Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Oct. 31, 2014
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		338,559,545
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Securities, available-for-sale, at fair value:
Fixed maturities (amortized cost, 2014 - $4,644,561; 2013 - $4,948,543)	$ 4,626,979	$ 4,863,925
Equity securities	3,022	2,894
Total investment portfolio	4,630,001	4,866,819
Cash and cash equivalents	243,922	332,692
Restricted cash and cash equivalents (note 1)	17,207	17,440
Accrued investment income	30,483	31,660
Prepaid reinsurance premiums (note 4)	44,230	36,243
Reinsurance recoverable on loss reserves (note 4)	57,898	64,085
Reinsurance recoverable on paid losses (note 4)	6,450	10,425
Premium receivable	60,330	62,301
Home office and equipment, net	28,583	26,185
Deferred insurance policy acquisition costs	11,650	9,721
Profit commission receivable	68,952	2,368
Other assets	139,672	141,451
Total assets	5,339,378	5,601,390
Liabilities:
Loss reserves (note 12)	2,527,582	3,061,401
Premium deficiency reserve (note 13)	28,711	48,461
Unearned premiums	185,992	154,479
Senior notes (note 3)	61,906	82,773
Convertible senior notes (note 3)	845,000	845,000
Convertible junior debentures (note 3)	389,522	389,522
Other liabilities	316,157	275,216
Total liabilities	4,354,870	4,856,852
Contingencies (note 5)
Shareholders' equity (note 14):
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2014 and 2013 - 340,047; shares outstanding 2014 - 338,560; 2013 - 337,758)	340,047	340,047
Paid-in capital	1,661,061	1,661,269
Treasury stock (shares at cost 2014 - 1,487; 2013 - 2,289)	(32,937)	(64,435)
Accumulated other comprehensive loss, net of tax (note 9)	(56,776)	(117,726)
Accumulated deficit	(926,887)	(1,074,617)
Total shareholders' equity	984,508	744,538
Total liabilities and shareholders' equity	$ 5,339,378	$ 5,601,390

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Securities, available-for-sale, at fair value:
Fixed maturities, amortized cost	$ 4,644,561	$ 4,948,543
Shareholders' equity (note 14):
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	340,047	340,047
Common stock, shares outstanding (in shares)	338,560	337,758
Treasury stock, shares at cost (in shares)	1,487	2,289

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Premiums written:
Direct	$ 255,041	$ 247,254	$ 740,479	$ 749,282
Assumed	400	509	1,281	1,591
Ceded (note 4)	(32,536)	(13,485)	(87,450)	(31,473)
Net premiums written	222,905	234,278	654,310	719,400
Increase in unearned premiums, net	(13,870)	(2,421)	(23,528)	(2,707)
Net premiums earned	209,035	231,857	630,782	716,693
Investment income, net of expenses	22,355	20,250	63,691	59,461
Realized investment gains, net	632	189	923	3,933
Total other-than-temporary impairment losses	0	(328)	0	(328)
Portion of losses recognized in other comprehensive income, before taxes	0	0	0	0
Net impairment losses recognized in earnings	0	(328)	0	(328)
Other revenue	3,093	2,481	6,037	7,735
Total revenues	235,115	254,449	701,433	787,494
Losses and expenses:
Losses incurred, net (note 12)	115,254	180,189	379,003	642,671
Change in premium deficiency reserve (note 13)	(6,744)	(3,813)	(19,750)	(16,746)
Amortization of deferred policy acquisition costs	2,096	2,209	5,191	5,861
Other underwriting and operating expenses, net	34,882	45,761	105,101	139,683
Interest expense (note 3)	17,361	17,653	52,274	62,001
Total losses and expenses	162,849	241,999	521,819	833,470
Income (loss) before tax	72,266	12,450	179,614	(45,976)
Provision for income taxes (note 11)	249	336	2,093	2,465
Net income (loss)	$ 72,017	$ 12,114	$ 177,521	$ (48,441)
Income (loss) per share (note 6):
Basic (in dollars per share)	$ 0.21	$ 0.04	$ 0.52	$ (0.16)
Diluted (in dollars per share)	$ 0.18	$ 0.04	$ 0.45	$ (0.16)
Weighted average common shares outstanding - basic (note 6) (in shares)	338,626	337,868	338,488	302,996
Weighted average common shares outstanding - diluted (note 6) (in shares)	413,576	339,426	413,473	302,996

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income (loss)	$ 72,017	$ 12,114	$ 177,521	$ (48,441)
Other comprehensive income (loss), net of tax (note 9):
Change in unrealized investment gains and losses (note 7)	(17,301)	7,277	66,798	(100,796)
Benefit plan adjustments	(1,732)	0	(5,198)	0
Foreign currency translation adjustment	(2,490)	1,885	(650)	(10,311)
Other comprehensive income (loss), net of tax	(21,523)	9,162	60,950	(111,107)
Comprehensive income (loss)	$ 50,494	$ 21,276	$ 238,471	$ (159,548)

- Definition

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

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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]	Accumulated deficit [Member]	Total
Balance at Dec. 31, 2012	$ 205,047	$ 1,135,296	$ (104,959)	$ (48,163)	$ (990,281)
Net income (loss)					(48,441)	(48,441)
Change in unrealized investment gains and losses, net (note 7)	0	0	0	(100,796)	0	(100,796)
Common stock issuance (note 14)	135,000	528,335	0	0	0
Reissuance of treasury stock, net	0	(7,892)	40,524	0	(34,488)
Equity compensation	0	4,175	0	0	0
Benefit plan adjustments						0
Unrealized foreign currency translation adjustment	0	0	0	(10,311)	0	(10,311)
Balance at Sep. 30, 2013	340,047	1,659,914	(64,435)	(159,270)	(1,073,210)
Balance at Dec. 31, 2013	340,047	1,661,269	(64,435)	(117,726)	(1,074,617)	744,538
Net income (loss)					177,521	177,521
Change in unrealized investment gains and losses, net (note 7)	0	0	0	66,798	0	66,798
Reissuance of treasury stock, net	0	(6,680)	31,498	0	(29,791)
Equity compensation	0	6,472	0	0	0
Benefit plan adjustments	0	0	0	(5,198)	0	(5,198)
Unrealized foreign currency translation adjustment	0	0	0	(650)	0	(650)
Balance at Sep. 30, 2014	$ 340,047	$ 1,661,061	$ (32,937)	$ (56,776)	$ (926,887)	$ 984,508

- 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".

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- Definition

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

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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.

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- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ 177,521	$ (48,441)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and other amortization	37,859	53,599
Deferred tax provision (benefit)	336	(11)
Realized investment gains, excluding impairment losses	(923)	(3,933)
Net investment impairment losses	0	328
Loss on repurchases of senior notes	837	0
Other	29,132	(3,235)
Change in certain assets and liabilities:
Accrued investment income	1,177	(7,007)
Prepaid reinsurance premium	(7,987)	(7,974)
Reinsurance recoverable on loss reserves	6,187	34,227
Reinsurance recoverable on paid losses	3,975	1,228
Premium receivable	1,971	2,566
Deferred insurance policy acquisition costs	(1,929)	(1,273)
Profit commission receivable	(66,584)	(2,938)
Loss reserves	(533,819)	(703,849)
Premium deficiency reserve	(19,750)	(16,746)
Unearned premiums	31,513	10,529
Income taxes payable (current)	(1,180)	314
Net cash used in operating activities	(341,664)	(692,616)
Cash flows from investing activities:
Purchase of fixed maturities	(1,549,883)	(2,669,778)
Purchase of equity securities	(59)	(69)
Proceeds from sale of fixed maturities	902,660	602,062
Proceeds from maturity of fixed maturities	914,465	1,120,152
Net increase in payable for securities	7,245	317
Net change in restricted cash	233	(60,348)
Net cash provided by (used in) investing activities	274,661	(1,007,664)
Cash flows from financing activities:
Net proceeds from convertible senior notes	0	484,625
Common stock shares issued	0	663,335
Repurchases of long-term debt	(21,767)	(17,235)
Net cash (used in) provided by financing activities	(21,767)	1,130,725
Net decrease in cash and cash equivalents	(88,770)	(569,555)
Cash and cash equivalents at beginning of period	332,692	1,027,625
Cash and cash equivalents at end of period	$ 243,922	$ 458,070

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2014

Nature of Business and Basis of Presentation [Abstract]

Nature of Business and Basis of Presentation

Note 1 – Nature of Business and 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, 2013 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, 2014.

Capital - GSEs

Since 2008, substantially all of our insurance written has been for loans sold to Fannie Mae and Freddie Mac (the “GSEs”), each of which has mortgage insurer eligibility requirements. The existing eligibility requirements include a minimum financial strength rating of Aa3/AA-. Because MGIC does not meet such financial strength rating requirements (its financial strength rating from Moody’s is Ba3 (with a stable outlook) and from Standard & Poor’s is BB (with a positive outlook)), MGIC is currently operating with each GSE as an eligible insurer under a remediation plan.

On July 10, 2014, the conservator of the GSEs, the Federal Housing Finance Agency (“FHFA”), released draft Private Mortgage Insurer Eligibility Requirements (“draft PMIERs”). The draft PMIERs include revised financial requirements for mortgage insurers (the “GSE Financial Requirements”) that require a mortgage insurer’s “Available Assets” (generally only the most liquid assets of an insurer) to meet or exceed “Minimum Required Assets” (which are calculated from tables of factors with several risk dimensions and are subject to a floor amount).

The public input period for the draft PMIERs ended September 8, 2014. We currently expect the PMIERs to be published in final form by December 31, 2014 and the “effective date” to occur 180 days thereafter. Mortgage insurers will have up to two years after the final PMIERs are published to meet the GSE Financial Requirements (the “transition period”). A mortgage insurer that fails to certify by the effective date that it meets the GSE Financial Requirements would be subject to a transition plan having milestones for actions to achieve compliance. The transition plan would be submitted for the approval of each GSE within 90 days after the effective date, and if approved, the GSEs would monitor the insurer’s progress. During the transition period for an insurer with an approved transition plan, an insurer would be in remediation (a status similar to the one under which MGIC has been operating with the GSEs for over five years) and eligible to provide mortgage insurance on loans owned or guaranteed by the GSEs.

We estimated that as of June 30, 2014, applying the rules of the draft PMIERs, MGIC would have a material shortfall in Available Assets. This shortfall is expected to be reduced by operations throughout the transition period, which is expected to end December 31, 2016. The shortfall assumes the risk in force and capital of MIC are repatriated to MGIC, and full credit is given in the calculation of Minimum Required Assets for our existing reinsurance transaction. However, we do not expect to receive full credit for our current reinsurance transaction. As a result, we are in discussions with the reinsurers participating in our existing reinsurance transaction regarding modifications to the agreement so that any reduction in the credit would be minimized. We have not updated these projections, but do not believe they would have changed significantly.

As of September 30, 2014, we had approximately $517 million of cash and investments at our holding company, a portion of which we believe may be available for future contribution to MGIC. Furthermore, there are regulated insurance affiliates of MGIC that have approximately $100 million of assets as of September 30, 2014. We expect that, subject to regulatory approval, we would be able to use a material portion of these assets to increase the Available Assets of MGIC. Additionally, if the draft PMIERs are implemented as released, we would consider seeking additional reinsurance and/or non-dilutive debt capital to mitigate the shortfall. We believe we will be able to use a combination of the alternatives outlined above so that MGIC will meet the GSE Financial Requirements of the draft PMIERs even if they are implemented as released. However, factors that may negatively impact MGIC’s ability to comply with the GSE Financial Requirements within the transition period include the following:

Changes in the actual PMIERs adopted from the draft PMIERs may increase the amount of the MGIC’s Minimum Required Assets or reduce its Available Assets, with the result that the shortfall in Available Assets could increase;

We may not obtain regulatory approval to transfer assets from MGIC’s regulated insurance affiliates to the extent we are assuming because regulators project higher losses than we project or require a level of capital be maintained in these companies higher than we are assuming;

We may not be able to access the non-dilutive debt markets due to market conditions, concern about our creditworthiness, or other factors, in a manner sufficient to provide the funds we are assuming;

We may not be able to achieve modifications in our existing reinsurance arrangements necessary to minimize the reduction in the credit for reinsurance under the draft PMIERs;

We may not be able to obtain additional reinsurance necessary to further reduce the Minimum Required Assets due to market capacity, pricing or other reasons (including disapproval of the proposed transaction by a GSE); and

Our future operating results may be negatively impacted by the matters discussed throughout the financial statement footnotes. Such matters could decrease our revenues, increase our losses or require the use of assets, thereby reducing our Available Assets and increasing our shortfall in Available Assets, or they could increase the Minimum Required Assets, also increasing our shortfall in Available Assets.

There also can be no assurance that the GSEs would not make the GSE Financial Requirements more onerous in the future; in this regard, the draft PMIERs provide that the tables of factors that determine Minimum Required Assets may be updated to reflect changes in risk characteristics and the macroeconomic environment. If MGIC ceases to be eligible to insure loans purchased by one or both of the GSEs, it would significantly reduce the volume of our new business writings.

If we increase the amount of Available Assets we hold in order to continue to insure GSE loans, the amount of capital we hold may increase. If we increase the amount of capital we hold with respect to insured loans, our returns may decrease unless we increase premiums. An increase in premium rates may not be feasible for a number of reasons, including competition from other private mortgage insurers, the FHA or other credit enhancement products.

See disclosure regarding statutory capital in Note 15 – “Statutory Capital.”

Reclassifications

Certain reclassifications have been made in the accompanying financial statements to 2013 amounts to conform to 2014 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. In the fourth quarter of 2013, approximately $42.9 million was released from escrow in connection with the BANA agreement. At September 30, 2014 and December 31, 2013, approximately $17.2 million and $17.4 million, respectively, remains in escrow in connection with the CHL agreement. 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.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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New Accounting Guidance	9 Months Ended
New Accounting Guidance	Sep. 30, 2014
New Accounting Guidance [Abstract]
New Accounting Guidance	Note 2 - New Accounting Guidance In August 2014, the FASB issued an update that requires an entity's management to evaluate whether there is substantial doubt about that entity’s ability to continue as a going concern and, if so, disclose that fact. An entity's management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for annual periods ending after December 15, 2016 and for interim and annual periods thereafter. We do not expect the adoption of this update to have a material effect on the presentation of our financial statements and notes therein. In July 2013, the FASB issued an update to the accounting standard regarding income taxes. This update provides guidance concerning the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward or a tax credit carryforward (the “Carryforwards”) is available. This accounting standard requires an entity to net its liability related to unrecognized tax benefits against the related deferred tax assets for the Carryforwards. A gross presentation will be required when the Carryforwards are not available under the tax law of the applicable jurisdiction or when the Carryforwards would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. This update is effective for fiscal years and interim periods within such years beginning after December 15, 2013. We are currently in compliance with this new guidance. It did not have a significant impact on our consolidated financial statements and disclosures.

Debt

9 Months Ended

Sep. 30, 2014

Debt [Abstract]

Debt

Note 3 – Debt

5.375% Senior Notes – due November 2015

At September 30, 2014 and December 31, 2013 we had outstanding $62.0 million and $82.9 million, respectively, of 5.375% Senior Notes due in November 2015. In February 2014, we repurchased $20.9 million in par value of these notes at a cost slightly above par. Interest on these notes is payable semi-annually in arrears on May 1 and November 1 of each year. These Senior Notes are described in our Annual Report on Form 10-K for the year ended December 31, 2013. That 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.

Scheduled interest payments on the Senior Notes were $1.7 million and $2.8 million for the nine months ended September 30, 2014 and 2013, respectively. In the first quarter of 2014, we also paid $0.3 million in interest related to our repurchase discussed above.

5% Convertible Senior Notes – due May 2017

At September 30, 2014 and December 31, 2013 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 are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our existing Convertible Junior Debentures, discussed below. Debt issuance costs are being amortized to interest expense over the contractual life of the 5% Notes. These 5% Notes are described in our Annual Report on Form 10-K for the year ended December 31, 2013. 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 nine months ended September 30, 2014 and 2013.

2% Convertible Senior Notes – due April 2020

At September 30, 2014 and December 31, 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 $484.6 million after deducting underwriting discount and offering expenses. Interest on the 2% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 2% Notes will mature on April 1, 2020, unless earlier repurchased by us or converted. Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. 130% of such conversion price is $9.03. On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions. 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 are being 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.

These 2% Notes are described in our Annual Report on Form 10-K for the year ended December 31, 2013. 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.

Interest payments on the 2% Notes were $5.0 million for the nine months ended September 30, 2014. There were no scheduled interest payments on the 2% Notes for the nine months ended September 30, 2013.

9% Convertible Junior Subordinated Debentures – due April 2063

At September 30, 2014 and December 31, 2013 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063 (the “debentures”). The debentures rank junior to all of our existing and future senior indebtedness.

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, and we remain current on all interest payments due. 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.

These debentures are described in our Annual Report on Form 10-K for the year ended December 31, 2013. 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 $17.5 million and $35.8 million for the nine months ended September 30, 2014 and 2013, respectively.

All debt

The par value and fair value of our debt at September 30, 2014 and December 31, 2013 appears in the table below.

	Par Value		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
September 30, 2014
Liabilities:
Senior Notes	$	61,953	$	63,696	$	-	$	63,696	$	-
Convertible Senior Notes due 2017		345,000		374,498		374,498		-		-
Convertible Senior Notes due 2020		500,000		656,250		656,250		-		-
Convertible Junior Subordinated Debentures		389,522		497,371		-		497,371		-
Total Debt	$	1,296,475	$	1,591,815	$	1,030,748	$	561,067	$	-


December 31, 2013
Liabilities:
Senior Notes	$	82,883	$	85,991	$	85,991	$	-	$	-
Convertible Senior Notes due 2017		345,000		388,988		388,988		-		-
Convertible Senior Notes due 2020		500,000		685,625		685,625		-		-
Convertible Junior Subordinated Debentures		389,522		439,186		-		439,186		-
Total Debt	$	1,317,405	$	1,599,790	$	1,160,604	$	439,186	$	-

The fair value of our debt is disclosed in accordance with the fair value hierarchy described in Note 8 – “Fair Value Measurements.”

The Senior Notes, Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At September 30, 2014, we had approximately $517 million in cash and investments at our holding company. The net unrealized losses on our holding company investment portfolio were approximately $4.5 million at September 30, 2014. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 3.3 years at September 30, 2014.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Reinsurance

9 Months Ended

Sep. 30, 2014

Reinsurance [Abstract]

Reinsurance

Note 4 – Reinsurance

In April 2013, we entered into a quota share reinsurance agreement with a group of unaffiliated reinsurers that are not captive reinsurers. These reinsurers primarily have a rating of A or better by Moody’s Investors Service, Standard & Poor’s Rating Services or both. This reinsurance agreement applies to new insurance written between April 1, 2013 and December 31, 2015 (with certain exclusions) and covers incurred losses, with renewal premium through December 31, 2018, at which time the agreement terminates. Early termination of the agreement prior to December 31, 2018 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. In December 2013, we entered into an Addendum to the quota share reinsurance agreement that applies to certain insurance written before April 1, 2013 that has never been delinquent. The structure of the quota share reinsurance agreement remained the same, with the exception that the business written before April 1, 2013 is a 40% quota share. Under the Addendum, the premium which was received and unearned as of December 31, 2013 for policies covered by the Addendum was ceded.

As of September 30, 2014 and December 31, 2013, we have accrued a profit commission receivable of $69.0 million and $2.4 million, respectively. This receivable could increase materially through the term of the agreement, but the ultimate amount of the commission will depend on the ultimate level of premiums earned and losses incurred under the agreement. Any profit commission would be paid to us upon termination of the reinsurance agreement.

The reinsurers are required to maintain trust funds or letters of credit to support recoverable balances for reinsurance, such as loss reserves, paid losses, prepaid reinsurance premiums and profit commissions. As such forms of collateral are in place, we have not established an allowance against these balances.

In the past, MGIC had also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the Consumer Financial Protection Bureau (“CFPB”) discussed in Note 5 – “Litigation and Contingencies,” MGIC and 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 $48 million at September 30, 2014 which was supported by $205 million of trust assets, while at December 31, 2013, the reinsurance recoverable on loss reserves related to captives was $64 million which was supported by $226 million of trust assets. At September 30, 2014 and December 31, 2013 there was an additional $6 million and $23 million, respectively, of trust assets in captive agreements where there was no related reinsurance recoverable on loss reserves. See Note 5 – “Litigation and Contingencies” for a discussion of requests or subpoenas for information regarding captive mortgage reinsurance arrangements.

A summary of the effect of our reinsurance agreements on our results for the nine months ended September 30, 2014 and 2013 appears below.

	Nine Months Ended September 30,
	2014		2013
	(In thousands)

Ceded premiums written, net of profit commission	$	87,450	$	31,473

Ceded premiums earned, net of profit commission		79,460		23,499

Ceded losses incurred		22,451		21,238

Ceding commissions		28,994		4,646

- Definition

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

+ References

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+ Details

Litigation and Contingencies	9 Months Ended
Litigation and Contingencies	Sep. 30, 2014
Litigation and Contingencies [Abstract]
Litigation and Contingencies	Note 5 – Litigation and Contingencies 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 2013 and the first nine months of 2014, curtailments reduced our average claim paid by approximately 5.8% and 6.5%, respectively. In addition, the claims submitted to us sometimes include costs and expenses not covered by our insurance policies, such as 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. When reviewing the loan file associated with a claim, we may determine that we have the right to rescind coverage on the loan. 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, 2013 and the first nine months of 2014, rescissions mitigated our paid losses by approximately $0.3 billion, $135 million and $75 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, approximately 5% of claims received in a quarter have been resolved by rescissions, down from the peak of approximately 28% in the first half of 2009. We estimate rescissions mitigated our incurred losses by approximately $2.5 billion in 2009 and $0.2 billion in 2010. 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 2011 through the first nine months of 2014. 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 litigation, settlements or other factors, could materially affect our losses. If the insured disputes our right to rescind coverage, we generally engage in discussions in an attempt to settle the dispute. As part of those discussions, we may voluntarily suspend rescissions we believe may be part of a settlement. 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 consented to our settlement agreements with two customers, one of which is Countrywide, as discussed below, and have rejected other settlement agreements. We have reached and implemented settlement agreements that do not require GSE approval, but they have not been material in the aggregate. If we are unable to reach a settlement, the outcome of a 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. Until a liability associated with a settlement agreement or litigation becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes even though discussions and legal proceedings have been initiated and are ongoing. Under ASC 450-20, an estimated loss from such discussions and proceedings is accrued for only if we determine that the loss is probable and can be reasonably estimated. Since December 2009, we have been involved in legal proceedings with Countrywide Home Loans, Inc. (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “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. 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 (as amended, the “Agreements”). The Agreement with BANA covers loans purchased by the GSEs. That original Agreement was implemented beginning in November 2013 and we resolved all related suspended rescissions in November and December 2013 by paying the associated claim or processing the rescission. The pending arbitration proceedings concerning the loans covered by that agreement have been dismissed, the mutual releases between the parties regarding such loans have become effective and the litigation between the parties regarding such loans is to be dismissed. The Agreement with CHL covers loans that were purchased by non-GSE investors, including securitization trusts (the “other investors”). That Agreement will be implemented only as and to the extent that it is consented to by or on behalf of the other investors. While there can be no assurance that the Agreement with CHL will be implemented, we have determined that its implementation is probable. We recorded the estimated impact of the Agreements and another probable settlement in our financial statements for the quarter ending December 31, 2012. We have also recorded the estimated impact of other probable settlements, including a previously disclosed curtailment dispute with Countrywide. The estimated impact that we recorded is our best estimate of our loss from these matters. We estimate that the maximum exposure above the best estimate provision we recorded is $670 million, of which about 58% is related to claims paying practices subject to the Agreement with CHL and the curtailment dispute with Countrywide. If we are not able to implement the Agreement with CHL or the other settlements we consider probable, we intend to defend MGIC vigorously against any related legal proceedings. The flow policies at issue with Countrywide are in the same form as the flow policies that we used with all of our customers during the period covered by the Agreements, 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. We are involved in discussions and legal and consensual proceedings with customers with respect to our claims paying practices. Although it is reasonably possible that when these discussions or proceedings are completed we will not prevail in all cases, we are unable to make a reasonable estimate or range of estimates of the potential liability. We estimate the maximum exposure associated with these discussions and proceedings to be approximately $38 million, although we believe we will ultimately resolve these matters for significantly less than this amount. The estimates of our maximum exposure referred to above do not include interest or consequential or exemplary damages. 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. Seven of those cases have previously been dismissed without any further opportunity to appeal. 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 lenders’ captive reinsurers received excessive premiums in relation to the risk assumed by those captives, thereby violating RESPA. MGIC denies any wrongdoing and intends to vigorously defend itself against the allegations in the lawsuits. There can be no assurance that we will not be subject to further litigation under RESPA (or FCRA) or that the outcome of any such litigation, including the lawsuits mentioned above, would not have a material adverse effect on us. In 2013, the U.S. District Court for the Southern District of Florida approved a settlement with the CFPB that resolved a federal investigation of MGIC’s participation in captive reinsurance arrangements in the mortgage insurance industry. The settlement concluded the investigation with respect to MGIC without the CFPB or the court 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 provisions of RESPA. We received requests from the Minnesota Department of Commerce (the “MN Department”) 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. In August 2013, MGIC and several competitors received a draft Consent Order from the MN Department containing proposed conditions to resolve its investigation, including unspecified penalties. We are engaged in discussions with the MN Department regarding the draft Consent Order. We also received a request 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. Other insurance departments or other officials, including attorneys general, may also seek information about, investigate, or seek remedies regarding 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. State insurance regulatory authorities could take actions, including changes in capital requirements, that could have a material adverse effect on us. In addition, the CFPB may issue additional rules or regulations, which may materially affect our business. In December 2013, the U.S. Treasury Department’s Federal Insurance Office released a report that calls for federal standards and oversight for mortgage insurers to be developed and implemented. It is uncertain what form the standards and oversight will take and when they will become effective. 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. 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. Seven of these lawsuits have been dismissed without any further opportunity to appeal. The remaining lawsuit had also been dismissed by the U.S. District Court, however, the plaintiff in that lawsuit filed a motion for reconsideration by the U.S. District Court and to certify a related question of law to the Supreme Court of the State in which the U.S. District Court is located. That motion for reconsideration was denied, however, in May 2014, the plaintiff appealed the denial. The damages sought in this remaining case are substantial. We deny any wrongdoing and intend to defend ourselves vigorously against the allegations in the lawsuit. 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. Claims for remedies may be made a number of years after the underwriting work was performed. Beginning in the second half of 2009, our subsidiary experienced an increase in claims for contract underwriting remedies, which continued throughout 2012. The underwriting remedy expense for 2013 and the first nine months of 2014 was approximately $5 million and $3 million, respectively, but may increase in the future. See Note 11 – “Income Taxes” for a description of federal income tax contingencies.

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2014

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 0.1 million for the nine months ended September 30, 2013 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 and nine months ended September 30, 2014 and for the three months ended September 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 and the dilutive effect of our convertible debt. In accordance with accounting guidance, if we report a net loss from continuing operations then our diluted EPS is computed in the same manner as the basic EPS. In addition if any common stock equivalents are anti-dilutive they are excluded from the calculation. The following includes a reconciliation of the weighted average number of shares; however for the three months ended September 30, 2014 and 2013 common stock equivalents of 54.5 million and 126.5 million, respectively, and for the nine months ended September 30, 2014 and 2013 common stock equivalents of 54.5 million and 109.6 million, respectively, were not included because they were anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands, except per share data)

Basic earnings per share:

Net income (loss)	$	72,017	$	12,114	$	177,521	$	(48,441	)

Weighted average common shares outstanding		338,626		337,868		338,488		302,996
Basic income (loss) per share	$	0.21	$	0.04	$	0.52	$	(0.16	)


Diluted earnings per share:

Net income (loss)	$	72,017	$	12,114	$	177,521	$	(48,441	)

Effect of dilutive securities:
2% Convertible Senior Notes		3,049		-		9,148		-

Net income (loss) plus assumed conversions	$	75,066	$	12,114	$	186,669	$	(48,441	)

Weighted-average shares - Basic		338,626		337,868		338,488		302,996
Common stock equivalents		74,950		1,558		74,985		-

Weighted-average shares - Diluted		413,576		339,426		413,473		302,996
Diluted income (loss) per share	$	0.18	$	0.04	$	0.45	$	(0.16	)

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Investments

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

Note 7 – Investments

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at September 30, 2014 and December 31, 2013 are shown below.

September 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	414,778	$	2,636	$	(9,795	)	$	407,619
Obligations of U.S. states and political subdivisions		833,510		10,068		(4,316	)		839,262
Corporate debt securities		2,341,189		9,953		(12,587	)		2,338,555
Asset-backed securities		341,519		932		(202	)		342,249
Residential mortgage-backed securities		344,515		167		(13,751	)		330,931
Commercial mortgage-backed securities		269,857		675		(3,032	)		267,500
Collateralized loan obligations		61,339		-		(763	)		60,576
Debt securities issued by foreign sovereign governments		37,854		2,466		(33	)		40,287
Total debt securities		4,644,561		26,897		(44,479	)		4,626,979
Equity securities		2,968		63		(9	)		3,022

Total investment portfolio	$	4,647,529	$	26,960	$	(44,488	)	$	4,630,001

December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	663,642	$	1,469	$	(25,521	)	$	639,590
Obligations of U.S. states and political subdivisions		932,922		5,865		(17,420	)		921,367
Corporate debt securities		2,190,095		6,313		(24,993	)		2,171,415
Asset-backed securities		399,839		1,100		(453	)		400,486
Residential mortgage-backed securities		383,368		146		(24,977	)		358,537
Commercial mortgage-backed securities		277,920		131		(6,668	)		271,383
Collateralized loan obligations		61,337		-		(1,042	)		60,295
Debt securities issued by foreign sovereign governments		39,420		1,722		(290	)		40,852
Total debt securities		4,948,543		16,746		(101,364	)		4,863,925
Equity securities		2,908		9		(23	)		2,894

Total investment portfolio	$	4,951,451	$	16,755	$	(101,387	)	$	4,866,819

(1) At September 30, 2014 and December 31, 2013, 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 86% of the market value of our foreign investments with the remaining 10% invested in corporate securities and 4% in cash equivalents. Seventy-nine percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 21% is rated AA.

The amortized cost and fair values of debt securities at September 30, 2014, 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.

September 30, 2014	Amortized Cost		Fair Value
	(In thousands)

Due in one year or less	$	405,324	$	406,256
Due after one year through five years		1,858,612		1,863,872
Due after five years through ten years		928,153		922,372
Due after ten years		435,242		433,223

	$	3,627,331	$	3,625,723

Asset-backed securities		341,519		342,249
Residential mortgage-backed securities		344,515		330,931
Commercial mortgage-backed securities		269,857		267,500
Collateralized loan obligations		61,339		60,576

Total at September 30, 2014	$	4,644,561	$	4,626,979

At September 30, 2014 and December 31, 2013, the investment portfolio had gross unrealized losses of $44.5 million and $101.4 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:

	Less Than 12 Months				12 Months or Greater				Total
September 30, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	6,320	$	43	$	325,892	$	9,752	$	332,212	$	9,795
Obligations of U.S. states and political subdivisions		165,975		1,392		135,146		2,924		301,121		4,316
Corporate debt securities		1,000,551		5,995		233,161		6,592		1,233,712		12,587
Asset-backed securities		56,801		137		14,675		65		71,476		202
Residential mortgage-backed securities		15,020		55		307,151		13,696		322,171		13,751
Commercial mortgage-backed securities		91,505		855		112,195		2,177		203,700		3,032
Collateralized loan obligations		-		-		60,576		763		60,576		763
Debt securities issued by foreign sovereign governments		4,561		10		1,783		23		6,344		33
Equity securities		137		1		238		8		375		9
Total investment portfolio	$	1,340,870	$	8,488	$	1,190,817	$	36,000	$	2,531,687	$	44,488

	Less Than 12 Months				12 Months or Greater				Total
December 31, 2013	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	465,975	$	24,980	$	4,103	$	541	$	470,078	$	25,521
Obligations of U.S. states and political subdivisions		503,967		17,370		4,226		50		508,193		17,420
Corporate debt securities		1,238,211		20,371		81,593		4,622		1,319,804		24,993
Asset-backed securities		126,991		387		7,114		66		134,105		453
Residential mortgage-backed securities		91,534		3,886		265,827		21,091		357,361		24,977
Commercial mortgage-backed securities		192,440		6,239		43,095		429		235,535		6,668
Collateralized loan obligations		60,295		1,042		-		-		60,295		1,042
Debt securities issued by foreign sovereign governments		7,203		290		-		-		7,203		290
Equity securities		1,012		18		75		5		1,087		23
Total investment portfolio	$	2,687,628	$	74,583	$	406,033	$	26,804	$	3,093,661	$	101,387

The unrealized losses in all categories of our investments at September 30, 2014 and December 31, 2013 were primarily caused by the difference in interest rates at each respective period, 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 each of the three and nine months ended September 30, 2014 there were no other-than-temporary impairments (“OTTI”) recognized. There were $0.3 million of OTTI losses recognized during the three and nine months ended September 30, 2013.

The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:

		Three Months Ended September 30,					Nine Months Ended September 30,
		2014		2013			2014		2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Fixed maturities		$	629	$	(393	)	$	755	$	2,755
Equity securities			3		254			168		850

		$	632	$	(139	)	$	923	$	3,605

		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Gains on sales		$	1,161		$	391		$	3,273		$	5,352
Losses on sales			(529	)		(202	)		(2,350	)		(1,419	)
Impairment losses			-			(328	)		-			(328	)

		$	632		$	(139	)	$	923		$	3,605

- Definition

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

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

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 U.S. Treasury securities 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 obligations of U.S. government corporations and agencies and 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 premium tax credit investments. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement that is fair valued at the lower of our acquisition cost or a percentage of appraised value. The percentage applied to appraised value is based upon our historical sales experience adjusted for current trends.

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.

During the quarter ended September 30, 2014, we changed the classification of our U.S. government corporation and agency securities with a fair value of $215 million, from Level 1 to Level 2 in the fair value hierarchy. The fair value of our U.S. government corporation and agency securities, in current market conditions, is determined from quoted prices for similar instruments in active markets, which is in accordance with our policy for determining fair value for Level 2 securities. The classification of these securities in the fair value table as of December 31, 2013 has been revised, as we believe the most appropriate classification for these securities was Level 2 at that date. There were no other transfers between Level 1 and Level 2 during the nine months ended September 30, 2014.

Fair value measurements for assets measured at fair value included the following as of September 30, 2014 and December 31, 2013:

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
September 30, 2014

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	407,619	$	192,683	$	214,936	$	-
Obligations of U.S. states and political subdivisions		839,262		-		837,268		1,994
Corporate debt securities		2,338,555		-		2,338,555		-
Asset-backed securities		342,249		-		342,249		-
Residential mortgage-backed securities		330,931		-		330,931		-
Commercial mortgage-backed securities		267,500		-		267,500		-
Collateralized loan obligations		60,576		-		60,576		-
Debt securities issued by foreign sovereign governments		40,287		40,287		-		-
Total debt securities		4,626,979		232,970		4,392,015		1,994
Equity securities		3,022		2,701		-		321
Total investments	$	4,630,001	$	235,671	$	4,392,015	$	2,315
Real estate acquired (1)	$	16,565	$	-	$	-	$	16,565

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

December 31, 2013

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	639,590	$	347,273	$	292,317	$	-
Obligations of U.S. states and political subdivisions		921,367		-		918,944		2,423
Corporate debt securities		2,171,415		-		2,171,415		-
Asset-backed securities		400,486		-		400,486		-
Residential mortgage-backed securities		358,537		-		358,537		-
Commercial mortgage-backed securities		271,383		-		271,383		-
Collateralized loan obligations		60,295		-		60,295		-
Debt securities issued by foreign sovereign governments		40,852		40,852		-		-
Total debt securities		4,863,925		388,125		4,473,377		2,423
Equity securities		2,894		2,573		-		321
Total investments	$	4,866,819	$	390,698	$	4,473,377	$	2,744
Real estate acquired (1)	$	13,280	$	-	$	-	$	13,280

(1)	Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.

For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three and nine months ended September 30, 2014 and 2013 is as follows:

	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at June 30, 2014	$	2,231		$	321	$	2,552		$	10,804
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(2,062	)
Purchases		-			-		-			14,107
Sales		(237	)		-		(237	)		(6,284	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at September 30, 2014	$	1,994		$	321	$	2,315		$	16,565

Amount of total losses included in earnings for the three months ended September 30, 2014 attributable to the change in unrealized losses on assets still held at September 30, 2014	$	-		$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(4,378	)
Purchases		30			-		30			33,484
Sales		(459	)		-		(459	)		(25,821	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at September 30, 2014	$	1,994		$	321	$	2,315		$	16,565

Amount of total losses included in earnings for the nine months ended September 30, 2014 attributable to the change in unrealized losses on assets still held at September 30, 2014	$	-		$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities		Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at June 30, 2013	$	2,811		$	-	$	321	$	3,132		$	8,741
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-		-			(1,378	)
Purchases		-			-		-		-			10,857
Sales		(241	)		-		-		(241	)		(5,844	)
Transfers into Level 3		-			-		-		-			-
Transfers out of Level 3		-			-		-		-			-
Balance at September 30, 2013	$	2,570		$	-	$	321	$	2,891		$	12,376

Amount of total losses included in earnings for the three months ended September 30, 2013 attributable to the change in unrealized losses on assets still held at September 30, 2013	$	-		$	-	$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at December 31, 2012	$	3,130		$	17,114		$	321	$	20,565		$	3,463
Total realized/unrealized gains (losses):
Included in earnings and reported as realized investment gains (losses), net		-			(225	)		-		(225	)		-
Included in earnings and reported as losses incurred, net		-			-			-		-			(3,680	)
Purchases		30			-			-		30			28,401
Sales		(590	)		(16,889	)		-		(17,479	)		(15,808	)
Transfers into Level 3		-			-			-		-			-
Transfers out of Level 3		-			-			-		-			-
Balance at September 30, 2013	$	2,570		$	-		$	321	$	2,891		$	12,376

Amount of total losses included in earnings for the nine months ended September 30, 2013 attributable to the change in unrealized losses on assets still held at September 30, 2013	$	-		$	-		$	-	$	-		$	-

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

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.”

- Definition

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

+ References+ Details

Other Comprehensive Income

9 Months Ended

Sep. 30, 2014

Other Comprehensive Income [Abstract]

Other Comprehensive Income

Note 9 – Other Comprehensive Income

Our other comprehensive income for the three and nine months ended September 30, 2014 and 2013 was as follows:

		Three Months Ended September 30, 2014
		Before tax			Tax effect		Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	(17,377	)	$	6,069	$	(5,993	)	$	(17,301	)
Benefit plan adjustments			(1,732	)		606		(606	)		(1,732	)
Unrealized foreign currency translation adjustment			(3,835	)		1,345		-			(2,490	)

Other comprehensive income (loss)		$	(22,944	)	$	8,020	$	(6,599	)	$	(21,523	)

		Nine Months Ended September 30, 2014
		Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	67,102		$	(23,436	)	$	23,132		$	66,798
Benefit plan adjustments			(5,198	)		1,819			(1,819	)		(5,198	)
Unrealized foreign currency translation adjustment			(1,000	)		350			-			(650	)

Other comprehensive income (loss)		$	60,904		$	(21,267	)	$	21,313		$	60,950

		Three Months Ended September 30, 2013
		Before tax		Tax effect			Valuation allowance		Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	7,163	$	(2,526	)	$	2,640	$	7,277
Unrealized foreign currency translation adjustment			2,901		(1,016	)		-		1,885

Other comprehensive income (loss)		$	10,064	$	(3,542	)	$	2,640	$	9,162

		Nine Months Ended September 30, 2013
		Before tax			Tax effect		Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	(102,468	)	$	35,586	$	(33,914	)	$	(100,796	)
Unrealized foreign currency translation adjustment			(15,868	)		5,557		-			(10,311	)

Other comprehensive income (loss)		$	(118,336	)	$	41,143	$	(33,914	)	$	(111,107	)

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.

	Three Months Ended September 30, 2014
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at June 30, 2014, before tax	$	(155	)	$	(7,232	)	$	14,019		$	6,632

Other comprehensive income (loss) before reclassifications		(18,217	)		-			(3,835	)		(22,052	)
Amounts reclassified from accumulated other comprehensive income (loss)		(840	)(1)		1,732	(2)		-			892

Net current period other comprehensive income (loss)		(17,377	)		(1,732	)		(3,835	)		(22,944	)

Balance at September 30, 2014, before tax	$	(17,532	)	$	(8,964	)	$	10,184		$	(16,312	)

	Nine Months Ended September 30, 2014
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2013, before tax	$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)

Other comprehensive income (loss) before reclassifications		56,332			-			(1,000	)		55,332
Amounts reclassified from accumulated other comprehensive income (loss)		(10,770	)(1)		5,198	(2)		-			(5,572	)

Net current period other comprehensive income (loss)		67,102			(5,198	)		(1,000	)		60,904

Balance at September 30, 2014, before tax		(17,532	)		(8,964	)		10,184			(16,312	)

Tax effect (3)		(64,360	)		26,940			(3,044	)		(40,464	)

Balance at September 30, 2014, net of tax	$	(81,892	)	$	17,976		$	7,140		$	(56,776	)

	Three Months Ended September 30, 2013
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation		Total
	(In thousands)

Balance at June 30, 2013, before tax	$	(68,090	)	$	(71,804	)	$	13,978	$	(125,916	)

Other comprehensive income (loss) before reclassifications		4,396			-			2,901		7,297
Amounts reclassified from accumulated other comprehensive income (loss)		(2,767	)(1)		-					(2,767	)
								-
Net current period other comprehensive income (loss)		7,163			-			2,901		10,064

Balance at September 30, 2013, before tax	$	(60,927	)	$	(71,804	)	$	16,879	$	(115,852	)

	Nine Months Ended September 30, 2013
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2012, before tax	$	41,541		$	(71,804	)	$	32,747		$	2,484

Other comprehensive income (loss) before reclassifications		(95,588	)		-			(15,868	)		(111,456	)
Amounts reclassified from accumulated other comprehensive income (loss)		6,880	(1)		-						6,880
								-
Net current period other comprehensive income (loss)		(102,468	)		-			(15,868	)		(118,336	)

Balance at September 30, 2013, before tax		(60,927	)		(71,804	)		16,879			(115,852	)

Tax effect (3)		(64,968	)		26,940			(5,390	)		(43,418	)

Balance at September 30, 2013, net of tax	$	(125,895	)	$	(44,864	)	$	11,489		$	(159,270	)

(1)

During the three and nine months ended September 30, 2014, net unrealized losses of ($0.8) million and ($10.8) million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net. During the three and nine months ended September 30, 2013, net unrealized (losses) gains of ($2.8) million and $6.9 million, respectively were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net.

(2)

During the three and nine months ended September 30, 2014, other comprehensive income related to benefit plans of $1.7 million and $5.2 million, respectively, was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.

(3)

Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Total accumulated other comprehensive income at December 31, 2013 is included in the table below.

		Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)


Balance at December 31, 2013, before tax		$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)

Tax effect (1)			(64,056	)		26,940			(3,394	)		(40,510	)

Balance at December 31, 2013, net of tax		$	(148,690	)	$	23,174		$	7,790		$	(117,726	)

(1) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Benefit Plans

9 Months Ended

Sep. 30, 2014

Benefit Plans [Abstract]

Benefit Plans

Note 10 - Benefit Plans

The following table provides the components of net periodic benefit cost for the pension, supplemental executive retirement and other postretirement benefit plans:

		Three Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
		2014			2013			2014			2013
	(In thousands)

Service cost		$	2,142		$	2,835		$	165		$	202
Interest cost			3,997			3,823			164			155
Expected return on plan assets			(5,258	)		(5,035	)		(1,162	)		(919	)
Recognized net actuarial loss			271			1,536			(109	)		-
Amortization of prior service cost			(233	)		125			(1,663	)		(1,663	)

Net periodic benefit cost		$	919		$	3,284		$	(2,605	)	$	(2,225	)

		Nine Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
		2014			2013			2014			2013
	(In thousands)

Service cost		$	6,425		$	8,504		$	494		$	609
Interest cost			11,991			11,467			491			464
Expected return on plan assets			(15,773	)		(15,108	)		(3,486	)		(2,759	)
Recognized net actuarial loss			812			4,609			(326	)		-
Amortization of prior service cost			(698	)		377			(4,988	)		(4,987	)

Net periodic benefit cost		$	2,757		$	9,849		$	(7,815	)	$	(6,673	)

We currently intend to make a contribution to our Pension plan in the fourth quarter of 2014 that will approximate our annual service cost for the plan.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Income Taxes

9 Months Ended

Sep. 30, 2014

Income Taxes [Abstract]

Income Taxes

Note 11 – Income Taxes

We review the need to maintain a deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, 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.

It is reasonably possible that the amount of the valuation allowance will be reversed in the foreseeable future when we show positive evidence, such as meaningful levels of sustainable operating income, that our deferred tax assets are realizable. In the period in which the valuation allowance is reversed, we would recognize a tax benefit which will increase our earnings for that period. In future years, after the valuation allowance has been reversed and until such time as our net operating loss carryforwards are exhausted or expired, our provision for income tax would substantially exceed the amount of cash tax payments.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(In thousands)

Tax provision (benefit) before valuation allowance	$	25,030		$	(674	)	$	65,322		$	(17,792	)
Change in valuation allowance		(24,781	)		1,010			(63,229	)		20,257

Provision for income taxes	$	249		$	336		$	2,093		$	2,465

The change in the valuation allowance that was included in other comprehensive income for the three months ended September 30, 2014 and 2013 was an increase of $6.6 million and a decrease of $2.6 million, respectively. The change in the valuation allowance that was included in other comprehensive income for the nine months ended September 30, 2014 and 2013 was a decrease of $21.3 million and an increase of $33.9 million, respectively. The total valuation allowance as of September 30, 2014 and December 31, 2013 was $919.7 million and $1,004.2 million, respectively.

We have approximately $2.5 billion of net operating loss carryforwards on a regular tax basis and $1.6 billion of net operating loss carryforwards for computing the alternative minimum tax as of September 30, 2014. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033.

Tax Contingencies

As previously disclosed, the Internal Revenue Service (“IRS”) completed examinations of our federal income tax returns for the years 2000 through 2007 and issued proposed assessments for taxes, interest and penalties related to our treatment of the flow-through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits (“REMICs”). The IRS indicated that it did not believe that, for various reasons, we had established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. We appealed these assessments within the IRS and in August 2010, we reached a tentative settlement agreement with the IRS which was not finalized. On September 10, 2014, we received Notices of Deficiency (commonly referred to as “90 day letters”) covering the 2000-2007 tax years. The Notices of Deficiency reflect taxes and penalties related to the REMIC matters of $197.5 million and at September 30, 2014, there would also be interest related to these matters of approximately $164.8 million. In 2007, we made a payment of $65.2 million to the United States Department of the Treasury which will reduce any amounts we would ultimately owe. Depending on the outcome of this matter, additional state income taxes and state interest may become due when a final resolution is reached. As of September 30, 2014, those state taxes and interest would approximate $47.0 million. In addition, there could also be state tax penalties. The Notices of Deficiency also reflected additional amounts due of $261.4 million which are primarily associated with the disallowance of the carryback of the 2009 net operating loss to the 2004-2007 tax years. We believe the IRS included the carryback adjustments as a precaution to keep open the statute of limitations on collection of the tax that was refunded when this loss was carried back, and not because the IRS actually intends to disallow the carryback permanently.

We intend to petition the U.S. Tax Court to litigate the deficiency amounts and have until December 8, 2014 to do so. Any resulting litigation could be lengthy and costly in terms of legal fees and related expenses. We can provide no assurance regarding the outcome of any such litigation or whether a compromised settlement with the IRS will ultimately be reached and finalized. Our total amount of unrecognized tax benefits as of September 30, 2014 is $106.0 million, which represents the tax benefits generated by the REMIC portfolio included in our tax returns that we have not taken benefit for in our financial statements, including any related interest. We 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, available assets and statutory capital. In this regard, see Note 1 – “Nature of Business – Capital-GSEs.”

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

The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, that would affect our effective tax rate is $93.4 million, after taking into account the effect of NOL carrybacks. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. As of September 30, 2014 and December 31, 2013, we had accrued $26.7 million and $26.1 million, respectively, for the payment of interest.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Loss Reserves

9 Months Ended

Sep. 30, 2014

Loss Reserves [Abstract]

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, 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 nine months ended September 30, 2014 and 2013:

	Nine Months Ended September 30,
	2014			2013
	(In thousands)

Reserve at beginning of period	$	3,061,401		$	4,056,843
Less reinsurance recoverable		64,085			104,848
Net reserve at beginning of period		2,997,316			3,951,995

Losses incurred:
Losses and LAE incurred in respect of default notices related to:
Current year		454,390			686,454
Prior years (1)		(75,387	)		(43,783	)
Subtotal		379,003			642,671

Losses paid:
Losses and LAE paid in respect of default notices related to:
Current year		11,574			28,792
Prior years		895,061			1,286,833
Reinsurance terminations (2)		-			(3,332	)
Subtotal		906,635			1,312,293

Net reserve at end of period		2,469,684			3,282,373
Plus reinsurance recoverables		57,898			70,621

Reserve at end of period	$	2,527,582		$	3,352,994

(1)

A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.

(2)

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

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 nine months of 2014 compared to the same period in 2013, 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 new and previously received delinquencies.

The prior year development of the reserves in the first nine months of 2014 and 2013 is reflected in the table below.

	Nine Months Ended September 30,
	2014			2013
	(In millions)
Prior year loss development (1):

(Decrease) increase in estimated claim rate on primary defaults	$	(38	)	$	10
Decrease in estimated severity on primary defaults		(20	)		(40	)
Change in estimates related to pool reserves, LAE reserves and reinsurance		(17	)		(14	)
Total prior year loss development	$	(75	)	$	(44	)

(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 50% and 48% for the nine months ended September 30, 2014 and 2013, 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 nine months of 2014, we recognized favorable development on our estimated claim rate as we experienced a better cure rate on previously received delinquencies. The favorable development related to our estimated severity primarily relates to items resolved in the first nine months of 2014. In the first nine months of 2013, we recognized favorable development in our estimated severity primarily related to items resolved in the first nine months of 2013.

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

The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at September 30, 2014 and December 31, 2013 and approximated $112 million and $131 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 nine months ended September 30, 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. Historically, losses incurred have followed a seasonal trend in which the second half of the year has weaker credit performance than the first half, with higher new notice activity and a lower cure rate.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013


Default inventory at beginning of period		85,416			117,105			103,328			139,845
New Notices		22,927			27,755			67,451			81,044
Cures		(19,582	)		(24,105	)		(68,082	)		(80,677	)
Paids (including those charged to a deductible or captive)		(5,288	)		(8,659	)		(18,420	)		(27,155	)
Rescissions and denials		(319	)		(509	)		(1,123	)		(1,470	)
Default inventory at end of period		83,154			111,587			83,154			111,587

Pool insurance notice inventory decreased from 6,821 at September 30, 2013 to 6,563 at December 31, 2013 and to 4,525 at September 30, 2014.

The decrease in the primary default inventory experienced during 2014 and 2013 was generally across all markets and all book years. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months and the number of loans in our primary claims received inventory have been affected by our suspended rescissions and the resolution of certain of those rescissions discussed below and in Note 5 – “Litigation and Contingencies.”

Aging of the Primary Default Inventory

	September 30,				December 31,				September 30,
	2014				2013				2013

Consecutive months in default
3 months or less		16,209	19	%		18,941	18	%		20,144	18	%
4 - 11 months		18,890	23	%		24,514	24	%		24,138	22	%
12 months or more		48,055	58	%		59,873	58	%		67,305	60	%

Total primary default inventory		83,154	100	%		103,328	100	%		111,587	100	%

Primary claims received inventory included in ending default inventory (1)		5,194	6	%		6,948	7	%		9,858	9	%

(1) Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to certain loans that we believed would be included in a potential resolution. As of September 30, 2014, rescissions of coverage on approximately 1,575 loans had been voluntarily suspended.

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

	September 30,				December 31,				September 30,
	2014				2013				2013


3 payments or less		23,769	28	%		28,095	27	%		28,777	26	%
4 - 11 payments		18,985	23	%		24,605	24	%		25,089	22	%
12 payments or more		40,400	49	%		50,628	49	%		57,721	52	%

Total primary default inventory		83,154	100	%		103,328	100	%		111,587	100	%

Claims paying practices

We estimate rescissions mitigated our incurred losses by approximately $2.5 billion in 2009 and $0.2 billion in 2010. 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 2011 through the first nine months of 2014. 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 litigation, settlements or other factors, could materially affect our losses.

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. Our estimation process does not include a direct correlation between claim rates and severities to projected rescission activity or other economic conditions such as changes in unemployment rates, interest rates or housing values. Our experience is that analysis of that nature would not produce reliable results, as the change in one condition cannot be isolated to determine its sole effect on our ultimate paid losses as our ultimate paid losses are also influenced at the same time by other economic conditions. The estimation of the impact of rescissions on incurred losses must be considered together with the various other factors impacting incurred losses and not in isolation.

The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At September 30, 2014 and December 31, 2013 the estimate of this liability totaled $29 million and $15 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.

For information about discussions and legal proceedings with customers with respect to our claims paying practices, including settlements that we believe are probable, as defined in ASC 450-20, see Note 5 – “Litigation and Contingencies.”

Premium Deficiency Reserve

9 Months Ended

Sep. 30, 2014

Premium Deficiency Reserve [Abstract]

Premium Deficiency Reserve

Note 13 – Premium Deficiency Reserve

The components of the premium deficiency reserve at September 30, 2014, December 31, 2013 and September 30, 2013 appear in the table below.

	September 30, 2014			December 31, 2013			September 30, 2013
	(In millions)
Present value of expected future paid losses and expenses, net of expected future premium	$	(570	)	$	(669	)	$	(709	)

Established loss reserves		541			621			652

Net deficiency	$	(29	)	$	(48	)	$	(57	)

The decrease in the premium deficiency reserve for the three and nine months ended September 30, 2014 was $6 million and $19 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 September 30, 2014 is primarily related to higher estimated ultimate losses. The net change in assumptions for the nine months ended September 30, 2014 is primarily related to higher estimated ultimate premiums.

	Three Months Ended						Nine Months Ended
	September 30, 2014
	(In millions)

Premium Deficiency Reserve at beginning of period				$	(35	)				$	(48	)

Paid claims and loss adjustment expenses	$	41					$	132
Decrease in loss reserves		(15	)					(81	)
Premium earned		(17	)					(59	)
Effects of present valuing on future premiums, losses and expenses		3						(1	)

Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					12						(9	)

Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					(6	)					28

Premium Deficiency Reserve at end of period				$	(29	)				$	(29	)

(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 nine months ended September 30, 2013 was $4 million and $17 million, respectively, as shown in the table below. The net change in assumptions for both the three months and nine months ended September 30, 2013 is primarily related to higher estimated ultimate premiums.

	Three Months Ended						Nine Months Ended
	September 30, 2013
	(In millions)

Premium Deficiency Reserve at beginning of period				$	(61	)				$	(74	)

Paid claims and loss adjustment expenses	$	51					$	172
Decrease in loss reserves		(37	)					(114	)
Premium earned		(24	)					(72	)
Effects of present valuing on future premiums, losses and expenses		-						(2	)

Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					(10	)					(16	)

Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					14						33

Premium Deficiency Reserve at end of period				$	(57	)				$	(57	)

(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.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2014
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 14 – Shareholders’ Equity In June 2013, we amended our Articles of Incorporation to increase our authorized common stock from 680 million shares to 1.0 billion shares. 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 $663.3 million, after deducting underwriting discount and 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.” 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.

- Definition

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

+ References

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+ Details

Statutory Capital	9 Months Ended
Statutory Capital	Sep. 30, 2014
Statutory Capital [Abstract]
Statutory Capital	Note 15 – Statutory Capital Statutory Capital Requirements The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the 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 “State Capital Requirements” and, together with the GSE Financial Requirements, the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position (“MPP”). The “policyholder position” of a mortgage insurer is its net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums. In 2013, we entered into a quota share reinsurance transaction with a group of unaffiliated reinsurers that reduced our risk-to-capital ratio. At September 30, 2014, MGIC’s risk-to-capital ratio was 15.0 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $605 million above the required MPP of $1.0 billion. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers. If MGIC is disallowed full credit under either the State Capital Requirements or the GSE Financial Requirements, MGIC may terminate the transaction, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements. Matters that could negatively affect compliance with State Capital Requirements are discussed throughout the financial statement footnotes. At September 30, 2014, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 17.0 to 1. Reinsurance transactions with affiliates permit MGIC to write insurance with a higher coverage percentage than it could on its own under certain state-specific requirements. A higher risk-to-capital ratio on a combined basis may indicate that, in order for MGIC to continue to utilize reinsurance arrangements with its affiliates, unless a waiver of the State Capital Requirements of Wisconsin continues to be effective, additional capital contributions to the reinsurance affiliates could be needed. The National Association of Insurance Commissioners (“NAIC”) previously announced that it plans to revise the minimum capital and surplus requirements for mortgage insurers that are provided for in its Mortgage Guaranty Insurance Model Act. A working group of state regulators is considering this issue, although no date has been established by which the NAIC must propose revisions to such requirements. Depending on the scope of revisions made by the NAIC, MGIC may be prevented from writing new business in the jurisdictions adopting such revisions. If MGIC fails to meet the State Capital Requirements of Wisconsin and is unable to obtain a waiver of them from the Office of the Commissioner of Insurance of the State of Wisconsin (“OCI”), MGIC could be prevented from writing new business in all jurisdictions. If MGIC fails to meet the State Capital Requirements of a jurisdiction other than Wisconsin and is unable to obtain a waiver of them, MGIC could be prevented from writing new business in that particular jurisdiction. It is possible that regulatory action by one or more jurisdictions, including those that do not have specific State Capital Requirements, may prevent MGIC from continuing to write new insurance in such jurisdictions. If we are unable to write business in all jurisdictions, lenders may be unwilling to procure insurance from us anywhere. In addition, a lender’s assessment of the future ability of our insurance operations to meet the Financial Requirements may affect its willingness to procure insurance from us. A possible future failure by MGIC to meet the Financial Requirements will not necessarily mean that MGIC lacks sufficient resources to pay claims on its insurance liabilities. Matters 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, in the event MGIC cannot meet the State Capital Requirements of a jurisdiction or obtain a waiver of them. Writing business in MIC would be subject to any repatriation to MGIC of MIC’s capital in order to comply with the PMIERs, as discussed in Note 1 – “Nature of Business and Basis of Presentation – Capital – GSEs.” MIC is licensed to write business in all jurisdictions. During 2012, MIC began writing new business in the jurisdictions where MGIC did not meet and did not have a waiver of the State Capital Requirements. MIC suspended writing new business in 2013 because MGIC again meets the State Capital Requirements and is writing new business in all jurisdictions. As of September 30, 2014, MIC had statutory capital of $466 million and risk in force, net of reinsurance, of approximately $547 million and met all State Capital Requirements. Before MIC may again write new business, it must obtain the necessary approvals from the OCI and the GSEs. We cannot assure you that the OCI and the GSEs would again approve MIC to write new business in all jurisdictions if in the future MGIC became unable to do so. 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 $134 million and $138 million were included in MGIC’s statutory capital at September 30, 2014 and December 31, 2013, respectively. See Note 1 – “Nature of Business and Basis of Presentation – Capital – GSEs” for additional information regarding the capital standards of the GSEs.

Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt [Abstract]

Par value and fair value of debt

The par value and fair value of our debt at September 30, 2014 and December 31, 2013 appears in the table below.

	Par Value		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
September 30, 2014
Liabilities:
Senior Notes	$	61,953	$	63,696	$	-	$	63,696	$	-
Convertible Senior Notes due 2017		345,000		374,498		374,498		-		-
Convertible Senior Notes due 2020		500,000		656,250		656,250		-		-
Convertible Junior Subordinated Debentures		389,522		497,371		-		497,371		-
Total Debt	$	1,296,475	$	1,591,815	$	1,030,748	$	561,067	$	-


December 31, 2013
Liabilities:
Senior Notes	$	82,883	$	85,991	$	85,991	$	-	$	-
Convertible Senior Notes due 2017		345,000		388,988		388,988		-		-
Convertible Senior Notes due 2020		500,000		685,625		685,625		-		-
Convertible Junior Subordinated Debentures		389,522		439,186		-		439,186		-
Total Debt	$	1,317,405	$	1,599,790	$	1,160,604	$	439,186	$	-

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014 and 2013 common stock equivalents of 54.5 million and 126.5 million, respectively, and for the nine months ended September 30, 2014 and 2013 common stock equivalents of 54.5 million and 109.6 million, respectively, were not included because they were anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands, except per share data)

Basic earnings per share:

Net income (loss)	$	72,017	$	12,114	$	177,521	$	(48,441	)

Weighted average common shares outstanding		338,626		337,868		338,488		302,996
Basic income (loss) per share	$	0.21	$	0.04	$	0.52	$	(0.16	)


Diluted earnings per share:

Net income (loss)	$	72,017	$	12,114	$	177,521	$	(48,441	)

Effect of dilutive securities:
2% Convertible Senior Notes		3,049		-		9,148		-

Net income (loss) plus assumed conversions	$	75,066	$	12,114	$	186,669	$	(48,441	)

Weighted-average shares - Basic		338,626		337,868		338,488		302,996
Common stock equivalents		74,950		1,558		74,985		-

Weighted-average shares - Diluted		413,576		339,426		413,473		302,996
Diluted income (loss) per share	$	0.18	$	0.04	$	0.45	$	(0.16	)

Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

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

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at September 30, 2014 and December 31, 2013 are shown below.

September 30, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	414,778	$	2,636	$	(9,795	)	$	407,619
Obligations of U.S. states and political subdivisions		833,510		10,068		(4,316	)		839,262
Corporate debt securities		2,341,189		9,953		(12,587	)		2,338,555
Asset-backed securities		341,519		932		(202	)		342,249
Residential mortgage-backed securities		344,515		167		(13,751	)		330,931
Commercial mortgage-backed securities		269,857		675		(3,032	)		267,500
Collateralized loan obligations		61,339		-		(763	)		60,576
Debt securities issued by foreign sovereign governments		37,854		2,466		(33	)		40,287
Total debt securities		4,644,561		26,897		(44,479	)		4,626,979
Equity securities		2,968		63		(9	)		3,022

Total investment portfolio	$	4,647,529	$	26,960	$	(44,488	)	$	4,630,001

December 31, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	663,642	$	1,469	$	(25,521	)	$	639,590
Obligations of U.S. states and political subdivisions		932,922		5,865		(17,420	)		921,367
Corporate debt securities		2,190,095		6,313		(24,993	)		2,171,415
Asset-backed securities		399,839		1,100		(453	)		400,486
Residential mortgage-backed securities		383,368		146		(24,977	)		358,537
Commercial mortgage-backed securities		277,920		131		(6,668	)		271,383
Collateralized loan obligations		61,337		-		(1,042	)		60,295
Debt securities issued by foreign sovereign governments		39,420		1,722		(290	)		40,852
Total debt securities		4,948,543		16,746		(101,364	)		4,863,925
Equity securities		2,908		9		(23	)		2,894

Total investment portfolio	$	4,951,451	$	16,755	$	(101,387	)	$	4,866,819

(1) At September 30, 2014 and December 31, 2013, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Amortized cost and fair values of debt securities by contractual maturity

September 30, 2014	Amortized Cost		Fair Value
	(In thousands)

Due in one year or less	$	405,324	$	406,256
Due after one year through five years		1,858,612		1,863,872
Due after five years through ten years		928,153		922,372
Due after ten years		435,242		433,223

	$	3,627,331	$	3,625,723

Asset-backed securities		341,519		342,249
Residential mortgage-backed securities		344,515		330,931
Commercial mortgage-backed securities		269,857		267,500
Collateralized loan obligations		61,339		60,576

Total at September 30, 2014	$	4,644,561	$	4,626,979

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:

	Less Than 12 Months				12 Months or Greater				Total
September 30, 2014	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	6,320	$	43	$	325,892	$	9,752	$	332,212	$	9,795
Obligations of U.S. states and political subdivisions		165,975		1,392		135,146		2,924		301,121		4,316
Corporate debt securities		1,000,551		5,995		233,161		6,592		1,233,712		12,587
Asset-backed securities		56,801		137		14,675		65		71,476		202
Residential mortgage-backed securities		15,020		55		307,151		13,696		322,171		13,751
Commercial mortgage-backed securities		91,505		855		112,195		2,177		203,700		3,032
Collateralized loan obligations		-		-		60,576		763		60,576		763
Debt securities issued by foreign sovereign governments		4,561		10		1,783		23		6,344		33
Equity securities		137		1		238		8		375		9
Total investment portfolio	$	1,340,870	$	8,488	$	1,190,817	$	36,000	$	2,531,687	$	44,488

	Less Than 12 Months				12 Months or Greater				Total
December 31, 2013	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	465,975	$	24,980	$	4,103	$	541	$	470,078	$	25,521
Obligations of U.S. states and political subdivisions		503,967		17,370		4,226		50		508,193		17,420
Corporate debt securities		1,238,211		20,371		81,593		4,622		1,319,804		24,993
Asset-backed securities		126,991		387		7,114		66		134,105		453
Residential mortgage-backed securities		91,534		3,886		265,827		21,091		357,361		24,977
Commercial mortgage-backed securities		192,440		6,239		43,095		429		235,535		6,668
Collateralized loan obligations		60,295		1,042		-		-		60,295		1,042
Debt securities issued by foreign sovereign governments		7,203		290		-		-		7,203		290
Equity securities		1,012		18		75		5		1,087		23
Total investment portfolio	$	2,687,628	$	74,583	$	406,033	$	26,804	$	3,093,661	$	101,387

Net realized investment gains (losses) and OTTI on investments

The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:

		Three Months Ended September 30,					Nine Months Ended September 30,
		2014		2013			2014		2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Fixed maturities		$	629	$	(393	)	$	755	$	2,755
Equity securities			3		254			168		850

		$	632	$	(139	)	$	923	$	3,605

		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Gains on sales		$	1,161		$	391		$	3,273		$	5,352
Losses on sales			(529	)		(202	)		(2,350	)		(1,419	)
Impairment losses			-			(328	)		-			(328	)

		$	632		$	(139	)	$	923		$	3,605

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements [Abstract]

Fair value measurements for items measured at fair value

Fair value measurements for assets measured at fair value included the following as of September 30, 2014 and December 31, 2013:

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
September 30, 2014

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	407,619	$	192,683	$	214,936	$	-
Obligations of U.S. states and political subdivisions		839,262		-		837,268		1,994
Corporate debt securities		2,338,555		-		2,338,555		-
Asset-backed securities		342,249		-		342,249		-
Residential mortgage-backed securities		330,931		-		330,931		-
Commercial mortgage-backed securities		267,500		-		267,500		-
Collateralized loan obligations		60,576		-		60,576		-
Debt securities issued by foreign sovereign governments		40,287		40,287		-		-
Total debt securities		4,626,979		232,970		4,392,015		1,994
Equity securities		3,022		2,701		-		321
Total investments	$	4,630,001	$	235,671	$	4,392,015	$	2,315
Real estate acquired (1)	$	16,565	$	-	$	-	$	16,565

	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

December 31, 2013

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	639,590	$	347,273	$	292,317	$	-
Obligations of U.S. states and political subdivisions		921,367		-		918,944		2,423
Corporate debt securities		2,171,415		-		2,171,415		-
Asset-backed securities		400,486		-		400,486		-
Residential mortgage-backed securities		358,537		-		358,537		-
Commercial mortgage-backed securities		271,383		-		271,383		-
Collateralized loan obligations		60,295		-		60,295		-
Debt securities issued by foreign sovereign governments		40,852		40,852		-		-
Total debt securities		4,863,925		388,125		4,473,377		2,423
Equity securities		2,894		2,573		-		321
Total investments	$	4,866,819	$	390,698	$	4,473,377	$	2,744
Real estate acquired (1)	$	13,280	$	-	$	-	$	13,280

(1)	Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.

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

	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at June 30, 2014	$	2,231		$	321	$	2,552		$	10,804
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(2,062	)
Purchases		-			-		-			14,107
Sales		(237	)		-		(237	)		(6,284	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at September 30, 2014	$	1,994		$	321	$	2,315		$	16,565

Amount of total losses included in earnings for the three months ended September 30, 2014 attributable to the change in unrealized losses on assets still held at September 30, 2014	$	-		$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(4,378	)
Purchases		30			-		30			33,484
Sales		(459	)		-		(459	)		(25,821	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at September 30, 2014	$	1,994		$	321	$	2,315		$	16,565

Amount of total losses included in earnings for the nine months ended September 30, 2014 attributable to the change in unrealized losses on assets still held at September 30, 2014	$	-		$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities		Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at June 30, 2013	$	2,811		$	-	$	321	$	3,132		$	8,741
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-		-			(1,378	)
Purchases		-			-		-		-			10,857
Sales		(241	)		-		-		(241	)		(5,844	)
Transfers into Level 3		-			-		-		-			-
Transfers out of Level 3		-			-		-		-			-
Balance at September 30, 2013	$	2,570		$	-	$	321	$	2,891		$	12,376

Amount of total losses included in earnings for the three months ended September 30, 2013 attributable to the change in unrealized losses on assets still held at September 30, 2013	$	-		$	-	$	-	$	-		$	-

	Obligations of U.S. States and Political Subdivisions			Corporate Debt Securities			Equity Securities		Total Investments			Real Estate Acquired
	(In thousands)
Balance at December 31, 2012	$	3,130		$	17,114		$	321	$	20,565		$	3,463
Total realized/unrealized gains (losses):
Included in earnings and reported as realized investment gains (losses), net		-			(225	)		-		(225	)		-
Included in earnings and reported as losses incurred, net		-			-			-		-			(3,680	)
Purchases		30			-			-		30			28,401
Sales		(590	)		(16,889	)		-		(17,479	)		(15,808	)
Transfers into Level 3		-			-			-		-			-
Transfers out of Level 3		-			-			-		-			-
Balance at September 30, 2013	$	2,570		$	-		$	321	$	2,891		$	12,376

Amount of total losses included in earnings for the nine months ended September 30, 2013 attributable to the change in unrealized losses on assets still held at September 30, 2013	$	-		$	-		$	-	$	-		$	-

- 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.

+ References+ Details

Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2014

Other Comprehensive Income [Abstract]

Other comprehensive income

Our other comprehensive income for the three and nine months ended September 30, 2014 and 2013 was as follows:

		Three Months Ended September 30, 2014
		Before tax			Tax effect		Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	(17,377	)	$	6,069	$	(5,993	)	$	(17,301	)
Benefit plan adjustments			(1,732	)		606		(606	)		(1,732	)
Unrealized foreign currency translation adjustment			(3,835	)		1,345		-			(2,490	)

Other comprehensive income (loss)		$	(22,944	)	$	8,020	$	(6,599	)	$	(21,523	)

		Nine Months Ended September 30, 2014
		Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	67,102		$	(23,436	)	$	23,132		$	66,798
Benefit plan adjustments			(5,198	)		1,819			(1,819	)		(5,198	)
Unrealized foreign currency translation adjustment			(1,000	)		350			-			(650	)

Other comprehensive income (loss)		$	60,904		$	(21,267	)	$	21,313		$	60,950

		Three Months Ended September 30, 2013
		Before tax		Tax effect			Valuation allowance		Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	7,163	$	(2,526	)	$	2,640	$	7,277
Unrealized foreign currency translation adjustment			2,901		(1,016	)		-		1,885

Other comprehensive income (loss)		$	10,064	$	(3,542	)	$	2,640	$	9,162

		Nine Months Ended September 30, 2013
		Before tax			Tax effect		Valuation allowance			Net of tax
	(In thousands)

Other comprehensive income (loss):
Change in unrealized gains and losses on investments		$	(102,468	)	$	35,586	$	(33,914	)	$	(100,796	)
Unrealized foreign currency translation adjustment			(15,868	)		5,557		-			(10,311	)

Other comprehensive income (loss)		$	(118,336	)	$	41,143	$	(33,914	)	$	(111,107	)

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.

	Three Months Ended September 30, 2014
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at June 30, 2014, before tax	$	(155	)	$	(7,232	)	$	14,019		$	6,632

Other comprehensive income (loss) before reclassifications		(18,217	)		-			(3,835	)		(22,052	)
Amounts reclassified from accumulated other comprehensive income (loss)		(840	)(1)		1,732	(2)		-			892

Net current period other comprehensive income (loss)		(17,377	)		(1,732	)		(3,835	)		(22,944	)

Balance at September 30, 2014, before tax	$	(17,532	)	$	(8,964	)	$	10,184		$	(16,312	)

	Nine Months Ended September 30, 2014
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2013, before tax	$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)

Other comprehensive income (loss) before reclassifications		56,332			-			(1,000	)		55,332
Amounts reclassified from accumulated other comprehensive income (loss)		(10,770	)(1)		5,198	(2)		-			(5,572	)

Net current period other comprehensive income (loss)		67,102			(5,198	)		(1,000	)		60,904

Balance at September 30, 2014, before tax		(17,532	)		(8,964	)		10,184			(16,312	)

Tax effect (3)		(64,360	)		26,940			(3,044	)		(40,464	)

Balance at September 30, 2014, net of tax	$	(81,892	)	$	17,976		$	7,140		$	(56,776	)

	Three Months Ended September 30, 2013
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation		Total
	(In thousands)

Balance at June 30, 2013, before tax	$	(68,090	)	$	(71,804	)	$	13,978	$	(125,916	)

Other comprehensive income (loss) before reclassifications		4,396			-			2,901		7,297
Amounts reclassified from accumulated other comprehensive income (loss)		(2,767	)(1)		-					(2,767	)
								-
Net current period other comprehensive income (loss)		7,163			-			2,901		10,064

Balance at September 30, 2013, before tax	$	(60,927	)	$	(71,804	)	$	16,879	$	(115,852	)

	Nine Months Ended September 30, 2013
	Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2012, before tax	$	41,541		$	(71,804	)	$	32,747		$	2,484

Other comprehensive income (loss) before reclassifications		(95,588	)		-			(15,868	)		(111,456	)
Amounts reclassified from accumulated other comprehensive income (loss)		6,880	(1)		-						6,880
								-
Net current period other comprehensive income (loss)		(102,468	)		-			(15,868	)		(118,336	)

Balance at September 30, 2013, before tax		(60,927	)		(71,804	)		16,879			(115,852	)

Tax effect (3)		(64,968	)		26,940			(5,390	)		(43,418	)

Balance at September 30, 2013, net of tax	$	(125,895	)	$	(44,864	)	$	11,489		$	(159,270	)

(1)

(2)

(3)

Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Total accumulated other comprehensive income at December 31, 2013 is included in the table below.

		Unrealized gains and losses on available- for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)


Balance at December 31, 2013, before tax		$	(84,634	)	$	(3,766	)	$	11,184		$	(77,216	)

Tax effect (1)			(64,056	)		26,940			(3,394	)		(40,510	)

Balance at December 31, 2013, net of tax		$	(148,690	)	$	23,174		$	7,790		$	(117,726	)

(1) Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.

Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2014

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:

		Three Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
		2014			2013			2014			2013
	(In thousands)

Service cost		$	2,142		$	2,835		$	165		$	202
Interest cost			3,997			3,823			164			155
Expected return on plan assets			(5,258	)		(5,035	)		(1,162	)		(919	)
Recognized net actuarial loss			271			1,536			(109	)		-
Amortization of prior service cost			(233	)		125			(1,663	)		(1,663	)

Net periodic benefit cost		$	919		$	3,284		$	(2,605	)	$	(2,225	)

		Nine Months Ended September 30,
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
		2014			2013			2014			2013
	(In thousands)

Service cost		$	6,425		$	8,504		$	494		$	609
Interest cost			11,991			11,467			491			464
Expected return on plan assets			(15,773	)		(15,108	)		(3,486	)		(2,759	)
Recognized net actuarial loss			812			4,609			(326	)		-
Amortization of prior service cost			(698	)		377			(4,988	)		(4,987	)

Net periodic benefit cost		$	2,757		$	9,849		$	(7,815	)	$	(6,673	)

Loss Reserves (Tables)

9 Months Ended

Sep. 30, 2014

Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

The following table provides a reconciliation of beginning and ending loss reserves for the nine months ended September 30, 2014 and 2013:

	Nine Months Ended September 30,
	2014			2013
	(In thousands)

Reserve at beginning of period	$	3,061,401		$	4,056,843
Less reinsurance recoverable		64,085			104,848
Net reserve at beginning of period		2,997,316			3,951,995

Losses incurred:
Losses and LAE incurred in respect of default notices related to:
Current year		454,390			686,454
Prior years (1)		(75,387	)		(43,783	)
Subtotal		379,003			642,671

Losses paid:
Losses and LAE paid in respect of default notices related to:
Current year		11,574			28,792
Prior years		895,061			1,286,833
Reinsurance terminations (2)		-			(3,332	)
Subtotal		906,635			1,312,293

Net reserve at end of period		2,469,684			3,282,373
Plus reinsurance recoverables		57,898			70,621

Reserve at end of period	$	2,527,582		$	3,352,994

(1)

(2)

Prior year development of the reserves

The prior year development of the reserves in the first nine months of 2014 and 2013 is reflected in the table below.

	Nine Months Ended September 30,
	2014			2013
	(In millions)
Prior year loss development (1):

(Decrease) increase in estimated claim rate on primary defaults	$	(38	)	$	10
Decrease in estimated severity on primary defaults		(20	)		(40	)
Change in estimates related to pool reserves, LAE reserves and reinsurance		(17	)		(14	)
Total prior year loss development	$	(75	)	$	(44	)

(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.

Rollforward of primary default inventory

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013


Default inventory at beginning of period		85,416			117,105			103,328			139,845
New Notices		22,927			27,755			67,451			81,044
Cures		(19,582	)		(24,105	)		(68,082	)		(80,677	)
Paids (including those charged to a deductible or captive)		(5,288	)		(8,659	)		(18,420	)		(27,155	)
Rescissions and denials		(319	)		(509	)		(1,123	)		(1,470	)
Default inventory at end of period		83,154			111,587			83,154			111,587

Aging of the primary default inventory

Aging of the Primary Default Inventory

	September 30,				December 31,				September 30,
	2014				2013				2013

Consecutive months in default
3 months or less		16,209	19	%		18,941	18	%		20,144	18	%
4 - 11 months		18,890	23	%		24,514	24	%		24,138	22	%
12 months or more		48,055	58	%		59,873	58	%		67,305	60	%

Total primary default inventory		83,154	100	%		103,328	100	%		111,587	100	%

Primary claims received inventory included in ending default inventory (1)		5,194	6	%		6,948	7	%		9,858	9	%

Number of payments delinquent

Number of Payments Delinquent

	September 30,				December 31,				September 30,
	2014				2013				2013


3 payments or less		23,769	28	%		28,095	27	%		28,777	26	%
4 - 11 payments		18,985	23	%		24,605	24	%		25,089	22	%
12 payments or more		40,400	49	%		50,628	49	%		57,721	52	%

Total primary default inventory		83,154	100	%		103,328	100	%		111,587	100	%

Premium Deficiency Reserve (Tables)

9 Months Ended

Sep. 30, 2014

Premium Deficiency Reserve [Abstract]

Components of premium deficiency reserve

The components of the premium deficiency reserve at September 30, 2014, December 31, 2013 and September 30, 2013 appear in the table below.

	September 30, 2014			December 31, 2013			September 30, 2013
	(In millions)
Present value of expected future paid losses and expenses, net of expected future premium	$	(570	)	$	(669	)	$	(709	)

Established loss reserves		541			621			652

Net deficiency	$	(29	)	$	(48	)	$	(57	)

Reconciliation of beginning and ending balances in the premium deficiency reserve

	Three Months Ended						Nine Months Ended
	September 30, 2014
	(In millions)

Premium Deficiency Reserve at beginning of period				$	(35	)				$	(48	)

Paid claims and loss adjustment expenses	$	41					$	132
Decrease in loss reserves		(15	)					(81	)
Premium earned		(17	)					(59	)
Effects of present valuing on future premiums, losses and expenses		3						(1	)

Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					12						(9	)

Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					(6	)					28

Premium Deficiency Reserve at end of period				$	(29	)				$	(29	)

(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.

	Three Months Ended						Nine Months Ended
	September 30, 2013
	(In millions)

Premium Deficiency Reserve at beginning of period				$	(61	)				$	(74	)

Paid claims and loss adjustment expenses	$	51					$	172
Decrease in loss reserves		(37	)					(114	)
Premium earned		(24	)					(72	)
Effects of present valuing on future premiums, losses and expenses		-						(2	)

Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized					(10	)					(16	)

Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses, expenses and discount rate (1)					14						33

Premium Deficiency Reserve at end of period				$	(57	)				$	(57	)

(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.

Nature of Business and Basis of Presentation (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Nature of Business and Basis of Presentation [Abstract]
PMIERs effective days after publication			180 days
Mortgage Insurers transition period			2 years
Period for submission of transition plan to GSE			90 days
Holding company cash and investments			$ 517,000,000
Assets of regulated insurance affiliates of MGIC			100,000,000
(Increase) decrease in restricted cash	42,900,000	(60,300,000)	(233,000)	60,348,000
Restricted cash and cash equivalents	$ 17,440,000		$ 17,207,000

- 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.

+ References+ Details

Debt (Details) (USD $)	3 Months Ended	9 Months Ended												3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended		12 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Debt (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 Par Value [Member]	Dec. 31, 2013 Par Value [Member]	Sep. 30, 2014 Fair Value [Member]	Dec. 31, 2013 Fair Value [Member]	Sep. 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Dec. 31, 2013 Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	Sep. 30, 2014 Significant Other Observable Inputs (Level 2) [Member]	Dec. 31, 2013 Significant Other Observable Inputs (Level 2) [Member]	Sep. 30, 2014 Significant Unobservable Inputs (Level 3) [Member]	Dec. 31, 2013 Significant Unobservable Inputs (Level 3) [Member]	Mar. 31, 2014 Senior Notes [Member]	Sep. 30, 2014 Senior Notes [Member]	Sep. 30, 2013 Senior Notes [Member]	Sep. 30, 2014 Senior Notes [Member] Senior Notes Due 2015 [Member]	Dec. 31, 2013 Senior Notes [Member] Senior Notes Due 2015 [Member]	Sep. 30, 2014 Convertible Senior Notes Due 2017 [Member]	Sep. 30, 2013 Convertible Senior Notes Due 2017 [Member]	Dec. 31, 2013 Convertible Senior Notes Due 2017 [Member]	Mar. 31, 2013 Convertible Senior Notes - Due April 2020 [Member]	Sep. 30, 2014 Convertible Senior Notes - Due April 2020 [Member]	Sep. 30, 2013 Convertible Senior Notes - Due April 2020 [Member]	Dec. 31, 2013 Convertible Senior Notes - Due April 2020 [Member]	Sep. 30, 2014 Convertible Junior Subordinated Debentures Due 2063 [Member] Period	Mar. 31, 2013 Convertible Junior Subordinated Debentures Due 2063 [Member]	Sep. 30, 2014 Convertible Junior Subordinated Debentures Due 2063 [Member] Period	Sep. 30, 2013 Convertible Junior Subordinated Debentures Due 2063 [Member]	Dec. 31, 2013 Convertible Junior Subordinated Debentures Due 2063 [Member]
Debt Instrument [Line Items]
Outstanding principal amount																	$ 62,000,000	$ 82,900,000	$ 345,000,000		$ 345,000,000	$ 500,000,000	$ 500,000,000		$ 500,000,000	$ 389,500,000		$ 389,500,000		$ 389,500,000
Repurchase of debt instrument														20,900,000
Stated interest rate (in hundredths)																	5.375%	5.375%	5.00%		5.00%	2.00%	2.00%		2.00%	9.00%		9.00%		9.00%
Maturity date																	Nov. 01, 2015	Nov. 01, 2015	May 01, 2017		May 01, 2017		Apr. 01, 2020		Apr. 01, 2020			Apr. 01, 2063		Apr. 01, 2063
Interest payments made														300,000	1,700,000	2,800,000			8,600,000	8,600,000			5,000,000	0				17,500,000	35,800,000
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		1,000
Initial conversion price (in dollars per share)																			$ 13.44				$ 6.95			$ 13.5		$ 13.5
130% of conversion price (in dollars per share)																							$ 9.03
Net proceeds from convertible senior notes		0	484,625,000																			484,600,000
Redemption price, percentage (in hundredths)																							100.00%					100.00%
Percentage of conversion price (in hundredths)																							130.00%			130.00%		130.00%
Minimum number of trading days																							20 days					20 days
Maximum number of trading days																							30 days					30 days
Minimum number of consecutive interest periods for which interest payments may be deferred																										1		1
Maximum period for which interest payments may be deferred without giving rise to an event of default																										10 years
Interest payment deferred																											18,300,000
Interest payment due on the debentures																											17,500,000
Period preceding election to convert																												5 days
Holding company cash and investments	517,000,000	517,000,000
Unrealized gain loss on holding company investments	4,500,000	4,500,000
Modified duration of holding company investments	3 years 3 months 18 days
Liabilities [Abstract]
Senior Notes				61,953,000	82,883,000	63,696,000	85,991,000	0	85,991,000	63,696,000	0	0	0
Convertible Senior Notes due 2017				345,000,000	345,000,000	374,498,000	388,988,000	374,498,000	388,988,000	0	0	0	0
Convertible Senior Notes due 2020				500,000,000	500,000,000	656,250,000	685,625,000	656,250,000	685,625,000	0	0	0	0
Convertible Junior Subordinated Debentures				389,522,000	389,522,000	497,371,000	439,186,000	0	0	497,371,000	439,186,000	0	0
Total Debt				$ 1,296,475,000	$ 1,317,405,000	$ 1,591,815,000	$ 1,599,790,000	$ 1,030,748,000	$ 1,160,604,000	$ 561,067,000	$ 439,186,000	$ 0	$ 0

Reinsurance (Details) (USD $)	3 Months Ended		9 Months Ended
Reinsurance (Details) (USD $)	Sep. 30, 2014 Company	Sep. 30, 2013	Sep. 30, 2014 Company	Sep. 30, 2013	Dec. 31, 2013
Reinsurance [Abstract]
Percentage of quota share (in hundredths)			30.00%
Percentage of ceding commission (in hundredths)			20.00%
Percentage quota share in addendum (in hundredths)			40.00%
Profit commission receivable	$ 68,952,000		$ 68,952,000		$ 2,368,000
Number of other mortgage insurers agreeing to similar CFPB settlements	3		3
Period of existing captive reinsurance agreement			10 years
Reinsurance recoverable on loss reserves related to captive agreements	48,000,000		48,000,000		64,000,000
Fair value of trust fund assets under captive agreements	205,000,000		205,000,000		226,000,000
Fair value of trust fund assets under captive agreements, no reinsurance recoverable on loss reserves	6,000,000		6,000,000		23,000,000
Premiums Written and Earned [Abstract]
Ceded premiums written, net of profit commission	32,536,000	13,485,000	87,450,000	31,473,000
Ceded premiums earned, net of profit commission			79,460,000	23,499,000
Ceded losses incurred			22,451,000	21,238,000
Ceding commissions			$ 28,994,000	$ 4,646,000

Litigation and Contingencies (Details) (USD $)	6 Months Ended	9 Months Ended	12 Months Ended					36 Months Ended
Litigation and Contingencies (Details) (USD $)	Jun. 30, 2009	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011
Curtailments [Abstract]
Average paid claim reduction due to curtailments (in hundredths)		6.50%	5.80%
Number of days after claim paid within which objection must be received for review		90 days
Claims resolved by rescissions [Abstract]
Mitigation of paid losses by rescission of policies		$ 75,000,000	$ 135,000,000	$ 300,000,000				$ 3,000,000,000
Percentage of claims received in a quarter resolved by rescission, lower range limit (in hundredths)		5.00%
Percentage of claims received in a quarter resolved by rescission, upper range limit (in hundredths)	28.00%
Mitigation of incurred losses by rescission of policies		0	0	0	0	200,000,000	2,500,000,000
Reduction in estimated rescissions				200,000,000
Statute of limitations to bring legal proceedings disputing right to rescind coverage		3 years
Maximum exposure above estimate provision for claims paying practices		670,000,000
Exposure from claims paying practices related to Countrywide matter (in hundredths)		58.00%
Maximum exposure associated with other discussions and legal proceedings		38,000,000
Class action complaint under RESPA [Abstract]
Period of existing captive reinsurance agreement		10 years
Civil penalty			2,650,000
Other Legal Proceedings [Abstract]
Underwriting remedy expense		3,000,000	5,000,000
Class Action Complaint Under RESPA [Member] \| Pending Litigation [Member]
Class action complaint under RESPA [Abstract]
Number of lawsuits		12
Number of cases dismissed		7
Countrywide Dispute [Member] \| Pending Litigation [Member]
Claims resolved by rescissions [Abstract]
Amount of damages sought		$ 700,000,000
Lawsuits Alleging Improper Recording And Foreclosure Activities By MERS [Member] \| Pending Litigation [Member]
Lawsuits alleging improper recording and foreclosure activities by MERS [Abstract]
Number of lawsuits naming non-insurance subsidiary as defendant		8
Number of lawsuits naming subsidiary as defendant that were dismissed		7

Earnings (Loss) per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic earnings per share [Abstract]
Net income (loss)	$ 72,017	$ 12,114	$ 177,521	$ (48,441)
Weighted average common shares outstanding (in shares)	338,626,000	337,868,000	338,488,000	302,996,000
Basic income (loss) per share (in dollars per share)	$ 0.21	$ 0.04	$ 0.52	$ (0.16)
Diluted earnings per share [Abstract]
Net income (loss)	72,017	12,114	177,521	(48,441)
Effect of dilutive securities [Abstract]
2% Convertible Senior Notes	3,049	0	9,148	0
Net income (loss) plus assumed conversions	$ 75,066	$ 12,114	$ 186,669	$ (48,441)
Weighted-average shares - Basic (in shares)	338,626,000	337,868,000	338,488,000	302,996,000
Common stock equivalents (in shares)	74,950,000	1,558,000	74,985,000	0
Weighted-average shares - Diluted (in shares)	413,576,000	339,426,000	413,473,000	302,996,000
Diluted income (loss) per share (in dollars per share)	$ 0.18	$ 0.04	$ 0.45	$ (0.16)
Participating Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from EPS calculation (in shares)				100,000
Participating securities included weighted average number of common shares outstanding (in shares)	100,000	100,000	100,000
Common Stock Equivalents [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from EPS calculation (in shares)	54,500,000	126,500,000	54,500,000	109,600,000

Investments (Details) (USD $)

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

$ 4,647,529,000

$ 4,951,451,000

Gross Unrealized Gains

26,960,000

16,755,000

Gross Unrealized Losses

(44,488,000)

^[1]

(101,387,000)

^[1]

Fair Value

4,630,001,000

4,866,819,000

Percentage of foreign investments held in government and semi-government securities (in hundredths)

86.00%

Percentage of foreign investments held in corporate securities (in hundredths)

10.00%

Percentage of foreign investments held in cash equivalents (in hundredths)

4.00%

Percentage of Australian portfolio rated AAA (in hundredths)

79.00%

Percentage of Australian portfolio rated AA (in hundredths)

21.00%

Gross unrealized (gains) losses

44,500,000

101,400,000

Maturities, Amortized Cost [Abstract]

Due in one year or less

405,324,000

Due after one year through five years

1,858,612,000

Due after five years through ten years

928,153,000

Due after ten years

435,242,000

Total debt securities with single maturity date

3,627,331,000

Total at end of period

4,644,561,000

4,948,543,000

Maturities, Fair Value [Abstract]

Due in one year or less

406,256,000

Due after one year through five years

1,863,872,000

Due after five years through ten years

922,372,000

Due after ten years

433,223,000

Total debt securities with single maturity date

3,625,723,000

Total at end of period

4,626,979,000

4,863,925,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

1,340,870,000

2,687,628,000

12 months or greater

1,190,817,000

406,033,000

Total investment portfolio

2,531,687,000

3,093,661,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

8,488,000

74,583,000

12 months or greater

36,000,000

26,804,000

Total investment portfolio

44,488,000

101,387,000

U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

414,778,000

663,642,000

Gross Unrealized Gains

2,636,000

1,469,000

Gross Unrealized Losses

(9,795,000)

^[1]

(25,521,000)

^[1]

Fair Value

407,619,000

639,590,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

6,320,000

465,975,000

12 months or greater

325,892,000

4,103,000

Total investment portfolio

332,212,000

470,078,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

43,000

24,980,000

12 months or greater

9,752,000

541,000

Total investment portfolio

9,795,000

25,521,000

Obligations of U.S. states and political subdivisions [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

833,510,000

932,922,000

Gross Unrealized Gains

10,068,000

5,865,000

Gross Unrealized Losses

(4,316,000)

^[1]

(17,420,000)

^[1]

Fair Value

839,262,000

921,367,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

165,975,000

503,967,000

12 months or greater

135,146,000

4,226,000

Total investment portfolio

301,121,000

508,193,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

1,392,000

17,370,000

12 months or greater

2,924,000

50,000

Total investment portfolio

4,316,000

17,420,000

Corporate debt securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

2,341,189,000

2,190,095,000

Gross Unrealized Gains

9,953,000

6,313,000

Gross Unrealized Losses

(12,587,000)

^[1]

(24,993,000)

^[1]

Fair Value

2,338,555,000

2,171,415,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

1,000,551,000

1,238,211,000

12 months or greater

233,161,000

81,593,000

Total investment portfolio

1,233,712,000

1,319,804,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

5,995,000

20,371,000

12 months or greater

6,592,000

4,622,000

Total investment portfolio

12,587,000

24,993,000

Asset-backed securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

341,519,000

399,839,000

Gross Unrealized Gains

932,000

1,100,000

Gross Unrealized Losses

(202,000)

^[1]

(453,000)

^[1]

Fair Value

342,249,000

400,486,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

341,519,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

342,249,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

56,801,000

126,991,000

12 months or greater

14,675,000

7,114,000

Total investment portfolio

71,476,000

134,105,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

137,000

387,000

12 months or greater

65,000

66,000

Total investment portfolio

202,000

453,000

Residential mortgage-backed securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

344,515,000

383,368,000

Gross Unrealized Gains

167,000

146,000

Gross Unrealized Losses

(13,751,000)

^[1]

(24,977,000)

^[1]

Fair Value

330,931,000

358,537,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

344,515,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

330,931,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

15,020,000

91,534,000

12 months or greater

307,151,000

265,827,000

Total investment portfolio

322,171,000

357,361,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

55,000

3,886,000

12 months or greater

13,696,000

21,091,000

Total investment portfolio

13,751,000

24,977,000

Commercial mortgage-backed securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

269,857,000

277,920,000

Gross Unrealized Gains

675,000

131,000

Gross Unrealized Losses

(3,032,000)

^[1]

(6,668,000)

^[1]

Fair Value

267,500,000

271,383,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

269,857,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

267,500,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

91,505,000

192,440,000

12 months or greater

112,195,000

43,095,000

Total investment portfolio

203,700,000

235,535,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

855,000

6,239,000

12 months or greater

2,177,000

429,000

Total investment portfolio

3,032,000

6,668,000

Collateralized loan obligations [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

61,339,000

61,337,000

Gross Unrealized Gains

Gross Unrealized Losses

(763,000)

^[1]

(1,042,000)

^[1]

Fair Value

60,576,000

60,295,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

61,339,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

60,576,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

60,295,000

12 months or greater

60,576,000

Total investment portfolio

60,576,000

60,295,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

1,042,000

12 months or greater

763,000

Total investment portfolio

763,000

1,042,000

Debt securities issued by foreign sovereign governments [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

37,854,000

39,420,000

Gross Unrealized Gains

2,466,000

1,722,000

Gross Unrealized Losses

(33,000)

^[1]

(290,000)

^[1]

Fair Value

40,287,000

40,852,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

4,561,000

7,203,000

12 months or greater

1,783,000

Total investment portfolio

6,344,000

7,203,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

10,000

290,000

12 months or greater

23,000

Total investment portfolio

33,000

290,000

Total debt securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

4,644,561,000

4,948,543,000

Gross Unrealized Gains

26,897,000

16,746,000

Gross Unrealized Losses

(44,479,000)

^[1]

(101,364,000)

^[1]

Fair Value

4,626,979,000

4,863,925,000

Equity securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Amortized Cost

2,968,000

2,908,000

Gross Unrealized Gains

63,000

9,000

Gross Unrealized Losses

(9,000)

^[1]

(23,000)

^[1]

Fair Value

3,022,000

2,894,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

137,000

1,012,000

12 months or greater

238,000

75,000

Total investment portfolio

375,000

1,087,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

1,000

18,000

12 months or greater

8,000

5,000

Total investment portfolio

$ 9,000

$ 23,000

[1]	At September 30, 2014 and December 31, 2013, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Investments, Gain (Loss) on Investments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	$ 632	$ (139)	$ 923	$ 3,605
Gross realized gains, gross realized losses and impairment losses [Abstract]
Gains on sales	1,161	391	3,273	5,352
Losses on sales	(529)	(202)	(2,350)	(1,419)
Impairment losses	0	(328)	0	(328)
Total net realized gains (losses)	632	(139)	923	3,605
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	629	(393)	755	2,755
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	629	(393)	755	2,755
Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	3	254	168	850
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	$ 3	$ 254	$ 168	$ 850

- 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.

+ References+ Details

Fair Value Measurements (Details) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2014

Dec. 31, 2013

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

$ 4,630,001

$ 4,866,819

Real estate acquired

16,565

^[1]

13,280

^[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

235,671

390,698

Real estate acquired

^[1]

Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

4,392,015

4,473,377

Real estate acquired

^[1]

Significant Unobservable Inputs (Level 3) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

2,315

2,744

Real estate acquired

16,565

^[1]

13,280

^[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

407,619

639,590

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

192,683

347,273

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

214,936

292,317

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

Obligations of U.S. states and political subdivisions [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

839,262

921,367

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

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

837,268

918,944

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

1,994

2,423

Corporate debt securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

2,338,555

2,171,415

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

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

2,338,555

2,171,415

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

Asset-backed securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

342,249

400,486

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

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

342,249

400,486

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

Residential mortgage-backed securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

330,931

358,537

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

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

330,931

358,537

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

Commercial mortgage-backed securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

267,500

271,383

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

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

267,500

271,383

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

Collateralized loan obligations [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

60,576

60,295

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

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

60,576

60,295

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

Debt securities issued by foreign sovereign governments [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

40,287

40,852

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

40,287

40,852

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

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

Total debt securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

4,626,979

4,863,925

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

232,970

388,125

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

4,392,015

4,473,377

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

1,994

2,423

Equity securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total investments

3,022

2,894

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

2,701

2,573

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

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

[1]	Real estate acquired through claim settlement, which is held for sale, is reported in Other Assets on the consolidated balance sheet.

Fair Value Measurements, Unobservable Input Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
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	$ 2,231	$ 2,811	$ 2,423	$ 3,130
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net				0
Included in earnings and reported as losses incurred, net	0	0	0	0
Purchases	0	0	30	30
Sales	(237)	(241)	(459)	(590)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	1,994	2,570	1,994	2,570
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	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		17,114
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net				(225)
Included in earnings and reported as losses incurred, net		0		0
Purchases		0		0
Sales		0		(16,889)
Transfers into Level 3		0		0
Transfers out of Level 3		0		0
Balance at end of period		0		0
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held		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
Included in earnings and reported as losses incurred, net	0	0	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 attributable to the change in unrealized losses on assets still held	0	0	0	0
Total Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	2,552	3,132	2,744	20,565
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net				(225)
Included in earnings and reported as losses incurred, net	0	0	0	0
Purchases	0	0	30	30
Sales	(237)	(241)	(459)	(17,479)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	2,315	2,891	2,315	2,891
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	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	10,804	8,741	13,280	3,463
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as realized investment gains (losses), net				0
Included in earnings and reported as losses incurred, net	(2,062)	(1,378)	(4,378)	(3,680)
Purchases	14,107	10,857	33,484	28,401
Sales	(6,284)	(5,844)	(25,821)	(15,808)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	16,565	12,376	16,565	12,376
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	$ 0	$ 0	$ 0	$ 0

Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Other comprehensive income (before tax) [Abstract]

Change in unrealized gains and losses on investments

$ (17,377)

$ 7,163

$ 67,102

$ (102,468)

Benefit plan adjustments

(1,732)

(5,198)

Unrealized foreign currency translation adjustment

(3,835)

2,901

(1,000)

(15,868)

Other comprehensive income (loss)

(22,944)

10,064

60,904

(118,336)

Other comprehensive income (tax) [Abstract]

Change in unrealized gains and losses on investments

6,069

(2,526)

(23,436)

35,586

Benefit plan adjustments

606

1,819

Unrealized foreign currency translation adjustment

1,345

(1,016)

350

5,557

Other comprehensive income (loss)

8,020

(3,542)

(21,267)

41,143

Other comprehensive income (valuation allowance) [Abstract]

Change in unrealized investment gains and losses, net

(5,993)

2,640

23,132

(33,914)

Benefit plan adjustments

(606)

(1,819)

Other comprehensive income foreign currency translation valuation allowance

Other comprehensive income (loss)

(6,599)

2,640

21,313

(33,914)

Other comprehensive income (net of tax) [Abstract]

Change in unrealized investment gains and losses on investments

(17,301)

7,277

66,798

(100,796)

Benefit plan adjustments

(1,732)

(5,198)

Unrealized foreign currency translation adjustment

(2,490)

1,885

(650)

(10,311)

Other comprehensive income (loss)

(21,523)

9,162

60,950

(111,107)

Accumulated Other Comprehensive Income Loss [Line Items]

Balance at beginning of period, before tax

6,632

(125,916)

(77,216)

2,484

Other comprehensive income (loss) before reclassifications

(22,052)

7,297

55,332

(111,456)

Amounts reclassified from accumulated other comprehensive income (loss)

892

(2,767)

(5,572)

6,880

Net current period other comprehensive income (loss)

(22,944)

10,064

60,904

(118,336)

Balance at end of period, before tax

(16,312)

(115,852)

(16,312)

(115,852)

Tax effect

(40,464)

^[1]

(43,418)

^[1]

(40,464)

^[1]

(43,418)

^[1]

(40,510)

^[1]

Total accumulated other comprehensive income (loss), net of tax

(56,776)

(159,270)

(56,776)

(159,270)

(117,726)

Tax Effect due to valuation allowance (in hundredths)

35.00%

Unrealized gains and losses on available-for-sale securities [Member]

Other comprehensive income (before tax) [Abstract]

Other comprehensive income (loss)

(17,377)

7,163

67,102

(102,468)

Accumulated Other Comprehensive Income Loss [Line Items]

Balance at beginning of period, before tax

(155)

(68,090)

(84,634)

41,541

Other comprehensive income (loss) before reclassifications

(18,217)

4,396

56,332

(95,588)

Amounts reclassified from accumulated other comprehensive income (loss)

(840)

^[2]

(2,767)

^[2]

(10,770)

^[2]

6,880

^[2]

Net current period other comprehensive income (loss)

(17,377)

7,163

67,102

(102,468)

Balance at end of period, before tax

(17,532)

(60,927)

(17,532)

(60,927)

Tax effect

(64,360)

^[1]

(64,968)

^[1]

(64,360)

^[1]

(64,968)

^[1]

(64,056)

^[1]

Total accumulated other comprehensive income (loss), net of tax

(81,892)

(125,895)

(81,892)

(125,895)

(148,690)

Defined benefit plans [Member]

Other comprehensive income (before tax) [Abstract]

Other comprehensive income (loss)

(1,732)

(5,198)

Accumulated Other Comprehensive Income Loss [Line Items]

Balance at beginning of period, before tax

(7,232)

(71,804)

(3,766)

(71,804)

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

1,732

^[3]

5,198

^[3]

Net current period other comprehensive income (loss)

(1,732)

(5,198)

Balance at end of period, before tax

(8,964)

(71,804)

(8,964)

(71,804)

Tax effect

26,940

^[1]

26,940

^[1]

26,940

^[1]

26,940

^[1]

26,940

^[1]

Total accumulated other comprehensive income (loss), net of tax

17,976

(44,864)

17,976

(44,864)

23,174

Foreign currency translation [Member]

Other comprehensive income (before tax) [Abstract]

Other comprehensive income (loss)

(3,835)

2,901

(1,000)

(15,868)

Accumulated Other Comprehensive Income Loss [Line Items]

Balance at beginning of period, before tax

14,019

13,978

11,184

32,747

Other comprehensive income (loss) before reclassifications

(3,835)

2,901

(1,000)

(15,868)

Amounts reclassified from accumulated other comprehensive income (loss)

Net current period other comprehensive income (loss)

(3,835)

2,901

(1,000)

(15,868)

Balance at end of period, before tax

10,184

16,879

10,184

16,879

Tax effect

(3,044)

^[1]

(5,390)

^[1]

(3,044)

^[1]

(5,390)

^[1]

(3,394)

^[1]

Total accumulated other comprehensive income (loss), net of tax

$ 7,140

$ 11,489

$ 7,140

$ 11,489

$ 7,790

[1]	Tax effect does not approximate 35% due to amounts of tax benefits not provided in various periods due to our tax valuation allowance.
[2]	During the three and nine months ended September 30, 2014, net unrealized losses of ($0.8) million and ($10.8) million, respectively, were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net. During the three and nine months ended September 30, 2013, net unrealized (losses) gains of ($2.8) million and $6.9 million, respectively were reclassified to the Consolidated Statement of Operations and included in Realized investment gains, net.
[3]	During the three and nine months ended September 30, 2014, other comprehensive income related to benefit plans of $1.7 million and $5.2 million, respectively, was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.

Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Pension and Supplemental Executive Retirement Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	$ 2,142	$ 2,835	$ 6,425	$ 8,504
Interest Cost	3,997	3,823	11,991	11,467
Expected return on plan assets	(5,258)	(5,035)	(15,773)	(15,108)
Recognized net actuarial loss	271	1,536	812	4,609
Amortization of prior service cost	(233)	125	(698)	377
Net periodic benefit cost	919	3,284	2,757	9,849
Other Postretirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	165	202	494	609
Interest Cost	164	155	491	464
Expected return on plan assets	(1,162)	(919)	(3,486)	(2,759)
Recognized net actuarial loss	(109)	0	(326)	0
Amortization of prior service cost	(1,663)	(1,663)	(4,988)	(4,987)
Net periodic benefit cost	$ (2,605)	$ (2,225)	$ (7,815)	$ (6,673)

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2007	Dec. 31, 2013
Tax provision (benefit) [Abstract]
Tax provision (benefit) before valuation allowance	$ 25,030,000	$ (674,000)	$ 65,322,000	$ (17,792,000)
Change in valuation allowance	(24,781,000)	1,010,000	(63,229,000)	20,257,000
Provision for income taxes	249,000	336,000	2,093,000	2,465,000
Change in deferred tax valuation allowance, included in other comprehensive income	6,600,000	(2,600,000)	(21,300,000)	33,900,000
Valuation allowance	919,700,000		919,700,000			1,004,200,000
Net operating loss carryforwards, regular tax basis	2,500,000,000		2,500,000,000
Net operating loss carryforwards for computing the alternative minimum tax	1,600,000,000		1,600,000,000
Information regarding income tax examinations [Abstract]
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue	197,500,000		197,500,000
Estimate of federal interest that may be due	164,800,000		164,800,000
Amount of payment made related to the IRS assessment on the REMIC issue					65,200,000
Estimate of additional state income taxes and interest that may be due	47,000,000		47,000,000
Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss	261,400,000		261,400,000
Total amount of unrecognized tax benefits	106,000,000		106,000,000
Total amount of the unrecognized tax benefits that would affect our effective tax rate	93,400,000		93,400,000
Unrecognized tax benefits, accrued interest	$ 26,700,000		$ 26,700,000			$ 26,100,000

Loss Reserves (Details) (USD $)
In Thousands, unless otherwise specified

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Loss Reserve [Roll Forward]

Reserve at beginning of period

$ 3,061,401

$ 4,056,843

Less reinsurance recoverable

64,085

104,848

Net reserve at beginning of period

2,997,316

3,951,995

Losses and LAE incurred in respect of default notices related to:

Current year

454,390

686,454

Prior years

(75,387)

^[1],[2]

(43,783)

^[1],[2]

Subtotal

379,003

642,671

Losses and LAE paid in respect of default notices related to:

Current year

11,574

28,792

Prior years

895,061

1,286,833

Reinsurance terminations

^[3]

(3,332)

^[3]

Subtotal

906,635

1,312,293

Net reserve at end of period

2,469,684

3,282,373

Plus reinsurance recoverables

57,898

70,621

Reserve at end of period

$ 2,527,582

$ 3,352,994

[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.
[2]	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.
[3]	In a termination, the reinsurance agreement is cancelled, with no future premium ceded and funds for any incurred but unpaid losses transferred to us. The transferred funds result in an increase in our investment portfolio (including cash and cash equivalents) and a decrease in net losses paid (reduction to losses incurred). In addition, there is an offsetting decrease in the reinsurance recoverable (increase in losses incurred), and thus there is no net impact to losses incurred.

Loss Reserves, Change in Liability and Claims Adjustment Expense (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Loan

Sep. 30, 2013

Loan

Sep. 30, 2014

Loan

Sep. 30, 2013

Loan

Dec. 31, 2012

Loan

Dec. 31, 2010

Dec. 31, 2009

Dec. 31, 2013

Loan

Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]

Change in loss reserves

$ (75,387,000)

^[1],[2]

$ (43,783,000)

^[1],[2]

Historical average period for uncured default to develop into paid claim

12 months

Premium refund liability, expected claim payments

112,000,000

131,000,000

Primary Default Inventory [Roll Forward]

Default inventory at the beginning of period

85,416

117,105

103,328

139,845

New Notices

22,927

27,755

67,451

81,044

Cures

(19,582)

(24,105)

(68,082)

(80,677)

Paids (including those charged to a deductible or captive)

(5,288)

(8,659)

(18,420)

(27,155)

Rescissions and denials

(319)

(509)

(1,123)

(1,470)

Default inventory at end of period

83,154

111,587

83,154

111,587

139,845

Pool insurance notice inventory [Abstract]

Pool insurance notice inventory (in number of loans)

4,525

6,821

4,525

6,821

6,563

Aging of the Primary Default Inventory [Abstract]

3 months or less

16,209

20,144

16,209

20,144

18,941

3 months or less (in hundredths)

19.00%

18.00%

19.00%

18.00%

4 - 11 months

18,890

24,138

18,890

24,138

24,514

4 - 11 months (in hundredths)

23.00%

22.00%

23.00%

22.00%

24.00%

12 months or more

48,055

67,305

48,055

67,305

59,873

12 months or more (in hundredths)

58.00%

60.00%

58.00%

60.00%

58.00%

Total primary default inventory

83,154

111,587

83,154

111,587

139,845

Total primary default inventory (in hundredths)

100.00%

Primary claims received inventory included in ending default inventory

5,194

^[3]

9,858

^[3]

5,194

^[3]

9,858

^[3]

6,948

^[3]

Primary claims received inventory included in ending default inventory (in hundredths)

6.00%

^[3]

9.00%

^[3]

6.00%

^[3]

9.00%

^[3]

7.00%

^[3]

Number of rescindable loans affected by Company's decision to voluntarily suspend rescissions

1,575

Number of payments delinquent [Abstract]

3 payments or less

23,769

28,777

23,769

28,777

28,095

3 payments or less (in hundredths)

28.00%

26.00%

28.00%

26.00%

27.00%

4 - 11 payments

18,985

25,089

18,985

25,089

24,605

4 - 11 payments (in hundredths)

23.00%

22.00%

23.00%

22.00%

24.00%

12 payments or more

40,400

57,721

40,400

57,721

50,628

12 payments or more (in hundredths)

49.00%

52.00%

49.00%

52.00%

49.00%

Total primary default inventory

83,154

111,587

83,154

111,587

139,845

Total primary default inventory (in hundredths)

100.00%

Estimated Rescission Reduction - Loss Reserve [Roll Forward]

Estimated rescission reduction - losses incurred

(200,000,000)

200,000,000

2,500,000,000

Premium refund liability, expected future rescissions

29,000,000

15,000,000

(Decrease) increase 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

(38,000,000)

^[1]

10,000,000

^[1]

Percentage of prior year default inventory resolved (in hundredths)

50.00%

48.00%

Decrease in estimated severity on primary defaults [Member]

Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]

Change in loss reserves

(20,000,000)

^[1]

(40,000,000)

^[1]

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

$ (17,000,000)

^[1]

$ (14,000,000)

^[1]

[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.
[2]	A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves and a positive number for prior year losses incurred indicates a deficiency of prior year loss reserves.
[3]	Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to certain loans that we believed would be included in a potential resolution. As of September 30, 2014, rescissions of coverage on approximately 1,575 loans had been voluntarily suspended.

Premium Deficiency Reserve (Details) (USD $)

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Premium Deficiency Reserve [Abstract]

Present value of expected future paid losses and expenses, net of expected future premium

$ (570,000,000)

$ (709,000,000)

$ (570,000,000)

$ (709,000,000)

$ (669,000,000)

Established loss reserves

541,000,000

652,000,000

541,000,000

652,000,000

621,000,000

Net deficiency

(28,711,000)

(57,000,000)

(28,711,000)

(57,000,000)

Change in premium deficiency reserve

6,000,000

4,000,000

19,000,000

17,000,000

Premium Deficiency Reserve [Roll Forward]

Premium Deficiency Reserve at beginning of period

(35,000,000)

(61,000,000)

(48,461,000)

(74,000,000)

Paid claims and loss adjustment expenses

41,000,000

51,000,000

132,000,000

172,000,000

Decrease in loss reserves

(15,000,000)

(37,000,000)

(81,000,000)

(114,000,000)

Premium earned

(17,000,000)

(24,000,000)

(59,000,000)

(72,000,000)

Effects of present valuing on future premiums, losses and expenses

3,000,000

(1,000,000)

(2,000,000)

Change in premium deficiency reserve to reflect actual premium, losses and expenses recognized

12,000,000

(10,000,000)

(9,000,000)

(16,000,000)

Change in premium deficiency reserve to reflect change in assumptions relating to future premiums, losses expenses and discount rate

(6,000,000)

^[1]

14,000,000

^[1]

28,000,000

^[1]

33,000,000

^[1]

Premium Deficiency Reserve at end of period

$ (28,711,000)

$ (57,000,000)

$ (28,711,000)

$ (57,000,000)

[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.

Shareholders' Equity (Details) (USD $)	3 Months Ended		9 Months Ended
Shareholders' Equity (Details) (USD $)	Sep. 30, 2014 Right	Mar. 31, 2013	Sep. 30, 2014 Right	Sep. 30, 2013	Dec. 31, 2013	Jun. 30, 2013
Shareholders' Equity [Abstract]
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000		1,000,000,000	680,000,000
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		$ 663,300,000	$ 0	$ 663,335,000
Shareholder Rights Agreement [Abstract]
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights)	1		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%		5.00%
Common shares purchasable per Right (in shares)	0.10		0.10
Purchase price (in dollars per share)	$ 14		$ 14
Purchase price (in dollars per one-tenth share)	$ 1.40		$ 1.40
Redemption price (in dollars per Right)	$ 0.001		$ 0.001
Convertible Senior Notes - due April 2020 [Member]
Debt Instrument [Line Items]
Outstanding principal amount	$ 500,000,000	$ 500,000,000	$ 500,000,000		$ 500,000,000
Stated interest rate (in hundredths)	2.00%	2.00%	2.00%		2.00%

Statutory Capital (Details) (USD $)	9 Months Ended
Statutory Capital (Details) (USD $)	Sep. 30, 2014 Jurisdiction	Dec. 31, 2013
Related Party Transaction [Line Items]
Number of jurisdictions with risk-to-capital requirements	16
Statutory capital requirements [Abstract]
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Risk-to-capital ratio on a combined basis at end of period	17.0 to 1
Percentage of surplus as regards policyholders (in hundredths)	10.00%
Statutory deferred tax assets admitted	$ 134,000,000	$ 138,000,000
Mortgage Guaranty Insurance Corporation [Member]
Statutory capital requirements [Abstract]
Risk to capital ratio at end of period	15.0 to 1
Amount of policyholders position above or below required MPP	605,000,000
Amount of required MPP	1,000,000,000
MGIC Indemnity Corporation [Member]
Statutory capital requirements [Abstract]
Statutory capital of subsidiary	466,000,000
Risk in force, net of reinsurance, of subsidiary	$ 547,000,000