented approximately 24.25% of Sherman's equity. The sale price was $124.5 million in cash and Sherman's unsecured promissory note in the principal amount of $85 million (the "Note"). The scheduled maturity of the Note was February 13, 2011 and it paid interest, monthly, at the annual rate equal to three-month LIBOR plus 500 basis points. Sherman repaid the Note in December 2010 for approximately $83.5 million. The carrying value of the Note at the time of repayment was approximately $84.0 million. The loss recognized on the repayment of $0.5 million is included in net realized investment gains on the statement of operations for the year ended December 31, 2010. |
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- Definition
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Benefit Plans
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Dec. 31, 2012
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| Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Plans |
Under Statement of Statutory Accounting Principles ("SSAP") No. 92 and No. 102, which became 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, as disclosed in the tables above. The new SSAPs will increase our statutory benefit obligations. We have evaluated the provisions of this guidance, and we do not expect the new guidance to have a material impact on our statutory benefit obligations. The changes in the projected benefit obligation are as follows:
(1) In 2012, includes lump sum payments of $12.0 million from our pension plan to eligible participants, which were former employees with vested benefits of $100 thousand or less. Additional former employees may elect this option in 2013. In 2011, includes lump sum payments of $8.2 million from our pension plan to eligible participants, which were former employees with vested benefits of $50 thousand or less. The changes in the fair value of the net assets available for plan benefits are as follows:
The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years. The weighted-average asset allocations of the plans are as follows:
In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value of our benefit plan assets: Level 1 – Quoted prices for identical instruments in active markets that we have the ability to access. Financial assets utilizing Level 1 inputs include equity securities, mutual funds, money market funds and certain U.S. Treasury securities and obligations of U.S. government corporations and agencies. 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 include certain municipal, corporate and foreign 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. There are no securities that utilize Level 3 inputs. To determine the fair value of securities in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. In addition, on a quarterly basis, we perform quality controls over values received from the pricing source (the "Trustee") which include comparing values to other independent pricing sources. In addition, we review annually the Trustee's auditor's report on internal controls in order to determine that their controls around valuing securities are operating effectively. We have not made any adjustments to the prices obtained from the independent sources. The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2012.
Our pension plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years: Fixed income allocation
Equity allocation
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
The following table sets forth by level, within the fair value hierarchy, the postretirement plan assets at fair value as of December 31, 2012.
Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above. Investment in international oriented funds is limited to a maximum of 30% of the equity range. The current international allocation is invested in two mutual funds with 5% of the equity allocation in a fund which has the objective of investments primarily in equity securities of emerging markets countries, and 25% of the equity allocation in a fund investing in securities of companies based outside the United States. It invests in companies primarily based in Europe and the Pacific Basin, and includes common and preferred stocks, convertibles, ADRs, EDRs, bonds and cash. In addition to the foreign mutual funds, separately managed accounts have investments in equity securities of foreign corporations, and fixed income securities issued by foreign entities. The following tables show the estimated future contributions and estimated future benefit payments.
Health care sensitivities For measurement purposes, an 8.0% health care trend rate was used for benefits for retirees before they reach age 65 for 2012. In 2013, the rate is assumed to be 7.5%, decreasing to 5.0% by 2018 and remaining at this level beyond. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A 1% change in the health care trend rate assumption would have the following effects on other postretirement benefits:
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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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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
We review the need to adjust the 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. Beginning with the first quarter of 2009, any benefit from income taxes, relating to operating losses, has been reduced or eliminated by the establishment of a valuation allowance. During 2010, our deferred tax valuation allowance was increased due to a decrease in the deferred tax liability related to $63.5 million of losses that were recorded in other comprehensive income. During 2011, our deferred tax asset valuation allowance was reduced due to an increase in the deferred tax liability related to $2.3 million of income that was recorded in other comprehensive income. During 2012, our deferred tax valuation allowance was increased due to a decrease in the deferred tax liability related to $80.1 million of losses 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 other comprehensive income. The effect of the change in valuation allowance on the benefit from income taxes was as follows:
The increase in the valuation allowance that was included in other comprehensive income was $28.1 million, zero, and $22.2 million for the years ended December 31, 2012, 2011 and 2010, respectively. The total valuation allowance as of December 31, 2012, December 31, 2011 and December 31, 2010 was $966.0 million, $608.8 million and $410.3 million, respectively. Giving full effect to the carryback of net operating losses for federal income tax purposes, we have approximately $2,477 million of net operating loss carryforwards on a regular tax basis and $1,595 million of net operating loss carryforwards for computing the alternative minimum tax as of December 31, 2012. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2032.
We received $7.0 million and $289.1 million in federal income tax refunds in 2012 and 2010, respectively. Proceeds received in 2010 were primarily from the carryback of 2009 losses. The reconciliation of the federal statutory income tax benefit rate to the effective income tax (benefit) rate is as follows:
The Internal Revenue Service ("IRS") completed examinations of our federal income tax returns for the years 2000 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 to the United States Department of the Treasury related to this assessment. In August 2010, we reached a tentative settlement agreement with the IRS which was not finalized. We currently expect to receive a statutory notice of deficiency (commonly referred to as a "90-day letter") for the disputed amounts after the first quarter of 2013. We would then be required to litigate their validity in order to avoid payment to the IRS of the entire amount assessed. Any such litigation could be lengthy and costly in terms of legal fees and related expenses. We continue to believe that our previously recorded tax provisions and liabilities 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 – "Nature of Business - 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. In January 2013, we received a Revenue Agent's Report from the IRS related to the examination of our federal income tax return for the year 2010. The adjustments that are proposed by the IRS are temporary in nature and will have no material effect on the financial statements. Under current guidance, when evaluating a tax position for recognition and measurement, an entity shall presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The interpretation adopts a benefit recognition model with a two-step approach, a more-likely-than-not threshold for recognition and derecognition, and a measurement attribute that is the greatest amount of benefit that is cumulatively greater than 50% likely of being realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, that would affect our effective tax rate is $92.0 million. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. During 2012, we recognized $(1.4) million in interest. As of December 31, 2012 and 2011, we had $25.3 million and $26.7 million of accrued interest related to uncertain tax positions, respectively. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2000. |
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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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Shareholders' Equity
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Dec. 31, 2012
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| Shareholders' Equity [Abstract] | |||
| 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. In April 2010 we completed the public offering and sale of 74,883,720 shares of our common stock at a price of $10.75 per share. We received net proceeds of approximately $772.4 million, after deducting underwriting discount and offering expenses. The shares of common stock sold were newly issued shares. We have 35.9 million authorized shares reserved for conversion under our convertible debentures, including deferred interest, and 25.7 million authorized shares reserved for conversion under our convertible senior notes. (See Note 8 – "Debt") |
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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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Dividend Restrictions
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Dec. 31, 2012
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| Dividend Restrictions |
The senior notes, convertible senior notes and convertible debentures, discussed in Note 8 – "Debt", are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. The payment of dividends from our insurance subsidiaries, which prior to raising capital in the public markets in 2008 and 2010 had been the principal source of our holding company cash inflow, is restricted by insurance regulation. MGIC is the principal source of dividend-paying capacity. In 2009 through 2012, MGIC has not paid any dividends to our holding company. In 2013, MGIC and our other insurance subsidiaries cannot pay any dividends to our holding company without approval from the OCI. In connection with the approval of MIC as an eligible mortgage insurer, Freddie Mac and Fannie Mae have imposed dividend restrictions on MGIC and MIC through December 31, 2013.
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The entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities. No definition available.
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Statutory Capital
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Dec. 31, 2012
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| Statutory Capital |
Accounting Principles
SSAP No. 101 became effective January 1, 2012 and prescribed new standards for determining the amount of deferred tax assets that can be recognized as admitted assets for determining statutory capital. Under a permitted practice effective September 30, 2012 and until further notice, the 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 any contrary provisions of SSAP No. 101. At December 31, 2012, had MGIC calculated its net deferred tax assets based on the provisions of SSAP No. 101, no deferred tax assets would have been admitted. Pursuant to the permitted practice, deferred tax assets of approximately $63 million were included in statutory capital. The statutory net income, surplus and the contingency reserve liability of the insurance subsidiaries (excluding the non-insurance subsidiaries of our parent company), as well as the surplus contributions made to MGIC and other insurance subsidiaries and dividends paid by MGIC to us, are included below. The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations.
Statutory Capital Requirements The Office of the Commissioner of Insurance of Wisconsin is MGIC's principal insurance regulator. To assess a mortgage guaranty insurer's capital adequacy, Wisconsin's insurance regulations require that a mortgage guaranty insurance company maintain "policyholders position" of not less than a minimum computed under a formula (such minimum, the "MPP"). Policyholders position is the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums, with credit given for authorized reinsurance. The minimum required by the formula depends on the insurance in force and whether the loans insured are primary insurance or pool insurance and further depends on the LTV ratio of the individual loans and their coverage percentage (and in the case of pool insurance, the amount of any deductible). If a mortgage guaranty insurer does not meet MPP it may be prohibited from writing new business until its policyholders position meets the minimum. Some states that regulate us have provisions that limit the risk-to-capital ratio of a mortgage guaranty insurance company to 25 to 1. This ratio is computed on a statutory basis for our insurance entities and is our net risk in force divided by our policyholders' position. Policyholders' position consists primarily of statutory policyholders' surplus, plus the statutory contingency reserve. The statutory contingency reserve is reported as a liability on the statutory balance sheet. A mortgage guaranty insurance company is required to make annual contributions to the contingency reserve of approximately 50% of net earned premiums. These contributions must generally be maintained for a period of ten years. However, with regulatory approval a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net earned premium in a calendar year. If an insurance company's risk-to-capital ratio exceeds the limit applicable in a state, it may be prohibited from writing new business in that state until its risk-to-capital ratio falls below the limit. At December 31, 2012, MGIC's risk-to-capital ratio was 44.7 to 1, exceeding the maximum allowed by many jurisdictions, and its policyholder position was $640 million below the required MPP of $1.2 billion. We expect MGIC's risk-to-capital ratio to increase and to continue to exceed 25 to 1. At December 31, 2012, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 47.8 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. See Note 1 – "Nature of Business – Capital" for additional information regarding our statutory capital. |
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The entire disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made. No definition available.
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Share-based Compensation Plans
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Dec. 31, 2012
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| Share-based Compensation Plans |
We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to five years. We have a stock incentive plan that was adopted in May 2011. When the 2011 plan was adopted, no further awards could be made under our previous 2002 plan. All share based compensation granted in 2011 was granted under the 2002 plan prior to the adoption of the 2011 plan. The purpose of the 2011 plan is to motivate and incent performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. The maximum number of shares of stock that can be awarded under the 2011 plan is 7.0 million. Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. In addition, shares used for income tax withholding or used for payment of the exercise price of an option will not be counted against such limit. The plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after May 5, 2021 under the 2011 plan. The exercise price of options is the closing price of the common stock on the New York Stock Exchange on the date of grant. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. Shares issued under the 2011 plan are treasury shares if available, otherwise they will be newly issued shares. Treasury shares will continue to be issued for unit awards under the 2002 plan as they vest. The compensation cost that has been charged against income for the share-based plans was $8.6 million, $12.1 million and $13.7 million for the years ended December 31, 2012, 2011 and 2010, respectively. The related income tax benefit, before valuation allowance, recognized for the share-based compensation plans was $3.0 million, $4.2 million and $1.5 million for the years ended December 31, 2012, 2011 and 2010, respectively. See Note 14 – "Income Taxes" for a discussion of our valuation allowance. A summary of option activity in the stock incentive plans during 2012 is as follows:
There were no options granted or exercised in 2012, 2011 or 2010. The following is a summary of stock options outstanding, all of which are exercisable, at December 31, 2012:
The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2012 was zero. The aggregate intrinsic value represents the total pre-tax intrinsic value based on our closing stock price of $2.66 as of December 31, 2012 which would have been received by the option holders had all option holders exercised their options on that date. Because our closing stock price at December 31, 2012 was below all exercise prices, none of the outstanding options had any intrinsic value. A summary of restricted stock or restricted stock unit activity during 2012 is as follows:
At December 31, 2012, the 3.1 million shares of restricted stock outstanding consisted of 2.3 million shares that are subject to performance conditions ("performance shares") and 0.8 million shares that are subject only to service conditions ("time vested shares"). The weighted-average grant date fair value of restricted stock granted during 2011 and 2010 was $8.94 and $6.82, respectively. The fair value of restricted stock granted is the closing price of the common stock on the New York Stock Exchange on the date of grant. The total fair value of restricted stock vested during 2012, 2011 and 2010 was $6.9 million, $14.9 million and $8.5 million, respectively. As of December 31, 2012, there was $8.8 million of total unrecognized compensation cost related to nonvested share-based compensation agreements granted under the plans. Of this total, $7.5 million of unrecognized compensation costs relate to performance shares and $1.3 million relates to time vested shares. The unrecognized costs associated with the performance shares may or may not be recognized in future periods, depending upon whether or not the performance conditions are met. The cost associated with the time vested shares is expected to be recognized over a weighted-average period of 1.3 years. During 2011, we granted 449,350 shares that will be settled as cash payments over the vesting period under the 2002 stock incentive plan. The grant date fair value of these restricted share units was $8.94 in 2011. During 2012, 147,968 shares of this grant vested resulting in cash payments of $0.6 million and 1,200 shares of this grant were forfeited. During 2011, 5,400 shares of this grant were forfeited. As of December 31, 2012, there was $0.4 million of total unrecognized compensation cost related to the 294,782 nonvested shares under this grant. The unrecognized compensation cost associated with this grant is expected to be recognized over a period of 1.1 years. At December 31, 2012, 5.2 million shares were available for future grant under the 2011 stock incentive plan. |
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Leases
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Dec. 31, 2012
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| Leases |
(1) Minimum payments have not been reduced by minimum sublease rentals of $38 thousand due in the future under noncancelable subleases. |
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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Litigation and Contingencies
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Dec. 31, 2012
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| Litigation and Contingencies |
Consumers continue to bring 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. Beginning in December 2011, MGIC, various mortgage lenders and various other mortgage insurers have been named as defendants in twelve lawsuits, alleged to be class actions, filed in various U.S. District Courts. Three of those cases have previously been dismissed. The complaints in all nine of the remaining cases allege 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. Since June 2005, various state and federal regulators have also conducted investigations or requested information regarding captive mortgage reinsurance arrangements, including (1) a request received by MGIC in June 2005 from the New York Department of Financial Services for information regarding captive mortgage reinsurance arrangements and other types of arrangements in which lenders receive compensation; (2) the Minnesota Department of Commerce (the "MN Department"), which regulates insurance, began requesting information in February 2006, regarding captive mortgage reinsurance and certain other matters in response to which MGIC has provided information on several occasions, including as recently as May 2011; (3) various subpoenas received by MGIC beginning in March 2008 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; and (4) correspondence received by MGIC in January 2012 from the Consumer Financial Protection Bureau ("CFPB") indicating that HUD had transferred authority to the CFPB to investigate captive reinsurance arrangements in the mortgage insurance industry and requesting, among other things, certain information regarding captive mortgage reinsurance transactions in which we participated. In June 2012, we received a Civil Investigative Demand ("CID") 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. MGIC has also filed a petition to modify the CID which petition is currently pending. While MGIC believes it would have strong defenses to any claims the CFPB might bring against it as a result of the investigation, it continues to work with the CFPB to try to resolve the investigation and any concerns that the CFPB may have about MGIC's past and current captive reinsurance practices. If MGIC cannot resolve the concerns of the CFPB, it is possible that the CFPB would assert various RESPA and possibly other claims against it. 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 January 2013, the CFPB issued rules to implement laws requiring mortgage lenders to make ability-to-pay determinations prior to extending credit. We are uncertain whether the CFPB will issue any other 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 November 29, 2012, the District Court granted final approval for a class action settlement of the lawsuit. The settlement created a settlement class of 265 borrowers. Under the terms of the settlement, MGIC deposited $500,000 into an escrow account to fund possible payments to affected borrowers. In addition, MGIC paid the named plaintiff an "incentive fee" of $7,500 and paid 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. 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. We have made substantial progress in reaching an agreement with Countrywide to settle the dispute we have regarding rescissions. Since December 2009, we have been involved in legal proceedings with Countrywide in which Countrywide alleged that MGIC denied valid mortgage insurance claims. (In these financial statement footnotes, we refer to rescissions of insurance and denials of claims collectively as "rescissions" and variations of that term.) In addition to the claim amounts it alleged MGIC had improperly denied, Countrywide contended it was entitled to other damages of almost $700 million as well as exemplary damages. We sought a determination in those proceedings that we were entitled to rescind coverage on the applicable loans. From January 1, 2008 through December 31, 2012, rescissions of coverage on Countrywide-related loans mitigated our paid losses on the order of $445 million. This amount is the amount we estimate we would have paid had the coverage not been rescinded. In addition, in connection with mediation, we voluntarily suspended rescissions related to loans that we believed could be covered by a settlement. As of December 31, 2012, coverage on approximately 2,150 loans, representing total potential claim payments of approximately $160 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. While there can be no assurance that we will actually enter into a settlement agreement with Countrywide, we have determined that a settlement with Countrywide is probable. We are also discussing a settlement with another customer. We have also determined that it is probable we will reach a settlement of our dispute with this customer. As of December 31, 2012, coverage on approximately 250 loans, representing total potential claim payments of approximately $17 million, was affected by our decision to suspend rescissions for that customer. We are now able to reasonably estimate the probable loss associated with each probable settlement and, as required by ASC 450-20, we have recorded the estimated impact of the two probable settlements referred to above in our financial statements for the quarter ending December 31, 2012. The aggregate impact to loss reserves for the probable settlement agreements was an increase of approximately $100 million. This impact was somewhat offset by impacts to our return premium accrual and premium deficiency reserve. All of these impacts were reflected in the fourth quarter 2012 financial results. If we are not able to reach settlement with Countrywide, we intend to defend MGIC against any related legal proceedings, vigorously. 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. From January 1, 2008 through December 31, 2012, we estimate that total rescissions mitigated our incurred losses by approximately $2.9 billion, which included approximately $2.9 billion of mitigation on paid losses, excluding $0.6 billion that would have been applied to a deductible. At December 31, 2012, we estimate that our total loss reserves were benefited from anticipated rescissions by approximately $0.2 billion. Before paying a claim, we review the loan and servicing files to determine the appropriateness of the claim amount. All of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy, including the requirement to mitigate our loss by performing reasonable loss mitigation efforts or, for example, diligently pursuing a foreclosure or bankruptcy relief in a timely manner. We call such reduction of claims submitted to us "curtailments." In 2012, curtailments reduced our average claim paid by approximately 4%. In addition, the claims submitted to us sometimes include costs and expenses not covered by our insurance policies, such as mortgage insurance premiums, hazard insurance premiums for periods after the claim date and losses resulting from property damage that has not been repaired. These other adjustments reduced claim amounts by less than the amount of curtailments. After we pay a claim, servicers and insureds sometimes object to our curtailments and other adjustments. We review these objections if they are sent to us within 90 days after the claim was paid. Historically, we have not had material disputes regarding our curtailments or other adjustments. As part of our settlement discussions, Countrywide informed us that they object to approximately $40 million of curtailment and other adjustments. In connection with any settlement agreement with Countrywide, we expect we would enter into a separate agreement with them that would provide for a process to resolve this dispute. However, we do not believe a loss is probable regarding this curtailment dispute and have not accrued any reserves that would reflect an adverse outcome to this dispute. We intend to defend vigorously our position regarding the correctness of these curtailments under our insurance policy. Although we have not had other material objections to our curtailment and adjustment practices, there can be no assurances that we will not face additional challenges to such practices. MGIC and Freddie Mac disagreed on the amount of the aggregate loss limit under certain pool insurance policies (the "Disputed Policies"). On December 1, 2012, an Agreement of Settlement, Compromise and Release (the "Settlement Agreement") between MGIC, Freddie Mac and the FHFA became effective, settling their dispute regarding the Disputed Policies. Under the Settlement Agreement, MGIC is to pay Freddie Mac a total of $267.5 million in satisfaction of all obligations under the Disputed Policies. Of the total, $100 million was paid in December 2012, as required by the Settlement Agreement, and the remaining $167.5 million is to be paid in 48 equal installments that began on January 2, 2013. If MGIC fails to make payments as required by the Settlement Agreement, or if payments or obligations to make payments are set aside, voided or otherwise rendered unenforceable (a "Default"), then Freddie Mac may elect to: (a) to collect an additional settlement payment of $57.5 million (for a Default occurring on or after December 1, 2015), $82.5 million (for a Default occurring on or after December 1, 2014, but before December 1, 2015) or $132.5 million (for a Default occurring before December 1, 2014), in addition to the remainder of the $267.5 million that it has not received or retained due to the Default, (b) to keep all payments previously retained and reinitiate litigation regarding the Disputed Policies, seeking damages of $540 million less the amounts previously retained, or (c) seek specific performance of the Settlement Agreement. MGIC has also agreed to indemnify Freddie Mac and FHFA from any claims made against either of them by MGIC and certain associated parties of MGIC (including regulators and creditors) that are premised upon the performance of the Settlement Agreement. 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 nine lawsuits asserting various causes of action arising from allegedly improper recording and foreclosure activities by MERS. Three of those lawsuits remain pending and the other six lawsuits have been dismissed without an appeal. The damages sought in the remaining cases are substantial. We deny any wrongdoing and intend to vigorously defend ourselves against the allegations in the lawsuits. 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. Through a non-insurance subsidiary, we utilize our underwriting skills to provide an outsourced underwriting service to our customers known as contract underwriting. As part of the contract underwriting activities, that subsidiary is responsible for the quality of the underwriting decisions in accordance with the terms of the contract underwriting agreements with customers. That subsidiary may be required to provide certain remedies to its customers if certain standards relating to the quality of our underwriting work are not met, and we have an established reserve for such future obligations. These obligations have been primarily funded by contributions from our holding company and, in part, from the operations of the subsidiary. 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 that subsidiary 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 the subsidiary provided contract underwriting services may make a claim for a contract underwriting remedy more likely to occur. Beginning in the second half of 2009, our subsidiary experienced an increase in claims for contract underwriting remedies, which has continued throughout 2012. The related contract underwriting remedy expense was approximately $27 million, $23 million and $19 million for the years ended December 31, 2012, 2011 and 2010.
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The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. No definition available.
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Unaudited Quarterly Financial Data
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Dec. 31, 2012
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| Unaudited Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES
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Dec. 31, 2012
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| SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES | MGIC INVESTMENT CORPORATION SCHEDULE I — SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2012
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The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT
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Dec. 31, 2012
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| SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT | MGIC INVESTMENT CORPORATION SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS PARENT COMPANY ONLY December 31, 2012 and 2011
See accompanying supplementary notes to Parent Company condensed financial statements. CONDENSED STATEMENTS OF OPERATIONS PARENT COMPANY ONLY Years Ended December 31, 2012, 2011 and 2010
See accompanying supplementary notes to Parent Company condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS PARENT COMPANY ONLY Years Ended December 31, 2012, 2011 and 2010
See accompanying supplementary notes to Parent Company condensed financial statements. PARENT COMPANY ONLY SUPPLEMENTARY NOTES Note A The accompanying Parent Company financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements appearing in Item 8 of this annual report. Note B Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders' surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The senior notes, convertible senior notes and convertible debentures, discussed in Note 8 – "Debt" to our consolidated financial statements in Item 8, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. The payment of dividends from our insurance subsidiaries, which prior to raising capital in the public markets in 2008 and 2010 had been the principal source of our holding company cash inflow, is restricted by insurance regulation. MGIC is the principal source of dividend-paying capacity. In 2009 through 2012, MGIC has not paid any dividends to our holding company. In 2013, MGIC and our other insurance subsidiaries cannot pay any dividends to our holding company without approval from the OCI. In the fourth quarter of 2008, we suspended the payment of dividends to shareholders. |
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- Definition
The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE IV-REINSURANCE
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| SCHEDULE IV-REINSURANCE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE IV-REINSURANCE | MGIC INVESTMENT CORPORATION SCHEDULE IV — REINSURANCE MORTGAGE INSURANCE PREMIUMS EARNED Years Ended December 31, 2012, 2011 and 2010
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- Definition
The entire disclosure for the supplemental schedule of reinsurance information required to be filed for each period for which an audited income statement is presented. Reinsurance schedule includes the type of insurance, gross amount of premiums, premiums ceded to other companies, premiums assumed from other companies, net amount of premium revenue, and the percentage of the premiums assumed to net premium revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Policies)
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Dec. 31, 2012
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements | 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:
The spread for liquidity risk at December 31, 2012 increased significantly from September 30, 2012, due to our decision to consider offers from outside the auction process on our remaining two auction rate securities. These secondary market transactions have historically had a higher discount to par than transactions associated with the issuers or trustees.
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| Investments | Investments
Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary in accordance with applicable guidance. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:
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| Home office and equipment | Home office and equipment
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| Deferred Insurance Policy Acquisition Costs | Deferred Insurance Policy Acquisition Costs
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| Loss Reserves | Loss Reserves Reserves are established for reported insurance losses and loss adjustment expenses based on when we receive notices of default on insured mortgage loans. We define a default as an insured loan with a mortgage payment that is 45 days or more past due. Reserves are also established for estimated losses incurred on notices of default not yet reported to us. Even though the accounting standard, Accounting Standards Codification ("ASC") 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies.
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| Premium Deficiency Reserve | Premium Deficiency Reserve After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve was based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings. (See Note 10 - "Premium Deficiency Reserve.") |
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| Revenue Recognition | Revenue Recognition We write policies which are guaranteed renewable contracts at the insured's option on a single, annual or monthly premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on a single premium basis and an annual premium basis are initially deferred as unearned premium reserve and earned over the policy term. Premiums written on policies covering more than one year are amortized over the policy life in accordance with the expiration of risk which is the anticipated claim payment pattern based on historical experience. Premiums written on annual policies are earned on a monthly pro rata basis. Premiums written on monthly policies are earned as coverage is provided. When a policy is cancelled, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the lender. Cancellations include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the lender and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and separate components of this liability are included in "Other liabilities" and "Premium deficiency reserves" on our consolidated balance sheet. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs.
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| Income Taxes | Income Taxes
We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities. |
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| Benefit Plans | Benefit Plans
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| Reinsurance | Reinsurance
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| Foreign Currency Translation | Foreign Currency Translation Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive income in stockholders' equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income at the rate on the transaction date. |
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| Share-Based Compensation | Share-Based Compensation We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to five years. (See Note 18 – "Share-based Compensation Plans.") |
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| Earnings per Share | Earnings per Share Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities (with non-forfeitable rights to dividends) of 1.1 million, 1.1 million and 1.8 million, respectively, for the years ended December 31, 2012, 2011 and 2010 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 always excluded from the calculation. The following is a reconciliation of the weighted average number of shares; for the years ended December 31, 2012, 2011 and 2010, common stock equivalents of 61.7 million, 55.6 million and 47.4 million, respectively, were not included because they were anti-dilutive.
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| Other Comprehensive Income | Other Comprehensive Income Our other comprehensive income for the years ended December 31, 2012, 2011 and 2010 was as follows:
See Note 14 – "Income Taxes" for a discussion of the valuation allowance. Our total accumulated other comprehensive income was as follows:
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| Cash and Cash Equivalents | Cash and Cash Equivalents We consider money market funds and investments with original maturities of three months or less to be cash equivalents. |
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| Subsequent Events | Subsequent Events We have considered subsequent events through the date of this filing. |
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- Definition
Disclosure of accounting policy for premium deficiency reserves established when the present value of future losses and expenses exceeds the present value of expected future premium and already established reserves. No definition available.
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- Details
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- Definition
Disclosure of accounting policy for deferred policy acquisition costs, including the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts, and the basis for and methodologies applied in capitalizing and amortizing such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for comprehensive income. No definition available.
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- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
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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- Definition
Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
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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- Definition
Disclosure of accounting policy for estimating its liability as of the balance sheet date for the ultimate cost of settling reported and unreported claims incurred and claims adjustment expenses (including effects of inflation and other societal and economic factors). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for ceded reinsurance transactions on the financial statements, and description of the methodologies and assumptions underlying determination of reinsurance recoverables and reinsurance payables. If applicable, the assumptions pertaining to foreign-based reinsurance, and the nature and effect of material nonrecurring reinsurance transactions. May also state that the ceding insurer is not relieved of its primary obligation to policyholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for reporting subsequent events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Tables)
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Dec. 31, 2012
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share | Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities (with non-forfeitable rights to dividends) of 1.1 million, 1.1 million and 1.8 million, respectively, for the years ended December 31, 2012, 2011 and 2010 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 always excluded from the calculation. The following is a reconciliation of the weighted average number of shares; for the years ended December 31, 2012, 2011 and 2010, common stock equivalents of 61.7 million, 55.6 million and 47.4 million, respectively, were not included because they were anti-dilutive.
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| Other comprehensive income | Our other comprehensive income for the years ended December 31, 2012, 2011 and 2010 was as follows:
See Note 14 – "Income Taxes" for a discussion of the valuation allowance. |
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| Accumulated other comprehensive income | Our total accumulated other comprehensive income was as follows:
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- Details
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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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- 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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- Definition
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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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized cost, gross unrealized gains and losses and fair value of investments portfolio | The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at December 31, 2012 and 2011 are shown below.
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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 December 31, 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.
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| Aging of the fair values of securities in an unrealized loss position |
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| Net investment income |
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| Net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments | The net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments are as follows:
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| Gross realized gains, gross realized losses and impairment losses | The gross realized gains, gross realized losses and impairment losses are as follows:
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- Definition
Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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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- Definition
Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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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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- Definition
Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements for items measured at fair value | Fair value measurements for items measured at fair value included the following as of December 31, 2012 and 2011:
(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.
(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 and liabilities measured at fair value with significant unobservable inputs (level 3) | For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 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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- Details
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Debt (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of debt | The par value and fair value of our debt at December 31, 2012 and 2011 appears in the table below.
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- Details
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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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Loss Reserves (Tables)
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Dec. 31, 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 each of the past three years:
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| Prior year development of the reserves | The prior year development of the reserves in 2012, 2011 and 2010 is reflected in the table below.
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| Rollforward of primary default inventory | A rollforward of our primary default inventory for the years ended December 31, 2012, 2011 and 2010 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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| Aging of the primary default inventory | Aging of the Primary Default Inventory
(1) Our claims received inventory includes suspended rescissions as discussed in Note 20 – "Litigation and Contingencies". In connection with the Countrywide proceedings, we have voluntarily suspended rescissions of coverage related to loans that we believe could be included in a potential resolution. As of December 31, 2012, coverage on approximately 2,150 loans, representing total potential claim payments of approximately $160 million, that we had determined was rescindable were 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. As of December 31, 2012, coverage on approximately 250 loans, representing total potential claim payments of approximately $17 million, were affected by our decision to suspend rescissions for another customer for which we also consider settlement probable. In addition, as of December 31, 2012, approximately 240 rescissions, representing total potential claim payments of approximately $16 million, were affected by our decision to suspend rescissions for customers other than those for which we consider settlement probable, as defined in ASC 450-20. |
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| Number of payments delinquent | 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 discussed in Note 20 – "Litigation and Contingencies" we have made substantial progress in reaching an agreement with Countrywide to settle the dispute we have concerning rescissions. We have determined that a settlement with Countrywide is probable and under this probable settlement agreement, we estimate that our rescission benefit in loss reserves was reduced by approximately $0.2 billion. This adjustment to loss reserves was partially offset by an estimated benefit of approximately $0.1 billion under the terms of the settlement agreements we consider probable, as defined in ASC 450-20. As a result, in the fourth quarter of 2012, we increased our loss reserve estimates by approximately $0.1 billion to reflect potential settlements we consider probable. |
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- Definition
Tabular disclosure of the aging of the loan primary default inventory. No definition available.
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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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- Definition
Tabular disclosure of the activity related to loans in the primary default inventory. No definition available.
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- Definition
Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- 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)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Premium Deficiency Reserve [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of premium deficiency reserve | The components of the premium deficiency reserve at December 31, 2012, 2011 and 2010 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 years ended December 31, 2012, 2011 and 2010 appears in the table below.
|
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of the premium deficiency reserve. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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.
|
|
Reinsurance (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Reinsurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effect of reinsurance agreements on premiums earned and losses incurred |
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| X | ||||||||||
|
- Definition
Tabular disclosure of the effect of reinsurance agreements on premiums earned and losses incurred. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Benefit Plans (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 31, 2012
|
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| Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of net periodic benefit cost |
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| Development of funded status |
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| Change in projected benefit obligation | The changes in the projected benefit obligation are as follows:
(1) In 2012, includes lump sum payments of $12.0 million from our pension plan to eligible participants, which were former employees with vested benefits of $100 thousand or less. Additional former employees may elect this option in 2013. In 2011, includes lump sum payments of $8.2 million from our pension plan to eligible participants, which were former employees with vested benefits of $50 thousand or less. |
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| Change in plan assets | The changes in the fair value of the net assets available for plan benefits are as follows:
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| Change in accumulated other comprehensive income (AOCI) |
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| Amortizations expected to be recognized during next fiscal year |
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| Actuarial assumptions | The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
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| Weighted-average asset allocations | The weighted-average asset allocations of the plans are as follows:
|
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| Fair value of plan assets | The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2012.
The following table sets forth by level, within the fair value hierarchy, the postretirement plan assets at fair value as of December 31, 2012.
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| Minimum and maximum allocation ranges for fixed income securities and equity securities | The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
|
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| Actual and estimated future contributions and actual and estimated future benefit payments | The following tables show the estimated future contributions and estimated future benefit payments.
|
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| Effect of a 1% change in the health care trend rate assumption | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A 1% change in the health care trend rate assumption would have the following effects on other postretirement benefits:
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| X | ||||||||||
|
- Definition
Tabular disclosure of actual and estimated future contributions, and actual and estimated future benefit payments to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. No definition available.
|
| X | ||||||||||
|
- Definition
Tabular disclosure of pension plans and/or other employee benefit plans': 1) actuarial value of benefit obligations; 2) funded status; and 3) accumulated other comprehensive income (loss) recognized as components of net periodic benefit cost, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. No definition available.
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| X | ||||||||||
|
- Definition
Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the targeted minimum and maximum allocation ranges for fixed income securities and equity securities. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Income Taxes (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net deferred tax assets and liabilities |
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| Components of the net deferred tax liability |
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| Tax provision (benefit) | The effect of the change in valuation allowance on the benefit from income taxes was as follows:
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| Components of the provision for (benefit from) income taxes |
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| Reconciliation of federal statutory income tax rate | The reconciliation of the federal statutory income tax benefit rate to the effective income tax (benefit) rate is as follows:
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| Reconciliation of unrecognized tax benefits | Under current guidance, when evaluating a tax position for recognition and measurement, an entity shall presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The interpretation adopts a benefit recognition model with a two-step approach, a more-likely-than-not threshold for recognition and derecognition, and a measurement attribute that is the greatest amount of benefit that is cumulatively greater than 50% likely of being realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax liability recognized in an entity's statement of financial position. No definition available.
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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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| X | ||||||||||
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- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Statutory Capital (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Statutory Capital [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of amounts disclosed under statutory accounting practices | The statutory net income, surplus and the contingency reserve liability of the insurance subsidiaries (excluding the non-insurance subsidiaries of our parent company), as well as the surplus contributions made to MGIC and other insurance subsidiaries and dividends paid by MGIC to us, are included below. The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-based Compensation Plans (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Share-based Compensation Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of option activity in the stock incentive plans | A summary of option activity in the stock incentive plans during 2012 is as follows:
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| Summary of stock options outstanding and exercisable | The following is a summary of stock options outstanding, all of which are exercisable, at December 31, 2012:
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| Summary of restricted stock or restricted stock unit activity | A summary of restricted stock or restricted stock unit activity during 2012 is as follows:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Leases (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||
| Minimum future operating lease payments |
(1) Minimum payments have not been reduced by minimum sublease rentals of $38 thousand due in the future under noncancelable subleases. |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Unaudited Quarterly Financial Data (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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| Unaudited Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited Quarterly Financial Data |
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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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 | ||||||||||
|
- Definition
The amount of minimum policyholder position (MPP) required by the entity's domiciliary state. No definition available.
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| X | ||||||||||
|
- Definition
The cash inflow from parent to increase statutory capital. No definition available.
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| X | ||||||||||
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- Definition
The principal balance in a Company's records of all mortgage loans it insures. No definition available.
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| X | ||||||||||
|
- Definition
The insurance in force multiplied by the insurance coverage percentage. No definition available.
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| X | ||||||||||
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- Definition
The amount of risk in force from writing pool mortgage insurance. No definition available.
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| X | ||||||||||
|
- Definition
The amount of risk in force from writing pool mortgage insurance with aggregate loss limits. No definition available.
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| X | ||||||||||
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- Definition
The amount of risk in force from writing mortgage insurance with no aggregate loss limits. No definition available.
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| X | ||||||||||
|
- Definition
The insurance in force multiplied by the insurance coverage percentage outside its domicile. No definition available.
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| X | ||||||||||
|
- Definition
Refers to Dividend paid period No definition available.
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| X | ||||||||||
|
- Definition
The approximate amount of liquid assets, as defined, held by the company at the end of the period. No definition available.
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| X | ||||||||||
|
- Definition
The maximum risk-to-capital ratio that MIC can reach under the Freddie Mac Approval. No definition available.
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| X | ||||||||||
|
- Definition
The minimum amount of liquid assets, as defined, to be maintained by the company under an order with the OCI. No definition available.
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| X | ||||||||||
|
- Details
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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
Refers to number of active waivers. No definition available.
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| X | ||||||||||
|
- Definition
Represents the number of days in which review needs to be completed from triggering event. No definition available.
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| X | ||||||||||
|
- Definition
Represents the number of days for which mortgage insurance can be written in jurisdictions that do not have capital requirements if parent is unable to 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
Represents the number of years for which new insurance can be written by subsidiary. No definition available.
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| 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 covered insurance in force that is outside a Company's domicile. No definition available.
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| X | ||||||||||
|
- Definition
Represents the percentage of new business that is from jurisdictions in which subsidiary is currently writing business. No definition available.
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| X | ||||||||||
|
- Definition
Represents the percentage of new insurance that can be written if parent unable to write new business. 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.
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| X | ||||||||||
|
- Definition
Represents the period for honoring claim obligations. 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 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.
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| 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
|
|
Summary of Significant Accounting Policies (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||
| Discount rates used for the DCF model, minimum (in hundredths) | 16.87% | ||||||||||||||||||||||||||
| Discount rate used for the DCF model, maximum (in hundredths) | 18.35% | ||||||||||||||||||||||||||
| Home office and equipment [Abstract] | |||||||||||||||||||||||||||
| Accumulated depreciation of home office and equipment | $ 51,300,000 | $ 65,200,000 | $ 51,300,000 | $ 65,200,000 | $ 62,900,000 | ||||||||||||||||||||||
| Depreciation expense of home office and equipment | 1,900,000 | 2,300,000 | 2,900,000 | ||||||||||||||||||||||||
| Loss Reserves [Abstract] | |||||||||||||||||||||||||||
| Minimum period for which an insured loan is past due in order for it to be considered in default (in days) | 45 days | ||||||||||||||||||||||||||
| Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||
| Minimum vesting period for share-based compensation awards | 1 year | ||||||||||||||||||||||||||
| Maximum vesting period for share-based compensation awards | 5 years | ||||||||||||||||||||||||||
| Earnings per Share [Abstract] | |||||||||||||||||||||||||||
| Antidilutive securities excluded from weighted average number of shares (in shares) | 61,700,000 | 55,600,000 | 47,400,000 | ||||||||||||||||||||||||
| Basic loss per share [Abstract] | |||||||||||||||||||||||||||
| Average common shares outstanding (in shares) | 201,892,000 | 201,019,000 | 176,406,000 | ||||||||||||||||||||||||
| Net loss | (386,691,000) | [1] | (246,942,000) | (273,891,000) | (19,555,000) | (135,294,000) | (165,205,000) | (151,732,000) | (33,661,000) | (927,079,000) | (485,892,000) | (363,735,000) | |||||||||||||||
| Basic loss per share (in dollars per share) | $ (1.91) | [1],[2] | $ (1.22) | [2] | $ (1.36) | [2] | $ (0.1) | [2] | $ (0.67) | [1],[2] | $ (0.82) | [2] | $ (0.75) | [2] | $ (0.17) | [2] | $ (4.59) | [2] | $ (2.42) | [2] | $ (2.06) | ||||||
| Diluted loss per share [Abstract] | |||||||||||||||||||||||||||
| Weighted-average shares - Basic (in shares) | 201,892,000 | 201,019,000 | 176,406,000 | ||||||||||||||||||||||||
| Common stock equivalents (in shares) | 0 | 0 | 0 | ||||||||||||||||||||||||
| Weighted-average shares - Diluted (in shares) | 201,892,000 | 201,019,000 | 176,406,000 | ||||||||||||||||||||||||
| Net loss | (386,691,000) | [1] | (246,942,000) | (273,891,000) | (19,555,000) | (135,294,000) | (165,205,000) | (151,732,000) | (33,661,000) | (927,079,000) | (485,892,000) | (363,735,000) | |||||||||||||||
| Diluted loss per share (in dollars per share) | $ (1.91) | [1],[2] | $ (1.22) | [2] | $ (1.36) | [2] | $ (0.1) | [2] | $ (0.67) | [1],[2] | $ (0.82) | [2] | $ (0.75) | [2] | $ (0.17) | [2] | $ (4.59) | [2] | $ (2.42) | [2] | $ (2.06) | ||||||
| Other comprehensive income (loss) (Before tax) [Abstract] | |||||||||||||||||||||||||||
| Change in unrealized gains and losses on investments | (78,546,000) | 31,662,000 | (71,308,000) | ||||||||||||||||||||||||
| Amortization related to benefit plans | (1,221,000) | (19,789,000) | 6,390,000 | ||||||||||||||||||||||||
| Unrealized foreign currency translation adjustment | 2,452,000 | (318,000) | 15,615,000 | ||||||||||||||||||||||||
| Other comprehensive income (loss) | (77,315,000) | 11,555,000 | (49,303,000) | ||||||||||||||||||||||||
| Other comprehensive income (loss) (Tax effect) [Abstract] | |||||||||||||||||||||||||||
| Change in unrealized gains and losses on investments | 27,510,000 | (10,605,000) | 27,220,000 | ||||||||||||||||||||||||
| Amortization related to benefit plans | 428,000 | 6,927,000 | (2,236,000) | ||||||||||||||||||||||||
| Unrealized foreign currency translation adjustment | (859,000) | 111,000 | (5,479,000) | ||||||||||||||||||||||||
| Other comprehensive income (loss) | 27,079,000 | (3,567,000) | 19,505,000 | ||||||||||||||||||||||||
| Other comprehensive income (loss) (Valuation allowance) [Abstract] | |||||||||||||||||||||||||||
| Change in unrealized investment gains and losses, net | (27,623,000) | 0 | (24,986,000) | ||||||||||||||||||||||||
| Amortization related to benefit plans | (428,000) | 0 | 2,236,000 | ||||||||||||||||||||||||
| Unrealized foreign currency translation adjustment | 0 | 0 | 529,000 | ||||||||||||||||||||||||
| Other comprehensive income (loss) | (28,051,000) | 0 | (22,221,000) | ||||||||||||||||||||||||
| Other comprehensive income (loss) (Net of tax) [Abstract] | |||||||||||||||||||||||||||
| Change in unrealized gains and losses on investment | (78,659,000) | 21,057,000 | (69,074,000) | ||||||||||||||||||||||||
| Amortization related to benefit plans | (1,221,000) | (12,862,000) | 6,390,000 | ||||||||||||||||||||||||
| Unrealized foreign currency translation adjustment | 1,593,000 | (207,000) | 10,665,000 | ||||||||||||||||||||||||
| Other comprehensive income (loss) | (78,287,000) | 7,988,000 | (52,019,000) | ||||||||||||||||||||||||
| Accumulated other comprehensive income [Abstract] | |||||||||||||||||||||||||||
| Unrealized gains (losses) on investments | 41,541,000 | 120,087,000 | 41,541,000 | 120,087,000 | |||||||||||||||||||||||
| Defined benefit plans | (71,804,000) | (70,582,000) | (71,804,000) | (70,582,000) | |||||||||||||||||||||||
| Foreign currency translation adjustment | 32,747,000 | 30,294,000 | 32,747,000 | 30,294,000 | |||||||||||||||||||||||
| Accumulated other comprehensive income, before tax | 2,484,000 | 79,799,000 | 2,484,000 | 79,799,000 | |||||||||||||||||||||||
| Tax Effect | (50,647,000) | [3] | (49,675,000) | [3] | (50,647,000) | [3] | (49,675,000) | [3] | |||||||||||||||||||
| Total accumulated other comprehensive (loss) income | $ (48,163,000) | $ 30,124,000 | $ (48,163,000) | $ 30,124,000 | |||||||||||||||||||||||
| Federal statutory income tax benefit rate (in hundredths) | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||||||
|
Participating Securities with Non-forfeitable Rights to Dividends [Member]
|
|||||||||||||||||||||||||||
| Earnings per Share [Abstract] | |||||||||||||||||||||||||||
| Antidilutive securities excluded from weighted average number of shares (in shares) | 1,100,000 | 1,100,000 | 1,800,000 | ||||||||||||||||||||||||
|
Home Office [Member]
|
|||||||||||||||||||||||||||
| Home office and equipment [Abstract] | |||||||||||||||||||||||||||
| Estimated useful life | 45 years | ||||||||||||||||||||||||||
|
Equipment [Member]
|
|||||||||||||||||||||||||||
| Home office and equipment [Abstract] | |||||||||||||||||||||||||||
| Estimated useful life | 5 years | ||||||||||||||||||||||||||
|
Data Processing Hardware [Member]
|
|||||||||||||||||||||||||||
| Home office and equipment [Abstract] | |||||||||||||||||||||||||||
| Estimated useful life | 3 years | ||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
| 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.
|
| X | ||||||||||
|
- Definition
The higher range of the 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 lower range of the 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 minimum period for which insured loans are past due in order for such loans to be considered in default. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to other comprehensive income (loss) resulting from valuation allowance on unrealized foreign currency translation. No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to pension and other postretirement benefit plans (gain) loss included in other comprehensive income (loss) resulting from valuation allowance. No definition available.
|
| 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
Maximum period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
|
| X | ||||||||||
|
- Definition
Minimum period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
| X | ||||||||||
|
- Details
|
| 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 | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 | ||||||||||
|
- 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 domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems. 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
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
|
| 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
|
| 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
Before tax amount, net of reclassifications, of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassifications amount of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tax effect, net of reclassification adjustments, of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. 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
|
|
New Accounting Policies (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
|
Previous Accounting Guidance [Member]
|
||
| Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | ||
| Deferred policy acquisition costs | $ 5.2 | |
|
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 | $ 9.2 | $ 7.2 |
| X | ||||||||||
|
- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force during the period. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Related Party Transactions (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Related Party Transactions [Abstract] | |||
| Related party transaction amount | $ 0 | $ 0 | $ 0 |
| X | ||||||||||
|
- Definition
Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| 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
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 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 auction rate securities having a contractual maturity greater than ten years or more. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the company's foreign investments that are held in cash equivalent. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the company's foreign investments that are held in corporate securities. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the company's foreign investments that are held in government and semi-government securities. No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount of cash and investment securities on deposit with state regulatory authorities in connection with capital requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 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 | ||||||||||
|
- Details
|
|
Investments, Investment Income By Category (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | $ 124,201 | $ 204,053 | $ 250,452 | |||||||||||
| Investment expenses | (2,561) | (2,783) | (3,199) | |||||||||||
| Net investment income | 21,660 | [1] | 30,394 | 32,178 | 37,408 | 40,339 | 48,898 | 55,490 | 56,543 | 121,640 | 201,270 | 247,253 | ||
|
Fixed Maturities [Member]
|
||||||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | 122,886 | 202,301 | 236,734 | |||||||||||
|
Equity Securities [Member]
|
||||||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | 200 | 330 | 315 | |||||||||||
|
Cash Equivalents [Member]
|
||||||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | 333 | 496 | 1,526 | |||||||||||
|
Interest on Sherman Note [Member]
|
||||||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | 0 | 0 | 10,796 | |||||||||||
|
Other [Member]
|
||||||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||||||||||
| Investment income | $ 782 | $ 926 | $ 1,081 | |||||||||||
|
||||||||||||||
| X | ||||||||||
|
- 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 or investment expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Total expenses related to the generation of investment income in debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
|
Investments, Gain (Loss) on Investments (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Gain (Loss) on Investments [Line Items] | |||
| Change in net unrealized appreciation (depreciation) | $ (78,546) | $ 31,662 | $ (71,308) |
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||
| Gross realized gains | 213,827 | 158,659 | 119,325 |
| Gross realized losses | (16,108) | (15,229) | (16,278) |
| Impairment losses | (2,310) | (715) | (9,644) |
| Net realized gains (losses) on securities | 195,409 | 142,715 | 93,403 |
| Loss from joint ventures | 0 | 0 | (466) |
| Total net realized gains (losses) | 195,409 | 142,715 | 92,937 |
|
Available-for-sale Securities [Member]
|
|||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized investment gains (losses) and OTTI on investments | 195,409 | 142,715 | 92,937 |
|
Available-for-sale Securities [Member] | Fixed Maturities [Member]
|
|||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized investment gains (losses) and OTTI on investments | 195,652 | 142,284 | 93,017 |
| Change in net unrealized appreciation (depreciation) | (78,604) | 31,576 | (71,304) |
|
Available-for-sale Securities [Member] | Equity Securities [Member]
|
|||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized investment gains (losses) and OTTI on investments | 487 | 330 | 151 |
| Change in net unrealized appreciation (depreciation) | 58 | 86 | (4) |
|
Available-for-sale Securities [Member] | Joint Ventures [Member]
|
|||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized investment gains (losses) and OTTI on investments | 0 | 0 | (466) |
|
Available-for-sale Securities [Member] | Other [Member]
|
|||
| Gain (Loss) on Investments [Line Items] | |||
| Net realized investment gains (losses) and OTTI on investments | (730) | 101 | 235 |
| Change in net unrealized appreciation (depreciation) | $ 0 | $ 0 | $ 0 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The difference between the carrying value of the note receivable from Sherman and proceeds received on repayment. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the pretax change in net unrealized holding gain (loss) on available-for-sale securities that has been included in accumulated other comprehensive income, a separate component of shareholders' equity, during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the gross profit realized on the sale of debt or equity 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 gross loss realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities and excluding other than temporary impairments (OTTI), if any, recognized elsewhere. 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
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 | ||||||||||
|
- Definition
The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
||||||
|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | $ 4,230,275 | $ 5,823,647 | ||||||
| Real estate acquired | 3,463 | [1] | 1,621 | [1] | ||||
|
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 1,010,932 | 748,894 | ||||||
| Real estate acquired | 0 | [1] | 0 | [1] | ||||
|
Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 3,198,778 | 4,899,978 | ||||||
| Real estate acquired | 0 | [1] | 0 | [1] | ||||
|
Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 20,565 | 174,775 | ||||||
| Real estate acquired | 3,463 | [1] | 1,621 | [1] | ||||
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 866,251 | 597,037 | ||||||
|
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]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 866,251 | 597,037 | ||||||
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Obligations of U.S. States and Political Subdivisions [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 812,394 | 2,323,471 | ||||||
|
Obligations of U.S. States and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Obligations of U.S. States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 809,264 | 2,209,245 | ||||||
|
Obligations of U.S. States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 3,130 | 114,226 | ||||||
|
Corporate Debt Securities [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 1,805,377 | [2] | 2,032,851 | [2] | ||||
|
Corporate Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 1,455 | ||||||
|
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 1,788,263 | 1,971,168 | ||||||
|
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 17,114 | 60,228 | ||||||
|
Residential Mortgage-Backed Securities [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 450,909 | 445,417 | ||||||
|
Residential Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Residential Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 450,909 | 445,417 | ||||||
|
Residential Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Debt Securities Issued by Foreign Sovereign Governments [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 142,066 | 157,190 | ||||||
|
Debt Securities Issued by Foreign Sovereign Governments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 142,066 | 147,976 | ||||||
|
Debt Securities Issued by Foreign Sovereign Governments [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 9,214 | ||||||
|
Debt Securities Issued by Foreign Sovereign Governments [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Total Debt Securities [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 4,227,339 | 5,820,900 | ||||||
|
Total Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 1,008,317 | 746,468 | ||||||
|
Total Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 3,198,778 | 4,899,978 | ||||||
|
Total Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 20,244 | 174,454 | ||||||
|
Equity Securities [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 2,936 | 2,747 | ||||||
|
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 2,615 | 2,426 | ||||||
|
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 321 | 321 | ||||||
|
Commercial mortgage-backed securities [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 150,342 | 264,934 | ||||||
|
Commercial mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 0 | 0 | ||||||
|
Commercial mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | 150,342 | 264,934 | ||||||
|
Commercial mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Total investments | $ 0 | $ 0 | ||||||
|
||||||||
| 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 | ||||||||||
|
- 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 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.
|
|
Fair Value Measurements, Unobservable Input Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as net impairment losses recognized in earnings | $ 2,310 | $ 715 | $ 9,644 |
|
Obligations of U.S. States and Political Subdivisions [Member]
|
|||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Balance at beginning of period | 114,226 | 295,690 | 370,341 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | (8,669) | (7,883) | 0 |
| Included in earnings and reported as net impairment losses recognized in earnings | 0 | 0 | 0 |
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 5,630 | 6,894 | 4,913 |
| Purchases | 27 | 0 | 0 |
| Sales | (108,084) | (180,475) | (79,564) |
| Transfers into Level 3 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 |
| Balance at end of period | 3,130 | 114,226 | 295,690 |
| 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 |
|
Corporate Debt Securities [Member]
|
|||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Balance at beginning of period | 60,228 | 70,053 | 129,338 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | (3,129) | 200 | (2,880) |
| Included in earnings and reported as net impairment losses recognized in earnings | (2,310) | (662) | (2,677) |
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 733 | 637 | 5,342 |
| Purchases | 0 | 0 | 0 |
| Sales | (38,408) | (10,000) | (59,070) |
| Transfers into Level 3 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 |
| Balance at end of period | 17,114 | 60,228 | 70,053 |
| 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 |
|
Equity Securities [Member]
|
|||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Balance at beginning of period | 321 | 321 | 321 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | 0 | 0 | 0 |
| Included in earnings and reported as net impairment losses recognized in earnings | 0 | 0 | 0 |
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 0 | 0 | 0 |
| Purchases | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 |
| Transfers into Level 3 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 |
| Balance at end of period | 321 | 321 | 321 |
| 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 |
|
Total Investments [Member]
|
|||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Balance at beginning of period | 174,775 | 366,064 | 500,000 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | (11,798) | (7,683) | (2,880) |
| Included in earnings and reported as net impairment losses recognized in earnings | (2,310) | (662) | (2,677) |
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 6,363 | 7,531 | 10,255 |
| Purchases | 27 | 0 | 0 |
| Sales | (146,492) | (190,475) | (138,634) |
| Transfers into Level 3 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 |
| Balance at end of period | 20,565 | 174,775 | 366,064 |
| 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 |
|
Real Estate Acquired [Member]
|
|||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Balance at beginning of period | 1,621 | 6,220 | 3,830 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | 0 | 0 | 0 |
| Included in earnings and reported as net impairment losses recognized in earnings | 0 | 0 | 0 |
| Included in earnings and reported as losses incurred, net | (1,126) | (371) | (1,926) |
| Included in other comprehensive income | 0 | 0 | 0 |
| Purchases | 11,991 | 5,279 | 15,606 |
| Sales | (9,023) | (9,507) | (11,290) |
| Transfers into Level 3 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 |
| Balance at end of period | 3,463 | 1,621 | 6,220 |
| 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 |
| 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| 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
|
| X | ||||||||||
|
- 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
|
| 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
|
|
Debt (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
| Debt Instrument [Line Items] | ||
| Amortized value of notes recorded as a liability on the consolidated balance sheet | $ 379,609,000 | $ 344,422,000 |
| Holding Company Cash And Investments | 315,000,000 | |
| Modified duration of holding company investments (in years) | 2 years 2 months 12 days | |
| Unrealized Gain Loss On Holding Company Investments | 2,000,000 | |
|
Par Value [Member]
|
||
| Liabilities [Abstract] | ||
| Senior Notes | 100,118,000 | 171,000,000 |
| Convertible Senior Notes | 345,000,000 | 345,000,000 |
| Convertible Junior Subordinated Debentures | 389,522,000 | 389,522,000 |
| Total Debt | 834,640,000 | 905,522,000 |
|
Fair Value [Member]
|
||
| Liabilities [Abstract] | ||
| Senior Notes | 79,594,000 | 116,708,000 |
| Convertible Senior Notes | 242,880,000 | 202,256,000 |
| Convertible Junior Subordinated Debentures | 173,096,000 | 189,648,000 |
| Total Debt | 495,570,000 | 508,612,000 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
||
| Liabilities [Abstract] | ||
| Senior Notes | 79,594,000 | 116,708,000 |
| Convertible Senior Notes | 242,880,000 | 202,256,000 |
| Convertible Junior Subordinated Debentures | 0 | 0 |
| Total Debt | 322,474,000 | 318,964,000 |
|
Significant Other Observable Inputs (Level 2) [Member]
|
||
| Liabilities [Abstract] | ||
| Senior Notes | 0 | 0 |
| Convertible Senior Notes | 0 | 0 |
| Convertible Junior Subordinated Debentures | 173,096,000 | 189,648,000 |
| Total Debt | 173,096,000 | 189,648,000 |
|
Significant Unobservable Inputs (Level 3) [Member]
|
||
| Liabilities [Abstract] | ||
| Senior Notes | 0 | 0 |
| Convertible Senior Notes | 0 | 0 |
| Convertible Junior Subordinated Debentures | 0 | 0 |
| Total Debt | 0 | 0 |
|
Senior Notes [Member]
|
||
| Debt Instrument [Line Items] | ||
| Minimum percentage of consolidated shareholders' equity that determines designated subsidiary status (in hundredths) | 15.00% | |
| Restriction on acceleration of other debt | 40,000,000 | |
| Minimum percentage of aggregate notes held to grant acceleration rights to note holders (in hundredths) | 25.00% | |
| Default period | 30 days | |
| Interest payments made | 7,400,000 | 14,900,000 |
|
Senior Notes [Member] | Senior Notes Due 2015 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Outstanding principal amount | 100,100,000 | 171,000,000 |
| Stated interest rate (in hundredths) | 5.375% | 5.375% |
| Maturity date | November 2015 | November 2015 |
| Outstanding principal amount repaid/repurchased | 70,900,000 | 129,000,000 |
| Gain on repurchase of debt | 17,800,000 | 27,700,000 |
| Annual rate (in hundredths) | 5.375% | 5.375% |
|
Convertible Senior Notes Due 2017 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Outstanding principal amount | 345,000,000 | 345,000,000 |
| Stated interest rate (in hundredths) | 5.00% | 5.00% |
| Maturity date | May 1, 2017 | |
| Restriction on acceleration of other debt | 40,000,000 | |
| Minimum percentage of aggregate notes held to grant acceleration rights to note holders (in hundredths) | 25.00% | |
| Default period | 30 days | |
| Interest payments made | 17,300,000 | 17,300,000 |
| Restriction on final judgments | 40,000,000 | |
| Conversion rate (in shares per $1,000 note) | 74.4186 | |
| Principal amount of notes used in determining conversion rate | 1,000 | |
| Initial conversion price (in dollars per share) | $ 13.44 | |
| Annual rate (in hundredths) | 5.00% | 5.00% |
|
Convertible Junior Subordinated Debentures Due 2063 [Member]
|
||
| Debt Instrument [Line Items] | ||
| Outstanding principal amount | 389,500,000 | 389,500,000 |
| Stated interest rate (in hundredths) | 9.00% | 9.00% |
| Minimum percentage of aggregate notes held to grant acceleration rights to note holders (in hundredths) | 25.00% | |
| Interest payments made | 17,500,000 | 35,100,000 |
| Conversion rate (in shares per $1,000 note) | 74.0741 | |
| Principal amount of notes used in determining conversion rate | 1,000 | |
| Initial conversion price (in dollars per share) | $ 13.50 | |
| Effective interest rate (in hundredths) | 19.00% | 19.00% |
| Amortized value of notes recorded as a liability on the consolidated balance sheet | 379,600,000 | 344,400,000 |
| Minimum number of consecutive interest periods for which interest payments may be deferred | 1 | |
| Interest payment deferred | 17,500,000 | |
| Maximum period for which interest payments may be deferred without giving rise to an event of default | 10 years | |
| Annual rate (in hundredths) | 9.00% | 9.00% |
| Period in which reasonable commercial efforts must begin, maximum | 1 day | |
| Period in which reasonable commercial efforts must begin, minimum | fifth anniversary of the scheduled interest payment date | |
| Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures | tenth | |
| Net proceeds cap (in hundredths) | 2.00% | |
| Maximum number of shares of common stock issuable under the Alternative Payment Mechanism (in shares) | 10 | |
| Maximum percentage of aggregate principal amount of the debentures (in hundredths) | 25.00% | |
| Redemption price, percentage (in hundredths) | 100.00% | |
| Percentage of conversion price (in hundredths) | 130.00% | |
| Minimum number of trading days | 20 days | |
| Maximum number of trading days | 30 days | |
| Period preceding election to convert | 5 days | |
|
Secured Debt Repaid [Member]
|
||
| Debt Instrument [Line Items] | ||
| Interest payments made | $ 4,400,000 | |
| 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
|
|
Loss Reserves (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
Jun. 30, 2009
|
Dec. 31, 2012
|
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 | $ 6,704,990,000 | |||||||||||||||||||||||||||||||
| Less reinsurance recoverable | 154,607,000 | 275,290,000 | 332,227,000 | |||||||||||||||||||||||||||||||
| Net reserve at beginning of year | 4,402,905,000 | [1],[2] | 5,608,881,000 | [1],[2] | 6,372,763,000 | [1] | ||||||||||||||||||||||||||||
| Adjustment to reserves | 0 | [3] | 0 | [3] | (92,000,000) | [3] | ||||||||||||||||||||||||||||
| Adjusted beginning reserves | 4,402,905,000 | 5,608,881,000 | 6,280,763,000 | |||||||||||||||||||||||||||||||
| Losses and LAE incurred in respect of default notices received in [Abstract] | ||||||||||||||||||||||||||||||||||
| Current year | 1,494,133,000 | 1,814,035,000 | 1,874,449,000 | |||||||||||||||||||||||||||||||
| Prior years | 573,120,000 | [4] | (99,328,000) | [4] | (266,908,000) | [4] | ||||||||||||||||||||||||||||
| Subtotal | 2,067,253,000 | [5] | 1,714,707,000 | [5] | 1,607,541,000 | [5] | ||||||||||||||||||||||||||||
| Losses and LAE paid in respect of default notices received in [Abstract] | ||||||||||||||||||||||||||||||||||
| Current year | 134,509,000 | 121,383,000 | 60,897,000 | |||||||||||||||||||||||||||||||
| Prior years | 2,389,985,000 | [6] | 2,838,069,000 | [6] | 2,256,206,000 | [6] | ||||||||||||||||||||||||||||
| Reinsurance terminations | (6,331,000) | [7] | (38,769,000) | [7] | (37,680,000) | [7] | ||||||||||||||||||||||||||||
| Subtotal | 2,518,163,000 | [8] | 2,920,683,000 | [8] | 2,279,423,000 | [8] | ||||||||||||||||||||||||||||
| Net reserve at end of period | 3,951,995,000 | [2] | 4,402,905,000 | [1],[2] | 5,608,881,000 | [1],[2] | 6,372,763,000 | [1] | ||||||||||||||||||||||||||
| Plus reinsurance recoverables | 104,848,000 | 154,607,000 | 275,290,000 | 332,227,000 | ||||||||||||||||||||||||||||||
| Reserve at end of period | 4,056,843,000 | 4,557,512,000 | 5,884,171,000 | 6,704,990,000 | ||||||||||||||||||||||||||||||
| Loss reserve reduction from rescission | 700,000,000 | 1,300,000,000 | 2,100,000,000 | |||||||||||||||||||||||||||||||
| Paid losses mitigated by rescission amount | 300,000,000 | 600,000,000 | 1,000,000,000 | |||||||||||||||||||||||||||||||
| Payment under the Freddie Mac settlement agreement | 100,000,000 | |||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | 573,000,000 | (99,000,000) | (267,000,000) | |||||||||||||||||||||||||||||||
| Historical average period for uncured default to develop into paid claim | 12 months | |||||||||||||||||||||||||||||||||
| Premium refund liability, expected claim payments | 134,000,000 | 114,000,000 | ||||||||||||||||||||||||||||||||
| Primary Default Inventory [Roll Forward] | ||||||||||||||||||||||||||||||||||
| Default inventory at beginning of period | 175,639 | 214,724 | 250,440 | |||||||||||||||||||||||||||||||
| New Notices | 133,232 | 169,305 | 205,069 | |||||||||||||||||||||||||||||||
| Cures | (120,248) | (149,643) | (183,017) | |||||||||||||||||||||||||||||||
| Paids (including those charged to a deductible or captive) | (45,741) | (51,138) | (43,826) | |||||||||||||||||||||||||||||||
| Rescissions and denials | (3,037) | (7,609) | (13,942) | |||||||||||||||||||||||||||||||
| Default inventory at end of period | 139,845 | 175,639 | 214,724 | 250,440 | ||||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 2,150 | |||||||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 160,000,000 | |||||||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 250 | |||||||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 17,000,000 | |||||||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for all other customers | 240 | |||||||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for all other customers | 16,000,000 | |||||||||||||||||||||||||||||||||
| Pool insurance notice inventory [Abstract] | ||||||||||||||||||||||||||||||||||
| Pool insurance notice inventory (in number of loans) | 8,594 | 32,971 | 43,329 | |||||||||||||||||||||||||||||||
| Number of notices removed from pool notice inventory | 15,600 | |||||||||||||||||||||||||||||||||
| Aging of the Primary Default Inventory [Abstract] | ||||||||||||||||||||||||||||||||||
| 3 months or less | 23,282 | 31,456 | 37,640 | |||||||||||||||||||||||||||||||
| 3 months or less (in hundredths) | 17.00% | 18.00% | 18.00% | |||||||||||||||||||||||||||||||
| 4 - 11 months | 34,688 | 46,352 | 58,701 | |||||||||||||||||||||||||||||||
| 4 - 11 months (in hundredths) | 25.00% | 26.00% | 27.00% | |||||||||||||||||||||||||||||||
| 12 months or more | 81,875 | 97,831 | 118,383 | |||||||||||||||||||||||||||||||
| 12 months or more (in hundredths) | 58.00% | 56.00% | 55.00% | |||||||||||||||||||||||||||||||
| Total primary default inventory | 139,845 | 175,639 | 214,724 | 250,440 | ||||||||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||||||||
| Primary claims received inventory included in ending default inventory | 11,731 | [9] | 12,610 | [9] | 20,898 | [9] | ||||||||||||||||||||||||||||
| Primary claims received inventory included in ending default inventory (in hundredths) | 8.00% | [9] | 7.00% | [9] | 10.00% | [9] | ||||||||||||||||||||||||||||
| Number of payments delinquent [Abstract] | ||||||||||||||||||||||||||||||||||
| 3 payments or less | 34,245 | 42,804 | 51,003 | |||||||||||||||||||||||||||||||
| 3 payments or less (in hundredths) | 24.00% | 24.00% | 24.00% | |||||||||||||||||||||||||||||||
| 4 - 11 payments | 34,458 | 47,864 | 65,797 | |||||||||||||||||||||||||||||||
| 4 - 11 payments (in hundredths) | 25.00% | 27.00% | 31.00% | |||||||||||||||||||||||||||||||
| 12 payments or more | 71,142 | 84,971 | 97,924 | |||||||||||||||||||||||||||||||
| 12 payments or more (in hundredths) | 51.00% | 49.00% | 45.00% | |||||||||||||||||||||||||||||||
| Total primary default inventory | 139,845 | 175,639 | 214,724 | 250,440 | ||||||||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||||||||
| Claims resolved by rescissions [Abstract] | ||||||||||||||||||||||||||||||||||
| Mitigation of paid losses by rescission of policies | 300,000,000 | 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) | 10.00% | |||||||||||||||||||||||||||||||||
| Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths) | 28.00% | |||||||||||||||||||||||||||||||||
| Estimated Rescission Reduction - Loss Reserve [Roll Forward] | ||||||||||||||||||||||||||||||||||
| Estimated rescission reduction - beginning reserve | 700,000,000 | 1,300,000,000 | 2,100,000,000 | |||||||||||||||||||||||||||||||
| Estimated rescission reduction - losses incurred | (200,000,000) | [10] | 0 | [10] | 200,000,000 | [10] | ||||||||||||||||||||||||||||
| Rescission reduction - paid claims | 300,000,000 | 600,000,000 | 1,200,000,000 | |||||||||||||||||||||||||||||||
| Amounts that may have been applied to a deductible | 0 | 0 | (200,000,000) | |||||||||||||||||||||||||||||||
| Net rescission reduction - paid claims | 300,000,000 | 600,000,000 | 1,000,000,000 | |||||||||||||||||||||||||||||||
| Estimated rescission reduction - ending reserve | 200,000,000 | 700,000,000 | 1,300,000,000 | 2,100,000,000 | ||||||||||||||||||||||||||||||
| Number of settlement are probable | 2 | |||||||||||||||||||||||||||||||||
| Mitigation of incurred losses by rescission of policies | 0 | 0 | 200,000,000 | 2,500,000,000 | ||||||||||||||||||||||||||||||
| Premium refund liability, expected future rescissions | 18,000,000 | 58,000,000 | ||||||||||||||||||||||||||||||||
| Statute of limitations to bring legal proceedings disputing right to rescind coverage | 3 years | |||||||||||||||||||||||||||||||||
| Estimated benefit due to adjustment to loss reserves | 100,000,000 | |||||||||||||||||||||||||||||||||
|
Pool Policy Settlement [Member]
|
||||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | 267,000,000 | [11] | 0 | [11] | 0 | [11] | ||||||||||||||||||||||||||||
|
Estimated Probable Rescission Settlements [Member]
|
||||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | 100,000,000 | [11] | 0 | [11] | 0 | [11] | ||||||||||||||||||||||||||||
|
Increase (Decrease) in Estimated Claim Rate On primary Defaults [Member]
|
||||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | 260,000,000 | 200,000,000 | (432,000,000) | |||||||||||||||||||||||||||||||
| Percentage of prior year default inventory resolved (in hundredths) | 55.00% | 57.00% | 55.00% | |||||||||||||||||||||||||||||||
|
Decrease in Estimated Severity, Primary Defaults [Member]
|
||||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | (70,000,000) | (165,000,000) | 0 | |||||||||||||||||||||||||||||||
|
Change In Estimates 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 | 16,000,000 | [12] | (134,000,000) | [12] | 165,000,000 | [12] | ||||||||||||||||||||||||||||
|
Increase (Decrease) Related To LAE and Pool Reserves [Member]
|
||||||||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||||||||||||||||||||||||||||||||||
| Change in loss reserves | $ (114,000,000) | $ 185,000,000 | ||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Liability after adjustments 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 and the sum of adjustments to the estimated reserve for unpaid claims and claims adjustment expense. . No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amounts of paid claims that may have been applied to a deductible. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total estimated benefit due to adjustment to loss reserves under the proposed terms of the settlement agreements we consider probable. No definition available.
|
| 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 of incurred losses have been mitigated by the rescissions of policies. No definition available.
|
| 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 for all other customers. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for a specific customer. No definition available.
|
| X | ||||||||||
|
- Definition
Number of settlement we believe are probable. 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 for all other customers. 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 Countrywide. 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 a specific customer. 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
Sum of adjustments to the estimated reserve for unpaid claims and claims adjustment expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The payments made in the period which reduced loss contingency liabilities. 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 $)
|
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||
| Premium Deficiency Reserve [Abstract] | ||||||||||
| Present value of expected future premium | $ 445,000,000 | $ 494,000,000 | $ 506,000,000 | |||||||
| Present value of expected future paid losses and expenses | (1,285,000,000) | (1,455,000,000) | (1,760,000,000) | |||||||
| Net present value of future cash flows | (840,000,000) | (961,000,000) | (1,254,000,000) | |||||||
| Established loss reserves | 766,000,000 | 826,000,000 | 1,075,000,000 | |||||||
| Net deficiency | (73,781,000) | (134,817,000) | (179,000,000) | |||||||
| Discount rate utilized | 1.30% | 2.30% | 2.50% | |||||||
| Change in premium deficiency reserve, excluding prior period adjustments | 61,000,000 | 44,000,000 | 14,000,000 | |||||||
| Premium Deficiency Reserve [Roll Forward] | ||||||||||
| Premium Deficiency Reserve at beginning of period | (134,817,000) | (179,000,000) | (193,000,000) | |||||||
| Adjustment to premium deficiency reserve | 0 | [1] | 0 | [1] | (37,000,000) | [1] | ||||
| Adjusted premium deficiency reserve at beginning of period | (135,000,000) | (179,000,000) | (230,000,000) | |||||||
| Paid claims and loss adjustment expenses | 279,000,000 | 334,000,000 | 426,000,000 | |||||||
| Decrease in loss reserves | (60,000,000) | (249,000,000) | (425,000,000) | |||||||
| Premium earned | (102,000,000) | (120,000,000) | (128,000,000) | |||||||
| Effects of present valuing on future premiums, losses and expenses | (1,000,000) | (8,000,000) | (25,000,000) | |||||||
| Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized | 116,000,000 | (43,000,000) | (152,000,000) | |||||||
| Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses expenses and discount rate | (55,000,000) | [2] | 87,000,000 | [2] | 203,000,000 | [2] | ||||
| Premium Deficiency Reserve at end of period | $ (73,781,000) | $ (134,817,000) | $ (179,000,000) | |||||||
|
||||||||||
| X | ||||||||||
|
- Definition
Adjusted 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.
|
| X | ||||||||||
|
- Definition
Adjustments related to prior periods to 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.
|
| 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The discount rate used in the calculation of the premium deficiency reserve. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The present value of the expected future paid losses and expenses. No definition available.
|
| X | ||||||||||
|
- Definition
The present value of the expected future paid losses and expenses, net of expected future premiums. No definition available.
|
| X | ||||||||||
|
- Definition
The present value of the expected future premiums. No definition available.
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
Amount of premium revenue earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Reinsurance (Details) (USD $)
|
3 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
Agreement
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
Agreement
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2008
|
Dec. 31, 2009
|
||||
| Reinsurance [Abstract] | ||||||||||||||||
| First aggregate layer of loss under aggregate excess of loss agreements, minimum (in hundredths) | 4.00% | |||||||||||||||
| First aggregate layer of loss under aggregate excess of loss agreements, maximum (in hundredths) | 5.00% | |||||||||||||||
| Second aggregate layer of loss under aggregate excess of loss agreements, captives, minimum (in hundredths) | 5.00% | |||||||||||||||
| Second aggregate layer of loss under aggregate excess of loss agreements, captives, maximum (in hundredths) | 10.00% | |||||||||||||||
| Premium cessions as a percentage of the direct premium, minimum (in hundredths) | 25.00% | |||||||||||||||
| Premium cessions as a percentage of the direct premium, maximum (in hundredths) | 40.00% | |||||||||||||||
| Captive's portion of both premiums and losses under quota share arrangement, minimum (in hundredths) | 25.00% | |||||||||||||||
| Captive's portion of both premiums and losses under quota share arrangement, maximum (in hundredths) | 50.00% | |||||||||||||||
| New business cede rate, maximum (in hundredths) | 25.00% | |||||||||||||||
| Reinsurance recoverable on loss reserves | $ 104,848,000 | $ 154,607,000 | $ 104,848,000 | $ 154,607,000 | $ 275,290,000 | $ 332,227,000 | ||||||||||
| Reinsurance recoverable on loss reserves related to captive agreements | 104,000,000 | 142,000,000 | 104,000,000 | 142,000,000 | ||||||||||||
| Fair value of trust fund assets under our captive agreements | 303,000,000 | 359,000,000 | 303,000,000 | 359,000,000 | ||||||||||||
| Fair value of trust fund assets under captive agreements, no reinsurance recoverable on loss reserves | 25,000,000 | 27,000,000 | 25,000,000 | 27,000,000 | ||||||||||||
| Trust fund assets transferred to us as a result of captive terminations | 6,000,000 | 39,000,000 | ||||||||||||||
| Number of aggregate excess of loss agreements with special purpose reinsurance companies | 3 | 3 | ||||||||||||||
| Risk in force amount ceded to date under aggregate excess of loss reinsurance agreements | 130,000,000 | 130,000,000 | ||||||||||||||
| Number of special purpose reinsurance companies to which risk in force has been ceded | 3 | 3 | ||||||||||||||
| Number of aggregate excess of loss reinsurance agreements terminated with special purpose reinsurance companies | 1 | |||||||||||||||
| Risk in force amount ceded under remaining aggregate excess of loss reinsurance agreements | 800,000 | 800,000 | ||||||||||||||
| Premiums earned [Abstract] | ||||||||||||||||
| Direct | 1,065,663,000 | 1,170,868,000 | 1,236,949,000 | |||||||||||||
| Assumed | 2,425,000 | 3,891,000 | 3,091,000 | |||||||||||||
| Ceded | (34,918,000) | (50,924,000) | (71,293,000) | |||||||||||||
| Net premiums earned | 261,705,000 | [1] | 266,432,000 | 242,628,000 | 262,405,000 | 275,741,000 | 275,094,000 | 284,454,000 | 288,546,000 | 1,033,170,000 | 1,123,835,000 | 1,168,747,000 | ||||
| Losses incurred [Abstract] | ||||||||||||||||
| Direct | 2,115,974,000 | 1,775,122,000 | 1,716,538,000 | |||||||||||||
| Assumed | 6,912,000 | 5,229,000 | 4,128,000 | |||||||||||||
| Ceded | (55,633,000) | (65,644,000) | (113,125,000) | |||||||||||||
| Net losses incurred | 688,636,000 | [1] | 490,121,000 | 551,408,000 | 337,088,000 | 482,070,000 | 462,654,000 | 459,552,000 | 310,431,000 | 2,067,253,000 | 1,714,707,000 | 1,607,541,000 | ||||
| Unearned premium returned under assumed reinsurance agreement terminated by our Australian writing company | $ 7,000,000 | |||||||||||||||
|
||||||||||||||||
| X | ||||||||||
|
- Definition
The maximum captive's portion of the both premiums and losses under the quota share arrangement. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum captive's portion of both premiums and losses under the quota share arrangement. No definition available.
|
| 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 company's maximum responsibility for the first aggregate layer of loss under the aggregate excess of loss agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The company's minimum responsibility for the first aggregate layer of loss under the aggregate excess of loss agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The new business maximum cede rate under the quota share reinsurance arrangements. No definition available.
|
| X | ||||||||||
|
- Definition
The cumulative number of aggregate excess of loss agreements entered into as of the balance sheet date with special purpose reinsurance companies. No definition available.
|
| X | ||||||||||
|
- Definition
The number of aggregate excess of loss reinsurance agreements terminated with special purpose reinsurance companies. No definition available.
|
| X | ||||||||||
|
- Definition
The number of special purpose reinsurance companies to which risk in force has been ceded to as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum premium cessions as a percentage of the direct premium. No definition available.
|
| X | ||||||||||
|
- Definition
Minimum premium cessions as a percentage of the direct premium. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the provision for the period for claims and benefits incurred on contracts directly written by the company. 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 cumulative amount of risk in force ceded to date under the aggregate excess of loss reinsurance agreements with special purpose reinsurance companies. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of risk in force ceded under the aggregate excess of loss reinsurance agreements with special purpose reinsurance companies, excluding terminated agreements, as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The captives' (reinsurance subsidiaries of certain mortgage lenders) maximum responsibility for the second aggregate layer of loss under the aggregate excess of loss agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The captives' (reinsurance subsidiaries of certain mortgage lenders) minimum responsibility for the second aggregate layer of loss under the aggregate excess of loss agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The total fair value of the trust fund assets under the entity's captive agreements. 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 | ||||||||||
|
- Definition
Premiums assumed and earned 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
|
| X | ||||||||||
|
- Definition
Premiums assumed and earned by another insurer as a result of reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Premiums earned directly 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of the provision for the period for claims and benefits incurred on contract risks assumed from other (ceding) insurers under reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The reduction in the amount of the provision for the period for claims and benefits incurred on contract risks ceded to other insurers under reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
|
Investments in Joint Ventures (Details) (USD $)
|
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2010
Sherman [Member]
|
Dec. 31, 2008
Sherman [Member]
|
Aug. 31, 2008
Sherman [Member]
|
|
| Schedule of Equity Method Investments [Line Items] | ||||||
| Equity method investment, ownership percentage (in hundredths) | 24.25% | |||||
| Cash proceeds from sale of investment in joint venture | $ 124,500,000 | |||||
| Unsecured promissory note received as consideration in sale of investment in joint venture | 85,000,000 | |||||
| Scheduled maturity of unsecured promissory note | Feb. 13, 2011 | |||||
| Variable rate basis of unsecured promissory note | three-month LIBOR | |||||
| Basis spread on variable rate of unsecured promissory note (in basis points) | 500 | |||||
| Proceeds from unsecured promissory note | 0 | 0 | 83,500,000 | 83,500,000 | ||
| Carrying value of unsecured promissory note | 84,000,000 | |||||
| Loss recognized on unsecured promissory note | $ 0 | $ 0 | $ (466,000) | $ 500,000 | ||
| X | ||||||||||
|
- Definition
The basis points (also referred to as 'margin') added to the reference rate as stated in the loan agreement and used to compute the variable rate on the loans receivable. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the carrying value of the note receivable from Sherman and proceeds received on repayment. No definition available.
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, reflects the carrying amount of unpaid loan amounts due from related parties at the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the loans receivable, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of noncash consideration received for selling an asset or business through a noncash (or part noncash) transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with collection, whether partial or full, of long-term loans to a related party. Alternate caption: Proceeds from Advances to Affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of an investment interest in a joint venture that the reporting entity has not previously accounted for using consolidation or the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Benefit Plans (Details) (USD $)
|
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||
| Information used in actuarial assumptions [Abstract] | |||||||
| Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise | $ 50,000,000 | ||||||
| Future earnings period used in determining the expected average rate of earnings (in years) | 20 years | ||||||
| Target Allocation of Assets [Abstract] | |||||||
| Maximum investment in international oriented funds (in hundredths) | 30.00% | ||||||
| Number of international mutual funds | 2 | ||||||
| Percent of international oriented funds equity allocation in emerging markets (in hundredths) | 5.00% | ||||||
| Percent of international oriented funds equity allocation in companies based outside of the United States, primarily Europe and the Pacific Basin (in hundredths) | 25.00% | ||||||
| Effect of 1% change in the health care trend rate assumption [Abstract] | |||||||
| Effect of 1-percentage point increase on total service and interest cost component | 506,000 | ||||||
| Effect of 1-percentage point increase on postretirement benefit obligation | 2,772,000 | ||||||
| Effect of 1-percentage point decrease on total service and interest cost components | (401,000) | ||||||
| Effect of 1-percentage point decrease on postretirement benefit obligation | (2,121,000) | ||||||
| Profit sharing and 401(k) savings plan [Abstract] | |||||||
| Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths) | 5.00% | ||||||
| Matching contribution rate on employees' before-tax contributions, first contribution level (in hundredths) | 80.00% | ||||||
| Employee contributions subject to employer match, first contribution level | 1,000 | ||||||
| Matching contribution rate on employees' before-tax contributions, second contribution level (in hundredths) | 40.00% | ||||||
| Employee contributions subject to employer match, second contribution level | 2,000 | ||||||
| Profit sharing and 401(k) savings plan expenses | 3,100,000 | 3,600,000 | 3,700,000 | ||||
|
Pension and Supplemental Executive Retirement Plans [Member]
|
|||||||
| Components of Net Periodic Benefit Cost [Abstract] | |||||||
| Company Service Cost | 9,662,000 | 8,917,000 | 8,531,000 | ||||
| Interest Cost | 16,481,000 | 16,098,000 | 15,535,000 | ||||
| Expected Return on Assets | (18,211,000) | (17,373,000) | (14,502,000) | ||||
| Other Adjustments | 0 | 0 | 0 | ||||
| Subtotal | 7,932,000 | 7,642,000 | 9,564,000 | ||||
| Amortization of Net Transition Obligation/(Asset) | 0 | 0 | 0 | ||||
| Amortization of Net Prior Service Cost/(Credit) | 665,000 | 661,000 | 650,000 | ||||
| Amortization of Net Losses/(Gains) | 5,829,000 | 4,010,000 | 5,924,000 | ||||
| Total Amortization | 6,494,000 | 4,671,000 | 6,574,000 | ||||
| Net Periodic Benefit Cost | 14,426,000 | 12,313,000 | 16,138,000 | ||||
| Cost of settlements or curtailments | 0 | 0 | 0 | ||||
| Total Expense for Year | 14,426,000 | 12,313,000 | 16,138,000 | ||||
| Actuarial Value of Benefit Obligations [Abstract] | |||||||
| Measurement Date | 12/31/2012 | 12/31/2011 | |||||
| Accumulated Benefit Obligation | 331,985,000 | 297,145,000 | |||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Projected Accumulated Benefit Obligation | (362,657,000) | (318,048,000) | (291,456,000) | ||||
| Plan Assets at Fair Value | 340,335,000 | 305,748,000 | 284,080,000 | ||||
| Funded Status - Overfunded/(Underfunded) | (22,322,000) | (12,300,000) | |||||
| Accumulated Other Comprehensive Income [Abstract] | |||||||
| Net Actuarial (Gain)/Loss | 106,661,000 | 95,298,000 | |||||
| Net Prior Service Cost/(Credit) | 1,775,000 | 2,278,000 | |||||
| Net Transition Obligation/(Asset) | 0 | 0 | |||||
| Total at Year End | 108,436,000 | 97,576,000 | 84,649,000 | ||||
| Change in Projected Benefit Obligation [Roll Forward] | |||||||
| Benefit Obligation at Beginning of Year | 318,048,000 | 291,456,000 | |||||
| Company Service Cost | 9,662,000 | 8,917,000 | 8,531,000 | ||||
| Interest Cost | 16,481,000 | 16,098,000 | 15,535,000 | ||||
| Plan Participants' Contributions | 0 | 0 | |||||
| Net Actuarial (Gain)/Loss due to Assumption Changes | 37,418,000 | 23,037,000 | |||||
| Net Actuarial (Gain)/Loss due to Plan Experience | 634,000 | (6,544,000) | |||||
| Benefit Payments from Fund | (19,483,000) | [1] | (14,692,000) | [1] | |||
| Benefit Payments Directly by Company | (265,000) | (316,000) | |||||
| Plan Amendments | 162,000 | 92,000 | |||||
| Other Adjustment | 0 | 0 | |||||
| Benefit Obligation at End of Year | 362,657,000 | 318,048,000 | 291,456,000 | ||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at Beginning of Year | 305,748,000 | 284,080,000 | |||||
| Company Contributions | 15,265,000 | 20,316,000 | |||||
| Plan Participants' Contributions | 0 | 0 | |||||
| Benefit Payments from Fund | (19,483,000) | [1] | (14,692,000) | [1] | |||
| Benefit Payments paid directly by Company | (265,000) | (316,000) | |||||
| Actual Return on Assets | 39,070,000 | 16,360,000 | |||||
| Other Adjustment | 0 | 0 | |||||
| Fair Value of Plan Assets at End of Year | 340,335,000 | 305,748,000 | 284,080,000 | ||||
| Change in Accumulated Other Comprehensive Income (AOCI) [Abstract] | |||||||
| AOCI in Prior Year | 97,576,000 | 84,649,000 | |||||
| Increase/(Decrease) in AOCI [Abstract] | |||||||
| Recognized during year - Prior Service (Cost)/Credit | (665,000) | (661,000) | |||||
| Recognized during year - Net Actuarial (Losses)/Gains | (5,829,000) | (4,010,000) | |||||
| Occurring during year - Prior Service Cost | 162,000 | 92,000 | |||||
| Occurring during year - Net Actuarial Losses/(Gains) | 17,192,000 | 17,507,000 | |||||
| AOCI in Current Year | 108,436,000 | 97,576,000 | 84,649,000 | ||||
| Amortizations Expected to be Recognized During Next Fiscal Year Ending [Abstract] | |||||||
| Amortization of Net Transition Obligation/(Asset) | 0 | ||||||
| Amortization of Prior Service Cost/(Credit) | 500,000 | ||||||
| Amortization of Net Losses/(Gains) | 6,063,000 | ||||||
| Weighted-Average Assumptions Used to Determine Benefit Obligations at year end [Abstract] | |||||||
| Discount Rate (in hundredths) | 4.25% | 5.25% | |||||
| Rate of Compensation Increase (in hundredths) | 3.00% | 3.00% | |||||
| Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year [Abstract] | |||||||
| Discount Rate (in hundredths) | 5.25% | 5.75% | |||||
| Expected Long-term Return on Plan Assets (in hundredths) | 6.00% | 6.00% | |||||
| Rate of Compensation Increase (in hundredths) | 3.00% | 3.00% | |||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 340,335,000 | 305,748,000 | 284,080,000 | ||||
| Company Contributions [Abstract] | |||||||
| Current | 15,265,000 | 20,316,000 | |||||
| Current + 1 | 1,278,000 | ||||||
| Actual Benefit Payments [Abstract] | |||||||
| Current | 19,748,000 | ||||||
| Expected Benefit Payments [Abstract] | |||||||
| Current + 1 | 10,253,000 | ||||||
| Current + 2 | 12,333,000 | ||||||
| Current + 3 | 13,258,000 | ||||||
| Current + 4 | 14,011,000 | ||||||
| Current + 5 | 15,357,000 | ||||||
| Current + 6 - 10 | 97,759,000 | ||||||
|
Other Postretirement Benefits [Member]
|
|||||||
| Components of Net Periodic Benefit Cost [Abstract] | |||||||
| Company Service Cost | 1,226,000 | 1,090,000 | 1,126,000 | ||||
| Interest Cost | 1,144,000 | 1,350,000 | 1,183,000 | ||||
| Expected Return on Assets | (3,162,000) | (3,299,000) | (2,891,000) | ||||
| Other Adjustments | 0 | 0 | 0 | ||||
| Subtotal | (792,000) | (859,000) | (582,000) | ||||
| Amortization of Net Transition Obligation/(Asset) | 0 | 0 | 0 | ||||
| Amortization of Net Prior Service Cost/(Credit) | (6,217,000) | (6,217,000) | (6,138,000) | ||||
| Amortization of Net Losses/(Gains) | 797,000 | 632,000 | 764,000 | ||||
| Total Amortization | (5,420,000) | (5,585,000) | (5,374,000) | ||||
| Net Periodic Benefit Cost | (6,212,000) | (6,445,000) | (5,956,000) | ||||
| Cost of settlements or curtailments | 0 | 0 | 0 | ||||
| Total Expense for Year | (6,212,000) | (6,445,000) | (5,956,000) | ||||
| Actuarial Value of Benefit Obligations [Abstract] | |||||||
| Measurement Date | 12/31/2012 | 12/31/2011 | |||||
| Accumulated Benefit Obligation | 16,284,000 | 25,007,000 | |||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Projected Accumulated Benefit Obligation | (16,284,000) | (25,007,000) | (26,200,000) | ||||
| Plan Assets at Fair Value | 49,391,000 | 42,578,000 | 44,362,000 | ||||
| Funded Status - Overfunded/(Underfunded) | 33,107,000 | 17,571,000 | |||||
| Accumulated Other Comprehensive Income [Abstract] | |||||||
| Net Actuarial (Gain)/Loss | 1,985,000 | 14,109,000 | |||||
| Net Prior Service Cost/(Credit) | (38,587,000) | (41,072,000) | |||||
| Net Transition Obligation/(Asset) | 0 | 0 | |||||
| Total at Year End | (36,602,000) | (26,964,000) | (33,827,000) | ||||
| Change in Projected Benefit Obligation [Roll Forward] | |||||||
| Benefit Obligation at Beginning of Year | 25,007,000 | 26,200,000 | |||||
| Company Service Cost | 1,226,000 | 1,090,000 | 1,126,000 | ||||
| Interest Cost | 1,144,000 | 1,350,000 | 1,183,000 | ||||
| Plan Participants' Contributions | 356,000 | 261,000 | |||||
| Net Actuarial (Gain)/Loss due to Assumption Changes | (6,517,000) | 397,000 | |||||
| Net Actuarial (Gain)/Loss due to Plan Experience | (497,000) | (3,643,000) | |||||
| Benefit Payments from Fund | (661,000) | [1] | (560,000) | [1] | |||
| Benefit Payments Directly by Company | (42,000) | (87,000) | |||||
| Plan Amendments | (3,732,000) | 0 | |||||
| Other Adjustment | 0 | 0 | |||||
| Benefit Obligation at End of Year | 16,284,000 | 25,007,000 | 26,200,000 | ||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at Beginning of Year | 42,578,000 | 44,362,000 | |||||
| Company Contributions | 0 | 0 | |||||
| Plan Participants' Contributions | 356,000 | 261,000 | |||||
| Benefit Payments from Fund | (661,000) | [1] | (560,000) | [1] | |||
| Benefit Payments paid directly by Company | (42,000) | (87,000) | |||||
| Actual Return on Assets | 7,474,000 | (1,224,000) | |||||
| Other Adjustment | (314,000) | (173,000) | |||||
| Fair Value of Plan Assets at End of Year | 49,391,000 | 42,578,000 | 44,362,000 | ||||
| Change in Accumulated Other Comprehensive Income (AOCI) [Abstract] | |||||||
| AOCI in Prior Year | (26,964,000) | (33,827,000) | |||||
| Increase/(Decrease) in AOCI [Abstract] | |||||||
| Recognized during year - Prior Service (Cost)/Credit | 6,217,000 | 6,217,000 | |||||
| Recognized during year - Net Actuarial (Losses)/Gains | (797,000) | (632,000) | |||||
| Occurring during year - Prior Service Cost | (3,732,000) | 0 | |||||
| Occurring during year - Net Actuarial Losses/(Gains) | (11,326,000) | 1,278,000 | |||||
| AOCI in Current Year | (36,602,000) | (26,964,000) | (33,827,000) | ||||
| Amortizations Expected to be Recognized During Next Fiscal Year Ending [Abstract] | |||||||
| Amortization of Net Transition Obligation/(Asset) | 0 | ||||||
| Amortization of Prior Service Cost/(Credit) | (6,649,000) | ||||||
| Amortization of Net Losses/(Gains) | 0 | ||||||
| Weighted-Average Assumptions Used to Determine Benefit Obligations at year end [Abstract] | |||||||
| Discount Rate (in hundredths) | 3.85% | 4.75% | |||||
| Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year [Abstract] | |||||||
| Discount Rate (in hundredths) | 4.75% | 5.50% | |||||
| Expected Long-term Return on Plan Assets (in hundredths) | 7.50% | 7.50% | |||||
| Assumed Health Care Cost Trend Rates at year end [Abstract] | |||||||
| Health Care Cost Trend Rate Assumed for Next Year (in hundredths) | 7.50% | 8.00% | |||||
| Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths) | 5.00% | 5.00% | |||||
| Year That the Rate Reaches the Ultimate Trend Rate | 2018 | 2018 | |||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% | |||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 49,391,000 | 42,578,000 | 44,362,000 | ||||
| Target Allocation of Assets [Abstract] | |||||||
| Minimum period for which plan portfolio returns are expected to achieve stated objectives | 5 years | ||||||
| Company Contributions [Abstract] | |||||||
| Current | 0 | 0 | |||||
| Current + 1 | 0 | ||||||
| Actual Benefit Payments [Abstract] | |||||||
| Current | 347,000 | ||||||
| Expected Benefit Payments [Abstract] | |||||||
| Current + 1 | 670,000 | ||||||
| Current + 2 | 764,000 | ||||||
| Current + 3 | 782,000 | ||||||
| Current + 4 | 831,000 | ||||||
| Current + 5 | 932,000 | ||||||
| Current + 6 - 10 | 6,880,000 | ||||||
| Health care trend rate used for pre-65 benefits (in hundredths) | 8.00% | ||||||
| Age of retirees at which retirement benefits under the plan are terminated (in years) | 65 | ||||||
| Health care trend rate used for pre-65 benefits in 2013 (in hundredths) | 7.50% | ||||||
| Health care trend rate used for pre-65 benefits in 2018 (in hundredths) | 5.00% | ||||||
|
Other Postretirement Benefits [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 34,720,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 34,720,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 34,720,000 | ||||||
|
Other Postretirement Benefits [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 14,671,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 14,671,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 14,671,000 | ||||||
|
Other Postretirement Benefits [Member] | Debt Securities [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 0.00% | 0.00% | |||||
|
Other Postretirement Benefits [Member] | Equity Securities [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% | |||||
| Target Allocation of Assets [Abstract] | |||||||
| Target asset allocations, minimum (in hundredths) | 90.00% | ||||||
| Target asset allocations, maximum (in hundredths) | 100.00% | ||||||
|
Other Postretirement Benefits [Member] | Fixed Income [Member]
|
|||||||
| Target Allocation of Assets [Abstract] | |||||||
| Target asset allocations, minimum (in hundredths) | 0.00% | ||||||
| Target asset allocations, maximum (in hundredths) | 10.00% | ||||||
|
Other Postretirement Benefits [Member] | Other [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 0.00% | 0.00% | |||||
|
Other Postretirement Benefits [Member] | Level 1 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 49,391,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 49,391,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 49,391,000 | ||||||
|
Other Postretirement Benefits [Member] | Level 1 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 34,720,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 34,720,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 34,720,000 | ||||||
|
Other Postretirement Benefits [Member] | Level 1 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 14,671,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 14,671,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 14,671,000 | ||||||
|
Other Postretirement Benefits [Member] | Level 2 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Other Postretirement Benefits [Member] | Level 2 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Other Postretirement Benefits [Member] | Level 2 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Other Postretirement Benefits [Member] | Level 3 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Other Postretirement Benefits [Member] | Level 3 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Other Postretirement Benefits [Member] | Level 3 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 340,335,000 | ||||||
| Change in Projected Benefit Obligation [Roll Forward] | |||||||
| Lump sum pension plan benefit payments | 12,000,000 | 8,200,000 | |||||
| Maximum amount of eligible participant vested benefits for which lump sum payment can be elected | 100,000 | 50,000 | |||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 340,335,000 | ||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% | |||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 340,335,000 | ||||||
| Target Allocation of Assets [Abstract] | |||||||
| Minimum period for which plan portfolio returns are expected to achieve stated objectives | 5 years | ||||||
|
Pension Plan [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 45,071,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 45,071,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 45,071,000 | ||||||
|
Pension Plan [Member] | Common Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 54,210,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 54,210,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 54,210,000 | ||||||
|
Pension Plan [Member] | Corporate Bond [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 130,643,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 130,643,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 130,643,000 | ||||||
|
Pension Plan [Member] | U.S. Government Securities [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 25,859,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 25,859,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 25,859,000 | ||||||
|
Pension Plan [Member] | Municipals [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 26,595,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 26,595,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 26,595,000 | ||||||
|
Pension Plan [Member] | Foreign Bonds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 17,710,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 17,710,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 17,710,000 | ||||||
|
Pension Plan [Member] | Foreign Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 768,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 768,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 768,000 | ||||||
|
Pension Plan [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 39,479,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 39,479,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 39,479,000 | ||||||
|
Pension Plan [Member] | Debt Securities [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 60.00% | 62.00% | |||||
|
Pension Plan [Member] | Equity Securities [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 40.00% | 38.00% | |||||
| Target Allocation of Assets [Abstract] | |||||||
| Target asset allocations, minimum (in hundredths) | 0.00% | ||||||
| Target asset allocations, maximum (in hundredths) | 60.00% | ||||||
|
Pension Plan [Member] | Fixed Income [Member]
|
|||||||
| Target Allocation of Assets [Abstract] | |||||||
| Target asset allocations, minimum (in hundredths) | 40.00% | ||||||
| Target asset allocations, maximum (in hundredths) | 100.00% | ||||||
|
Pension Plan [Member] | Other [Member]
|
|||||||
| Allocation of assets at year end [Abstract] | |||||||
| Weighted-average asset allocations of plans (in hundredths) | 0.00% | 0.00% | |||||
|
Pension Plan [Member] | Cash Equivalents [Member]
|
|||||||
| Target Allocation of Assets [Abstract] | |||||||
| Target asset allocations, minimum (in hundredths) | 0.00% | ||||||
| Target asset allocations, maximum (in hundredths) | 10.00% | ||||||
|
Pension Plan [Member] | Level 1 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 165,387,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 165,387,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 165,387,000 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 45,071,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 45,071,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 45,071,000 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Common Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 54,210,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 54,210,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 54,210,000 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Corporate Bond [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | U.S. Government Securities [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 25,859,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 25,859,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 25,859,000 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Municipals [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Foreign Bonds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | Foreign Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 768,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 768,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 768,000 | ||||||
|
Pension Plan [Member] | Level 1 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 39,479,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 39,479,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 39,479,000 | ||||||
|
Pension Plan [Member] | Level 2 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 174,948,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 174,948,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 174,948,000 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Common Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Corporate Bond [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 130,643,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 130,643,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 130,643,000 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | U.S. Government Securities [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Municipals [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 26,595,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 26,595,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 26,595,000 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Foreign Bonds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 17,710,000 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 17,710,000 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 17,710,000 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | Foreign Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 2 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Domestic Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Common Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Corporate Bond [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | U.S. Government Securities [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Municipals [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Foreign Bonds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | Foreign Stocks [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | 0 | ||||||
|
Pension Plan [Member] | Level 3 [Member] | International Mutual Funds [Member]
|
|||||||
| Funded Status/Asset (Liability) on the Consolidated Balance Sheet [Abstract] | |||||||
| Plan Assets at Fair Value | 0 | ||||||
| Change in Plan Assets [Roll Forward] | |||||||
| Fair Value of Plan Assets at End of Year | 0 | ||||||
| Assets at Fair Value [Abstract] | |||||||
| Total Assets at fair value | $ 0 | ||||||
|
|||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The age of retirees at which retirement benefits under the postretirement benefit plan are terminated. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net increase or decrease of changes in the value of either the benefit obligation or the plan assets resulting from a change in an actuarial assumption. No definition available.
|
| X | ||||||||||
|
- Definition
The net increase or decrease of changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of increase or decrease to benefit obligation due to other adjustments not otherwise specified in the taxonomy. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of payments made directly by the entity for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of payments made from fund for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of lump sum payments made from fund for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. This amount is included in total benefit payments from fund. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum amount of vested benefits for eligible participants, which are former employees, for which lump sum benefit payment can be elected. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of increase or decrease to fair value of plan assets due to other adjustments not otherwise specified in the taxonomy. No definition available.
|
| X | ||||||||||
|
- Definition
The future earnings period, in years, used in determining the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of the plans. This was then used in selecting the expected long-term rate of return on assets included in the actuarial assumptions used in the valuation of projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation. No definition available.
|
| X | ||||||||||
|
- Definition
The health care cost trend rate used for pre-65 benefits in the current year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
|
- Definition
The health care cost trend rate used for pre-65 benefits after five year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
|
- Definition
The health care cost trend rate used for pre-65 benefits for next fiscal year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
|
- Definition
The maximum investment in international oriented funds, as a percentage of the equity investments range, to total plan assets as of the measurement date of the latest statement of financial position. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum value of outstanding noncallable bonds used in a hypothetical cash flow bond matching exercise for purposes of selecting a discount rate related to actuarial assumptions used in the valuation of projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period, before the effect of the cost of settlements and curtailments. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, and transition asset or obligation. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The minimum length of time, in years, for which the plan portfolio returns are expected to achieve certain stated objectives. No definition available.
|
| X | ||||||||||
|
- Definition
The subtotal amount of net periodic benefit cost for defined benefit plans that may include the following components: service cost, interest cost, expected return on plan assets, and other adjustments. No definition available.
|
| X | ||||||||||
|
- Definition
Total amortization included in the amount of net periodic benefit cost that may include the following components: 1) gains or losses recognized in net periodic benefit cost; 2) transition obligation or asset recognized in net periodic benefit cost; and 3) 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. No definition available.
|
| X | ||||||||||
|
- Definition
The company's discretionary profit sharing contribution as a percentage of each participant's eligible compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of a participant's before-tax contribution to the 401(k) savings plan subject to company match at the first contribution level. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of a participant's before-tax contribution to the 401(k) savings plan subject to company match at the second contribution level. The second contribution level is in addition to the first contribution level. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage at which the company will provide a matching 401(k) savings contribution on employees' before-tax contributions at the first contribution level. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage at which the company will provide a matching 401(k) savings contribution on employees' before-tax contributions at the second contribution level. The second contribution level is in addition to the first contribution level. No definition available.
|
| X | ||||||||||
|
- Definition
The number of international mutual funds that benefit plan assets are held. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The investment in international oriented funds (companies based outside of the United States, primarily Europe and the Pacific Basin), as a percentage of the equity investments range. No definition available.
|
| X | ||||||||||
|
- Definition
The investment in international oriented funds (emerging markets), as a percentage of the equity investments range. No definition available.
|
| X | ||||||||||
|
- Definition
For defined benefit pension plans, the actuarial present value of benefits (whether vested or nonvested) attributed by the pension benefit formula to employee service rendered before a specified date and based on employee service and compensation (if applicable) before that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels. For plans with flat-benefit or nonpay-related pension benefit formulas, the accumulated benefit obligation and the projected benefit obligation are the same. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The pretax total of net 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The pretax net amount of gains and losses that are not yet recognized as a component of net periodic benefit cost, and that are recognized as increases or decreases in other comprehensive income as they arise. Gains and losses are due to changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption, or the consequence of a decision to temporarily deviate from the substantive plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount related to the pretax cost of benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of net transition assets (obligations) which has yet to be recognized as a component of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between fair value of plan assets at the end of the period and the fair value at the beginning of the period, adjusted for contributions and payments of benefits during the period, and after adjusting for taxes and other expenses, as applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 amounts in accumulated other comprehensive income related to gains and losses that are not recognized immediately and are expected to be recognized as components of net periodic benefit cost over the next fiscal year that follows the most recent annual statement of financial position presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amounts in accumulated other comprehensive income related to prior service cost or credit expected to be recognized as components of net periodic benefit cost over the next fiscal year that follows the most recent annual statement of financial position presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amounts in accumulated other comprehensive income related to transition assets (obligations), origination from the adoption of FAS 87 and 106, expected to be recognized as components of net periodic benefit cost over the next fiscal year that follows the most recent annual statement of financial position presented. 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 amount of the transition obligation or asset recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The interest rate used to adjust for the time value of money for the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expected rate of compensation increases (for pay-related plans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The interest rate used to adjust for the time value of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expected rate of compensation increases (for pay-related plans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of payments made for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| 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
The amount of contributions made by plan participants. This item represents a periodic increase to the plan obligation and an increase to plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of a one-percentage-point increase in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of a one-percentage-point increase in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The employer's best estimate, as soon as it can be reasonably determined, of contributions expected to be paid to the plan during the next fiscal year beginning after the date of the latest statement of financial position. Estimated contributions may be presented in the aggregate combining (1) contributions required by funding regulations or laws, (2) discretionary contributions, and (3) noncash contributions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the five fiscal years after the fifth fiscal year following the latest fiscal year from a defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the next fiscal year following the latest fiscal year from a defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the fifth fiscal year following the latest fiscal year from a defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the fourth fiscal year following the latest fiscal year from a defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the third fiscal year following the latest fiscal year from a defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of benefits expected to be paid in the second fiscal year following the latest fiscal year from a defined benefit plan. 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
Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Will normally be the same as the net Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The assumed health care cost trend rate for the next year used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| 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 date(s) used to measure (at least the majority of) plan assets and benefit obligations for defined benefit pension and other postretirement benefit plans. Disclosure required by FAS 132R paragraph 5k prior to being amended by FAS 158. 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
Amount of other defined benefit plan costs. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of increase or decrease due to a change in the terms of an existing plan or the initiation of a new plan. A plan amendment may increase or decrease benefits, including those attributed to years of service already rendered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of net gain (loss) recognized in net periodic benefit cost due to settlements and curtailments. Curtailments result from an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services. Settlements result from an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include, but are not limited to, lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and purchasing nonparticipating annuity contracts to cover vested benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
| X | ||||||||||
|
- Definition
Target allocation maximum percentage of investments of this type to total plan assets presented on a weighted average basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Target allocation minimum percentage of investments of this type to total plan assets presented on a weighted average basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The ultimate trend rate for health care costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of fair value of investments (categorized by debt securities, equity securities, real estate and other plan assets) to the fair value of plan assets held. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Year the ultimate health care cost trend rate is expected to be reached, in CCYY format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of the benefit improvement costs resulting from a plan amendment that occurred that has not been recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of the income statement impact of the reclassification adjustment for prior service costs recognized as a component of net period benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of the (increase) decrease in the value of the projected benefit obligation and the increase (decrease) in the value of the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption that has not been recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Before tax amount of the income statement impact of the reclassification adjustment for actuarial gain (loss) recognized as a component of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details) (USD $)
|
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2007
|
|
| Net deferred tax assets and liabilities [Abstract] | ||||
| Total deferred tax assets | $ 997,784,000 | $ 683,645,000 | ||
| Total deferred tax liabilities | (44,350,000) | (86,490,000) | ||
| Net deferred tax asset before valuation allowance | 953,434,000 | 597,155,000 | ||
| Valuation allowance | (965,987,000) | (608,761,000) | 410,300,000 | |
| Net deferred tax liability | (12,553,000) | (11,606,000) | ||
| Components of net deferred tax liability [Abstract] | ||||
| Convertible debentures | (3,470,000) | (15,785,000) | ||
| Net operating loss | 866,700,000 | 506,614,000 | ||
| Loss reserves | 55,615,000 | 60,478,000 | ||
| Unrealized (appreciation) depreciation in investments | (14,448,000) | (42,009,000) | ||
| Mortgage investments | 14,602,000 | 18,944,000 | ||
| Deferred compensation | 13,288,000 | 17,447,000 | ||
| Premium deficiency reserves | 25,823,000 | 47,186,000 | ||
| Loss due to "other than temporary" impairments | 1,088,000 | 11,068,000 | ||
| Other, net | (5,764,000) | (6,788,000) | ||
| Net deferred tax asset before valuation allowance | 953,434,000 | 597,155,000 | ||
| Valuation allowance | (965,987,000) | (608,761,000) | 410,300,000 | |
| Net deferred tax liability | (12,553,000) | (11,606,000) | ||
| Components of other comprehensive income (loss) that impact changes to valuation allowance | 80,100,000 | 2,300,000 | 63,500,000 | |
| Tax provision (benefit) [Abstract] | ||||
| Benefit from income taxes | (330,740,000) | (196,835,000) | (145,334,000) | |
| Change in valuation allowance | 329,175,000 | 198,428,000 | 149,669,000 | |
| (Benefit from) provision for income taxes (note 14) | (1,565,000) | 1,593,000 | 4,335,000 | |
| Increase (decrease) in deferred tax valuation allowance, included in other comprehensive income, due to change in deferred tax liability related to unrealized gains/losses on investments | 28,100,000 | 0 | 22,200,000 | |
| Net operating loss carryforwards, regular tax basis | 2,477,000,000 | |||
| Net operating loss carryforwards for computing the alternative minimum tax | 1,595,000,000 | |||
| Components of provisions for (benefit from) income taxes [Abstract] | ||||
| Current | (4,251,000) | 598,000 | 1,618,000 | |
| Deferred | 90,000 | (945,000) | (19,000) | |
| Other | 2,596,000 | 1,940,000 | 2,736,000 | |
| (Benefit from) provision for income taxes | (1,565,000) | 1,593,000 | 4,335,000 | |
| Federal income tax received | 7,000,000 | 289,100,000 | ||
| Reconciliation of effective income tax rate [Abstract] | ||||
| Federal statutory income tax benefit rate (in hundredths) | (35.00%) | (35.00%) | (35.00%) | |
| Valuation allowance (in hundredths) | 35.40% | 41.00% | 41.60% | |
| Tax exempt municipal bond interest (in hundredths) | (0.80%) | (5.40%) | (10.50%) | |
| Other, net (in hundredths) | 0.20% | (0.30%) | 5.10% | |
| Effective income tax (benefit) rate (in hundredths) | (0.20%) | 0.30% | 1.20% | |
| 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 | |||
| Unrecognized tax benefits [Roll Forward] | ||||
| Balance at beginning of year | 110,080,000 | 109,282,000 | 91,117,000 | |
| Additions based on tax positions related to the current year | 0 | 0 | 0 | |
| Additions for tax positions of prior years | 511,000 | 798,000 | 18,165,000 | |
| Reductions for tax positions of prior years | (4,041,000) | 0 | 0 | |
| Settlements | (2,000,000) | 0 | 0 | |
| Balance at end of year | 104,550,000 | 110,080,000 | 109,282,000 | |
| Unrecognized tax benefits [Abstract] | ||||
| Total amount of unrecognized tax benefits that would affect effective tax rate | 92,000,000 | |||
| Unrecognized tax benefits, interest expense | (1,400,000) | |||
| Unrecognized tax benefits, accrued interest | $ 25,300,000 | $ 26,700,000 | ||
| 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 tax effect as of the balance sheet date of the amount of the estimated future tax reductions attributable to a difference between the tax basis and the generally accepted accounting principles basis of a company's investment in mortgage related investments which will decrease future taxable income when such basis difference reverses. 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
For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities before deduction of the related valuation allowance. No definition available.
|
| 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from estimated impairment losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from loss reserves other than estimated credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other reserves not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from financing arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from unrealized gains in other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to changes in the valuation allowance for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to all other items not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to income that is exempt from income taxes under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to pretax Income or Loss from continuing operations; income tax expense or benefit may include interest and penalties on tax uncertainties based on the entity's accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 component of income tax expense representing amounts paid or payable (or refundable) which are classified as "income taxes" as determined by applying the provisions of enacted tax law to other than the taxable Income or Loss from continuing operations for the period. Items affecting income taxes and required to be disclosed, but not included elsewhere, would also be designated as "Other". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash received during the period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of decreases in unrecognized tax benefits resulting from tax positions taken in prior period tax returns, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of increases in unrecognized tax benefits resulting from tax positions that have been or will be taken in the tax return for the current period, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of increases in unrecognized tax benefits resulting from tax positions taken in prior period tax returns, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gross amount of increases in unrecognized tax benefits resulting from settlements with taxing authorities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the amount of interest expense accrued as of the date of the statement of financial position for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents interest expense recognized for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. 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
|
|
Shareholders' Equity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| 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 | ||
| 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 stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths) | 5.00% | ||
| 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 | ||
| Sale of common stock (in shares) | 74,883,720 | ||
| Sale of common stock, price per share (in dollars per share) | $ 10.75 | ||
| Sale of common stock, net proceeds | $ 0 | $ 0 | $ 772,376 |
|
Convertible Debentures [Member]
|
|||
| Debt Instrument [Line Items] | |||
| Shares reserved for conversion under convertible debt (in shares) | 35,900,000 | ||
|
Convertible Senior Notes [Member]
|
|||
| Debt Instrument [Line Items] | |||
| Shares reserved for conversion under convertible debt (in shares) | 25,700,000 | ||
| X | ||||||||||
|
- Definition
The number of shares of the company's common stock to which each Right initially entitles a shareholder to purchase. No definition available.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- Definition
The description of the Distribution Date as per the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- Definition
The dollar amount received by the entity for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
|
- Definition
The number of shareholder rights accompanying each outstanding share of the company's common stock under the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Dividend Restrictions (Details)
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Dividend Restrictions [Abstract] | |
| Dividend restrictions | The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. |
| Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) | 10.00% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The percentage of statutory policyholders' surplus, as defined, as of the preceding calendar year end which is used in the determination of the maximum allowable dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin. No definition available.
|
| X | ||||||||||
|
- Definition
Disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities, amounts not available for future dividend payments, and amount of dividends paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Statutory Capital (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Statutory Capital [Abstract] | |||
| Percentage of premiums earned required to be maintained as contingency loss reserves (in hundredths) | 50.00% | ||
| Period that contingency loss reserves must be held (in years) | 10 years | ||
| Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves (in hundredths) | 35.00% | ||
| Percentage of surplus as regards policyholders (in hundredths) | 10.00% | ||
| Statutory deferred tax assets admitted | $ 63,000,000 | ||
| Net (loss) income | (902,878,000) | (436,277,000) | 113,651,000 |
| Surplus | 748,592,000 | 1,657,349,000 | 1,692,392,000 |
| Contingency Reserve | 6,430,000 | 4,104,000 | 5,480,000 |
| Statutory capital requirements [Abstract] | |||
| Amount of policyholders position above or below required MPP | 640,000,000 | ||
| Amount of required MPP | 1,200,000,000 | ||
| Risk-to-capital ratio on a combined basis at end of period | 47.8 to 1 | ||
|
Mortgage Guaranty Insurance Corporation [Member]
|
|||
| Related Party Transaction [Line Items] | |||
| Surplus contributions made to subsidiary by the parent company | 100,000,000 | 200,000,000 | 200,000,000 |
| Dividends paid by MGIC to the parent company | 0 | 0 | 0 |
| Statutory capital requirements [Abstract] | |||
| Risk to capital ratio at end of period | 44.7 to 1 | ||
| Amount of policyholders position above or below required MPP | 640,000,000 | ||
| Amount of required MPP | 1,200,000,000 | ||
|
Other Insurance Subsidiaries [Member]
|
|||
| Related Party Transaction [Line Items] | |||
| Surplus contributions made to subsidiary by the parent company | $ 0 | $ 0 | $ 0 |
| 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.
|
| X | ||||||||||
|
- Definition
The amount of minimum policyholder position (MPP) required by the entity's domiciliary state. No definition available.
|
| X | ||||||||||
|
- Definition
An amount of money established from retained earnings to allow for unforeseen losses in business. Amount of reserves for future policy claims payable and loss expenses to be incurred. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of net premiums earned that incurred losses must exceed in a calendar year to allow a mortgage guaranty insurance company to make early withdrawals from the contingency loss reserve with regulatory approval. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of premiums earned that is required to be maintained as contingency loss reserves by mortgage guaranty insurance companies under statutory accounting practices. 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 length of time during which contingency loss reserves cannot be withdrawn under statutory accounting practices except as permitted by insurance regulations. 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| 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
Additions to the surplus of a subsidiary from parent company funds. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents disclosure of the total aggregate cash dividends paid to the entity by consolidated subsidiaries, by unconsolidated subsidiaries, and by 50% or less owned persons accounted for using the equity method. 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
|
| X | ||||||||||
|
- Definition
Amount of net income for the period determined using accounting principles prescribed or permitted by insurance regulators. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-based Compensation Plans (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation cost | $ 8,600,000 | $ 12,100,000 | $ 13,700,000 |
| Income tax benefit from compensation cost | 3,000,000 | 4,200,000 | 1,500,000 |
| Weighted average exercise price [Abstract] | |||
| Outstanding, beginning of period (in dollars per share) | $ 60.50 | ||
| Granted (in dollars per share) | $ 0 | ||
| Exercised (in dollars per share) | $ 0 | ||
| Forfeited or expired (in dollars per share) | $ 63.78 | ||
| Outstanding, end of period (in dollars per share) | $ 58.48 | $ 60.50 | |
| Shares subject to option [Roll Forward] | |||
| Outstanding, beginning of period (in shares) | 1,420,500 | ||
| Granted (in shares) | 0 | 0 | 0 |
| Exercised (in shares) | 0 | 0 | 0 |
| Forfeited or expired (in shares) | (542,200) | ||
| Outstanding, end of period (in shares) | 878,300 | 1,420,500 | |
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
| Exercise price range, lower range limit (in dollars per share) | $ 43.70 | ||
| Exercise price range, upper range limit (in dollars per share) | $ 68.20 | ||
| Options exercisable (in shares) | 878,300 | ||
| Options exercisable, remaining average life (in years) | 8 months 12 days | ||
| Options exercisable, weighted average exercise price (in dollars per share) | $ 58.48 | ||
| Closing stock price at end of period (in dollars per share) | $ 2.66 | ||
| Shares [Roll Forward] | |||
| Restricted stock outstanding at end of period (in shares) | 3,100,000 | ||
|
$43.70 [Member]
|
|||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
| Options outstanding (in shares) | 348,500 | ||
| Options outstanding, remaining average life (in years) | 1 month 6 days | ||
| Options outstanding, weighted average exercise price (in dollars per share) | $ 43.70 | ||
|
$68.20 [Member]
|
|||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
| Options exercisable (in shares) | 529,800 | ||
| Options exercisable, remaining average life (in years) | 1 year 1 month 6 days | ||
| Options exercisable, weighted average exercise price (in dollars per share) | $ 68.20 | ||
|
Stock Options [Member]
|
|||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
| Aggregate intrinsic value of options outstanding | 0 | ||
| Aggregate intrinsic value of options exercisable | 0 | ||
|
Restricted Stock [Member]
|
|||
| Weighted average grant date fair market value [Abstract] | |||
| Restricted stock outstanding at end of period (in dollars per share) | $ 12.88 | ||
| Granted (in dollars per share) | $ 3.97 | $ 8.94 | $ 6.82 |
| Vested (in dollars per share) | $ 7.62 | ||
| Forfeited (in dollars per share) | $ 58.24 | ||
| Restricted stock outstanding at end of period (in dollars per share) | $ 7.08 | $ 12.88 | |
| Shares [Roll Forward] | |||
| Restricted stock outstanding at beginning of period (in shares) | 2,945,762 | ||
| Granted (in shares) | 1,810,445 | ||
| Vested (in shares) | (1,470,965) | ||
| Forfeited (in shares) | (207,660) | ||
| Restricted stock outstanding at end of period (in shares) | 3,077,582 | 2,945,762 | |
| Additional disclosures [Abstract] | |||
| Restricted stock, performance shares (in shares) | 2,300,000 | ||
| Restricted stock, time vested shares (in shares) | 800,000 | ||
| Total fair value of restricted stock vested | 6,900,000 | 14,900,000 | 8,500,000 |
| Unrecognized compensation cost | 8,800,000 | ||
| Unrecognized compensation cost, performance shares | 7,500,000 | ||
| Unrecognized compensation cost, time vested shares | 1,300,000 | ||
| Weighted-average period for recognition of compensation cost | 1 year 3 months 18 days | ||
|
Minimum [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 1 year | ||
|
Maximum [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Award vesting period | 5 years | ||
|
2002 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Cash Settled Award [Member]
|
|||
| Weighted average grant date fair market value [Abstract] | |||
| Granted (in dollars per share) | $ 8.94 | ||
| Shares [Roll Forward] | |||
| Granted (in shares) | 449,350 | ||
| Vested (in shares) | 147,968 | ||
| Forfeited (in shares) | 1,200 | 5,400 | |
| Restricted stock outstanding at end of period (in shares) | 294,782 | ||
| Additional disclosures [Abstract] | |||
| Unrecognized compensation cost | 400,000 | ||
| Cash payments for vested shares | $ 600,000 | ||
| Weighted-average period for recognition of compensation cost | 1 year 1 month 6 days | ||
|
2011 Plan [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Maximum number of shares can be awarded under the plan (in shares) | 7,000,000 | ||
| Additional disclosures [Abstract] | |||
| Shares available for future grants (in shares) | 5,200,000 | ||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of cash payments for vested shares during the reporting period for the cash settled restricted stock units. No definition available.
|
| X | ||||||||||
|
- Definition
The closing price of the company's stock as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The portion of the restricted shares outstanding as of the balance sheet date that consisted of shares that are subject to performance conditions. No definition available.
|
| X | ||||||||||
|
- Definition
The portion of the restricted shares outstanding as of the balance sheet date that consisted of shares that are subject only to service conditions. No definition available.
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based performance share awards made to employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based time vested share awards made to employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total fair value of equity-based awards for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average exercise price as of the balance sheet date for those equity-based payment arrangements exercisable and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term of exercisable stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance pertaining to the outstanding stock options as of the balance sheet date for all option plans in the customized range of exercise prices. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price as of the balance sheet date at which grantees could acquire the underlying shares with respect to all outstanding stock options which are in the customized range of exercise prices. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term of outstanding stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Leases (Details) (USD $)
|
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
| Leases [Abstract] | ||||||
| Remaining term of operating leases (in years) | 6 years | |||||
| Total rental expense under operating leases | $ 4,800,000 | $ 5,400,000 | $ 6,300,000 | |||
| Minimum future operating lease payments [Abstract] | ||||||
| 2013 | 4,377,000 | |||||
| 2014 | 1,931,000 | |||||
| 2015 | 497,000 | |||||
| 2016 | 306,000 | |||||
| 2017 and thereafter | 174,000 | |||||
| Total | 7,285,000 | [1] | ||||
| Minimum future sublease rentals | $ 38,000 | |||||
|
||||||
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due after the fourth year from the balance sheet date on leases defined as operating. No definition available.
|
| X | ||||||||||
|
- Definition
The remaining term of operating leases for certain office space, data processing equipment and autos. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractually required future rental payments receivable on noncancelable subleasing arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Litigation and Contingencies (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| Countrywide dispute [Abstract] | |||
| Number of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 2,150 | ||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | $ 160,000,000 | ||
| Number of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 250 | ||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 17,000,000 | ||
| Increase in loss reserves for the probable settlement agreements | 100,000,000 | ||
| Freddie Mac dispute [Abstract] | |||
| Obligations under the Disputed Policies | 267,500,000 | ||
| Other Legal Proceedings [Abstract] | |||
| Underwriting remedy expense | 27,000,000 | 23,000,000 | 19,000,000 |
|
Class Action Complaint Under RESPA [Member] | Pending Litigation [Member]
|
|||
| Class action complaint under RESPA [Abstract] | |||
| Number of lawsuits | 12 | ||
| Number of cases dismissed | 3 | ||
| Number of similar cases filed naming various mortgage lenders and mortgage insurers as defendants | 9 | ||
|
Class action lawsuit alleging discrimination [Member] | U.S. District Court for the Western District of Pennsylvania [Member] | Pending Litigation [Member]
|
|||
| Housing discrimination complaint [Abstract] | |||
| Settlement agreement date | 2012-11-29 | ||
| Number of borrowers under settlement class | 265 | ||
| Escrow deposit | 500,000 | ||
| Incentive fee | 7,500 | ||
| Counsels fees paid | 337,500 | ||
|
Countrywide Dispute [Member]
|
|||
| Countrywide dispute [Abstract] | |||
| Average paid claim reduction due to curtailments (in hundredths) | 4.00% | ||
| Number of days after claim paid within which objection must be received for review | 90 days | ||
| Curtailment and other adjustments objected | 40,000,000 | ||
|
Countrywide Dispute [Member] | Pending Litigation [Member]
|
|||
| Countrywide dispute [Abstract] | |||
| Amount of damages sought | 700,000,000 | ||
| Mitigation of paid losses | 445,000,000 | ||
| Number of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 2,150 | ||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 160,000,000 | ||
| Number of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 250 | ||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 17,000,000 | ||
| Increase in loss reserves for the probable settlement agreements | 100,000,000 | ||
| Mitigation of incurred losses since January 2008 | 2,900,000,000 | ||
| Mitigation on paid losses, excluding deductible amounts | 2,900,000,000 | ||
| Amount excluded from mitigation losses that would have been applied to a deductible | 600,000,000 | ||
| Total loss reserves, estimated benefit from rescissions | 200,000,000 | ||
|
Freddie Mac's disagreement on aggregate loss limit [Member]
|
|||
| Freddie Mac dispute [Abstract] | |||
| Obligations under the Disputed Policies | 267,500,000 | ||
| Amount paid as per settlement agreement | 100,000,000 | ||
| Remaining amount of unpaid settlement agreement | 167,500,000 | ||
| Number of installments to pay settlement agreement amount | 48 | ||
| Additional settlement payment for default on or after December 1, 2015 | 57,500,000 | ||
| Additional settlement payment for default Default occurring on or after December 1, 2014, but before December 1, 2015 | 82,500,000 | ||
| Additional settlement payment for default before December 1, 2014 | 132,500,000 | ||
| Maximum amount of damages sought in case of default | $ 540,000,000 | ||
|
Lawsuits alleging improper recording and foreclosure activities by MERS [Member] | Pending Litigation [Member]
|
|||
| Lawsuits alleging improper recording and foreclosure activities by MERS [Abstract] | |||
| Number of lawsuits naming non-insurance subsidiary as defendant | 9 | ||
| Number of cases pending | 3 | ||
| Number of other lawsuits naming subsidiary as defendant that were dismissed | 6 | ||
| X | ||||||||||
|
- Definition
Additional settlement payment for default before specified date. No definition available.
|
| X | ||||||||||
|
- Definition
Additional settlement payment for default during specified period. No definition available.
|
| X | ||||||||||
|
- Definition
Additional settlement payment for default on or after specified date. No definition available.
|
| 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
Amount paid as per settlement agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Average paid claim reduction due to curtailments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Refers to counsels' fees No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of curtailment and other adjustments objected. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Refers to Incentive fee paid to plaintiff. No definition available.
|
| X | ||||||||||
|
- Definition
Increase in loss reserves for the probable settlement agreements. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of lawsuits. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum amount of damages sought in case of default. 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
Refers to Number of borrowers under settlement class. No definition available.
|
| X | ||||||||||
|
- Definition
The number of cases pending during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of days after claim paid within which objection must be received for review. No definition available.
|
| X | ||||||||||
|
- Definition
Number of installments to pay settlement agreement amount. 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 other lawsuits naming subsidiary as defendant that were dismissed by the courts. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for Countrywide. No definition available.
|
| X | ||||||||||
|
- Definition
Number of rescindable loans affected by Company's decision to suspend such rescissions for a specific customer. No definition available.
|
| X | ||||||||||
|
- Definition
The number of similar cases filed naming various mortgage lenders and mortgage insurers as defendants. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Remaining amount of unpaid settlement agreement. 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 amount of total potential claim payments of rescindable loans affected by Company's decision to suspend such rescissions for Countrywide. 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 a specific customer. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of the settlement the entity has agreed to pay to settle the dispute regarding Disputed Policies. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to Underwriting remedy expense. No definition available.
|
| X | ||||||||||
|
- Definition
The number of claims settled and dismissed during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
|
Unaudited Quarterly Financial Data (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||||||
| Unaudited Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||
| Net premiums written | $ 260,736,000 | [1] | $ 263,505,000 | $ 238,605,000 | $ 254,986,000 | $ 263,773,000 | $ 255,745,000 | $ 270,399,000 | $ 274,463,000 | $ 1,017,832,000 | $ 1,064,380,000 | $ 1,101,795,000 | |||||||||||||
| Net premiums earned | 261,705,000 | [1] | 266,432,000 | 242,628,000 | 262,405,000 | 275,741,000 | 275,094,000 | 284,454,000 | 288,546,000 | 1,033,170,000 | 1,123,835,000 | 1,168,747,000 | |||||||||||||
| Investment income, net of expenses | 21,660,000 | [1] | 30,394,000 | 32,178,000 | 37,408,000 | 40,339,000 | 48,898,000 | 55,490,000 | 56,543,000 | 121,640,000 | 201,270,000 | 247,253,000 | |||||||||||||
| Loss incurred, net | 688,636,000 | [1] | 490,121,000 | 551,408,000 | 337,088,000 | 482,070,000 | 462,654,000 | 459,552,000 | 310,431,000 | 2,067,253,000 | 1,714,707,000 | 1,607,541,000 | |||||||||||||
| Change in premium deficiency reserve (note 10) | (10,351,000) | [1] | (9,144,000) | (27,358,000) | (14,183,000) | (11,709,000) | (12,388,000) | (11,035,000) | (9,018,000) | (61,036,000) | (44,150,000) | (51,347,000) | |||||||||||||
| Underwriting and other operating expenses | 51,516,000 | [1] | 50,678,000 | 48,910,000 | 50,343,000 | 50,680,000 | 52,477,000 | 54,043,000 | 57,550,000 | 201,447,000 | 214,750,000 | ||||||||||||||
| Interest expense | 25,327,000 | [1] | 24,478,000 | 24,912,000 | 24,627,000 | 25,142,000 | 25,761,000 | 26,326,000 | 26,042,000 | 99,344,000 | 103,271,000 | 98,589,000 | |||||||||||||
| Net income (loss) | (386,691,000) | [1] | (246,942,000) | (273,891,000) | (19,555,000) | (135,294,000) | (165,205,000) | (151,732,000) | (33,661,000) | (927,079,000) | (485,892,000) | (363,735,000) | |||||||||||||
| Income (loss) per share [Abstract] | |||||||||||||||||||||||||
| Basic | $ (1.91) | [1],[2] | $ (1.22) | [2] | $ (1.36) | [2] | $ (0.1) | [2] | $ (0.67) | [1],[2] | $ (0.82) | [2] | $ (0.75) | [2] | $ (0.17) | [2] | $ (4.59) | [2] | $ (2.42) | [2] | $ (2.06) | ||||
| Diluted | $ (1.91) | [1],[2] | $ (1.22) | [2] | $ (1.36) | [2] | $ (0.1) | [2] | $ (0.67) | [1],[2] | $ (0.82) | [2] | $ (0.75) | [2] | $ (0.17) | [2] | $ (4.59) | [2] | $ (2.42) | [2] | $ (2.06) | ||||
| Obligations under the Disputed Policies | 267,500,000 | ||||||||||||||||||||||||
| Increase in loss reserves for the probable settlement agreements | $ 100,000,000 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- Definition
Increase in loss reserves for the probable settlement agreements. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of the settlement the entity has agreed to pay to settle the dispute regarding Disputed Policies. No definition available.
|
| X | ||||||||||
|
- 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, and 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. No definition available.
|
| 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| 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 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
|
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2012
|
|---|---|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | $ 4,188,734 |
| Fair Value | 4,230,275 |
| Amount at which shown in the balance sheet | 4,230,275 |
|
Equity Securities, Common Stocks [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 2,797 |
| Fair Value | 2,936 |
| Amount at which shown in the balance sheet | 2,936 |
|
Equity Securities, Common Stocks [Member] | Industrial, Miscellaneous, and All Others [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 2,797 |
| Fair Value | 2,936 |
| Amount at which shown in the balance sheet | 2,936 |
|
Fixed Maturities, Bonds [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 4,185,937 |
| Fair Value | 4,227,339 |
| Amount at which shown in the balance sheet | 4,227,339 |
|
Fixed Maturities, Bonds [Member] | US Government and Government Agencies and Authorities [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 863,282 |
| Fair Value | 866,251 |
| Amount at which shown in the balance sheet | 866,251 |
|
Fixed Maturities, Bonds [Member] | States, Municipalities and Political Subdivisions [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 795,935 |
| Fair Value | 812,394 |
| Amount at which shown in the balance sheet | 812,394 |
|
Fixed Maturities, Bonds [Member] | Foreign Governments [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 132,490 |
| Fair Value | 142,066 |
| Amount at which shown in the balance sheet | 142,066 |
|
Fixed Maturities, Bonds [Member] | Public Utilities [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 115,561 |
| Fair Value | 116,988 |
| Amount at which shown in the balance sheet | 116,988 |
|
Fixed Maturities, Bonds [Member] | Mortgage Backed Securities [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 601,584 |
| Fair Value | 601,251 |
| Amount at which shown in the balance sheet | 601,251 |
|
Fixed Maturities, Bonds [Member] | All Other Corporate Bonds [Member]
|
|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 1,677,085 |
| Fair Value | 1,688,389 |
| Amount at which shown in the balance sheet | $ 1,688,389 |
| X | ||||||||||
|
- Definition
This element represents the carrying (reported) amount of the entity's investments as of the balance sheet date. This amount may represent the individual investment's or group of similar investments' original cost, fair value, or such other amount at which the investment is shown in the entity's balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the original cost of the entity's investments including investments in equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the reported amount of the entity's investments measured at fair value. Fair value is the price that would be received to sell an investment in an orderly transaction between market participants at the balance sheet [measurement] date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
| ASSETS | ||||||||||||||
| Fixed maturities (amortized cost, 2012-$137,330; 2011-$421,250) | $ 4,227,339 | $ 5,820,900 | $ 4,227,339 | $ 5,820,900 | ||||||||||
| Cash and cash equivalents | 1,027,625 | 995,799 | 1,027,625 | 995,799 | 1,304,154 | |||||||||
| Accrued investment income | 27,243 | 55,666 | 27,243 | 55,666 | ||||||||||
| Other assets | 62,465 | 59,897 | 62,465 | 59,897 | ||||||||||
| Total assets | 5,574,324 | 7,216,230 | 5,574,324 | 7,216,230 | ||||||||||
| Liabilities: | ||||||||||||||
| Senior notes | 99,910 | 170,515 | 99,910 | 170,515 | ||||||||||
| Convertible senior notes | 345,000 | 345,000 | 345,000 | 345,000 | ||||||||||
| Convertible junior debentures | 379,609 | 344,422 | 379,609 | 344,422 | ||||||||||
| Total liabilities | 5,377,384 | 6,019,415 | 5,377,384 | 6,019,415 | ||||||||||
| Shareholders' equity | ||||||||||||||
| Common stock, (one dollar par value, shares authorized 680,000; shares issued 2012 and 2011 - 205,047; shares outstanding 2012 - 202,032; 2011 - 201,172) | 205,047 | 205,047 | 205,047 | 205,047 | ||||||||||
| Paid-in capital | 1,135,296 | 1,135,821 | 1,135,296 | 1,135,821 | ||||||||||
| Treasury stock (shares at cost 2012 - 3,015; 2011 - 3,875) | (104,959) | (162,542) | (104,959) | (162,542) | ||||||||||
| Accumulated other comprehensive (loss) income, net of tax | (48,163) | 30,124 | (48,163) | 30,124 | ||||||||||
| Retained deficit | (990,281) | (11,635) | (990,281) | (11,635) | ||||||||||
| Total shareholders' equity | 196,940 | 1,196,815 | 196,940 | 1,196,815 | ||||||||||
| Total liabilities and shareholders' equity | 5,574,324 | 7,216,230 | 5,574,324 | 7,216,230 | ||||||||||
| Parenthetical information [Abstract] | ||||||||||||||
| Fixed maturities, amortized cost | 4,185,937 | 5,700,894 | 4,185,937 | 5,700,894 | ||||||||||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||
| Common stock, shares authorized (in shares) | 680,000 | 460,000 | 680,000 | 460,000 | ||||||||||
| Common stock, shares issued (in shares) | 205,047 | 205,047 | 205,047 | 205,047 | ||||||||||
| Common stock, shares outstanding (in shares) | 202,032 | 201,172 | 202,032 | 201,172 | ||||||||||
| Treasury stock, shares at cost (in shares) | 3,015 | 3,875 | 3,015 | 3,875 | ||||||||||
| Revenues: | ||||||||||||||
| Investment income, net of expenses | 21,660 | [1] | 30,394 | 32,178 | 37,408 | 40,339 | 48,898 | 55,490 | 56,543 | 121,640 | 201,270 | 247,253 | ||
| Realized investment gains, net | 197,719 | 143,430 | 102,581 | |||||||||||
| Other income | 28,145 | 36,459 | 11,588 | |||||||||||
| Total revenues | 1,378,364 | 1,504,279 | 1,520,525 | |||||||||||
| Expenses: | ||||||||||||||
| Interest expense | 25,327 | [1] | 24,478 | 24,912 | 24,627 | 25,142 | 25,761 | 26,326 | 26,042 | 99,344 | 103,271 | 98,589 | ||
| Total expenses | 2,307,008 | 1,988,578 | 1,879,925 | |||||||||||
| Loss before income taxes | (928,644) | (484,299) | (359,400) | |||||||||||
| Benefit from income taxes | (1,565) | 1,593 | 4,335 | |||||||||||
| Net loss | (386,691) | [1] | (246,942) | (273,891) | (19,555) | (135,294) | (165,205) | (151,732) | (33,661) | (927,079) | (485,892) | (363,735) | ||
| Other comprehensive (loss) income, net | (78,287) | 7,988 | (52,019) | |||||||||||
| Comprehensive loss | (1,005,366) | (477,904) | (415,754) | |||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net loss | (386,691) | [1] | (246,942) | (273,891) | (19,555) | (135,294) | (165,205) | (151,732) | (33,661) | (927,079) | (485,892) | (363,735) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
| Other | (21,026) | (14,218) | (13,646) | |||||||||||
| Change in certain assets and liabilities: | ||||||||||||||
| Accrued investment income | 28,423 | 14,639 | 9,523 | |||||||||||
| Net cash used in operating activities | (1,568,600) | (1,883,851) | (875,430) | |||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Purchase of fixed maturities | (5,025,204) | (4,393,471) | (5,225,794) | |||||||||||
| Sale of fixed maturities | 5,216,934 | 4,742,213 | 4,287,312 | |||||||||||
| Net cash used in investing activities | 1,653,533 | 1,754,217 | (111,904) | |||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Common stock shares issued | 0 | 0 | 772,376 | |||||||||||
| Net cash (used in) provided by financing activities | (53,107) | (178,721) | 1,105,749 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 31,826 | (308,355) | 118,415 | |||||||||||
| Cash and cash equivalents at beginning of year | 995,799 | 1,304,154 | 995,799 | 1,304,154 | 1,185,739 | |||||||||
| Cash and cash equivalents at end of year | 1,027,625 | 995,799 | 1,027,625 | 995,799 | 1,304,154 | |||||||||
| Dividends and Dividend Restrictions [Abstract] | ||||||||||||||
| Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) | 10.00% | 10.00% | ||||||||||||
|
Parent Company [Member]
|
||||||||||||||
| ASSETS | ||||||||||||||
| Fixed maturities (amortized cost, 2012-$137,330; 2011-$421,250) | 139,019 | 428,985 | 139,019 | 428,985 | ||||||||||
| Cash and cash equivalents | 175,880 | 57,636 | 175,880 | 57,636 | 58,380 | |||||||||
| Investment in subsidiaries, at equity in net assets | 709,946 | 1,544,017 | 709,946 | 1,544,017 | ||||||||||
| Accounts receivable - affiliates | 669 | 0 | 669 | 0 | ||||||||||
| Income taxes receivable | 17,955 | 23,864 | 17,955 | 23,864 | ||||||||||
| Accrued investment income | 1,018 | 3,720 | 1,018 | 3,720 | ||||||||||
| Other assets | 7,431 | 11,785 | 7,431 | 11,785 | ||||||||||
| Total assets | 1,051,918 | 2,070,007 | 1,051,918 | 2,070,007 | ||||||||||
| Liabilities: | ||||||||||||||
| Senior notes | 99,910 | 170,515 | 99,910 | 170,515 | ||||||||||
| Convertible senior notes | 345,000 | 345,000 | 345,000 | 345,000 | ||||||||||
| Convertible junior debentures | 379,609 | 344,422 | 379,609 | 344,422 | ||||||||||
| Accounts payable - affiliates | 0 | 84 | 0 | 84 | ||||||||||
| Accrued interest | 30,459 | 13,171 | 30,459 | 13,171 | ||||||||||
| Total liabilities | 854,978 | 873,192 | 854,978 | 873,192 | ||||||||||
| Shareholders' equity | ||||||||||||||
| Common stock, (one dollar par value, shares authorized 680,000; shares issued 2012 and 2011 - 205,047; shares outstanding 2012 - 202,032; 2011 - 201,172) | 205,047 | 205,047 | 205,047 | 205,047 | ||||||||||
| Paid-in capital | 1,135,296 | 1,135,821 | 1,135,296 | 1,135,821 | ||||||||||
| Treasury stock (shares at cost 2012 - 3,015; 2011 - 3,875) | (104,959) | (162,542) | (104,959) | (162,542) | ||||||||||
| Accumulated other comprehensive (loss) income, net of tax | (48,163) | 30,124 | (48,163) | 30,124 | ||||||||||
| Retained deficit | (990,281) | (11,635) | (990,281) | (11,635) | ||||||||||
| Total shareholders' equity | 196,940 | 1,196,815 | 196,940 | 1,196,815 | ||||||||||
| Total liabilities and shareholders' equity | 1,051,918 | 2,070,007 | 1,051,918 | 2,070,007 | ||||||||||
| Parenthetical information [Abstract] | ||||||||||||||
| Fixed maturities, amortized cost | 137,330 | 421,250 | 137,330 | 421,250 | ||||||||||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||
| Common stock, shares authorized (in shares) | 680,000 | 460,000 | 680,000 | 460,000 | ||||||||||
| Common stock, shares issued (in shares) | 205,047 | 205,047 | 205,047 | 205,047 | ||||||||||
| Common stock, shares outstanding (in shares) | 202,032 | 201,172 | 202,032 | 201,172 | ||||||||||
| Treasury stock, shares at cost (in shares) | 3,015 | 3,875 | 3,015 | 3,875 | ||||||||||
| Revenues: | ||||||||||||||
| Investment income, net of expenses | 6,921 | 15,693 | 5,573 | |||||||||||
| Realized investment gains, net | 9,895 | 4,724 | 163 | |||||||||||
| Other income | 17,775 | 27,688 | 0 | |||||||||||
| Total revenues | 34,591 | 48,105 | 5,736 | |||||||||||
| Expenses: | ||||||||||||||
| Operating expenses | 2,227 | (133) | 2,116 | |||||||||||
| Interest expense | 99,344 | 103,271 | 98,589 | |||||||||||
| Total expenses | 101,571 | 103,138 | 100,705 | |||||||||||
| Loss before income taxes | (66,980) | (55,033) | (94,969) | |||||||||||
| Benefit from income taxes | 0 | (6,872) | (2,078) | |||||||||||
| Equity in undistributed net loss of subsidiaries | (860,099) | (437,731) | (270,844) | |||||||||||
| Net loss | (927,079) | (485,892) | (363,735) | |||||||||||
| Other comprehensive (loss) income, net | (78,287) | 7,988 | (52,019) | |||||||||||
| Comprehensive loss | (1,005,366) | (477,904) | (415,754) | |||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net loss | (927,079) | (485,892) | (363,735) | |||||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
| Equity in undistributed net loss of subsidiaries | 860,099 | 437,731 | 270,844 | |||||||||||
| Other | 23,765 | 7,378 | 40,638 | |||||||||||
| Change in certain assets and liabilities: | ||||||||||||||
| Accounts receivable - affiliates | (753) | 770 | 658 | |||||||||||
| Income taxes receivable | 5,909 | (2,452) | 6,330 | |||||||||||
| Accrued investment income | 2,702 | 1,890 | (5,474) | |||||||||||
| Accrued interest | 17,288 | (2,438) | (33,795) | |||||||||||
| Net cash used in operating activities | (18,069) | (43,013) | (84,534) | |||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Transactions with subsidiaries | (100,000) | (200,000) | (200,000) | |||||||||||
| Purchase of fixed maturities | (120,181) | (130,503) | (977,408) | |||||||||||
| Sale of fixed maturities | 409,601 | 551,493 | 135,413 | |||||||||||
| Net cash used in investing activities | 189,420 | 220,990 | (1,041,995) | |||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Repayment of long-term debt | (53,107) | (178,721) | (1,000) | |||||||||||
| Net proceeds from convertible senior notes | 0 | 0 | 334,373 | |||||||||||
| Common stock shares issued | 0 | 0 | 772,376 | |||||||||||
| Net cash (used in) provided by financing activities | (53,107) | (178,721) | 1,105,749 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 118,244 | (744) | (20,780) | |||||||||||
| Cash and cash equivalents at beginning of year | 57,636 | 58,380 | 57,636 | 58,380 | 79,160 | |||||||||
| Cash and cash equivalents at end of year | $ 175,880 | $ 57,636 | $ 175,880 | $ 57,636 | $ 58,380 | |||||||||
| Dividends and Dividend Restrictions [Abstract] | ||||||||||||||
| Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) | 10.00% | 10.00% | ||||||||||||
|
||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total investments in subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The percentage of statutory policyholders' surplus, as defined, as of the preceding calendar year end which is used in the determination of the maximum allowable dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of capital contributed to subsidiaries during the year by the parent company. No definition available.
|
| X | ||||||||||
|
- 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
|
| 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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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| X | ||||||||||
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- Details
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| X | ||||||||||
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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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| 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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| X | ||||||||||
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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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| 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
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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| 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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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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
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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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable. 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 due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence. 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 income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. 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 interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting 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
Sum of the carrying values as of the balance sheet date of (a) interest payable on all forms of debt, including trade payables, that has been incurred, and (b) dividends declared but unpaid on equity securities issued by the entity and outstanding (also includes dividends collected on behalf of another owner of securities that are being held by the entity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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| X | ||||||||||
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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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| 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
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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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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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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| 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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- 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
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 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 inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). 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 outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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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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| 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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- Details
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| X | ||||||||||
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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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| X | ||||||||||
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- Details
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| X | ||||||||||
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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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| X | ||||||||||
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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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|
SCHEDULE IV-REINSURANCE (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
| SCHEDULE IV-REINSURANCE [Abstract] | |||
| Gross amount | $ 1,065,663 | $ 1,170,868 | $ 1,236,949 |
| Ceded to other companies | 34,918 | 50,924 | 71,293 |
| Assumed from other companies | 2,425 | 3,891 | 3,091 |
| Net amount | $ 1,033,170 | $ 1,123,835 | $ 1,168,747 |
| Percentage of amount assumed to net | 0.20% | 0.30% | 0.30% |
| X | ||||||||||
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- Definition
Amount of premiums assumed from other companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of premiums ceded to other companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount of premium revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net amount of gross premiums, less premiums ceded to other companies, plus premiums assumed from other companies; which represents the net amount of premium revenue on the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Percentage of amount of premiums assumed from other companies to net amount of premiums. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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