Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 30, 2015
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		339,638,670
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Securities, available-for-sale, at fair value:
Fixed maturities (amortized cost, 2015 - $4,567,873; 2014 - $4,602,514)	$ 4,594,663	$ 4,609,614
Equity securities	3,100	3,055
Total investment portfolio	4,597,763	4,612,669
Cash and cash equivalents	232,623	197,882
Restricted cash and cash equivalents (Note 1)	0	17,212
Accrued investment income	32,114	30,518
Prepaid reinsurance premiums	50,119	47,623
Reinsurance recoverable on loss reserves	55,415	57,841
Reinsurance recoverable on paid losses	5,966	6,424
Premiums receivable	59,254	57,442
Home office and equipment, net	28,565	28,693
Deferred insurance policy acquisition costs	13,251	12,240
Profit commission receivable (Note 4)	114,974	91,500
Other assets	92,688	106,390
Total assets	5,282,732	5,266,434
Liabilities:
Loss reserves (Note 12)	2,244,624	2,396,807
Premium deficiency reserve (Note 13)	17,333	23,751
Unearned premiums	223,053	203,414
Senior notes (Note 3)	61,930	61,918
Convertible senior notes (Note 3)	845,000	845,000
Convertible junior debentures (Note 3)	389,522	389,522
Other liabilities	315,710	309,119
Total liabilities	4,097,172	4,229,531
Contingencies (note 5)
Shareholders' equity (note 14):
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,079; 2014 - 340,047; shares outstanding 2015 - 339,639; 2014 - 338,560)	340,079	340,047
Paid-in capital	1,662,211	1,663,592
Treasury stock (shares at cost 2015 - 440; 2014 - 1,487)	(3,362)	(32,937)
Accumulated other comprehensive loss, net of tax (note 9)	(64,492)	(81,341)
Retained deficit	(748,876)	(852,458)
Total shareholders' equity	1,185,560	1,036,903
Total liabilities and shareholders' equity	$ 5,282,732	$ 5,266,434

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Securities, available-for-sale, at fair value:
Fixed maturities, amortized cost	$ 4,567,873	$ 4,602,514
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)	340,079	340,047
Common stock, shares outstanding (in shares)	339,639	338,560
Treasury stock, shares at cost (in shares)	440	1,487

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Premiums written:
Direct	$ 265,412	$ 244,189
Assumed	338	451
Ceded (note 4)	(31,294)	(26,620)
Net premiums written	234,456	218,020
Increase in unearned premiums, net	(17,168)	(3,759)
Net premiums earned	217,288	214,261
Investment income, net of expenses	24,120	20,156
Net realized investment gains (losses):
Total other-than-temporary impairment losses	0	0
Portion of losses recognized in comprehensive income, before taxes	0	0
Net impairment losses recognized in earnings	0	0
Other realized investment gains (losses)	26,327	(231)
Net realized investment gains (losses)	26,327	(231)
Other revenue	2,480	896
Total revenues	270,215	235,082
Losses and expenses:
Losses incurred, net (note 12)	81,785	122,608
Change in premium deficiency reserve (note 13)	(6,418)	(5,173)
Amortization of deferred policy acquisition costs	1,757	1,419
Other underwriting and operating expenses, net	39,268	37,981
Interest expense	17,362	17,539
Total losses and expenses	133,754	174,374
Income before tax	136,461	60,708
Provision for income taxes (note 11)	3,385	726
Net income	$ 133,076	$ 59,982
Income per share (note 6)
Basic (in dollars per share)	$ 0.39	$ 0.18
Diluted (in dollars per share)	$ 0.32	$ 0.15
Weighted average common shares outstanding - basic (note 6) (in shares)	339,107	338,213
Weighted average common shares outstanding - diluted (note 6) (in shares)	468,141	413,180

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 133,076	$ 59,982
Other comprehensive income, net of tax ( (Note 9):
Change in unrealized investment gains and losses (note 7)	19,563	39,598
Benefit plan adjustments	(700)	(1,486)
Foreign currency translation adjustment	(2,014)	1,253
Other comprehensive income, net of tax	16,849	39,365
Comprehensive income	$ 149,925	$ 99,347

- Definition

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

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) In Thousands, unless otherwise specified	Common stock [Member]	Paid-in capital [Member]	Treasury stock [Member]	Accumulated other comprehensive income (loss) [Member]	Retained earnings (deficit) [Member]	Total
Balance at Dec. 31, 2013	$ 340,047	$ 1,661,269	$ (64,435)	$ (117,726)	$ (1,074,617)	$ 744,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	59,982	59,982
Change in unrealized investment gains and losses, net	0	0	0	39,598	0	39,598
Reissuance of treasury stock, net	0	(5,712)	30,530	0	(29,791)	(4,973)
Equity compensation	0	1,803	0	0	0	1,803
Benefit plan adjustments	0	0	0	(1,486)	0	(1,486)
Unrealized foreign currency translation adjustment, net	0	0	0	1,253	0	1,253
Balance at Mar. 31, 2014	340,047	1,657,360	(33,905)	(78,361)	(1,044,426)	840,715
Balance at Dec. 31, 2014	340,047	1,663,592	(32,937)	(81,341)	(852,458)	1,036,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	133,076	133,076
Change in unrealized investment gains and losses, net	0	0	0	19,563	0	19,563
Net common stock issued under share-based compensation plans	32	38	0	0	0	70
Reissuance of treasury stock, net	0	(7,251)	29,575	0	(29,494)	(7,170)
Tax benefit from share-based compensation	0	2,568	0	0	0	2,568
Equity compensation	0	3,264	0	0	0	3,264
Benefit plan adjustments	0	0	0	(700)	0	(700)
Unrealized foreign currency translation adjustment, net	0	0	0	(2,014)	0	(2,014)
Balance at Mar. 31, 2015	$ 340,079	$ 1,662,211	$ (3,362)	$ (64,492)	$ (748,876)	$ 1,185,560

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 133,076	$ 59,982
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	11,311	14,889
Deferred tax provision (benefit)	(11)	(86)
Realized investment (gains) losses, net	(26,327)	231
Loss on repurchases of senior notes	0	837
Excess tax benefits related to share-based compensation	(2,568)	0
Other	13,436	(879)
Change in certain assets and liabilities:
Accrued investment income	(1,596)	(151)
Prepaid reinsurance premium	(2,496)	(1,828)
Reinsurance recoverable on loss reserves	2,426	6,467
Reinsurance recoverable on paid losses	458	1,394
Premium receivable	(1,812)	7,962
Deferred insurance policy acquisition costs	(1,011)	(433)
Profit commission receivable	(23,474)	(22,212)
Real estate	1,761	2,143
Loss reserves	(152,183)	(226,842)
Premium deficiency reserve	(6,418)	(5,173)
Unearned premiums	19,639	5,618
Return premium accrual	3,300	(300)
Income taxes payable - current	2,813	494
Net cash used in operating activities	(29,676)	(157,887)
Purchases of investments:
Fixed maturities	(940,867)	(582,261)
Equity securities	(18)	(19)
Proceeds from sale of fixed maturities	795,968	419,293
Proceeds from maturity of fixed maturities	192,463	295,188
Net increase in payable for securities	699	12,692
Net decrease (increase) in restricted cash	17,212	(4)
Additions to property and equipment	(576)	(2,971)
Net cash provided by investing activities	64,881	141,918
Cash flows from financing activities:
Repayment of long-term debt	0	(21,767)
Net common stock issued under share-based compensation plans	70	0
Excess tax benefits related to share-based compensation	2,568	0
Net cash provided by (used in) financing activities	2,638	(21,767)
Effect of exchange rate changes on cash	(3,102)	1,931
Net increase (decrease) in cash and cash equivalents	34,741	(35,805)
Cash and cash equivalents at beginning of period	197,882	332,692
Cash and cash equivalents at end of period	$ 232,623	$ 296,887

Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2015

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, 2014 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, 2015.

Capital - GSEs

Since 2008, substantially all of our insurance written has been for loans sold to Fannie Mae and Freddie Mac (the “GSEs”). In April 2015, the GSEs each released revised private mortgage insurer eligibility requirements (the “PMIERs”) that become effective December 31, 2015. The PMIERs include revised financial requirements for mortgage insurers (the “GSE Financial Requirements”) under which a mortgage insurer’s “Available Assets” (generally only the most liquid assets of an insurer) must meet or exceed “Minimum Required Assets” (which are based on an insurer’s book and are calculated from tables of factors with several risk dimensions and are subject to a floor amount).

We expect that MGIC will be in compliance with the PMIERs, including the GSE Financial Requirements, when they become effective.

We estimate that as of March 31, 2015, before considering the effects of reinsurance, MGIC has a shortfall in Available Assets of approximately $230 million. This shortfall estimate is based on our interpretation of the GSE Financial Requirements and assumes that the risk in force and assets of MGIC’s MIC subsidiary will be repatriated to MGIC. This shortfall estimate does not reflect the benefits from MGIC’s existing quota share reinsurance transaction or the anticipated restructure of that transaction; or the transfer of assets (including the $45 million discussed below) from regulated insurance affiliates of MGIC that, subject to regulatory authorization, could increase the assets of MGIC. We believe that these benefits will eliminate our shortfall in Available Assets and each is discussed below.

We did not expect to receive full credit under the PMIERs for our existing reinsurance transaction. However, we and the reinsurers have reached agreement to restructure the transaction in a manner that we believe will result in MGIC receiving full credit under the PMIERs. The effectiveness of the restructured transaction will be subject to approval by the GSEs and the Office of the Commissioner of Insurance of the State of Wisconsin (“OCI”). In addition, in April 2015, regulated insurance affiliates of MGIC transferred $45 million of assets to MGIC increasing the Available Assets of MGIC. Furthermore, if additional Available Assets are required, we believe that a portion of our holding company’s $494 million of cash and investments at March 31, 2015, may be available for future contribution to MGIC. In addition, we could seek non-dilutive debt capital to mitigate a shortfall.

As noted above, we expect to be in compliance with the PMIERs, including the GSE Financial Requirements, by their effective date. However, if we are not in compliance with the GSE Financial Requirements by then, we could submit to the GSEs for approval, a transition plan having milestones for actions to achieve compliance. If the plan were approved, the GSEs would monitor our progress and we could have until June 2017 to meet the GSE Financial Requirements (the “transition period”). During the transition period, MGIC would be considered to be in remediation (a status similar to the one under which it has been operating with the GSEs for over five years) and eligible to provide mortgage insurance on loans acquired by the GSEs.

Factors that may negatively impact MGIC’s ability to comply with the GSE Financial Requirements before their effective date include the following:

·	The GSEs may not approve our restructured reinsurance transaction or they may not allow full credit under the GSE Financial Requirements for that transaction.

·	We may not obtain regulatory authorization to transfer assets from MIC to MGIC to the extent we are assuming because regulators project higher losses than we project or require a level of capital be maintained in MIC higher than we are assuming.

·	MGIC may not receive additional capital contributions from our holding company due to competing demands on the holding company resources, including for repayment of debt.

·	Our future operating results may be negatively impacted by the matters discussed in the rest of these footnotes. Such matters could decrease our revenues, increase our losses or require the use of assets, thereby increasing our shortfall in Available Assets.

·	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 may seek.

There can be no assurance that the GSEs will not make the GSE Financial Requirements more onerous in the future; in this regard, the PMIERs provide that the tables of factors that determine Minimum Required Assets will be updated every two years and may be updated more frequently to reflect changes in macroeconomic conditions or loan performance. The GSEs will provide notice 180 days prior to the effective date of table updates. In addition, the GSEs may amend the PMIERs at any time. 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.

While on an overall basis, the amount of Available Assets we must hold in order to continue to insure GSE loans has increased under the PMIERs over what state regulation currently provides, reinsurance is one option we have to mitigate the effect of PMIERs on our returns. In this regard, see the first bullet point above.

See additional disclosure regarding statutory capital in Note 16 – “Statutory Capital.”

Reclassifications

Certain reclassifications have been made in the accompanying financial statements to 2014 amounts to conform to 2015 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, Inc. (“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. In the first quarter of 2015, the escrow funds were disbursed to us pursuant to the amended and restated settlement agreement and release entered into with CHL on March 2, 2015. 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.

+ References+ Details

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2015
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	Note 2 - New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. While insurance contracts are not within the scope of this updated guidance, our fee income related to contract underwriting and other fee-based services provided to lenders will be subject to this guidance. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. We are currently evaluating the impact of this update, but it is not expected to have a significant impact on our consolidated financial statements and disclosures. The guidance is effective for fiscal years beginning after December 15, 2016. On April 1, 2015, the FASB issued a proposal to defer the effective date by one year and permit early adoption, but not before the original effective date of December 15, 2016. Presentation of Debt Issuance Costs In April 2015, the FASB amended existing guidance related to the presentation of debt issuance costs. The new standard requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements.

Debt

3 Months Ended

Mar. 31, 2015

Debt [Abstract]

Debt

Note 3 – Debt

Long-term debt as of March 31, 2015 and December 31, 2014 consists of the following obligations.

	March 31, 2015			December 31, 2014
	(In millions)
Senior Notes, interest at 5.375% per annum, due November 2015	$	61.9		$	61.9
Convertible Senior Notes, interest at 5% per annum, due May 2017 (1)		345.0			345.0
Convertible Senior Notes, interest at 2% per annum, due April 2020 (2) (3)		500.0			500.0
Convertible Junior Subordinated Debentures, interest 9% per annum, due April 2063 (4)		389.5			389.5
Total debt		1,296.4			1,296.4
Less current portion of debt		(61.9	)		(61.9	)
Total long-term debt	$	1,234.5		$	1,234.5

(1)	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share.

(2)

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 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing 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. For the quarter ending March 31, 2015, our common stock was greater than or equal to 130% of the applicable conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, March 31, 2015.

(3)

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 rate 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 each of at least 20 of the 30 consecutive trading days preceding notice of the redemption. .

(4)

Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 share per $1,000 principal amount, representing 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.

The Senior Notes, Convertible Senior Notes and Convertible Junior Subordinated Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At March 31, 2015, we had approximately $494 million in cash and investments at our holding company. The net unrealized gains on our holding company investment portfolio were approximately $1.3 million at March 31, 2015. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 2.8 years at March 31, 2015.

- 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.

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Reinsurance

3 Months Ended

Mar. 31, 2015

Reinsurance [Abstract]

Reinsurance

Note 4 – Reinsurance

A summary of our quota share reinsurance agreements, excluding captive agreements, for the three months ended March 31, 2015 and 2014 appears below.

	Three months ended March 31,
	2015		2014
	(In thousands)

Ceded premiums written, net of profit commission	$	27,136	$	21,486

Ceded premiums earned, net of profit commission		24,613		19,627

Ceded losses incurred		4,873		2,519

Ceding commissions (1)		10,122		8,740

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

As of March 31, 2015 and December 31, 2014, we have accrued a profit commission receivable of $115.0 million and $91.5 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. Recoverables under the agreement are supported by trust funds or letters of credit. Profit commissions are recorded as a reduction to our ceded premiums.

In the past, MGIC has obtained both captive and non-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 $39 million at March 31, 2015 which was supported by $168 million of trust assets, while at December 31, 2014, the reinsurance recoverable on loss reserves related to captive agreements was $45 million which was supported by $198 million of trust assets.

- 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	3 Months Ended
Litigation and Contingencies	Mar. 31, 2015
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 as “curtailments.” In 2014 and the first quarter of 2015, curtailments reduced our average claim paid by approximately 6.7% and 8.2%, 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. 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 and have not significantly mitigated our incurred losses since then. 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. Certain settlements require GSE approval. 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 in effect prior to October 1, 2014, 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, and under our master policy effective October 1, 2014, such proceedings may be brought up to two years from the date of the notice of rescission. In a few jurisdictions there is a longer time to bring such proceedings. 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 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”). On March 2, 2015, the parties to the Agreement with CHL amended and restated the Agreement. 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”). The original Agreement addressed rescission and denial rights; the amended and restated Agreement also addresses curtailment rights. 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. The estimated impact of the Agreements and other probable settlements have been recorded in our financial statements. The estimated impact that we recorded for probable settlements is our best estimate of our loss from these matters. We estimate that the maximum exposure above the best estimate provision we recorded is $441 million, of which about 72% is related to claims paying practices subject to the Agreement with CHL. 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 $29 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. 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. Seven of those cases had been dismissed prior to February 2015 without any further opportunity to appeal. The remaining five cases were dismissed with prejudice in the first quarter of 2015 pursuant to stipulations of dismissal from the plaintiffs. 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. Since August 2013, MGIC and several competitors have exchanged drafts of a proposed Consent Order with the MN Department, containing terms and conditions, including unspecified civil penalties, that would resolve the MN Department’s investigation. We received the latest draft of the Consent Order from the MN Department in March 2015. We continue to be 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 related contract underwriting remedy expense was approximately $4 million and $5 million for the years ended December 31, 2014 and 2013, respectively. There was no underwriting remedy expense incurred in the first quarter of 2015, but it may increase in the future. See Note 11 – “Income Taxes” for a description of federal income tax contingencies.

Earnings per Share

3 Months Ended

Mar. 31, 2015

Earnings per Share [Abstract]

Earnings per Share

Note 6 – Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common equivalent shares outstanding during the reporting period. We calculate diluted EPS using the treasury stock method for unvested restricted stock, and the if-converted method for convertible debt instruments. For unvested restricted stock, assumed proceeds under the treasury stock method would include unamortized compensation expense and windfall tax benefits or shortfalls. The determination of potentially issuable shares from our convertible debt instruments does not consider satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. In addition, if dilutive, interest expense, net of tax, related to the convertible debt instrument is added back to earnings in calculating diluted EPS.

The following table reconciles the numerators and denominators used to calculate basic and diluted EPS.

	Three months ended March 31,
	2015		2014
	(In thousands, except per share data)
Basic earnings per share:

Net income	$	133,076	$	59,982

Weighted average common shares outstanding		339,107		338,213

Basic income per share	$	0.39	$	0.18

Diluted earnings per share:

Net income	$	133,076	$	59,982

Interest expense, net of tax:
2% Convertible Senior Notes due 2020		3,049		3,049
5% Convertible Senior Notes due 2017		4,692		-
9% Convertible Junior Subordinated Debentures due 2063		8,765		-

Diluted income available to common shareholders	$	149,582	$	63,031

Weighted average shares - basic		339,107		338,213

Effect of dilutive securities:
Unvested restricted stock units		2,569		3,025
2% Convertible Senior Notes due 2020		71,942		71,942
5% Convertible Senior Notes due 2017		25,670		-
9% Convertible Junior Subordinated Debentures due 2063		28,853		-

Weighted average shares - diluted		468,141		413,180

Diluted income per share	$	0.32	$	0.15

Antidilutive securities (in millions)		-		54.5

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Investments

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Investments

Note 7 – Investments

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at March 31, 2015 and December 31, 2014 are shown below.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
March 31, 2015	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	312,233	$	2,629	$	(2,057	)	$	312,805
Obligations of U.S. states and political subdivisions		937,548		16,621		(1,466	)		952,703
Corporate debt securities		2,394,862		18,939		(5,785	)		2,408,016
Asset-backed securities		253,185		769		(35	)		253,919
Residential mortgage-backed securities		315,778		719		(7,466	)		309,031
Commercial mortgage-backed securities		259,934		1,804		(1,132	)		260,606
Collateralized loan obligations		61,341		-		(797	)		60,544
Debt securities issued by foreign sovereign governments		32,992		4,047		-			37,039
Total debt securities		4,567,873		45,528		(18,738	)		4,594,663
Equity securities		3,021		85		(6	)		3,100

Total investment portfolio	$	4,570,894	$	45,613	$	(18,744	)	$	4,597,763

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
December 31, 2014	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	349,153	$	2,752	$	(5,130	)	$	346,775
Obligations of U.S. states and political subdivisions		844,942		12,961		(2,761	)		855,142
Corporate debt securities		2,418,991		16,325		(10,035	)		2,425,281
Asset-backed securities		286,260		535		(140	)		286,655
Residential mortgage-backed securities		329,983		254		(9,000	)		321,237
Commercial mortgage-backed securities		276,215		1,221		(2,158	)		275,278
Collateralized loan obligations		61,340		-		(1,264	)		60,076
Debt securities issued by foreign sovereign governments		35,630		3,540		-			39,170
Total debt securities		4,602,514		37,588		(30,488	)		4,609,614
Equity securities		3,003		61		(9	)		3,055

Total investment portfolio	$	4,605,517	$	37,649	$	(30,497	)	$	4,612,669

(1)	At March 31, 2015 and December 31, 2014, 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. Eighty-five percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 15% is rated AA.

The amortized cost and fair values of debt securities at March 31, 2015, 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.

	Amortized Cost		Fair Value
March 31, 2015	(In thousands)

Due in one year or less	$	301,142	$	301,873
Due after one year through five years		1,806,892		1,823,593
Due after five years through ten years		1,127,078		1,133,449
Due after ten years		442,523		451,648

	$	3,677,635	$	3,710,563

Asset-backed securities		253,185		253,919
Residential mortgage-backed securities		315,778		309,031
Commercial mortgage-backed securities		259,934		260,606
Collateralized loan obligations		61,341		60,544

Total at March 31, 2015	$	4,567,873	$	4,594,663

At March 31, 2015 and December 31, 2014, the investment portfolio had gross unrealized losses of $18.7 million and $30.5 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
March 31, 2015	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	$	93,555	$	362	$	26,435	$	1,695	$	119,990	$	2,057
Obligations of U.S. states and political subdivisions		174,785		695		50,757		771		225,542		1,466
Corporate debt securities		621,952		4,169		113,002		1,616		734,954		5,785
Asset-backed securities		34,294		10		11,930		26		46,224		36
Residential mortgage-backed securities		34,574		168		229,563		7,298		264,137		7,466
Commercial mortgage-backed securities		61,443		304		71,895		828		133,338		1,132
Collateralized loan obligations		-		-		60,544		797		60,544		797
Equity securities		68		-		177		5		245		5

Total investment portfolio	$	1,020,671	$	5,708	$	564,303	$	13,036	$	1,584,974	$	18,744

	Less Than 12 Months				12 Months or Greater				Total
December 31, 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	$	58,166	$	138	$	232,351	$	4,992	$	290,517	$	5,130
Obligations of U.S. states and political subdivisions		166,408		1,066		114,465		1,695		280,873		2,761
Corporate debt securities		816,555		5,259		243,208		4,776		1,059,763		10,035
Asset-backed securities		54,491		80		11,895		60		66,386		140
Residential mortgage-backed securities		24,168		34		263,002		8,966		287,170		9,000
Commercial mortgage-backed securities		89,301		810		110,652		1,348		199,953		2,158
Collateralized loan obligations		-		-		60,076		1,264		60,076		1,264
Equity securities		167		1		235		8		402		9

Total investment portfolio	$	1,209,256	$	7,388	$	1,035,884	$	23,109	$	2,245,140	$	30,497

The unrealized losses in all categories of our investments at March 31, 2015 and December 31, 2014 were primarily caused by the difference in interest rates at each respective period, compared to interest rates at the time of purchase. There were 278 and 423 securities in an unrealized loss position at March 31, 2015 and December 31, 2014, respectively. During each of the three months ended March 31, 2015 and 2014 there were no other-than-temporary impairments (“OTTI”) recognized.

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

	Three Months Ended March 31,
	2015		2014
	(In thousands)

Net realized investment gains (losses) and OTTI on investments:
Fixed maturities	$	26,324	$	(234	)
Equity securities		3		3
	$	26,327	$	(231	)

	Three Months Ended March 31,
	2015			2014
	(In thousands)

Net realized investment gains (losses) and OTTI on investments:
Gains on sales	$	27,206		$	805
Losses on sales		(879	)		(1,036	)
	$	26,327		$	(231	)

- Definition

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

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

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, equity 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 primarily 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. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends.

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.

Our financial assets that are classified as Level 3 securities are primarily state premium tax credit investments. The state premium tax credit investments have an average maturity of less than 4 years, credit ratings of AA+ or higher, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.2%.

Fair value measurements for assets measured at fair value included the following as of March 31, 2015 and December 31, 2014:

	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2015	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	312,805	$	189,913	$	122,892	$	-
Obligations of U.S. states and political subdivisions		952,703		-		950,912		1,791
Corporate debt securities		2,408,016		-		2,408,016		-
Asset-backed securities		253,919		-		253,919		-
Residential mortgage-backed securities		309,031		-		309,031		-
Commercial mortgage-backed securities		260,606		-		260,606		-
Collateralized loan obligations		60,544		-		60,544		-
Debt securities issued by foreign sovereign governments		37,039		37,039		-		-
Total debt securities		4,594,663		226,952		4,365,920		1,791
Equity securities		3,100		2,779		-		321
Total investment portfolio	$	4,597,763	$	229,731	$	4,365,920	$	2,112
Real estate acquired (1)	$	10,897	$	-	$	-	$	10,897

	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2014	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	346,775	$	188,824	$	157,951	$	-
Obligations of U.S. states and political subdivisions		855,142		-		853,296		1,846
Corporate debt securities		2,425,281		-		2,425,281		-
Asset-backed securities		286,655		-		286,655		-
Residential mortgage-backed securities		321,237		-		321,237		-
Commercial mortgage-backed securities		275,278		-		275,278		-
Collateralized loan obligations		60,076		-		60,076		-
Debt securities issued by foreign sovereign governments		39,170		39,170		-		-
Total debt securities		4,609,614		227,994		4,379,774		1,846
Equity securities		3,055		2,734		-		321
Total investment portfolio	$	4,612,669	$	230,728	$	4,379,774	$	2,167
Real estate acquired (1)	$	12,658	$	-	$	-	$	12,658

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

There were no transfers of securities between Level 1 and Level 2 during the first three months of 2015.

For assets measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the three months ended March 31, 2015 and 2014 is as follows:

	Debt Securities			Equity Securities		Total Investments			Real Estate Acquired

Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(503	)
Purchases		7			-		7			10,797
Sales		(62	)		-		(62	)		(12,055	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at March 31, 2015	$	1,791		$	321	$	2,112		$	10,897

Amount of total losses included in earnings for the three months ended March 31, 2015 attributable to the change in unrealized losses on assets still held at March 31, 2015	$	-		$	-	$	-		$	-

	Debt Securities			Equity Securities		Total Investments			Real Estate Acquired

Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(1,160	)
Purchases		30			-		30			8,010
Sales		(75	)		-		(75	)		(8,993	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at March 31, 2014	$	2,378		$	321	$	2,699		$	11,137

Amount of total losses included in earnings for the three months ended March 31, 2014 attributable to the change in unrealized losses on assets still held at March 31, 2014	$	-		$	-	$	-		$	-

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.”

We incur financial liabilities in the normal course of our business. The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at March 31, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such liabilities are measured on a recurring basis.

March 31, 2015	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)

Financial liabilities:
Senior Notes	$	61,953	$	63,309	$	-	$	63,309	$	-
Convertible Senior Notes due 2017		345,000		382,622		-		382,622		-
Convertible Senior Notes due 2020		500,000		735,945		-		735,945		-
Convertible Junior Subordinated Debentures		389,522		497,221		-		497,221		-
Total Debt	$	1,296,475	$	1,679,097	$	-	$	1,679,097	$	-

December 31, 2014	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)

Financial liabilities:
Senior Notes	$	61,953	$	63,618	$	-	$	63,618	$	-
Convertible Senior Notes due 2017		345,000		387,997		-		387,997		-
Convertible Senior Notes due 2020		500,000		735,075		-		735,075		-
Convertible Junior Subordinated Debentures		389,522		500,201		-		500,201		-
Total Debt	$	1,296,475	$	1,686,891	$	-	$	1,686,891	$	-

The fair values of our Senior Notes, Convertible Senior Notes and Debentures were determined using available pricing for these debentures or similar instruments and are considered Level 2 securities.

- 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

3 Months Ended

Mar. 31, 2015

Other Comprehensive Income [Abstract]

Other Comprehensive Income

Note 9 – Other Comprehensive Income

Our other comprehensive income for the three months ended March 31, 2015 and 2014 was as follows:

	Three Months Ended March 31, 2015
	Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)
Other comprehensive income (loss):
Change in unrealized gains and losses on investments	$	19,721		$	(6,876	)	$	6,718		$	19,563
Benefit plan adjustments		(700	)		245			(245	)		(700	)
Unrealized foreign currency translation adjustment		(3,102	)		1,088			-			(2,014	)

Other comprehensive income (loss)	$	15,919		$	(5,543	)	$	6,473		$	16,849

	Three Months Ended March 31, 2014
	Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)
Other comprehensive income (loss):
Change in unrealized gains and losses on investments	$	39,661		$	(13,871	)	$	13,808		$	39,598
Benefit plan adjustments		(1,486	)		520			(520	)		(1,486	)
Unrealized foreign currency translation adjustment		1,931			(678	)		-			1,253

Other comprehensive income (loss)	$	40,106		$	(14,029	)	$	13,288		$	39,365

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 March 31, 2015
	Unrealized gains and losses on available-for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2014, before tax	$	7,148		$	(55,878	)	$	7,117		$	(41,613	)

Other comprehensive income (loss) before reclassifications		30,955			-			(3,102	)	$	27,853

Amounts reclassified from accumulated other comprehensive income (loss)		11,234	(1)		700	(2)		-		$	11,934

Net current period other comprehensive income (loss)		19,721			(700	)		(3,102	)		15,919

Balance at March 31, 2015, before tax	$	26,869		$	(56,578	)	$	4,015		$	(25,694	)

Tax effect (3)		(64,857	)		26,940			(881	)		(38,798	)

Balance at March 31, 2015, net of tax	$	(37,988	)	$	(29,638	)	$	3,134		$	(64,492	)

	Three Months Ended March 31, 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		36,672			-			1,931			38,603

Less: Amounts reclassified from accumulated other comprehensive income (loss)		(2,989	)(1)		1,486	(2)		-			(1,503	)

Net current period other comprehensive income (loss)		39,661			(1,486	)		1,931			40,106

Balance at March 31, 2015, before tax	$	(44,973	)	$	(5,252	)	$	13,115		$	(37,110	)

Tax effect (3)		(64,119	)		26,940			(4,072	)		(41,251	)

Balance at March 31, 2014, net of tax	$	(109,092	)	$	21,688		$	9,043		$	(78,361	)

(1)

During the three months ended March 31, 2015 and 2014, we realized net investment gains (losses) that at the end of the prior quarter had been classified in net unrealized gains (losses) of $11.2 million and ($3.0) million, respectively. As a result, these amounts were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses).

(2)	During the three months ended March 31, 2015 and 2014, other comprehensive income related to benefit plans of $0.7 million and $1.5 million 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, 2014 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, 2014, before tax	$	7,148		$	(55,878	)	$	7,117		$	(41,613	)

Tax effect (1)		(64,699	)		26,940			(1,969	)		(39,728	)

Balance at December 31, 2014, net of tax	$	(57,551	)	$	(28,938	)	$	5,148		$	(81,341	)

(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

3 Months Ended

Mar. 31, 2015

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 March 31,
	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
	2015			2014			2015			2014
	(In thousands)

Service cost	$	2,448		$	2,080		$	202		$	177
Interest cost		3,908			4,009			178			183
Expected return on plan assets		(5,295	)		(5,258	)		(1,248	)		(1,161	)
Recognized net actuarial loss		1,209			291			(35	)		(73	)
Amortization of prior service cost		(211	)		(42	)		(1,662	)		(1,662	)

Net periodic benefit cost	$	2,059		$	1,080		$	(2,565	)	$	(2,536	)

We currently intend to make a contribution of $17 million to our qualified pension plan and supplemental executive retirement plan in 2015.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Income Taxes

3 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

Note 11 – Income Taxes

Valuation Allowance

We review the need to maintain the deferred tax asset valuation allowance on a quarterly basis. We analyze several factors, among which are the severity and frequency of operating losses, our capacity for the carryback or carryforward of any losses, the existence and current level of taxable operating income, the expected occurrence of future income or loss, the expiration dates of the carryforwards, the cyclical nature of our operating results, and available tax planning strategies. Based on our analysis and the current 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 valuation allowance will be reversed in the foreseeable future. Specifically, if we continue to recognize meaningful levels of sustainable pre-tax income, it is likely that the valuation allowance will be reversed in 2015. 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 income taxes was as follows:

	Three months ended March 31,
	2015			2014
	(In thousands)

Provision for income tax	$	47,883		$	23,120
Change in valuation allowance		(44,498	)		(22,394	)

Provision for income taxes	$	3,385		$	726

The change in the valuation allowance that was included in other comprehensive income for the three months ended March 31, 2015 and 2014 was a decrease of $6.5 million and $13.3 million, respectively. The total valuation allowance as of March 31, 2015 and December 31, 2014 was $851.3 million and $902.3 million, respectively.

We have approximately $2.3 billion of net operating loss carryforwards on a regular tax basis and $1.4 billion of net operating loss carryforwards for computing the alternative minimum tax as of March 31, 2015. 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 March 31, 2015, there would also be interest related to these matters of approximately $171.9 million. In 2007, we made a payment of $65.2 million to the United States Department of the Treasury which will reduce any amounts we would ultimately owe. The Notices of Deficiency also reflect additional amounts due of $261.4 million, which are primarily associated with the disallowance of the carryback of the 2009 net operating loss to the 2004-2007 tax years. We believe the IRS included the carryback adjustments as a precaution to keep open the statute of limitations on collection of the tax that was refunded when this loss was carried back, and not because the IRS actually intends to disallow the carryback permanently.

We filed a petition with the U.S. Tax Court contesting most of the IRS' proposed adjustments reflected in the Notices of Deficiency and the IRS has filed an answer to our petition which continues to assert their claim. Litigation to resolve our dispute with the IRS 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. 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 March 31, 2015, those state taxes and interest would approximate $47.7 million. In addition, there could also be state tax penalties. Our total amount of unrecognized tax benefits as of March 31, 2015 is $106.4 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 result 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 $93.8 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 March 31, 2015 and December 31, 2014, we had accrued $27.1 million and $26.9 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

3 Months Ended

Mar. 31, 2015

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. 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 borrower income and thus their ability to make mortgage payments, and a drop in housing values which may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Changes to our estimates could result in a material impact to our results of operations and capital position, even in a stable economic environment.

The following table provides a reconciliation of beginning and ending loss reserves for the three months ended March 31, 2015 and 2014:

	Three months ended March 31,
	2015			2014
	(In thousands)

Reserve at beginning of period	$	2,396,807		$	3,061,401
Less reinsurance recoverable		57,841			64,085
Net reserve at beginning of period		2,338,966			2,997,316

Losses incurred:
Losses and LAE incurred in respect of default notices related to:
Current year		109,381			155,982
Prior years (1)		(27,596	)		(33,374	)
Subtotal		81,785			122,608

Losses paid:
Losses and LAE paid in respect of default notices related to:
Current year		312			314
Prior years		231,230			342,669
Subtotal		231,542			342,983

Net reserve at end of period		2,189,209			2,776,941
Plus reinsurance recoverables		55,415			57,618

Reserve at end of period	$	2,244,624		$	2,834,559

(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.

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 three months of 2015 compared to the same period in 2014, 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 delinquencies.

The prior year development of the reserves in the first three months of 2015 and 2014 is reflected in the table below.

	Three months ended March 31,
	2015			2014
	(In millions)

Decrease in estimated claim rate on primary defaults	$	(39	)	$	(30	)
Increase in estimated severity on primary defaults		17			5
Change in estimates related to pool reserves, LAE reserves and reinsurance		(6	)		(8	)
Total prior year loss development (1)	$	(28	)	$	(33	)

(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.

For the three months ended March 31, 2015 and 2014 we experienced favorable prior year loss reserve development. This development was based on the resolution of approximately 24% and 25% for the three months ended March 31, 2015 and 2014, respectively of the prior year default inventory. In addition, during the first quarter of 2015, the claim rate development was favorably impacted by $20 million due to re-estimation of previously recorded reserves relating to disputes on our claims paying practices and adjustments to incurred but not reported losses (IBNR). This favorable development was offset, in part, by an increase in the claim rate and severity on prior year defaults remaining in the delinquent inventory.

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

The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at March 31, 2015 and December 31, 2014 and approximated $112 million and $115 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 months ended March 31, 2015 and 2014 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and by transfers of servicing between loan servicers.

	Three months ended March 31,
	2015			2014

Default inventory at beginning of period		79,901			103,328
New notices		18,896			23,346
Cures		(21,767	)		(27,318	)
Paids (including those charged to a deductible or captive)		(4,573	)		(7,064	)
Rescissions and denials		(221	)		(450	)
Default inventory at end of period		72,236			91,842

Pool insurance notice inventory was 3,350 at March 31, 2015 and 5,646 at March 31, 2014.

The decrease in the primary default inventory experienced during 2015 and 2014 was generally across all markets and primarily in book years 2008 and prior. As of March 31, 2015, the percentage of loans in the inventory that have been in default for 12 or more consecutive months is consistent with one year prior, but higher than the percentage as of December 31, 2014, as shown in the table below. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months 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.”

	March 31, 2015				December 31, 2014				March 31, 2014
Consecutive months in default
3 months or less		11,604	16	%		15,319	19	%		14,313	16	%
4 - 11 months		18,940	26	%		19,710	25	%		23,305	25	%
12 months or more		41,692	58	%		44,872	56	%		54,224	59	%

Total primary default inventory		72,236	100	%		79,901	100	%		91,842	100	%

Primary claims received inventory included in ending default inventory (1)		4,448	6	%		4,746	6	%		5,990	7	%

(1)

Our claims received inventory includes suspended rescissions, as we have voluntarily suspended rescissions of coverage related to loans that we believed would be included in a potential resolution. As of March 31, 2015, rescissions of coverage on approximately 1,470 loans had been voluntarily suspended compared to 1,425 at December 31, 2014 and 1,525 at March 31, 2014.

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.

	March 31, 2015				December 31, 2014				March 31, 2014

3 payments or less		19,159	27	%		23,253	29	%		23,035	25	%
4 - 11 payments		18,372	25	%		19,427	24	%		22,766	25	%
12 payments or more		34,705	48	%		37,221	47	%		46,041	50	%

Total primary default inventory		72,236	100	%		79,901	100	%		91,842	100	%

Claims paying practices

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

The liability associated with our estimate of premiums to be refunded on expected future rescissions is accrued for separately. At March 31, 2015 and December 31, 2014 the estimate of this liability totaled $27 million and $28 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.”

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 14 – Shareholders’ Equity 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

Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 15 – Stock-Based Compensation

We have an incentive stock plan under which restricted stock units (“RSUs”) were granted to employees and non-employee directors. Our annual grant of share-based compensation takes place during the first quarter of each fiscal year. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our incentive plan generally vest over periods ranging from one to three years. The number of shares granted to employees and the weighted average fair value per share during the periods presented were (shares in thousands):

	Three months ended March 31,
	2015				2014
	Shares Granted		Weighted Average Share Fair Value		Shares Granted		Weighted Average Share Fair Value

RSUs subject to performance conditions		1,110	$	8.98		1,372	$	8.43
RSUs subject only to service conditions		408		8.98		409		8.43

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Statutory Capital	3 Months Ended
Statutory Capital	Mar. 31, 2015
Statutory Capital [Abstract]
Statutory Capital	Note 16 – 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. At March 31, 2015, MGIC’s risk-to-capital ratio was 13.7 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $805 million above the required MPP of $1.0 billion. In 2013, we entered into a quota share reinsurance transaction with a group of unaffiliated reinsurers that reduced our risk-to-capital ratio. We and the reinsurers have reached agreement to restructure the transaction in a manner that we believe will result in MGIC receiving full credit under the GSE Financial Requirements. The effectiveness of the restructured transaction will be subject to approval by the GSEs and the OCI. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the GSE Financial Requirements, MGIC may terminate the reinsurance agreement, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements; however, you should read the rest of these financial statement footnotes for information about matters that could negatively affect such compliance. At March 31, 2015, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 15.4 to 1. Reinsurance agreements 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 agreements 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 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 drafting the revisions, 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 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. While we believe MGIC has sufficient claims paying resources to meet its claim obligations on its insurance in force on a timely basis, you should read the rest of these financial statement footnotes for information about matters that could negatively affect MGIC’s claims paying resources. 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 $140 million and $138 million were included in MGIC’s statutory capital at March 31, 2015 and December 31, 2014, respectively. See Note 1 – “Nature of Business and Basis of Presentation – Capital” for additional information regarding the capital standards of the GSEs.

Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt [Abstract]

Long-term debt

Long-term debt as of March 31, 2015 and December 31, 2014 consists of the following obligations.

	March 31, 2015			December 31, 2014
	(In millions)
Senior Notes, interest at 5.375% per annum, due November 2015	$	61.9		$	61.9
Convertible Senior Notes, interest at 5% per annum, due May 2017 (1)		345.0			345.0
Convertible Senior Notes, interest at 2% per annum, due April 2020 (2) (3)		500.0			500.0
Convertible Junior Subordinated Debentures, interest 9% per annum, due April 2063 (4)		389.5			389.5
Total debt		1,296.4			1,296.4
Less current portion of debt		(61.9	)		(61.9	)
Total long-term debt	$	1,234.5		$	1,234.5

(1)	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share.

(2)

(3)

(4)

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings per Share [Abstract]

Calculation of earnings (loss) per share

The following table reconciles the numerators and denominators used to calculate basic and diluted EPS.

	Three months ended March 31,
	2015		2014
	(In thousands, except per share data)
Basic earnings per share:

Net income	$	133,076	$	59,982

Weighted average common shares outstanding		339,107		338,213

Basic income per share	$	0.39	$	0.18

Diluted earnings per share:

Net income	$	133,076	$	59,982

Interest expense, net of tax:
2% Convertible Senior Notes due 2020		3,049		3,049
5% Convertible Senior Notes due 2017		4,692		-
9% Convertible Junior Subordinated Debentures due 2063		8,765		-

Diluted income available to common shareholders	$	149,582	$	63,031

Weighted average shares - basic		339,107		338,213

Effect of dilutive securities:
Unvested restricted stock units		2,569		3,025
2% Convertible Senior Notes due 2020		71,942		71,942
5% Convertible Senior Notes due 2017		25,670		-
9% Convertible Junior Subordinated Debentures due 2063		28,853		-

Weighted average shares - diluted		468,141		413,180

Diluted income per share	$	0.32	$	0.15

Antidilutive securities (in millions)		-		54.5

Investments (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014 are shown below.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
March 31, 2015	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	312,233	$	2,629	$	(2,057	)	$	312,805
Obligations of U.S. states and political subdivisions		937,548		16,621		(1,466	)		952,703
Corporate debt securities		2,394,862		18,939		(5,785	)		2,408,016
Asset-backed securities		253,185		769		(35	)		253,919
Residential mortgage-backed securities		315,778		719		(7,466	)		309,031
Commercial mortgage-backed securities		259,934		1,804		(1,132	)		260,606
Collateralized loan obligations		61,341		-		(797	)		60,544
Debt securities issued by foreign sovereign governments		32,992		4,047		-			37,039
Total debt securities		4,567,873		45,528		(18,738	)		4,594,663
Equity securities		3,021		85		(6	)		3,100

Total investment portfolio	$	4,570,894	$	45,613	$	(18,744	)	$	4,597,763

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
December 31, 2014	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	349,153	$	2,752	$	(5,130	)	$	346,775
Obligations of U.S. states and political subdivisions		844,942		12,961		(2,761	)		855,142
Corporate debt securities		2,418,991		16,325		(10,035	)		2,425,281
Asset-backed securities		286,260		535		(140	)		286,655
Residential mortgage-backed securities		329,983		254		(9,000	)		321,237
Commercial mortgage-backed securities		276,215		1,221		(2,158	)		275,278
Collateralized loan obligations		61,340		-		(1,264	)		60,076
Debt securities issued by foreign sovereign governments		35,630		3,540		-			39,170
Total debt securities		4,602,514		37,588		(30,488	)		4,609,614
Equity securities		3,003		61		(9	)		3,055

Total investment portfolio	$	4,605,517	$	37,649	$	(30,497	)	$	4,612,669

(1)	At March 31, 2015 and December 31, 2014, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Amortized cost and fair values of debt securities by contractual maturity

	Amortized Cost		Fair Value
March 31, 2015	(In thousands)

Due in one year or less	$	301,142	$	301,873
Due after one year through five years		1,806,892		1,823,593
Due after five years through ten years		1,127,078		1,133,449
Due after ten years		442,523		451,648

	$	3,677,635	$	3,710,563

Asset-backed securities		253,185		253,919
Residential mortgage-backed securities		315,778		309,031
Commercial mortgage-backed securities		259,934		260,606
Collateralized loan obligations		61,341		60,544

Total at March 31, 2015	$	4,567,873	$	4,594,663

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

	Less Than 12 Months				12 Months or Greater				Total
March 31, 2015	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	$	93,555	$	362	$	26,435	$	1,695	$	119,990	$	2,057
Obligations of U.S. states and political subdivisions		174,785		695		50,757		771		225,542		1,466
Corporate debt securities		621,952		4,169		113,002		1,616		734,954		5,785
Asset-backed securities		34,294		10		11,930		26		46,224		36
Residential mortgage-backed securities		34,574		168		229,563		7,298		264,137		7,466
Commercial mortgage-backed securities		61,443		304		71,895		828		133,338		1,132
Collateralized loan obligations		-		-		60,544		797		60,544		797
Equity securities		68		-		177		5		245		5

Total investment portfolio	$	1,020,671	$	5,708	$	564,303	$	13,036	$	1,584,974	$	18,744

	Less Than 12 Months				12 Months or Greater				Total
December 31, 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	$	58,166	$	138	$	232,351	$	4,992	$	290,517	$	5,130
Obligations of U.S. states and political subdivisions		166,408		1,066		114,465		1,695		280,873		2,761
Corporate debt securities		816,555		5,259		243,208		4,776		1,059,763		10,035
Asset-backed securities		54,491		80		11,895		60		66,386		140
Residential mortgage-backed securities		24,168		34		263,002		8,966		287,170		9,000
Commercial mortgage-backed securities		89,301		810		110,652		1,348		199,953		2,158
Collateralized loan obligations		-		-		60,076		1,264		60,076		1,264
Equity securities		167		1		235		8		402		9

Total investment portfolio	$	1,209,256	$	7,388	$	1,035,884	$	23,109	$	2,245,140	$	30,497

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 March 31,
	2015		2014
	(In thousands)

Net realized investment gains (losses) and OTTI on investments:
Fixed maturities	$	26,324	$	(234	)
Equity securities		3		3
	$	26,327	$	(231	)

	Three Months Ended March 31,
	2015			2014
	(In thousands)

Net realized investment gains (losses) and OTTI on investments:
Gains on sales	$	27,206		$	805
Losses on sales		(879	)		(1,036	)
	$	26,327		$	(231	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:

	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2015	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	312,805	$	189,913	$	122,892	$	-
Obligations of U.S. states and political subdivisions		952,703		-		950,912		1,791
Corporate debt securities		2,408,016		-		2,408,016		-
Asset-backed securities		253,919		-		253,919		-
Residential mortgage-backed securities		309,031		-		309,031		-
Commercial mortgage-backed securities		260,606		-		260,606		-
Collateralized loan obligations		60,544		-		60,544		-
Debt securities issued by foreign sovereign governments		37,039		37,039		-		-
Total debt securities		4,594,663		226,952		4,365,920		1,791
Equity securities		3,100		2,779		-		321
Total investment portfolio	$	4,597,763	$	229,731	$	4,365,920	$	2,112
Real estate acquired (1)	$	10,897	$	-	$	-	$	10,897

	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2014	(In thousands)

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	346,775	$	188,824	$	157,951	$	-
Obligations of U.S. states and political subdivisions		855,142		-		853,296		1,846
Corporate debt securities		2,425,281		-		2,425,281		-
Asset-backed securities		286,655		-		286,655		-
Residential mortgage-backed securities		321,237		-		321,237		-
Commercial mortgage-backed securities		275,278		-		275,278		-
Collateralized loan obligations		60,076		-		60,076		-
Debt securities issued by foreign sovereign governments		39,170		39,170		-		-
Total debt securities		4,609,614		227,994		4,379,774		1,846
Equity securities		3,055		2,734		-		321
Total investment portfolio	$	4,612,669	$	230,728	$	4,379,774	$	2,167
Real estate acquired (1)	$	12,658	$	-	$	-	$	12,658

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

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

	Debt Securities			Equity Securities		Total Investments			Real Estate Acquired

Balance at December 31, 2014	$	1,846		$	321	$	2,167		$	12,658
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(503	)
Purchases		7			-		7			10,797
Sales		(62	)		-		(62	)		(12,055	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at March 31, 2015	$	1,791		$	321	$	2,112		$	10,897

Amount of total losses included in earnings for the three months ended March 31, 2015 attributable to the change in unrealized losses on assets still held at March 31, 2015	$	-		$	-	$	-		$	-

	Debt Securities			Equity Securities		Total Investments			Real Estate Acquired

Balance at December 31, 2013	$	2,423		$	321	$	2,744		$	13,280
Total realized/unrealized gains (losses):
Included in earnings and reported as losses incurred, net		-			-		-			(1,160	)
Purchases		30			-		30			8,010
Sales		(75	)		-		(75	)		(8,993	)
Transfers into Level 3		-			-		-			-
Transfers out of Level 3		-			-		-			-
Balance at March 31, 2014	$	2,378		$	321	$	2,699		$	11,137

Amount of total losses included in earnings for the three months ended March 31, 2014 attributable to the change in unrealized losses on assets still held at March 31, 2014	$	-		$	-	$	-		$	-

Par value and fair value of debt

The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at March 31, 2015 and December 31, 2014, and the level within the fair value hierarchy at which such liabilities are measured on a recurring basis.

March 31, 2015	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)

Financial liabilities:
Senior Notes	$	61,953	$	63,309	$	-	$	63,309	$	-
Convertible Senior Notes due 2017		345,000		382,622		-		382,622		-
Convertible Senior Notes due 2020		500,000		735,945		-		735,945		-
Convertible Junior Subordinated Debentures		389,522		497,221		-		497,221		-
Total Debt	$	1,296,475	$	1,679,097	$	-	$	1,679,097	$	-

December 31, 2014	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)

Financial liabilities:
Senior Notes	$	61,953	$	63,618	$	-	$	63,618	$	-
Convertible Senior Notes due 2017		345,000		387,997		-		387,997		-
Convertible Senior Notes due 2020		500,000		735,075		-		735,075		-
Convertible Junior Subordinated Debentures		389,522		500,201		-		500,201		-
Total Debt	$	1,296,475	$	1,686,891	$	-	$	1,686,891	$	-

- 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

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2015

Other Comprehensive Income [Abstract]

Other comprehensive income

Our other comprehensive income for the three months ended March 31, 2015 and 2014 was as follows:

	Three Months Ended March 31, 2015
	Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)
Other comprehensive income (loss):
Change in unrealized gains and losses on investments	$	19,721		$	(6,876	)	$	6,718		$	19,563
Benefit plan adjustments		(700	)		245			(245	)		(700	)
Unrealized foreign currency translation adjustment		(3,102	)		1,088			-			(2,014	)

Other comprehensive income (loss)	$	15,919		$	(5,543	)	$	6,473		$	16,849

	Three Months Ended March 31, 2014
	Before tax			Tax effect			Valuation allowance			Net of tax
	(In thousands)
Other comprehensive income (loss):
Change in unrealized gains and losses on investments	$	39,661		$	(13,871	)	$	13,808		$	39,598
Benefit plan adjustments		(1,486	)		520			(520	)		(1,486	)
Unrealized foreign currency translation adjustment		1,931			(678	)		-			1,253

Other comprehensive income (loss)	$	40,106		$	(14,029	)	$	13,288		$	39,365

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 March 31, 2015
	Unrealized gains and losses on available-for-sale securities			Defined benefit plans			Foreign currency translation			Total
	(In thousands)

Balance at December 31, 2014, before tax	$	7,148		$	(55,878	)	$	7,117		$	(41,613	)

Other comprehensive income (loss) before reclassifications		30,955			-			(3,102	)	$	27,853

Amounts reclassified from accumulated other comprehensive income (loss)		11,234	(1)		700	(2)		-		$	11,934

Net current period other comprehensive income (loss)		19,721			(700	)		(3,102	)		15,919

Balance at March 31, 2015, before tax	$	26,869		$	(56,578	)	$	4,015		$	(25,694	)

Tax effect (3)		(64,857	)		26,940			(881	)		(38,798	)

Balance at March 31, 2015, net of tax	$	(37,988	)	$	(29,638	)	$	3,134		$	(64,492	)

	Three Months Ended March 31, 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		36,672			-			1,931			38,603

Less: Amounts reclassified from accumulated other comprehensive income (loss)		(2,989	)(1)		1,486	(2)		-			(1,503	)

Net current period other comprehensive income (loss)		39,661			(1,486	)		1,931			40,106

Balance at March 31, 2015, before tax	$	(44,973	)	$	(5,252	)	$	13,115		$	(37,110	)

Tax effect (3)		(64,119	)		26,940			(4,072	)		(41,251	)

Balance at March 31, 2014, net of tax	$	(109,092	)	$	21,688		$	9,043		$	(78,361	)

(1)

(2)	During the three months ended March 31, 2015 and 2014, other comprehensive income related to benefit plans of $0.7 million and $1.5 million 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, 2014 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, 2014, before tax	$	7,148		$	(55,878	)	$	7,117		$	(41,613	)

Tax effect (1)		(64,699	)		26,940			(1,969	)		(39,728	)

Balance at December 31, 2014, net of tax	$	(57,551	)	$	(28,938	)	$	5,148		$	(81,341	)

(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)

3 Months Ended

Mar. 31, 2015

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 March 31,
	Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
	2015			2014			2015			2014
	(In thousands)

Service cost	$	2,448		$	2,080		$	202		$	177
Interest cost		3,908			4,009			178			183
Expected return on plan assets		(5,295	)		(5,258	)		(1,248	)		(1,161	)
Recognized net actuarial loss		1,209			291			(35	)		(73	)
Amortization of prior service cost		(211	)		(42	)		(1,662	)		(1,662	)

Net periodic benefit cost	$	2,059		$	1,080		$	(2,565	)	$	(2,536	)

Loss Reserves (Tables)

3 Months Ended

Mar. 31, 2015

Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

The following table provides a reconciliation of beginning and ending loss reserves for the three months ended March 31, 2015 and 2014:

	Three months ended March 31,
	2015			2014
	(In thousands)

Reserve at beginning of period	$	2,396,807		$	3,061,401
Less reinsurance recoverable		57,841			64,085
Net reserve at beginning of period		2,338,966			2,997,316

Losses incurred:
Losses and LAE incurred in respect of default notices related to:
Current year		109,381			155,982
Prior years (1)		(27,596	)		(33,374	)
Subtotal		81,785			122,608

Losses paid:
Losses and LAE paid in respect of default notices related to:
Current year		312			314
Prior years		231,230			342,669
Subtotal		231,542			342,983

Net reserve at end of period		2,189,209			2,776,941
Plus reinsurance recoverables		55,415			57,618

Reserve at end of period	$	2,244,624		$	2,834,559

(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.

Prior year development of the reserves

The prior year development of the reserves in the first three months of 2015 and 2014 is reflected in the table below.

	Three months ended March 31,
	2015			2014
	(In millions)

Decrease in estimated claim rate on primary defaults	$	(39	)	$	(30	)
Increase in estimated severity on primary defaults		17			5
Change in estimates related to pool reserves, LAE reserves and reinsurance		(6	)		(8	)
Total prior year loss development (1)	$	(28	)	$	(33	)

(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 March 31,
	2015			2014

Default inventory at beginning of period		79,901			103,328
New notices		18,896			23,346
Cures		(21,767	)		(27,318	)
Paids (including those charged to a deductible or captive)		(4,573	)		(7,064	)
Rescissions and denials		(221	)		(450	)
Default inventory at end of period		72,236			91,842

Aging of the primary default inventory

	March 31, 2015				December 31, 2014				March 31, 2014
Consecutive months in default
3 months or less		11,604	16	%		15,319	19	%		14,313	16	%
4 - 11 months		18,940	26	%		19,710	25	%		23,305	25	%
12 months or more		41,692	58	%		44,872	56	%		54,224	59	%

Total primary default inventory		72,236	100	%		79,901	100	%		91,842	100	%

Primary claims received inventory included in ending default inventory (1)		4,448	6	%		4,746	6	%		5,990	7	%

(1)

Number of payments delinquent

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

	March 31, 2015				December 31, 2014				March 31, 2014

3 payments or less		19,159	27	%		23,253	29	%		23,035	25	%
4 - 11 payments		18,372	25	%		19,427	24	%		22,766	25	%
12 payments or more		34,705	48	%		37,221	47	%		46,041	50	%

Total primary default inventory		72,236	100	%		79,901	100	%		91,842	100	%

Nature of Business and Basis of Presentation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013
Nature of Business and Basis of Presentation [Abstract]
Shortfall in available assets under PMIERs	$ 230,000,000
Assets of regulated insurance affiliates of MGIC	45,000,000
Holding company cash and investments	494,000,000
PMIERs tables expected review period	2 years
Notice period for updates to PMIERs tables	180 days
(Increase) decrease in restricted cash	$ 17,212,000	$ (4,000)	$ 42,900,000	$ (60,300,000)

Debt (Details) (USD $)

3 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Total debt

$ 1,296,400,000

Less current portion of debt

(61,900,000)

Total long-term debt

1,234,500,000

Holding company cash and investments

494,000,000

Unrealized gain loss on holding company investments

1,300,000

Modified duration of holding company investments

2 years 9 months 18 days

Period preceding election to convert

5 days

5.375% Senior Notes [Member]

Debt Instrument [Line Items]

Total debt

61,900,000

5.375% Senior Notes [Member] | Senior Notes Due 2015 [Member]

Debt Instrument [Line Items]

Stated interest rate (in hundredths)

5.375%

Maturity date

Nov. 01, 2015

5% Convertible Senior Notes due 2017 [Member]

Debt Instrument [Line Items]

Total debt

345,000,000

^[1]

345,000,000

^[1]

Stated interest rate (in hundredths)

5.00%

Maturity date

May 01, 2017

Conversion rate (in shares per $1,000 note)

74.4186

Principal amount of notes used in determining conversion rate

1,000

Initial conversion price (in dollars per share)

$ 13.44

2% Convertible Senior Notes due 2020 [Member]

Debt Instrument [Line Items]

Total debt

500,000,000

^[2],[3]

500,000,000

^[2],[3]

Stated interest rate (in hundredths)

2.00%

Maturity date

Apr. 01, 2020

Conversion rate (in shares per $1,000 note)

143.8332

Principal amount of notes used in determining conversion rate

1,000

Initial conversion price (in dollars per share)

$ 6.95

Minimum number of trading days

20 days

Maximum number of trading days

30 days

Percentage of conversion price (in hundredths)

130.00%

130% of conversion price (in dollars per share)

$ 9.03

9% Convertible Junior Subordinated Debentures due 2063 [Member]

Debt Instrument [Line Items]

Total debt

389,500,000

^[4]

389,500,000

^[4]

Maturity date

Apr. 01, 2063

Conversion rate (in shares per $1,000 note)

74.0741

Principal amount of notes used in determining conversion rate

$ 1,000

Initial conversion price (in dollars per share)

$ 13.5

[1]	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share.
[2]	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 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing 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. For the quarter ending March 31, 2015, our common stock was greater than or equal to 130% of the applicable conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, March 31, 2015.
[3]	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 rate 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 each of at least 20 of the 30 consecutive trading days preceding notice of the redemption.
[4]	Convertible at any time prior to maturity at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 share per $1,000 principal amount, representing 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.

Reinsurance (Details) (USD $)

3 Months Ended

Mar. 31, 2015

Company

Mar. 31, 2014

Dec. 31, 2014

Reinsurance [Abstract]

Profit commission receivable

$ 114,974,000

$ 91,500,000

Number of other mortgage insurers agreeing to similar CFPB settlements

Period of existing captive reinsurance agreement

10 years

Reinsurance recoverable on loss reserves related to captive agreements

39,000,000

45,000,000

Fair value of trust fund assets under captive agreements

168,000,000

198,000,000

Premiums Written and Earned [Abstract]

Ceded premiums written, net of profit commission

27,136,000

21,486,000

Ceded premiums earned, net of profit commission

24,613,000

19,627,000

Ceded losses incurred

4,873,000

2,519,000

Ceding commissions

$ 10,122,000

^[1]

$ 8,740,000

^[1]

[1]	Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.

Litigation and Contingencies (Details) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
Litigation and Contingencies (Details) (USD $)	Mar. 31, 2015 Case	Jun. 30, 2009	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2010	Dec. 31, 2009
Curtailments [Abstract]
Average paid claim reduction due to curtailments (in hundredths)	8.20%		6.70%
Number of days after claim paid within which objection must be received for review	90 days
Claims resolved by rescissions [Abstract]
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					$ 200,000,000	$ 2,500,000,000
Statute of limitations to bring legal proceedings disputing right to rescind coverage	3 years
Statute of limitations to bring legal proceedings after notice of rescission	2 years
Maximum exposure above estimate provision for claims paying practices	441,000,000
Exposure from claims paying practices related to Countrywide matter (in hundredths)	72.00%
Maximum exposure associated with other discussions and legal proceedings	29,000,000
Class action complaint under RESPA [Abstract]
Number of cases dismissed	5
Period of existing captive reinsurance agreement	10 years
Civil penalty				2,650,000
Other Legal Proceedings [Abstract]
Underwriting remedy expense	0		4,000,000	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 per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic earnings per share [Abstract]
Net income	$ 133,076	$ 59,982
Weighted average common shares outstanding (in shares)	339,107,000	338,213,000
Basic income per share (in dollars per share)	$ 0.39	$ 0.18
Diluted earnings per share [Abstract]
Net income	133,076	59,982
Diluted income available to common shareholders	149,582	63,031
Weighted-average shares - Basic (in shares)	339,107,000	338,213,000
Effect of dilutive securities [Abstract]
Weighted-average shares - Diluted (in shares)	468,141,000	413,180,000
Diluted income per share (in dollars per share)	$ 0.32	$ 0.15
Antidilutive securities (in shares)	0	54,500,000
5% Convertible Senior Notes due 2017 [Member]
Effect of dilutive securities [Abstract]
Dilutive securities	4,692	0
Dilutive securities (in shares)	25,670,000	0
2% Convertible Senior Notes due 2020 [Member]
Effect of dilutive securities [Abstract]
Dilutive securities	3,049	3,049
Dilutive securities (in shares)	71,942,000	71,942,000
9% Convertible Junior Subordinated Debentures due 2063 [Member]
Effect of dilutive securities [Abstract]
Dilutive securities	$ 8,765	$ 0
Dilutive securities (in shares)	28,853,000	0
Restricted stock units [Member] \| Unvested restricted stock units [Member]
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)	2,569,000	3,025,000

Investments (Details) (USD $)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Securities

Dec. 31, 2014

Securities

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

Amortized Cost

$ 4,570,894,000

$ 4,605,517,000

Gross Unrealized Gains

45,613,000

37,649,000

Gross Unrealized Losses

(18,744,000)

^[1]

(30,497,000)

^[1]

Fair Value

4,597,763,000

4,612,669,000

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)

85.00%

Percentage of Australian portfolio rated AA (in hundredths)

15.00%

Gross unrealized (gains) losses

18,700,000

30,500,000

Maturities, Amortized Cost [Abstract]

Due in one year or less

301,142,000

Due after one year through five years

1,806,892,000

Due after five years through ten years

1,127,078,000

Due after ten years

442,523,000

Total debt securities with single maturity date

3,677,635,000

Total at end of period

4,567,873,000

4,602,514,000

Maturities, Fair Value [Abstract]

Due in one year or less

301,873,000

Due after one year through five years

1,823,593,000

Due after five years through ten years

1,133,449,000

Due after ten years

451,648,000

Total debt securities with single maturity date

3,710,563,000

Total at end of period

4,594,663,000

4,609,614,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

1,020,671,000

1,209,256,000

12 months or greater

564,303,000

1,035,884,000

Total investment portfolio

1,584,974,000

2,245,140,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

5,708,000

7,388,000

12 months or greater

13,036,000

23,109,000

Total investment portfolio

18,744,000

30,497,000

Number of securities in unrealized loss position

278

423

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

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

Amortized Cost

312,233,000

349,153,000

Gross Unrealized Gains

2,629,000

2,752,000

Gross Unrealized Losses

(2,057,000)

^[1]

(5,130,000)

^[1]

Fair Value

312,805,000

346,775,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

93,555,000

58,166,000

12 months or greater

26,435,000

232,351,000

Total investment portfolio

119,990,000

290,517,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

362,000

138,000

12 months or greater

1,695,000

4,992,000

Total investment portfolio

2,057,000

5,130,000

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

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

Amortized Cost

937,548,000

844,942,000

Gross Unrealized Gains

16,621,000

12,961,000

Gross Unrealized Losses

(1,466,000)

^[1]

(2,761,000)

^[1]

Fair Value

952,703,000

855,142,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

174,785,000

166,408,000

12 months or greater

50,757,000

114,465,000

Total investment portfolio

225,542,000

280,873,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

695,000

1,066,000

12 months or greater

771,000

1,695,000

Total investment portfolio

1,466,000

2,761,000

Corporate debt securities [Member]

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

Amortized Cost

2,394,862,000

2,418,991,000

Gross Unrealized Gains

18,939,000

16,325,000

Gross Unrealized Losses

(5,785,000)

^[1]

(10,035,000)

^[1]

Fair Value

2,408,016,000

2,425,281,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

621,952,000

816,555,000

12 months or greater

113,002,000

243,208,000

Total investment portfolio

734,954,000

1,059,763,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

4,169,000

5,259,000

12 months or greater

1,616,000

4,776,000

Total investment portfolio

5,785,000

10,035,000

Asset-backed securities [Member]

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

Amortized Cost

253,185,000

286,260,000

Gross Unrealized Gains

769,000

535,000

Gross Unrealized Losses

(35,000)

^[1]

(140,000)

^[1]

Fair Value

253,919,000

286,655,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

253,185,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

253,919,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

34,294,000

54,491,000

12 months or greater

11,930,000

11,895,000

Total investment portfolio

46,224,000

66,386,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

10,000

80,000

12 months or greater

26,000

60,000

Total investment portfolio

36,000

140,000

Residential mortgage-backed securities [Member]

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

Amortized Cost

315,778,000

329,983,000

Gross Unrealized Gains

719,000

254,000

Gross Unrealized Losses

(7,466,000)

^[1]

(9,000,000)

^[1]

Fair Value

309,031,000

321,237,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

315,778,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

309,031,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

34,574,000

24,168,000

12 months or greater

229,563,000

263,002,000

Total investment portfolio

264,137,000

287,170,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

168,000

34,000

12 months or greater

7,298,000

8,966,000

Total investment portfolio

7,466,000

9,000,000

Commercial mortgage-backed securities [Member]

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

Amortized Cost

259,934,000

276,215,000

Gross Unrealized Gains

1,804,000

1,221,000

Gross Unrealized Losses

(1,132,000)

^[1]

(2,158,000)

^[1]

Fair Value

260,606,000

275,278,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

259,934,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

260,606,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

61,443,000

89,301,000

12 months or greater

71,895,000

110,652,000

Total investment portfolio

133,338,000

199,953,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

304,000

810,000

12 months or greater

828,000

1,348,000

Total investment portfolio

1,132,000

2,158,000

Collateralized loan obligations [Member]

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

Amortized Cost

61,341,000

61,340,000

Gross Unrealized Gains

Gross Unrealized Losses

(797,000)

^[1]

(1,264,000)

^[1]

Fair Value

60,544,000

60,076,000

Maturities, Amortized Cost [Abstract]

Debt securities without single maturity date

61,341,000

Maturities, Fair Value [Abstract]

Debt securities without single maturity date

60,544,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

12 months or greater

60,544,000

60,076,000

Total investment portfolio

60,544,000

60,076,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

12 months or greater

797,000

1,264,000

Total investment portfolio

797,000

1,264,000

Debt securities issued by foreign sovereign governments [Member]

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

Amortized Cost

32,992,000

35,630,000

Gross Unrealized Gains

4,047,000

3,540,000

Gross Unrealized Losses

^[1]

Fair Value

37,039,000

39,170,000

Total debt securities [Member]

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

Amortized Cost

4,567,873,000

4,602,514,000

Gross Unrealized Gains

45,528,000

37,588,000

Gross Unrealized Losses

(18,738,000)

^[1]

(30,488,000)

^[1]

Fair Value

4,594,663,000

4,609,614,000

Equity securities [Member]

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

Amortized Cost

3,021,000

3,003,000

Gross Unrealized Gains

85,000

61,000

Gross Unrealized Losses

(6,000)

^[1]

(9,000)

^[1]

Fair Value

3,100,000

3,055,000

Continuous Unrealized Loss Portion, Fair Value [Abstract]

Less than 12 months

68,000

167,000

12 months or greater

177,000

235,000

Total investment portfolio

245,000

402,000

Continuous Unrealized Loss Portion, Unrealized Loses [Abstract]

Less than 12 months

1,000

12 months or greater

5,000

8,000

Total investment portfolio

$ 5,000

$ 9,000

[1]	At March 31, 2015 and December 31, 2014, 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
	Mar. 31, 2015	Mar. 31, 2014
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	$ 26,327	$ (231)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Gains on sales	27,206	805
Losses on sales	(879)	(1,036)
Total net realized gains (losses)	26,327	(231)
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	26,324	(234)
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	26,324	(234)
Equity Securities [Member]
Gain (Loss) on Investments [Line Items]
Net realized investment gains (losses) and OTTI on investments	3	3
Gross realized gains, gross realized losses and impairment losses [Abstract]
Total net realized gains (losses)	$ 3	$ 3

- 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

Mar. 31, 2015

Dec. 31, 2014

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

U.S. Treasury securities and obligations of U.S. government corporations and agencies

$ 312,805

$ 346,775

Obligations of U.S. states and political subdivisions

952,703

855,142

Corporate debt securities

2,408,016

2,425,281

Asset-backed securities

253,919

286,655

Residential mortgage-backed securities

309,031

321,237

Commercial mortgage-backed securities

260,606

275,278

Collateralized loan obligations

60,544

60,076

Debt securities issued by foreign sovereign governments

37,039

39,170

Total debt securities

4,594,663

4,609,614

Equity securities

3,100

3,055

Total investments

4,597,763

4,612,669

Real estate acquired

10,897

^[1]

12,658

^[1]

Par Value [Member]

Debt [Abstract]

Senior Notes

61,953

Convertible Senior Notes due 2017

345,000

Convertible Senior Notes due 2020

500,000

Convertible Junior Subordinated Debentures

389,522

Total Debt

1,296,475

Fair Value [Member]

Debt [Abstract]

Senior Notes

63,309

63,618

Convertible Senior Notes due 2017

382,622

387,997

Convertible Senior Notes due 2020

735,945

735,075

Convertible Junior Subordinated Debentures

497,221

500,201

Total Debt

1,679,097

1,686,891

Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]

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

U.S. Treasury securities and obligations of U.S. government corporations and agencies

189,913

188,824

Obligations of U.S. states and political subdivisions

Corporate debt securities

Asset-backed securities

Residential mortgage-backed securities

Commercial mortgage-backed securities

Collateralized loan obligations

Debt securities issued by foreign sovereign governments

37,039

39,170

Total debt securities

226,952

227,994

Equity securities

2,779

2,734

Total investments

229,731

230,728

Real estate acquired

^[1]

Debt [Abstract]

Senior Notes

Convertible Senior Notes due 2017

Convertible Senior Notes due 2020

Convertible Junior Subordinated Debentures

Total Debt

Significant Other Observable Inputs (Level 2) [Member]

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

U.S. Treasury securities and obligations of U.S. government corporations and agencies

122,892

157,951

Obligations of U.S. states and political subdivisions

950,912

853,296

Corporate debt securities

2,408,016

2,425,281

Asset-backed securities

253,919

286,655

Residential mortgage-backed securities

309,031

321,237

Commercial mortgage-backed securities

260,606

275,278

Collateralized loan obligations

60,544

60,076

Debt securities issued by foreign sovereign governments

Total debt securities

4,365,920

4,379,774

Equity securities

Total investments

4,365,920

4,379,774

Real estate acquired

^[1]

Debt [Abstract]

Senior Notes

63,309

63,618

Convertible Senior Notes due 2017

382,622

387,997

Convertible Senior Notes due 2020

735,945

735,075

Convertible Junior Subordinated Debentures

497,221

500,201

Total Debt

1,679,097

1,686,891

Significant Unobservable Inputs (Level 3) [Member]

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

U.S. Treasury securities and obligations of U.S. government corporations and agencies

Obligations of U.S. states and political subdivisions

1,791

1,846

Corporate debt securities

Asset-backed securities

Residential mortgage-backed securities

Commercial mortgage-backed securities

Collateralized loan obligations

Debt securities issued by foreign sovereign governments

Total debt securities

1,791

1,846

Equity securities

321

Total investments

2,112

2,167

Real estate acquired

10,897

^[1]

12,658

^[1]

Debt [Abstract]

Senior Notes

Convertible Senior Notes due 2017

Convertible Senior Notes due 2020

Convertible Junior Subordinated Debentures

Total Debt

$ 0

[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
	Mar. 31, 2015	Mar. 31, 2014
Total realized/unrealized gains (losses) [Abstract]
State premium tax credit investments, average maturity	4 years
Annual average discount rate (in hundredths)	7.20%
Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 1,846	$ 2,423
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0
Purchases	7	30
Sales	(62)	(75)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	1,791	2,378
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
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0
Purchases	0	0
Sales	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	321	321
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	0	0
Total Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	2,167	2,744
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	0	0
Purchases	7	30
Sales	(62)	(75)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	2,112	2,699
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	0	0
Real Estate Acquired [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	12,658	13,280
Total realized/unrealized gains (losses) [Abstract]
Included in earnings and reported as losses incurred, net	(503)	(1,160)
Purchases	10,797	8,010
Sales	(12,055)	(8,993)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	10,897	11,137
Amount of total losses included in earnings attributable to the change in unrealized losses on assets still held	$ 0	$ 0

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

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Other comprehensive income (before tax) [Abstract]

Change in unrealized gains and losses on investments

$ 19,721

$ 39,661

Benefit plan adjustments

(700)

(1,486)

Unrealized foreign currency translation adjustment

(3,102)

1,931

Other comprehensive income (loss)

15,919

40,106

Other comprehensive income (tax) [Abstract]

Change in unrealized gains and losses on investments

(6,876)

(13,871)

Benefit plan adjustments

245

520

Unrealized foreign currency translation adjustment

1,088

(678)

Other comprehensive income (loss)

(5,543)

(14,029)

Other comprehensive income (valuation allowance) [Abstract]

Change in unrealized gains and losses on investments

6,718

13,808

Benefit plan adjustments

(245)

(520)

Unrealized foreign currency translation adjustment

Other comprehensive income (loss)

6,473

13,288

Other comprehensive income (net of tax) [Abstract]

Change in unrealized investment gains and losses on investments

19,563

39,598

Benefit plan adjustments

(700)

(1,486)

Unrealized foreign currency translation adjustment

(2,014)

1,253

Other comprehensive income (loss)

16,849

39,365

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period, before tax

(41,613)

(77,216)

Other comprehensive income (loss) before reclassifications

27,853

38,603

Amounts reclassified from accumulated other comprehensive income (loss)

11,934

(1,503)

Net current period other comprehensive income (loss)

15,919

40,106

Balance at end of period, before tax

(25,694)

(37,110)

Tax effect

(38,798)

(41,251)

(39,728)

^[1]

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

(64,492)

(78,361)

(81,341)

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)

19,721

39,661

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period, before tax

7,148

(84,634)

Other comprehensive income (loss) before reclassifications

30,955

36,672

Amounts reclassified from accumulated other comprehensive income (loss)

11,234

^[2]

(2,989)

^[2]

Net current period other comprehensive income (loss)

19,721

39,661

Balance at end of period, before tax

26,869

(44,973)

Tax effect

(64,857)

(64,119)

(64,699)

^[1]

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

(37,988)

(109,092)

(57,551)

Defined benefit plans [Member]

Other comprehensive income (before tax) [Abstract]

Other comprehensive income (loss)

(700)

(1,486)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period, before tax

(55,878)

(3,766)

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

700

^[3]

1,486

Net current period other comprehensive income (loss)

(700)

(1,486)

Balance at end of period, before tax

(56,578)

(5,252)

Tax effect

26,940

^[1]

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

(29,638)

21,688

(28,938)

Foreign currency translation [Member]

Other comprehensive income (before tax) [Abstract]

Other comprehensive income (loss)

(3,102)

1,931

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance at beginning of period, before tax

7,117

11,184

Other comprehensive income (loss) before reclassifications

(3,102)

1,931

Amounts reclassified from accumulated other comprehensive income (loss)

Net current period other comprehensive income (loss)

(3,102)

1,931

Balance at end of period, before tax

4,015

13,115

Tax effect

(881)

(4,072)

(1,969)

^[1]

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

$ 3,134

$ 9,043

$ 5,148

[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 months ended March 31, 2015 and 2014, we realized net investment gains (losses) that at the end of the prior quarter had been classified in net unrealized gains (losses) of $11.2 million and ($3.0) million, respectively,. As a result, these amounts were reclassified to the Consolidated Statement of Operations and included in Realized investment gains (losses)
[3]	During the three months ended March 31, 2015 and 2014, other comprehensive income related to benefit plans of $0.7 million and $1.5 million was reclassified to the Consolidated Statement of Operations and included in Underwriting and other expenses, net.

Benefit Plans (Details) (USD $)	3 Months Ended
Benefit Plans (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Components of Net Periodic Benefit Cost [Abstract]
Estimated future employer contributions in current fiscal year	$ 17,000,000
Pension and Supplemental Executive Retirement Plans [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	2,448,000	2,080,000
Interest Cost	3,908,000	4,009,000
Expected return on plan assets	(5,295,000)	(5,258,000)
Recognized net actuarial loss	1,209,000	291,000
Amortization of prior service cost	(211,000)	(42,000)
Net periodic benefit cost	2,059,000	1,080,000
Other Postretirement Benefits [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost	202,000	177,000
Interest Cost	178,000	183,000
Expected return on plan assets	(1,248,000)	(1,161,000)
Recognized net actuarial loss	(35,000)	(73,000)
Amortization of prior service cost	(1,662,000)	(1,662,000)
Net periodic benefit cost	$ (2,565,000)	$ (2,536,000)

Income Taxes (Details) (USD $)	3 Months Ended		12 Months Ended
Income Taxes (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2007	Dec. 31, 2014
Tax provision (benefit) [Abstract]
Provision for income tax	$ 47,883,000	$ 23,120,000
Change in valuation allowance	(44,498,000)	(22,394,000)
Provision for income taxes	3,385,000	726,000
Change in deferred tax valuation allowance, included in other comprehensive income	6,500,000	13,300,000
Valuation allowance	851,300,000			902,300,000
Net operating loss carryforwards, regular tax basis	2,300,000,000
Net operating loss carryforwards for computing the alternative minimum tax	1,400,000,000
Information regarding income tax examinations [Abstract]
Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue	197,500,000
Estimate of federal interest that may be due	171,900,000
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	47,700,000
Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss	261,400,000
Total amount of unrecognized tax benefits	106,400,000
Total amount of the unrecognized tax benefits that would affect our effective tax rate	93,800,000
Unrecognized tax benefits, accrued interest	$ 27,100,000			$ 26,900,000

Loss Reserves (Details) (USD $)

3 Months Ended

Mar. 31, 2015

Loan

Mar. 31, 2014

Loan

Dec. 31, 2014

Loan

Loss Reserve [Roll Forward]

Reserve at beginning of period

$ 2,396,807,000

$ 3,061,401,000

Less reinsurance recoverable

57,841,000

64,085,000

Net reserve at beginning of period

2,338,966,000

2,997,316,000

Losses and LAE incurred in respect of default notices related to [Abstract]

Current year

109,381,000

155,982,000

Prior years

(27,596,000)

^[1],[2]

(33,374,000)

^[1],[2]

Subtotal

81,785,000

122,608,000

Losses and LAE paid in respect of default notices related to [Abstract]

Current year

312,000

314,000

Prior years

231,230,000

342,669,000

Subtotal

231,542,000

342,983,000

Net reserve at end of period

2,189,209,000

2,776,941,000

Plus reinsurance recoverables

55,415,000

57,618,000

Reserve at end of period

2,244,624,000

2,834,559,000

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

Change in loss reserves

(27,596,000)

^[1],[2]

(33,374,000)

^[1],[2]

Historical average period for uncured default to develop into paid claim

12 months

Premium refund liability, expected claim payments

112,000,000

115,000,000

Primary Default Inventory [Roll Forward]

Default inventory at the beginning of period

79,901

103,328

New Notices

18,896

23,346

Cures

(21,767)

(27,318)

Paids (including those charged to a deductible or captive)

(4,573)

(7,064)

Rescissions and denials

(221)

(450)

Default inventory at end of period

72,236

91,842

Pool insurance notice inventory [Abstract]

Pool insurance notice inventory (in number of loans)

3,350

5,646

Aging of the Primary Default Inventory [Abstract]

3 months or less

11,604

14,313

15,319

3 months or less (in hundredths)

16.00%

19.00%

4 - 11 months

18,940

23,305

19,710

4 - 11 months (in hundredths)

26.00%

25.00%

12 months or more

41,692

54,224

44,872

12 months or more (in hundredths)

58.00%

59.00%

56.00%

Total primary default inventory

72,236

91,842

Total primary default inventory (in hundredths)

100.00%

Primary claims received inventory included in ending default inventory

4,448

^[3]

5,990

^[3]

4,746

^[3]

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

6.00%

^[3]

7.00%

^[3]

6.00%

^[3]

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

1,470

1,525

1,425

Number of payments delinquent [Abstract]

3 payments or less

19,159

23,035

23,253

3 payments or less (in hundredths)

27.00%

25.00%

29.00%

4 - 11 payments

18,372

22,766

19,427

4 - 11 payments (in hundredths)

25.00%

24.00%

12 payments or more

34,705

46,041

37,221

12 payments or more (in hundredths)

48.00%

50.00%

47.00%

Total primary default inventory

72,236

91,842

Total primary default inventory (in hundredths)

100.00%

Premium refund liability, expected future rescissions

27,000,000

28,000,000

Decrease in estimated claim rate on primary defaults [Member]

Losses and LAE incurred in respect of default notices related to [Abstract]

Prior years

(39,000,000)

^[1]

(30,000,000)

^[1]

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

Change in loss reserves

(39,000,000)

^[1]

(30,000,000)

^[1]

Percentage of prior year default inventory resolved (in hundredths)

24.00%

25.00%

Increase in estimated severity on primary defaults [Member]

Losses and LAE incurred in respect of default notices related to [Abstract]

Prior years

17,000,000

^[1]

5,000,000

^[1]

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

Change in loss reserves

17,000,000

^[1]

5,000,000

^[1]

Change In Estimates Related to Pool Reserves, LAE Reserves and Reinsurance [Member]

Losses and LAE incurred in respect of default notices related to [Abstract]

Prior years

(6,000,000)

^[1]

(8,000,000)

^[1]

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

Change in loss reserves

(6,000,000)

^[1]

(8,000,000)

^[1]

Change in Reserve Estimates Related to Disputes on Claims Paying Practices and IBNR [Member]

Losses and LAE incurred in respect of default notices related to [Abstract]

Prior years

(20,000,000)

^[1]

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

Change in loss reserves

$ (20,000,000)

^[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 loans that we believed would be included in a potential resolution. As of March 31, 2015, rescissions of coverage on approximately 1,470 loans had been voluntarily suspended compared to 1,425 at December 31, 2014 and 1,525 at March 31, 2014.

Premium Deficiency Reserve (Details) (USD $)	3 Months Ended
Premium Deficiency Reserve (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Premium Deficiency Reserve [Abstract]
Present value of expected future paid losses and expenses, net of expected future premium	$ (519,000,000)	$ (622,000,000)	$ (554,000,000)
Established loss reserves	502,000,000	579,000,000	530,000,000
Net deficiency	17,333,000	(43,000,000)	23,751,000
Change in premium deficiency reserve	$ 7,000,000	$ 5,000,000

Shareholders' Equity (Details) (USD $)	3 Months Ended
Shareholders' Equity (Details) (USD $)	Mar. 31, 2015 Right
Shareholder Rights Agreement [Abstract]
Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights)	1
Distribution date, description	The earlier of ten days after a public announcement that a person has become an Acquiring Person, or ten business days after a person announces or begins a tender offer in which consummation of such offer would result in a person becoming an Acquiring Person
Common stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths)	5.00%
Common shares purchasable per Right (in shares)	0.10
Purchase price (in dollars per share)	$ 14
Purchase price (in dollars per one-tenth share)	$ 1.40
Redemption price (in dollars per Right)	$ 0.001

Stock-Based Compensation (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
RSUs subject to performance conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,110	1,372
Weighted Average Share Fair Value (in dollars per share)	$ 8.98	$ 8.43
RSUs subject only to service conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	408	409
Weighted Average Share Fair Value (in dollars per share)	$ 8.98	$ 8.43

Statutory Capital (Details) (USD $)	3 Months Ended
Statutory Capital (Details) (USD $)	Mar. 31, 2015 Jurisdiction	Dec. 31, 2014
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	15.4 to 1
Statutory deferred tax assets admitted	$ 140,000,000	$ 138,000,000
Maximum [Member]
Statutory capital requirements [Abstract]
Percentage of surplus as regards policyholders (in hundredths)	10.00%
Mortgage Guaranty Insurance Corporation [Member]
Statutory capital requirements [Abstract]
Risk to capital ratio at end of period	13.7 to 1
Amount of policyholders position above or below required MPP	805,000,000
Amount of required MPP	$ 1,000,000,000