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Document and Entity Information
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6 Months Ended | |
|---|---|---|
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Jun. 30, 2013
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Jul. 31, 2013
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | MGIC INVESTMENT CORP | |
| Entity Central Index Key | 0000876437 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | Yes | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 337,758,169 | |
| Document Fiscal Year Focus | 2013 | |
| Document Fiscal Period Focus | Q2 | |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2013 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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- Definition
Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount needed to reflect the estimated ultimate cost of settling claims relating to casualty insurance insured events that have occurred on or before a particular date (ordinarily, the balance sheet date) and the amount needed to provide for the estimated ultimate cost required to investigate and settle claims relating to insured events that have occurred on or before a particular date (ordinarily, the balance sheet date), whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount as of the balance sheet date due the entity from (a) agents and insureds, (b) uncollected premiums and (c) others, net of the allowance for doubtful accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Receivables currently due from reinsurers for ceded claims paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. 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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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of premiums written on insurance contracts that have not been earned as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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|---|---|---|
| Securities, available-for-sale, at fair value: | ||
| Fixed maturities, amortized cost | $ 5,064,233 | $ 4,185,937 |
| Shareholders' equity (note 14): | ||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, shares authorized (in shares) | 680,000 | 680,000 |
| Common stock, shares issued (in shares) | 340,047 | 205,047 |
| Common stock, shares outstanding (in shares) | 337,758 | 202,032 |
| Treasury stock, shares at cost (in shares) | 2,289 | 3,015 |
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- Details
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- Definition
Amount of available-for-sale debt securities at cost, net of adjustments, which include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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| Premiums written: | ||||
| Direct | $ 247,481 | $ 246,939 | $ 502,028 | $ 510,734 |
| Assumed | 531 | 614 | 1,082 | 1,255 |
| Ceded | (11,390) | (8,948) | (17,988) | (18,398) |
| Net premiums written | 236,622 | 238,605 | 485,122 | 493,591 |
| Decrease (increase) in unearned premiums, net | 1,155 | 4,023 | (286) | 11,442 |
| Net premiums earned | 237,777 | 242,628 | 484,836 | 505,033 |
| Investment income, net of expenses | 20,883 | 32,178 | 39,211 | 69,586 |
| Realized investment gains, net | 2,485 | 26,611 | 3,744 | 104,172 |
| Total other-than-temporary impairment losses | 0 | (339) | 0 | (339) |
| Portion of losses recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 0 |
| Net impairment losses recognized in earnings | 0 | (339) | 0 | (339) |
| Other revenue | 2,715 | 20,012 | 5,254 | 22,321 |
| Total revenues | 263,860 | 321,090 | 533,045 | 700,773 |
| Losses and expenses: | ||||
| Losses incurred, net (note 12) | 196,274 | 551,408 | 462,482 | 888,496 |
| Change in premium deficiency reserve (note 13) | (11,283) | (27,358) | (12,933) | (41,541) |
| Amortization of deferred policy acquisition costs | 1,955 | 1,935 | 3,652 | 3,605 |
| Other underwriting and operating expenses, net | 45,607 | 46,975 | 93,922 | 95,648 |
| Interest expense | 17,942 | 24,912 | 44,348 | 49,539 |
| Total losses and expenses | 250,495 | 597,872 | 591,471 | 995,747 |
| Income (loss) before tax | 13,365 | (276,782) | (58,426) | (294,974) |
| Provision for (benefit from) income taxes (note 11) | 990 | (2,891) | 2,129 | (1,528) |
| Net income (loss) | $ 12,375 | $ (273,891) | $ (60,555) | $ (293,446) |
| Income (loss) per share (note 6): | ||||
| Basic (in dollars per share) | $ 0.04 | $ (1.36) | $ (0.21) | $ (1.45) |
| Diluted (in dollars per share) | $ 0.04 | $ (1.36) | $ (0.21) | $ (1.45) |
| Weighted average common shares outstanding - diluted (note 6) (in shares) | 339,341 | 202,013 | 285,336 | 201,770 |
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- Definition
Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves No definition available.
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- Definition
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
Premiums assumed for all property and casualty insurance assumed from other insurers as a result of reinsurance arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- 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
Amount of deferred policy acquisition costs charged to expense in the period, generally in proportion to related revenue earned, estimated gross profits, or over the customer relationship or some other period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Premiums written directly by insurer for all property and casualty insurance before adding contracts assumed from other insurers or subtracting any amounts assumed by other insurers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Provision for benefits, claims and claims settlement expenses incurred during the period for property and casualty insurance net of the effects of contracts assumed and ceded. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The income earned from investments in securities and property, equipment and other capital assets. It includes rent from property and equipment, dividends from shares in corporations, and interest from bonds, loans, mortgages, derivatives, commercial paper, bank accounts, certificates of deposits, treasuries, and other financial securities. It does not include realized gains and losses on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- 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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- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred during the period, such as those relating to general administration and policy maintenance that do not vary with and are not primarily related to the acquisition or renewal of insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Premiums recognized as revenue in the period earned on all property and casualty insurance and reinsurance contracts after subtracting any amounts ceded to another insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Premiums written for all property and casualty insurance and reinsurance contracts after subtracting any amounts ceded to another insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2013
|
Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
| Net income (loss) | $ 12,375 | $ (273,891) | $ (60,555) | $ (293,446) |
| Other comprehensive (loss) income, net of tax (note 9): | ||||
| Change in unrealized investment gains and losses | (98,119) | 8,212 | (108,073) | (37,706) |
| Foreign currency translation adjustment | (12,512) | (724) | (12,196) | 359 |
| Other comprehensive (loss) income, net of tax | (110,631) | 7,488 | (120,269) | (37,347) |
| Comprehensive loss | $ (98,256) | $ (266,403) | $ (180,824) | $ (330,793) |
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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 | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax 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 | ||||||||||
|
- 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 | ||||||||||
|
- 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 | ||||||||||
|
- Details
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $)
In Thousands |
Common stock [Member]
|
Paid-in capital [Member]
|
Treasury stock [Member]
|
Accumulated other comprehensive income (loss) [Member]
|
Retained earnings (deficit) [Member]
|
Total
|
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2011 | $ 205,047 | $ 1,135,821 | $ (162,542) | $ 30,124 | $ (11,635) | |
| Net loss | (927,079) | |||||
| Change in unrealized investment gains and losses, net (notes 7 and 8) | 0 | 0 | 0 | (78,659) | 0 | |
| Reissuance of treasury stock, net | 0 | (8,749) | 57,583 | 0 | (51,567) | |
| Equity compensation | 0 | 8,224 | 0 | 0 | 0 | |
| Defined benefit plan adjustments, net | 0 | 0 | 0 | (1,221) | 0 | |
| Unrealized foreign currency translation adjustment | 0 | 0 | 0 | 1,593 | 0 | |
| Balance at Dec. 31, 2012 | 205,047 | 1,135,296 | (104,959) | (48,163) | (990,281) | 196,940 |
| Net loss | (60,555) | (60,555) | ||||
| Change in unrealized investment gains and losses, net (notes 7 and 8) | 0 | 0 | 0 | (108,073) | 0 | (108,073) |
| Common stock issuance (note 14) | 135,000 | 528,392 | 0 | 0 | 0 | |
| Reissuance of treasury stock, net | 0 | (7,892) | 40,524 | 0 | (34,487) | |
| Equity compensation | 0 | 3,009 | 0 | 0 | 0 | |
| Unrealized foreign currency translation adjustment | 0 | 0 | 0 | (12,196) | 0 | (12,196) |
| Balance at Jun. 30, 2013 | $ 340,047 | $ 1,658,805 | $ (64,435) | $ (168,432) | $ (1,085,323) | $ 680,662 |
| X | ||||||||||
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- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments amount of the increase (decrease) in accumulated other comprehensive income (loss) related to pension and other postretirement benefit plans, attributable to the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax amount of the appreciation (loss) in the value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
The net change during the reporting period in the amount of receivables currently due from reinsurers for ceded claims paid. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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.
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The change in the premium receivable balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
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 | ||||||||||
|
- Definition
The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
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
|
| X | ||||||||||
|
- 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 | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- 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
|
| X | ||||||||||
|
- Definition
The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of Presentation
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
| Basis of Presentation [Abstract] | |
| Basis of Presentation | Note 1 - Basis of Presentation MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), MGIC Indemnity Corporation (“MIC”) and several other subsidiaries, is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities (“GSEs”) to protect against loss from defaults on low down payment residential mortgage loans. The accompanying unaudited consolidated financial statements of MGIC Investment Corporation and its wholly-owned subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission (“SEC”) for interim reporting and do not include all of the other information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2012 included in our Annual Report on Form 10-K. As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires. In the opinion of management the accompanying financial statements include all adjustments, consisting primarily of normal recurring accruals, necessary to fairly state our financial position and results of operations for the periods indicated. The results of operations for the interim period may not be indicative of the results that may be expected for the year ending December 31, 2013. 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.” While they vary among jurisdictions, the most common Capital Requirements allow 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. During part of 2012 and 2013, MGIC’s risk-to-capital ratio exceeded 25 to 1. In March 2013, our holding company issued additional equity and convertible debt securities and transferred $800 million to increase MGIC’s capital. At June 30, 2013, MGIC’s risk-to-capital ratio was 20.2 to 1, below the maximum allowed by the jurisdictions with Capital Requirements, and its policyholder position was $175 million above the required MPP of $1.2 billion. At June 30, 2013, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 23.0 to 1. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance arrangements with its subsidiaries or subsidiaries of our holding company, additional capital contributions to the reinsurance affiliates could be needed. These reinsurance arrangements permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements. At this time, we expect MGIC to continue to comply with the current Capital Requirements, although factors that could negatively affect such compliance are discussed throughout the financial statement footnotes. The remainder of the discussion in this footnote addresses circumstances that would be significant if we were not in such compliance. The Office of the Commissioner of Insurance of the State of Wisconsin (“OCI”) has waived MGIC’s compliance with Wisconsin’s Capital Requirements until December 31, 2013 (the “OCI Waiver”). The OCI, in its sole discretion, may modify, terminate or extend the OCI Waiver. If the OCI modifies or terminates its waiver, or if it fails to renew its waiver upon expiration, and if MGIC does not comply with the Capital Requirements at that time, MGIC could be prevented from writing new business in all jurisdictions. We cannot assure you that MGIC will comply with the Capital Requirements in the future. 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. MGIC applied for waivers in the other jurisdictions with Capital Requirements and received waivers from some of them. 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, and if MGIC does not comply with the Capital Requirements at that time, MGIC could be prevented from writing new business in that particular jurisdiction. New insurance written in the jurisdictions that have Capital Requirements represented approximately 50% of our new insurance written in the first six months of 2013. 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. The National Association of Insurance Commissioners (“NAIC”) is reviewing the minimum capital and surplus requirements for mortgage insurers, although it has not established a date by which it must make proposals to change such requirements and no changes are expected to be proposed in 2013. Depending on the scope of proposals made by the NAIC, MGIC may be prevented from writing new business in the jurisdictions adopting such proposals. The GSEs, in conjunction with the Federal Housing Finance Agency (“FHFA”) are also developing mortgage insurer capital standards that would replace the use of external credit ratings. Revised capital standards are expected to be released in 2013. Freddie Mac has disclosed that it believes certain mortgage insurance counterparties may be unable to meet its expected new capital requirements within the timeframes for doing so. We have not been informed of the revised capital requirements or their timeframes for implementation. Once we are informed of the revised capital requirements, if we do not expect MGIC to meet them within the timeframes that Freddie Mac establishes, we would consider one or more alternatives to continue writing new business. These alternatives include contributing additional funds that are on hand today from our holding company to MGIC, entering into additional external reinsurance transactions, seeking approval to write business in MIC and raising additional capital. While there can be no assurance that MGIC would meet Freddie Mac’s revised capital requirements within such timeframes, we believe we could implement one or more of these alternatives so that we would continue to be an eligible Freddie Mac mortgage insurer after the revised capital requirements are fully effective. A possible future failure by MGIC to meet the Capital Requirements will not necessarily mean that MGIC lacks sufficient resources to pay claims on its insurance liabilities. While we believe MGIC has sufficient claims paying resources to meet its claim obligations on its insurance in force on a timely basis, we cannot assure you that events that may lead MGIC to fail 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 whose policies 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. We have in place a longstanding plan to write new business in MIC, a direct subsidiary of MGIC, if MGIC is unable to write new business. During 2012, MIC began writing new business on the same policy terms as MGIC in the jurisdictions where MGIC did not have active waivers of the Capital Requirements. Because MGIC again meets the Capital Requirements, MGIC is again writing new business in all jurisdictions and MIC has suspended writing new business. As of June 30, 2013, MIC had statutory capital of $452 million and risk in force of approximately $950 million. 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 where MGIC may become unable to do so because those jurisdictions 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 with Fannie Mae contains certain conditions and restrictions to its continued effectiveness, including the continued effectiveness of the OCI Waiver. 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 receives 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 June 30, 2013, MIC’s risk-to-capital ratio was 2.1 to 1); MGIC and MIC comply with all terms and conditions of the OCI Waiver; the OCI Waiver remain effective; 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 new business in all jurisdictions in which MGIC may become unable to do so, or that they will extend their approvals upon expiration. If one GSE does not approve MIC in all jurisdictions in which MGIC becomes 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 in all jurisdictions utilizing a combination of MGIC and MIC, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the financial strength of our insurance operations may affect its willingness to procure insurance from us. 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 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. Deferred tax assets of $133 million and $63 million were included in MGIC’s statutory capital at June 30, 2013 and December 31, 2012, respectively. Reclassifications Certain reclassifications have been made in the accompanying financial statements to 2012 amounts to conform to 2013 presentation. Restricted cash and cash equivalents During the second quarter of 2013, approximately $60.3 million was placed in escrow in connection with the two agreements we entered into to resolve our dispute with Countrywide Home Loans (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “Countrywide”) regarding rescissions. See additional discussion of these settlement agreements in Note 5 – “Litigation and contingencies.” Subsequent events We have considered subsequent events through the date of this filing. |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
New Accounting Guidance
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
| New Accounting Guidance [Abstract] | |
| New Accounting Guidance | Note 2 - New Accounting Guidance 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 was eliminated. Our disclosures reflected 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. Our disclosures reflect the requirements of this additional guidance beginning with the first quarter of 2013. |
| X | ||||||||||
|
- Definition
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
|
Debt
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Jun. 30, 2013
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| Debt | Note 3 – Debt 5.375% Senior Notes – due November 2015 At June 30, 2013 and December 31, 2012 we had outstanding $82.9 million and $100.1 million, respectively, of 5.375% Senior Notes due in November 2015. During the second quarter of 2013 we repurchased $17.2 million of those Senior Notes at par value. 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 June 30, 2013. If we fail to meet any of the covenants of the Senior Notes; there is a failure to pay when due at maturity, or a default results in the acceleration of maturity of, any of our other debt in an aggregate amount of $40 million or more; or we fail to make a payment of principal on the Senior Notes when due or a payment of interest on the Senior Notes within thirty days after due and we are not successful in obtaining an agreement from holders of a majority of the Senior Notes to change (or waive) the applicable requirement or payment default, then the holders of 25% or more of our Senior Notes would have the right to accelerate the maturity of those notes. In addition, the trustee of the Senior Notes could, independent of any action by holders of Senior Notes, accelerate the maturity of the Senior Notes. The amounts we owe under the Senior Notes would also be accelerated upon certain bankruptcy or insolvency-related events involving our holding company, including certain events involving the appointment of a custodian, receiver, liquidator, assignee, trustee or other similar official (collectively, an “Insolvency Official”) of our holding company or any substantial part of its property or the consent of our holding company to such an appointment. The description above is not intended to be complete in all respects. Moreover, the description is qualified in its entirety by the terms of the notes, which are contained in the Indenture, dated as of October 15, 2000, between us and U.S. Bank, National Association, as trustee, and in an Officer's Certificate dated as of October 4, 2005, which specifies the interest rate, maturity date and other terms of the Senior Notes. Interest payments on the Senior Notes were $2.8 million and $4.8 million for the six months ended June 30, 2013 and 2012, respectively. 5% Convertible Senior Notes – due May 2017 At June 30, 2013 and December 31, 2012 we had outstanding $345 million principal amount of 5% Convertible Senior Notes due in May 2017. Interest on the 5% Notes is payable semi-annually in arrears on May 1 and November 1 of each year. The 5% Notes will mature on May 1, 2017. Covenants in the 5% 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 5% Notes. If an “event of default” under the 5% Notes occurs, including if: we fail to meet any of the covenants of the 5% Notes and such failure continues for 60 days after we receive notice from holders of 25% or more of the 5% Notes; there is a failure to pay when due at maturity or otherwise, or a default under any of our other debt 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 5% Notes when due or a payment of interest on the 5% Notes within thirty days after due and we are not successful in obtaining an agreement from holders of a majority of the 5% Notes to change (or waive) the applicable requirement or payment default, then the holders of 25% or more of the 5% Notes would have the right to accelerate the maturity of those notes. In addition, the trustee of the 5% Notes could, independent of any action by holders, accelerate the maturity of the 5% Notes if an “event of default” occurs. The amounts we owe under the 5% 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 5% Notes are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt, 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 5% Notes. The provisions of the 5% 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 5% Notes were $8.6 million in each of the six months ended June 30, 2013 and 2012. 2% Convertible Senior Notes – due April 2020 At June 30, 2013, we had outstanding $500 million principal amount of 2% Convertible Senior Notes due in 2020 which we issued in March 2013. We received net proceeds of approximately $484.7 million after deducting underwriting discount and estimated offering expenses. See Note 14 – “Shareholders’ Equity” for information regarding the use of such proceeds. Interest on the 2% Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2013. The 2% Notes will mature on April 1, 2020, unless earlier repurchased by us or converted. Subject to certain limitations the 2% Notes are convertible at the holder's option at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. Before January 1, 2020, conversions may only occur under certain circumstances, including upon redemption of the 2% Notes. On or after January 1, 2020, holders may convert their notes at any time. These 2% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our existing Convertible Junior Debentures. Debt issuance costs will be amortized to interest expense over the contractual life of the 2% Notes. Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for at least 20 of the 30 trading days preceding notice of the redemption. Covenants in the 2% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries (defined above) preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the 2% Notes. If an “event of default” under the 2% Notes occurs, including if: we fail to meet any of the covenants of the 2% Notes and such failure continues for 60 days after we receive notice from holders of 25% or more of the 2% Notes; there is a failure to pay when due at maturity or otherwise, or a default under any of our other debt 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 2% Notes when due or a payment of interest on the 2% Notes within thirty days after due and we are not successful in obtaining an agreement from holders of a majority of the 2% Notes to change (or waive) the applicable requirement or payment default, then the holders of 25% or more of the 2% Notes would have the right to accelerate the maturity of those notes. In addition, the trustee of the 2% Notes could, independent of any action by holders, accelerate the maturity of the 2% Notes if an “event of default” occurs. The amounts we owe under the 2% 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. The provisions of the 2% 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 Second Supplemental Indenture, dated March 12, 2013, between us and U.S. Bank National Association, as trustee, and the Indenture dated as of October 15, 2000, between us and the trustee. 9% Convertible Junior Subordinated Debentures – due April 2063 At June 30, 2013 and December 31, 2012 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063 (the “debentures”). At December 31, 2012 the amortized value of the principal amount of the debentures is reflected as a liability on our consolidated balance sheet of $379.6 million, with the unamortized discount reflected in equity. Beginning March 31, 2013, including at June 30, 2013, the full principal amount of the debentures was reflected as a liability on our consolidated balance sheet. 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. Interest on the debentures that would have been payable on the scheduled interest payment date of October 1, 2012 had been deferred. During the deferral period the deferred interest continued to accrue and compound semi-annually at an annual rate of 9%. On April 1, 2013 we paid the deferred interest payment, including the compound interest. The interest payment, totaling approximately $18.3 million, was made from the net proceeds of our March 2013 common stock offering. We also paid the regular April 1, 2013 interest payment due on the debentures of approximately $17.5 million. We continue to have the right to defer interest that is payable on subsequent scheduled interest payment dates. Any deferral of such interest would be on terms equivalent to those described above. 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 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. 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, we may, at our option, make a cash payment to converting holders for all or some of the shares of our common stock otherwise issuable upon conversion. Interest payments on the debentures were $35.8 million and $17.5 for the six months ended June 30, 2013 and 2012, respectively. All debt The par value and fair value of our debt at June 30, 2013 and December 31, 2012 appears in the table below.
The fair value of our Senior Notes and Convertible Senior Notes was determined using publicly available trade information and are considered Level 1 securities as described in Note 8 – “Fair Value Measurements.” The fair value of our debentures was determined using available pricing for these debentures or similar instruments and are considered Level 2 securities as described in Note 8 – “Fair Value Measurements.” The Senior Notes, Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At June 30, 2013, we had approximately $592 million in cash and investments at our holding company. The net unrealized losses on our holding company investment portfolio were approximately $7.1 million at June 30, 2013. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 3.6 years at June 30, 2013. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reinsurance
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Jun. 30, 2013
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| Reinsurance | Note 4 – Reinsurance MGIC has obtained both captive and non-captive reinsurance in the past. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. Since June 2005, various state and federal regulators have conducted investigations or requested information regarding captive mortgage reinsurance arrangements in which we participated. In January 2012, we received correspondence from the Consumer Financial Protection Bureau (“CFPB”) indicating that it was investigating captive reinsurance arrangements in the mortgage insurance industry. The correspondence requested, 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. In April 2013, the U.S. District Court approved a settlement between MGIC and the CFPB that resolves a previously-disclosed, nearly five-year-old federal investigation of MGIC’s participation in captive reinsurance arrangements in the mortgage insurance industry. The settlement concludes the investigation with respect to MGIC without the CFPB making any findings of wrongdoing. Three other mortgage insurers agreed to similar settlements. As part of the settlements, MGIC and the three other mortgage insurers agreed that they would not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years. In accordance with this settlement, all of our active captive arrangements have been placed into run-off. Captive agreements were written on an annual book of business and the captives are required to maintain a separate trust account to support the combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trust, and the trust account is made up of capital deposits by the lender captive, premium deposits by MGIC, and investment income earned. These amounts are held in the trust account and are available to pay reinsured losses. The reinsurance recoverable on loss reserves related to captive agreements was approximately $84 million at June 30, 2013 which was supported by $254 million of trust assets, while at December 31, 2012 the reinsurance recoverable on loss reserves related to captives was $104 million which was supported by $303 million of trust assets. As of June 30, 2013 and December 31, 2012 there was an additional $22 million and $25 million, respectively, of trust assets in captive agreements where there was no related reinsurance recoverable on loss reserves. Trust fund assets of $3 million and $0.4 million were transferred to us as a result of captive terminations during the first six months of 2013 and 2012, respectively. The CFPB's investigation involved captive reinsurance. In April 2013, we entered into a quota share reinsurance agreement with a group of unaffiliated reinsurers. These reinsurers are not captive reinsurers. This reinsurance agreement applies to new insurance written between April 1, 2013 and December 31, 2015 (with limited exclusions) and covers incurred losses, with renewal premium through December 31, 2018. Early termination is possible under specified scenarios. The structure of the reinsurance agreement is a 30% quota share, with a 20% ceding commission as well as a profit commission. The impact of the reinsurance agreement was not significant to our results for the second quarter of 2013. |
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The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Litigation and Contingencies
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Jun. 30, 2013
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| Litigation and Contingencies | Note 5 – 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, together with various mortgage lenders and other mortgage insurers, has been named as a defendant in twelve lawsuits, alleged to be class actions, filed in various U.S. District Courts. Four of those cases have previously been dismissed by the applicable U.S. District Courts without any further opportunity to appeal and two additional cases have been dismissed by the applicable U.S. District Court but are now on appeal to the U.S. Court of Appeals. The complaints in all of the 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. On April 5, 2013, the U.S. District Court approved a settlement with the CFPB that resolves a previously-disclosed, nearly five-year-old federal investigation of MGIC’s participation in captive reinsurance arrangements in the mortgage insurance industry. The settlement concludes the investigation with respect to MGIC without the CFPB making any findings of wrongdoing. As part of the settlement, MGIC agreed that it would not enter into any new captive reinsurance agreement or reinsure any new loans under any existing captive reinsurance agreement for a period of ten years. MGIC had voluntarily suspended most of its captive arrangements in 2008 in response to market conditions and GSE requests. In connection with the settlement, MGIC paid a civil penalty of $2.65 million and the court issued an injunction prohibiting MGIC from violating any provision of RESPA. We remain subject to various state investigations or information requests 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; and (2) requests received from the Minnesota Department of Commerce beginning 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. 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 in connection with violations of RESPA. The insurance law provisions of many states prohibit paying for the referral of insurance business and provide various mechanisms to enforce this prohibition. While we believe our practices are in conformity with applicable laws and regulations, it is not possible to predict the eventual scope, duration or outcome of any such reviews or investigations nor is it possible to predict their effect on us or the mortgage insurance industry. 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. As noted above, in early 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. Such rules and regulations could have a material adverse effect on us. We understand several law firms have, among other things, issued press releases to the effect that they are investigating us, including whether the fiduciaries of our 401(k) plan breached their fiduciary duties regarding the plan’s investment in or holding of our common stock or whether we breached other legal or fiduciary obligations to our shareholders. We intend to defend vigorously any proceedings that may result from these investigations. With limited exceptions, our bylaws provide that our officers and 401(k) plan fiduciaries are entitled to indemnification from us for claims against them. Since December 2009, we have been involved in legal proceedings with Countrywide in which Countrywide alleged that MGIC denied valid mortgage insurance claims. (In our SEC reports, we refer to insurance rescissions 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 June 30, 2013, 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 were holding with Countrywide, we voluntarily suspended rescissions related to loans that we believed could be covered by a settlement. As of June 30, 2013, coverage on approximately 2,650 loans, representing total potential claim payments of approximately $195 million, that we had determined was rescindable, was affected by our decision to suspend such rescissions. In April 2013, MGIC entered into separate settlement agreements with CHL and BANA, pursuant to which the parties will settle the Countrywide litigation as it relates to MGIC’s rescission practices. The agreement with BANA covers loans which had been sold to the GSEs by CHL, including loans subsequently repurchased by BANA, as well as other CHL-originated loans currently owned by BANA or one of its affiliates. Implementation of the BANA Agreement is subject to consent and approval by both GSEs. The agreement with CHL covers loans which were purchased by non-GSE investors, including securitization trusts (the “other investors”). The CHL Agreement will not be implemented until the implementation of the BANA Agreement and then will be implemented only as and to the extent that it is approved by or on behalf of the other investors. While there can be no assurance that the Agreements will be implemented, we have determined that their implementation is probable. Under the Agreements, the parties are seeking to stay their pending arbitration proceedings. Upon implementation of the BANA Agreement, the pending arbitration proceedings concerning the loans covered by the BANA Agreement will be dismissed, and the parties will provide mutual releases. Upon obtaining a specified number of consents by or on behalf of the other investors and also upon the conclusion of the period in the CHL Agreement for obtaining consents by or on behalf of the other investors, all legal proceedings will be dismissed and the parties will provide mutual releases, in each case limited as to the loans held by the other investors that consent to the CHL Agreement. We are also discussing a settlement of a dispute with another customer and have also determined that it is probable we will reach a settlement with this customer. As of June 30, 2013, coverage on approximately 310 loans, representing total potential claim payments of approximately $21 million, was affected by our decision to suspend rescissions for that customer. We 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. If we are not able to implement the Agreements, 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. The settlement with Countrywide may encourage other customers to pursue remedies against us. From January 1, 2008 through June 30, 2013, we estimate that total rescissions mitigated our incurred losses by approximately $2.9 billion, which included approximately $3.0 billion of mitigation on paid losses, excluding $0.6 billion that would have been applied to a deductible. At June 30, 2013, we estimate that our total loss reserves were benefited from anticipated rescissions by approximately $0.1 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 and the first six months of 2013, curtailments reduced our average claim paid by approximately 4.1% and 5.1%, respectively. 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. The Agreements referred to above do not resolve assertions by Countrywide that MGIC has improperly curtailed numerous insurance coverage claims. Countrywide has asserted that the amount of disputed curtailments approximates $40 million. MGIC and Countrywide have agreed to mediate this matter and to enter into arbitration if the mediation does not resolve the matter. 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. 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 eight lawsuits asserting various causes of action arising from allegedly improper recording and foreclosure activities by MERS. One of those lawsuits remains pending and the other seven lawsuits have been dismissed without any further opportunity to appeal. The damages sought in the remaining case are substantial. We deny any wrongdoing and intend to defend ourselves vigorously 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 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. The underwriting remedy expense for the first six months of 2013 was not significant. See Note 11 – “Income Taxes” for a description of federal income tax contingencies. |
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Earnings (Loss) per Share
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Jun. 30, 2013
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| Earnings (Loss) per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per Share | Note 6 – Earnings (Loss) per Share Our basic EPS is based on the weighted average number of common shares outstanding, which excludes participating securities of 0.2 million for the six months ended June 30, 2013 and 1.1 million for each of the three and six months ended June 30, 2012 because they were anti-dilutive due to our reported net loss. Participating securities of 0.1 million were included in our weighted average number of common shares outstanding for the three months ended June 30, 2013. Typically, diluted EPS is based on the weighted average number of common shares outstanding plus common stock equivalents which include certain stock awards, stock options and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended June 30, 2013 and 2012 common stock equivalents of 126.5 million and 55.4 million, respectively, and for the six months ended June 30, 2013 and 2012 common stock equivalents of 100.3 million and 55.7 million, respectively, were not included because they were anti-dilutive.
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investments
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Jun. 30, 2013
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| Investments [Abstract ] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Note 7 – Investments The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at June 30, 2013 and December 31, 2012 are shown below.
(1) At June 30, 2013 and December 31, 2012, there were no other-than-temporary impairment losses recorded in other comprehensive income. 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 87% of the market value of our foreign investments with the remaining 11% invested in corporate securities and 2% in cash equivalents. Ninety-two percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 8% is rated AA. The amortized cost and fair values of debt securities at June 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.
At June 30, 2013 and December 31, 2012, the investment portfolio had gross unrealized losses of $90.3 million and $5.3 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
The unrealized losses in all categories of our investments at June 30, 2013 and December 31, 2012 were primarily caused by the difference in interest rates at June 30, 2013 and December 31, 2012, respectively, compared to interest rates at the time of purchase. 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 the first six months of 2012 there were other-than-temporary impairments (“OTTI”) recognized of $0.3 million. There were no OTTI during the first six months of 2013. The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
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Jun. 30, 2013
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 8 – Fair Value Measurements In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value for assets and liabilities: Level 1 – Quoted prices for identical instruments in active markets that we can access. Financial assets utilizing Level 1 inputs primarily include certain U.S. Treasury securities and obligations of U.S. government corporations and agencies and Australian government and semi government securities. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs primarily include certain municipal and corporate bonds. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Level 3 inputs reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Financial assets utilizing Level 3 inputs include certain state and auction rate (backed by student loans) securities. Non-financial assets which utilize Level 3 inputs include real estate acquired through claim settlement. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Assets classified as Level 3 are as follows:
During the first three months of 2013 we sold our remaining auction rate securities. At June 30, 2013, the majority of the $3 million balance of Level 3 securities is state premium tax credit investments. The state premium tax credit investments have an average maturity of under 5 years, credit ratings of AA+ or higher, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.4%.
Fair value measurements for assets measured at fair value included the following as of June 30, 2013 and December 31, 2012:
(1) Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet. There were no transfers of securities between Level 1 and Level 2 during the first six months of 2013 or 2012. For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and six months ended June 30, 2013 and 2012 is as follows:
Additional fair value disclosures related to our investment portfolio are included in Note 7 – “Investments.” Fair value disclosures related to our debt are included in Note 3 – “Debt.” |
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- 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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Other Comprehensive Income
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Jun. 30, 2013
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| Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income | Note 9 – Other Comprehensive Income Our other comprehensive income for the three and six months ended June 30, 2013 and 2012 was as follows:
See Note 11 – “Income Taxes” for a discussion of the valuation allowance. Total accumulated other comprehensive income and changes in accumulated other comprehensive income, including amounts reclassified from other comprehensive income, are included in the table below.
(1) During the three and six months ended June 30, 2013, net unrealized gains of $2.2 million and $5.5 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains. (2) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance. |
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- Definition
The entire disclosure for other comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of other comprehensive income. No definition available.
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Benefit Plans
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| Benefit Plans | Note 10 - Benefit Plans The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
In the second quarter of 2013 we made a $10 million contribution to the pension plan. We currently do not intend to make any further contributions in 2013. 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. The new SSAPs did not have a material impact on our statutory benefit obligations or statutory surplus. |
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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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Jun. 30, 2013
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| Income Taxes | Note 11 – Income Taxes We review the need to establish a deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, 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 continue to reduce our benefit from income tax through the recognition of a valuation allowance. The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
The change in the valuation allowance that was included in other comprehensive income for the three months ended June 30, 2013 was an increase of $33.5 million. The change in the valuation allowance that was included in other comprehensive income for the three months ended June 30, 2012 was a decrease of $1.6 million. The change in the valuation allowance that was included in other comprehensive income for the six months ended June 30, 2013 and 2012 was an increase of $36.6 million and $13.7 million, respectively. The total valuation allowance as of June 30, 2013 and December 31, 2012 was $1,021.8 million and $966.0 million, respectively. We have approximately $2.6 billion of net operating loss carryforwards on a regular tax basis and $1.7 billion of net operating loss carryforwards for computing the alternative minimum tax as of June 30, 2013. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033. 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 in the second half of 2013. We would then be required to litigate the validity of the assessments 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. The total amount of unrecognized tax benefits as of June 30, 2013 is $104.9 million. The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, that would affect our effective tax rate is $92.3 million. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. As of June 30, 2013 and December 31, 2012, we had accrued $25.6 million and $25.3 million, respectively, for the payment of interest. |
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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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| Loss Reserves | Note 12 – Loss Reserves We establish reserves to recognize the estimated liability for losses and loss adjustment expenses (“LAE”) related to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment, and the current and future strength of local housing markets. Current conditions in the housing and mortgage industries make these assumptions more volatile than they would otherwise be. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could be adversely affected by several factors, including a 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. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment. The following table provides a reconciliation of beginning and ending loss reserves for the six months ended June 30, 2013 and 2012:
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 the first six months of 2013 compared to the same period in 2012, primarily due to a decrease in the number of new default notices received, net of cures, as well as a decrease in the estimated claim rate on recently reported delinquencies. The prior year development of the reserves in the first six months of 2013 and 2012 is reflected in the table below.
(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves, and a positive number indicates a deficiency of prior year loss reserves. The prior year loss development was based on the resolution of approximately 37% and 35% for the six months ended June 30, 2013 and 2012, 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 the first six months of 2012, our estimated claim rates increased on defaults that were more than 12 months delinquent. 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 (4) of that table. 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. The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at June 30, 2013 and December 31, 2012 and approximated $137 million and $134 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. A rollforward of our primary default inventory for the three and six months ended June 30, 2013 and 2012 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 8,594 at December 31, 2012 to 7,006 at June 30, 2013. The pool insurance notice inventory was 25,178 at June 30, 2012. During the third quarter of 2012, approximately 15,600 pool notices were removed from the pool notice inventory due to the exhaustion of the aggregate loss on a pool policy we had with Freddie Mac. The decrease in the primary default inventory experienced during 2013 and 2012 was generally across all markets and all book years. However, the percentage of loans in the inventory that have been in default for 12 or more consecutive months has increased, as shown in the table below. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months has been affected by our suspended rescissions discussed below. Aging of the Primary Default Inventory
(1) Our claims received inventory includes suspended rescission as discussed in Note 5 – “Litigation and Contingencies.” In connection with the Countrywide proceedings, we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of June 30, 2013, coverage on approximately 2,650 loans, representing total potential claim payments of approximately $195 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later. As of June 30, 2013, coverage on approximately 310 loans, representing total potential claim payments of approximately $21 million, was affected by our decision to suspend rescissions for another customer for which we also consider settlement probable. In addition, as of June 30, 2013, coverage on approximately 300 loans, representing total potential claim payments of approximately $21 million, was 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 number of months 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 2009 through 2011, rescissions mitigated our paid losses in the aggregate by approximately $3.0 billion; and in 2012 and the first six months of 2013, rescissions mitigated our paid losses by approximately $0.3 billion and $70 million, respectively (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 7% 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, reversals of rescissions have 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 2012, we estimate that our rescission benefit in loss reserves was reduced by $0.2 billion due to probable rescission settlement agreements. We estimate that other rescissions had no significant impact on our losses incurred in 2012 or in the first six months of 2013. At June 30, 2013 and December 31, 2012, we estimate that our loss reserves were benefited from anticipated rescissions by approximately $0.1 billion and $0.2 billion, respectively. We expect that the reduction of our loss reserves due to rescissions will decline. For information about two settlements that we believe are probable, as defined in ASC 450-20, see Note 5 – “Litigation and Contingencies.” 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. 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 approximately 37% 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 regarding rescissions, see Note 5 – “Litigation and Contingencies.” The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At June 30, 2013 and December 31, 2012 the estimate of this liability totaled $14 million and $18 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 2011, Freddie Mac advised its servicers that they must obtain its prior approval for rescission settlements, Fannie Mae advised its servicers that they are prohibited from entering into such settlements and 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 5 – “Litigation and Contingencies,” in April 2013, we entered into two agreements to resolve our dispute with Countrywide regarding rescissions. Implementation of the agreements is subject to various conditions. The resolutions of that and other disputes, assuming they occur, may encourage other customers to seek remedies against us. We continue to be involved in legal proceedings with other customers with respect to rescissions that we do not consider to be collectively material in amount. We also continue to discuss with customers their objections to rescissions that are material when all such discussions are considered in the aggregate, 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 June 30, 2013, approximately 300 rescissions, representing total potential claim payments of approximately $21 million, were affected by our decision to suspend such rescissions. These amounts do not include loans covered by the two Countrywide agreements referred to above nor do they include loans of a customer 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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Jun. 30, 2013
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| Premium Deficiency Reserve [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premium Deficiency Reserve | Note 13 – Premium Deficiency Reserve The components of the premium deficiency reserve at June 30, 2013, December 31, 2012 and June 30, 2012 appear in the table below.
The decrease in the premium deficiency reserve for the three months and six months ended June 30, 2013 was $11 million and $13 million, respectively, as shown in the table below, which represents the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The net change in assumptions for the three months ended June 30, 2013 is primarily related to higher estimated ultimate premiums and lower estimated ultimate losses. The net change in assumptions for the six months ended June 30, 2013 is primarily related to higher estimated ultimate premiums, offset by higher estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. The decrease in the premium deficiency reserve for the three and six months ended June 30, 2012 was $27 million and $42 million, respectively, as shown in the table below. The net change in assumptions for both the three and six months ended June 30, 2012 was primarily related to higher estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. |
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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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Shareholders' Equity
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6 Months Ended |
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Jun. 30, 2013
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| Shareholders' Equity [Abstract] | |
| Shareholders' Equity | Note 14 – Shareholders’ Equity In March 2013 we completed the public offering and sale of 135 million shares of our common stock at a price of $5.15 per share. We received net proceeds of approximately $663.4 million, after deducting underwriting discount and estimated offering expenses. The shares of common stock sold were newly issued shares. In March 2013 we also concurrently completed the sale of $500 million principal amount of 2% Convertible Senior Notes due in 2020. For more information, see Note 3 – “Debt.” In March 2013 we contributed $800 million to MGIC to increase its capital as discussed in Note 1 – “Basis of Presentation - Capital.” We intend to use the remaining net proceeds from the offerings for general corporate purposes, which may include further increasing the capital of MGIC and other subsidiaries and improving liquidity by providing funds for debt service. We have a Shareholders Rights Agreement which was approved by shareholders (the “Agreement”) dated July 25, 2012, as amended through March 11, 2013, 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-tenth of one share of our Common Stock at a Purchase Price of $14 per full share (equivalent to $1.40 for each one-tenth share), subject to adjustment. Each exercisable Right (subject to certain limitations) will entitle its holder to purchase, at the Rights’ then-current Purchase Price, a number of our shares of Common Stock (or if after the Shares Acquisition Date, we are acquired in a business combination, common shares of the acquiror) having a market value at the time equal to twice the Purchase Price. The Rights will expire on August 1, 2015, or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights. |
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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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Debt (Tables)
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Jun. 30, 2013
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| Par value and fair value of debt | The par value and fair value of our debt at June 30, 2013 and December 31, 2012 appears in the table below.
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Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings (Loss) per Share (Tables)
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Jun. 30, 2013
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| Earnings (Loss) per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calculation of earnings (loss) per share | The following includes a reconciliation of the weighted average number of shares; however for the three months ended June 30, 2013 and 2012 common stock equivalents of 126.5 million and 55.4 million, respectively, and for the six months ended June 30, 2013 and 2012 common stock equivalents of 100.3 million and 55.7 million, respectively, were not included because they were anti-dilutive.
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Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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Investments (Tables)
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Jun. 30, 2013
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| 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 June 30, 2013 and December 31, 2012 are shown below.
(1) At June 30, 2013 and December 31, 2012, there were no other-than-temporary impairment losses recorded in other comprehensive income. |
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| Amortized cost and fair values of debt securities by contractual maturity | The amortized cost and fair values of debt securities at June 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.
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| Aging of the fair values of securities in an unrealized loss position | For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
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| Net realized investment gains (losses) and OTTI on investments | The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. No definition available.
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| X | ||||||||||
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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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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements for items measured at fair value | Fair value measurements for assets measured at fair value included the following as of June 30, 2013 and December 31, 2012:
(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 measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and six months ended June 30, 2013 and 2012 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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Other Comprehensive Income (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | Our other comprehensive income for the three and six months ended June 30, 2013 and 2012 was as follows:
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| Accumulated other comprehensive income (loss) | Total accumulated other comprehensive income and changes in accumulated other comprehensive income, including amounts reclassified from other comprehensive income, are included in the table below.
(1) During the three and six months ended June 30, 2013, net unrealized gains of $2.2 million and $5.5 million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains. (2) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance. |
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of components of comprehensive income (loss) including, but not limited to: (a) foreign currency translation adjustments; (b) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (c) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (d) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (e) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (f) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (g) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Benefit Plans (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of net periodic benefit cost | The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- 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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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax provision (benefit) | The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
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| X | ||||||||||
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- Definition
Tabular disclosure of the income tax provisions (benefit), including adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. No definition available.
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| X | ||||||||||
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- Details
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Loss Reserves (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Loss Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of beginning and ending loss reserves | The following table provides a reconciliation of beginning and ending loss reserves for the six months ended June 30, 2013 and 2012:
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| Prior year development of the reserves | The prior year development of the reserves in the first six months of 2013 and 2012 is reflected in the table below.
(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves, and a positive number indicates a deficiency of prior year loss reserves. |
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| Rollforward of primary default inventory | A rollforward of our primary default inventory for the three and six months ended June 30, 2013 and 2012 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 rescission as discussed in Note 5 – “Litigation and Contingencies.” In connection with the Countrywide proceedings, we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of June 30, 2013, coverage on approximately 2,650 loans, representing total potential claim payments of approximately $195 million, that we had determined was rescindable was affected by our decision to suspend such rescissions. Substantially all of these potential rescissions relate to claims received beginning in the first quarter of 2011 or later. As of June 30, 2013, coverage on approximately 310 loans, representing total potential claim payments of approximately $21 million, was affected by our decision to suspend rescissions for another customer for which we also consider settlement probable. In addition, as of June 30, 2013, coverage on approximately 300 loans, representing total potential claim payments of approximately $21 million, was 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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| X | ||||||||||
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- Definition
Tabular disclosure of the aging of the loan primary default inventory. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the number of payments delinquent on loans in the primary default inventory. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the activity related to loans in the primary default inventory. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the 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)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jun. 30, 2013
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| Premium Deficiency Reserve [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of premium deficiency reserve | The components of the premium deficiency reserve at June 30, 2013, December 31, 2012 and June 30, 2012 appear in the table below.
|
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| Reconciliation of beginning and ending balances in the premium deficiency reserve | The net change in assumptions for the six months ended June 30, 2013 is primarily related to higher estimated ultimate premiums, offset by higher estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. The decrease in the premium deficiency reserve for the three and six months ended June 30, 2012 was $27 million and $42 million, respectively, as shown in the table below. The net change in assumptions for both the three and six months ended June 30, 2012 was primarily related to higher estimated ultimate losses.
(1) A (negative) positive number for changes in assumptions relating to premiums, losses, expenses and discount rate indicates a (deficiency) redundancy of the prior premium deficiency reserve. |
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| X | ||||||||||
|
- Definition
Tabular disclosure of the components of the premium deficiency reserve. No definition available.
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the activity in the premium deficiency reserve during the reporting period, including paid claims and loss adjustment expenses, net change in loss reserves, premiums earned and other changes. No definition available.
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| X | ||||||||||
|
- Definition
The amount by which the entity's policyholders position (the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums) was above or below the required regulatory minimum of the entity's domiciliary state. No definition available.
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| X | ||||||||||
|
- 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 | ||||||||||
|
- Definition
The insurance in force multiplied by the insurance coverage percentage. No definition available.
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| X | ||||||||||
|
- Definition
Refers to Dividend paid 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.
|
| X | ||||||||||
|
- Definition
Represents the number of days in which review needs to be completed from triggering event. No definition available.
|
| 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.
|
| 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.
|
| X | ||||||||||
|
- Definition
The percentage of new insurance written during the current period that was written in jurisdictions that have risk-to-capital requirements. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of surplus as regards policyholders allowed for determining the amount of admitted statutory deferred tax assets. No definition available.
|
| X | ||||||||||
|
- Definition
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.
|
| 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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
|
Debt (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified |
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
Par Value [Member]
|
Dec. 31, 2012
Par Value [Member]
|
Jun. 30, 2013
Fair Value [Member]
|
Dec. 31, 2012
Fair Value [Member]
|
Jun. 30, 2013
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Dec. 31, 2012
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
|
Jun. 30, 2013
Significant Other Observable Inputs (Level 2) [Member]
|
Dec. 31, 2012
Significant Other Observable Inputs (Level 2) [Member]
|
Jun. 30, 2013
Significant Unobservable Inputs (Level 3) [Member]
|
Dec. 31, 2012
Significant Unobservable Inputs (Level 3) [Member]
|
Jun. 30, 2013
Senior Notes [Member]
|
Jun. 30, 2012
Senior Notes [Member]
|
Jun. 30, 2013
Senior Notes [Member]
Senior Notes Due 2015 [Member]
|
Dec. 31, 2012
Senior Notes [Member]
Senior Notes Due 2015 [Member]
|
Jun. 30, 2013
Convertible Senior Notes Due 2017 [Member]
|
Jun. 30, 2012
Convertible Senior Notes Due 2017 [Member]
|
Dec. 31, 2012
Convertible Senior Notes Due 2017 [Member]
|
Jun. 30, 2013
Convertible Senior Notes - due April 2020 [Member]
|
Mar. 31, 2013
Convertible Senior Notes - due April 2020 [Member]
|
Jun. 30, 2013
Convertible Junior Subordinated Debentures Due 2063 [Member]
Period
|
Jun. 30, 2012
Convertible Junior Subordinated Debentures Due 2063 [Member]
|
Dec. 31, 2012
Convertible Junior Subordinated Debentures Due 2063 [Member]
|
|
| Debt Instrument [Line Items] | |||||||||||||||||||||||||
| Outstanding principal amount | $ 82,900,000 | $ 100,100,000 | $ 345,000,000 | $ 345,000,000 | $ 500,000,000 | $ 500,000,000 | $ 389,500,000 | $ 389,500,000 | |||||||||||||||||
| Repurchase of debt instrument | 17,200,000 | ||||||||||||||||||||||||
| Stated interest rate (in hundredths) | 5.375% | 5.375% | 5.00% | 5.00% | 2.00% | 2.00% | 9.00% | 9.00% | |||||||||||||||||
| Maturity date | November, 2015 | November, 2015 | May 1, 2017 | April 1, 2020 | April 1, 2063 | ||||||||||||||||||||
| Minimum percentage of consolidated shareholders' equity that determines designated subsidiary status (in hundredths) | 15.00% | ||||||||||||||||||||||||
| Restriction on acceleration of other debt | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||||||||||||||
| Default period | 30 days | 30 days | 30 days | ||||||||||||||||||||||
| Minimum percentage of aggregate notes held to grant acceleration rights to note holders (in hundredths) | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||
| Interest payments made | 2,800,000 | 4,800,000 | 8,600,000 | 8,600,000 | 35,800,000 | 17,500,000 | |||||||||||||||||||
| Debt instrument description of event of default | we fail to meet any of the covenants of the 5% Notes and such failure continues for 60 days after we receive notice from holders of 25% or more of the 5% Notes | ||||||||||||||||||||||||
| Restriction on final judgments | 40,000,000 | 40,000,000 | |||||||||||||||||||||||
| Conversion rate (in shares per $1,000 note) | 74.4186 | 143.8332 | 74.0741 | ||||||||||||||||||||||
| Principal amount of notes used in determining conversion rate | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||
| Initial conversion price (in dollars per share) | $ 13.44 | $ 6.95 | $ 13.50 | ||||||||||||||||||||||
| Net proceeds from convertible senior notes | 484,697,000 | 0 | 484,697,000 | ||||||||||||||||||||||
| Redemption price, percentage (in hundredths) | 100.00% | 100.00% | |||||||||||||||||||||||
| Percentage of conversion price (in hundredths) | 130.00% | 130.00% | |||||||||||||||||||||||
| Minimum number of trading days | 20 days | 20 days | |||||||||||||||||||||||
| Maximum number of trading days | 30 days | 30 days | |||||||||||||||||||||||
| Amortized value of notes recorded as a liability on the consolidated balance sheet | 389,522,000 | 379,609,000 | 379,600,000 | ||||||||||||||||||||||
| Minimum number of consecutive interest periods for which interest payments may be deferred | 1 | ||||||||||||||||||||||||
| Maximum period for which interest payments may be deferred without giving rise to an event of default | 10 years | ||||||||||||||||||||||||
| Annual rate (in hundredths) | 5.375% | 5.375% | 5.00% | 5.00% | 2.00% | 2.00% | 9.00% | 9.00% | |||||||||||||||||
| Interest payment deferred | 18,300,000 | ||||||||||||||||||||||||
| Interest payment due on the debentures | 17,500,000 | ||||||||||||||||||||||||
| Period in which reasonable commercial efforts must begin, maximum | 1 day | ||||||||||||||||||||||||
| Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures | tenth | ||||||||||||||||||||||||
| Period in which reasonable commercial efforts must begin, minimum | fifth anniversary of the interest payment date | ||||||||||||||||||||||||
| 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% | ||||||||||||||||||||||||
| Period preceding election to convert | 5 days | ||||||||||||||||||||||||
| Holding company cash and investments | 592,000,000 | ||||||||||||||||||||||||
| Unrealized gain loss on holding company investments | 7,100,000 | ||||||||||||||||||||||||
| Modified duration of holding company investments | 3 years 7 months 6 days | ||||||||||||||||||||||||
| Liabilities [Abstract] | |||||||||||||||||||||||||
| Senior Notes | 82,883,000 | 100,118,000 | 83,753,000 | 79,594,000 | 83,753,000 | 79,594,000 | 0 | 0 | 0 | 0 | |||||||||||||||
| Convertible Senior Notes due 2017 | 345,000,000 | 345,000,000 | 354,919,000 | 242,880,000 | 354,919,000 | 242,880,000 | 0 | 0 | 0 | 0 | |||||||||||||||
| Convertible Senior Notes due 2020 | 500,000,000 | 580,000,000 | 580,000,000 | 0 | 0 | ||||||||||||||||||||
| Convertible Junior Subordinated Debentures | 389,522,000 | 389,522,000 | 426,285,000 | 173,096,000 | 0 | 0 | 426,285,000 | 173,096,000 | 0 | 0 | |||||||||||||||
| Total Debt | $ 1,317,405,000 | $ 834,640,000 | $ 1,444,957,000 | $ 495,570,000 | $ 1,018,672,000 | $ 322,474,000 | $ 426,285,000 | $ 173,096,000 | $ 0 | $ 0 | |||||||||||||||
| 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
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. 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. 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 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
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
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 the required periodic payments applied to interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Discussion of the facts and amounts pertaining to each failure to comply with an affirmative or negative covenant of a long-term debt instrument, including violating payment terms or an inability to meet certain minimum financial requirements or achieve or maintain certain financial ratios. The discussion would generally be expected to also include whether or not the failure can and will be overcome and a description of the terms of any waivers, including the amount of the waiver and the period of time covered by the waiver, and if reclassification of long-term debt to current has been made in the current balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
|
| X | ||||||||||
|
- 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
|
|
Reinsurance (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2013
Insurer
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
| Reinsurance [Abstract] | |||
| Period of existing captive reinsurance agreement | 10 years | ||
| Number of other mortgage insurers agreeing to similar CFPB settlements | 3 | ||
| Reinsurance recoverable on loss reserves related to captive agreements | $ 84 | $ 104 | |
| Fair value of trust fund assets under captive agreements | 254 | 303 | |
| Fair value of trust fund assets under captive agreements, no reinsurance recoverable on loss reserves | 22 | 25 | |
| Trust fund assets transferred to us as a result of captive terminations | $ 3.0 | $ 0.4 | |
| Percentage of quota share (in hundredths) | 30.00% | ||
| Percentage of ceding commission (in hundredths) | 20.00% | ||
| 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
Number of other mortgage insurers agreeing to similar CFPB settlements. No definition available.
|
| X | ||||||||||
|
- Definition
Represents percentage of ceding commission under the structure of reinsurance agreement during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents percentage of quota share under the structure of reinsurance agreement during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents period under which an entity will not enter into any new captive reinsurance agreement or reinsure any new loans under existing reinsurance agreements. 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 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 | ||||||||||
|
- Details
|
| 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
Average paid claim reduction due to curtailments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of curtailment and other adjustments objected. No definition available.
|
| X | ||||||||||
|
- Definition
Increase in loss reserves for the probable settlement agreements. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents amount paid in connection with the settlement by an entity pertaining to civil penalty during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Number of lawsuits. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which incurred losses are estimated to be mitigated as a result of rescissions of loans since January 1, 2008. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which paid losses were mitigated as a result of rescissions of loans. No definition available.
|
| X | ||||||||||
|
- Definition
The amount by which paid losses were mitigated as a result of rescissions of loans, excluding amounts that would have been applied to a deductible, which is included in the estimated amount by which incurred losses were mitigated. No definition available.
|
| X | ||||||||||
|
- Definition
Number of additional cases that have been dismissed, but are now under appeal. 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
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 | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents period under which an entity will not enter into any new captive reinsurance agreement or reinsure any new loans under existing reinsurance agreements. 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
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
The incremental shares attributable to common stock equivalents. A common stock equivalent is generally a security that can be converted into common stock. No definition available.
|
| X | ||||||||||
|
- Definition
The number of participating securities included in the weighted average number of common shares outstanding. No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
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 percentage of the company's Australian portfolio rated AA by one or more of Moody's, Standard & Poor's and Fitch Rating. No definition available.
|
| X | ||||||||||
|
- Definition
The percentage of the company's Australian portfolio rated AAA by one or more of Moody's, Standard & Poor's and Fitch Rating. 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
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 | ||||||||||
|
- Details
|
|
Investments, Gain (Loss) on Investments (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Gain (Loss) on Investments [Line Items] | ||||
| Net realized investment gains (losses) and OTTI on investments | $ 2,485 | $ 26,272 | $ 3,744 | $ 103,833 |
| Gross realized gains, gross realized losses and impairment losses [Abstract] | ||||
| Gains on sales | 3,027 | 28,005 | 4,961 | 108,040 |
| Losses on sales | (542) | (1,394) | (1,217) | (3,868) |
| Impairment losses | 0 | (339) | 0 | (339) |
| Total net realized gains (losses) | 2,485 | 26,272 | 3,744 | 103,833 |
|
Fixed Maturities [Member]
|
||||
| Gain (Loss) on Investments [Line Items] | ||||
| Net realized investment gains (losses) and OTTI on investments | 1,891 | 26,095 | 3,148 | 101,434 |
| Gross realized gains, gross realized losses and impairment losses [Abstract] | ||||
| Total net realized gains (losses) | 1,891 | 26,095 | 3,148 | 101,434 |
|
Equity Securities [Member]
|
||||
| Gain (Loss) on Investments [Line Items] | ||||
| Net realized investment gains (losses) and OTTI on investments | 594 | 12 | 596 | 394 |
| Gross realized gains, gross realized losses and impairment losses [Abstract] | ||||
| Total net realized gains (losses) | 594 | 12 | 596 | 394 |
|
Other [Member]
|
||||
| Gain (Loss) on Investments [Line Items] | ||||
| Net realized investment gains (losses) and OTTI on investments | 0 | 165 | 0 | 2,005 |
| Gross realized gains, gross realized losses and impairment losses [Abstract] | ||||
| Total net realized gains (losses) | $ 0 | $ 165 | $ 0 | $ 2,005 |
| X | ||||||||||
|
- Details
|
| 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
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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 | ||||||||||
|
- Details
|
|
Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Dec. 31, 2012
|
|||||
| Fair Value Measurements [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% | |||||
| State premium tax credit investments, average maturity | 5 years | |||||
| Annual average discount rate (in hundredths) | 7.40% | |||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | $ 4,998,991 | $ 4,230,275 | ||||
| Real estate acquired | 8,741 | [1] | 3,463 | [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 | 1,034,636 | 1,010,932 | ||||
| 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 | 3,961,223 | 3,198,778 | ||||
| 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 | 3,132 | 20,565 | ||||
| Real estate acquired | 8,741 | [1] | 3,463 | [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 | 910,123 | 866,251 | ||||
|
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 | 910,123 | 866,251 | ||||
|
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 | 916,079 | 812,394 | ||||
|
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 | 913,268 | 809,264 | ||||
|
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 | 2,811 | 3,130 | ||||
|
Corporate Debt Securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 2,061,738 | 1,480,941 | ||||
|
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 | 0 | ||||
|
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 | 2,061,738 | 1,463,827 | ||||
|
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 | 0 | 17,114 | ||||
|
Asset-Backed Securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 310,528 | 324,436 | ||||
|
Asset-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 | ||||
|
Asset-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 | 310,528 | 324,436 | ||||
|
Asset-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 | ||||
|
Residential Mortgage-Backed Securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 392,087 | 450,909 | ||||
|
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 | 392,087 | 450,909 | ||||
|
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 | ||||
|
Commercial mortgage-backed securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 222,376 | 150,342 | ||||
|
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 | 222,376 | 150,342 | ||||
|
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 | ||||
|
Collateralized loan obligations [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 61,226 | |||||
|
Collateralized loan obligations [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 | |||||
|
Collateralized loan obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 61,226 | |||||
|
Collateralized loan obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 0 | |||||
|
Debt Securities Issued by Foreign Sovereign Governments [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 121,974 | 142,066 | ||||
|
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 | 121,974 | 142,066 | ||||
|
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 | 0 | ||||
|
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 | 4,996,131 | 4,227,339 | ||||
|
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 | 1,032,097 | 1,008,317 | ||||
|
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 | 3,961,223 | 3,198,778 | ||||
|
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 | 2,811 | 20,244 | ||||
|
Equity Securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total investments | 2,860 | 2,936 | ||||
|
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 | 2,539 | 2,615 | ||||
|
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 | ||||
|
||||||
| X | ||||||||||
|
- Definition
The lowest discount rate, including a spread for liquidity risk, that serves as a key assumption in determining fair values of securities calculated under the Discounted Cash Flow model. No definition available.
|
| X | ||||||||||
|
- Definition
The lowest discount rate, including a spread for liquidity risk, that serves as a key assumption in determining fair values of securities calculated under the Discounted Cash Flow model. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents annual average discount rate used for fair value of state premium tax credit investments. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents state premium tax credit investments, average maturity. 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 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 | ||||||||||
|
- 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 |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Total realized/unrealized gains (losses) [Abstract] | ||||
| Included in earnings and reported as impairment losses, net | $ 0 | $ 339 | $ 0 | $ 339 |
|
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 | 2,957 | 95,516 | 3,130 | 114,226 |
| Total realized/unrealized gains (losses) [Abstract] | ||||
| Included in earnings and reported as realized investment gains (losses), net | (575) | 0 | (2,525) | |
| Included in earnings and reported as impairment losses, net | 0 | 0 | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 | 0 |
| Included in other comprehensive income | (1,113) | 756 | ||
| Purchases | 0 | 0 | 30 | 27 |
| Sales | (146) | (9,847) | (349) | (28,503) |
| Transfers into Level 3 | 0 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 | 0 |
| Balance at end of period | 2,811 | 83,981 | 2,811 | 83,981 |
| Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end | 0 | 0 | 0 | 0 |
|
Corporate Debt Securities [Member]
|
||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
| Balance at beginning of period | 0 | 51,118 | 17,114 | 60,228 |
| Total realized/unrealized gains (losses) [Abstract] | ||||
| Included in earnings and reported as realized investment gains (losses), net | (700) | (225) | (1,081) | |
| Included in earnings and reported as impairment losses, net | (339) | (339) | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 | 0 |
| Included in other comprehensive income | 78 | 355 | ||
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | (9,300) | (16,889) | (18,306) |
| Transfers into Level 3 | 0 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 | 0 |
| Balance at end of period | 0 | 40,857 | 0 | 40,857 |
| Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end | 0 | 0 | 0 | 0 |
|
Equity Securities [Member]
|
||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
| Balance at beginning of period | 321 | 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 impairment losses, net | 0 | 0 | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 | 0 |
| Included in other comprehensive income | 0 | 0 | ||
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| Transfers into Level 3 | 0 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 | 0 |
| Balance at end of period | 321 | 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 | 0 |
|
Total Investments [Member]
|
||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
| Balance at beginning of period | 3,278 | 146,955 | 20,565 | 174,775 |
| Total realized/unrealized gains (losses) [Abstract] | ||||
| Included in earnings and reported as realized investment gains (losses), net | (1,275) | (225) | (3,606) | |
| Included in earnings and reported as impairment losses, net | (339) | (339) | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 | 0 |
| Included in other comprehensive income | (1,035) | 1,111 | ||
| Purchases | 0 | 0 | 30 | 27 |
| Sales | (146) | (19,147) | (17,238) | (46,809) |
| Transfers into Level 3 | 0 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 | 0 |
| Balance at end of period | 3,132 | 125,159 | 3,132 | 125,159 |
| Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end | 0 | 0 | 0 | 0 |
|
Real Estate Acquired [Member]
|
||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
| Balance at beginning of period | 7,524 | 2,340 | 3,463 | 1,621 |
| 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 impairment losses, net | 0 | 0 | ||
| Included in earnings and reported as losses incurred, net | (1,000) | (149) | (2,302) | (465) |
| Included in other comprehensive income | 0 | 0 | ||
| Purchases | 9,530 | 3,888 | 17,544 | 5,970 |
| Sales | (7,313) | (3,005) | (9,964) | (4,052) |
| Transfers into Level 3 | 0 | 0 | 0 | 0 |
| Transfers out of Level 3 | 0 | 0 | 0 | 0 |
| Balance at end of period | 8,741 | 3,074 | 8,741 | 3,074 |
| Amount of total losses included in earnings for the period attributable to the change in unrealized losses on assets still held at period end | $ 0 | $ 0 | $ 0 | $ 0 |
| 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
|
|
Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|||||||
| Other comprehensive income (before tax) [Abstract] | |||||||||||
| Change in unrealized gains and losses on investments | $ (99,092) | $ 9,801 | $ (109,631) | $ (37,125) | |||||||
| Unrealized foreign currency translation adjustment | (19,255) | (1,116) | (18,769) | 551 | |||||||
| Other comprehensive income (loss) | (118,347) | 8,685 | (128,400) | (36,574) | |||||||
| Other comprehensive income (tax) [Abstract] | |||||||||||
| Change in unrealized gains and losses on investments | 34,520 | (3,166) | 38,112 | 13,090 | |||||||
| Unrealized foreign currency translation adjustment | 6,743 | 392 | 6,573 | (192) | |||||||
| Other comprehensive income (loss) | 41,263 | (2,774) | 44,685 | 12,898 | |||||||
| Other comprehensive income (valuation allowance) [Abstract] | |||||||||||
| Change in unrealized investment gains and losses, net | (33,547) | 1,577 | (36,554) | (13,671) | |||||||
| Other comprehensive income foreign currency translation valuation allowance | 0 | 0 | 0 | 0 | |||||||
| Other comprehensive income (loss) | (33,547) | 1,577 | (36,554) | (13,671) | |||||||
| Other comprehensive income (net of tax) [Abstract] | |||||||||||
| Change in unrealized investment gains and losses on investments | (98,119) | 8,212 | (108,073) | (37,706) | |||||||
| Unrealized foreign currency translation adjustment | (12,512) | (724) | (12,196) | 359 | |||||||
| Other comprehensive income (loss) | (110,631) | 7,488 | (120,269) | (37,347) | |||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||||
| Balance at beginning of period, before tax | (7,569) | 2,484 | |||||||||
| Other comprehensive income (loss) before reclassifications | (116,193) | (122,868) | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) | 2,154 | 5,532 | |||||||||
| Net current period other comprehensive income (loss) | (118,347) | 8,685 | (128,400) | (36,574) | |||||||
| Balance at end of period, before tax | (125,916) | (125,916) | |||||||||
| Tax effect | (42,516) | [1] | (42,516) | [1] | |||||||
| Total accumulated other comprehensive income (loss), net of tax | (168,432) | (168,432) | (48,163) | ||||||||
| Tax Effect due to valuation allowance (in hundredths) | 35.00% | 35.00% | |||||||||
|
Unrealized gains and losses on available-for-sale securities [Member]
|
|||||||||||
| Other comprehensive income (before tax) [Abstract] | |||||||||||
| Other comprehensive income (loss) | (99,092) | (109,631) | |||||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||||
| Balance at beginning of period, before tax | 31,002 | 41,541 | |||||||||
| Other comprehensive income (loss) before reclassifications | (96,938) | (104,099) | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) | 2,154 | [2] | 5,532 | [2] | |||||||
| Net current period other comprehensive income (loss) | (99,092) | (109,631) | |||||||||
| Balance at end of period, before tax | (68,090) | (68,090) | |||||||||
| Tax effect | (65,082) | [1] | (65,082) | [1] | |||||||
| Total accumulated other comprehensive income (loss), net of tax | (133,172) | (133,172) | |||||||||
|
Defined benefit plans [Member]
|
|||||||||||
| Other comprehensive income (before tax) [Abstract] | |||||||||||
| Other comprehensive income (loss) | 0 | 0 | |||||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||||
| Balance at beginning of period, before tax | (71,804) | (71,804) | |||||||||
| Other comprehensive income (loss) before reclassifications | 0 | 0 | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |||||||||
| Net current period other comprehensive income (loss) | 0 | 0 | |||||||||
| Balance at end of period, before tax | (71,804) | (71,804) | |||||||||
| Tax effect | 26,940 | [1] | 26,940 | [1] | |||||||
| Total accumulated other comprehensive income (loss), net of tax | (44,864) | (44,864) | |||||||||
|
Foreign currency translation [Member]
|
|||||||||||
| Other comprehensive income (before tax) [Abstract] | |||||||||||
| Other comprehensive income (loss) | (19,255) | (18,769) | |||||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||||
| Balance at beginning of period, before tax | 33,233 | 32,747 | |||||||||
| Other comprehensive income (loss) before reclassifications | (19,255) | (18,769) | |||||||||
| Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |||||||||
| Net current period other comprehensive income (loss) | (19,255) | (18,769) | |||||||||
| Balance at end of period, before tax | 13,978 | 13,978 | |||||||||
| Tax effect | (4,374) | [1] | (4,374) | [1] | |||||||
| Total accumulated other comprehensive income (loss), net of tax | $ 9,604 | $ 9,604 | |||||||||
|
|||||||||||
| X | ||||||||||
|
- Definition
Amount before tax of increase (decrease) in accumulated change in equity from transactions and other events and circumstances from non-owner sources. Excludes net income (loss), and accumulated changes in equity from transactions resulting from investments by owners (distributions to owners). No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit) allocated to accumulated other comprehensive income (loss). No definition available.
|
| X | ||||||||||
|
- Definition
Adjustment to other comprehensive income (loss) resulting from valuation allowance of unrealized foreign currency translation adjustment. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before tax and reclassification adjustments of other comprehensive income (loss). 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
Refers to percentage of tax not taken for calculation of tax effect in AOCI. No definition available.
|
| X | ||||||||||
|
- Definition
Amount before tax of reclassification adjustments of other comprehensive income (loss). No definition available.
|
| X | ||||||||||
|
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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
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
|
|
Benefit Plans (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Components of Net Periodic Benefit Cost [Abstract] | ||||
| Pension plan contribution | $ 10,000,000 | |||
|
Pension and Supplemental Executive Retirement Plans [Member]
|
||||
| Components of Net Periodic Benefit Cost [Abstract] | ||||
| Service cost | 2,952,000 | 2,441,000 | 5,669,000 | 4,831,000 |
| Interest Cost | 3,845,000 | 4,135,000 | 7,644,000 | 8,241,000 |
| Expected Return on Assets | (5,034,000) | (4,590,000) | (10,072,000) | (9,106,000) |
| Recognized net actuarial loss | 1,557,000 | 1,437,000 | 3,073,000 | 2,915,000 |
| Amortization of prior service cost | 127,000 | 172,000 | 252,000 | 333,000 |
| Net periodic benefit cost | 3,447,000 | 3,595,000 | 6,566,000 | 7,214,000 |
|
Other Postretirement Benefits [Member]
|
||||
| Components of Net Periodic Benefit Cost [Abstract] | ||||
| Service cost | 212,000 | 304,000 | 406,000 | 613,000 |
| Interest Cost | 156,000 | 280,000 | 309,000 | 571,000 |
| Expected Return on Assets | (920,000) | (791,000) | (1,840,000) | (1,581,000) |
| Recognized net actuarial loss | 0 | 189,000 | 0 | 400,000 |
| Amortization of prior service cost | (1,662,000) | (1,555,000) | (3,324,000) | (3,109,000) |
| Net periodic benefit cost | $ (2,214,000) | $ (1,573,000) | $ (4,449,000) | $ (3,106,000) |
| 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 | ||||||||||
|
- Definition
The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in the fair value of plan assets from contributions made by the employer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2007
|
Dec. 31, 2012
|
|
| Tax provision (benefit) [Abstract] | ||||||
| Tax provision (benefit) before valuation allowance | $ 4,472,000 | $ (101,367,000) | $ (17,118,000) | $ (107,429,000) | ||
| Change in valuation allowance | (3,482,000) | 98,476,000 | 19,247,000 | 105,901,000 | ||
| Provision for (benefit from) income taxes | 990,000 | (2,891,000) | 2,129,000 | (1,528,000) | ||
| Increase (decrease) in deferred tax valuation allowance, included in other comprehensive income | 33,500,000 | (1,600,000) | 36,600,000 | 13,700,000 | ||
| Valuation allowance | 1,021,800,000 | 1,021,800,000 | 966,000,000 | |||
| Net operating loss carryforwards, regular tax basis | 2,600,000,000 | 2,600,000,000 | ||||
| Net operating loss carryforwards for computing the alternative minimum tax | 1,700,000,000 | 1,700,000,000 | ||||
| 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 | |||||
| Total amount of unrecognized tax benefits | 104,900,000 | 104,900,000 | ||||
| Total amount of the unrecognized tax benefits that would affect our effective tax rate | 92,300,000 | 92,300,000 | ||||
| Recognize accrued interest | $ 25,600,000 | $ 25,600,000 | $ 25,300,000 | |||
| X | ||||||||||
|
- Definition
The amount of the IRS assessment for unpaid taxes and penalties related to the REMIC issue. No definition available.
|
| X | ||||||||||
|
- Definition
The 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. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws and used for computing the alternative minimum tax. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the payment made to the United States Department of Treasury related to the IRS assessment on the REMIC issue. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The 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
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
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
|
|
Loss Reserves (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
Loan
|
Sep. 30, 2012
Notice
Loan
|
Jun. 30, 2012
Loan
|
Jun. 30, 2013
Loan
|
Jun. 30, 2012
Loan
|
Dec. 31, 2012
Loan
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Loan
|
|||||||||||||||||||||||
| Loss Reserve [Roll Forward] | |||||||||||||||||||||||||||||||
| Net reserve at beginning of period | $ 4,108,590,000 | $ 4,056,843,000 | $ 4,557,512,000 | $ 4,557,512,000 | |||||||||||||||||||||||||||
| Less reinsurance recoverable | 126,832,000 | 104,848,000 | 154,607,000 | 154,607,000 | |||||||||||||||||||||||||||
| Net reserve at end of period | 3,515,410,000 | [1] | 3,981,758,000 | [1] | 3,515,410,000 | [1] | 3,981,758,000 | [1] | 3,951,995,000 | [2] | 4,402,905,000 | [2] | |||||||||||||||||||
| Losses and LAE incurred in respect of default notices related to: | |||||||||||||||||||||||||||||||
| Current year | 468,332,000 | 674,076,000 | |||||||||||||||||||||||||||||
| Prior years | (5,850,000) | [3] | 214,420,000 | [3] | |||||||||||||||||||||||||||
| Subtotal | 462,482,000 | [4] | 888,496,000 | [4] | |||||||||||||||||||||||||||
| Losses and LAE paid in respect of default notices related to: | |||||||||||||||||||||||||||||||
| Current year | 5,137,000 | 12,502,000 | |||||||||||||||||||||||||||||
| Prior years | 897,178,000 | 1,297,566,000 | |||||||||||||||||||||||||||||
| Reinsurance terminations | (3,248,000) | [5] | (425,000) | [5] | |||||||||||||||||||||||||||
| Subtotal | 899,067,000 | [6] | 1,309,643,000 | [6] | |||||||||||||||||||||||||||
| Net reserve at end of period | 3,515,410,000 | [1] | 3,981,758,000 | [1] | 3,515,410,000 | [1] | 3,981,758,000 | [1] | 3,951,995,000 | [2] | 4,402,905,000 | [2] | |||||||||||||||||||
| Plus reinsurance recoverables | 83,898,000 | 126,832,000 | 83,898,000 | 126,832,000 | 104,848,000 | 154,607,000 | |||||||||||||||||||||||||
| Reserve at end of period | 3,599,308,000 | 4,108,590,000 | 3,599,308,000 | 4,108,590,000 | 4,056,843,000 | 4,557,512,000 | |||||||||||||||||||||||||
| Loss reserve reduction from rescission | 100,000,000 | 600,000,000 | 100,000,000 | 600,000,000 | 200,000,000 | 700,000,000 | |||||||||||||||||||||||||
| Paid losses mitigated by rescission amount | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||||||||||||||||||||||||||||
| Change in loss reserves | (6,000,000) | [7] | 214,000,000 | [7] | |||||||||||||||||||||||||||
| Historical average period for uncured default to develop into paid claim | 12 months | ||||||||||||||||||||||||||||||
| Premium refund liability, expected claim payments | 137,000,000 | 137,000,000 | 134,000,000 | ||||||||||||||||||||||||||||
| Primary Default Inventory [Roll Forward] | |||||||||||||||||||||||||||||||
| Default inventory at beginning of period | 126,610 | 153,990 | 160,473 | 139,845 | 175,639 | 175,639 | |||||||||||||||||||||||||
| New Notices | 25,425 | 32,241 | 53,289 | 67,022 | |||||||||||||||||||||||||||
| Cures | (25,450) | (26,368) | (56,572) | (63,512) | |||||||||||||||||||||||||||
| Paids (including those charged to a deductible or captive) | (9,051) | (11,738) | (18,496) | (23,647) | |||||||||||||||||||||||||||
| Rescissions and denials | (429) | (618) | (961) | (1,512) | |||||||||||||||||||||||||||
| Default inventory at end of period | 117,105 | 153,990 | 117,105 | 153,990 | 139,845 | 175,639 | |||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 2,650 | 2,650 | |||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for Countrywide | 195,000,000 | 195,000,000 | |||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 310 | 310 | |||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for a specific customer | 21,000,000 | 21,000,000 | |||||||||||||||||||||||||||||
| Number of rescindable loans affected by Company's decision to suspend rescissions for all other customers | 300 | 300 | |||||||||||||||||||||||||||||
| Total potential claim payments of rescindable loans affected by Company's decision to suspend rescissions for all other customers | 21,000,000 | 21,000,000 | |||||||||||||||||||||||||||||
| Pool insurance notice inventory [Abstract] | |||||||||||||||||||||||||||||||
| Pool insurance notice inventory (in number of loans) | 7,006 | 25,178 | 7,006 | 25,178 | 8,594 | ||||||||||||||||||||||||||
| Number of notices removed from pool notice inventory | 15,600 | ||||||||||||||||||||||||||||||
| Aging of the Primary Default Inventory [Abstract] | |||||||||||||||||||||||||||||||
| 3 months or less | 18,760 | 24,488 | 18,760 | 24,488 | 23,282 | ||||||||||||||||||||||||||
| 3 months or less (in hundredths) | 16.00% | 16.00% | 16.00% | 16.00% | 17.00% | ||||||||||||||||||||||||||
| 4 - 11 months | 26,377 | 38,400 | 26,377 | 38,400 | 34,688 | ||||||||||||||||||||||||||
| 4 - 11 months (in hundredths) | 23.00% | 25.00% | 23.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||
| 12 months or more | 71,968 | 91,102 | 71,968 | 91,102 | 81,875 | ||||||||||||||||||||||||||
| 12 months or more (in hundredths) | 61.00% | 59.00% | 61.00% | 59.00% | 58.00% | ||||||||||||||||||||||||||
| Total primary default inventory | 117,105 | 153,990 | 117,105 | 153,990 | 139,845 | 175,639 | |||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||
| Primary claims received inventory included in ending default inventory | 10,637 | [8] | 13,421 | [8] | 10,637 | [8] | 13,421 | [8] | 11,731 | [8] | |||||||||||||||||||||
| Primary claims received inventory included in ending default inventory (in hundredths) | 9.00% | [8] | 9.00% | [8] | 9.00% | [8] | 9.00% | [8] | 8.00% | [8] | |||||||||||||||||||||
| Number of payments delinquent [Abstract] | |||||||||||||||||||||||||||||||
| 3 payments or less | 27,498 | 33,677 | 27,498 | 33,677 | 34,245 | ||||||||||||||||||||||||||
| 3 payments or less (in hundredths) | 24.00% | 22.00% | 24.00% | 22.00% | 24.00% | ||||||||||||||||||||||||||
| 4 - 11 payments | 27,299 | 39,744 | 27,299 | 39,744 | 34,458 | ||||||||||||||||||||||||||
| 4 - 11 payments (in hundredths) | 23.00% | 26.00% | 23.00% | 26.00% | 25.00% | ||||||||||||||||||||||||||
| 12 payments or more | 62,308 | 80,569 | 62,308 | 80,569 | 71,142 | ||||||||||||||||||||||||||
| 12 payments or more (in hundredths) | 53.00% | 52.00% | 53.00% | 52.00% | 51.00% | ||||||||||||||||||||||||||
| Total primary default inventory | 117,105 | 153,990 | 117,105 | 153,990 | 139,845 | 175,639 | |||||||||||||||||||||||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||
| Claims resolved by rescissions [Abstract] | |||||||||||||||||||||||||||||||
| Mitigation of paid losses by rescission of policies | 70,000,000 | 300,000,000 | 3,000,000,000 | ||||||||||||||||||||||||||||
| Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths) | 7.00% | ||||||||||||||||||||||||||||||
| 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 - losses incurred | (200,000,000) | 200,000,000 | 2,500,000,000 | ||||||||||||||||||||||||||||
| Estimated rescission reduction - ending reserve | 100,000,000 | 100,000,000 | 200,000,000 | ||||||||||||||||||||||||||||
| Rescissions dispute period not ended (in hundredths) | 37.00% | 37.00% | |||||||||||||||||||||||||||||
| Premium refund liability, expected future rescissions | 14,000,000 | 14,000,000 | 18,000,000 | ||||||||||||||||||||||||||||
| Statute of limitations to bring legal proceedings disputing right to rescind coverage | 3 years | ||||||||||||||||||||||||||||||
|
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 | 0 | [7] | 230,000,000 | [7] | |||||||||||||||||||||||||||
| Percentage of prior year default inventory resolved (in hundredths) | 37.00% | 35.00% | |||||||||||||||||||||||||||||
|
Increase (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 | 1,000,000 | [7] | 0 | [7] | |||||||||||||||||||||||||||
|
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 | $ (7,000,000) | [7] | $ (16,000,000) | [7] | |||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The estimated reduction to the cost of settling claims under the terms of the underlying insurance policies and assumed and ceded insurance contracts as of the balance sheet date due to rescissions. No definition available.
|
| X | ||||||||||
|
- Definition
Total estimated impact to the provision for losses incurred in the period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average period, on a historical basis, for a default which is not cured to develop into a paid claim. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of reduction in loss reserve from rescission. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount by which paid losses have been mitigated by the rescissions of policies. No definition available.
|
| X | ||||||||||
|
- Definition
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
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
Refers to percentage of rescissions, not subject to a settlement agreement, for which the dispute period has not ended. 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
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
The known and estimated amount recoverable as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Premium Deficiency Reserve (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|||||||
| Premium Deficiency Reserve [Abstract] | |||||||||||
| Present value of expected future paid losses and expenses, net of expected future premium | $ (749,000,000) | $ (899,000,000) | $ (749,000,000) | $ (899,000,000) | $ (840,000,000) | ||||||
| Established loss reserves | 688,000,000 | 806,000,000 | 688,000,000 | 806,000,000 | 766,000,000 | ||||||
| Net deficiency | (60,848,000) | (93,000,000) | (60,848,000) | (93,000,000) | |||||||
| Change in premium deficiency reserve | 11,000,000 | 27,000,000 | 13,000,000 | 42,000,000 | |||||||
| Premium Deficiency Reserve [Roll Forward] | |||||||||||
| Premium Deficiency Reserve at beginning of period | (72,000,000) | (121,000,000) | (73,781,000) | (135,000,000) | |||||||
| Paid claims and loss adjustment expenses | 63,000,000 | 76,000,000 | 121,000,000 | 152,000,000 | |||||||
| Decrease in loss reserves | (48,000,000) | 24,000,000 | (78,000,000) | (20,000,000) | |||||||
| Premium earned | (25,000,000) | (25,000,000) | (48,000,000) | (53,000,000) | |||||||
| Effects of present valuing on future premiums, losses and expenses | (2,000,000) | 2,000,000 | (1,000,000) | 2,000,000 | |||||||
| Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized | (12,000,000) | 77,000,000 | (6,000,000) | 81,000,000 | |||||||
| Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses expenses and discount rate | 23,000,000 | [1] | (49,000,000) | [1] | 19,000,000 | [1] | (39,000,000) | [1] | |||
| Premium Deficiency Reserve at end of period | $ (60,848,000) | $ (93,000,000) | $ (60,848,000) | $ (93,000,000) | |||||||
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| X | ||||||||||
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- Definition
The change in the premium deficiency reserve to reflect actual premium, losses and expenses recognized during the period. No definition available.
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- Definition
The decrease during the reporting period in the reserve account established to account for expected but unspecified losses. No definition available.
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| X | ||||||||||
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- Definition
Adjustments to reflect the effects of present valuing on future premiums, losses and expenses. No definition available.
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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
Total amount of payments made during the reporting period to settle insured claims, as well as losses (the actual damage) and related adjustment expenses (the expense incurred related to claims other than the actual loss, for example, legal fees) made by an insurance company to settle claims. No definition available.
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| X | ||||||||||
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- Definition
Present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The present value of the expected future paid losses and expenses, net of expected future premiums. No definition available.
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| X | ||||||||||
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- Definition
Alternate concept name for the aggregate amount of policy reserves (provided for future obligations including unpaid claims and claims adjustment expenses) and policy benefits (liability for future policy benefits) as of the balance sheet date; grouped amount of all the liabilities associated with the company's insurance policies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of premium revenue earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shareholders' Equity (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2013
Right
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
Convertible Debentures [Member]
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Dec. 31, 2012
Convertible Debentures [Member]
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Jun. 30, 2013
Convertible Senior Notes [Member]
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Dec. 31, 2012
Convertible Senior Notes [Member]
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Jun. 30, 2013
Convertible Senior Notes - due April 2020 [Member]
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Mar. 31, 2013
Convertible Senior Notes - due April 2020 [Member]
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| Shareholders' Equity [Abstract] | |||||||||
| Sale of common stock (in shares) | 135,000,000 | ||||||||
| Sale of common stock, price per share (in dollars per share) | $ 5.15 | ||||||||
| Sale of common stock, net proceeds | $ 663,542,000 | $ 663,392,000 | $ 0 | ||||||
| Debt Instrument [Line Items] | |||||||||
| Outstanding principal amount | 389,500,000 | 389,500,000 | 345,000,000 | 345,000,000 | 500,000,000 | 500,000,000 | |||
| Stated interest rate (in hundredths) | 9.00% | 9.00% | 5.00% | 5.00% | 2.00% | 2.00% | |||
| Contribution to subsidiary | $ 800,000,000 | $ 800,000,000 | |||||||
| 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 purchasable per Right (in shares) | 0.10 | ||||||||
| Purchase price (in dollars per share) | $ 14 | ||||||||
| Purchase price (in dollars per one-tenth share) | $ 1.40 | ||||||||
| Redemption price (in dollars per Right) | $ 0.001 | ||||||||
| X | ||||||||||
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- Definition
The number of shares of the company's common stock to which each Right initially entitles a shareholder to purchase. No definition available.
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| X | ||||||||||
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- Definition
The minimum percentage of beneficial ownership of the company's common stock by any person, by itself or together with its affiliates and associates, required to be considered an Acquiring Person as defined in the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The cash inflow from parent to increase statutory capital. No definition available.
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| X | ||||||||||
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- Definition
The description of the Distribution Date as per the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The stated purchase price for which a shareholder is initially entitled to purchase a full share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The stated purchase price for which a shareholder is initially entitled to purchase a one-tenth share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Definition
The price, per Right, at which each Right is redeemable at any time prior to the time a person becomes an Acquiring Person. No definition available.
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| X | ||||||||||
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- Definition
The dollar amount received by the entity for each share of common stock issued or sold in the stock transaction. No definition available.
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| X | ||||||||||
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- Definition
The number of shareholder rights accompanying each outstanding share of the company's common stock under the Shareholder Rights Agreement. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The 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
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| X | ||||||||||
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- Definition
Interest rate stated in the contractual debt agreement. 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 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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- Details
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| X | ||||||||||
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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