Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Feb. 12, 2016 |
Jun. 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 Public Float | $ 3.8 | ||
| Entity Common Stock, Shares Outstanding | 340,008,569 | ||
| Document Fiscal Year Focus | 2015 | ||
| Document Fiscal Period Focus | FY | ||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2015 |
| X | ||||||||||
- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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| X | ||||||||||
- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
- Definition State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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| X | ||||||||||
- Definition The amount of profit commission receivable under the structure of reinsurance agreement accrued for as of the end of the reporting period. No definition available.
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| X | ||||||||||
- Definition Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, netted by jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Net amount of deferred policy acquisition costs capitalized on contracts remaining in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to casualty insurance insured events that have occurred on or before a particular date (ordinarily, the balance sheet date) and the amount needed to provide for the estimated ultimate cost required to investigate and settle claims relating to insured events that have occurred on or before a particular date (ordinarily, the balance sheet date), whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The carrying amount as of the balance sheet date due the entity from (a) agents and insureds, (b) uncollected premiums and (c) others, net of the allowance for doubtful accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The unexpired portion of premiums ceded on policies in force as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount after valuation allowance of reinsurance recoverables on paid losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount after valuation allowance of reinsurance recoverables for losses reported to the ceding insurer but not yet paid, amounts expected of incurred losses and settlement expenses, which have not yet been reported to the ceding insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Carrying amount of premiums written on insurance contracts that have not been earned as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2013 |
|---|---|---|---|
| Statement of Financial Position [Abstract] | |||
| Fixed maturities, amortized cost | $ 4,684,148 | $ 4,602,514 | |
| Shareholders' equity | |||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 680,000,000 |
| Common stock, shares issued (in shares) | 340,097,000 | 340,047,000 | |
| Common stock, shares outstanding (in shares) | 339,657,000 | 338,560,000 | |
| Treasury stock, shares at cost (in shares) | 440,000 | 1,487,000 |
| X | ||||||||||
- Definition This item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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| Premiums written: | |||||||||
| Direct | $ 1,074,490 | $ 999,943 | $ 994,910 | ||||||
| Assumed | 1,178 | 1,653 | 2,074 | ||||||
| Ceded | (55,391) | (119,634) | (73,503) | ||||||
| Net premiums written | 1,020,277 | 881,962 | 923,481 | ||||||
| (Increase) decrease in unearned premiums | (124,055) | (37,591) | 19,570 | ||||||
| Net premiums earned | 896,222 | 844,371 | 943,051 | ||||||
| Investment income, net of expenses | 103,741 | 87,647 | 80,739 | ||||||
| Net realized investment gains (losses) | |||||||||
| Total other-than-temporary impairment losses | 0 | (144) | (328) | ||||||
| Portion of losses recognized in other comprehensive income (loss), before taxes | 0 | 0 | 0 | ||||||
| Net impairment losses recognized in earnings | 0 | (144) | (328) | ||||||
| Other realized investment gains | 28,361 | 1,501 | 6,059 | ||||||
| Net realized investment gains | 28,361 | 1,357 | 5,731 | ||||||
| Other revenue | 12,457 | 8,422 | 9,914 | ||||||
| Total revenues | 1,040,781 | 941,797 | 1,039,435 | ||||||
| Losses and expenses: | |||||||||
| Losses incurred, net | 343,547 | 496,077 | 838,726 | ||||||
| Change in premium deficiency reserve | (23,751) | (24,710) | (25,320) | ||||||
| Amortization of deferred policy acquisition costs | 8,789 | 7,618 | 10,641 | ||||||
| Other underwriting and operating expenses, net | 155,577 | 138,441 | 181,877 | ||||||
| Interest expense | 68,932 | 69,648 | 79,663 | ||||||
| Total losses and expenses | 553,094 | 687,074 | 1,085,587 | ||||||
| Income (loss) before tax | 487,687 | 254,723 | (46,152) | ||||||
| (Benefit from) provision for income tax | (684,313) | 2,774 | 3,696 | ||||||
| Net income (loss) | $ 1,172,000 | $ 251,949 | $ (49,848) | ||||||
| Income (loss) per share | |||||||||
| Basic (in dollars per share) | $ 3.45 | [1],[2] | $ 0.74 | [1] | $ (0.16) | ||||
| Diluted (in dollars per share) | $ 2.60 | [1],[2] | $ 0.64 | [1] | $ (0.16) | ||||
| Weighted average common shares outstanding - basic (in shares) | 339,552 | 338,523 | 311,754 | ||||||
| Weighted average common shares outstanding - diluted (in shares) | 468,039 | 413,522 | 311,754 | ||||||
| Dividends per share (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||
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| X | ||||||||||
- Definition Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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| X | ||||||||||
- Definition Amount of written premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of written premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of expense related to deferred policy acquisition costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums written. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of decrease (increase) in unearned premiums. No definition available.
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| X | ||||||||||
- Definition Amount, after effect of policies assumed or ceded, of expense related to provision for policy benefits and costs incurred for property and casualty insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount before tax of other than temporary impairment loss (OTTI) on investments in available-for-sale and held-to-maturity debt securities, recognized in other comprehensive loss and attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Costs incurred during the period, such as those relating to general administration and policy maintenance that do not vary with and are not primarily related to the acquisition or renewal of insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of property and casualty premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums written. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ 1,172,000 | $ 251,949 | $ (49,848) |
| Other comprehensive income (loss), net of tax | |||
| Change in unrealized investment gains and losses | 40,403 | 91,139 | (123,591) |
| Benefit plans adjustment | (15,714) | (52,112) | 68,038 |
| Foreign currency translation adjustment | (4,228) | (2,642) | (14,010) |
| Total other comprehensive income, net of tax | 20,461 | 36,385 | (69,563) |
| Comprehensive income (loss) | $ 1,192,461 | $ 288,334 | $ (119,411) |
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax and reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- References No definition available.
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- Definition Value of common stock issued during the period as a result of share-based compensation plans other than an employee stock ownership plan (ESOP). No definition available.
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- Definition This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase in additional paid in capital (APIC) resulting from a tax benefit associated with share-based compensation plan other than an employee stock ownership plan (ESOP). Includes, but is not limited to, excess tax benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Details
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- Definition Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
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| X | ||||||||||
- Definition The net change during the reporting period in the amount of profit commission receivable. No definition available.
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| X | ||||||||||
- Definition The net change during the reporting period in the amount of receivables currently due from reinsurers for ceded claims paid. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of gain (loss) from the difference between the repurchase price of a debt instrument initially issued by the entity and the net carrying amount of the debt at the time of its repurchase. No definition available.
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- Definition The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in investment income that has been earned but not yet received in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in receivables or payables that result from buying and selling securities for the firm's own account or from acting as an agent or intermediary in the sale of securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the balance sheet value of capitalized sales costs that are associated with acquiring a new insurance customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the amounts payable to taxing authorities for taxes that are based on the reporting entity's earnings, net of amounts receivable from taxing authorities for refunds of overpayments or recoveries of income taxes. No definition available.
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- Definition Amount of increase (decrease) in liability to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The increase (decrease) in other insurance liabilities during the period which liabilities are not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in the premium receivable balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in prepaid reinsurance premiums recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the amount of benefits the ceding insurer expects to recover on insurance policies ceded to other insurance entities as of the balance sheet date for all guaranteed benefit types. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) unearned premiums written. Excludes portion of unearned premiums amortized into income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to acquire equity securities classified as available-for-sale securities, because they are not classified as trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the sale of debt securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Nature of Business |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Nature of Business [Abstract] | |
| Nature of Business | Nature of Business MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation (“MGIC”) 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 to protect against loss from defaults on low down payment residential mortgage loans. Our principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us. Through certain other non-insurance subsidiaries, we also provide various services for the mortgage finance industry, such as contract underwriting, analysis of loan originations and portfolios, and mortgage lead generation. We began writing business in Australia in June 2007. We stopped writing new business in Australia in 2008 and in the fourth quarter of 2015 we settled all of our remaining risk in force. Our Australian operations, including amounts settled, are included in our consolidated financial statements; however they are not material to our consolidated results. At December 31, 2015, our direct domestic primary insurance in force was $174.5 billion, which represents the principal balance in our records of all mortgage loans that we insure, and our direct domestic primary risk in force was $45.5 billion, which represents the insurance in force multiplied by the insurance coverage percentage. |
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- References No definition available.
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- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basis of Presentation |
12 Months Ended |
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Dec. 31, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”), as codified in the Accounting Standards Codification. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. All intercompany transactions have been eliminated. Cash and Cash Equivalents We consider money market funds and investments with original maturities of three months or less to be cash equivalents. Restricted cash and cash equivalents During the second quarter of 2013, approximately $60.3 million was placed in escrow in connection with the two agreements we entered into to resolve our dispute with Countrywide Home Loans (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP (“BANA” and collectively with CHL, “Countrywide”) regarding rescissions. In the fourth quarter of 2013, approximately $42.9 million was released from escrow in connection with the BANA agreement and approximately $17.2 million remained in escrow in connection with the CHL agreement as of December 31, 2014. In the first quarter of 2015, the remaining 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 20 – “Litigation and contingencies.” Reclassifications Certain reclassifications have been made in the accompanying consolidated financial statements to 2014 and 2013 amounts to conform to the 2015 presentation. For the years ended December 31, 2014 and 2013 cash used for additions to property and equipment was previously presented as "Other" within cash flows from operating activities and is presented separately as "Additions to property and equipment" within cash flows from investing activities for the year ended December 31, 2015. This revision is not material to amounts reported or disclosed by us in prior years. Subsequent Events We have considered subsequent events through the date of this filing. Refer to Note 8 – "Debt" for disclosure of debt transactions executed subsequent to December 31, 2015 through the date of this filing and also Note 3 – "Summary of Significant Accounting Policies" for the resulting impact on potentially dilutive shares. |
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- References No definition available.
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- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Fair value measurements 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. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. 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, corporate bonds, mortgage-backed securities, and certain municipal bonds. The independent pricing sources utilize these approaches based on type of investment: Corporate Debt & U.S. Government and Agency Bonds are evaluated by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation process. Obligations of U.S. States & Political Subdivisions are evaluated by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. Residential Mortgage-Backed Securities are evaluated by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. Commercial Mortgage-Backed Securities are evaluated using valuation techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation utilizes regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. Asset-Backed Securities are evaluated using spreads and other information solicited from market buy- and sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including market color as available are used, resulting in tranche-specific spreads. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or from par values for equity securities restricted in their ability to be redeemed or sold. 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 equity securities that can only be redeemed or sold at their par value and only to the security issuer and 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. Investments Our entire investment portfolio is classified as available-for-sale and is reported at fair value or, for certain equity securities carried at cost, amounts that approximate fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses are reported in income based upon specific identification of securities sold. (See Note 6 – “Investments.”) Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:
Based on our evaluation, we will record an other-than-temporary impairment adjustment on a security if we intend to sell the impaired security, if it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. If the fair value of a security is below its amortized cost at the time of our intent to sell, the security is classified as other-than-temporarily impaired and the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, when a security is considered to be other-than-temporarily impaired, the losses are separated into the portion of the loss that represents the credit loss and the portion that is due to other factors. The credit loss portion is recognized as a loss in the statement of operations, while the loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security. Home office and equipment Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office, equipment and data processing hardware over estimated lives of 45, 5 and 3 years, respectively. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $26.1 million, $54.9 million and $53.0 million as of December 31, 2015, 2014 and 2013, respectively. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $3.2 million, $2.2 million and $1.8 million, respectively. Deferred Insurance Policy Acquisition Costs Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs (“DAC”). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. If a premium deficiency exists (in other words, no gross profit is expected), we reduce the related DAC by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the related DAC balance, we then establish a premium deficiency reserve equal to the excess, through a charge to current period earnings. Loss Reserves Reserves are established for insurance losses and loss adjustment expenses when we receive notices of default on insured mortgage loans. We consider a loan in default when it is two or more payments past due. Even though the accounting standard, Accounting Standards Codification (“ASC”) 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. Reserves are also established for estimated losses from defaults occurring prior to the close of an accounting period on notices of default not yet reported to us. These incurred but not reported (“IBNR”) reserves are also established using estimated claim rates and claim severities. Reserves also provide for the estimated costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process. Reserves are also ceded to reinsurers under our reinsurance agreements. (See Note 9 – “Loss Reserves” and Note 11 – “Reinsurance.”) Premium Deficiency Reserve After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve is based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings. (See Note 10 - “Premium Deficiency Reserve.”) Revenue Recognition We write policies which are guaranteed renewable contracts at the insured's option on a monthly, single, or annual premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve and earned over the policy life. Premiums written on policies covering more than one year are amortized over the policy life in relationship to the anticipated incurred loss pattern based on historical experience. Premiums written on annual premium policies are earned on a monthly pro rata basis. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. Cancellations also include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the servicer and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. When a premium deficiency exists a separate component of the premium refund liability is included in “Premium deficiency reserves” on our consolidated balance sheets. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations. Income Taxes Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the financial statements and the tax bases of these items. The expected tax effects are computed at the enacted regular federal tax rate. Using this method, we have recorded a net deferred tax asset primarily due to net operating losses incurred in prior years. On a quarterly basis, we review the need to maintain a deferred tax asset valuation allowance as an offset to the net deferred tax asset, before valuation allowance. 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, operating results on a three year cumulative basis, 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, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, as discussed in Note 14 –“Income Taxes,” we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities. Benefit Plans We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Retirement benefits are based on compensation and years of service. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974. We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents until the retiree reaches the age of 65. Under the plan retirees pay a premium for these benefits. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits. (See Note 13 – “Benefit Plans.”) Reinsurance Loss reserves and unearned premiums are reported before taking credit for amounts ceded under reinsurance agreements. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Ceded unearned premiums are reflected as “Prepaid reinsurance premiums.” Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable are included in “Other liabilities.” Any profit commissions are included with “Premiums written – Ceded” and any ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 11 – “Reinsurance.”) Foreign Currency Translation Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive loss in shareholders’ equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income (loss) at the rate on the transaction date. Share-Based Compensation We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to three years. (See Note 18 – “Share-based Compensation Plans.”) Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested restricted stock units or granted stock options result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our convertible debt instruments result in the issuance of common stock. The determination of potentially issuable shares does not consider the 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. We have several debt issuances that could potentially result in contingently issuable shares and consider each potential issuance of shares separately to reflect the maximum potential dilution. Accordingly, our dilutive common stock equivalents may not reflect all of the contingently issuable shares that could be required to be issued upon any debt conversion. For purposes of calculating basic and diluted EPS, vested restricted stock and restricted stock units are considered outstanding. GAAP requires unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of EPS pursuant to the two-class method. Our participating securities are composed of vested restricted stock and restricted stock units with non-forfeitable rights to dividends. There have been no dividends declared by us since the issuance of these participating securities and there has been no reduction to net income available to common shareholders. For the years ended December 31, 2015 and 2014, participating securities of 0.1 million have been included in basic EPS, respectively, and 0.1 million have been excluded for the year ended December 31, 2013 as they were anti-dilutive due to our net loss. The computation of diluted EPS for the years ended December 31, 2015 and 2014 include the weighted average unvested restricted stock units outstanding of 2.1 million and 3.1 million, respectively. As a result of reporting a net loss in 2013, unvested restricted stock awards were anti-dilutive for the year and accordingly not included in the computation of diluted weighted average shares. For the year ended December 31, 2015, all of our outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS. The following table reconciles basic and diluted EPS amounts:
As discussed in Note 8 - "Debt," we purchased $127.7 million par value of our 5% Convertible Senior Notes due May 2017 ("5% Notes") and MGIC purchased $132.7 million par value of our 9% Convertible Junior Subordinated Debentures due April 2063 ("9% Debentures") in the first quarter of 2016 through the date of this filing. These purchases effectively retired the debt instruments for GAAP accounting purposes. The purchases of the 5% Notes and 9% Debentures reduced our potentially dilutive shares by approximately 9.5 million and 9.8 million shares, respectively. |
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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New Accounting Policies |
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Dec. 31, 2015 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Policies | New Accounting Policies In January 2016, the Financial Accounting Standards Board ("FASB") issued updated guidance to address the recognition, measurement, presentation, and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values. The updated guidance also eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods and will require recognition of a cumulative effect adjustment at adoption. We do not currently expect the adoption of this guidance to impact our financial position or liquidity. In May 2015, the FASB issued updated guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims. The disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting periods is considered supplementary information. The expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims. The disclosures required by this update are effective for annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016, and is to be applied retrospectively. We are evaluating the impact, if any, of the new disclosure requirements. In April 2015, the FASB issued updated 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 and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of December 31, 2015 debt issuance costs of approximately $11 million associated with our Convertible Senior Notes are recorded in "Other assets" on the consolidated balance sheet. We will adopt this amended guidance in the first quarter of 2016. In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee shared-based compensation that contains performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This updated guidance is effective for annual and interim periods beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016, which will likely reduce the service periods utilized to recognize expense on certain share-based compensation awards granted in 2016 relative to the service period in the grant terms. The impact is not expected to be material to our consolidated financial statements. In May 2014, the FASB issued updated 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. The guidance is effective for reporting periods beginning after December 15, 2017 with early adoption for reporting periods beginning after December 15, 2016 permitted. We are currently evaluating the impact of this update, but it is not expected to have a material impact on our consolidated financial statements and disclosures. |
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- References No definition available.
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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions |
12 Months Ended |
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Dec. 31, 2015 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions There were no related party transactions during 2015, 2014 or 2013. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investments |
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2015 and 2014 are shown below:
Our foreign investments primarily consist of the investment portfolio supporting our Australian domiciled subsidiary. The portfolio is comprised of Australian government and semi government securities, representing 87% of the market value of our foreign investments with the remaining 7% invested in corporate securities and 6% in cash equivalents. Eighty-nine percent of the Australian portfolio is rated AAA, by one or more of Moody’s, Standard & Poor’s and Fitch Ratings, and the remaining 11% is rated AA. As of December 31, 2015, the investment portfolio fair value in our Australian operations was approximately $34 million. The amortized cost and fair values of debt securities as of December 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.
At December 31, 2015 and 2014, the investment portfolio had gross unrealized losses of $67.8 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:
The unrealized losses in all categories of our investments as of December 31, 2015 were primarily caused by the difference in interest rates at December 31, 2015 compared to interest rates at the time of purchase. There were 303 and 423 securities in an unrealized loss position as of December 31, 2015 and 2014, respectively. As of December 31, 2015, the fair value as a percent of amortized cost of the securities in an unrealized loss position was 98% and approximately 15% of the securities in an unrealized loss position were backed by the U.S. Government. There were no other-than-temporary impairment (“OTTI”) losses in earnings during 2015. We recognized OTTI losses of $0.1 million and $0.3 million during 2014 and 2013, respectively. For the years ended December 31, 2015, 2014, and 2013, there were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive loss. The source of net investment income is as follows:
The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows:
The gross realized gains, gross realized losses and impairment losses are as follows:
We had $18.9 million and $20.2 million of investments at fair value on deposit with various states as of December 31, 2015 and 2014, respectively, due to regulatory requirements of those state insurance departments. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2015 and 2014:
For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2015, 2014, and 2013 is shown in the following tables. There were no transfers into or out of Level 3 in those years and there we no losses included in earnings for those years attributable to the change in unrealized losses on assets still held at the end of each applicable year.
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. As of December 31, 2015, the majority of the $4.1 million balance of Level 3 securities are equity securities that can only be redeemed or sold at their par value and only to the security issuer, with the remainder of the balance held in state premium tax credit investments. The state premium tax credit investments have an average maturity of less than 5 years and credit ratings of AA+ or higher, and their balance reflects their remaining scheduled payments discounted at an average annual rate of 7.2%. As of December 31, 2014 the majority of our Level 3 securities were state premium tax credit investments. During 2013 we sold our remaining auction rate securities. Additional fair value disclosures related to our investment portfolio are included in Note 6 – “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 December 31, 2015 and 2014. The fair values of our Senior Notes, Convertible Senior Notes and Convertible Junior Debentures were determined using available pricing for these notes, debentures, or similar instruments and they are categorized as Level 2 as described in Note 3 – “Summary of Significant Accounting Policies - Fair Value Measurements.”
The Convertible Senior Notes and Convertible Junior Debentures are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. At December 31, 2015, we had approximately $402 million in cash and investments at our holding company. The net unrealized losses on our holding company investment portfolio were approximately $2.7 million at December 31, 2015. The modified duration of the holding company investment portfolio, excluding cash and cash equivalents, was 3.1 years at December 31, 2015. |
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt |
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| Debt | Debt Long-term debt as of December 31, 2015 and 2014 consisted of the following obligations.
Interest payments on our debt obligations existing during 2015 and 2014 appear below.
5.375% Senior Notes – due November 2015 As of December 31, 2014 we had outstanding $61.9 million of 5.375% Senior Notes due in November 2015, which we repaid with cash at the holding company on November 2, 2015. Interest on these notes was payable semi-annually in arrears on May 1 and November 1 each year. The repayment of our Senior Notes had no material impact on our financial position or liquidity. 5% Convertible Senior Notes – due May 2017 As of December 31, 2015 and 2014 we had outstanding $333.5 million and $345.0 million, respectively, principal amount of 5% Convertible Senior Notes due in May 2017. During 2015 we repurchased $11.5 million of par value and paid total cash consideration of $12 million. We funded the purchases with cash at the holding company. Our purchases of the Convertible Senior Notes due 2017 resulted in a pretax charge of approximately $0.5 million. Interest on the 5% Notes is payable semi-annually in arrears on May 1 and November 1 of each year. The 5% Notes will mature on May 1, 2017. The 5% Notes are convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount at any time prior to the maturity date. This represents an initial conversion price of approximately $13.44 per share. These 5% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our Convertible Junior Debentures. Debt issuance costs are being amortized to interest expense over the contractual life of the 5% Notes. The provisions of the 5% Notes are complex. Covenants in the 5% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the 5% Notes. A designated subsidiary is any of our consolidated subsidiaries which has shareholders' equity of at least 15% of our consolidated shareholders' equity. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 5% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 5% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015. 2% Convertible Senior Notes – due April 2020 As of December 31, 2015 and 2014, we had outstanding $500 million principal amount of 2% Convertible Senior Notes due in 2020 which we issued in March 2013. We received net proceeds of approximately $484.6 million after deducting underwriting discount and offering expenses. See Note 15 – “Shareholders’ Equity” for information regarding the use of such proceeds. Interest on the 2% Notes is payable semi-annually in arrears on April 1 and October 1 of each year. The 2% Notes will mature on April 1, 2020, unless earlier repurchased by us or converted. Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount. This represents an initial conversion price of approximately $6.95 per share. 130% of such conversion price is $9.03. On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions. These 2% Notes will be equal in right of payment to our other senior debt and will be senior in right of payment to our Convertible Junior Debentures. Debt issuance costs will be amortized to interest expense over the contractual life of the 2% Notes. Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for at least 20 of the 30 trading days preceding notice of the redemption. The provisions of the 2% Notes are complex. Covenants in the 2% Notes include a requirement to notify holders in advance of certain events and that we and the designated subsidiaries (defined above) preserve our corporate existence, rights and franchises unless we or any such subsidiary determines that such preservation is no longer necessary in the conduct of its business and that the loss thereof is not disadvantageous to the 2% Notes. Further, the notes are subject to the indenture between us and the trustee that, among other terms, includes provisions that would constitute an event of default under the indenture. Upon such a default, the trustee could accelerate the maturity of the notes independent of any action by holders of the 2% Notes. This description is not intended to be complete in all respect and is qualified in its entirety by the terms of the 2% Notes, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015. 9% Convertible Junior Subordinated Debentures – due April 2063 As of December 31, 2015 and 2014 we had outstanding $389.5 million principal amount of 9% Convertible Junior Subordinated Debentures due in 2063. The 9% Debentures are currently convertible, at the holder's option, at an initial conversion rate, which is subject to adjustment, of 74.0741 common shares per $1,000 principal amount of the 9% Debentures at any time prior to the maturity date. This represents an initial conversion price of approximately $13.50 per share. If a holder elects to convert their 9% Debentures, deferred interest owed on the 9% 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 9% 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 9% Debentures rank junior to all of our existing and future senior indebtedness. Interest on the 9% Debentures is payable semi-annually in arrears on April 1 and October 1 of each year. As long as no event of default with respect to the debentures has occurred and is continuing, we may defer interest, under an optional deferral provision, for one or more consecutive interest periods up to ten years without giving rise to an event of default. Deferred interest will accrue additional interest at the rate then applicable to the debentures. During an optional deferral period we may not pay or declare dividends on our common stock. When interest on the 9% Debentures is deferred, we are required, not later than a specified time, to use reasonable commercial efforts to begin selling qualifying securities to persons who are not our affiliates. The specified time is one business day after we pay interest on the 9% Debentures that was not deferred, or if earlier, the fifth anniversary of the scheduled interest payment date on which the deferral started. Qualifying securities are common stock, certain warrants and certain non-cumulative perpetual preferred stock. The requirement to use such efforts to sell such securities is called the Alternative Payment Mechanism. The net proceeds of Alternative Payment Mechanism sales are to be applied to the payment of deferred interest, including the compound portion. We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral. The Alternative Payment Mechanism does not require us to sell common stock or warrants before the fifth anniversary of the interest payment date on which that deferral started if the net proceeds (counting any net proceeds of those securities previously sold under the Alternative Payment Mechanism) would exceed the 2% cap. The 2% cap is 2% of the average closing price of our common stock times the number of our outstanding shares of common stock. The average price is determined over a specified period ending before the issuance of the common stock or warrants being sold, and the number of outstanding shares is determined as of the date of our most recent publicly released financial statements. We are not required to issue under the Alternative Payment Mechanism a total of more than 10 million shares of common stock, including shares underlying qualifying warrants. In addition, we may not issue under the Alternative Payment Mechanism qualifying preferred stock if the total net proceeds of all issuances would exceed 25% of the aggregate principal amount of the debentures. The Alternative Payment Mechanism does not apply during any period between scheduled interest payment dates if there is a “market disruption event” that occurs over a specified portion of such period. Market disruption events include any material adverse change in domestic or international economic or financial conditions. The provisions of the 9% Debentures are complex. The description above is not intended to be complete in all respects. Moreover, that description is qualified in its entirety by the terms of the 9% Debentures, including their covenants and events of default. We were in compliance with all covenants at December 31, 2015. We may redeem the 9% Debentures in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 9% Debentures being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the 9% Debentures for at least 20 of the 30 trading days preceding notice of the redemption. 130% of such conversion price is $17.55. 2016 Debt Transactions During the first quarter of 2016 through the date of this filing we completed the following debt transactions:
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Loss Reserves |
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| Insurance Loss Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Reserves | Loss Reserves As described in Note 3 – “Summary of Significant Accounting Policies – Loss Reserves,” we establish reserves to recognize the estimated liability for losses and loss adjustment expenses related to defaults on insured mortgage loans. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment, and the current and future strength of local housing markets. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, and a drop in housing values 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 each of the past three years:
The “Losses incurred” section of the table above shows losses incurred on default notices received in the current year and in prior years. The amount of losses incurred relating to default notices received in the current year represents the estimated amount to be ultimately paid on such default notices. The amount of losses incurred relating to default notices received in prior years represents the actual claim rate and severity associated with those default notices resolved in the current year differing from the estimated liability at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory and estimated incurred but not reported items 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 2015 compared to 2014, and in 2014 compared to 2013, primarily due to a decrease in the number of new default notices received, net of cures, as well as a decrease in the estimated claim rate on recently reported delinquencies. The prior year development of the reserves in 2015, 2014 and 2013 is reflected in the table below.
(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves. The prior year loss development was based on the resolution of approximately 60%, 58% and 59% for the years ended December 31, 2015, 2014 and 2013, respectively, of the prior year default inventory, as well as a re-estimation of amounts to be ultimately paid on defaults remaining in inventory and estimated incurred but not reported items from the end of the prior year. In 2015, we recognized favorable development on our estimated claim rate as we experienced a higher cure rate on prior year default inventory. Additionally, during 2015 the claim rate was favorably impacted by re-estimations of previously recorded reserves relating to disputes on our claims paying practices and adjustments to incurred but not reported losses (IBNR). The favorable development for the year ended 2015 was offset, in part, by an increase in the estimated severity on prior year defaults remaining in the delinquent inventory. The decrease in the estimated severity in 2014 and 2013 was based on the resolution of the prior year default inventory. The “Losses paid” section of the table above shows the breakdown between claims paid on default notices received in the current year, claims paid on default notices received in prior years and the decrease in losses paid related to terminated reinsurance agreements as noted in footnote (2) of that table. Until a few years ago, it took, on average, approximately twelve months for a default that was 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. MGIC and Freddie Mac disagreed on the amount of the aggregate loss limit under certain pool insurance policies (the “Disputed Policies”). On December 1, 2012, an Agreement of Settlement, Compromise and Release (the “Settlement Agreement”) between MGIC, Freddie Mac and the FHFA became effective, settling their dispute regarding the Disputed Policies. Under the Settlement Agreement, MGIC is to pay Freddie Mac a total of $267.5 million in satisfaction of all obligations under the Disputed Policies. Of the total, $100 million was paid in December 2012, as required by the Settlement Agreement, and the remaining $167.5 million is being paid out in 48 equal monthly installments that began on January 2, 2013. The liability associated with our estimate of premiums to be refunded on expected claim payments is accrued for separately at December 31, 2015 and 2014 and approximated $102 million and $115 million, respectively. As of December 31, 2015, this liability was included in "Other liabilities" on our consolidated balance sheet. As of December 31, 2014, separate components of this liability are included in “Other liabilities” and “Premium deficiency reserve” on our consolidated balance sheet. A rollforward of our primary default inventory for the years ended December 31, 2015, 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.
The decrease in the primary default inventory experienced during 2015 and 2014 was generally across all markets and all book years prior to 2012. In 2015 and 2014, the percentage of loans in the inventory that had been in default for 12 or more consecutive months had decreased compared to the prior years. Historically as a default ages it becomes more likely to result in a claim. The percentage of loans that have been in default for 12 or more consecutive months has been affected by our suspended rescissions discussed below.
The length of time a loan is in the default inventory can differ from the number of payments that the borrower has not made or is considered delinquent. These differences typically result from a borrower making monthly payments that do not result in the loan becoming fully current. The number of payments that a borrower is delinquent is shown in the table below.
Pool insurance default inventory decreased from 3,797 at December 31, 2014 to 2,739 at December 31, 2015. The pool insurance notice inventory was 6,563 at December 31, 2013. 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 December 31, 2015 and 2014 the estimate of this liability totaled $7 million and $28 million, respectively. As of December 31, 2015, this liability was included in "Other liabilities" on our consolidated balance sheet. As of December 31, 2014, 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 20 – “Litigation and Contingencies.” |
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- Definition The entire disclosure related to an entity's loss reserves. No definition available.
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- References No definition available.
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Premium Deficiency Reserve |
12 Months Ended |
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Dec. 31, 2015 | |
| Premium Deficiency Reserve [Abstract] | |
| Premium Deficiency Reserve | Premium Deficiency Reserve Beginning in 2007, when we stopped writing Wall Street Bulk business, we began to separately measure the performance of these transactions and establish a premium deficiency reserve related to this business. The premium deficiency reserve reflects the present value of expected future losses and expenses that exceed the present value of expected future premiums and established loss reserves. Each quarter, we re-estimate the premium deficiency reserve on the remaining Wall Street bulk insurance in force. The premium deficiency reserve primarily changes from quarter to quarter as a result of two factors. First, it changes as the actual premiums, losses and expenses that were previously estimated are recognized. Each period such items are reflected in our financial statements as earned premium, losses incurred and expenses. The difference between the amount and timing of actual earned premiums, losses incurred and expenses and our previous estimates used to establish the premium deficiency reserves has an effect (either positive or negative) on that period’s results. Second, the premium deficiency reserve changes as our assumptions relating to the present value of expected future premiums, losses and expenses on the remaining Wall Street bulk insurance in force change. Changes to these assumptions also have an effect on that period’s results. The decreases in the premium deficiency reserve for the years ended December 31, 2015, 2014 and 2013 were $24 million, $24 million, and $26 million, respectively. As of December 31, 2015, there was no premium deficiency reserve required. The decreases represent the net result of actual premiums, losses and expenses as well as a net change in assumptions for these periods. The change in assumptions for 2014 and 2013 are primarily related to higher estimated ultimate premiums resulting principally from an increase in the projected persistency rate, offset in part by higher estimated ultimate losses resulting principally from an increase in the number of projected claims that will ultimately be paid. The calculation of premium deficiency reserves requires the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The calculation of future premium depends on, among other things, assumptions about persistency and repayment patterns on underlying loans. The calculation of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Similar to our loss reserve estimates, our estimates for premium deficiency reserves could be adversely affected by several factors, including a deterioration of regional or economic conditions leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, and a drop in housing values that could expose us to greater losses. Assumptions used in calculating the deficiency reserves can also be affected by volatility in the current housing and mortgage lending industries. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimates will affect future period earnings and could be material. |
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- References No definition available.
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- Definition The entire disclosure regarding the entity's premium deficiency reserve on wall street bulk. No definition available.
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Reinsurance |
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| Reinsurance Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance | Reinsurance Effective July 1, 2015, we settled our 2013 quota share reinsurance agreement ("2013 QSR Transaction") by commutation. The settlement included unearned premiums, loss reserves, and profit commission. The commutation resulted in an increase in net premiums written and earned of $69.4 million and $11.6 million, respectively, and a decrease in ceding commissions of $11.6 million in the third quarter of 2015. Receipt of our profit commission of $142.5 million, in addition to other premium and loss amounts, was also completed as part of the settlement. Effective July 1, 2015, we entered into a quota share reinsurance agreement ("2015 QSR Transaction") with a group of unaffiliated reinsurers that are the same as our 2013 QSR Transaction. Each of the reinsurers has an insurer financial strength rating of A- or better by Standard and Poor’s Rating Services, A.M. Best or both. The 2015 QSR Transaction will provide coverage on policies that were in the 2013 QSR Transaction; additional qualifying in force policies as of the agreement effective date which either had no history of defaults, or where a single default has been cured for twelve or more months at the agreement effective date; and all qualifying new insurance written through December 31, 2016. The agreement will provide coverage on losses incurred on or after the effective date with renewal premium through December 31, 2024, at which time the agreement expires. The 2015 QSR Transaction increases the amount of our insurance in force covered by reinsurance and will result in an increase in the amount of premiums and losses ceded. A higher level of losses ceded will reduce our profit commission and in turn will reduce our premium yield. Early termination of the agreement can be elected by us effective December 31, 2018 for a fee, or under specified scenarios for no fee upon prior written notice. Further, at our sole discretion we may elect to terminate the agreement if we will receive less than 90% of the full credit amount under the private mortgage insurer eligibility requirements ("PMIERs") of Fannie Mae and Freddie Mac (collectively, the "GSEs") for the risk ceded in any required calculation period. The structure of the 2015 QSR Transaction is a 30% quota share for all policies covered, with a 20% ceding commission as well as a profit commission. Generally, under the 2015 QSR Transaction, we will receive a profit commission provided that the loss ratio on the loans covered under the agreement remains below 60%. A summary of our quota share reinsurance agreements, excluding captive agreements, for 2015, 2014 and 2013 appears below.
Under the terms of 2015 QSR Transaction, reinsurance premiums, ceding commission and profit commission are settled net on a quarterly basis. The reinsurance premium due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheet as of December 31, 2015. As of December 31, 2014, we had accrued a profit commission receivable of $91.5 million. In the past, MGIC also obtained captive reinsurance. In a captive reinsurance arrangement, the reinsurer is affiliated with the lender for whom MGIC provides mortgage insurance. As part of our settlement with the Consumer Financial Protection Bureau (“CFPB”) in 2013 and with the Minnesota Department of Commerce in June 2015, discussed in Note 20 – “Litigation and Contingencies” MGIC has agreed to 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 subsequent to the respective settlements. In accordance with the CFPB settlement, all of our active captive arrangements were placed into run-off. In addition, at the time PMIERs became effective on December 31, 2015, the GSEs will not approve any future reinsurance or risk sharing transaction with a mortgage enterprise or an affiliate of a mortgage enterprise. Captive agreements were generally written on an annual book of business and each captive reinsurer is required to maintain a separate trust account to support its combined reinsured risk on all annual books. MGIC is the sole beneficiary of the trusts, and the trust accounts are made up of capital deposits by the captive reinsurers, 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 $34 million at December 31, 2015 which was supported by $137 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. The effect of all reinsurance agreements on premiums earned and losses incurred is as follows:
Generally, reinsurance recoverables on primary loss reserves, paid losses and prepaid reinsurance premiums are supported by trust funds or letters of credit. As such, we have not established an allowance against these recoverables. See Note 20 – “Litigation and Contingencies” for a discussion of requests or subpoenas for information regarding captive mortgage reinsurance arrangements. |
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Comprehensive (Loss) Income |
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| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2015, 2014 and 2013 are included in the table below:
(1) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 are included in the table below:
(1) Increases (decreases) Net realized investment gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. (3) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. A rollforward of accumulated other comprehensive loss for the years ended December 31, 2015, 2014, and 2013, including amounts reclassified from accumulated other comprehensive loss, are included in the table below.
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- References No definition available.
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Benefit Plans |
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| Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Plans | Benefit Plans We have a non-contributory defined benefit pension plan covering substantially all domestic employees, as well as a supplemental executive retirement plan. We also offer both medical and dental benefits for retired domestic employees and their eligible spouses under a postretirement benefit plan. The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2015, 2014, and 2013 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheet as of December 31, 2015 and 2014.
The amortization of gains and losses resulting from actual experience different from assumed experience or changes in assumptions including discount rates is included as a component of Net Periodic Benefit Cost/(Income) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining service period of participating employees expected to receive benefits under the plan. The changes in the projected benefit obligation are as follows:
In the fourth quarter of 2014, the Society of Actuaries released new mortality tables as a result of their detailed study on the future life expectancies of pension plan participants. We have used these mortality tables, including updates to the mortality table projection scales, in calculating our year-end 2015 and 2014 retirement program obligations. We expect the mortality tables to receive regular annual updates that will impact our retirement plan obligations in future reporting periods. If all pension plan participants elected to receive their pension benefits in monthly payments, the new tables would have increased 2014 year-end obligations by $23.2 million. However, based on our experience, we estimate that 75% of our active pension plan participants will elect to receive their pension benefits in a lump sum, which under the terms of the pension plan, are calculated based on mortality assumptions prescribed by the IRS, not the Society of Actuaries. The combined effect of the new Society of Actuaries mortality tables and the 75% lump-sum election assumption was a net increase in 2014 year-end obligations of $14.6 million. In addition, the benefit obligation will also change due to changes in the actuarial assumptions applied, as shown in the table below, to determine the outstanding liability. The changes in the fair value of the net assets available for plan benefits are as follows:
The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years. The year-end asset allocations of the plans are as follows:
In accordance with fair value guidance, we applied the following fair value hierarchy in order to measure fair value of our benefit plan assets: Level 1 – Quoted prices for identical instruments in active markets that we have the ability to access. Financial assets utilizing Level 1 inputs include equity securities, mutual funds, money market funds, certain U.S. Treasury securities and exchange traded funds ("ETF’s"). Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the financial instrument. The observable inputs are used in valuation models to calculate the fair value of the financial instruments. Financial assets utilizing Level 2 inputs include certain municipal, corporate and foreign bonds, obligations of U.S. government corporations and agencies, and pooled equity accounts. 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. To determine the fair value of securities in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. In addition, on a quarterly basis, we perform quality controls over values received from the pricing source (the “Trustee”) which include comparing values to other independent pricing sources. In addition, we review annually the Trustee’s auditor’s report on internal controls in order to determine that their controls around valuing securities are operating effectively. We have not made any adjustments to the prices obtained from the independent sources. The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2015 and 2014. There were no securities that utilized Level 3 inputs.
The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status. An improvement in funded status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funded status would result in a higher allocation to equity. The maximum equity allocation is 40%. The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:
The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agency, corporate, mortgage-backed, asset-backed, and municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively. The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2015 and 2014. All are Level 1 assets.
Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:
The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above. Investment in international oriented funds is limited to a maximum of 30% of the equity range. The current international allocation is invested in two mutual funds with 3% of the equity allocation in a fund which has the objective of investing primarily in equity securities of emerging market countries, and 21% of the equity allocation in a fund investing in securities of companies based outside the United States. It invests in companies primarily based in Europe and the Pacific Basin, and primarily in equity investments although it may also hold cash, money market instruments, and fixed maturity securities depending on market conditions. The following tables show the current and estimated future contributions and benefit payments.
Health care sensitivities For measurement purposes, a 7.0% health care trend rate was used for benefits for retirees before they reach age 65 years for 2015. In 2016, the rate is assumed to be 7.0%, decreasing to 5.0% by 2020 and remaining at this level beyond. Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefits plan. A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:
We have a profit sharing and 401(k) savings plan for employees. At the discretion of the Board of Directors, we may make a contribution of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees on their before-tax contributions at a rate of 80% of the first $1,000 contributed and 40% of the next $2,000 contributed. For employees hired after January 1, 2014, the match is 100% up to 4% contributed. We recognized expenses related to these plans of $5.1 million, $5.0 million and $5.3 million in 2015, 2014 and 2013, respectively. |
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- References No definition available.
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- Definition The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
The components of the net deferred tax asset (liability) as of December 31, 2015 and 2014 are as follows:
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, operating results on a three year cumulative basis, 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, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, based on our analysis, as described more fully below, we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. For the year ended December 31, 2015, we reversed $161.1 million of our valuation allowance based on income from 2015. The portion of the valuation allowance reversed related to deferred tax assets that are expected to be realized in future years, totaling $747.5 million, is treated as a discrete period item and is recognized as a component of the tax provision in continuing operations in the period of release. Furthermore, in determining the discrete period impact from the reversal, we removed the prior period disproportionate tax effects that had arisen in other comprehensive income because of the valuation allowance. This reduced the amount of tax benefit included in net income and resulted in an allocation of tax benefit of $60.8 million to components of other comprehensive income. The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.
In our analysis we evaluated both subjective and objective evidence and assigned a weight to each. Significant weight was given to our most recent operating results and our ability to sustain them. We have experienced a significant reduction in losses incurred as our level of default notices received and in inventory has declined, as the effects of the financial crisis continue to ebb. New insurance written in recent years has been of high quality and is expected to be profitable well into the future. Historically, the results of mortgage insurers have been cyclical, where periods of operating losses have been followed by significant amounts of income. All of these factors have had a positive effect on operating results. Our level of pre-tax income for each quarter of 2015 was at least $100 million. We viewed the recurring nature of our income as very important, objectively verifiable evidence and gave it great weight in our analysis. Based on the above, we believe that we will have significant sources of pre-tax income which will allow for utilization of our deferred tax assets. Generally, a significant component of any analysis for the recognition of deferred tax assets includes the objective observation of operating results for a period of time. In this regard, we considered the level of cumulative operating income, as adjusted for any permanent tax differences. There is no specific requirement that indicates the time span for this evaluation. In our evaluation, we used a three year period. Prior to the third quarter of 2015, this three year cumulative total had been materially negative for an extended period of time, which we considered to be objectively verifiable negative evidence which would not support the reversal of the valuation allowance. In the third quarter, this amount became positive, which we believe provided additional objectively verifiable evidence which supported the reversal of the valuation allowance. The three year cumulative pre-tax income is $687.3 million as of December 31, 2015. In the fourth quarter of 2013, our net operating loss carryforward (“NOL”) for U.S. federal regular income tax purposes reached $2.6 billion, which was the highest amount it attained. As of December 31, 2015, the estimated remaining NOLs total $1.9 billion, a reduction of $670 million in two years. At this rate, and without taking into account any improvement in earnings, we would utilize the NOL within six years. In addition to this history of the utilization of our NOLs, we considered that the amount of income that we have been generating has been increasing over time. In 2015, we reduced our NOLs by $471 million, whereas in 2014 that amount was $199 million. At the 2015 rate, we would utilize the NOLs on our return by the end of 2020. The earliest current expiration date for our NOLs is 2029. This recent history of positive earnings trends indicates that it is more likely than not that the NOLs would be utilized well before they expire. Further, we currently have no limitations under the change in control provisions of Internal Revenue Code Section 382, which would reduce our ability to utilize our NOLs. We have taken steps, primarily through our Amended and Restated Rights Agreement, to attempt to prevent any change in control which would limit the utilization of our NOLs. The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
The change in the valuation allowance that was included in other comprehensive income was a decrease of $54.5 million, a decrease of $13.1 million, and an increase of $17.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. The remaining valuation allowance was reversed in the third quarter of 2015. The total valuation allowance as of December 31, 2014 and 2013 was $902.3 million and $1,004.2 million, respectively. Giving full effect to the carryback of net operating losses for federal income tax purposes, we have approximately $1,946 million of net operating loss carryforwards on a regular tax basis and $1,051 million of net operating loss carryforwards for computing the alternative minimum tax as of December 31, 2015. Any unutilized carryforwards are scheduled to expire at the end of tax years 2029 through 2033. The following summarizes the components of the provision for (benefit from) income taxes:
We paid $5.4 million, $1.3 million, and $0.1 million in federal income tax in 2015, 2014 and 2013, respectively. The reconciliation of the federal statutory income tax rate to the effective tax rate (benefit) provision is as follows:
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 December 31, 2015, there would also be interest related to these matters of approximately $182.9 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 December 31, 2015, those state taxes and interest would approximate $48.8 million. In addition, there could also be state tax penalties. Our total amount of unrecognized tax benefits as of December 31, 2015 is $107.1 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 17 – “Capital Requirements – Capital-GSEs.” In January 2013, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax return for the year 2010. In October 2014, we received a Revenue Agent’s Report from the IRS related to the examination of our federal income tax returns for the years 2011 and 2012. The results of these examinations had no material effect on the financial statements. Under current guidance, when evaluating a tax position for recognition and measurement, an entity shall presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The interpretation adopts a benefit recognition model with a two-step approach, a more-likely-than-not threshold for recognition and derecognition, and a measurement attribute that is the greatest amount of benefit that is cumulatively greater than 50% likely of being realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
The total amount of the unrecognized tax benefits, related to our aforementioned REMIC issue, which would affect our effective tax rate is $93.9 million. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. During 2015, we recognized $0.9 million in interest. As of December 31, 2015 and 2014, we had $27.8 million and $26.9 million of accrued interest related to uncertain tax positions, respectively. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2000. It is reasonably possible that our 2000-2007 federal tax case will be resolved, other than through litigation. If it is resolved under terms similar to our tentative settlement agreement that was not finalized, our total unrecognized tax benefits would be reduced by $107.1 million during 2016. After taking into account prior payments and the effect of available net operating loss carrybacks, any net cash outflows would approximate $26 million. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shareholders' Equity |
12 Months Ended |
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Dec. 31, 2015 | |
| Stockholders' Equity Note [Abstract] | |
| Shareholders' Equity | Shareholders' Equity Our Amended and Restated Rights Agreement dated July 25, 2012, which was approved by shareholders, was amended and restated on July 23, 2015. It seeks to diminish the risk that our ability to use our 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 $45 per full share (equivalent to $4.50 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, 2018, or earlier as described in the Agreement. The Rights are redeemable at a price of $0.001 per Right at any time prior to the time a person becomes an Acquiring Person. Other than certain amendments, the Board of Directors may amend the Rights in any respect without the consent of the holders of the Rights. In March 2013 we completed the public offering and sale of 135 million shares of our common stock at a price of $5.15 per share. We received net proceeds of approximately $663.3 million, after deducting underwriting discount and offering expenses. The shares of common stock sold were newly issued shares. In March 2013 we also concurrently completed the sale of $500 million principal amount of 2% Convertible Senior Notes due in 2020. For more information, see Note 8 – “Debt.” In June 2013, we amended our Articles of Incorporation to increase our authorized common stock from 680 million shares to 1.0 billion shares. We have 28.9 million authorized shares reserved for conversion under our convertible junior subordinated debentures and 96.7 million authorized shares reserved for conversion under our convertible senior notes. (See Note 8 – “Debt”) |
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Dividend Restrictions |
12 Months Ended |
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Dec. 31, 2015 | |
| Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
| Dividend Restrictions | Dividend Restrictions In the fourth quarter of 2008, our holding company suspended the payment of dividends to shareholders. The convertible senior notes and convertible debentures, discussed in Note 8 – “Debt,” are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. Our holding company has no material sources of cash inflows other than investment income, dividends from subsidiaries and capital raised in the public markets. MGIC is the principal source of dividend-paying capacity. Although MGIC has not paid any dividends to our holding company since 2008, we are discussing with the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI") the resumption of ongoing extraordinary dividends in 2016. During 2015, dividends of $38.5 million were paid to the holding company from other insurance subsidiaries. Our insurance subsidiaries are subject to state insurance regulations as to maintenance of policyholders' surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. |
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- References No definition available.
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- Definition The entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Capital Requirements |
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| Capital Requirements | Capital Requirements Capital - GSEs Substantially all of our insurance written since 2008 has been for loans purchased by the GSEs. The GSEs each revised its PMIERs effective December 31, 2015. The financial requirements of the PMIERs require a mortgage insurer’s “Available Assets” (generally only the most liquid assets of an insurer) to equal or exceed its “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). Based on our interpretation of the PMIERs, as of December 31, 2015, MGIC’s Available Assets are in excess of its Minimum Required Assets; and MGIC is in compliance with the financial requirements of the PMIERs and eligible to insure loans purchased by the GSEs. Statutory Accounting Principles The statutory financial statements of our insurance companies are presented on the basis of accounting practices prescribed or permitted by the Office of the Commissioner of Insurance of the State of Wisconsin, which has adopted the NAIC statutory accounting practices as the basis of its statutory accounting practices ("SSAP"). For the years 2014 and 2013 we utilized a permitted practice approved by the OCI to recognize a portion of our net deferred tax assets as admitted assets, discussed further below. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of net unrealized holding gains or losses in shareholders' equity relating to fixed maturities and the inclusion of statutory non-admitted assets. Under a permitted practice effective September 30, 2012, the OCI had approved MGIC to report its net deferred tax asset as an admitted asset in an amount not to exceed 10% of adjusted surplus as regards policyholders, notwithstanding any contrary provisions of SSAP No. 101. Deferred tax assets of $138 million were included in MGIC’s statutory capital at December 31, 2014. Due to the deferred tax asset valuation allowance reversal as of September 30, 2015, MGIC no longer relies on the permitted practice and the deferred tax asset is admitted according to the stated provisions of SSAP No. 101. Under the stated provisions of SSAP No. 101, the admitted net deferred tax asset is 15% of adjusted surplus as regards policyholders. Net deferred tax assets of $205 million were included in MGIC's statutory capital as of December 31, 2015. In addition to the typical adjustments from statutory to GAAP, mortgage insurance companies are required to maintain contingency loss reserves equal to 50% of premiums earned under SSAP and practices prescribed by the OCI, Such amounts cannot be withdrawn for a period of ten years except as permitted by insurance regulations. With regulatory approval a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year. For the year ended 2015, MGIC's losses incurred were 37% of net premiums earned. Changes in contingency loss reserves impact the statutory statement of operations. Contingency loss reserves are not reflected as liabilities under GAAP and changes in contingency loss reserves do not impact the GAAP statements of operations. A premium deficiency reserve that may be recorded on a GAAP basis when the present value of expected future losses and expenses exceeds the present value of expected future premiums and already established loss reserves, may not be recorded on a statutory basis if the present value of expected future premiums and already established loss reserves and statutory contingency reserves, exceeds the present value of expected future losses and expenses. On a GAAP basis, when calculating a premium deficiency reserve policies are grouped based on how they are acquired, serviced and measured. On a statutory basis, a premium deficiency reserve is calculated on all policies in force. The statutory net (loss) income, surplus and contingency reserve liability of the insurance subsidiaries of our holding company, as well as the surplus contributions made to MGIC and other insurance subsidiaries and dividends paid by MGIC and other insurance subsidiaries to us, are shown in the tables below. The statutory net loss in 2015 was driven by the dissolution of an MGIC non-insurance subsidiary. The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations.
Statutory Capital Requirements The 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 December 31, 2015, MGIC’s risk-to-capital ratio was 12.1 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements and its policyholder position was $1.2 billion above the required MPP of $1.1 billion. In calculating our risk-to-capital ratio and MPP, we are allowed full credit for the risk ceded under our reinsurance transaction with a group of unaffiliated reinsurers. 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 PMIERs, 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 December 31, 2015, the risk-to-capital ratio of our combined insurance operations (which includes reinsurance affiliates) was 13.6 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, 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 State Capital Requirements or the PMIERs may affect its willingness to procure insurance from us. A possible future failure by MGIC to meet the State Capital Requirements or the PMIERs 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. |
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- Definition The entire disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made. No definition available.
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Share-based Compensation Plans |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Plans | Share-based Compensation Plans We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. Awards under our plans generally vest over periods ranging from one to three years. We have an omnibus incentive plan that was adopted on April 23, 2015. When the 2015 plan was adopted, no further awards could be made under our previous 2011 plan. The purpose of the 2015 plan is to motivate and incent performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. The maximum number of shares of stock that can be awarded under the 2015 plan is 10.0 million. Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. The 2015 plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after April 23, 2025 under the 2015 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. Shares issued under the 2015 plan will be newly issued shares. The compensation cost that has been charged against income for share-based plans was $11.9 million, $9.2 million, and $6.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. The related income tax benefit, before valuation allowance, recognized for share-based plans was $4.2 million, $3.2 million, and $2.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 14 – “Income Taxes” for a discussion of our valuation allowance. There have been no options granted since 2004, and no options exercised since 2007. At December 31, 2013, all 529,800 options outstanding were exercisable at a price of $68.20 each. All of these options expired in January 2014 without being exercised. A summary of restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2015 is as follows:
At December 31, 2015, the 3.3 million shares of restricted stock outstanding consisted of 2.4 million shares that are subject to performance conditions (“performance shares”) and 0.9 million shares that are subject only to service conditions (“time vested shares”). The weighted-average grant date fair value of restricted stock granted during 2014 and 2013 was $8.43 and $2.75, respectively. The fair value of restricted stock granted is the closing price of the common stock on the New York Stock Exchange on the date of grant. The total fair value of restricted stock vested during 2015, 2014 and 2013 was $17.2 million, $12.1 million, and $4.3 million, respectively. As of December 31, 2015, there was $14.2 million of total unrecognized compensation cost related to non-vested share-based compensation agreements granted under the plans. Of this total, $10.6 million of unrecognized compensation costs relate to performance shares and $3.6 million relates to time vested shares. A portion of the unrecognized costs associated with the performance shares may or may not be recognized in future periods, depending upon whether or not the performance and service conditions are met. The cost associated with the time vested shares is expected to be recognized over a weighted-average period of 1.6 years. In 2011, we granted 449,350 shares of restricted stock units that were to be settled as cash payments over the vesting period under our 2002 stock incentive plan. As of December 31, 2014, all shares granted under this award had either vested or been forfeited. Cash payments at vesting were $1.2 million in 2014. At December 31, 2015, 9.97 million shares were available for future grant under the 2015 omnibus incentive plan. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Leases |
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| Leases | Leases We lease certain office space as well as data processing equipment and autos under operating leases that expire during the next six years. Generally, rental payments are fixed. Total rental expense under operating leases was $2.2 million in 2015, $2.8 million in 2014, and $4.6 million in 2013. At December 31, 2015, minimum future operating lease payments are as follows (in thousands):
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Litigation and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |
| Litigation and Contingencies | Litigation and Contingencies Before paying a claim, we review the loan and servicing files to determine the appropriateness of the claim amount. All of our insurance policies provide that we can reduce or deny a claim if the servicer did not comply with its obligations under our insurance policy, including the requirement to mitigate our loss by performing reasonable loss mitigation efforts or, for example, diligently pursuing a foreclosure or bankruptcy relief in a timely manner. We call such reduction of claims submitted to us “curtailments.” In each of 2014 and 2015, curtailments reduced our average claim paid by approximately 6.7%. 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. (We refer to insurance rescissions and denials of claims collectively as "rescissions" and variations of that term.) 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. Our loss reserving methodology incorporates our estimates of future rescissions, reversals of rescissions and curtailments. A variance between ultimate actual rescission, reversal and curtailment 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 consented to settlement agreements we entered into with Countrywide Home Loans, Inc. (“CHL”) and its affiliate, Bank of America, N.A., as successor to Countrywide Home Loans Servicing LP, but there is no guarantee they will approve others. 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 may 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. The estimated impact that we have recorded is our best estimate of our loss from these matters. If we are not able to implement settlements we consider probable, we intend to defend MGIC vigorously against any related legal proceedings. In addition to the probable settlements for which we have recorded a loss, we are involved in other discussions and/or proceedings with insureds with respect to our claims paying practices. Although it is reasonably possible that when these matters are resolved 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 matters where a loss is reasonably possible to be approximately $317 million, although we believe we will ultimately resolve these matters for significantly less than this amount. This estimate includes the maximum exposure for losses that we have determined are probable in excess of the provision we have recorded for such losses. The estimates of our maximum exposure referred to above do not include interest or consequential or exemplary damages. 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, was 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 alleged 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. As of the end of the first quarter of 2015, MGIC had been dismissed from all twelve cases. 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 would not have a material adverse effect on us. In 2013, we entered into a settlement with the CFPB that resolved a federal investigation of MGIC’s participation in captive reinsurance arrangements 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. In 2015, MGIC executed a Consent Order with the Minnesota Department of Commerce that resolved that department’s investigation of captive reinsurance matters without making any findings of wrongdoing. The Consent Order provided, among other things, that MGIC is prohibited from entering into any new captive reinsurance agreement or reinsuring any new loans under any existing captive reinsurance agreement for a period of ten years. Various regulators, including the CFPB, state insurance commissioners and state attorneys general may bring other actions seeking various forms of relief in connection with alleged 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. 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. The underwriting remedy expense for 2015 was approximately $1 million, but may increase in the future. In addition to the matters described above, we are involved in other legal proceedings in the ordinary course of business. In our opinion, based on the facts known at this time, the ultimate resolution of these ordinary course legal proceedings will not have a material adverse effect on our financial position or results of operations. See Note 14 – “Income Taxes” for a description of federal income tax contingencies. |
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- Definition The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies. No definition available.
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Unaudited Quarterly Financial Data |
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data
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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES |
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| Summary of Investments, Other than Investments in Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES | SCHEDULE I — SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES December 31, 2015
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS PARENT COMPANY ONLY December 31, 2015 and 2014
See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS PARENT COMPANY ONLY Years Ended December 31, 2015, 2014 and 2013
See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS PARENT COMPANY ONLY Years Ended December 31, 2015, 2014 and 2013
See accompanying supplementary notes to Parent Company condensed financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY SUPPLEMENTARY NOTES Note A The accompanying Parent Company financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements appearing in Item 8 of this annual report. Note B Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years. The convertible senior notes and convertible debentures, discussed in Note 8 – “Debt” to our consolidated financial statements in Item 8, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries. The payment of dividends from our insurance subsidiaries, which other than investment income and raising capital in the public markets, is the principal source of our holding company cash inflow, and is restricted by insurance regulation. MGIC is the principal source of dividend-paying capacity and OCI authorization is required for MGIC to pay dividends. Although MGIC has not paid any dividends to our holding company since 2008, we are discussing with the OCI the resumption of ongoing extraordinary dividends in 2016. During 2015, dividends of $38.5 million were paid to the holding company from other insurance subsidiaries. In the fourth quarter of 2008, we suspended the payment of dividends to shareholders. |
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- References No definition available.
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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE IV-REINSURANCE |
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| Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE IV-REINSURANCE | SCHEDULE IV — REINSURANCE MORTGAGE INSURANCE PREMIUMS EARNED Years Ended December 31, 2015, 2014 and 2013
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- References No definition available.
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- Definition The entire disclosure for the supplemental schedule of reinsurance information. Reinsurance schedule includes, but is not limited to, the type of insurance, gross amount of premiums, premiums ceded to other entities, premiums assumed from other entities, net amount of premium revenue, and the percentage of the premiums assumed to net premium revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Basis of Presentation | The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”), as codified in the Accounting Standards Codification. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
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| Principles of Consolidation | The consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. All intercompany transactions have been eliminated. |
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| Cash and Cash Equivalents | We consider money market funds and investments with original maturities of three months or less to be cash equivalents. |
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| Fair value measurements | 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. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. In addition, on a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. 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, corporate bonds, mortgage-backed securities, and certain municipal bonds. The independent pricing sources utilize these approaches based on type of investment: Corporate Debt & U.S. Government and Agency Bonds are evaluated by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the evaluation process. Obligations of U.S. States & Political Subdivisions are evaluated by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. Residential Mortgage-Backed Securities are evaluated by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. Commercial Mortgage-Backed Securities are evaluated using valuation techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation utilizes regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. Asset-Backed Securities are evaluated using spreads and other information solicited from market buy- and sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including market color as available are used, resulting in tranche-specific spreads. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or from par values for equity securities restricted in their ability to be redeemed or sold. 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 equity securities that can only be redeemed or sold at their par value and only to the security issuer and 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. |
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| Investments | Our entire investment portfolio is classified as available-for-sale and is reported at fair value or, for certain equity securities carried at cost, amounts that approximate fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses are reported in income based upon specific identification of securities sold. (See Note 6 – “Investments.”) Each quarter we perform reviews of our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:
Based on our evaluation, we will record an other-than-temporary impairment adjustment on a security if we intend to sell the impaired security, if it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. If the fair value of a security is below its amortized cost at the time of our intent to sell, the security is classified as other-than-temporarily impaired and the full amount of the impairment is recognized as a loss in the statement of operations. Otherwise, when a security is considered to be other-than-temporarily impaired, the losses are separated into the portion of the loss that represents the credit loss and the portion that is due to other factors. The credit loss portion is recognized as a loss in the statement of operations, while the loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security. |
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| Home office and equipment | Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office, equipment and data processing hardware over estimated lives of 45, 5 and 3 years, respectively. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $26.1 million, $54.9 million and $53.0 million as of December 31, 2015, 2014 and 2013, respectively. Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $3.2 million, $2.2 million and $1.8 million, respectively. |
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| Deferred Insurance Policy Acquisition Costs | Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs (“DAC”). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. If a premium deficiency exists (in other words, no gross profit is expected), we reduce the related DAC by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than the related DAC balance, we then establish a premium deficiency reserve equal to the excess, through a charge to current period earnings. |
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| Loss Reserves | Reserves are established for insurance losses and loss adjustment expenses when we receive notices of default on insured mortgage loans. We consider a loan in default when it is two or more payments past due. Even though the accounting standard, Accounting Standards Codification (“ASC”) 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loss reserves are established by estimating the number of loans in our inventory of delinquent loans that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our loss estimates are established based upon historical experience, including rescission and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. Reserves are also established for estimated losses from defaults occurring prior to the close of an accounting period on notices of default not yet reported to us. These incurred but not reported (“IBNR”) reserves are also established using estimated claim rates and claim severities. Reserves also provide for the estimated costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process. Reserves are also ceded to reinsurers under our reinsurance agreements. |
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| Premium Deficiency Reserve | After our loss reserves are initially established, we perform premium deficiency tests using our best estimate assumptions as of the testing date. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and expenses exceeds the present value of expected future premium and already established reserves. The discount rate used in the calculation of the premium deficiency reserve is based upon our pre-tax investment yield at year-end. Products are grouped for premium deficiency purposes based on similarities in the way the products are acquired, serviced and measured for profitability. Calculations of premium deficiency reserves require the use of significant judgments and estimates to determine the present value of future premium and present value of expected losses and expenses on our business. The present value of future premium relies on, among other factors, assumptions about persistency and repayment patterns on underlying loans. The present value of expected losses and expenses depends on assumptions relating to severity of claims and claim rates on current defaults, and expected defaults in future periods. These assumptions also include an estimate of expected rescission activity. Assumptions used in calculating the deficiency reserves can be affected by volatility in the current housing and mortgage lending industries and these effects could be material. To the extent premium patterns and actual loss experience differ from the assumptions used in calculating the premium deficiency reserves, the differences between the actual results and our estimate will affect future period earnings. |
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| Revenue Recognition | We write policies which are guaranteed renewable contracts at the insured's option on a monthly, single, or annual premium basis. We have no ability to reunderwrite or reprice these contracts. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve and earned over the policy life. Premiums written on policies covering more than one year are amortized over the policy life in relationship to the anticipated incurred loss pattern based on historical experience. Premiums written on annual premium policies are earned on a monthly pro rata basis. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. Cancellations also include rescissions and policies cancelled due to claim payment. When a policy is rescinded, all previously collected premium is returned to the servicer and when a claim is paid we return any premium received since the date of default. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. When a premium deficiency exists a separate component of the premium refund liability is included in “Premium deficiency reserves” on our consolidated balance sheets. Changes in these liabilities affect premiums written and earned and change in premium deficiency reserve, respectively. The actual return of premium for all periods affects premiums written and earned. Policy cancellations also lower the persistency rate which is a variable used in calculating the rate of amortization of deferred insurance policy acquisition costs. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations. |
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| Income Taxes | Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the financial statements and the tax bases of these items. The expected tax effects are computed at the enacted regular federal tax rate. Using this method, we have recorded a net deferred tax asset primarily due to net operating losses incurred in prior years. On a quarterly basis, we review the need to maintain a deferred tax asset valuation allowance as an offset to the net deferred tax asset, before valuation allowance. 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, operating results on a three year cumulative basis, 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, we reduced our benefit from income tax through the recognition of a valuation allowance from the first quarter of 2009 through the second quarter of 2015. In the third quarter of 2015, as discussed in Note 14 –“Income Taxes,” we concluded that it was more likely than not that our deferred tax assets would be fully realizable and that the valuation allowance was no longer necessary. Therefore, we reversed the valuation allowance. We provide for uncertain tax positions and the related interest and penalties based on our assessment of whether a tax benefit is more likely than not to be sustained under any examination by taxing authorities. |
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| Benefit Plans | We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Retirement benefits are based on compensation and years of service. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974. We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents until the retiree reaches the age of 65. Under the plan retirees pay a premium for these benefits. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits. |
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| Reinsurance | Loss reserves and unearned premiums are reported before taking credit for amounts ceded under reinsurance agreements. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Ceded unearned premiums are reflected as “Prepaid reinsurance premiums.” Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable are included in “Other liabilities.” Any profit commissions are included with “Premiums written – Ceded” and any ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. |
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| Foreign Currency Translation | Assets and liabilities denominated in a foreign currency are translated at the year-end exchange rates. Operating results are translated at average rates of exchange prevailing during the year. Unrealized gains and losses, net of deferred taxes, resulting from translation are included in accumulated other comprehensive loss in shareholders’ equity. Gains and losses resulting from transactions in a foreign currency are recorded in current period net income (loss) at the rate on the transaction date. |
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| Share-Based Compensation | We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. The fair value of awards classified as liabilities is remeasured at each reporting period until the award is settled. |
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| Earnings per Share | Basic earnings per share (“EPS”) is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested restricted stock units or granted stock options result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our convertible debt instruments result in the issuance of common stock. The determination of potentially issuable shares does not consider the 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. We have several debt issuances that could potentially result in contingently issuable shares and consider each potential issuance of shares separately to reflect the maximum potential dilution. Accordingly, our dilutive common stock equivalents may not reflect all of the contingently issuable shares that could be required to be issued upon any debt conversion. For purposes of calculating basic and diluted EPS, vested restricted stock and restricted stock units are considered outstanding. GAAP requires unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, to be treated as participating securities and included in the computation of EPS pursuant to the two-class method. Our participating securities are composed of vested restricted stock and restricted stock units with non-forfeitable rights to dividends. There have been no dividends declared by us since the issuance of these participating securities and there has been no reduction to net income available to common shareholders. For the years ended December 31, 2015 and 2014, participating securities of 0.1 million have been included in basic EPS, respectively, and 0.1 million have been excluded for the year ended December 31, 2013 as they were anti-dilutive due to our net loss. The computation of diluted EPS for the years ended December 31, 2015 and 2014 include the weighted average unvested restricted stock units outstanding of 2.1 million and 3.1 million, respectively. As a result of reporting a net loss in 2013, unvested restricted stock awards were anti-dilutive for the year and accordingly not included in the computation of diluted weighted average shares. For the year ended December 31, 2015, all of our outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS. |
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| New Accounting Policies | In January 2016, the Financial Accounting Standards Board ("FASB") issued updated guidance to address the recognition, measurement, presentation, and disclosure of certain financial instruments. The updated guidance requires equity investments, except those accounted for under the equity method of accounting, that have a readily determinable fair value to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have readily determinable fair values may be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. A qualitative assessment for impairment is required for equity investments without readily determinable fair values. The updated guidance also eliminates the requirement to disclose the method and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet. The updated guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods and will require recognition of a cumulative effect adjustment at adoption. We do not currently expect the adoption of this guidance to impact our financial position or liquidity. In May 2015, the FASB issued updated guidance requiring expanded disclosures for insurance entities that issue short-duration contracts. The expanded disclosures are designed to provide additional insight into an insurance entity's ability to underwrite and anticipate costs associated with claims. The disclosures include information about incurred and paid claims development, on a net of reinsurance basis, for the number of years claims incurred typically remain outstanding, not to exceed ten years. Each period presented in the disclosure about claims development that precedes the current reporting periods is considered supplementary information. The expanded disclosures also include more transparent information about significant changes in methodologies and assumptions used to estimate claims, and the timing, frequency, and severity of claims. The disclosures required by this update are effective for annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016, and is to be applied retrospectively. We are evaluating the impact, if any, of the new disclosure requirements. In April 2015, the FASB issued updated 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 and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of December 31, 2015 debt issuance costs of approximately $11 million associated with our Convertible Senior Notes are recorded in "Other assets" on the consolidated balance sheet. We will adopt this amended guidance in the first quarter of 2016. In June 2014, the FASB issued updated guidance to resolve diversity in practice concerning employee shared-based compensation that contains performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. This updated guidance is effective for annual and interim periods beginning after December 15, 2015. We will adopt this guidance in the first quarter of 2016, which will likely reduce the service periods utilized to recognize expense on certain share-based compensation awards granted in 2016 relative to the service period in the grant terms. The impact is not expected to be material to our consolidated financial statements. In May 2014, the FASB issued updated 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. The guidance is effective for reporting periods beginning after December 15, 2017 with early adoption for reporting periods beginning after December 15, 2016 permitted. We are currently evaluating the impact of this update, but it is not expected to have a material impact on our consolidated financial statements and disclosures. |
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- Definition Disclosure of accounting policy for premium deficiency reserves established when the present value of future losses and expenses exceeds the present value of expected future premium and already established reserves. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy for deferred policy acquisition costs, including the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts, and the basis for and methodologies applied in capitalizing and amortizing such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for cash and cash equivalents with respect to unrestricted balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for estimating its liability as of the balance sheet date for the ultimate cost of settling reported and unreported claims incurred and claims adjustment expenses (including effects of inflation and other societal and economic factors). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of reinsurance accounting policy, for example, but not limited to, description of the methodologies and assumptions underlying determination of reinsurance recoverables, reinsurance payables and retention policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share | The following table reconciles basic and diluted EPS amounts:
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- References No definition available.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Investments (Tables) |
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized cost, gross unrealized gains and losses and fair value of investment portfolio | The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2015 and 2014 are shown below:
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| Amortized cost and fair values of debt securities by contractual maturity | The amortized cost and fair values of debt securities as of December 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.
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| Aging of the fair values of securities in an unrealized loss position | For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
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| Net investment income | The source of net investment income is as follows:
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| Net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments | The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows:
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| Gross realized gains, gross realized losses and impairment losses | The gross realized gains, gross realized losses and impairment losses are as follows:
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| X | ||||||||||
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements for items measured at fair value | Assets measured at fair value included those listed, by hierarchy level, in the following tables as of December 31, 2015 and 2014:
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| Reconciliation of beginning and ending balance for assets and liabilities measured at fair value with significant unobservable inputs (level 3) | For assets and liabilities measured at fair value using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances for the years ended December 31, 2015, 2014, and 2013 is shown in the following tables. There were no transfers into or out of Level 3 in those years and there we no losses included in earnings for those years attributable to the change in unrealized losses on assets still held at the end of each applicable year.
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| Schedule of carrying value and fair value of financial liabilities measured on a recurring basis | The following tables present the carrying value and fair value of our financial liabilities disclosed, but not carried, at fair value at December 31, 2015 and 2014. The fair values of our Senior Notes, Convertible Senior Notes and Convertible Junior Debentures were determined using available pricing for these notes, debentures, or similar instruments and they are categorized as Level 2 as described in Note 3 – “Summary of Significant Accounting Policies - Fair Value Measurements.”
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| X | ||||||||||
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of debt | Long-term debt as of December 31, 2015 and 2014 consisted of the following obligations.
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| Interest Payments Made | Interest payments on our debt obligations existing during 2015 and 2014 appear below.
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| X | ||||||||||
- Definition Tabular disclosure of interest payments made. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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Loss Reserves (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance Loss Reserves [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of beginning and ending loss reserves | The following table provides a reconciliation of beginning and ending loss reserves for each of the past three years:
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| Prior year development of the reserves | The prior year development of the reserves in 2015, 2014 and 2013 is reflected in the table below.
(1) A negative number for prior year loss development indicates a redundancy of prior year loss reserves. |
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| Rollforward of primary default inventory | A rollforward of our primary default inventory for the years ended December 31, 2015, 2014 and 2013 appears in the table below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.
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| Aging of the primary default inventory | The percentage of loans that have been in default for 12 or more consecutive months has been affected by our suspended rescissions discussed below.
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| Number of payments delinquent | The number of payments that a borrower is delinquent is shown in the table below.
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| X | ||||||||||
- Definition Tabular disclosure of the aging of the loan primary default inventory. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the number of payments delinquent on loans in the primary default inventory. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the activity related to loans in the primary default inventory. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reinsurance (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quota share reinsurance, excluding captive agreements | A summary of our quota share reinsurance agreements, excluding captive agreements, for 2015, 2014 and 2013 appears below.
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| Effect of reinsurance agreements on premiums earned and losses incurred | The effect of all reinsurance agreements on premiums earned and losses incurred is as follows:
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| X | ||||||||||
- Definition Tabular disclosure of the effect of reinsurance agreements on premiums earned and losses incurred. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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Other Comprehensive (Loss) Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | The pretax components of our other comprehensive (loss) income and related income tax benefit (expense) for the years ended December 31, 2015, 2014 and 2013 are included in the table below:
(1) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. |
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| Reclassification out of accumulated other comprehensive income | The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive loss to our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 are included in the table below:
(1) Increases (decreases) Net realized investment gains on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. (3) See Note 14 – “Income Taxes” for a discussion of the valuation allowance recorded against deferred tax assets. |
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| Accumulated other comprehensive income (loss) | A rollforward of accumulated other comprehensive loss for the years ended December 31, 2015, 2014, and 2013, including amounts reclassified from accumulated other comprehensive loss, are included in the table below.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of net periodic benefit cost | The following tables provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2015, 2014, and 2013 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheet as of December 31, 2015 and 2014.
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| Development of funded status |
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| Change in projected benefit obligation | The changes in the projected benefit obligation are as follows:
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| Change in plan assets | The changes in the fair value of the net assets available for plan benefits are as follows:
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| Change in accumulated other comprehensive income (AOCI) |
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| Amortizations expected to be recognized during next fiscal year |
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| Actuarial assumptions | The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.
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| Year-end asset allocations of the plans | The year-end asset allocations of the plans are as follows:
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| Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of investment allocation strategies | The equity investments utilize combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:
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| Minimum and maximum allocation ranges for fixed income securities and equity securities | The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these goals the minimum and maximum allocation ranges for fixed income securities and equity securities are:
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| Actual and estimated future contributions and actual and estimated future benefit payments | The following tables show the current and estimated future contributions and benefit payments.
|
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| Effect of a 1% change in the health care trend rate assumption | A 1 percentage point change in the health care trend rate assumption would have the following effects on other postretirement benefits:
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| Pension Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of plan assets | The following table sets forth by level, within the fair value hierarchy, the pension plan assets at fair value as of December 31, 2015 and 2014. There were no securities that utilized Level 3 inputs.
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| Other Postretirement Benefit Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of plan assets | The following table sets forth the other postretirement benefits plan assets at fair value as of December 31, 2015 and 2014. All are Level 1 assets.
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| X | ||||||||||
- Definition Tabular disclosure of actual and estimated future contributions, and actual and estimated future benefit payments to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of pension plans and/or other employee benefit plans': 1) actuarial value of benefit obligations; 2) funded status; and 3) accumulated other comprehensive income (loss) recognized as components of net periodic benefit cost, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the targeted minimum and maximum allocation ranges for fixed income securities and equity securities. No definition available.
|
| X | ||||||||||
- Definition Schedule of Investment Allocation Strategies [Table Text Block] No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net deferred tax assets and liabilities | Net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
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| Components of the net deferred tax asset (liability) | The components of the net deferred tax asset (liability) as of December 31, 2015 and 2014 are as follows:
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| Summary of Valuation Allowance | The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.
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| Tax provision (benefit) | The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:
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| Components of the provision for (benefit from) income taxes | The following summarizes the components of the provision for (benefit from) income taxes:
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| Reconciliation of federal statutory income tax rate | The reconciliation of the federal statutory income tax rate to the effective tax rate (benefit) provision is as follows:
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| Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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| X | ||||||||||
- Definition Tabular disclosure of the components of net deferred tax asset (liability) recognized in an entity's statement of financial position. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the income tax provisions (benefit), including adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Capital Requirements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statutory Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of amounts disclosed under statutory accounting practices | The surplus amounts included below are the combined surplus of our insurance operations as utilized in our risk-to-capital calculations.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-based Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of restricted stock or restricted stock unit activity | A summary of restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2015 is as follows:
|
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| X | ||||||||||
- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for restricted stock or restricted stock units (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||
| Minimum future operating lease payments | At December 31, 2015, minimum future operating lease payments are as follows (in thousands):
|
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Unaudited Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited quarterly financial data |
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- References No definition available.
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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Nature of Business (Details) $ in Billions |
Dec. 31, 2015
USD ($)
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| Nature of Business [Abstract] | |
| Direct domestic primary insurance in force | $ 174.5 |
| Direct domestic primary risk in force | $ 45.5 |
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- Definition The principal balance in a Company's records of all mortgage loans it insures. No definition available.
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- Definition The insurance in force multiplied by the insurance coverage percentage. No definition available.
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- References No definition available.
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Basis of Presentation (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
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Dec. 31, 2013
USD ($)
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Jun. 30, 2013
USD ($)
agreement
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
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Dec. 31, 2013
USD ($)
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
| (Increase) decrease in restricted cash | $ 42,900 | $ (60,300) | $ 17,212 | $ 228 | $ (17,440) |
| Loss Contingencies [Line Items] | |||||
| Restricted cash and cash equivalents | $ 0 | $ 17,212 | |||
| Countrywide Home Loans | |||||
| Loss Contingencies [Line Items] | |||||
| Number of agreements settled | agreement | 2 | ||||
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- Definition The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Number of claims settled. No definition available.
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- References No definition available.
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- Definition The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Deferred Revenue, Threshold For Deferral No definition available.
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- Definition The number of participating securities included in the weighted average number of common shares outstanding. No definition available.
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- Definition Postemployment Benefits Liability, Maximum Age For Qualified Employees No definition available.
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- Definition Minimum period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
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- Definition Maximum period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition. No definition available.
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- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise stock options, restrictive stock units (RSUs), convertible preferred stock of an employee stock ownership plan (ESOP), and other dilutive convertible securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Gross amount of debt extinguished. No definition available.
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- Definition The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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New Accounting Policies (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
|---|---|
| Other assets | New Accounting Pronouncement, Early Adoption, Effect | Convertible Senior Notes Due 2017 | Convertible Senior Notes | |
| Debt Instrument [Line Items] | |
| Debt issuance costs | $ 11 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition For an unclassified balance sheet, the carrying amount (net of accumulated amortization) as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Details
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- Details
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Related Party Transactions (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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| Related Party Transactions [Abstract] | |||
| Related party transaction amount | $ 0 | $ 0 | $ 0 |
| X | ||||||||||
- Definition Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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Investments (Details) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
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Dec. 31, 2015
USD ($)
security
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Dec. 31, 2014
USD ($)
security
|
Dec. 31, 2013
USD ($)
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| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | $ 4,684,148 | $ 4,602,514 | ||||||
| Total at end of period | 4,657,561 | 4,609,614 | ||||||
| Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | ||||||||
| Fair Value | 5,645 | 3,055 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Amortized Cost | 4,689,773 | 4,605,517 | ||||||
| Gross Unrealized Gains | 41,273 | 37,649 | ||||||
| Gross Unrealized Losses | [1] | (67,840) | (30,497) | |||||
| Fair Value | $ 4,663,206 | 4,612,669 | ||||||
| Percentage of foreign investments held in government semigovernment securities (in hundredths) | 87.00% | |||||||
| Percentage of foreign investments held in corporate securities (in hundredths) | 7.00% | |||||||
| Percentage of foreign investments held in cash equivalents (in hundredths) | 6.00% | |||||||
| Percentage of Australian portfolio rated AAA | 89.00% | |||||||
| Percentage of Australian portfolio rated AA | 11.00% | |||||||
| Fair value investment portfolio in Australian operations | $ 34,000 | |||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Due in one year or less | 280,697 | |||||||
| Due after one year through five years | 1,450,854 | |||||||
| Due after five years through ten years | 1,207,011 | |||||||
| Due after ten years | 1,064,294 | |||||||
| Total debt securities with single maturity date | 4,002,856 | |||||||
| Total at end of period | 4,684,148 | 4,602,514 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Due in one year or less | 281,063 | |||||||
| Due after one year through five years | 1,450,315 | |||||||
| Due after five years through ten years | 1,176,468 | |||||||
| Due after ten years | 1,081,759 | |||||||
| Total debt securities with single maturity date | 3,989,605 | |||||||
| Total at end of period | 4,657,561 | 4,609,614 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 2,209,765 | 1,209,256 | ||||||
| 12 months or greater | 491,195 | 1,035,884 | ||||||
| Total investment portfolio | 2,700,960 | 2,245,140 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (49,346) | (7,388) | ||||||
| 12 months or greater | (18,494) | (23,109) | ||||||
| Total unrealized losses | (67,840) | (30,497) | ||||||
| Accumulated gross unrealized gain (loss) on available-for-sale securities | $ (67,800) | $ (30,500) | ||||||
| Number of securities in unrealized loss position | security | 303 | 423 | ||||||
| For securities in an unrealized loss position, percentage of weighted average fair value to amortized cost (in hundredths) | 98.00% | |||||||
| For securities in an unrealized loss position, percentage backed by the U.S. Government (in hundredths) | 15.00% | |||||||
| Recognized other than temporary impairments | $ 0 | $ 144 | $ 328 | |||||
| Investments on deposit with various states | 18,900 | 20,200 | ||||||
| Total Debt Securities | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 4,684,148 | 4,602,514 | ||||||
| Gross Unrealized Gains | 41,235 | 37,588 | ||||||
| Gross Unrealized Losses | [1] | (67,822) | (30,488) | |||||
| Total at end of period | 4,657,561 | 4,609,614 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 4,657,561 | 4,609,614 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Total at end of period | 4,684,148 | 4,602,514 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Total at end of period | 4,657,561 | 4,609,614 | ||||||
| U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 160,393 | 349,153 | ||||||
| Gross Unrealized Gains | 2,133 | 2,752 | ||||||
| Gross Unrealized Losses | [1] | (1,942) | (5,130) | |||||
| Total at end of period | 160,584 | 346,775 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 160,584 | 346,775 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Total at end of period | 160,393 | 349,153 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Total at end of period | 160,584 | 346,775 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 60,548 | 58,166 | ||||||
| 12 months or greater | 1,923 | 232,351 | ||||||
| Total investment portfolio | 62,471 | 290,517 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (1,467) | (138) | ||||||
| 12 months or greater | (475) | (4,992) | ||||||
| Total unrealized losses | (1,942) | (5,130) | ||||||
| Obligations of U.S. States and Political Subdivisions | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 1,766,407 | 844,942 | ||||||
| Gross Unrealized Gains | 33,410 | 12,961 | ||||||
| Gross Unrealized Losses | [1] | (7,290) | (2,761) | |||||
| Total at end of period | 1,792,527 | 855,142 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 1,792,527 | 855,142 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Total at end of period | 1,766,407 | 844,942 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Total at end of period | 1,792,527 | 855,142 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 417,615 | 166,408 | ||||||
| 12 months or greater | 37,014 | 114,465 | ||||||
| Total investment portfolio | 454,629 | 280,873 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (6,404) | (1,066) | ||||||
| 12 months or greater | (886) | (1,695) | ||||||
| Total unrealized losses | (7,290) | (2,761) | ||||||
| Corporate Debt Securities | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 2,046,697 | 2,418,991 | ||||||
| Gross Unrealized Gains | 2,836 | 16,325 | ||||||
| Gross Unrealized Losses | [1] | (44,770) | (10,035) | |||||
| Total at end of period | 2,004,763 | 2,425,281 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 2,004,763 | 2,425,281 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Total at end of period | 2,046,697 | 2,418,991 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Total at end of period | 2,004,763 | 2,425,281 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 1,470,628 | 816,555 | ||||||
| 12 months or greater | 114,982 | 243,208 | ||||||
| Total investment portfolio | 1,585,610 | 1,059,763 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (38,519) | (5,259) | ||||||
| 12 months or greater | (6,251) | (4,776) | ||||||
| Total unrealized losses | (44,770) | (10,035) | ||||||
| Asset-Backed Securities | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 116,764 | 286,260 | ||||||
| Gross Unrealized Gains | 56 | 535 | ||||||
| Gross Unrealized Losses | [1] | (203) | (140) | |||||
| Total at end of period | 116,617 | 286,655 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 116,617 | 286,655 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Debt securities without single maturity date | 116,764 | |||||||
| Total at end of period | 116,764 | 286,260 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Debt securities without single maturity date | 116,617 | |||||||
| Total at end of period | 116,617 | 286,655 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 86,604 | 54,491 | ||||||
| 12 months or greater | 5,546 | 11,895 | ||||||
| Total investment portfolio | 92,150 | 66,386 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (173) | (80) | ||||||
| 12 months or greater | (30) | (60) | ||||||
| Total unrealized losses | (203) | (140) | ||||||
| Residential Mortgage-Backed Securities | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 265,879 | 329,983 | ||||||
| Gross Unrealized Gains | 161 | 254 | ||||||
| Gross Unrealized Losses | [1] | (8,392) | (9,000) | |||||
| Total at end of period | 257,648 | 321,237 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 257,648 | 321,237 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Debt securities without single maturity date | 265,879 | |||||||
| Total at end of period | 265,879 | 329,983 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Debt securities without single maturity date | 257,648 | |||||||
| Total at end of period | 257,648 | 321,237 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 35,064 | 24,168 | ||||||
| 12 months or greater | 209,882 | 263,002 | ||||||
| Total investment portfolio | 244,946 | 287,170 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (312) | (34) | ||||||
| 12 months or greater | (8,080) | (8,966) | ||||||
| Total unrealized losses | (8,392) | (9,000) | ||||||
| Commercial Mortgage-Backed Securities | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 237,304 | 276,215 | ||||||
| Gross Unrealized Gains | 162 | 1,221 | ||||||
| Gross Unrealized Losses | [1] | (3,975) | (2,158) | |||||
| Total at end of period | 233,491 | 275,278 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 233,491 | 275,278 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Debt securities without single maturity date | 237,304 | |||||||
| Total at end of period | 237,304 | 276,215 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Debt securities without single maturity date | 233,491 | |||||||
| Total at end of period | 233,491 | 275,278 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 134,488 | 89,301 | ||||||
| 12 months or greater | 69,927 | 110,652 | ||||||
| Total investment portfolio | 204,415 | 199,953 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (2,361) | (810) | ||||||
| 12 months or greater | (1,614) | (1,348) | ||||||
| Total unrealized losses | (3,975) | (2,158) | ||||||
| Collateralized Loan Obligations | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 61,345 | 61,340 | ||||||
| Gross Unrealized Gains | 3 | 0 | ||||||
| Gross Unrealized Losses | [1] | (1,148) | (1,264) | |||||
| Total at end of period | 60,200 | 60,076 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 60,200 | 60,076 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Debt securities without single maturity date | 61,345 | |||||||
| Total at end of period | 61,345 | 61,340 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Debt securities without single maturity date | 60,200 | |||||||
| Total at end of period | 60,200 | 60,076 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 0 | 0 | ||||||
| 12 months or greater | 51,750 | 60,076 | ||||||
| Total investment portfolio | 51,750 | 60,076 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | 0 | 0 | ||||||
| 12 months or greater | (1,148) | (1,264) | ||||||
| Total unrealized losses | (1,148) | (1,264) | ||||||
| Debt Securities Issued by Foreign Sovereign Governments | ||||||||
| Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||||||||
| Total at end of period | 29,359 | 35,630 | ||||||
| Gross Unrealized Gains | 2,474 | 3,540 | ||||||
| Gross Unrealized Losses | [1] | (102) | 0 | |||||
| Total at end of period | 31,731 | 39,170 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | 31,731 | 39,170 | ||||||
| Maturities, Amortized Cost [Abstract] | ||||||||
| Total at end of period | 29,359 | 35,630 | ||||||
| Maturities, Fair Value [Abstract] | ||||||||
| Total at end of period | 31,731 | 39,170 | ||||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 4,463 | 0 | ||||||
| 12 months or greater | 0 | 0 | ||||||
| Total investment portfolio | 4,463 | 0 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (102) | 0 | ||||||
| 12 months or greater | 0 | 0 | ||||||
| Total unrealized losses | (102) | 0 | ||||||
| Equity Securities | ||||||||
| Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | ||||||||
| Amortized Cost | 5,625 | 3,003 | ||||||
| Gross Unrealized Gains | 38 | 61 | ||||||
| Gross Unrealized Losses | [1] | (18) | (9) | |||||
| Fair Value | 5,645 | 3,055 | ||||||
| Total Investment Portfolio [Abstract] | ||||||||
| Fair Value | [2] | 5,645 | 3,055 | |||||
| Continuous Unrealized Loss Portion, Fair Value [Abstract] | ||||||||
| Less than 12 months | 355 | 167 | ||||||
| 12 months or greater | 171 | 235 | ||||||
| Total investment portfolio | 526 | 402 | ||||||
| Continuous Unrealized Loss Portion, Unrealized Loses [Abstract] | ||||||||
| Less than 12 months | (8) | (1) | ||||||
| 12 months or greater | (10) | (8) | ||||||
| Total unrealized losses | $ (18) | $ (9) | ||||||
| ||||||||
| X | ||||||||||
- Definition This item represents the total debt securities, categorized neither as held-to-maturity nor trading securities, which have a single maturity date, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments, as defined), and fair value hedge accounting adjustments, if any. No definition available.
|
| X | ||||||||||
- Definition This item represents the total fair value of debt securities, categorized neither as held-to-maturity nor trading securities, which have a single maturity date. No definition available.
|
| X | ||||||||||
- Definition Refers to fair value of investment portfolio in Australian operations. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's securities in an unrealized loss position backed by the U.S. Government. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's Australian portfolio rated AA by one or more of Moody's, Standard & Poor's and Fitch Rating. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's Australian portfolio rated AAA by one or more of Moody's, Standard & Poor's and Fitch Rating. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's foreign investments that are held in cash equivalent. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's foreign investments that are held in corporate securities. No definition available.
|
| X | ||||||||||
- Definition The percentage of the company's foreign investments that are held in government and semi-government securities. No definition available.
|
| X | ||||||||||
- Definition The percentage of the weighted average fair value to amortized cost of the company's securities in an unrealized loss position. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Carrying amount of cash and investment securities on deposit with state regulatory authorities in connection with capital requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments in debt securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments in debt securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments in equity securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments in equity securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the cost of equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments for other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments in debt and equity securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of unrealized gain (loss) in accumulated other comprehensive income (AOCI) on investments in debt and equity securities classified as available-for-sale. No definition available.
|
| X | ||||||||||
- Definition Amount before tax of unrealized loss in accumulated other comprehensive income (AOCI) on investments in debt and equity securities classified as available-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale that have been in a continuous loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale in a continuous loss position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of accumulated unrealized loss on investments in debt and equity securities classified as available-for-sale that have been in a continuous loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for less than twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for twelve months or longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after adjustments of available-for-sale debt securities at cost, maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings less cumulative-effect adjustments, and fair value hedge accounting adjustments. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of available-for-sale debt securities maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after adjustments of available-for-sale debt securities at cost, maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings less cumulative-effect adjustments, and fair value hedge accounting adjustments. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of available-for-sale debt securities maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after adjustments of available-for-sale debt securities at cost, maturing after the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings less cumulative-effect adjustments, and fair value hedge accounting adjustments. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of available-for-sale debt securities maturing after the tenth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after adjustments of available-for-sale debt securities at cost, maturing in the next fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings less cumulative-effect adjustments, and fair value hedge accounting adjustments. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of available-for-sale debt securities maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of available-for-sale debt securities at cost, net of adjustments, that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the cost over several maturity groupings. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of available-for-sale debt securities at fair value that do not have a single maturity date and which the entity has decided to disclose separately rather than allocating the fair value over several maturity groupings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of equity securities categorized neither as held-to-maturity nor as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Number of investment positions in available-for-sale investments in a continuous unrealized loss position for which an other-than-temporary impairment (OTTI) has not been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of other than temporary impairment (OTTI) losses on equity securities, OTTI related to credit losses on debt securities, and OTTI losses on debt securities when the entity intends to sell the securities or it is more likely than not that the entity will be required to sell the securities before recovery of its amortized cost basis. Additionally, this item includes OTTI losses recognized during the period on investments accounted for under the cost method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Investments, Investment Income By Category (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income | $ 106,736 | $ 90,554 | $ 83,425 | ||||||||
| Investment expenses | (2,995) | (2,907) | (2,686) | ||||||||
| Net investment income | $ 27,926 | $ 25,939 | $ 25,756 | $ 24,120 | $ 23,956 | $ 22,355 | $ 21,180 | $ 20,156 | 103,741 | 87,647 | 80,739 |
| Total Debt Securities | |||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income | 105,882 | 89,437 | 82,168 | ||||||||
| Equity Securities | |||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income | 208 | 227 | 229 | ||||||||
| Cash Equivalents | |||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income | 191 | 179 | 353 | ||||||||
| Other | |||||||||||
| Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||||||||
| Investment income | $ 455 | $ 711 | $ 675 | ||||||||
| X | ||||||||||
- Definition The income earned from investments in securities and property, equipment and other capital assets. It includes rent from property and equipment, dividends from shares in corporations, and interest from bonds, loans, mortgages, derivatives, commercial paper, bank accounts, certificates of deposits, treasuries, and other financial securities. It does not include realized gains and losses on investments or investment expenses. No definition available.
|
| X | ||||||||||
- Definition Amount of expenses related to the generation of investment income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Investments, Gain (Loss) on Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Realized (losses) gains | $ 1,228 | $ 640 | $ 166 | $ 26,327 | $ 434 | $ 632 | $ 522 | $ (231) | $ 28,361 | $ 1,357 | $ 5,731 |
| Change in net unrealized gains (losses) | (33,719) | 91,784 | (126,173) | ||||||||
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||||||||||
| Gross realized gains | 30,039 | 4,966 | 11,043 | ||||||||
| Gross realized losses | (1,678) | (3,465) | (4,984) | ||||||||
| Other-than-temporary-impairment losses | 0 | (144) | (328) | ||||||||
| Net realized investment gains | $ 1,228 | $ 640 | $ 166 | $ 26,327 | $ 434 | $ 632 | $ 522 | $ (231) | 28,361 | 1,357 | 5,731 |
| Available-for-Sale Securities | |||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Realized (losses) gains | 28,361 | 1,357 | 5,731 | ||||||||
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||||||||||
| Net realized investment gains | 28,361 | 1,357 | 5,731 | ||||||||
| Available-for-Sale Securities | Fixed Maturities | |||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Realized (losses) gains | 28,335 | 1,000 | 3,274 | ||||||||
| Change in net unrealized gains (losses) | (33,687) | 91,718 | (126,020) | ||||||||
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||||||||||
| Net realized investment gains | 28,335 | 1,000 | 3,274 | ||||||||
| Available-for-Sale Securities | Equity Securities | |||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Realized (losses) gains | 26 | 356 | 1,068 | ||||||||
| Change in net unrealized gains (losses) | (32) | 66 | (153) | ||||||||
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||||||||||
| Net realized investment gains | 26 | 356 | 1,068 | ||||||||
| Available-for-Sale Securities | Other | |||||||||||
| Gain (Loss) on Investments [Line Items] | |||||||||||
| Realized (losses) gains | 0 | 1 | 1,389 | ||||||||
| Change in net unrealized gains (losses) | 0 | 0 | 0 | ||||||||
| Gross realized gains, gross realized losses and impairment losses [Abstract] | |||||||||||
| Net realized investment gains | $ 0 | $ 1 | $ 1,389 | ||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition This item represents the pretax change in net unrealized holding gain (loss) on available-for-sale securities that has been included in accumulated other comprehensive income, a separate component of shareholders' equity, during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the gross profit realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the gross loss realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities and excluding other than temporary impairments (OTTI), if any, recognized elsewhere. No definition available.
|
| X | ||||||||||
- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount by which the fair value of an investment in debt and equity securities categorized as Available-for-sale is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | $ 4,663,206 | $ 4,612,669 | |||||
| Real estate acquired | [1] | 12,149 | 12,658 | ||||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 80,718 | 230,728 | |||||
| Real estate acquired | [1] | 0 | 0 | ||||
| Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 4,578,405 | 4,379,774 | |||||
| Real estate acquired | [1] | 0 | 0 | ||||
| Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 4,083 | 2,167 | |||||
| Real estate acquired | [1] | 12,149 | 12,658 | ||||
| Total Debt Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 4,657,561 | 4,609,614 | |||||
| Total Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 77,928 | 227,994 | |||||
| Total Debt Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 4,578,405 | 4,379,774 | |||||
| Total Debt Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 1,228 | 1,846 | |||||
| U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 160,584 | 346,775 | |||||
| U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 46,197 | 188,824 | |||||
| U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 114,387 | 157,951 | |||||
| U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Obligations of U.S. States and Political Subdivisions | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 1,792,527 | 855,142 | |||||
| Obligations of U.S. States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Obligations of U.S. States and Political Subdivisions | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 1,791,299 | 853,296 | |||||
| Obligations of U.S. States and Political Subdivisions | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 1,228 | 1,846 | |||||
| Corporate Debt Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 2,004,763 | 2,425,281 | |||||
| Corporate Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 2,004,763 | 2,425,281 | |||||
| Corporate Debt Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Asset-Backed Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 116,617 | 286,655 | |||||
| Asset-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Asset-Backed Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 116,617 | 286,655 | |||||
| Asset-Backed Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Residential Mortgage-Backed Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 257,648 | 321,237 | |||||
| Residential Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Residential Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 257,648 | 321,237 | |||||
| Residential Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Commercial Mortgage-Backed Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 233,491 | 275,278 | |||||
| Commercial Mortgage-Backed Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Commercial Mortgage-Backed Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 233,491 | 275,278 | |||||
| Commercial Mortgage-Backed Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Collateralized Loan Obligations | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 60,200 | 60,076 | |||||
| Collateralized Loan Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Collateralized Loan Obligations | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 60,200 | 60,076 | |||||
| Collateralized Loan Obligations | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Debt Securities Issued by Foreign Sovereign Governments | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 31,731 | 39,170 | |||||
| Debt Securities Issued by Foreign Sovereign Governments | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 31,731 | 39,170 | |||||
| Debt Securities Issued by Foreign Sovereign Governments | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Debt Securities Issued by Foreign Sovereign Governments | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | 0 | 0 | |||||
| Equity Securities | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | [2] | 5,645 | 3,055 | ||||
| Equity Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | [2] | 2,790 | 2,734 | ||||
| Equity Securities | Significant Other Observable Inputs (Level 2) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | [2] | 0 | 0 | ||||
| Equity Securities | Significant Unobservable Inputs (Level 3) | |||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
| Total investments | [2] | $ 2,855 | $ 321 | ||||
| |||||||
| X | ||||||||||
- Definition Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Fair value portion of other assets. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Fair Value Measurements, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Total realized/unrealized gains (losses) [Abstract] | |||
| State premium tax credit investments, average maturity | 5 years | ||
| Annual average discount rate (in hundredths) | 7.20% | ||
| Total Investments [Member] | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Balance at beginning of period | $ 2,167 | $ 2,744 | $ 20,565 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | (225) | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 0 | ||
| Purchases | 2,541 | 30 | 30 |
| Sales | (625) | (607) | (17,626) |
| Balance at end of period | 4,083 | 2,167 | 2,744 |
| Obligations of U.S. States and Political Subdivisions | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Balance at beginning of period | 1,846 | 2,423 | 3,130 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | 0 | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 0 | ||
| Purchases | 7 | 30 | 30 |
| Sales | (625) | (607) | (737) |
| Balance at end of period | 1,228 | 1,846 | 2,423 |
| Corporate Debt Securities | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Balance at beginning of period | 0 | 17,114 | |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | (225) | ||
| Included in earnings and reported as losses incurred, net | 0 | ||
| Included in other comprehensive income | 0 | ||
| Purchases | 0 | ||
| Sales | (16,889) | ||
| Balance at end of period | 0 | ||
| Equity Securities | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Balance at beginning of period | 321 | 321 | 321 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | 0 | ||
| Included in earnings and reported as losses incurred, net | 0 | 0 | 0 |
| Included in other comprehensive income | 0 | ||
| Purchases | 2,534 | 0 | 0 |
| Sales | 0 | 0 | 0 |
| Balance at end of period | 2,855 | 321 | 321 |
| Real Estate Acquired | |||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Balance at beginning of period | 12,658 | 13,280 | 3,463 |
| Total realized/unrealized gains (losses) [Abstract] | |||
| Included in earnings and reported as realized investment gains (losses), net | 0 | ||
| Included in earnings and reported as losses incurred, net | (2,322) | (4,129) | (4,959) |
| Included in other comprehensive income | 0 | ||
| Purchases | 34,624 | 42,247 | 39,188 |
| Sales | (32,811) | (38,740) | (24,412) |
| Balance at end of period | $ 12,149 | $ 12,658 | $ 13,280 |
| X | ||||||||||
- Definition This element represents annual average discount rate used for fair value of state premium tax credit investments. No definition available.
|
| X | ||||||||||
- Definition This element represents total gains or losses for the period reported as realized investment losses, net, arising from assets measured at fair value on a recurring basis using unobservable inputs (Level 3), which are included in earnings or resulted in a change in net asset value. No definition available.
|
| X | ||||||||||
- Definition This element represents state premium tax credit investments, average maturity. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Amount of gain (loss) recognized in the income statement for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of gain (loss) recognized in other comprehensive income (loss) for financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of purchases of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of sale of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of financial instrument classified as an asset measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Fair Value Measurements - Recurring Measurements of Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Cash and investments | $ 402,000 | |
| Net unrealized losses on holding company investment portfolio | $ 2,700 | |
| Modified duration of holding company investment portfolio, excluding cash and cash equivalents | 3 years 1 month 6 days | |
| Par Value | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Senior Notes | $ 61,953 | |
| Convertible Senior Notes due 2017 | $ 333,503 | 345,000 |
| Convertible Senior Notes due 2020 | 500,000 | 500,000 |
| Convertible Junior Subordinated Debentures due 2063 | 389,522 | 389,522 |
| Total financial liabilities | 1,223,025 | 1,296,475 |
| Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Senior Notes | 63,618 | |
| Convertible Senior Notes due 2017 | 345,616 | 387,997 |
| Convertible Senior Notes due 2020 | 701,955 | 735,075 |
| Convertible Junior Subordinated Debentures due 2063 | 455,067 | 500,201 |
| Total financial liabilities | $ 1,502,638 | $ 1,686,891 |
| X | ||||||||||
- Definition This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of convertible debt at the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of convertible debt at the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The amount of cash and investments held at our holding company at balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The modified duration of the holding company's investment portfolio, excluding cash and cash equivalents, at balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The amount of unrealized gains or losses on investments held at our holding company at balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of subordinated debt obligations including, but not limited to, subordinated loan, subordinated bond, subordinated debenture or junior debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Fair value portion of notes payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt (Details) |
1 Months Ended | 2 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Mar. 31, 2013
USD ($)
|
Feb. 26, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
Period
$ / shares
shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 1,223,000,000 | $ 1,296,400,000 | |||
| Stated interest rate (in hundredths) | 2.00% | ||||
| Repurchased senior notes, fair value | $ 73,957,000 | 21,767,000 | $ 17,235,000 | ||
| Pretax charge resulting from repurchase of notes | 507,000 | 837,000 | 0 | ||
| Net proceeds from convertible senior notes | 0 | 0 | $ 484,625,000 | ||
| Subsequent Event | |||||
| Debt Instrument [Line Items] | |||||
| FHLBC advances | $ 155,000,000 | ||||
| FHLBC fixed interest rate | 1.91% | ||||
| Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 0 | 61,900,000 | |||
| Minimum percentage of consolidated shareholders' equity that determines designated subsidiary status | 15.00% | ||||
| Senior Notes | Senior Notes Due 2015 | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 61,900,000 | ||||
| Stated interest rate (in hundredths) | 5.375% | 5.375% | |||
| Maturity date | Nov. 01, 2015 | Nov. 01, 2015 | |||
| Convertible Senior Notes Due 2017 | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 333,500,000 | $ 345,000,000 | |||
| Stated interest rate (in hundredths) | 5.00% | 5.00% | |||
| Maturity date | May 01, 2017 | May 01, 2017 | |||
| Repurchased senior notes, fair value | $ 12,000,000 | ||||
| Pretax charge resulting from repurchase of notes | $ (500,000) | ||||
| Conversion rate (in shares per $1,000 note) | shares | 74.4186 | ||||
| Principal amount of notes used in determining conversion rate | $ 1,000 | ||||
| Initial conversion price (in dollars per share) | $ / shares | $ 13.44 | ||||
| Extinguishment of debt, amount | $ 11,500,000 | ||||
| Convertible Senior Notes Due 2017 | Subsequent Event | |||||
| Debt Instrument [Line Items] | |||||
| Extinguishment of debt, amount | $ 127,700,000 | ||||
| Convertible Senior Notes - due April 2020 | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 500,000,000 | $ 500,000,000 | |||
| Stated interest rate (in hundredths) | 2.00% | 2.00% | |||
| Maturity date | Apr. 01, 2020 | Apr. 01, 2020 | |||
| Conversion rate (in shares per $1,000 note) | shares | 143.8332 | ||||
| Principal amount of notes used in determining conversion rate | $ 1,000 | ||||
| Initial conversion price (in dollars per share) | $ / shares | $ 6.95 | ||||
| Net proceeds from convertible senior notes | $ 484,600,000 | ||||
| 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) | $ / shares | $ 9.03 | ||||
| Redemption price, percentage (in hundredths) | 100.00% | ||||
| Convertible Junior Subordinated Debentures Due 2063 | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 389,500,000 | $ 389,500,000 | |||
| Stated interest rate (in hundredths) | 9.00% | 9.00% | |||
| Maturity date | Apr. 01, 2063 | Apr. 01, 2063 | |||
| Conversion rate (in shares per $1,000 note) | shares | 74.0741 | ||||
| Principal amount of notes used in determining conversion rate | $ 1,000 | ||||
| Initial conversion price (in dollars per share) | $ / shares | $ 13.50 | ||||
| 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) | $ / shares | $ 17.55 | ||||
| Redemption price, percentage (in hundredths) | 100.00% | ||||
| Period preceding election to convert | 5 days | ||||
| Minimum number of consecutive interest periods for which interest payments may be deferred | Period | 1 | ||||
| Maximum period for which interest payments may be deferred without giving rise to an event of default | 10 years | ||||
| Period in which reasonable commercial efforts must begin, maximum | 1 day | ||||
| Anniversary payment release of the start of the interest deferral to the Alternative Payment Mechanism in lieu of the final maturity of the debentures | tenth | ||||
| Net proceeds cap (in hundredths) | 2.00% | ||||
| Maximum number of shares of common stock issuable under the Alternative Payment Mechanism (in shares) | shares | 10,000,000 | ||||
| Maximum percentage of aggregate principal amount of the debentures (in hundredths) | 25.00% | ||||
| Convertible Junior Debentures at 9% per annum, Due 2063 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate (in hundredths) | 9.00% | ||||
| Convertible Junior Debentures at 9% per annum, Due 2063 | Subsequent Event | |||||
| Debt Instrument [Line Items] | |||||
| Extinguishment of debt, amount | $ 132,700,000 | ||||
| X | ||||||||||
- Definition We cannot pay deferred interest other than from the net proceeds of Alternative Payment Mechanism sales, except at the final maturity of the debentures or at the tenth anniversary of the start of the interest deferral. No definition available.
|
| X | ||||||||||
- Definition The price per share of the conversion feature embedded in the debt instrument. No definition available.
|
| X | ||||||||||
- Definition The number of shares that can be issued in exchange for the original debt if converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period. No definition available.
|
| X | ||||||||||
- Definition The maximum number of shares of common stock, including shares underlying qualifying warrants, that the entity may be required to issue pursuant to the Alternative Payment Mechanism under the note agreement(s). No definition available.
|
| X | ||||||||||
- Definition The maximum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage. No definition available.
|
| X | ||||||||||
- Definition The maximum ratio of total net proceeds of all issuances of qualifying securities to the aggregate principal amount of the debentures. Pursuant to the Alternative Payment Mechanism under the note agreement(s), the entity may not issue qualifying preferred stock if the total net proceeds exceed this ratio. No definition available.
|
| X | ||||||||||
- Definition The maximum length of time for which interest payments on the convertible debentures may be deferred without giving rise to an event of default. No definition available.
|
| X | ||||||||||
- Definition The minimum number of consecutive interest periods for which interest payments may be deferred pursuant to an optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
- Definition The minimum number of trading days within a specified time period that the closing sale price of the entity's common stock exceeds the prevailing conversion price of the debentures by a specified percentage. No definition available.
|
| X | ||||||||||
- Definition The minimum percentage of consolidated shareholders' equity that a subsidiary's shareholders' equity must represent to be deemed a designated subsidiary as defined by the note agreements. No definition available.
|
| X | ||||||||||
- Definition The percentage calculated as the average closing price of the entity's common stock times the number of the entity's outstanding shares of common stock. The average price is determined over a specified period ending before the issuance of the common stock or warrants being sold, and the number of outstanding shares is determined as of the date of the entity's most recent publicly released financial statements. No definition available.
|
| X | ||||||||||
- Definition The ratio of the closing sale price of the entity's common stock over the prevailing conversion price of the debentures as of the redemption date. No definition available.
|
| X | ||||||||||
- Definition The maximum period, in business days, after payment of interest on debentures that was not deferred, in which the entity must begin reasonable commercial efforts to sell qualifying securities to unaffiliated persons pursuant to the optional deferral provision under the note agreement(s). No definition available.
|
| X | ||||||||||
- Definition The period immediately prior to an election to convert debentures during which the average price of shares traded is determined for the purpose of calculating the conversion rate. No definition available.
|
| X | ||||||||||
- Definition The principal amount of notes used in the determination of the initial conversion rate, which is subject to adjustment. No definition available.
|
| X | ||||||||||
- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Gross amount of debt extinguished. No definition available.
|
| X | ||||||||||
- Definition Amount of Federal Home Loan Bank (FHLBank) advances to member financial institutions. No definition available.
|
| X | ||||||||||
- Definition Interest rate of advances made and reported by Federal Home Loan Bank (FHLBank). No definition available.
|
| X | ||||||||||
- Definition Amount of gain (loss) from the difference between the repurchase price of a debt instrument initially issued by the entity and the net carrying amount of the debt at the time of its repurchase. No definition available.
|
| X | ||||||||||
- Definition Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Debt - Summary of Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 1,223.0 | $ 1,296.4 |
| Less current portion of debt | 0.0 | (61.9) |
| Total long-term debt | $ 1,223.0 | 1,234.5 |
| Stated interest rate (in hundredths) | 2.00% | |
| Interest payments made | $ 65.7 | 66.0 |
| Senior Notes | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | 0.0 | 61.9 |
| Interest payments made | $ 3.3 | 3.6 |
| Senior Notes | Senior Notes Due 2015 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 61.9 | |
| Stated interest rate (in hundredths) | 5.375% | 5.375% |
| Maturity date | Nov. 01, 2015 | Nov. 01, 2015 |
| Convertible Senior Notes Due 2017 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 333.5 | $ 345.0 |
| Stated interest rate (in hundredths) | 5.00% | 5.00% |
| Maturity date | May 01, 2017 | May 01, 2017 |
| Interest payments made | $ 17.3 | $ 17.3 |
| Convertible Senior Notes - due April 2020 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 500.0 | $ 500.0 |
| Stated interest rate (in hundredths) | 2.00% | 2.00% |
| Maturity date | Apr. 01, 2020 | Apr. 01, 2020 |
| Interest payments made | $ 10.0 | $ 10.0 |
| Convertible Junior Subordinated Debentures Due 2063 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 389.5 | $ 389.5 |
| Stated interest rate (in hundredths) | 9.00% | 9.00% |
| Maturity date | Apr. 01, 2063 | Apr. 01, 2063 |
| Interest payments made | $ 35.1 | $ 35.1 |
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||||
| Loss Reserve [Roll Forward] | |||||||||||
| Reserve at beginning of year | $ 2,396,807 | $ 3,061,401 | $ 4,056,843 | ||||||||
| Less reinsurance recoverable | 44,487 | 57,841 | 64,085 | $ 104,848 | |||||||
| Net reserve at beginning of year | 1,848,915 | 2,338,966 | 2,997,316 | $ 3,951,995 | |||||||
| Losses incurred: [Abstract] | |||||||||||
| Current year | 453,849 | 596,436 | 898,413 | ||||||||
| Prior years | [1],[2] | (110,302) | (100,359) | (59,687) | |||||||
| Subtotal | 343,547 | 496,077 | 838,726 | ||||||||
| Losses paid [Abstract] | |||||||||||
| Current year | 25,980 | 32,919 | 73,470 | ||||||||
| Prior years | 823,058 | 1,121,508 | 1,722,923 | ||||||||
| Reinsurance terminations | [3] | (15,440) | 0 | (2,988) | |||||||
| Subtotal | 833,598 | 1,154,427 | 1,793,405 | ||||||||
| Reserve at end of year | $ 1,893,402 | $ 2,396,807 | $ 3,061,401 | ||||||||
| |||||||||||
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Decrease in losses paid resulting from cancellations of reinsurance agreements, with no future premium ceded and funds for any incurred but unpaid losses transferred to the entity. No definition available.
|
| X | ||||||||||
- Definition The amount needed to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of payments to settle claims incurred in the current period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of payments to settle claims incurred in prior periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of expense for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Liability as of the balance sheet date for amounts representing estimated cost of settling unpaid claims under the terms of the underlying insurance policies, less estimated reinsurance recoveries on such claims. This includes an estimate for claims which have been incurred but not reported. Claim adjustment expenses represent the costs estimated to be incurred in the settlement of unpaid claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of payments to settle insured claims and pay costs incurred in the claims settlement process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after valuation allowance of reinsurance recoverables for losses reported to the ceding insurer but not yet paid, amounts expected of incurred losses and settlement expenses, which have not yet been reported to the ceding insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of expense for claims incurred in the current reporting period and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of expense (reversal of expense) for claims incurred in prior reporting periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
| Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
| Prior years | [1],[2] | $ (110,302) | $ (100,359) | $ (59,687) | |||
| (Decrease) Increase in Estimated Claim Rate on primary Defaults | |||||||
| Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
| Prior years | (141,000) | (43,000) | 10,000 | ||||
| Increase (Decrease) in Estimated Severity, Primary Defaults | |||||||
| Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
| Prior years | 43,000 | (35,000) | (50,000) | ||||
| Change in Estimates Related to Pool Reserves, LAE Reserves, Reinsurance and Other | |||||||
| Liability for Claims and Claims Adjustment Expense [Line Items] | |||||||
| Prior years | $ (12,000) | $ (22,000) | $ (20,000) | ||||
| |||||||
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of expense (reversal of expense) for claims incurred in prior reporting periods and related claims settlement costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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Loss Reserves - Default Inventory Reconciliation (Details) - loan |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Primary Default Inventory [Roll Forward] | |||
| Default inventory at beginning of year | 79,901 | 103,328 | 139,845 |
| New Notices | 74,315 | 88,844 | 106,823 |
| Cures | (73,610) | (87,278) | (104,390) |
| Paids (including those charged to a deductible or captive) | (16,004) | (23,494) | (34,738) |
| Rescissions and denials | (848) | (1,306) | (1,939) |
| Items removed from inventory resulting from settlements | (1,121) | (193) | (2,273) |
| Default inventory at end of year | 62,633 | 79,901 | 103,328 |
| X | ||||||||||
- Definition The number of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
- Definition Deductions from the primary default inventory resulting from the Countrywide settlement on GSE loans No definition available.
|
| X | ||||||||||
- Definition Deductions from the primary default inventory resulting from loans in default being brought current. No definition available.
|
| X | ||||||||||
- Definition Additions to the primary default inventory resulting from new notices of defaulted loans. No definition available.
|
| X | ||||||||||
- Definition Deductions from the primary default inventory resulting from claims being paid, including those charged to a deductible or captive. No definition available.
|
| X | ||||||||||
- Definition Deductions from the primary default inventory resulting from rescissions and denials. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
Loss Reserves - Aging of Primary Default Inventory and Number of Delinquent Payments (Details) - loan |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||
|---|---|---|---|---|---|---|---|---|---|
| Aging of the Primary Default Inventory [Abstract] | |||||||||
| 3 months or less | 13,053 | 15,319 | 18,941 | ||||||
| 3 months or less (in hundredths) | 21.00% | 19.00% | 18.00% | ||||||
| 4 - 11 months | 15,763 | 19,710 | 24,514 | ||||||
| 4 - 11 months (in hundredths) | 25.00% | 25.00% | 24.00% | ||||||
| 12 months or more | [1] | 33,817 | 44,872 | 59,873 | |||||
| 12 months or more (in hundredths) | [1] | 54.00% | 56.00% | 58.00% | |||||
| Total primary default inventory | 62,633 | 79,901 | 103,328 | 139,845 | |||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | ||||||
| Primary claims received inventory included in ending default inventory | [2] | 2,769 | 4,746 | 6,948 | |||||
| Primary claims received inventory included in ending default inventory (in hundredths) | [2] | 4.00% | 6.00% | 7.00% | |||||
| Number of Payments Delinquent [Abstract] | |||||||||
| 3 payments or less | 20,360 | 23,253 | 28,095 | ||||||
| 3 payments or less (in hundredths) | 33.00% | 29.00% | 27.00% | ||||||
| 4 - 11 payments | 15,092 | 19,427 | 24,605 | ||||||
| 4 - 11 payments (in hundredths) | 24.00% | 24.00% | 24.00% | ||||||
| 12 payments or more | 27,181 | 37,221 | 50,628 | ||||||
| 12 payments or more (in hundredths) | 43.00% | 47.00% | 49.00% | ||||||
| Total primary default inventory | 62,633 | 79,901 | 103,328 | 139,845 | |||||
| Total primary default inventory (in hundredths) | 100.00% | 100.00% | 100.00% | ||||||
| |||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of loans in the primary default inventory that have been delinquent for twelve payments or more. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans in the primary default inventory that have been delinquent for twelve payments or more. No definition available.
|
| X | ||||||||||
- Definition The number of loans in the primary default inventory that have been delinquent for three payments or less. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans in the primary default inventory that have been delinquent for three payments or less. No definition available.
|
| X | ||||||||||
- Definition The number of loans in the primary default inventory that have been delinquent for at least four payments but no more than eleven payments. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans in the primary default inventory that have been delinquent for at least four payments but no more than eleven payments. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
- Definition The number of loans in the primary default inventory that are in the claims received inventory. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans in the primary default inventory that are in the claims received inventory. No definition available.
|
| X | ||||||||||
- Definition The number of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans that have been in the primary default inventory for at least four months but no greater than eleven months as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans in the primary default inventory. No definition available.
|
| X | ||||||||||
- Definition The number of loans that have been in the primary default inventory for three months or less as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans that have been in the primary default inventory for three months or less as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The number of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date. No definition available.
|
| X | ||||||||||
- Definition The percentage of loans that have been in the primary default inventory for twelve months or more as of the balance sheet date. No definition available.
|
Loss Reserves - Narrative (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 01, 2012
USD ($)
Installment
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2015
USD ($)
loan
|
Dec. 31, 2014
USD ($)
loan
|
Dec. 31, 2013
loan
|
|
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
| Premium refund liability, expected claim payments | $ 102.0 | $ 115.0 | |||
| Pool insurance notice inventory (in number of loans) | loan | 2,739 | 3,797 | 6,563 | ||
| Percent of inventory in default for more than 36 consecutive months | 50.00% | 53.00% | 49.00% | ||
| Number of rescindable loans affected by Company's decision to voluntarily suspend rescissions | loan | 435 | ||||
| Premium refund liability, expected future rescissions | $ 7.0 | $ 28.0 | |||
| Freddie Mac's Disagreement on Aggregate Loss Limit | |||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
| Obligations under the disputed policies | $ 267.5 | ||||
| Amount paid as per settlement agreement | $ 100.0 | ||||
| Remaining amount of unpaid settlement agreement | $ 167.5 | ||||
| Number of installments to pay settlement agreement amount | Installment | 48 | ||||
| (Decrease) Increase in Estimated Claim Rate on primary Defaults | |||||
| Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
| Percentage of prior year default inventory resolved (in hundredths) | 60.00% | 58.00% | 59.00% | ||
| X | ||||||||||
- Definition Amount paid as per settlement agreement. No definition available.
|
| X | ||||||||||
- Definition Number of installments to pay settlement agreement amount. No definition available.
|
| X | ||||||||||
- Definition Number of rescindable loans affected by Company's decision to voluntarily suspend such rescissions. No definition available.
|
| X | ||||||||||
- Definition The percentage of the prior year default inventory resolved, which is used in the calculation of the change in the severity and claim rates. No definition available.
|
| X | ||||||||||
- Definition The number of loans included in the pool insurance notice inventory as of the end of the reporting period. No definition available.
|
| X | ||||||||||
- Definition The carrying amount for the estimate of premiums to be refunded on expected claim payments. No definition available.
|
| X | ||||||||||
- Definition The carrying amount for the estimate of premiums to be refunded on expected future rescissions. No definition available.
|
| X | ||||||||||
- Definition Primary Default Inventory Twelve Months Or More, Percent Of Primary Default Inventory In Default For Twelve Months Or More In Default For More Than Thirty Six Consecutive Months No definition available.
|
| X | ||||||||||
- Definition Remaining amount of unpaid settlement agreement. No definition available.
|
| X | ||||||||||
- Definition The total amount of the settlement the entity has agreed to pay to settle the dispute regarding Disputed Policies. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Premium Deficiency Reserve (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Premium Deficiency Reserve [Abstract] | |||
| Change in premium deficiency reserve | $ (24) | $ (24) | $ (26) |
| X | ||||||||||
- Definition Increase (decrease) in the present value of expected future paid losses and expenses that exceeded the present value of expected future premium to be collected and already established loss and loss adjustment expense reserves. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Reinsurance - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2015 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||
| Effects of Reinsurance [Line Items] | |||||||||||||||
| Ceded premiums written, net of profit commission | $ 55,391,000 | $ 119,634,000 | $ 73,503,000 | ||||||||||||
| Premiums earned, ceded | 102,848,000 | 108,255,000 | $ 38,101,000 | ||||||||||||
| Profit commission receivable | $ 0 | $ 91,500,000 | |||||||||||||
| Period of existing captive reinsurance agreement | 10 years | 10 years | 10 years | ||||||||||||
| Reinsurance recoverable on loss reserves related to captive agreements | $ 34,000,000 | $ 45,000,000 | |||||||||||||
| Fair value of trust fund assets under our captive agreements | 137,000,000 | 198,000,000 | |||||||||||||
| Quota Share Reinsurance Agreement, 2013 | |||||||||||||||
| Effects of Reinsurance [Line Items] | |||||||||||||||
| Ceded premiums written, net of profit commission | $ 69,400,000 | (11,355,000) | [1] | 100,031,000 | $ 49,672,000 | ||||||||||
| Premiums earned, ceded | 11,600,000 | 35,999,000 | [1] | 88,528,000 | 13,821,000 | ||||||||||
| Reinsurance, ceding commission | $ 11,600,000 | 10,235,000 | [1],[2] | 37,833,000 | [2] | 10,408,000 | [2] | ||||||||
| Profit commission | $ 142,500,000 | 62,525,000 | [1] | $ 89,133,000 | $ 2,368,000 | ||||||||||
| Quota Share Reinsurance Agreement, 2015 | |||||||||||||||
| Effects of Reinsurance [Line Items] | |||||||||||||||
| Ceded premiums written, net of profit commission | [3] | 52,588,000 | |||||||||||||
| Premiums earned, ceded | [3] | 52,588,000 | |||||||||||||
| Reinsurance, ceding commission | [2] | 20,582,000 | |||||||||||||
| Profit commission | $ 50,322,000 | ||||||||||||||
| Contingent termination fee | $ 0 | ||||||||||||||
| Threshold for private mortgage insurer eligibility requirements for termination election | 90.00% | ||||||||||||||
| Quota share, percentage | 30.00% | ||||||||||||||
| Ceding commission, percentage | 20.00% | ||||||||||||||
| Loss ratio | 60.00% | ||||||||||||||
| |||||||||||||||
| X | ||||||||||
- Definition Represents period under which an entity will not enter into any new captive reinsurance agreement or reinsure any new loans under existing reinsurance agreements. No definition available.
|
| X | ||||||||||
- Definition The amount of profit commission receivable under the structure of reinsurance agreement accrued for as of the end of the reporting period. No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Ceding Commission No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Profit Commission No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Quota Share Reinsurance Agreement, Terms, Ceding Commission, Percent No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Quota Share Reinsurance Agreement, Terms, Contingent Termination Fee No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Quota Share Reinsurance Agreement, Terms, Quota Share, Percent No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Quota Share Reinsurance Agreement, Terms, Threshold For Private Mortgage Insurer Eligibility Requirements For Termination Election No definition available.
|
| X | ||||||||||
- Definition The known and estimated amount recoverable, related to captive agreements, as of the balance sheet date from reinsurers for claims paid or incurred by the ceding insurer and associated claims settlement expenses, including estimated amounts for claims incurred but not reported, and policy benefits, net of any related valuation allowance. No definition available.
|
| X | ||||||||||
- Definition The total fair value of the trust fund assets under the entity's captive agreements. No definition available.
|
| X | ||||||||||
- Definition Amount of earned premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of written premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Ratio of non-life losses and loss expenses to non-life net premiums earned. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Reinsurance - Summary of Quota Share Reinsurance Agreements (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2015 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||
| Effects of Reinsurance [Line Items] | ||||||||||||||||||||||
| Ceded premiums written, net of profit commission | $ 55,391 | $ 119,634 | $ 73,503 | |||||||||||||||||||
| Ceded to Other Companies | 102,848 | 108,255 | 38,101 | |||||||||||||||||||
| Ceded losses incurred | 27,685 | 29,986 | 27,790 | |||||||||||||||||||
| Premiums Earned, Net [Abstract] | ||||||||||||||||||||||
| Premiums earned, direct | 997,892 | 950,973 | 979,078 | |||||||||||||||||||
| Premiums earned, assumed | 1,178 | 1,653 | 2,074 | |||||||||||||||||||
| Premiums earned, ceded | (102,848) | (108,255) | (38,101) | |||||||||||||||||||
| Net premiums earned | $ 226,192 | $ 239,234 | $ 213,508 | $ 217,288 | $ 213,589 | $ 209,035 | $ 207,486 | $ 214,261 | 896,222 | 844,371 | 943,051 | |||||||||||
| Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||||||||||||||||||||
| Losses incurred, direct | 369,680 | 524,051 | 863,871 | |||||||||||||||||||
| Losses incurred, assumed | 1,552 | 2,012 | 2,645 | |||||||||||||||||||
| Losses incurred, ceded | (27,685) | (29,986) | (27,790) | |||||||||||||||||||
| Net losses incurred | $ 95,066 | 76,458 | $ 90,238 | $ 81,785 | $ 117,074 | $ 115,254 | $ 141,141 | $ 122,608 | 343,547 | 496,077 | 838,726 | |||||||||||
| Quota Share Reinsurance Agreement, 2013 | ||||||||||||||||||||||
| Effects of Reinsurance [Line Items] | ||||||||||||||||||||||
| Ceded premiums written, net of profit commission | 69,400 | (11,355) | [1] | 100,031 | 49,672 | |||||||||||||||||
| Ceded to Other Companies | 11,600 | 35,999 | [1] | 88,528 | 13,821 | |||||||||||||||||
| Ceded losses incurred | 6,060 | 15,163 | 176 | |||||||||||||||||||
| Reinsurance, ceding commission | 11,600 | 10,235 | [1],[2] | 37,833 | [2] | 10,408 | [2] | |||||||||||||||
| Profit commission | $ 142,500 | 62,525 | [1] | 89,133 | 2,368 | |||||||||||||||||
| Premiums Earned, Net [Abstract] | ||||||||||||||||||||||
| Premiums earned, ceded | $ (11,600) | (35,999) | [1] | (88,528) | (13,821) | |||||||||||||||||
| Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||||||||||||||||||||
| Losses incurred, ceded | (6,060) | $ (15,163) | $ (176) | |||||||||||||||||||
| Quota Share Reinsurance Agreement, 2015 | ||||||||||||||||||||||
| Effects of Reinsurance [Line Items] | ||||||||||||||||||||||
| Ceded premiums written, net of profit commission | [3] | 52,588 | ||||||||||||||||||||
| Ceded to Other Companies | [3] | 52,588 | ||||||||||||||||||||
| Ceded losses incurred | 11,424 | |||||||||||||||||||||
| Reinsurance, ceding commission | [2] | 20,582 | ||||||||||||||||||||
| Profit commission | 50,322 | |||||||||||||||||||||
| Premiums Earned, Net [Abstract] | ||||||||||||||||||||||
| Premiums earned, ceded | [3] | (52,588) | ||||||||||||||||||||
| Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||||||||||||||||||||
| Losses incurred, ceded | $ (11,424) | |||||||||||||||||||||
| ||||||||||||||||||||||
| X | ||||||||||
- Definition Reinsurance, Ceding Commission No definition available.
|
| X | ||||||||||
- Definition Reinsurance, Profit Commission No definition available.
|
| X | ||||||||||
- Definition Amount of earned premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of earned premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of written premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount, after effect of policies assumed or ceded, of expense related to provision for policy benefits and costs incurred for property and casualty insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, before effect of policies assumed or ceded, of expense related to provision for policy benefits and costs incurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of property and casualty premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of policy benefits and costs incurred for policies assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of reduction of provision for policy benefits and costs incurred for policies ceded. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
| Components of Other Comprehensive Income (Loss) [Abstract] | ||||||||||||||||||
| Net unrealized investment (losses) gains arising during the year | $ (33,718) | $ 91,782 | $ (126,175) | |||||||||||||||
| Income tax benefit (expense) | 11,738 | (32,017) | 43,732 | |||||||||||||||
| Valuation allowance | [1] | 62,383 | 31,374 | (41,148) | ||||||||||||||
| Net of taxes | 40,403 | 91,139 | (123,591) | |||||||||||||||
| Net changes in benefit plan assets and obligations | (12,818) | (52,112) | 68,038 | |||||||||||||||
| Income tax benefit (expense) | 4,487 | 18,239 | (23,813) | |||||||||||||||
| Valuation allowance | [1] | (7,383) | (18,239) | 23,813 | ||||||||||||||
| Net of taxes | (15,714) | (52,112) | 68,038 | |||||||||||||||
| Net changes in unrealized foreign currency translation adjustment | (5,699) | (4,067) | (21,563) | |||||||||||||||
| Income tax benefit | 2,000 | 1,425 | 7,553 | |||||||||||||||
| Valuation allowance | [1] | (529) | 0 | 0 | ||||||||||||||
| Net of taxes | (4,228) | (2,642) | (14,010) | |||||||||||||||
| Total other comprehensive (loss) income | (52,235) | 35,603 | (79,700) | |||||||||||||||
| Total income tax benefit, net of valuation allowance | 72,696 | 782 | 10,137 | |||||||||||||||
| Other comprehensive income (loss), net of tax | 20,461 | 36,385 | (69,563) | |||||||||||||||
| Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
| Total reclassifications | 487,687 | 254,723 | (46,152) | |||||||||||||||
| Income tax (expense) benefit | (163,497) | (91,607) | 17,239 | |||||||||||||||
| Change in valuation allowance | 161,158 | 88,833 | (20,935) | |||||||||||||||
| Total income tax expense, net of valuation allowance | $ (6,584) | $ 695,604 | $ (1,322) | $ (3,385) | $ (681) | $ (249) | $ (1,118) | $ (726) | 684,313 | (2,774) | (3,696) | |||||||
| Net income (loss) | 102,418 | $ 822,852 | $ 113,654 | 133,076 | 74,428 | $ 72,017 | $ 45,522 | 59,982 | 1,172,000 | 251,949 | (49,848) | |||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
| Balance, beginning of year | 1,036,903 | 744,538 | 1,036,903 | 744,538 | ||||||||||||||
| Balance, end of year | 2,236,140 | 1,036,903 | 2,236,140 | 1,036,903 | 744,538 | |||||||||||||
| Accumulated other comprehensive loss | ||||||||||||||||||
| Components of Other Comprehensive Income (Loss) [Abstract] | ||||||||||||||||||
| Other comprehensive income (loss), net of tax | 20,461 | 36,385 | (69,563) | |||||||||||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
| Balance, beginning of year | (81,341) | (117,726) | (81,341) | (117,726) | (48,163) | |||||||||||||
| Other comprehensive income (loss) before reclassifications | 33,707 | 36,399 | (67,589) | |||||||||||||||
| Less: Amounts reclassified from AOCL | 13,246 | 14 | 1,974 | |||||||||||||||
| Balance, end of year | (60,880) | (81,341) | (60,880) | (81,341) | (117,726) | |||||||||||||
| Unrealized gains and losses on available-for- sale securities | ||||||||||||||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
| Balance, beginning of year | (57,551) | (148,690) | (57,551) | (148,690) | (25,099) | |||||||||||||
| Other comprehensive income (loss) before reclassifications | 51,655 | 84,223 | (121,618) | |||||||||||||||
| Less: Amounts reclassified from AOCL | 11,252 | (6,916) | 1,973 | |||||||||||||||
| Balance, end of year | (17,148) | (57,551) | (17,148) | (57,551) | (148,690) | |||||||||||||
| Defined benefit plans | ||||||||||||||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
| Balance, beginning of year | (28,938) | 23,174 | (28,938) | 23,174 | (44,864) | |||||||||||||
| Other comprehensive income (loss) before reclassifications | (13,720) | (45,182) | 68,039 | |||||||||||||||
| Less: Amounts reclassified from AOCL | 1,994 | 6,930 | 1 | |||||||||||||||
| Balance, end of year | (44,652) | (28,938) | (44,652) | (28,938) | 23,174 | |||||||||||||
| Accumulated foreign currency translation | ||||||||||||||||||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
| Balance, beginning of year | $ 5,148 | $ 7,790 | 5,148 | 7,790 | 21,800 | |||||||||||||
| Other comprehensive income (loss) before reclassifications | (4,228) | (2,642) | (14,010) | |||||||||||||||
| Less: Amounts reclassified from AOCL | 0 | 0 | 0 | |||||||||||||||
| Balance, end of year | $ 920 | $ 5,148 | 920 | 5,148 | 7,790 | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Income | ||||||||||||||||||
| Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
| Total reclassifications | 13,877 | 114 | 3,247 | |||||||||||||||
| Total income tax expense, net of valuation allowance | (631) | (100) | (1,273) | |||||||||||||||
| Net income (loss) | 13,246 | 14 | 1,974 | |||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income | Unrealized gains and losses on available-for- sale securities | ||||||||||||||||||
| Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
| Total reclassifications | [2] | 11,693 | (6,816) | 3,246 | ||||||||||||||
| Income tax (expense) benefit | (4,076) | 2,402 | (924) | |||||||||||||||
| Change in valuation allowance | [1] | 3,635 | (2,502) | (349) | ||||||||||||||
| Net income (loss) | 11,252 | (6,916) | 1,973 | |||||||||||||||
| Reclassification from Accumulated Other Comprehensive Income | Defined benefit plans | ||||||||||||||||||
| Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract] | ||||||||||||||||||
| Total reclassifications | [3] | 2,184 | 6,930 | 1 | ||||||||||||||
| Income tax (expense) benefit | (764) | (2,425) | 0 | |||||||||||||||
| Change in valuation allowance | [1] | 574 | 2,425 | 0 | ||||||||||||||
| Net income (loss) | $ 1,994 | $ 6,930 | $ 1 | |||||||||||||||
| ||||||||||||||||||
| X | ||||||||||
- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit, excluding the change in the deferred tax valuation allowance, pertaining to pretax income or loss from continuing operations. No definition available.
|
| X | ||||||||||
- Definition Adjustment to other comprehensive income (loss) resulting from valuation allowance of benefit plan adjustments. No definition available.
|
| X | ||||||||||
- Definition Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, After Tax, Portion Attributable to Parent, Valuation Allowance No definition available.
|
| X | ||||||||||
- Definition Adjustment to other comprehensive income (loss) resulting from valuation allowance of securities. No definition available.
|
| X | ||||||||||
- Definition Refers to other comprehensive income, income tax expense (benefit), net of valuation allowance. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments, of other comprehensive income (loss), attributable to parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of tax expense (benefit), after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of tax (expense) benefit, after reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, on foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax of reclassification adjustments of other comprehensive income (loss) attributable to parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Pension and Supplemental Executive Retirement Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Company Service Cost | $ 10,256 | $ 8,565 | $ 11,338 |
| Interest Cost | 15,847 | 15,987 | 15,289 |
| Expected Return on Assets | (21,109) | (21,030) | (20,144) |
| Other Adjustments | 0 | 0 | 0 |
| Subtotal | 4,994 | 3,522 | 6,483 |
| Amortization of Net Transition Obligation/(Asset) | 0 | 0 | 0 |
| Amortization of Net Prior Service Cost/(Credit) | (845) | (930) | 503 |
| Amortization of Net Losses/(Gains) | 5,485 | 1,083 | 6,145 |
| Total Amortization | 4,640 | 153 | 6,648 |
| Net Periodic Benefit Cost | 9,634 | 3,675 | 13,131 |
| Cost of settlements or curtailments | 3,172 | 302 | 0 |
| Total Expense for Year | 12,806 | 3,977 | 13,131 |
| Other Postretirement Benefit Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Company Service Cost | 833 | 659 | 812 |
| Interest Cost | 697 | 653 | 618 |
| Expected Return on Assets | (4,991) | (4,648) | (3,679) |
| Other Adjustments | 0 | 0 | 0 |
| Subtotal | (3,461) | (3,336) | (2,249) |
| Amortization of Net Transition Obligation/(Asset) | 0 | 0 | 0 |
| Amortization of Net Prior Service Cost/(Credit) | (6,649) | (6,649) | (6,649) |
| Amortization of Net Losses/(Gains) | (175) | (435) | 0 |
| Total Amortization | (6,824) | (7,084) | (6,649) |
| Net Periodic Benefit Cost | (10,285) | (10,420) | (8,898) |
| Cost of settlements or curtailments | 0 | 0 | 0 |
| Total Expense for Year | $ (10,285) | $ (10,420) | $ (8,898) |
| X | ||||||||||
- Definition The total amount of net periodic benefit cost for defined benefit plans for the period, before the effect of the cost of settlements and curtailments. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, and transition asset or obligation. No definition available.
|
| X | ||||||||||
- Definition The subtotal amount of net periodic benefit cost for defined benefit plans that may include the following components: service cost, interest cost, expected return on plan assets, and other adjustments. No definition available.
|
| X | ||||||||||
- Definition Total amortization included in the amount of net periodic benefit cost that may include the following components: 1) gains or losses recognized in net periodic benefit cost; 2) transition obligation or asset recognized in net periodic benefit cost; and 3) prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. No definition available.
|
| X | ||||||||||
- Definition The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of the prior service cost or credit recognized in net periodic benefit cost relating to benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of the transition obligation or asset recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of other defined benefit plan costs. No definition available.
|
| X | ||||||||||
- Definition Amount of net gain (loss) recognized in net periodic benefit cost due to settlements and curtailments. Curtailments result from an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services. Settlements result from an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include, but are not limited to, lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and purchasing nonparticipating annuity contracts to cover vested benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Pension and Supplemental Executive Retirement Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Measurement Date | 12/31/2015 | 12/31/2014 | |
| Accumulated Benefit Obligation | $ 338,450 | $ 366,440 | |
| Projected Benefit Obligation | (349,483) | (379,324) | $ (317,606) |
| Plan Assets at Fair Value | 350,107 | 378,701 | 355,704 |
| Funded Status - Overfunded/(Underfunded) | $ 624 | $ (623) | |
| Other Postretirement Benefit Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Measurement Date | 12/31/2015 | 12/31/2014 | |
| Accumulated Benefit Obligation | $ 16,423 | $ 18,225 | |
| Projected Benefit Obligation | (16,423) | (18,225) | (15,764) |
| Plan Assets at Fair Value | 65,568 | 66,940 | $ 62,298 |
| Funded Status - Overfunded/(Underfunded) | $ 49,145 | $ 48,715 | |
| X | ||||||||||
- Definition For defined benefit pension plans, the actuarial present value of benefits (whether vested or nonvested) attributed by the pension benefit formula to employee service rendered before a specified date and based on employee service and compensation (if applicable) before that date. The accumulated benefit obligation differs from the projected benefit obligation in that it includes no assumption about future compensation levels. For plans with flat-benefit or nonpay-related pension benefit formulas, the accumulated benefit obligation and the projected benefit obligation are the same. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition 1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The funded status is measured as the difference between the fair value of plan assets and the benefit obligation. Will normally be the same as the net Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The date(s) used to measure (at least the majority of) plan assets and benefit obligations for defined benefit pension and other postretirement benefit plans. Disclosure required by FAS 132R paragraph 5k prior to being amended by FAS 158. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|---|---|---|---|
| Pension and Supplemental Executive Retirement Plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Net Actuarial (Gain)/Loss | $ 95,636 | $ 93,243 | |
| Net Prior Service Cost/(Credit) | (2,989) | (3,853) | |
| Net Transition Obligation/(Asset) | 0 | 0 | |
| Total at Year End | 92,647 | 89,390 | $ 45,143 |
| Other Postretirement Benefit Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Net Actuarial (Gain)/Loss | (5,311) | (8,222) | |
| Net Prior Service Cost/(Credit) | (18,640) | (25,289) | |
| Net Transition Obligation/(Asset) | 0 | 0 | |
| Total at Year End | $ (23,951) | $ (33,511) | $ (41,377) |
| X | ||||||||||
- Definition The pretax total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The pretax net amount of gains and losses that are not yet recognized as a component of net periodic benefit cost, and that are recognized as increases or decreases in other comprehensive income as they arise. Gains and losses are due to changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption, or the consequence of a decision to temporarily deviate from the substantive plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount related to the pretax cost of benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Before tax amount of net transition assets (obligations) which has yet to be recognized as a component of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
| Pension and Supplemental Executive Retirement Plans | ||||||
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
| Benefit Obligation at Beginning of Year | $ 379,324 | $ 317,606 | ||||
| Company Service Cost | 10,256 | 8,565 | $ 11,338 | |||
| Interest Cost | 15,847 | 15,987 | 15,289 | |||
| Plan Participants' Contributions | 0 | 0 | ||||
| Net Actuarial (Gain)/Loss due to Assumption Changes | (24,118) | 59,901 | ||||
| Net Actuarial (Gain)/Loss due to Plan Experience | 7,155 | (55) | ||||
| Benefit Payments from Fund | [1] | (32,646) | (21,539) | |||
| Benefit Payments Directly by Company | (7,661) | (1,404) | ||||
| Plan Amendments | 19 | (1) | ||||
| Other Adjustment | 1,307 | 264 | ||||
| Benefit Obligation at End of Year | 349,483 | 379,324 | 317,606 | |||
| Other Postretirement Benefit Plan | ||||||
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
| Benefit Obligation at Beginning of Year | 18,225 | 15,764 | ||||
| Company Service Cost | 833 | 659 | 812 | |||
| Interest Cost | 697 | 653 | 618 | |||
| Plan Participants' Contributions | 361 | 336 | ||||
| Net Actuarial (Gain)/Loss due to Assumption Changes | (2,083) | 2,276 | ||||
| Net Actuarial (Gain)/Loss due to Plan Experience | (397) | (855) | ||||
| Benefit Payments from Fund | [1] | (1,147) | (645) | |||
| Benefit Payments Directly by Company | 0 | 0 | ||||
| Plan Amendments | 0 | 0 | ||||
| Other Adjustment | (66) | 37 | ||||
| Benefit Obligation at End of Year | $ 16,423 | $ 18,225 | $ 15,764 | |||
| ||||||
| X | ||||||||||
- Definition The net increase or decrease of changes in the value of either the benefit obligation or the plan assets resulting from a change in an actuarial assumption. No definition available.
|
| X | ||||||||||
- Definition The net increase or decrease of changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed. No definition available.
|
| X | ||||||||||
- Definition The amount of increase or decrease to benefit obligation due to other adjustments not otherwise specified in the taxonomy. No definition available.
|
| X | ||||||||||
- Definition The amount of payments made directly by the entity for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
- Definition The amount of payments made from fund for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
- Definition 1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The amount of contributions made by plan participants. This item represents a periodic increase to the plan obligation and an increase to plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of increase or decrease due to a change in the terms of an existing plan or the initiation of a new plan. A plan amendment may increase or decrease benefits, including those attributed to years of service already rendered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
| Pension and Supplemental Executive Retirement Plans | |||||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
| Fair Value of Plan Assets at Beginning of Year | $ 378,701 | $ 355,704 | |||
| Company Contributions | 17,311 | 9,504 | |||
| Plan Participants' Contributions | 0 | 0 | |||
| Benefit Payments from Fund | [1] | (32,646) | (21,539) | ||
| Benefit Payments Directly by Company | (7,661) | (1,404) | |||
| Actual Return on Assets | (5,094) | 36,436 | |||
| Other Adjustment | (504) | 0 | |||
| Fair Value of Plan Assets at End of Year | 350,107 | 378,701 | |||
| Other Postretirement Benefit Plan | |||||
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
| Fair Value of Plan Assets at Beginning of Year | 66,940 | 62,298 | |||
| Company Contributions | 0 | 0 | |||
| Plan Participants' Contributions | 361 | 336 | |||
| Benefit Payments from Fund | [1] | (1,147) | (645) | ||
| Benefit Payments Directly by Company | 0 | 0 | |||
| Actual Return on Assets | (225) | 5,250 | |||
| Other Adjustment | (361) | (299) | |||
| Fair Value of Plan Assets at End of Year | $ 65,568 | $ 66,940 | |||
| |||||
| X | ||||||||||
- Definition The amount of payments made directly by the entity for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
- Definition The amount of payments made from fund for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. No definition available.
|
| X | ||||||||||
- Definition The amount of increase or decrease to fair value of plan assets due to other adjustments not otherwise specified in the taxonomy. No definition available.
|
| X | ||||||||||
- Definition The difference between fair value of plan assets at the end of the period and the fair value at the beginning of the period, adjusted for contributions and payments of benefits during the period, and after adjusting for taxes and other expenses, as applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The increase in the fair value of plan assets from contributions made by the employer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of contributions made by plan participants. This item represents a periodic increase to the plan obligation and an increase to plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Pension and Supplemental Executive Retirement Plans | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| AOCI in Prior Year | $ 89,390 | $ 45,143 |
| Recognized during year - Prior Service (Cost)/Credit | 845 | 930 |
| Recognized during year - Net Actuarial (Losses)/Gains | (5,485) | (1,083) |
| Occurring during year - Prior Service Cost | 19 | (1) |
| Occurring during year - Net Actuarial Losses/(Gains) | 11,050 | 44,703 |
| Occurring during year - Net Settlement Losses/(Gains) | (3,172) | (302) |
| Other adjustments | 0 | 0 |
| AOCI in Current Year | 92,647 | 89,390 |
| Amortization of Net Transition Obligation/(Asset) | 0 | |
| Amortization of Prior Service Cost/(Credit) | (689) | |
| Amortization of Net Losses/(Gains) | 5,443 | |
| Other Postretirement Benefit Plan | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| AOCI in Prior Year | (33,511) | (41,377) |
| Recognized during year - Prior Service (Cost)/Credit | 6,649 | 6,649 |
| Recognized during year - Net Actuarial (Losses)/Gains | 175 | 435 |
| Occurring during year - Prior Service Cost | 0 | 0 |
| Occurring during year - Net Actuarial Losses/(Gains) | 2,736 | 782 |
| Occurring during year - Net Settlement Losses/(Gains) | 0 | 0 |
| Other adjustments | 0 | 0 |
| AOCI in Current Year | (23,951) | $ (33,511) |
| Amortization of Net Transition Obligation/(Asset) | 0 | |
| Amortization of Prior Service Cost/(Credit) | (6,649) | |
| Amortization of Net Losses/(Gains) | $ 0 | |
| X | ||||||||||
- Definition Amount before tax of (increase) decrease in the value of the projected benefit obligation related to a change in settlement and increase (decrease) in the value of the plan assets resulting from experience different from that assumed, that has not been recognized in net periodic benefit (cost) credit. No definition available.
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The pretax total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount included in accumulated other comprehensive income (AOCI) related to transition obligation (asset) expected to be recognized as components of net periodic benefit cost (credit) for the fiscal year that follows the most recent annual statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount included in accumulated other comprehensive income (AOCI) related to gain (loss) expected to be recognized as components of net periodic benefit cost for the fiscal year that follows the most recent annual statement of financial position. No definition available.
|
| X | ||||||||||
- Definition Amount included in accumulated other comprehensive income (AOCI) related to prior service cost (credit) expected to be recognized as components of net periodic benefit cost for the fiscal year that follows the most recent annual statement of financial position. No definition available.
|
| X | ||||||||||
- Definition Amount before tax of cost (credit) of benefit changes attributable to plan participants' prior service resulting from a plan amendment or plan initiation that has not been recognized in net periodic benefit cost (credit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) related to pension and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments, of (increase) decrease in accumulated other comprehensive (income) loss related to pension and other postretirement defined benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of (increase) decrease in the value of the projected benefit obligation related to a change in an actuarial assumption and increase (decrease) in the value of the plan assets resulting from experience different from that assumed, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before tax of reclassification adjustment from accumulated other comprehensive income (loss) for actuarial gain (loss) related to pension and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Pension and Supplemental Executive Retirement Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Discount Rate (in hundredths) | 4.65% | 4.25% |
| Rate of Compensation Increase (in hundredths) | 3.00% | 3.00% |
| Discount Rate (in hundredths) | 4.25% | 5.15% |
| Expected Long-term Return on Plan Assets (in hundredths) | 5.75% | 6.00% |
| Rate of Compensation Increase (in hundredths) | 3.00% | 3.00% |
| Pension Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% |
| Pension Plan | Equity Securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Weighted-average asset allocations of plans (in hundredths) | 20.00% | 22.00% |
| Pension Plan | Total Debt Securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Weighted-average asset allocations of plans (in hundredths) | 80.00% | 78.00% |
| Other Postretirement Benefit Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Discount Rate (in hundredths) | 4.30% | 4.00% |
| Discount Rate (in hundredths) | 4.00% | 4.75% |
| Expected Long-term Return on Plan Assets (in hundredths) | 7.50% | 7.50% |
| Health Care Cost Trend Rate Assumed for Next Year (in hundredths) | 7.00% | 7.00% |
| Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths) | 5.00% | 5.00% |
| Year That the Rate Reaches the Ultimate Trend Rate | 2020 | 2019 |
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% |
| Other Postretirement Benefit Plan | Equity Securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Weighted-average asset allocations of plans (in hundredths) | 100.00% | 100.00% |
| Other Postretirement Benefit Plan | Total Debt Securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Weighted-average asset allocations of plans (in hundredths) | 0.00% | 0.00% |
| X | ||||||||||
- Definition The interest rate used to adjust for the time value of money for the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Expected rate of compensation increases (for pay-related plans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The interest rate used to adjust for the time value of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Expected rate of compensation increases (for pay-related plans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The assumed health care cost trend rate for the next year used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The ultimate trend rate for health care costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Percentage of fair value of investments (categorized by debt securities, equity securities, real estate and other plan assets) to the fair value of plan assets held. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Year the ultimate health care cost trend rate is expected to be reached, in CCYY format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|---|---|---|---|
| Pension Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | $ 350,107 | $ 378,701 | |
| Pension Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 10,251 | 20,876 | |
| Pension Plan | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 339,856 | 357,825 | |
| Pension Plan | Domestic Mutual Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 1,442 | 9,913 | |
| Pension Plan | Domestic Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 1,442 | 9,913 | |
| Pension Plan | Domestic Mutual Funds | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Corporate Debt Securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 188,332 | 200,732 | |
| Pension Plan | Corporate Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 188,332 | 200,732 | |
| Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 3,630 | 6,561 | |
| Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 3,133 | 5,327 | |
| Pension Plan | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 497 | 1,234 | |
| Pension Plan | Obligations of U.S. States and Political Subdivisions | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 61,206 | 65,214 | |
| Pension Plan | Obligations of U.S. States and Political Subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Obligations of U.S. States and Political Subdivisions | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 61,206 | 65,214 | |
| Pension Plan | Foreign Debt Securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 25,251 | 23,028 | |
| Pension Plan | Foreign Debt Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Foreign Debt Securities | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 25,251 | 23,028 | |
| Pension Plan | Exchange traded fund | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 5,676 | 5,636 | |
| Pension Plan | Exchange traded fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 5,676 | 5,636 | |
| Pension Plan | Exchange traded fund | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Pooled Equity Accounts | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 64,570 | 67,617 | |
| Pension Plan | Pooled Equity Accounts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 0 | 0 | |
| Pension Plan | Pooled Equity Accounts | Significant Other Observable Inputs (Level 2) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 64,570 | 67,617 | |
| Other Postretirement Benefit Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 65,568 | 66,940 | $ 62,298 |
| Other Postretirement Benefit Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 65,568 | 66,940 | |
| Other Postretirement Benefit Plan | Domestic Mutual Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 49,887 | 50,710 | |
| Other Postretirement Benefit Plan | Domestic Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 49,887 | 50,710 | |
| Other Postretirement Benefit Plan | International Mutual Funds | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | 15,681 | 16,230 | |
| Other Postretirement Benefit Plan | International Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan Assets at Fair Value | $ 15,681 | $ 16,230 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Benefit Plans - Additional Disclosures (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Effect of 1-percentage point increase on total service and interest cost component | $ 304 | |
| Effect of 1-percentage point decrease on total service and interest cost components | (253) | |
| Effect of 1-percentage point increase on postretirement benefit obligation | 2,221 | |
| Effect of 1-percentage point decrease on postretirement benefit obligation | (1,959) | |
| Other Postretirement Benefit Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Company Contributions | 0 | $ 0 |
| Current plus 1 | 0 | |
| Current | 851 | |
| Current plus 1 | 779 | |
| Current plus 2 | 819 | |
| Current plus 3 | 997 | |
| Current plus 4 | 1,079 | |
| Current plus 5 | 1,288 | |
| Current plus 6 - 10 | $ 8,247 | |
| Other Postretirement Benefit Plan | Equity Securities | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target asset allocations, minimum (in hundredths) | 70.00% | |
| Target asset allocations, maximum (in hundredths) | 100.00% | |
| Other Postretirement Benefit Plan | Real Estate | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target asset allocations, minimum (in hundredths) | 0.00% | |
| Target asset allocations, maximum (in hundredths) | 15.00% | |
| Other Postretirement Benefit Plan | Commodities Investment | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target asset allocations, minimum (in hundredths) | 0.00% | |
| Target asset allocations, maximum (in hundredths) | 10.00% | |
| Other Postretirement Benefit Plan | Fixed Income Funds | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target asset allocations, minimum (in hundredths) | 0.00% | |
| Target asset allocations, maximum (in hundredths) | 10.00% | |
| Pension and Supplemental Executive Retirement Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Company Contributions | $ 17,311 | $ 9,504 |
| Current plus 1 | 11,350 | |
| Current | 40,307 | |
| Current plus 1 | 22,992 | |
| Current plus 2 | 21,773 | |
| Current plus 3 | 23,353 | |
| Current plus 4 | 26,065 | |
| Current plus 5 | 26,761 | |
| Current plus 6 - 10 | $ 140,707 | |
| X | ||||||||||
- Definition The amount of payments made for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. Also includes payments made under a postretirement benefit plan, including prescription drug benefits, health care benefits, life insurance benefits, and legal, educational and advisory services. This item represents a periodic decrease to the plan obligations and a decrease to plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The increase in the fair value of plan assets from contributions made by the employer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The effect of a one-percentage-point increase in the assumed health care cost trend rates on the accumulated postretirement benefit obligation for health care benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The effect of a one-percentage-point increase in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the five fiscal years after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of benefits from a defined benefit plan expected to be paid in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Target allocation maximum percentage of investments of this type to total plan assets presented on a weighted average basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Target allocation minimum percentage of investments of this type to total plan assets presented on a weighted average basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of employer's best estimate of contributions expected to be paid to the plan during the next fiscal year beginning after the date of the latest statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Benefit Plans - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2015
USD ($)
mutual_fund
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Minimum percentages of gain loss consider for amortization (in hundredths) | 10.00% | ||
| Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise | $ 50,000,000 | ||
| Future earnings period used in determining the expected average rate of earnings | 20 years | ||
| Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths) | 5.00% | ||
| Minimum percentage return should exceed growth in consumer price index annually (in hundredths) | 5.75% | ||
| Maximum investment in international oriented funds (in hundredths) | 30.00% | ||
| Number of international mutual funds | mutual_fund | 2 | ||
| Percent of international oriented funds equity allocation in emerging markets (in hundredths) | 3.00% | ||
| Percent of international oriented funds equity allocation in companies based outside of the United States, primarily Europe and the Pacific Basin (in hundredths) | 21.00% | ||
| Matching contribution rate on employees' before-tax contributions, first contribution level (in hundredths) | 80.00% | ||
| Employee contributions subject to employer match, first contribution level | $ 1,000 | ||
| Matching contribution rate on employees' before-tax contributions, second contribution level (in hundredths) | 40.00% | ||
| Employee contributions subject to employer match, second contribution level | $ 2,000 | ||
| Matching contribution rate on employees' before-tax contributions, hired after 01/01/2014 (in hundredths) | 100.00% | ||
| Employee contributions subject to employer match for employees hired after 01/01/2014 (in hundredths) | 4.00% | ||
| Profit sharing and 401(k) savings plan expenses | $ 5,100,000 | $ 5,000,000 | $ 5,300,000 |
| Pension Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Lump sum pension plan benefit payments | $ 22,400,000 | 11,800,000 | |
| Total increase in benefit obligation using new mortality tables | 23,200,000 | ||
| Percentage of participants electing lump sum payments (in hundredths) | 75.00% | ||
| Increase in benefit obligation using new mortality tables and lump sum election assumption | $ 14,600,000 | ||
| Pension Plan | Equity Securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Target asset allocations, maximum (in hundredths) | 40.00% | ||
| Other Postretirement Benefit Plan | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Age of retirees at which retirement benefits under the plan are terminated | 65 years | ||
| Health care trend rate used for pre-65 benefits (in hundredths) | 7.00% | ||
| Health care trend rate used for pre-65 benefits in 2016 (in hundredths) | 7.00% | ||
| Health care trend rate used for pre-65 benefits in 2020 (in hundredths) | 5.00% | ||
| Other Postretirement Benefit Plan | Equity Securities | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Target asset allocations, maximum (in hundredths) | 100.00% | ||
| X | ||||||||||
- Definition The age of retirees at which retirement benefits under the postretirement benefit plan are terminated. No definition available.
|
| X | ||||||||||
- Definition Net increase in the plan benefit obligation during the reporting period using the new mortality tables if all participants elected monthly payments. No definition available.
|
| X | ||||||||||
- Definition Net increase in the plan benefit obligation during the reporting period using the new mortality tables and lump sum payment election assumption. No definition available.
|
| X | ||||||||||
- Definition The amount of lump sum payments made from fund for which participants are entitled under a pension plan, including pension benefits, death benefits, and benefits due on termination of employment. This amount is included in total benefit payments from fund. No definition available.
|
| X | ||||||||||
- Definition The future earnings period, in years, used in determining the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of the plans. This was then used in selecting the expected long-term rate of return on assets included in the actuarial assumptions used in the valuation of projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation. No definition available.
|
| X | ||||||||||
- Definition The health care cost trend rate used for pre-65 benefits in the current year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
- Definition The health care cost trend rate used for pre-65 benefits after five year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
- Definition The health care cost trend rate used for pre-65 benefits for next fiscal year which is used to measure the expected cost of benefits covered by the plan (gross eligible charges). This is based upon the annual rate of change in the cost of health care benefits currently provided by the postretirement benefit plan, due to factors other than changes in the composition of the plan population by age and dependency status. No definition available.
|
| X | ||||||||||
- Definition The maximum investment in international oriented funds, as a percentage of the equity investments range, to total plan assets as of the measurement date of the latest statement of financial position. No definition available.
|
| X | ||||||||||
- Definition The minimum value of outstanding noncallable bonds used in a hypothetical cash flow bond matching exercise for purposes of selecting a discount rate related to actuarial assumptions used in the valuation of projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation. No definition available.
|
| X | ||||||||||
- Definition The company's discretionary profit sharing contribution as a percentage of each participant's eligible compensation. No definition available.
|
| X | ||||||||||
- Definition The amount of a participant's before-tax contribution to the 401(k) savings plan subject to company match at the first contribution level. No definition available.
|
| X | ||||||||||
- Definition The amount of a participant's before-tax contribution to the 401(k) savings plan subject to company match for those employees hired after 01/01/2014. No definition available.
|
| X | ||||||||||
- Definition The amount of a participant's before-tax contribution to the 401(k) savings plan subject to company match at the second contribution level. The second contribution level is in addition to the first contribution level. No definition available.
|
| X | ||||||||||
- Definition The percentage at which the company will provide a matching 401(k) savings contribution on employees' before-tax contributions at the first contribution level. No definition available.
|
| X | ||||||||||
- Definition The percentage at which the company will provide a matching 401(k) savings contribution on employees' before-tax contributions for those employees hired after 01/01/2014. No definition available.
|
| X | ||||||||||
- Definition The percentage at which the company will provide a matching 401(k) savings contribution on employees' before-tax contributions at the second contribution level. The second contribution level is in addition to the first contribution level. No definition available.
|
| X | ||||||||||
- Definition The minimum percentages that return should exceed growth in consumer price index annually. No definition available.
|
| X | ||||||||||
- Definition Represents minimum percentages of gain loss consider for amortization. No definition available.
|
| X | ||||||||||
- Definition The number of international mutual funds that benefit plan assets are held. No definition available.
|
| X | ||||||||||
- Definition The investment in international oriented funds (companies based outside of the United States, primarily Europe and the Pacific Basin), as a percentage of the equity investments range. No definition available.
|
| X | ||||||||||
- Definition The investment in international oriented funds (emerging markets), as a percentage of the equity investments range. No definition available.
|
| X | ||||||||||
- Definition Estimated percentage of participants electing lump sum payments from fund for which participants are entitled under a pension plan. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Target allocation maximum percentage of investments of this type to total plan assets presented on a weighted average basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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| X | ||||||||||
- Details
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| X | ||||||||||
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2007 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Net deferred tax assets and liabilities [Abstract] | ||||||||||||||||
| Total deferred tax assets | $ 791,286 | $ 933,576 | ||||||||||||||
| Total deferred tax liabilities | (29,206) | (33,789) | ||||||||||||||
| Valuation allowance | 0 | (902,289) | $ (1,004,200) | |||||||||||||
| Net deferred tax asset (liability) | 762,080 | |||||||||||||||
| Net deferred tax asset (liability) | (2,502) | |||||||||||||||
| Components of net deferred tax liability [Abstract] | ||||||||||||||||
| Unearned premium reserves | 33,262 | 12,296 | ||||||||||||||
| Benefit plans | (14,283) | (13,900) | ||||||||||||||
| Federal net operating loss | 680,975 | 845,616 | ||||||||||||||
| Loss reserves | 15,536 | 23,069 | ||||||||||||||
| Unrealized (appreciation) depreciation in investments | (8,904) | 2,800 | ||||||||||||||
| Mortgage investments | 17,386 | 15,346 | ||||||||||||||
| Deferred compensation | 12,927 | 11,955 | ||||||||||||||
| Premium deficiency reserves | 0 | 8,313 | ||||||||||||||
| Other, net | (7,373) | 108 | ||||||||||||||
| Net deferred tax asset before valuation allowance | 762,080 | 899,787 | ||||||||||||||
| Valuation allowance | 0 | (902,289) | (1,004,200) | |||||||||||||
| Net deferred tax asset (liability) | 762,080 | |||||||||||||||
| Change in cumulative income position | 687,300 | |||||||||||||||
| Net operating loss carryforwards, regular tax basis | 1,946,000 | |||||||||||||||
| Operating loss carryforward utilized | $ 471,000 | $ 199,000 | ||||||||||||||
| Change in deferred tax valuation allowance, included in other comprehensive income | (54,500) | (13,100) | $ 17,300 | |||||||||||||
| Net operating loss carryforwards for computing the alternative minimum tax | 1,051,000 | |||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Provision for (benefit from) income taxes before valuation allowance | 163,497 | 91,607 | (17,239) | |||||||||||||
| Change in valuation allowance | (161,158) | (88,833) | 20,935 | |||||||||||||
| Reversal of the valuation allowance | (686,652) | 0 | 0 | |||||||||||||
| (Benefit from) provision for income taxes | $ 6,584 | $ (695,604) | $ 1,322 | $ 3,385 | $ 681 | $ 249 | $ 1,118 | $ 726 | (684,313) | 2,774 | 3,696 | |||||
| Components of provisions for (benefit from) income taxes [Abstract] | ||||||||||||||||
| Current Federal | 8,067 | 2,391 | 916 | |||||||||||||
| Deferred Federal | (686,652) | 1 | 7 | |||||||||||||
| Other | (5,728) | 382 | 2,773 | |||||||||||||
| (Benefit from) provision for income taxes | 6,584 | $ (695,604) | $ 1,322 | 3,385 | 681 | $ 249 | $ 1,118 | 726 | (684,313) | 2,774 | 3,696 | |||||
| Income taxes paid | $ 5,400 | $ 1,300 | $ 100 | |||||||||||||
| Reconciliation of effective income tax rate [Abstract] | ||||||||||||||||
| Federal statutory income tax rate (in hundredths) | 35.00% | 35.00% | (35.00%) | |||||||||||||
| Valuation allowance (in hundredths) | (173.80%) | (34.90%) | 45.40% | |||||||||||||
| Tax exempt municipal bond interest (in hundredths) | (0.80%) | (0.40%) | (3.70%) | |||||||||||||
| Other, net (in hundredths) | (0.70%) | 1.40% | 1.30% | |||||||||||||
| Effective income tax rate (in hundredths) | (140.30%) | 1.10% | 8.00% | |||||||||||||
| Information regarding income tax examinations [Abstract] | ||||||||||||||||
| Amount of IRS assessment for unpaid taxes and penalties related to REMIC issue | 197,500 | |||||||||||||||
| Estimate of federal interest that may be due | 182,900 | |||||||||||||||
| Amount of payment made related to the IRS assessment on the REMIC issue | $ 65,200 | |||||||||||||||
| Amount of IRS assessment for unpaid taxes and penalties related to disallowance of carryback of 2009 net operating loss | 261,400 | |||||||||||||||
| Estimate of additional state income taxes and interest that may be due | 48,800 | |||||||||||||||
| Unrecognized tax benefits | 107,120 | 106,230 | 106,230 | 105,366 | $ 106,230 | $ 105,366 | $ 104,550 | $ 105,366 | 107,120 | 106,230 | 105,366 | |||||
| Unrecognized tax benefits [Roll Forward] | ||||||||||||||||
| Balance at beginning of year | $ 106,230 | $ 105,366 | 106,230 | 105,366 | 104,550 | 105,366 | ||||||||||
| Additions based on tax positions related to the current year | 0 | 0 | 0 | |||||||||||||
| Additions for tax positions of prior years | 890 | 864 | 816 | |||||||||||||
| Reductions for tax positions of prior years | 0 | 0 | 0 | |||||||||||||
| Settlements | 0 | 0 | 0 | |||||||||||||
| Balance at end of year | $ 107,120 | $ 106,230 | 107,120 | $ 106,230 | $ 105,366 | 107,120 | ||||||||||
| Unrecognized tax benefits [Abstract] | ||||||||||||||||
| Total amount of unrecognized tax benefits that would affect effective tax rate | 93,900 | |||||||||||||||
| Interest expense recognized during period | $ 900 | |||||||||||||||
| Unrecognized tax benefits, accrued interest | 27,800 | $ 26,900 | ||||||||||||||
| Significant change in unrecognized tax benefits | 107,100 | |||||||||||||||
| Approximate net cash outflows upon resolution of IRS matters | 26,000 | |||||||||||||||
| Internal Revenue Service (IRS) | ||||||||||||||||
| Components of net deferred tax liability [Abstract] | ||||||||||||||||
| Net operating loss carryforwards, regular tax basis | $ 1,900,000 | $ 2,600,000 | ||||||||||||||
| Operating loss carryforward utilized | $ 670,000 | |||||||||||||||
| Operating loss carryforward, recognition period | 6 years | |||||||||||||||
| Deferred Tax Asset, Changes In Current Period | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | $ 154,800 | |||||||||||||||
| Deferred Tax Asset, Changes In Current Period | Other Comprehensive Income (Loss) | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | (6,300) | |||||||||||||||
| Deferred Tax Asset, Changes In Current Period | Income Tax Expense (Benefit) | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | 161,100 | |||||||||||||||
| Deferred Tax Asset, Changes In Future Periods | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | 747,500 | |||||||||||||||
| Deferred Tax Asset, Changes In Future Periods | Other Comprehensive Income (Loss) | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | 60,800 | |||||||||||||||
| Deferred Tax Asset, Changes In Future Periods | Income Tax Expense (Benefit) | ||||||||||||||||
| Tax provision (benefit) [Abstract] | ||||||||||||||||
| Change in valuation allowance | $ 686,700 | |||||||||||||||
| X | ||||||||||
- Definition The amount of the IRS assessment for unpaid taxes and penalties related to the REMIC issue. No definition available.
|
| X | ||||||||||
- Definition The amount of the IRS assessment for unpaid taxes and penalties related to the disallowance of the carryback of the 2009 net operating loss. No definition available.
|
| X | ||||||||||
- Definition The amount of approximate net cash outflows upon resolution of IRS matters, after taking into account prior payments and the effect of net operating loss carrybacks. No definition available.
|
| X | ||||||||||
- Definition The change in the deferred tax valuation allowance that was included in other comprehensive income. No definition available.
|
| X | ||||||||||
- Definition Deferred Tax Assets (Liabilities), Net, Other No definition available.
|
| X | ||||||||||
- Definition Deferred Tax Assets (Liabilities), Net, Other Comprehensive Income No definition available.
|
| X | ||||||||||
- Definition The tax effect as of the balance sheet date of the amount of the estimated future tax reductions attributable to a difference between the tax basis and the generally accepted accounting principles basis of a company's investment in mortgage related investments which will decrease future taxable income when such basis difference reverses. No definition available.
|
| X | ||||||||||
- Definition Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Employee Benefits No definition available.
|
| X | ||||||||||
- Definition The estimate of additional state income taxes and interest that may be due upon the resolution of the REMIC issue. No definition available.
|
| X | ||||||||||
- Definition The estimate of federal interest that may be due upon the resolution of the REMIC issue. No definition available.
|
| X | ||||||||||
- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit, excluding the change in the deferred tax valuation allowance, pertaining to pretax income or loss from continuing operations. No definition available.
|
| X | ||||||||||
- Definition Income Tax Expense (Benefit), Reversal Of Valuation Allowance No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities before deduction of the related valuation allowance. No definition available.
|
| X | ||||||||||
- Definition The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws and used for computing the alternative minimum tax. No definition available.
|
| X | ||||||||||
- Definition Operating Loss Carryforwards, Period Over Which Carryforward Will Be Utilized No definition available.
|
| X | ||||||||||
- Definition Operating Loss Carryforwards Utilized No definition available.
|
| X | ||||||||||
- Definition The amount of the payment made to the United States Department of Treasury related to the IRS assessment on the REMIC issue. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The cumulative operating income position of the entity calculated over a three year period used in the valuation allowance analysis No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, before jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from loss reserves other than estimated credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other reserves not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the unearned premiums reserve. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, before jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income (loss) exempt from income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of other income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of decrease in unrecognized tax benefits resulting from tax positions taken in prior period tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of decrease in unrecognized tax benefits resulting from settlements with taxing authorities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase in unrecognized tax benefits resulting from tax positions taken in prior period tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of interest expense accrued for an underpayment of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of interest expense for an underpayment of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Income Taxes - Summary of Changes In Tax Provisions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Balance at December 31, 2014 | $ 902,289 | $ 1,004,200 | |
| Change in valuation allowance | 161,158 | 88,833 | $ (20,935) |
| Balance at December 31, 2015 | 0 | $ 902,289 | $ 1,004,200 |
| Deferred Tax Asset, Changes In Current Period | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | (154,800) | ||
| Deferred Tax Asset, Changes In Current Period | Other Comprehensive Income (Loss) | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | 6,300 | ||
| Deferred Tax Asset, Changes In Current Period | Income Tax Expense (Benefit) | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | (161,100) | ||
| Deferred Tax Asset, Changes In Future Periods | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | (747,500) | ||
| Deferred Tax Asset, Changes In Future Periods | Other Comprehensive Income (Loss) | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | (60,800) | ||
| Deferred Tax Asset, Changes In Future Periods | Income Tax Expense (Benefit) | |||
| Movement In Deferred Tax Asset [Roll Forward] | |||
| Change in valuation allowance | $ (686,700) | ||
| X | ||||||||||
- Definition Movement In Deferred Tax Asset [Roll Forward] No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Mar. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jun. 30, 2013 |
|
| Stockholders' Equity Note [Abstract] | |||||
| Shareholder rights accompanying each outstanding share of the company's common stock (in number of Rights) | 1 | ||||
| Common stock, beneficial ownership threshold to be considered an Acquiring Person (in hundredths) | 5.00% | ||||
| Purchase price (in dollars per share) | $ 45 | ||||
| Purchase price (in dollars per one-tenth share) | $ 4.50 | ||||
| Common shares purchasable per right (in shares) | 0.1 | ||||
| Redemption price (in dollars per Right) | $ 0.001 | ||||
| Sale of common stock (in shares) | 135,000,000 | ||||
| Sale of common stock, price per share (in dollars per share) | $ 5.15 | ||||
| Sale of common stock, net proceeds | $ 663,300 | $ 0 | $ 0 | $ 663,335 | |
| Debt Instrument [Line Items] | |||||
| Stated interest rate (in hundredths) | 2.00% | ||||
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 680,000,000 | ||
| Shares reserved for conversion under convertible debt (in shares) | 96,700,000 | ||||
| Convertible Senior Notes - due April 2020 | |||||
| Debt Instrument [Line Items] | |||||
| Outstanding principal amount | $ 500,000 | ||||
| Stated interest rate (in hundredths) | 2.00% | 2.00% | |||
| Convertible Junior Subordinated Debentures Due 2063 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate (in hundredths) | 9.00% | 9.00% | |||
| Shares reserved for conversion under convertible debt (in shares) | 28,900,000 | ||||
| Convertible Senior Notes Due 2017 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate (in hundredths) | 5.00% | 5.00% | |||
| Rights | |||||
| Debt Instrument [Line Items] | |||||
| Period after person becomes acquiring person | 10 days | ||||
| X | ||||||||||
- Definition The number of shares of the company's common stock to which each Right initially entitles a shareholder to purchase. No definition available.
|
| X | ||||||||||
- Definition The minimum percentage of beneficial ownership of the company's common stock by any person, by itself or together with its affiliates and associates, required to be considered an Acquiring Person as defined in the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
- Definition The stated purchase price for which a shareholder is initially entitled to purchase a full share of the company's common stock under the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
- Definition The stated purchase price for which a shareholder is initially entitled to purchase a one-tenth share of the company's common stock under the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
- Definition The price, per Right, at which each Right is redeemable at any time prior to the time a person becomes an Acquiring Person. No definition available.
|
| X | ||||||||||
- Definition The dollar amount received by the entity for each share of common stock issued or sold in the stock transaction. No definition available.
|
| X | ||||||||||
- Definition The number of shareholder rights accompanying each outstanding share of the company's common stock under the Shareholder Rights Agreement. No definition available.
|
| X | ||||||||||
- Definition Shareholders Rights Agreement, Distribution Date, Period After Person Becomes Acquiring Person No definition available.
|
| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Dividend Restrictions (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2015
USD ($)
year
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
| Dividends Payable [Line Items] | |||
| Dividend restrictions | The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. | ||
| Percentage of statutory policyholders' surplus used to determine maximum allowable dividends (in hundredths) | 10.00% | ||
| Number of calendar years preceding the date of the dividend | 3 | ||
| Number of calendar years subtracted from the calculation | 2 | ||
| Other Insurance Subsidiaries | |||
| Dividends Payable [Line Items] | |||
| Dividends paid to the parent company | $ | $ 38,500 | $ 0 | $ 0 |
| X | ||||||||||
- Definition Adjusted Statutory Net Income Calculation, Number Of Calendar Years Prior To Dividend Payout No definition available.
|
| X | ||||||||||
- Definition Adjusted Statutory Net Income Calculation, Number Of Calendar Years Subtracted No definition available.
|
| X | ||||||||||
- Definition The percentage of statutory policyholders' surplus, as defined, as of the preceding calendar year end which is used in the determination of the maximum allowable dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin. No definition available.
|
| X | ||||||||||
- Definition This element represents disclosure of the total aggregate cash dividends paid to the entity by consolidated subsidiaries, by unconsolidated subsidiaries, and by 50% or less owned persons accounted for using the equity method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities, amounts not available for future dividend payments, and amount of dividends paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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|
Capital Requirements (Details) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Dec. 31, 2015
USD ($)
jurisdiction
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Sep. 30, 2012 |
||||
| Statutory Capital [Abstract] | |||||||
| Percentage of surplus as regards policyholders (in hundredths) | 15.00% | 10.00% | |||||
| Statutory deferred tax assets admitted | $ 205,000 | $ 138,000 | $ 138,000 | ||||
| Percentage of premiums earned required to be maintained as contingency loss reserves (in hundredths) | 50.00% | ||||||
| Period that contingency loss reserves must be held (in years) | 10 years | ||||||
| Percentage of net premiums earned that incurred losses must exceed to enable early withdrawals from contingency loss reserves (in hundredths) | 35.00% | ||||||
| Net (loss) income | $ (72,767) | [1] | 13,203 | (8,046) | |||
| Surplus | 1,608,214 | [1] | 1,585,164 | 1,584,121 | |||
| Contingency Reserve | $ 826,706 | 318,247 | 18,558 | ||||
| Statutory capital requirements [Abstract] | |||||||
| Number of jurisdictions with risk-to-capital requirements | jurisdiction | 16 | ||||||
| Maximum permitted risk-to-capital ratio commonly applied | 25 to 1 | ||||||
| Risk-to-capital ratio on a combined basis at end of period | 13.6 to 1 | ||||||
| Risk-to-capital ratio on combined insurance operations | 13.6 | ||||||
| Maximum | |||||||
| Statutory capital requirements [Abstract] | |||||||
| Risk to capital ratio | 25 | ||||||
| Mortgage Guaranty Insurance Corporation | |||||||
| Related Party Transaction [Line Items] | |||||||
| Loss ratio | 37.00% | ||||||
| Surplus contributions made to subsidiary by the parent company | $ 0 | 0 | 800,000 | ||||
| Dividends paid to the parent company | $ 0 | 0 | 0 | ||||
| Statutory capital requirements [Abstract] | |||||||
| Risk to capital ratio | 12.1 | ||||||
| Risk to capital ratio at end of period | 12.1 to 1 | ||||||
| Amount of policyholders position above or below required MPP | $ 1,200,000 | ||||||
| Amount of required MPP | 1,100,000 | ||||||
| Other Insurance Subsidiaries | |||||||
| Related Party Transaction [Line Items] | |||||||
| Surplus contributions made to subsidiary by the parent company | 0 | 0 | 0 | ||||
| Dividends paid to the parent company | $ 38,500 | $ 0 | $ 0 | ||||
| |||||||
| X | ||||||||||
- Definition The amount by which the entity's policyholders position (the insurer's net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums) was above or below the required regulatory minimum of the entity's domiciliary state. No definition available.
|
| X | ||||||||||
- Definition The amount of minimum policyholder position (MPP) required by the entity's domiciliary state. No definition available.
|
| X | ||||||||||
- Definition An amount of money established from retained earnings to allow for unforeseen losses in business. Amount of reserves for future policy claims payable and loss expenses to be incurred. No definition available.
|
| X | ||||||||||
- Definition The number of jurisdictions that require a mortgage insurer to maintain a minimum amount of statutory capital relative to the risk in force (or a similar measure) in order for the mortgage insurer to continue to write new business. This is generally referred to as a risk-to-capital requirement. No definition available.
|
| X | ||||||||||
- Definition The percentage of net premiums earned that incurred losses must exceed in a calendar year to allow a mortgage guaranty insurance company to make early withdrawals from the contingency loss reserve with regulatory approval. No definition available.
|
| X | ||||||||||
- Definition The percentage of premiums earned that is required to be maintained as contingency loss reserves by mortgage guaranty insurance companies under statutory accounting practices. No definition available.
|
| X | ||||||||||
- Definition The percentage of surplus as regards policyholders allowed for determining the amount of admitted statutory deferred tax assets. No definition available.
|
| X | ||||||||||
- Definition The length of time during which contingency loss reserves cannot be withdrawn under statutory accounting practices except as permitted by insurance regulations. No definition available.
|
| X | ||||||||||
- Definition The entity's risk-to-capital ratio as of the end of the reporting period. No definition available.
|
| X | ||||||||||
- Definition The risk-to-capital ratio of the entity's combined insurance operations, including its reinsurance affiliates, as of the end of the reporting period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Statutory Capital Requirements, Risk To Capital Ratio No definition available.
|
| X | ||||||||||
- Definition Statutory Capital Requirements, Risk To Capital Ratio For Combined Insurance Operations No definition available.
|
| X | ||||||||||
- Definition The sum of the tax effects as of the balance sheet date of the admitted amounts of all future tax deductions arising from temporary differences between tax basis and statutory accounting principles basis recognition of assets, liabilities, revenues and expenses. No definition available.
|
| X | ||||||||||
- Definition Additions to the surplus of a subsidiary from parent company funds. No definition available.
|
| X | ||||||||||
- Definition This element represents disclosure of the total aggregate cash dividends paid to the entity by consolidated subsidiaries, by unconsolidated subsidiaries, and by 50% or less owned persons accounted for using the equity method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition For insurance companies, a description of the minimum regulatory capital requirements imposed by state insurance regulators, and restrictions on dividend payments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Ratio of non-life losses and loss expenses to non-life net premiums earned. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of net income for the period determined using accounting principles prescribed or permitted by insurance regulators. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Share-based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2011 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Compensation cost | $ 11.9 | $ 9.2 | $ 6.6 | |
| Income tax benefit from compensation cost | $ 4.2 | $ 3.2 | $ 2.3 | |
| Summary of option activity [Abstract] | ||||
| Options exercisable (in shares) | 529,800 | |||
| Options exercisable, weighted average exercise price (in dollars per share) | $ 68.20 | |||
| Shares [Roll Forward] | ||||
| Restricted stock outstanding at end of period (in shares) | 3,300,000 | |||
| Additional disclosures [Abstract] | ||||
| Options granted in period, net of forfeitures (in shares) | 0 | 0 | 0 | |
| Options exercised during period (in shares) | 0 | 0 | 0 | |
| Restricted Stock/Restricted Stock Units | ||||
| Weighted average grant date fair market value [Abstract] | ||||
| Restricted stock outstanding at end of period (in dollars per share) | $ 6.33 | |||
| Granted (in dollars per share) | 9.03 | $ 8.43 | $ 2.75 | |
| Vested (in dollars per share) | 5.92 | |||
| Forfeited (in dollars per share) | 4.39 | |||
| Restricted stock outstanding at end of period (in dollars per share) | $ 7.97 | $ 6.33 | ||
| Shares [Roll Forward] | ||||
| Restricted stock outstanding at beginning of period (in shares) | 3,852,391 | |||
| Granted (in shares) | 1,554,100 | |||
| Vested (in shares) | (1,893,116) | |||
| Forfeited (in shares) | (193,908) | |||
| Restricted stock outstanding at end of period (in shares) | 3,319,467 | 3,852,391 | ||
| Additional disclosures [Abstract] | ||||
| Restricted stock, performance shares (in shares) | 2,400,000 | |||
| Restricted stock, time vested shares (in shares) | 900,000 | |||
| Total fair value of restricted stock vested | $ 17.2 | $ 12.1 | $ 4.3 | |
| Unrecognized compensation cost | 14.2 | |||
| Unrecognized compensation cost, performance shares | 10.6 | |||
| Unrecognized compensation cost, time vested shares | $ 3.6 | |||
| Weighted-average period for recognition of compensation cost | 1 year 7 months 6 days | |||
| Minimum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 1 year | |||
| Maximum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 3 years | |||
| 2002 Plan | Restricted Stock Units (RSUs) | Cash Settled Award | ||||
| Shares [Roll Forward] | ||||
| Granted (in shares) | 449,350 | |||
| Additional disclosures [Abstract] | ||||
| Cash payments for vested shares | $ 1.2 | |||
| 2015 Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Maximum number of shares can be awarded under the plan (in shares) | 10,000,000 | |||
| Additional disclosures [Abstract] | ||||
| Shares available for future grants (in shares) | 9,970,000 | |||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of cash payments for vested shares during the reporting period for the cash settled restricted stock units. No definition available.
|
| X | ||||||||||
- Definition The portion of the restricted shares outstanding as of the balance sheet date that consisted of shares that are subject to performance conditions. No definition available.
|
| X | ||||||||||
- Definition The portion of the restricted shares outstanding as of the balance sheet date that consisted of shares that are subject only to service conditions. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition As of the balance sheet date, the aggregate unrecognized cost of equity-based performance share awards made to employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
- Definition As of the balance sheet date, the aggregate unrecognized cost of equity-based time vested share awards made to employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Weighted average exercise price as of the balance sheet date for those equity-based payment arrangements exercisable and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Leases [Abstract] | |||
| Remaining term of operating leases (in years) | 6 years | ||
| Total rental expense under operating leases | $ 2,200 | $ 2,800 | $ 4,600 |
| Minimum future operating lease payments [Abstract] | |||
| 2016 | 742 | ||
| 2017 | 636 | ||
| 2018 | 486 | ||
| 2019 | 498 | ||
| 2020 and thereafter | 512 | ||
| Total | $ 2,874 | ||
| X | ||||||||||
- Definition For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due after the fourth year from the balance sheet date on leases defined as operating. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Term of the lessee's leasing arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Litigation and Contingencies (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2009 |
Dec. 31, 2015
USD ($)
lawsuit
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
| Curtailments [Abstract] | ||||
| Average paid claim reduction due to curtailments (in hundredths) | 6.70% | 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% | |||
| 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 to loss | $ 317,000 | |||
| Period of existing captive reinsurance agreement | 10 years | 10 years | 10 years | |
| Civil penalty | $ 2,650 | |||
| Underwriting remedy expense | $ 1,000 | $ 4,000 | $ 5,000 | |
| Class Action Complaint Under RESPA | Pending Litigation | ||||
| Claims resolved by rescissions [Abstract] | ||||
| Number of lawsuits | lawsuit | 12 | |||
| X | ||||||||||
- Definition Average paid claim reduction due to curtailments. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Represents amount paid in connection with the settlement by an entity pertaining to civil penalty during the reporting period. No definition available.
|
| X | ||||||||||
- Definition Number of lawsuits. No definition available.
|
| X | ||||||||||
- Definition Estimated maximum exposure associated with other discussions and legal proceedings related to claims paying practices. No definition available.
|
| X | ||||||||||
- Definition Number of days after claim paid within which objection must be received for review. No definition available.
|
| X | ||||||||||
- Definition The percentage of claims received in a quarter, at lower range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
- Definition The percentage of claims received in a quarter, at upper range limit, that have been resolved by rescission. No definition available.
|
| X | ||||||||||
- Definition Represents period under which an entity will not enter into any new captive reinsurance agreement or reinsure any new loans under existing reinsurance agreements. No definition available.
|
| X | ||||||||||
- Definition The time period subsequent to the lender receiving a notice of rescission during which legal proceedings may be brought disputing the company's right to rescind coverage. No definition available.
|
| X | ||||||||||
- Definition The time period subsequent to the lender obtaining title to the property or the sale of the property in a company-approved sale during which legal proceedings may be brought disputing the company's right to rescind coverage. No definition available.
|
| X | ||||||||||
- Definition Refers to Underwriting remedy expense. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
| Net premiums earned | $ 226,192 | $ 239,234 | $ 213,508 | $ 217,288 | $ 213,589 | $ 209,035 | $ 207,486 | $ 214,261 | $ 896,222 | $ 844,371 | $ 943,051 | ||||||||||||||
| Investment income, net of expenses | 27,926 | 25,939 | 25,756 | 24,120 | 23,956 | 22,355 | 21,180 | 20,156 | 103,741 | 87,647 | 80,739 | ||||||||||||||
| Realized (losses) gains | 1,228 | 640 | 166 | 26,327 | 434 | 632 | 522 | (231) | 28,361 | 1,357 | 5,731 | ||||||||||||||
| Other revenue | 2,580 | 3,698 | 3,699 | 2,480 | 2,385 | 3,093 | 2,048 | 896 | 12,457 | 8,422 | 9,914 | ||||||||||||||
| Loss incurred, net | 95,066 | 76,458 | 90,238 | 81,785 | 117,074 | 115,254 | 141,141 | 122,608 | 343,547 | 496,077 | 838,726 | ||||||||||||||
| Underwriting and other expenses, net | 53,858 | 65,805 | 37,915 | 51,969 | 48,181 | 47,595 | 43,455 | 51,766 | 209,547 | 190,997 | |||||||||||||||
| Provision (benefit) for income tax | 6,584 | (695,604) | 1,322 | 3,385 | 681 | 249 | 1,118 | 726 | (684,313) | 2,774 | 3,696 | ||||||||||||||
| Net income (loss) | $ 102,418 | $ 822,852 | $ 113,654 | $ 133,076 | $ 74,428 | $ 72,017 | $ 45,522 | $ 59,982 | $ 1,172,000 | $ 251,949 | $ (49,848) | ||||||||||||||
| Earnings per Share [Abstract] | |||||||||||||||||||||||||
| Basic (in dollars per share) | $ 0.30 | [1],[2] | $ 2.42 | [1],[2] | $ 0.33 | [1],[2] | $ 0.39 | [1],[2] | $ 0.22 | [1] | $ 0.21 | [1] | $ 0.13 | [1] | $ 0.18 | [1] | $ 3.45 | [1],[2] | $ 0.74 | [1] | $ (0.16) | ||||
| Diluted (in dollars per share) | $ 0.24 | [1],[2] | $ 1.78 | [1],[2] | $ 0.28 | [1],[2] | $ 0.32 | [1],[2] | $ 0.19 | [1] | $ 0.18 | [1] | $ 0.12 | [1] | $ 0.15 | [1] | $ 2.60 | [1],[2] | $ 0.64 | [1] | $ (0.16) | ||||
| |||||||||||||||||||||||||
| X | ||||||||||
- Definition Amount of underwriting and other expenses of the entity including change in premium deficiency reserve, amortization of deferred policy acquisition costs, other underwriting and operating expenses and interest expense. No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after effect of policies assumed or ceded, of expense related to provision for policy benefits and costs incurred for property and casualty insurance contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of property and casualty premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
|---|---|
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | $ 4,689,773 |
| Fair Value | 4,663,206 |
| Amount at which shown in the balance sheet | 4,663,206 |
| Fixed Maturities | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 4,684,148 |
| Fair Value | 4,657,561 |
| Amount at which shown in the balance sheet | 4,657,561 |
| Fixed Maturities | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 160,393 |
| Fair Value | 160,584 |
| Amount at which shown in the balance sheet | 160,584 |
| Fixed Maturities | Obligations of U.S. States and Political Subdivisions | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 1,766,407 |
| Fair Value | 1,792,527 |
| Amount at which shown in the balance sheet | 1,792,527 |
| Fixed Maturities | Foreign Governments | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 29,359 |
| Fair Value | 31,731 |
| Amount at which shown in the balance sheet | 31,731 |
| Fixed Maturities | Public Utilities | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 182,945 |
| Fair Value | 179,209 |
| Amount at which shown in the balance sheet | 179,209 |
| Fixed Maturities | Asset-Backed Securities | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 116,764 |
| Fair Value | 116,617 |
| Amount at which shown in the balance sheet | 116,617 |
| Fixed Maturities | Collateralized Loan Obligations | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 61,345 |
| Fair Value | 60,200 |
| Amount at which shown in the balance sheet | 60,200 |
| Fixed Maturities | Mortgage Backed Securities | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 503,183 |
| Fair Value | 491,139 |
| Amount at which shown in the balance sheet | 491,139 |
| Fixed Maturities | All Other Corporate Bonds | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 1,863,752 |
| Fair Value | 1,825,554 |
| Amount at which shown in the balance sheet | 1,825,554 |
| Equity Securities | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 5,625 |
| Fair Value | 5,645 |
| Amount at which shown in the balance sheet | 5,645 |
| Equity Securities | Industrial, Miscellaneous, and All Others | |
| Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
| Amortized Cost | 5,625 |
| Fair Value | 5,645 |
| Amount at which shown in the balance sheet | $ 5,645 |
| X | ||||||||||
- Definition This element represents the carrying (reported) amount of the entity's investments as of the balance sheet date. This amount may represent the individual investment's or group of similar investments' original cost, fair value, or such other amount at which the investment is shown in the entity's balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This item represents the original cost of the entity's investments including investments in equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This item represents the reported amount of the entity's investments measured at fair value. Fair value is the price that would be received to sell an investment in an orderly transaction between market participants at the balance sheet [measurement] date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
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SCHEDULE II-CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jun. 30, 2013 |
|
| ASSETS | ||||||||||||||||
| Fixed maturities (amortized cost, 2015 – $385,281; 2014 – $482,629) | $ 4,657,561 | $ 4,609,614 | ||||||||||||||
| Cash and cash equivalents | $ 181,120 | $ 197,882 | $ 197,882 | $ 332,692 | $ 197,882 | $ 332,692 | $ 1,027,625 | 181,120 | 197,882 | $ 332,692 | ||||||
| Accrued investment income | 40,224 | 30,518 | ||||||||||||||
| Other assets | 91,138 | 106,390 | ||||||||||||||
| Total assets | 5,879,545 | 5,266,434 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Senior notes | 0 | 61,918 | ||||||||||||||
| Convertible senior notes | 833,503 | 845,000 | ||||||||||||||
| Convertible junior debentures | 389,522 | 389,522 | ||||||||||||||
| Total liabilities | 3,643,405 | 4,229,531 | ||||||||||||||
| Shareholders’ equity: | ||||||||||||||||
| Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,097; 2014 - 340,047; outstanding 2015 - 339,657; 2014 - 338,560) | 340,097 | 340,047 | ||||||||||||||
| Paid-in capital | 1,670,238 | 1,663,592 | ||||||||||||||
| Treasury stock (shares at cost, 2015 – 440; 2014 – 1,487) | (3,362) | (32,937) | ||||||||||||||
| Accumulated other comprehensive loss, net of tax | (60,880) | (81,341) | ||||||||||||||
| Retained earnings (deficit) | 290,047 | (852,458) | ||||||||||||||
| Total shareholders' equity | 2,236,140 | 1,036,903 | 744,538 | |||||||||||||
| Total liabilities and shareholders' equity | 5,879,545 | 5,266,434 | ||||||||||||||
| Parenthetical information [Abstract] | ||||||||||||||||
| Fixed maturities, amortized cost | $ 4,684,148 | $ 4,602,514 | ||||||||||||||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||||||||||||||
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 680,000,000 | |||||||||||||
| Common stock, shares issued (in shares) | 340,097,000 | 340,047,000 | ||||||||||||||
| Common stock, shares outstanding (in shares) | 339,657,000 | 338,560,000 | ||||||||||||||
| Treasury stock, shares at cost (in shares) | 440,000 | 1,487,000 | ||||||||||||||
| Revenues: | ||||||||||||||||
| Investment income, net of expenses | 27,926 | $ 25,939 | $ 25,756 | 24,120 | 23,956 | $ 22,355 | $ 21,180 | 20,156 | 103,741 | 87,647 | 80,739 | |||||
| Realized (losses) gains | 1,228 | 640 | 166 | 26,327 | 434 | 632 | 522 | (231) | 28,361 | 1,357 | 5,731 | |||||
| Total revenues | 1,040,781 | 941,797 | 1,039,435 | |||||||||||||
| Expenses: | ||||||||||||||||
| Interest expense | 68,932 | 69,648 | 79,663 | |||||||||||||
| Total losses and expenses | 553,094 | 687,074 | 1,085,587 | |||||||||||||
| Income (loss) before tax | 487,687 | 254,723 | (46,152) | |||||||||||||
| (Benefit from) provision for income tax | 6,584 | (695,604) | 1,322 | 3,385 | 681 | 249 | 1,118 | 726 | (684,313) | 2,774 | 3,696 | |||||
| Net income (loss) | 102,418 | 822,852 | 113,654 | 133,076 | 74,428 | 72,017 | 45,522 | 59,982 | 1,172,000 | 251,949 | (49,848) | |||||
| Other comprehensive income (loss), net of tax | 20,461 | 36,385 | (69,563) | |||||||||||||
| Comprehensive income (loss) | 1,192,461 | 288,334 | (119,411) | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | 102,418 | $ 822,852 | $ 113,654 | 133,076 | 74,428 | $ 72,017 | $ 45,522 | 59,982 | 1,172,000 | 251,949 | (49,848) | |||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
| Deferred Federal | (686,652) | 1 | 7 | |||||||||||||
| Change in certain assets and liabilities: | ||||||||||||||||
| Accrued investment income | (9,706) | 1,142 | (4,417) | |||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchase of fixed maturities | (2,462,844) | (1,979,917) | (3,248,602) | |||||||||||||
| Sale of fixed maturities | 1,796,153 | 1,147,624 | 1,054,985 | |||||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Net proceeds from convertible senior notes | 0 | 0 | 484,625 | |||||||||||||
| Common stock shares issued | $ 663,300 | 0 | 0 | 663,335 | ||||||||||||
| Excess tax benefits related to share-based compensation | 2,117 | 0 | 0 | |||||||||||||
| Net decrease in cash and cash equivalents | (16,762) | (134,810) | (694,933) | |||||||||||||
| Cash and cash equivalents at beginning of year | 197,882 | 332,692 | 197,882 | 332,692 | 1,027,625 | |||||||||||
| Cash and cash equivalents at end of year | 181,120 | 197,882 | 181,120 | 197,882 | 332,692 | |||||||||||
| Parent Company | ||||||||||||||||
| ASSETS | ||||||||||||||||
| Fixed maturities (amortized cost, 2015 – $385,281; 2014 – $482,629) | $ 382,565 | $ 480,125 | ||||||||||||||
| Cash and cash equivalents | 19,417 | 10,507 | 10,507 | 20,725 | 10,507 | 20,725 | 175,880 | 19,417 | 10,507 | $ 20,725 | ||||||
| Investment in subsidiaries, at equity in net assets | 2,903,944 | 1,821,024 | ||||||||||||||
| Accounts receivable - affiliates | 938 | 312 | ||||||||||||||
| Income taxes - current and deferred | 151,318 | 17,478 | ||||||||||||||
| Accrued investment income | 3,700 | 3,435 | ||||||||||||||
| Other assets | 11,325 | 15,156 | ||||||||||||||
| Total assets | 3,473,207 | 2,348,037 | ||||||||||||||
| Liabilities: | ||||||||||||||||
| Senior notes | 0 | 61,918 | ||||||||||||||
| Convertible senior notes | 833,503 | 845,000 | ||||||||||||||
| Convertible junior debentures | 389,522 | 389,522 | ||||||||||||||
| Accrued interest | 14,042 | 14,694 | ||||||||||||||
| Total liabilities | 1,237,067 | 1,311,134 | ||||||||||||||
| Shareholders’ equity: | ||||||||||||||||
| Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2015 - 340,097; 2014 - 340,047; outstanding 2015 - 339,657; 2014 - 338,560) | 340,097 | 340,047 | ||||||||||||||
| Paid-in capital | 1,670,238 | 1,663,592 | ||||||||||||||
| Treasury stock (shares at cost, 2015 – 440; 2014 – 1,487) | (3,362) | (32,937) | ||||||||||||||
| Accumulated other comprehensive loss, net of tax | (60,880) | (81,341) | ||||||||||||||
| Retained earnings (deficit) | 290,047 | (852,458) | ||||||||||||||
| Total shareholders' equity | 2,236,140 | 1,036,903 | ||||||||||||||
| Total liabilities and shareholders' equity | 3,473,207 | 2,348,037 | ||||||||||||||
| Parenthetical information [Abstract] | ||||||||||||||||
| Fixed maturities, amortized cost | $ 385,281 | $ 482,629 | ||||||||||||||
| Common stock, par value (in dollars per share) | $ 1 | $ 1 | ||||||||||||||
| Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||||||||||||||
| Common stock, shares issued (in shares) | 340,097,000 | 340,047,000 | ||||||||||||||
| Common stock, shares outstanding (in shares) | 339,657,000 | 338,560,000 | ||||||||||||||
| Treasury stock, shares at cost (in shares) | 440,000 | 1,487,000 | ||||||||||||||
| Revenues: | ||||||||||||||||
| Investment income, net of expenses | 7,586 | 6,985 | 5,033 | |||||||||||||
| Realized (losses) gains | 357 | 395 | 830 | |||||||||||||
| Total revenues | 7,943 | 7,380 | 5,863 | |||||||||||||
| Expenses: | ||||||||||||||||
| Operating expenses and other | 1,089 | 1,383 | 511 | |||||||||||||
| Interest expense | 68,932 | 69,648 | 79,663 | |||||||||||||
| Total losses and expenses | 70,021 | 71,031 | 80,174 | |||||||||||||
| Income (loss) before tax | (62,078) | (63,651) | (74,311) | |||||||||||||
| (Benefit from) provision for income tax | (125,487) | 0 | 0 | |||||||||||||
| Equity in net income of subsidiaries | 1,108,591 | 315,600 | 24,463 | |||||||||||||
| Net income (loss) | 1,172,000 | 251,949 | (49,848) | |||||||||||||
| Other comprehensive income (loss), net of tax | 20,461 | 36,385 | (69,563) | |||||||||||||
| Comprehensive income (loss) | 1,192,461 | 288,334 | (119,411) | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | 1,172,000 | 251,949 | (49,848) | |||||||||||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
| Equity in net income of subsidiaries | (1,108,591) | (315,600) | (24,463) | |||||||||||||
| Dividends received from subsidiaries | 6,500 | 0 | 0 | |||||||||||||
| Deferred Federal | (125,532) | 0 | 0 | |||||||||||||
| Other | 22,849 | 14,862 | 21,693 | |||||||||||||
| Change in certain assets and liabilities: | ||||||||||||||||
| Accounts receivable - affiliates | (626) | 68 | 289 | |||||||||||||
| Income taxes receivable | (8,308) | 480 | (3) | |||||||||||||
| Accrued investment income | (265) | 194 | (2,611) | |||||||||||||
| Accrued interest | (652) | (188) | (15,577) | |||||||||||||
| Net cash used in operating activities | (42,625) | (48,235) | (70,520) | |||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Capital distributions from (contributions to) subsidiaries | 32,000 | 0 | (800,000) | |||||||||||||
| Purchase of fixed maturities | (295,010) | (553,538) | (563,968) | |||||||||||||
| Sale of fixed maturities | 386,385 | 613,322 | 148,608 | |||||||||||||
| Net cash provided by (used in) investing activities | 123,375 | 59,784 | (1,215,360) | |||||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Net proceeds from convertible senior notes | 0 | 0 | 484,625 | |||||||||||||
| Common stock shares issued | 0 | 0 | 663,335 | |||||||||||||
| Repayment of long-term debt | (73,957) | (21,767) | (17,235) | |||||||||||||
| Excess tax benefits related to share-based compensation | 2,117 | 0 | 0 | |||||||||||||
| Net cash (used in) provided by financing activities | (71,840) | (21,767) | 1,130,725 | |||||||||||||
| Net decrease in cash and cash equivalents | 8,910 | (10,218) | (155,155) | |||||||||||||
| Cash and cash equivalents at beginning of year | $ 10,507 | $ 20,725 | 10,507 | 20,725 | 175,880 | |||||||||||
| Cash and cash equivalents at end of year | $ 19,417 | $ 10,507 | $ 19,417 | $ 10,507 | $ 20,725 | |||||||||||
| X | ||||||||||
- Definition The amount of the entity's total investments in subsidiaries (the equity in net assets of consolidated subsidiaries). No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of capital distributed from (contributed to) subsidiaries during the year by the parent company. No definition available.
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| X | ||||||||||
- Definition Interest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition This item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of debt securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This element represents disclosure of the aggregate cash dividends paid to the entity by consolidated subsidiaries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Including the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and other tax receivables expected to be realized or consumed within one year or operating cycle, if longer. No definition available.
|
| X | ||||||||||
- Definition For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in investment income that has been earned but not yet received in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of (a) interest payable on all forms of debt, including trade payables, that has been incurred, and (b) dividends declared but unpaid on equity securities issued by the entity and outstanding (also includes dividends collected on behalf of another owner of securities that are being held by the entity). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the sale of debt securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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SCHEDULE IV-REINSURANCE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
| Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||
| Gross Amount | $ 997,892 | $ 950,973 | $ 979,078 |
| Ceded to Other Companies | 102,848 | 108,255 | 38,101 |
| Assumed From Other Companies | 1,178 | 1,653 | 2,074 |
| Net Amount | $ 896,222 | $ 844,371 | $ 943,051 |
| Percentage of Amount Assumed to Net | 0.10% | 0.20% | 0.20% |
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- Definition Amount of earned premiums assumed from other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of earned premiums ceded to other entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, before premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Percentage of assumed premiums earned by the entity to net premiums earned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- References No definition available.
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