0000876437-24-000024 | 10-K | XBRL Viewer

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Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	$ 0	$ 7,153	$ 7,569
Interest Cost	13,787	12,461	11,276
Expected Return on Assets	(13,517)	(18,064)	(20,657)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	345	(163)	(239)
Amortization of Net Losses/(Gains)	2,185	5,726	5,490
Cost of Settlements and Curtailments	9,749	13,801	6,012
Net Periodic Benefit Cost (Benefit)	12,549	20,914	9,451
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	1,497	1,307	1,508
Interest Cost	1,633	694	648
Expected Return on Assets	(8,235)	(10,502)	(8,863)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	1,861	489	213
Amortization of Net Losses/(Gains)	(150)	(3,103)	(1,697)
Cost of Settlements and Curtailments	0	0	0
Net Periodic Benefit Cost (Benefit)	$ (3,394)	$ (11,115)	$ (8,191)

Investments - Securities In Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Schedule of Investments [Line Items]
Less than 12 months	$ 694,898	$ 3,411,256
12 months or greater	3,664,661	1,592,040
Total	4,359,559	5,003,296
Less than 12 months	(12,254)	(298,637)
12 months or greater	(353,890)	(224,403)
Total	$ (366,144)	$ (523,040)
Number of securities in unrealized loss position \| security	1,021	1,226
U.S. government securities
Schedule of Investments [Line Items]
Less than 12 months	$ 26,550	$ 67,531
12 months or greater	98,359	76,246
Total	124,909	143,777
Less than 12 months	(75)	(3,583)
12 months or greater	(6,289)	(6,100)
Total	(6,364)	(9,683)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less than 12 months	275,727	1,344,272
12 months or greater	1,200,533	360,956
Total	1,476,260	1,705,228
Less than 12 months	(3,622)	(157,903)
12 months or greater	(186,213)	(98,170)
Total	(189,835)	(256,073)
Corporate debt securities
Schedule of Investments [Line Items]
Less than 12 months	270,956	1,488,255
12 months or greater	1,604,021	758,732
Total	1,874,977	2,246,987
Less than 12 months	(6,060)	(109,976)
12 months or greater	(122,151)	(86,401)
Total	(128,211)	(196,377)
ABS
Schedule of Investments [Line Items]
Less than 12 months	41,549	53,201
12 months or greater	62,611	67,073
Total	104,160	120,274
Less than 12 months	(1,234)	(1,008)
12 months or greater	(2,041)	(5,033)
Total	(3,275)	(6,041)
RMBS
Schedule of Investments [Line Items]
Less than 12 months	44,867	77,563
12 months or greater	176,349	136,179
Total	221,216	213,742
Less than 12 months	(872)	(8,572)
12 months or greater	(19,784)	(17,172)
Total	(20,656)	(25,744)
CMBS
Schedule of Investments [Line Items]
Less than 12 months	35,249	166,973
12 months or greater	244,216	70,792
Total	279,465	237,765
Less than 12 months	(391)	(12,951)
12 months or greater	(15,361)	(7,640)
Total	(15,752)	(20,591)
CLOs
Schedule of Investments [Line Items]
Less than 12 months	0	213,461
12 months or greater	274,729	114,459
Total	274,729	327,920
Less than 12 months	0	(4,644)
12 months or greater	(1,408)	(3,185)
Total	(1,408)	(7,829)
Foreign government debt
Schedule of Investments [Line Items]
Less than 12 months	0	0
12 months or greater	3,843	3,787
Total	3,843	3,787
Less than 12 months	0	0
12 months or greater	(643)	(699)
Total	$ (643)	(699)
Commercial paper
Schedule of Investments [Line Items]
Less than 12 months		0
12 months or greater		3,816
Total		3,816
Less than 12 months		0
12 months or greater		(3)
Total		$ (3)

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

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

Restricted cash and cash equivalents consists of cash and money market funds held in trusts for the benefit of contractual counterparties under reinsurance agreements or for other contractual restrictions.

FAIR VALUE MEASUREMENTS

We carry certain financial instruments at fair value and disclose the fair value of all financial instruments. Our financial instruments carried at fair value are predominantly measured on a recurring basis. Financial instruments measured on a nonrecurring basis are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment).

The fair value of an asset or liability is defined as the price that would be received upon a sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models or other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters including yield curves, interest rates, volatilities, equity or debt prices, and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below.

As of December 31, 2023 and 2022, we did not elect to measure any financial instruments acquired, or issued, such as our outstanding debt obligations, at fair value for which the primary basis of accounting is not fair value.

Valuation process

We use independent pricing sources to determine the fair value of a substantial majority of our financial instruments, which primarily consist of assets in our investment portfolio, but also includes cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, and reference data including market research publications.

Market indicators, industry, and economic events are also considered.

The inputs listed above are 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.

On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources.

Valuation hierarchy

A three-level valuation hierarchy has been established under GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of a financial instrument as of the measurement date. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources, as described below, 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.

The three levels are defined as follows:


è			Level 1			Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities.


è			Level 2			Quoted prices for similar instruments in active markets that we can access; 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 instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. The independent pricing sources used for our Level 2 investments vary by type of investment. See Note 6 - "Fair Value Measurements" for further information.


è			Level 3			Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. 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. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life.

INVESTMENTS

Fixed income securities. Our fixed income securities are classified as available-for-sale and are reported at fair value. Fixed income securities with original maturities less than one year and greater than three months are classified as short-term on our consolidated balance sheet. 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 on fixed income securities are reported in income based upon specific identification of securities within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the credit allowance.

Equity securities. Equity securities are reported at fair value, except for certain securities that are carried at cost. Equity securities carried at cost are reported as Other invested assets. Realized investment gains and losses on equity securities are reported in income based upon specific identification of securities sold within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations, along with any changes in the fair value.

Other invested assets. Other invested assets are carried at cost. These assets represent our investment in Federal Home Loan Bank of Chicago ("FHLB") stock, which due to restrictions, is required to be redeemed or sold only to the security issuer at par value.

Accrued Investment Income. We report accrued investment income separately from securities. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payments.

Unrealized losses and allowance for credit losses

Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to:


è			our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis;
è			the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security;
è			failure of the issuer to make scheduled interest or principal payments;
è			a change in rating to below investment grade; and
è			adverse conditions specifically related to the security, an industry, or a geographic area.

Based on our evaluation, we will record an impairment on a security if we intend to sell, if it is more likely than not that we will be required to sell it 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.

When a security is considered to be impaired, but when a sale is not intended or is not likely, the loss is separated into the portion that represents the credit loss and the portion that is due to other factors. A credit loss is recorded, subject to reversal, in the consolidated statement of operations within "Net gains (losses) on investments and other financial instruments." 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 and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods.

Home office and equipment is shown net of accumulated depreciation of $59.2 million and $57.1 million as of December 31, 2023 and 2022, respectively. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $4.6 million, $4.9 million and $5.6 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 reported net of any ceding commissions received associated with our reinsurance transactions. 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 do not 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.

LOSS RESERVES

Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves.

Case reserves and LAE reserves are established when notices of delinquency on insured mortgage loans are received. Such loans are referred to as being in our delinquency inventory. For reporting purposes, we consider a loan delinquent when it is two or more payments past due and has not become current or resulted in a claim payment. Even though the accounting standard, 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 case reserves for future claims on insured loans that are not currently delinquent.

Case reserves are established by estimating the number of loans in our delinquency inventory 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 case reserve estimates are primarily established based upon historical experience, including rescissions of policies, curtailments of claims, and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. Loss reserves for reinsurance assumed are based on information provided by the ceding companies.

IBNR reserves are established for delinquencies estimated to have occurred prior to the close of an accounting period, but have not yet been reported to us. Consistent with case reserves for reported delinquencies, IBNR reserves are also established using estimated claim rates and claim severities.

LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process.

Loss reserves are ceded to reinsurers under our reinsurance agreements. (See "Reinsurance" discussion below. Also see Note 8 – “Loss Reserves” and Note 9 – “Reinsurance.”)

PREMIUM DEFICIENCY RESERVE

After our loss reserves are established, we perform premium deficiency tests using our best estimate of future premium, losses and LAE paid. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and LAE paid exceeds the present value of expected future premium and already established loss reserves.

REVENUE RECOGNITION

We write policies which are guaranteed renewable at the insured's option on a monthly, single, or annual premium basis. We have no ability to re-underwrite or reprice these policies. 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. Premiums written on annual premium policies are earned on a monthly pro rata basis. Premiums written on policies covering more than one year are amortized over the estimated policy life based on historical experience, which includes the anticipated incurred loss pattern. 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. When a policy is cancelled due to rescission, all previously collected premium is returned. When a policy is cancelled because a claim is paid, premium collected since the date of delinquency is returned.

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. Changes in this liability, and the actual return of premiums for all periods, affects premiums written and earned.

We assess whether a credit loss allowance is required for our premium receivable. We consider collectability trends and industry development, among other things. Any estimated credit loss would be immediately recognized.

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 consolidated financial statements and the tax bases of these items. The estimated tax effects are computed at the enacted federal statutory income tax rate. Changes in tax laws, rates, regulations, and policies or the final determination of tax audits or examinations, could materially affect our estimates and can be significant to our operating results. We evaluate the realizability of the deferred tax assets based on the weight of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized.

The recognition of a tax position is determined using a two-step approach. The first step applies a more-likely-than-not threshold for recognition and derecognition. The second step measures the tax position as the greatest amount of benefit that is cumulatively greater than 50% likely to be realized. When evaluating a tax position for recognition and measurement, we presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. We recognize interest accrued and penalties related to unrecognized tax benefits in our provision for income taxes.

Federal tax law permits mortgage guaranty insurance companies to deduct from taxable income, subject to certain limitations, the amounts added to contingency loss reserves that are recorded for regulatory purposes. The amounts we deduct must generally be included in taxable income in the tenth subsequent year. The deduction is allowed only to the extent that we purchase and hold U.S. government non-interest-bearing tax and loss bonds in an amount equal to the tax benefit attributable to the deduction. We account for these purchases as a payment of current federal income tax. (See "Note 12 - Income Taxes.")

BENEFIT PLANS

We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan, that covered eligible employees as of December 31, 2022, utilizing a cash balance formula. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants will continue to earn interest credits on their retirement benefits. We recognize the ongoing retirement benefit costs of these plans as they are incurred. Our policy is to fund pension costs 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. Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. 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 11 – “Benefit Plans.”)

REINSURANCE

We cede insurance risk through the use of quota share reinsurance transactions ("QSR") and excess of loss reinsurance transactions. We have excess of loss transactions executed through the traditional reinsurance market and with Home Re special purpose insurers. Premiums and losses incurred on our QSR Transactions are ceded pursuant to the terms of our reinsurance agreements. Reinsurance premiums ceded under our traditional reinsurance transactions are based off the remaining reinsured coverage levels. Reinsurance premiums ceded under our Home Re agreements are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in the reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC.

Loss reserves are reported before taking credit for amounts ceded under reinsurance transactions. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable, net of ceding commission and profit commission are included in “Other liabilities.” Profit commissions are included with “Premiums written – Ceded” and ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 9 – “Reinsurance.”)

We assess whether a credit loss allowance is required for our reinsurance recoverables. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to, the credit ratings of individual reinsurers, investor reports for our Home Re Transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances.

Assumed reinsurance is based on information received from the ceding company.

See Note 9 – “Reinsurance" for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions.

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. Awards under our plans generally vest over periods ranging from one to three years, although awards to our non-employee directors vest immediately. Any forfeitures of awards are recognized as they occur. (See Note 15 – “Share-based Compensation Plans.”)

EARNINGS PER SHARE

Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Our "participating securities" are composed of vested restricted stock and restricted stock units ("RSUs") with non-forfeitable rights to dividends. 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 our unvested restricted stock units result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our 9% Debentures are converted to 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. For purposes of calculating basic and diluted EPS, vested RSUs are considered outstanding. In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 7 - “Debt”.)

RELATED PARTY TRANSACTIONS

In 2023 and 2022, there were no material related party transactions. In 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation.

RECENT ACCOUNTING AND REPORTING DEVELOPMENTS

Accounting standards and laws and regulations effective in 2023, or early adopted, and relevant to our financial statements are described below:

Reference Rate Reform: ASU 2022-06

In March 2020, the FASB issued ASU 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provided optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, extending the election and application from March 12, 2020 through December 31, 2024 (originally December 31, 2022). Future elections of this standard will ease, if warranted, the requirements for accounting for the future effects of reference rate reform. We have evaluated the impact the discontinuance of LIBOR will have on our consolidated financial statements and have determined it will not have a material impact.

Inflation Reduction Act

On August 16, 2022, the Inflation Reduction Act (the “IRA”) was enacted and signed into law in the United States. The IRA includes provisions for a 15% corporate minimum tax and a 1% excise tax on net stock repurchases. Both of these taxes are effective in 2023. These provisions did not have a material impact on our consolidated financial results, including our annual estimated effective tax rate.

PROSPECTIVE ACCOUNTING AND REPORTING DEVELOPMENTS

Relevant new amendments to accounting standards, which are not yet effective or adopted.

Improvements to Income Tax Disclosures: ASU 2023-09

In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. Income tax disclosures will require consistent categories and greater disaggregations of information in the rate reconciliation and disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impacts the adoption of this guidance will have on our disclosures, but do not expect it will have a material impact.

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulatory requirements	$ 12,200	$ 11,800
Assets held in trust for the benefit of contractual counterparties	156,900	128,400
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	6,061,022	5,926,785
Gross Unrealized Gains	28,235	5,953
Gross Unrealized Losses	(366,144)	(523,040)
Fixed income, available-for-sale	5,723,113	5,409,698
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	167,995	145,581
Gross Unrealized Gains	51	2
Gross Unrealized Losses	(6,364)	(9,683)
Fixed income, available-for-sale	161,682	135,900
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Total at end of period	2,092,754	2,400,261
Gross Unrealized Gains	5,159	4,866
Gross Unrealized Losses	(189,835)	(256,073)
Fixed income, available-for-sale	1,908,078	2,149,054
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	2,626,401	2,416,475
Gross Unrealized Gains	17,391	1,043
Gross Unrealized Losses	(128,211)	(196,377)
Fixed income, available-for-sale	2,515,581	2,221,141
ABS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	173,256	126,723
Gross Unrealized Gains	1,292	5
Gross Unrealized Losses	(3,275)	(6,041)
Fixed income, available-for-sale	171,273	120,687
RMBS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	347,132	223,743
Gross Unrealized Gains	4,297	10
Gross Unrealized Losses	(20,656)	(25,744)
Fixed income, available-for-sale	330,773	198,009
CMBS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	293,204	257,785
Gross Unrealized Gains	5	22
Gross Unrealized Losses	(15,752)	(20,591)
Fixed income, available-for-sale	277,457	237,216
CLOs
Debt Securities, Available-for-sale [Line Items]
Total at end of period	327,467	337,656
Gross Unrealized Gains	37	5
Gross Unrealized Losses	(1,408)	(7,829)
Fixed income, available-for-sale	326,096	329,832
Foreign government debt
Debt Securities, Available-for-sale [Line Items]
Total at end of period	4,486	4,486
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(643)	(699)
Fixed income, available-for-sale	3,843	3,787
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Total at end of period	28,327	14,075
Gross Unrealized Gains	3	0
Gross Unrealized Losses	0	(3)
Fixed income, available-for-sale	$ 28,330	$ 14,072

Share-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 31.5	$ 24.7	$ 17.1
Income tax benefit from compensation cost	2.9	2.1	1.8
Restricted Stock/Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	17.3	$ 23.3	$ 15.1
Unrecognized compensation cost	$ 21.9
Weighted-average period for recognition of compensation cost	1 year 7 months 6 days
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	5,100,000
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

Investments - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Equity securities, at fair value	$ 14,771	$ 14,140
Equity securities
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	16,025	15,924
Fair value gains	5	0
Fair value losses	(1,259)	(1,784)
Equity securities, at fair value	$ 14,771	$ 14,140

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		2 Months Ended	6 Months Ended		12 Months Ended
	Jan. 23, 2024	Feb. 16, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Class of Stock [Line Items]
Retained earnings			$ 4,593,125		$ 4,593,125	$ 4,004,294
Shares repurchased during period (in shares)					21.7	27.8	19.0
Shares repurchased, weighted average price per share (in dollars per share)					$ 15.71	$ 13.89	$ 15.30
Remaining authorized repurchase amount			$ 273,700		$ 273,700
Common stock, dividends, per share, cash paid (in dollars per share)			$ 0.115	$ 0.10
Cash dividends			$ 65,300	$ 58,800
Cumulative Effect, Period of Adoption, Adjustment
Class of Stock [Line Items]
Retained earnings								$ 68,300
Additional Paid in Capital								$ 68,300
Subsequent Event
Class of Stock [Line Items]
Shares repurchased during period (in shares)		2.9
Shares repurchased, weighted average price per share (in dollars per share)		$ 19.43
Common stock, dividends, per share, declared (in dollars per share)	$ 0.115

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - SUPPLEMENTARY NOTES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Senior Notes \| 5.25% Senior Notes due 2028
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Stated interest rate (in hundredths)	5.25%
Insurance Subsidiaries
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10.00%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Proceeds from contribution from holding company	$ 0	$ 0	$ 0
Mortgage Guaranty Insurance Corporation
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Dividends paid to the holding company	600,000,000	800,000,000	400,000,000
Proceeds from contribution from holding company	$ 0	$ 0	$ 0

Other Comprehensive Income (Loss) - Pretax Components of Other Comprehensive Income (Loss) and Related Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized investment (losses) gains arising during the period	$ 179,174	$ (707,005)	$ (154,555)
Income tax (expense) benefit	(37,626)	148,471	32,456
Net of taxes	141,548	(558,534)	(122,099)
Net changes in benefit plan assets and obligations	29,978	(54,017)	31,613
Income tax benefit (expense)	(6,296)	11,343	(6,638)
Net of taxes	23,682	(42,674)	24,975
Total other comprehensive income (loss)	209,152	(761,022)	(122,942)
Total income tax benefit (expense)	(43,922)	159,814	25,818
Other comprehensive income (loss), net of tax	$ 165,230	$ (601,208)	$ (97,124)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We lease data processing equipment and vehicles under operating leases that expire during the next four years. Generally, rental payments are fixed.

Table 16.1 shows minimum the future operating lease payments as of December 31, 2023.


Minimum future operating lease payments
Table	16.1
(In thousands)		Amount
2024		$	1,141
2025		1,018
2026		360
2027		19
2028 and thereafter		—
Total		$	2,538

Total lease expense under operating leases was $1.6 million in 2023, $1.2 million in 2022, and $1.3 million in 2021.

Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Reserve [Roll Forward]
Reserve at beginning of year	$ 557,988	$ 883,522	$ 880,537
Less reinsurance recoverable	28,240	66,905	95,042
Net reserve at beginning of year	472,077	529,748	816,617	$ 785,495
Losses and LAE incurred in respect of delinquent notices received in:
Current year	187,658	149,565	124,592
Prior years	(208,514)	(404,130)	(60,015)
Total losses incurred	(20,856)	(254,565)	64,577
Losses and LAE paid in respect of delinquent notices received in:
Current year	566	362	664
Prior years	45,645	49,626	68,769
Reinsurance terminations	(9,396)	(17,684)	(35,978)
Total losses paid	36,815	32,304	33,455
Net reserve at end of year	472,077	529,748	816,617
Plus reinsurance recoverables	33,302	28,240	66,905
Reserve at end of year	$ 505,379	$ 557,988	$ 883,522

Reinsurance - Home Re Entities Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Total assets	$ 6,538,380	$ 6,213,793
Home Re 2023-1
Effects of Reinsurance [Line Items]
Total assets	330,277
Home Re 2022-1
Effects of Reinsurance [Line Items]
Total assets	427,279	473,575
Home Re 2021-2
Effects of Reinsurance [Line Items]
Total assets	174,431	357,340	$ 398,429
Home Re 2021-1
Effects of Reinsurance [Line Items]
Total assets	118,043	285,039	398,848
Home Re 2020-1
Effects of Reinsurance [Line Items]
Total assets	41,846	119,159	251,387
Home Re 2019-1
Effects of Reinsurance [Line Items]
Total assets	21,039	208,146	208,146
Home Re 2018-1
Effects of Reinsurance [Line Items]
Total assets	$ 73,872	$ 146,822	$ 218,343

- 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.

+ References

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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Investments	$ 5,738,734	$ 5,424,688
Cash and cash equivalents	363,666	327,384
Accrued investment income	58,774	55,178
Total assets	6,538,380	6,213,793
Liabilities:
Senior notes	643,196	641,724
Convertible junior subordinated debentures	0	21,086
Other liabilities	160,009	154,966
Total liabilities	1,466,363	1,571,053
Shareholders’ equity:
Common stock	371,353	371,353
Paid-in capital	1,808,113	1,798,842
Treasury stock, at cost	(1,384,293)	(1,050,238)
Accumulated other comprehensive income, net of tax	(316,281)	(481,511)
Retained earnings	4,593,125	4,004,294
Total shareholders' equity	5,072,017	4,642,740	$ 4,861,382
Total liabilities and shareholders' equity	$ 6,538,380	$ 6,213,793
Parenthetical information [Abstract]
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)	371,353,000	371,353,000
Common stock, shares outstanding (in shares)	272,494,000	293,433,000
Treasury stock, shares at cost (in shares)	98,859,000	77,920,000
Revenues:
Investment income, net of expenses	$ 214,740	$ 167,476	156,438
Net gains (losses) on investments and other financial instruments	(14,141)	(7,463)	5,861
Total revenues	1,155,102	1,172,785	1,185,675
Expenses:
Interest expense	36,905	48,054	71,360
Loss on debt extinguishment	0	40,199	36,914
Total losses and expenses	252,873	82,751	383,898
Income before tax	902,229	1,090,034	801,777
Provision for income taxes	189,280	224,685	166,794
Net income	712,949	865,349	634,983
Other comprehensive income (loss), net of tax	165,230	(601,208)	(97,124)
Comprehensive income	878,179	264,141	537,859
Cash flows from operating activities:
Net income	712,949	865,349	634,983
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred federal	1,550	(5,235)	4,392
Loss on debt extinguishment	0	40,199	36,914
Change in certain assets and liabilities:
Accrued investment income	(3,596)	(3,276)	(1,905)
Net cash provided by operating activities	712,962	650,012	696,317
Cash flows from investing activities:
Purchases of investments	(1,469,540)	(674,406)	(1,531,129)
Proceeds from sales of investments	376,598	399,661	473,904
Net cash (used in) provided by investing activities	(179,190)	410,485	(160,749)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	(28,637)	(89,118)	(98,610)
Redemption of 5.75% senior notes	0	(242,296)	0
Cash portion of loss on debt extinguishment	0	(39,514)	(36,914)
Repurchase of common stock	(337,182)	(385,573)	(290,818)
Dividends paid	(122,965)	(110,947)	(94,219)
Payment of withholding taxes related to share-based compensation net share settlement	(7,257)	(10,094)	(6,729)
Net cash used in financing activities	(496,041)	(1,032,542)	(527,290)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	37,731	27,955	8,278
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	332,913	304,958	296,680
Cash and cash equivalents and restricted cash and cash equivalents at end of year	370,644	332,913	304,958
Fixed income
Assets
Fixed income, available-for-sale	5,601,540	5,342,667
Parenthetical information [Abstract]
Fixed income, amortized cost	5,939,483	5,859,688
Short-Term Investments
Assets
Fixed income, available-for-sale	121,573	67,031
Parenthetical information [Abstract]
Fixed income, amortized cost	121,539	67,097
Parent Company
Assets
Investments	709,333	407,509
Cash and cash equivalents	208,600	239,404
Investment in subsidiaries, at equity in net assets	4,777,121	4,502,261
Accounts receivable - affiliates	2,860	864
Income taxes - current and deferred	34,597	167,966
Accrued investment income	5,975	3,387
Total assets	5,738,486	5,321,391
Liabilities:
Senior notes	643,196	641,724
Convertible junior subordinated debentures	0	21,086
Accrued interest	12,797	13,271
Other liabilities	10,476	2,570
Total liabilities	666,469	678,651
Shareholders’ equity:
Common stock	371,353	371,353
Paid-in capital	1,808,113	1,798,842
Treasury stock, at cost	(1,384,293)	(1,050,238)
Accumulated other comprehensive income, net of tax	(316,281)	(481,511)
Retained earnings	4,593,125	4,004,294
Total shareholders' equity	5,072,017	4,642,740
Total liabilities and shareholders' equity	$ 5,738,486	$ 5,321,391
Parenthetical information [Abstract]
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)	371,353,000	371,353,000
Common stock, shares outstanding (in shares)	272,494,000	293,433,000
Treasury stock, shares at cost (in shares)	98,859,000	77,920,000
Revenues:
Investment income, net of expenses	$ 30,123	$ 7,193	3,850
Net gains (losses) on investments and other financial instruments	(47)	(2,628)	490
Total revenues	30,076	4,565	4,340
Expenses:
Operating expenses	1,555	1,575	1,644
Interest expense	36,905	47,601	68,359
Loss on debt extinguishment	0	38,870	36,914
Total losses and expenses	38,460	88,046	106,917
Income before tax	(8,384)	(83,481)	(102,577)
Provision for income taxes	(1,734)	(17,851)	(21,240)
Equity in net income of subsidiaries	719,599	930,979	716,320
Net income	712,949	865,349	634,983
Other comprehensive income (loss), net of tax	165,230	(601,208)	(97,124)
Comprehensive income	878,179	264,141	537,859
Cash flows from operating activities:
Net income	712,949	865,349	634,983
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(719,599)	(930,979)	(716,320)
Dividends received from subsidiaries	326,013	626,695	400,000
Deferred federal	86,219	119,588	(21,551)
Loss on debt extinguishment	0	38,870	36,914
Other	26,726	33,619	29,799
Change in certain assets and liabilities:
Accounts receivable - affiliates	(1,996)	1,266	(680)
Income taxes receivable	45,913	(43,123)	(306)
Accrued investment income	(499)	931	1,118
Accrued interest	349	(7,230)	(2,503)
Net cash provided by operating activities	476,075	704,986	361,454
Cash flows from investing activities:
Purchases of investments	(566,795)	(1,457)	(339,384)
Proceeds from sales of investments	555,957	287,924	556,384
Net cash (used in) provided by investing activities	(10,838)	286,467	217,000
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	(28,637)	(89,118)	(98,610)
Redemption of 5.75% senior notes	0	(242,296)	0
Cash portion of loss on debt extinguishment	0	(38,185)	(36,914)
Repurchase of common stock	(337,182)	(385,573)	(290,818)
Dividends paid	(122,965)	(110,947)	(94,219)
Payment of withholding taxes related to share-based compensation net share settlement	(7,257)	(10,094)	(6,729)
Net cash used in financing activities	(496,041)	(876,213)	(527,290)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	(30,804)	115,240	51,164
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	239,404	124,164	73,000
Cash and cash equivalents and restricted cash and cash equivalents at end of year	208,600	239,404	$ 124,164
Parent Company \| Fixed income
Assets
Fixed income, available-for-sale	598,420	287,332
Parenthetical information [Abstract]
Fixed income, amortized cost	597,944	299,649
Parent Company \| Short-Term Investments
Assets
Fixed income, available-for-sale	110,913	120,177
Parenthetical information [Abstract]
Fixed income, amortized cost	$ 110,889	$ 120,102

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investment income	$ 219,339	$ 171,843	$ 160,598
Investment expenses	(4,599)	(4,367)	(4,160)
Investment income, net of expenses	214,740	167,476	156,438
Total fixed income securities
Schedule of Investments [Line Items]
Investment income	202,655	166,306	160,030
Equity securities
Schedule of Investments [Line Items]
Investment income	529	437	471
Cash equivalents
Schedule of Investments [Line Items]
Investment income	16,111	5,049	75
Other
Schedule of Investments [Line Items]
Investment income	$ 44	$ 51	$ 22

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Milwaukee, Wisconsin

Loss Reserves - Default Inventory Reconciliation (Details) - loan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Primary Default Inventory [Roll Forward]
Beginning delinquent inventory	26,387	33,290	57,710
New Notices	46,825	42,988	42,432
Cures	(46,108)	(48,262)	(64,896)
Paid claims	(1,328)	(1,305)	(1,223)
Rescissions and denials	(45)	(35)	(38)
Other items removed from inventory	(81)	(289)	(695)
Ending delinquent inventory	25,650	26,387	33,290

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets (liabilities) as reported on the consolidated balance sheets as of December 31, 2023 and 2022 are shown in table 12.1 below.


Deferred tax assets and liabilities
Table	12.1
(In thousands)		2023		2022
Total deferred tax assets		$	109,391	$	144,819
Total deferred tax liabilities		(29,609)		(20,050)
Net deferred tax asset (liability)		$	79,782	$	124,769

Components of the net deferred tax asset (liability)

Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2023 and 2022.


Deferred tax components
Table	12.2
(In thousands)		2023		2022
Unearned premium reserves		$	13,862	$	16,209
Benefit plans		(19,142)		(9,444)
Loss reserves		1,921		1,785
Unrealized losses on investments		70,961		108,588
Deferred policy acquisition cost		(3,064)		(4,003)
Deferred compensation		7,466		6,806
Research and experimental costs		13,351		9,719
Other, net		(5,573)		(4,891)
Net deferred tax asset (liability)		$	79,782	$	124,769

Components of the provision for (benefit from) income taxes

Table 12.3 summarizes the components of the provision for income taxes:


Provision for (benefit from) income taxes
Table	12.3
(In thousands)		2023		2022		2021
Current federal		$	187,246	$	228,259	$	161,055
Deferred federal		1,550		(5,235)		4,392
Other		484		1,661		1,347
Provision for income taxes		$	189,280	$	224,685	$	166,794

Reconciliation of federal statutory income tax rate

Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate.


Effective tax rate reconciliation
Table	12.4
		2023		2022		2021
Federal statutory income tax rate		21.0	%	21.0	%	21.0	%


Tax exempt municipal bond interest		(0.5)	%	(0.5)	%	(0.6)	%
Other, net		0.5	%	0.1	%	0.4	%
Effective tax rate		21.0	%	20.6	%	20.8	%

Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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
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%
Matching contribution rate on employees' contributions (in hundredths)	200.00%
Employee contributions subject to employer match (in hundredths)	2.00%
Matching contribution for the next two percent, as a percent	100.00%
Matching contribution, percent of employee's gross pay, next two percent contributed, as a percent	2.00%
Profit sharing and 401(k) savings plan expenses	$ 9,500	$ 7,600	$ 8,000
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage return should exceed growth in consumer price index annually (in hundredths)	5.75%
Maximum investment in international mutual funds (in hundredths)	30.00%
Percent of international mutual funds equity allocation in emerging markets (in hundredths)	2.00%
Percent of international mutual funds equity allocation in companies primarily based in Europe and the Pacific Basin (in hundredths)	16.00%
Company Contributions	$ 0	0
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Contributions	384	$ 6,414
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan contribution expected to be made in next fiscal year	$ 25,000

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	5.25%
9% Convertible Junior Subordinated Debentures due 2063
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	9.00%	9.00%	9.00%
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 850	$ 850
9% Debentures	0	21,086
Total financial liabilities	643,196	662,810
Carrying Value \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	643,196	641,724
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	850	850
9% Debentures	0	28,085
Total financial liabilities	634,498	629,023
Fair Value \| Significant Other Observable Inputs (Level 2) \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 634,498	$ 600,938

Loss Reserves (Tables)

12 Months Ended

Dec. 31, 2023

Insurance Loss Reserves [Abstract]

Reconciliation of Beginning and Ending Loss Reserves

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years:


Development of loss reserves
Table	8.1
(In thousands)		2023		2022		2021
Reserve at beginning of year		$	557,988	$	883,522	$	880,537
Less reinsurance recoverable		28,240		66,905		95,042
Net reserve at beginning of year		529,748		816,617		785,495

Losses incurred:
Losses and LAE incurred in respect of delinquent notices received in:
Current year		187,658		149,565		124,592
Prior years (1)		(208,514)		(404,130)		(60,015)
Total losses incurred		(20,856)		(254,565)		64,577

Losses paid:
Losses and LAE paid in respect of delinquent notices received in:
Current year		566		362		664
Prior years		45,645		49,626		68,769
Reinsurance terminations (2)		(9,396)		(17,684)		(35,978)
Total losses paid		36,815		32,304		33,455
Net reserve at end of year		472,077		529,748		816,617
Plus reinsurance recoverables		33,302		28,240		66,905
Reserve at end of year		$	505,379	$	557,988	$	883,522

(1)A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development.

(2)In a reinsurance termination, amounts for any incurred but unpaid losses are due to us from the reinsurers. As a result, the amount due from the reinsurers is reclassified from reinsurance recoverable on loss reserves to reinsurance recoverable on paid losses, resulting in no impact to losses incurred. (See Note 9 - "Reinsurance")

Prior Year Development of the Reserves

The prior year loss reserve development for the past three years is reflected in the table 8.2 below.


Reserve development on previously received delinquencies
Table	8.2
(In thousands)		2023		2022		2021
Increase (decrease) in estimated claim rate on primary defaults		$	(200,983)	$	(400,577)	$	(82,904)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(7,531)		(3,553)		22,889
Total prior year loss development (1)		$	(208,514)	$	(404,130)	$	(60,015)

(1)A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves.

Rollforward of Delinquent Inventory Roll-Forward

A roll-forward of our primary delinquency inventory for the years ended December 31, 2023, 2022, and 2021 appears in table 8.3 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.


Primary delinquency inventory roll-forward
Table	8.3
		2023	2022	2021
Beginning delinquent inventory		26,387	33,290	57,710
New Notices		46,825	42,988	42,432
Cures		(46,108)	(48,262)	(64,896)
Paid claims		(1,328)	(1,305)	(1,223)
Rescissions and denials		(45)	(35)	(38)
Other items removed from inventory		(81)	(289)	(695)
Ending delinquent inventory		25,650	26,387	33,290

Aging of the Primary Default Inventory

The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below.


Primary delinquency inventory - consecutive months delinquent
Table	8.4
		December 31,
		2023		2022		2021
3 months or less		9,175		8,820		7,586
4 - 11 months		8,900		8,217		7,990
12 months or more (1)		7,575		9,350		17,714
Total		25,650		26,387		33,290

3 months or less		36	%	33	%	23	%
4 - 11 months		35	%	31	%	24	%
12 months or more		29	%	36	%	53	%
Total		100	%	100	%	100	%

Primary claims received inventory included in ending delinquent inventory		302		267		211

(1)Approximately 37%, 36%, and 20% of the delinquent inventory that has been delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of December 31, 2023, 2022 and 2021, respectively.

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 645,017
Due after one year through five years	1,530,186
Due after five years through ten years	1,824,666
Due after ten years	920,094
Total debt securities with single maturity date	4,919,963
Fair Value
Due in one year or less	639,245
Due after one year through five years	1,487,270
Due after five years through ten years	1,708,591
Due after ten years	782,408
Total debt securities with single maturity date	4,617,514
ABS
Amortized Cost
Total debt securities without single maturity date, amortized cost	173,256
Amortized Cost	173,256	$ 126,723
Fair Value
Total debt securities without single maturity date, fair value	171,273
Total at end of period	171,273	120,687
RMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	347,132
Amortized Cost	347,132	223,743
Fair Value
Total debt securities without single maturity date, fair value	330,773
Total at end of period	330,773	198,009
CMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	293,204
Amortized Cost	293,204	257,785
Fair Value
Total debt securities without single maturity date, fair value	277,457
Total at end of period	277,457	237,216
CLOs
Amortized Cost
Total debt securities without single maturity date, amortized cost	327,467
Amortized Cost	327,467	337,656
Fair Value
Total debt securities without single maturity date, fair value	326,096
Total at end of period	326,096	329,832
Total fixed income securities
Amortized Cost
Amortized Cost	6,061,022	5,926,785
Fair Value
Total at end of period	$ 5,723,113	$ 5,409,698

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury stock	Accumulated other comprehensive income (loss)	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance
Balance, beginning of year at Dec. 31, 2020		$ 371,353	$ 1,862,042	$ (68,289)	$ 1,793,753	$ (393,326)	$ 216,821	$ 2,642,096	$ 68,289	$ 2,710,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury stock, net under share-based compensation plans			(15,956)			8,879
Equity compensation			17,109
Purchases of common stock						(290,818)
Other comprehensive income (loss)	$ (97,124)						(97,124)
Net income	634,983							634,983
Cash dividends								(94,677)
Balance, end of year at Dec. 31, 2021	$ 4,861,382	371,353	1,794,906			(675,265)	119,697	3,250,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Reissuance of treasury stock, net under share-based compensation plans			(20,835)			10,741
Equity compensation			24,771
Purchases of common stock						(385,714)
Other comprehensive income (loss)	$ (601,208)						(601,208)
Net income	865,349							865,349
Cash dividends								(111,746)
Balance, end of year at Dec. 31, 2022	4,642,740	371,353	1,798,842			(1,050,238)	(481,511)	4,004,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of 9% Debentures, net of tax			(5,315)
Reissuance of treasury stock, net under share-based compensation plans			(17,021)			9,764
Equity compensation			31,607
Purchases of common stock						(343,819)
Other comprehensive income (loss)	165,230						165,230
Net income	712,949							712,949
Cash dividends								(124,118)
Balance, end of year at Dec. 31, 2023	$ 5,072,017	$ 371,353	$ 1,808,113			$ (1,384,293)	$ (316,281)	$ 4,593,125

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Minimum number of payments past due to be in default \| loan	2
Related party transaction amount \| $	$ 0	$ 0
Minimum
Significant Accounting Policies [Line Items]
Award vesting period	1 year
Maximum
Significant Accounting Policies [Line Items]
Award vesting period	3 years

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, 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, 2023
(In thousands)	Amortized Cost		Fair Value		Amount at which shown in the balance sheet
Fixed income:
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	167,995	$	161,682	$	161,682
Obligations of U.S. states and political subdivisions	2,092,754		1,908,078		1,908,078
Foreign government debt	4,486		3,843		3,843
Public utilities	251,151		250,952		250,952
ABS	173,256		171,273		171,273
CLOs	327,467		326,096		326,096
Mortgage-backed	640,336		608,230		608,230
All other corporate debt securities	2,375,250		2,264,629		2,264,629
Commercial paper	28,327		28,330		28,330
Total fixed income	6,061,022		5,723,113		5,723,113

Equity securities:
Common stocks:
Industrial, miscellaneous and all other	16,025		14,771		14,771
Total equity securities	16,025		14,771		14,771

Total investments	$	6,077,047	$	5,737,884	$	5,737,884

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 712,949	$ 865,349	$ 634,983
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization	35,230	54,252	66,014
Deferred tax expense (benefit)	1,065	(4,367)	5,188
Equity compensation	31,607	24,771	17,109
Loss on debt extinguishment	0	40,199	36,914
Net (gains) losses on investments and other financial instruments	14,141	7,463	(5,861)
Change in certain assets and liabilities:
Accrued investment income	(3,596)	(3,276)	(1,905)
Reinsurance recoverable on loss reserves	(5,062)	38,665	28,137
Reinsurance recoverable on paid losses	8,185	18,194	(35,606)
Premiums receivable	(499)	(1,460)	(496)
Deferred insurance policy acquisition costs	4,471	2,609	(110)
Profit commission receivable	5,108	4,724	(19,245)
Loss reserves	(52,609)	(325,534)	2,985
Unearned premiums	(37,510)	(46,401)	(45,409)
Return premium accrual	(4,400)	(11,800)	7,200
Current income taxes	(4,143)	(8,549)	5,429
Other, net	8,025	(4,827)	990
Net cash provided by operating activities	712,962	650,012	696,317
Cash flows from investing activities:
Purchases of investments	(1,469,540)	(674,406)	(1,531,129)
Proceeds from sales of investments	376,598	399,661	473,904
Proceeds from maturity of fixed income securities	913,415	688,484	900,591
Proceeds from sale of property and equipment	2,336	0	0
Additions to property and equipment	(1,999)	(3,254)	(4,115)
Net cash (used in) provided by investing activities	(179,190)	410,485	(160,749)
Cash flows from financing activities:
Conversion / purchase of convertible junior subordinated debentures	(28,637)	(89,118)	(98,610)
Redemption of 5.75% senior notes	0	(242,296)	0
Repayment of FHLB advance	0	(155,000)	0
Cash portion of loss on debt extinguishment	0	(39,514)	(36,914)
Repurchase of common stock	(337,182)	(385,573)	(290,818)
Dividends paid	(122,965)	(110,947)	(94,219)
Payment of withholding taxes related to share-based compensation net share settlement	(7,257)	(10,094)	(6,729)
Net cash used in financing activities	(496,041)	(1,032,542)	(527,290)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	37,731	27,955	8,278
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	332,913	304,958	296,680
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$ 370,644	$ 332,913	$ 304,958

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
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
Common stock, shares issued (in shares)	371,353,000	371,353,000
Common stock, shares outstanding (in shares)	272,494,000	293,433,000
Treasury stock, shares at cost (in shares)	98,859,000	77,920,000
Fixed income
Fixed income, amortized cost	$ 5,939,483	$ 5,859,688
Short-Term Investments
Fixed income, amortized cost	121,539	67,097
Equity securities
Cost	$ 16,025	$ 15,924

Benefit Plans - Additional Disclosures (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 2,761
Expected Benefit Payments for the Year Ending: Current plus 2	2,849
Expected Benefit Payments for the Year Ending: Current plus 3	2,715
Expected Benefit Payments for the Year Ending: Current plus 4	2,630
Expected Benefit Payments for the Year Ending: Current plus 5	2,825
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 15,326
Other Postretirement Benefit Plan \| Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	70.00%
Other Postretirement Benefit Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	100.00%
Other Postretirement Benefit Plan \| Real Estate \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Real Estate \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	15.00%
Other Postretirement Benefit Plan \| Commodities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Commodities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10.00%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0.00%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10.00%
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 23,110
Expected Benefit Payments for the Year Ending: Current plus 2	22,771
Expected Benefit Payments for the Year Ending: Current plus 3	23,116
Expected Benefit Payments for the Year Ending: Current plus 4	23,226
Expected Benefit Payments for the Year Ending: Current plus 5	22,236
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 100,929
Pension Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	40.00%

SCHEDULE IV - REINSURANCE

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

SCHEDULE IV - REINSURANCE


SCHEDULE IV — Reinsurance Mortgage Insurance Premiums Earned Years Ended December 31, 2023, 2022 and 2021

(Dollars in thousands)	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
Years ended December 31,
2023	$	1,142,412	$	202,821	$	12,960	$	952,551	1.4	%
2022	1,154,728		156,373		8,778		1,007,133		0.9	%
2021	1,167,592		163,031		9,858		1,014,419		1.0	%

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2023
Nature of Business [Abstract]
Nature of Business	Nature of Business MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), 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. Primary mortgage insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us, of the underlying property. MGIC Assurance Corporation ("MAC") and MGIC Indemnity Corporation ("MIC"), insurance subsidiaries of MGIC, provide insurance for certain mortgages under Fannie Mae and Freddie Mac (the "GSEs") credit risk transfer programs. At December 31, 2023, our direct primary insurance in force ("IIF") was $293.5 billion, which represents the unpaid principal balance of loans that we insure, as reported to us, and our direct primary risk in force ("RIF") was $77.2 billion, which represents the IIF multiplied by the insurance coverage percentage. The substantial majority of our new insurance written ("NIW") is for loans purchased by the GSEs. The current private mortgage insurer eligibility requirements ("PMIERs") of the GSEs include financial requirements, as well as business, quality control and certain transactional approval requirements. 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 of risk in force, calculated from tables of factors with several risk dimensions). Based on our application of the PMIERs, as of December 31, 2023, MGIC’s Available Assets are in excess of its Minimum Required Assets; and MGIC is in compliance with the PMIERs and eligible to insure loans purchased by the GSEs. Through certain non-insurance subsidiaries, we also provide certain services for the mortgage finance industry, such as contract underwriting.

Loss Reserves - Aging of Primary Default Inventory (Details) - loan	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Aging of the Primary Default Inventory [Abstract]
3 months or less	9,175	8,820	7,586
4 - 11 months	8,900	8,217	7,990
12 months or more	7,575	9,350	17,714
Total primary default inventory	25,650	26,387	33,290	57,710
3 months of less (in hundreds, as a percent)	36.00%	33.00%	23.00%
4 - 11 months (in hundredths, as a percent)	35.00%	31.00%	24.00%
12 months or more (in hundredths, as a percent)	29.00%	36.00%	53.00%
Total primary default inventory (in hundredths, as a percent)	100.00%	100.00%	100.00%
Primary claims received inventory included in ending delinquent inventory	302	267	211
Percent of inventory in default for more than 36 consecutive months (as a percent)	37.00%	36.00%	20.00%

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT OBLIGATIONS

Table 7.1 shows the carrying value of our long-term debt obligations as of December 31, 2023 and 2022.


Long-term debt obligations
Table	7.1
		December 31,
(In thousands)		2023		2022
5.25% Notes, due August 2028 (par value: $650 million)		$	643,196	$	641,724
9% Debentures, due April 2063		—		21,086
Long-term debt obligations, carrying value		$	643,196	$	662,810

The 5.25% Senior Notes ("5.25% Notes") is an obligation of our holding company, MGIC Investment Corporation.

2023 Transactions

In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal of $21.1 million. The 9% Debentures were convertible into shares of MGIC common stock at a rate of 77.9620 shares per $1,000 principal amount. Prior to the redemption date, substantially all holders elected to convert into shares of common stock. Under the terms of the 9% Debentures, we paid cash of $28.6 million in lieu of issuing shares of common stock. The conversion of our 9% Debentures resulted in a $5.3 million reduction in our shareholders’ equity, net of tax, and a reduction of 1.6 million potentially dilutive shares.

2022 Transactions

During 2022, we repurchased $89.1 million in aggregate principal of our 9% Debentures at a purchase price of $121.2 million plus accrued interest. The repurchase of our 9% Debentures resulted in a $32.1 million loss on debt extinguishment on our consolidated statement of operations and a reduction of 6.8 million potentially dilutive shares.

The Federal Home Loan Bank Advance (the “FHLB Advance”) was an obligation of MGIC. In 2022, we repaid the outstanding principal balance of the FHLB Advance at a prepayment price of $156.3 million, incurring a prepayment fee of $1.3 million.

In July 2022, we redeemed the outstanding principal balance of the 5.75% Senior Notes (“5.75% Notes”) through a make-whole price of $248.4 million plus accrued interest. The excess of the make-whole price over the carrying value, plus the write-off of unamortized issuance costs on the par value, resulted in a $6.8 million loss on debt extinguishment. The make-whole amount was calculated as the sum of the present values of the remaining scheduled payments of principal and interest discounted at the treasury rate defined in the notes plus 50 basis points and accrued interest. The 5.75% Notes were an obligation of our holding company.

2021 Transactions

In December 2021, we repurchased $98.6 million in aggregate principal amount of our 9% Debentures at a purchase price of $135.5 million, plus accrued interest. The repurchase of our 9% Debentures resulted in a $36.9 million loss on debt extinguishment on our consolidated statement of operations and a reduction in our potentially dilutive shares by approximately 7.5 million shares.

5.25% Notes

Interest on the 5.25% Notes is payable semi-annually on February 15 and August 15.

Until August 15, 2024, we may redeem the notes at 102.625% of principal; on or after August 15, 2024, we may redeem the notes at 101.313% of principal; and on or after August 15, 2025, we may redeem the notes at 100% of principal; in each case, plus accrued and unpaid interest.

The 5.25% Notes have covenants and events of default, which are customary for securities of this nature, and further provide that the trustee or holders of at least 25% in aggregate principal amount of the outstanding 5.25% Notes may declare them immediately due and payable upon the occurrence of certain events of default after the expiration of the applicable grace period. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, the 5.25% Notes will become due and payable immediately. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 5.25% Notes, including their covenants and events of default. We were in compliance with all covenants as of December 31, 2023.

9% Debentures

Interest on the 9% Debentures was payable semi-annually on April 1 and October 1 of each year. The 9% Debentures were convertible, at the holders' option, into common shares. The 9% Debentures included a feature that allowed us, at our option, to make a cash payment to converting holders in lieu of issuing shares of common stock upon conversion of the 9% Debentures.

INTEREST PAYMENTS

Interest payments were $35.1 million during 2023, $53.7 million during 2022 and $71.7 million during 2021.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 712,949	$ 865,349	$ 634,983

- Definition

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

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+ Details

Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	$ 274,975	$ 391,698
Company Service Cost	0	7,153	$ 7,569
Interest Cost	13,787	12,461	11,276
Plan Participants' Contributions	0	0
Net Actuarial (Gain)/Loss	16,995	(83,240)
Benefit Payments from Fund	(13,549)	(13,165)
Benefit and Settlement Payments Paid Directly by Company	(384)	(114)
Plan Amendments	0	3,247
Curtailments	0	(352)
Settlement Payments from Fund (1)	(30,494)	(42,713)
Other Adjustment	0	0
Benefit Obligation at End of Year	261,330	274,975	391,698
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	29,580	25,635
Company Service Cost	1,497	1,307	1,508
Interest Cost	1,633	694	648
Plan Participants' Contributions	311	463
Net Actuarial (Gain)/Loss	1,294	(8,123)
Benefit Payments from Fund	(3,439)	(1,504)
Benefit and Settlement Payments Paid Directly by Company	0	0
Plan Amendments	(346)	11,278
Curtailments	0	0
Settlement Payments from Fund (1)	0	0
Other Adjustment	(292)	(170)
Benefit Obligation at End of Year	$ 30,238	$ 29,580	$ 25,635

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Table 7.1 shows the carrying value of our long-term debt obligations as of December 31, 2023 and 2022.


Long-term debt obligations
Table	7.1
		December 31,
(In thousands)		2023		2022
5.25% Notes, due August 2028 (par value: $650 million)		$	643,196	$	641,724
9% Debentures, due April 2063		—		21,086
Long-term debt obligations, carrying value		$	643,196	$	662,810

Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.20%	5.60%	3.05%
Rate of Compensation Increase Used to Determine Benefit Obligation (in hundredths)		3.00%
Cash Balance Interest Crediting Rate Used to Determine Benefit Obligation (in hundredths)	4.03%	3.97%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	5.50%	3.70%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	6.00%	5.25%
Rate of Compensation Increase Used to Determine Net Periodic Benefit Cost (in hundredths)		3.00%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.20%	5.60%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	5.60%	2.85%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	7.50%	7.50%
Health Care Cost Trend Rate Assumed for Next Year (in hundredths)	6.75%	7.00%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths)	5.00%	5.00%
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 fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	0.00%	0.00%
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)	21.00%	20.00%
Pension Plan \| Total fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	79.00%	80.00%

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income (Loss)

The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2023, 2022 and 2021 are included in table 10.1 below.


Components of other comprehensive income (loss)
Table	10.1
(In thousands)		2023		2022		2021
Net unrealized investment (losses) gains arising during the period		$	179,174	$	(707,005)	$	(154,555)
Income tax (expense) benefit		(37,626)		148,471		32,456
Net of taxes		141,548		(558,534)		(122,099)

Net changes in benefit plan assets and obligations		29,978		(54,017)		31,613
Income tax benefit (expense)		(6,296)		11,343		(6,638)
Net of taxes		23,682		(42,674)		24,975





Total other comprehensive income (loss)		209,152		(761,022)		(122,942)
Total income tax benefit (expense)		(43,922)		159,814		25,818
Total other comprehensive income (loss), net of tax		$	165,230	$	(601,208)	$	(97,124)

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) ( "AOCI") to our consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 are included in table 10.2 below.


Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table	10.2
(In thousands)		2023		2022		2021
Reclassification adjustment for net realized (losses) gains (1)		$	(27,100)	$	(9,860)	$	10,455
Income tax benefit (expense)		5,691		2,070		(2,195)
Net of taxes		(21,409)		(7,790)		8,260

Reclassification adjustment related to benefit plan assets and obligations (2)		(13,990)		(16,750)		(9,779)
Income tax benefit (expense)		2,938		3,518		2,053
Net of taxes		(11,052)		(13,232)		(7,726)





Total reclassifications		(41,090)		(26,610)		676
Income tax benefit (expense)		8,629		5,588		(142)
Total reclassifications, net of tax		$	(32,461)	$	(21,022)	$	534

(1)(Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

A roll-forward of AOCI for the years ended December 31, 2023, 2022, and 2021, including amounts reclassified from AOCI, is included in table 10.3 below.


Roll-forward of Accumulated Other Comprehensive Income (Loss)
Table	10.3
(In thousands)		Net unrealized gains and losses on available-for-sale securities		Net benefit plan assets and obligations recognized in shareholders' equity		Total AOCI
Balance, December 31, 2020, net of tax		$	272,137	$	(55,316)	$	216,821
Other comprehensive income (loss) before reclassifications		(113,839)		17,249		(96,590)
Less: Amounts reclassified from AOCI		8,260		(7,726)		534
Balance, December 31, 2021, net of tax		150,038		(30,341)		119,697
Other comprehensive income (loss) before reclassifications		(566,324)		(55,906)		(622,230)
Less: Amounts reclassified from AOCI		(7,790)		(13,232)		(21,022)
Balance, December 31, 2022, net of tax		(408,496)		(73,015)		(481,511)
Other comprehensive income (loss) before reclassifications		120,139		12,630		132,769
Less: Amounts reclassified from AOCI		(21,409)		(11,052)		(32,461)
Balance, December 31, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT


SCHEDULE II - Condensed Financial Information of Registrant Condensed Balance Sheets Parent Company Only
	December 31,
(In thousands)	2023		2022
ASSETS
Fixed income, available-for-sale, at fair value (amortized cost, 2023 – $597,944 ; 2022 – $299,649)	$	598,420	$	287,332
Short-term, fixed income, available-for-sale, at fair value (amortized cost, 2023 – $110,889 ; 2022 – $120,102)	110,913		120,177
Total investment portfolio	$	709,333	407,509
Cash and cash equivalents	208,600		239,404
Investment in subsidiaries, at equity in net assets	4,777,121		4,502,261
Accounts receivable - affiliates	2,860		864
Income taxes - current and deferred	34,597		167,966
Accrued investment income	5,975		3,387
Total assets	$	5,738,486	$	5,321,391

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Senior notes	$	643,196	$	641,724
Convertible junior subordinated debentures	—		21,086
Accrued interest	12,797		13,271
Other liabilities	10,476		2,570
Total liabilities	666,469		678,651

Shareholders’ equity:
Common stock ($1.00 par value, shares authorized 1,000,000; shares issued 2023 - 371,353; 2022 - 371,353; shares outstanding 2023 - 272,494; 2022 - 293,433)	371,353		371,353
Paid-in capital	1,808,113		1,798,842
Treasury stock at cost (shares 2023 - 98,859; 2022 - 77,920)	(1,384,293)		(1,050,238)
Accumulated other comprehensive income, net of tax	(316,281)		(481,511)
Retained earnings	4,593,125		4,004,294
Total shareholders’ equity	5,072,017		4,642,740
Total liabilities and shareholders’ equity	$	5,738,486	$	5,321,391

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,
(In thousands)	2023		2022		2021
Revenues:
Investment income, net of expenses	$	30,123	$	7,193	$	3,850
Net realized investment gains (losses)	(47)		(2,628)		490
Total revenues	30,076		4,565		4,340

Expenses:
Operating expenses	1,555		1,575		1,644
Interest expense	36,905		47,601		68,359
Loss on debt extinguishment	—		38,870		36,914
Total expenses	38,460		88,046		106,917
Loss before tax	(8,384)		(83,481)		(102,577)
(Benefit from) provision for income taxes	(1,734)		(17,851)		(21,240)
Equity in net income of subsidiaries	719,599		930,979		716,320
Net income	712,949		865,349		634,983
Other comprehensive income (loss), net of tax	165,230		(601,208)		(97,124)
Comprehensive income	$	878,179	$	264,141	$	537,859

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,
(In thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	712,949	$	865,349	$	634,983
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(719,599)		(930,979)		(716,320)
Dividends received from subsidiaries	326,013		626,695		400,000
Deferred tax (benefit) expense	86,219		119,588		(21,551)

Loss on debt extinguishment	—		38,870		36,914
Other	26,726		33,619		29,799
Change in certain assets and liabilities:
Accounts receivable - affiliates	(1,996)		1,266		(680)
Income taxes receivable	45,913		(43,123)		(306)
Accrued investment income	(499)		931		1,118
Accrued interest	349		(7,230)		(2,503)
Net cash provided by operating activities	476,075		704,986		361,454
Cash flows from investing activities:


Purchases of investments	(566,795)		(1,457)		(339,384)
Proceeds from sales of investments	555,957		287,924		556,384
Net cash provided by (used in) investing activities	(10,838)		286,467		217,000
Cash flows from financing activities:




Conversion/Purchase of convertible junior subordinated debentures	(28,637)		(89,118)		(98,610)

Redemption of 5.75% senior notes	—		(242,296)		—
Cash portion of loss on debt extinguishment	—		(38,185)		(36,914)
Repurchase of common stock	(337,182)		(385,573)		(290,818)
Dividends paid	(122,965)		(110,947)		(94,219)

Payment of withholding taxes related to share-based compensation net share settlement	(7,257)		(10,094)		(6,729)
Net cash provided by (used in) financing activities	(496,041)		(876,213)		(527,290)
Net increase (decrease) in cash and cash equivalents	(30,804)		115,240		51,164
Cash and cash equivalents at beginning of year	239,404		124,164		73,000
Cash and cash equivalents at end of year	$	208,600	$	239,404	$	124,164

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 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 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. The maximum dividend that could be paid is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments in 2024, we will notify the OCI to ensure it does not object.

The payment of dividends from MGIC is the principal source of cash inflow for MGIC Investment Corporation, our holding company, other than investment income and raising capital in the public markets. The payment of dividends by our insurance subsidiaries is restricted by insurance regulation as discussed above. MGIC paid a total of $600 million, $800 million and $400 million in dividends in cash and fixed income securities to our holding company during 2023, 2022, and 2021, respectively. No contributions were made to our insurance subsidiaries in 2023, 2022, or 2021.

Note C

The 5.25% Senior Notes discussed in Note 7 – “Debt” to our consolidated financial statements, are obligations of MGIC Investment Corporation, our holding company, and not of its subsidiaries.

Statutory Information - Narrative (Details) $ in Thousands	12 Months Ended
Statutory Information - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) jurisdiction
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
Insurance Subsidiaries
Statutory capital requirements [Abstract]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10.00%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Maximum
Statutory capital requirements [Abstract]
Risk to capital ratio	25
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Risk to capital ratio at end of period	10.2 to 1
Risk to capital ratio	10.2
Amount of policyholders position above or below required MPP	$ 3,600,000
Amount of required MPP	$ 2,200,000

Reinsurance - Quota Share Agreement Terms (Details)	12 Months Ended
Reinsurance - Quota Share Agreement Terms (Details)	Dec. 31, 2024	Dec. 31, 2023
2020 QSR and 2021 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota Share %		17.50%
Annual Loss Ratio to Exhaust Profit Commission		61.90%
Cede rate, option 1		14.50%
Cede rate, option 2		12.00%
2021 QSR and 2022 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota Share %		12.50%
Annual Loss Ratio to Exhaust Profit Commission		57.50%
Cede rate, option 1		10.50%
Cede rate, option 2		8.00%
2021 QSR and 2022 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota Share %		15.00%
Annual Loss Ratio to Exhaust Profit Commission		57.50%
Cede rate, option 1		12.50%
Cede rate, option 2		10.00%
2022 QSR and 2023 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota Share %		15.00%
Annual Loss Ratio to Exhaust Profit Commission		62.00%
Cede rate, option 1		12.50%
Cede rate, option 2		10.00%
2022 QSR and 2023 QSR - 2023 NIW
Effects of Reinsurance [Line Items]
Quota Share %		15.00%
Annual Loss Ratio to Exhaust Profit Commission		62.00%
Cede rate, option 1		12.50%
Cede rate, option 2		10.00%
QSR 2023 - 2023 NIW
Effects of Reinsurance [Line Items]
Quota Share %		10.00%
Annual Loss Ratio to Exhaust Profit Commission		58.50%
Cede rate, option 1		8.00%
Cede rate, option 2		7.00%
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %		65.00%
Annual Loss Ratio to Exhaust Profit Commission		50.00%
QSR 2024 - 2024 NIW \| Forecast
Effects of Reinsurance [Line Items]
Quota Share %	30.00%
Annual Loss Ratio to Exhaust Profit Commission	56.00%

Share-based Compensation Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

We have an omnibus incentive plan that was adopted on April 23, 2020. When the 2020 plan was adopted, no further awards could be made under our previous 2015 plan. The purpose of the 2020 plan is to motivate and incentivize 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. 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 2020 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, 2030 under the 2020 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. At December 31, 2023, 5.1 million shares were available for future grant under the 2020 plan.

The compensation cost that has been charged against income for share-based plans was $31.5 million, $24.7 million, and $17.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The related income tax benefit recognized for share-based plans was $2.9 million, $2.1 million, and $1.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. Table 15.1 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2023.


Restricted stock
Table	15.1
		Weighted Average Grant Date Fair Market Value		Shares
Restricted stock outstanding at December 31, 2022		$	14.02	3,576,679
Granted (1)		14.17		1,415,329
Vested		13.18		(1,263,746)
Forfeited		14.01		(545,471)
Restricted stock outstanding at December 31, 2023		$	13.89	3,182,791

(1) Approximately 67% of the shares granted in 2023 are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

At December 31, 2023, the 3.2 million shares of restricted stock outstanding consisted of 2.4 million shares that are subject to performance conditions (“performance shares”), 0.6 million shares that are subject only to service conditions (“time vested shares”), and 0.2 million shares related to non-employee director shares. The weighted-average grant date fair value of restricted stock granted during 2022 and 2021 was $15.45 and $12.83, 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 or previous trading day if the New York Stock Exchange is closed on the date of grant. The total fair value of restricted stock vested during 2023, 2022 and 2021 was $17.3 million, $23.3 million, and $15.1 million, respectively.

As of December 31, 2023, the total unrecognized compensation cost for all of our outstanding share-based awards was $21.9 million. A portion of the unrecognized costs associated with the outstanding shares may or may not be recognized in future periods, depending upon whether or not the performance and/or service conditions are met. The cost associated with the outstanding share-based awards is expected to be recognized over a weighted-average period of 1.6 years.

Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	$ 79,309	$ 89,711
Net Prior Service Cost/(Credit)	2,900	3,245
Net Transition Obligation/(Asset)	0	0
Total at Year End	82,209	92,956	$ 83,298
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	(30,804)	(13,781)
Net Prior Service Cost/(Credit)	11,041	13,249
Net Transition Obligation/(Asset)	0	0
Total at Year End	$ (19,763)	$ (532)	$ (44,891)

Loss Reserves

12 Months Ended

Dec. 31, 2023

Insurance Loss Reserves [Abstract]

Loss Reserves

As described in Note 3 – “Summary of Significant Accounting Policies – Loss Reserves,” we establish case reserves and loss adjustment expenses ("LAE") reserves on delinquent loans that were reported to us as two or more payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case reserves are established by estimating the number of loans in our delinquency inventory 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.

IBNR reserves are established for estimated losses from delinquencies we estimate have occurred prior to the close of an accounting period, but have not yet been reported to us. IBNR reserves are also established using estimated claim rates and claim severities.

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; exposure on insured loans; the amount of time between delinquency and claim filing (all else being equal, the longer the period between delinquency and claim filing, the greater the severity); and curtailments and rescissions. 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, the impact of past and future government initiatives and actions taken by the GSEs (including mortgage forbearance programs and foreclosure moratoriums), 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. Loss reserves in future periods will also be dependent on the number of loans reported to us as delinquent.

Changes to our estimates could result in a material impact to our consolidated statements of operations and financial position, even in a stable economic environment. Given the uncertainty of the macroeconomic environment, including the effectiveness of loss mitigation efforts, changes in home prices, and level of employment, our loss reserve estimates may continue to be impacted.

In considering the potential sensitivity of the factors underlying our estimate of loss reserves, it is possible that even a relatively small change in our estimated claim rate or claim severity could have a material impact on loss reserves and, correspondingly, on our consolidated statements of operations even in a stable economic environment. For example, as of December 31, 2023, assuming all other factors remain constant, a $1,000 increase/decrease in the average severity reserve factor would change the loss reserve amount by approximately +/- $8 million. A one percentage point increase/decrease in the average claim rate reserve factor would change the loss reserve amount by approximately +/- $16 million.

The “Losses incurred” section of table 8.1 below shows losses incurred on delinquencies that occurred in the current year and in prior years. The amount of losses incurred relating to delinquencies that occurred in the current year represents the estimated amount to be ultimately paid on such delinquencies. The amount of losses incurred relating to delinquencies that occurred in prior years represents the difference between the actual claim rate and claim severity associated with those delinquencies resolved in the current year compared to the estimated claim rate and claim severity at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on delinquencies continuing from the end of the prior year. This re-estimation of the claim rate and claim severity is the result of our review of current trends in the delinquency inventory, such as percentages of delinquencies that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of delinquencies by geography and changes in average loan exposure.

Losses incurred on delinquencies received in the current year increased in 2023 compared to 2022. The increase is primarily due to an increase in estimated severity on current year delinquencies and an increase in new delinquencies reported.

In 2023 and 2022, we experienced favorable loss development of $208.5 million and $404.1 million, respectively, on delinquencies received in prior years. The favorable development for both periods primarily resulted from a decrease in the expected claim rate on previously received delinquencies. Home price appreciation experienced in recent years has allowed some borrowers to cure their delinquencies through the sale of their property.

The “Losses paid” section of table 8.1 below shows the amount of losses paid on delinquencies received in the current year and losses paid on delinquencies that occurred in prior years.

Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years:


Development of loss reserves
Table	8.1
(In thousands)		2023		2022		2021
Reserve at beginning of year		$	557,988	$	883,522	$	880,537
Less reinsurance recoverable		28,240		66,905		95,042
Net reserve at beginning of year		529,748		816,617		785,495

Losses incurred:
Losses and LAE incurred in respect of delinquent notices received in:
Current year		187,658		149,565		124,592
Prior years (1)		(208,514)		(404,130)		(60,015)
Total losses incurred		(20,856)		(254,565)		64,577

Losses paid:
Losses and LAE paid in respect of delinquent notices received in:
Current year		566		362		664
Prior years		45,645		49,626		68,769
Reinsurance terminations (2)		(9,396)		(17,684)		(35,978)
Total losses paid		36,815		32,304		33,455
Net reserve at end of year		472,077		529,748		816,617
Plus reinsurance recoverables		33,302		28,240		66,905
Reserve at end of year		$	505,379	$	557,988	$	883,522

The prior year loss reserve development for the past three years is reflected in the table 8.2 below.


Reserve development on previously received delinquencies
Table	8.2
(In thousands)		2023		2022		2021
Increase (decrease) in estimated claim rate on primary defaults		$	(200,983)	$	(400,577)	$	(82,904)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(7,531)		(3,553)		22,889
Total prior year loss development (1)		$	(208,514)	$	(404,130)	$	(60,015)

DELINQUENCY INVENTORY


Primary delinquency inventory roll-forward
Table	8.3
		2023	2022	2021
Beginning delinquent inventory		26,387	33,290	57,710
New Notices		46,825	42,988	42,432
Cures		(46,108)	(48,262)	(64,896)
Paid claims		(1,328)	(1,305)	(1,223)
Rescissions and denials		(45)	(35)	(38)
Other items removed from inventory		(81)	(289)	(695)
Ending delinquent inventory		25,650	26,387	33,290

Historically as a delinquency ages it is more likely to result in a claim. The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below.


Primary delinquency inventory - consecutive months delinquent
Table	8.4
		December 31,
		2023		2022		2021
3 months or less		9,175		8,820		7,586
4 - 11 months		8,900		8,217		7,990
12 months or more (1)		7,575		9,350		17,714
Total		25,650		26,387		33,290

3 months or less		36	%	33	%	23	%
4 - 11 months		35	%	31	%	24	%
12 months or more		29	%	36	%	53	%
Total		100	%	100	%	100	%

Primary claims received inventory included in ending delinquent inventory		302		267		211

PREMIUM REFUNDS

Our estimate of premiums to be refunded on expected claim payments is accrued for separately in "Other liabilities" on our consolidated balance sheets and was $21.1 million and $25.5 million at December 31, 2023 and 2022, respectively.

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remaining term of operating leases (in years)	4 years
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 1,141
2025	1,018
2026	360
2027	19
2028	0
Total	2,538
Operating lease, expense	$ 1,600	$ 1,200	$ 1,300

Statutory Information (Tables)

12 Months Ended

Dec. 31, 2023

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices

The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 14.1.


Statutory financial information of insurance subsidiaries
Table	14.1
		As of and for the Years Ended December 31,
(In thousands)		2023		2022		2021
Statutory net income		$	279,145	$	440,944	$	295,811
Statutory policyholders' surplus		639,878		924,977		1,220,714
Contingency reserve		5,199,405		4,669,724		4,126,604

The decrease in statutory policyholders' surplus for the years ended December 31, 2023 and December 31, 2022 is primarily due to dividend payments to MGIC Investment Corporation ("the holding company") (discussed below), offset by statutory net income.

For the years ended December 31, 2023, 2022, and 2021 there were no contributions made to MGIC or distributions from other insurance subsidiaries to us. Dividends paid by MGIC are shown in table 14.2 below.


Surplus contributions and dividends of insurance subsidiaries
Table	14.2
		Years Ended December 31,
(In thousands)		2023		2022	2021

Dividends paid by MGIC to the holding company (1)		$	600,000	800,000	400,000

(1) Dividends paid in cash and/or investment securities. Also, in 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation at an amount of $8.9 million.

- 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.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 712,949	$ 865,349	$ 634,983
Other comprehensive income (loss), net of tax:
Change in unrealized investment gains and losses	141,548	(558,534)	(122,099)
Benefit plans adjustment	23,682	(42,674)	24,975
Other comprehensive income (loss), net of tax	165,230	(601,208)	(97,124)
Comprehensive income	$ 878,179	$ 264,141	$ 537,859

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums written:
Direct	$ 1,105,027	$ 1,108,570	$ 1,123,117
Assumed	12,835	8,535	8,924
Ceded	(202,821)	(156,373)	(163,031)
Net premiums written	915,041	960,732	969,010
Decrease (increase) in unearned premiums	37,510	46,401	45,409
Net premiums earned	952,551	1,007,133	1,014,419
Investment income, net of expenses	214,740	167,476	156,438
Net gains (losses) on investments and other financial instruments	(14,141)	(7,463)	5,861
Other revenue	1,952	5,639	8,957
Total revenues	1,155,102	1,172,785	1,185,675
Losses and expenses:
Losses incurred, net	(20,856)	(254,565)	64,577
Amortization of deferred insurance policy acquisition costs	10,820	12,366	12,602
Other underwriting and operating expenses, net	226,004	236,697	198,445
Loss on debt extinguishment	0	40,199	36,914
Interest expense	36,905	48,054	71,360
Total losses and expenses	252,873	82,751	383,898
Income before tax	902,229	1,090,034	801,777
Provision for income taxes	189,280	224,685	166,794
Net income	$ 712,949	$ 865,349	$ 634,983
Earnings per share:
Basic (in dollars per share)	$ 2.51	$ 2.83	$ 1.90
Diluted (in dollars per share)	$ 2.49	$ 2.79	$ 1.85
Weighted average common shares outstanding - basic (in shares)	283,605	305,847	334,330
Weighted average common shares outstanding - diluted (in shares)	287,155	311,229	351,308

Investments - Net Unrealized Gains (Losses) of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Fixed income securities	$ 179,174	$ (707,005)	$ (154,555)

- 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.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment portfolio:
Equity securities, at fair value (cost, 2023 - $16,025; 2022 - $15,924)	$ 14,771	$ 14,140
Other invested assets, at cost	850	850
Total investment portfolio	5,738,734	5,424,688
Cash and cash equivalents	363,666	327,384
Restricted cash and cash equivalents	6,978	5,529
Accrued investment income	58,774	55,178
Reinsurance recoverable on loss reserves	33,302	28,240
Reinsurance recoverable on paid losses	9,896	18,081
Premiums receivable	58,499	58,000
Home office and equipment, net	38,755	41,419
Deferred insurance policy acquisition costs	14,591	19,062
Deferred income taxes, net	79,782	124,769
Other assets	135,403	111,443
Total assets	6,538,380	6,213,793
Liabilities:
Loss reserves	505,379	557,988
Unearned premiums	157,779	195,289
Senior notes	643,196	641,724
Convertible junior subordinated debentures	0	21,086
Other liabilities	160,009	154,966
Total liabilities	1,466,363	1,571,053
Contingencies
Shareholders' equity:
Common stock	371,353	371,353
Paid-in capital	1,808,113	1,798,842
Treasury stock, at cost	(1,384,293)	(1,050,238)
Accumulated other comprehensive income (loss), net of tax	(316,281)	(481,511)
Retained earnings	4,593,125	4,004,294
Total shareholders' equity	5,072,017	4,642,740
Total liabilities and shareholders' equity	6,538,380	6,213,793
Fixed income
Investment portfolio:
Fixed income, available-for-sale	5,601,540	5,342,667
Short-Term Investments
Investment portfolio:
Fixed income, available-for-sale	$ 121,573	$ 67,031

Investments

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments

FIXED INCOME SECURITIES

Our fixed income securities consisted of the following as of December 31, 2023 and 2022:


Details of fixed income investment securities by category as of December 31, 2023
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	167,995	$	51	$	(6,364)	$	161,682
Obligations of U.S. states and political subdivisions		2,092,754		5,159		(189,835)		1,908,078
Corporate debt securities		2,626,401		17,391		(128,211)		2,515,581
ABS		173,256		1,292		(3,275)		171,273
RMBS		347,132		4,297		(20,656)		330,773
CMBS		293,204		5		(15,752)		277,457
CLOs		327,467		37		(1,408)		326,096
Foreign government debt		4,486		—		(643)		3,843
Commercial paper		28,327		3		—		28,330
Total fixed income securities		$	6,061,022	$	28,235	$	(366,144)	$	5,723,113


Details of fixed income investment securities by category as of December 31, 2022
Table	5.1b
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	145,581	$	2	$	(9,683)	$	135,900
Obligations of U.S. states and political subdivisions		2,400,261		4,866		(256,073)		2,149,054
Corporate debt securities		2,416,475		1,043		(196,377)		2,221,141
ABS		126,723		5		(6,041)		120,687
RMBS		223,743		10		(25,744)		198,009
CMBS		257,785		22		(20,591)		237,216
CLOs		337,656		5		(7,829)		329,832
Foreign government debt		4,486		—		(699)		3,787
Commercial paper		$	14,075	$	—	$	(3)	$	14,072
Total fixed income securities		$	5,926,785	$	5,953	$	(523,040)	$	5,409,698

We had $12.2 million and $11.8 million of investments at fair value on deposit with various states as of December 31, 2023 and 2022, respectively, due to regulatory requirements of those state insurance departments.

In connection with our insurance and reinsurance activities within MAC and MIC, insurance subsidiaries of MGIC, we are required to maintain assets in trusts for the benefit of contractual counterparties, which had investments at fair value of $156.9 million and $128.4 million at December 31, 2023 and 2022, respectively. The increase is primarily due to an increase in collateral required as the risk in force covered by these insurance and reinsurance activities has increased.

The amortized cost and fair values of fixed income securities at December 31, 2023, by contractual maturity, are shown in table 5.2 below. Actual 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 mortgage and asset-backed securities provide for periodic payments throughout their lives, they are listed in separate categories.


Fixed income securities maturity schedule
Table	5.2
		December 31, 2023
(In thousands)		Amortized Cost		Fair Value
Due in one year or less		$	645,017	$	639,245
Due after one year through five years		1,530,186		1,487,270
Due after five years through ten years		1,824,666		1,708,591
Due after ten years		920,094		782,408
		4,919,963		4,617,514

ABS		173,256		171,273
RMBS		347,132		330,773
CMBS		293,204		277,457
CLOs		327,467		326,096
Total as of December 31, 2023		$	6,061,022	$	5,723,113

EQUITY SECURITIES

The cost and fair value of investments in equity securities as of December 31, 2023 and December 31, 2022 are shown in tables 5.3a and 5.3b below.


Details of equity investment securities as of December 31, 2023
Table	5.3a
(In thousands)		Cost		Fair value gains		Fair value losses		Fair Value
Equity securities		$	16,025	$	5	$	(1,259)	$	14,771


Details of equity investment securities as of December 31, 2022
Table	5.3b
(In thousands)		Cost		Fair value gains		Fair value losses		Fair Value
Equity securities		$	15,924	$	—	$	(1,784)	$	14,140

NET GAINS (LOSSES) ON INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS

The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale and equity securities are shown in table 5.4 below.


Details of net gains (losses) on investments and other financial instruments
Table	5.4
(in thousands)		December 31, 2023		December 31, 2022		December 31, 2021

Fixed income securities
Gains on sales		$	3,071	$	7,152	$	8,980
Losses on sales		(17,620)		(15,477)		(1,942)
Change in credit allowance		—		—		49
Impairments		—		(1,415)		—
Equity securities gains (losses)
Gains (losses) on sales		—		(7)		4
Changes in fair value		530		(2,013)		(463)
Change in embedded derivative on Home Re Transactions (1)		(118)		4,269		(721)
Other
Gains (losses) on sales		(1)		2		(33)
Market adjustment		(3)		26		(13)
Net gains (losses) on investments and other financial instruments		$	(14,141)	$	(7,463)	$	5,861

Proceeds from sales of fixed income securities		$	375,788	$	397,553	$	471,783
Proceeds from sales of equity securities		—		97		2,621

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

OTHER INVESTED ASSETS

Our other invested assets balances includes an investment in Federal Home Loan Bank ("FHLB") stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility.

UNREALIZED INVESTMENT LOSSES

Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position as of December 31, 2023 and 2022, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" to these consolidated financial statements.


Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	26,550	$	(75)	$	98,359	$	(6,289)	$	124,909	$	(6,364)
Obligations of U.S. states and political subdivisions		275,727		(3,622)		1,200,533		(186,213)		1,476,260		(189,835)
Corporate debt securities		270,956		(6,060)		1,604,021		(122,151)		1,874,977		(128,211)
ABS		41,549		(1,234)		62,611		(2,041)		104,160		(3,275)
RMBS		44,867		(872)		176,349		(19,784)		221,216		(20,656)
CMBS		35,249		(391)		244,216		(15,361)		279,465		(15,752)
CLOs		—		—		274,729		(1,408)		274,729		(1,408)
Foreign government debt		—		—		3,843		(643)		3,843		(643)

Total		$	694,898	$	(12,254)	$	3,664,661	$	(353,890)	$	4,359,559	$	(366,144)


Unrealized loss aging for securities by type and length of time as of December 31, 2022
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	67,531	$	(3,583)	$	76,246	$	(6,100)	$	143,777	$	(9,683)
Obligations of U.S. states and political subdivisions		1,344,272		(157,903)		360,956		(98,170)		1,705,228		(256,073)
Corporate debt securities		1,488,255		(109,976)		758,732		(86,401)		2,246,987		(196,377)
ABS		53,201		(1,008)		67,073		(5,033)		120,274		(6,041)
RMBS		77,563		(8,572)		136,179		(17,172)		213,742		(25,744)
CMBS		166,973		(12,951)		70,792		(7,640)		237,765		(20,591)
CLOs		213,461		(4,644)		114,459		(3,185)		327,920		(7,829)
Foreign government debt		—		—		3,787		(699)		3,787		(699)
Commercial paper		—		—		3,816		(3)		3,816		(3)
Total		$	3,411,256	$	(298,637)	$	1,592,040	$	(224,403)	$	5,003,296	$	(523,040)

The change in net unrealized gains (losses) of investments is shown in table 5.6 below.


Change in net unrealized gains (losses)
Table	5.6
(In thousands)		2023		2022		2021
Fixed income securities		$	179,174	$	(707,005)	$	(154,555)

There were 1,021 and 1,226 securities in an unrealized loss position as of December 31, 2023 and 2022, respectively. Based on current facts and circumstances, we believe the unrealized losses as of December 31, 2023 presented in table 5.5a above are not indicative of the ultimate collectability of the par value of the securities. The unrealized losses in all categories of our investments were primarily caused by an increase in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations.

The source of net investment income is shown in table 5.7 below.


Net investment income
Table	5.7
(In thousands)		2023		2022		2021
Fixed income securities		$	202,655	$	166,306	$	160,030
Equity securities		529		437		471
Cash equivalents		16,111		5,049		75
Other		44		51		22
Investment income		219,339		171,843		160,598
Investment expenses		(4,599)		(4,367)		(4,160)
Net investment income		$	214,740	$	167,476	$	156,438

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity CHANGE IN ACCOUNTING POLICY As of January 1, 2021, we adopted the updated guidance for "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The application of this guidance resulted in a $68.3 million cumulative effect adjustment to our 2021 beginning retained earnings and paid-in capital to reflect the 9% Debenture as if we had always accounted for the debt as a liability in its entirety. SHARE REPURCHASE PROGRAMS Repurchases may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In 2023, we repurchased approximately 21.7 million shares of our common stock at a weighted average cost per share of $15.71, which included commissions. We may repurchase up to an additional $273.7 million of our common stock through July 1, 2025 under a share repurchase program approved by our Board of Directors in 2023. In 2024, through February 16, we repurchased approximately 2.9 million shares of our common stock at a weighted average cost per share of $19.43, which included commissions. In 2022, we repurchased approximately 27.8 million shares of our common stock at a weighted average cost per share of $13.89, which included commissions. In 2021, we repurchased approximately 19.0 million shares of our common stock at a weighted average cost per share of $15.30, which included commissions. CASH DIVIDENDS In the first and second quarters of 2023, we paid quarterly cash dividends of $0.10 per share to shareholders which totaled $58.8 million. In the third and fourth quarters of 2023, we paid quarterly cash dividends of $0.115 per share which totaled $65.3 million. On January 23, 2024, the Board of Directors declared a quarterly cash dividend to holders of the company's common stock of $0.115 per share payable on March 5, 2023, to shareholders of record at the close of business on February 15, 2024.

- Definition

The entire disclosure for equity.

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+ Details

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverable on paid losses		$ 9,896	$ 9,896	$ 18,081
Reinsurance recoverable on loss reserves		$ 33,302	33,302	28,240	$ 66,905	$ 95,042
Ceded premiums earned			$ 202,821	156,373	163,031
Quota Share Reinsurance Transactions
Effects of Reinsurance [Line Items]
Ceding commission, percentage			20.00%
Annual loss ratio cap, percentage		300.00%	300.00%
Lifetime loss ratio cap, percentage		200.00%	200.00%
Threshold for private mortgage insurer eligibility requirements for termination election			90.00%
Reinsurance recoverable on loss reserves		$ 33,300	$ 33,300	28,200
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %			65.00%
Annual Loss Ratio to Exhaust Profit Commission			50.00%
Threshold for private mortgage insurer eligibility requirements for termination election			80.00%
2020 QSR
Effects of Reinsurance [Line Items]
Quota Share %			12.50%
Annual Loss Ratio to Exhaust Profit Commission			62.00%
Contingent termination fee			$ 5,100
Reinsurance recoverable on paid losses		9,400	$ 9,400
2020 QSR and 2021 QSR - 2020 NIW
Effects of Reinsurance [Line Items]
Quota Share %			17.50%
Annual Loss Ratio to Exhaust Profit Commission			62.00%
2019 QSR Transaction
Effects of Reinsurance [Line Items]
Contingent termination fee				2,200
Quota Share Reinsurance Transactions, 2015 & 2019
Effects of Reinsurance [Line Items]
Reinsurance recoverable on paid losses				$ 17,700
Quota Share Reinsurance Transactions, 2017 & 2018
Effects of Reinsurance [Line Items]
Contingent termination fee					$ 5,000
Home Re 2019-1, Home Re 2021-1 and Home Re 2021-2
Effects of Reinsurance [Line Items]
Ceded premiums earned		$ 8,000
Excess of Loss Reinsurance Transactions, Home Re Transactions
Effects of Reinsurance [Line Items]
Reinsurance Agreement, Optional Right, Percent Of Reinsurance Coverage Threshold			10.00%
Home Re 2019-1
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reduction in Insurance Linked Notes	$ 187,100
Home Re 2021-1
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reduction in Insurance Linked Notes	91,100
Home Re 2021-2
Effects of Reinsurance [Line Items]
Reinsurance Retention Policy, Reduction in Insurance Linked Notes	$ 106,700
Home Re special purpose insurers
Effects of Reinsurance [Line Items]
Percent of total trust assets invested in cash or direct U.S. federal government obligations (as a percent)			99.50%

Document and Entity Information - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2023

Feb. 16, 2024

Jun. 30, 2023

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2023

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-10816

Entity Registrant Name

MGIC Investment Corp

Entity Incorporation, State or Country Code

Entity Tax Identification Number

39-1486475

Entity Address, Address Line One

250 E. Kilbourn Avenue

Entity Address, Postal Zip Code

53202

Entity Address, City or Town

Milwaukee,

Entity Address, State or Province

City Area Code

(414)

Local Phone Number

347-6480

Title of 12(b) Security

Common stock, par value $1 per share

Trading Symbol

MTG

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 4.4

Entity Common Stock, Shares Outstanding

269,669,667

Documents Incorporated by Reference

The following documents have been incorporated by reference in this Form 10-K, as indicated:


Document						Part and Item Number of Form 10-K Into Which Incorporated*
Proxy Statement for the 2024 Annual Meeting of Shareholders, provided such Proxy Statement is filed within 120 days after December 31, 2023. If not so filed, the information provided in Items 10 through 14 of Part III will be included in an amended Form 10-K filed within such 120 day period.						Items 10 through 14 of Part III

* In each case, to the extent provided in the Items listed.

Entity Central Index Key

0000876437

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Amendment Flag

false

Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ (208,514)	$ (404,130)	$ (60,015)
Increase (decrease) in estimated claim rate on primary defaults
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	(200,983)	(400,577)	(82,904)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ (7,531)	$ (3,553)	$ 22,889

Reinsurance - Excess of Loss Reinsurance (Details) $ in Thousands										12 Months Ended
	Oct. 23, 2023 USD ($)	Apr. 01, 2023 USD ($)	Apr. 26, 2022 USD ($)	Apr. 01, 2022 USD ($)	Aug. 03, 2021 USD ($)	Feb. 02, 2021 USD ($)	Oct. 29, 2020 USD ($)	May 25, 2019 USD ($)	Oct. 30, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
2023 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage		10 years
Reinsurance Retention Policy, Initial Amount Retained		$ 70,578
Remaining First Layer Retention										$ 70,578
Remaining Excess of Loss Reinsurance Coverage (1)		$ 96,942								96,942
2022 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage				10 years
Reinsurance Retention Policy, Initial Amount Retained				$ 82,523
Remaining First Layer Retention										82,346	$ 82,517
Remaining Excess of Loss Reinsurance Coverage (1)				$ 142,642						142,642	142,642
Home Re 2023-1
Effects of Reinsurance [Line Items]
Legal Maturity	10 years
Reinsurance Retention Policy, Initial Amount Retained	$ 272,961
Remaining First Layer Retention										272,961
Remaining Excess of Loss Reinsurance Coverage (1)	$ 330,277									$ 330,277
Reinsurance Retention Policy, Funding Percentage	0.97									0.97
Home Re 2022-1
Effects of Reinsurance [Line Items]
Legal Maturity			12 years 6 months
Reinsurance Retention Policy, Initial Amount Retained			$ 325,589
Remaining First Layer Retention										$ 325,001	325,576
Remaining Excess of Loss Reinsurance Coverage (1)			$ 473,575							$ 420,731	473,575
Reinsurance Retention Policy, Funding Percentage			1							1
Home Re 2021-2
Effects of Reinsurance [Line Items]
Legal Maturity					12 years 6 months
Reinsurance Retention Policy, Initial Amount Retained					$ 190,159
Remaining First Layer Retention										$ 189,403	190,097	$ 190,159
Remaining Excess of Loss Reinsurance Coverage (1)					$ 398,429					$ 173,960	352,084	398,429
Reinsurance Retention Policy, Funding Percentage					1					0.68
Home Re 2021-1
Effects of Reinsurance [Line Items]
Legal Maturity						12 years 6 months
Reinsurance Retention Policy, Initial Amount Retained						$ 211,159
Remaining First Layer Retention										$ 210,831	211,102	211,142
Remaining Excess of Loss Reinsurance Coverage (1)						$ 398,848				$ 117,982	277,053	387,830
Reinsurance Retention Policy, Funding Percentage						1				0.65
Home Re 2020-1
Effects of Reinsurance [Line Items]
Legal Maturity							10 years
Reinsurance Retention Policy, Initial Amount Retained							$ 275,283
Remaining First Layer Retention										$ 261,280	275,051	275,204
Remaining Excess of Loss Reinsurance Coverage (1)							$ 412,917			$ 41,846	113,247	234,312
Reinsurance Retention Policy, Funding Percentage							1			1
Home Re 2019-1
Effects of Reinsurance [Line Items]
Legal Maturity								10 years
Reinsurance Retention Policy, Initial Amount Retained								$ 185,730
Remaining First Layer Retention										$ 182,722	183,540	183,917
Remaining Excess of Loss Reinsurance Coverage (1)								$ 315,739		$ 21,039	208,146	208,146
Reinsurance Retention Policy, Funding Percentage								1		0.10
Home Re 2018-1
Effects of Reinsurance [Line Items]
Legal Maturity									10 years
Reinsurance Retention Policy, Initial Amount Retained									$ 168,691
Remaining First Layer Retention										$ 164,335	164,849	165,365
Remaining Excess of Loss Reinsurance Coverage (1)									$ 318,636	$ 69,762	$ 140,993	$ 218,343
Reinsurance Retention Policy, Funding Percentage									1	1

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Table 16.1 shows minimum the future operating lease payments as of December 31, 2023.


Minimum future operating lease payments
Table	16.1
(In thousands)		Amount
2024		$	1,141
2025		1,018
2026		360
2027		19
2028 and thereafter		—
Total		$	2,538

Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension and Supplemental Executive Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	$ 92,956	$ 83,298
Recognized during year - Prior Service (Cost) Credit	(345)	745
Recognized during year - Net Actuarial (Losses) Gains	(11,933)	(20,109)
Occurring during year - Prior Service Cost	0	3,247
Occurring during year - Net Actuarial Losses (Gains)	1,531	25,775
AOCI in Current Year	82,209	92,956
Other Postretirement Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	(532)	(44,891)
Recognized during year - Prior Service (Cost) Credit	(1,861)	(489)
Recognized during year - Net Actuarial (Losses) Gains	150	3,103
Occurring during year - Prior Service Cost	(346)	11,277
Occurring during year - Net Actuarial Losses (Gains)	(17,174)	30,468
AOCI in Current Year	$ (19,763)	$ (532)

Statutory Information - Surplus contributions and dividends of insurance subsidiaries (Details) - Mortgage Guaranty Insurance Corporation - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from contribution from holding company	$ 0	$ 0	$ 0
Dividends paid to the holding company	$ 600,000,000	$ 800,000,000	400,000,000
Dividend to holding company, distribution of investment in subsidiary			$ 8,900,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Components of net periodic benefit cost

The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2023, 2022, and 2021 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 sheets as of December 31, 2023 and 2022.


Components of net periodic benefit cost
Table	11.1
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2021		12/31/2023		12/31/2022		12/31/2021
Company Service Cost		$	—	$	7,153	$	7,569	$	1,497	$	1,307	$	1,508
Interest Cost		13,787		12,461		11,276		1,633		694		648
Expected Return on Plan Assets		(13,517)		(18,064)		(20,657)		(8,235)		(10,502)		(8,863)


Amortization of:
Net Transition Obligation (Asset)		—		—		—		—		—		—
Prior Service Cost (Credit)		345		(163)		(239)		1,861		489		213
Net Actuarial Losses (Gains)		2,185		5,726		5,490		(150)		(3,103)		(1,697)


Cost of Settlements and Curtailments		9,749		13,801		6,012		—		—		—
Net Periodic Benefit Cost (Benefit)		$	12,549	$	20,914	$	9,451	$	(3,394)	$	(11,115)	$	(8,191)

Development of funded status


Development of funded status
Table	11.2
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Actuarial Value of Benefit Obligations
Measurement Date		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Accumulated Benefit Obligation		$	261,330	$	274,975	$	30,238	$	29,580

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit Obligation		$	(261,330)	$	(274,975)	$	(30,238)	$	(29,580)
Plan Assets at Fair Value		235,612		250,674		134,371		111,154
Funded Status - Overfunded/Asset		N/A		N/A		$	104,133	$	81,574
Funded Status - Underfunded/Liability		(25,718)		(24,301)		N/A		N/A


Accumulated other comprehensive (income) loss
Table	11.3
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Net Actuarial Losses (Gains)		$	79,309	$	89,711	$	(30,804)	$	(13,781)
Prior Service Cost (Credit)		2,900		3,245		11,041		13,249
Net Transition Obligation (Asset)		—		—		—		—
Total at Year End		$	82,209	$	92,956	$	(19,763)	$	(532)

Change in projected benefit obligation

Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2023 and 2022.


Change in projected benefit / accumulated benefit
Table	11.4
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Benefit Obligation at Beginning of Year		$	274,975	$	391,698	$	29,580	$	25,635
Company Service Cost		—		7,153		1,497		1,307
Interest Cost		13,787		12,461		1,633		694
Plan Participants' Contributions		—		—		311		463
Net Actuarial Losses (Gains)		16,995		(83,240)		1,294		(8,123)
Benefit Payments from Fund		(13,549)		(13,165)		(3,439)		(1,504)
Benefit and Settlement Payments Paid Directly by Company		(384)		(114)		—		—
Plan Amendments		—		3,247		(346)		11,278
Curtailments		—		(352)		—		—
Settlement Payments from Fund (1)		(30,494)		(42,713)		—		—
Other Adjustment		—		—		(292)		(170)
Benefit Obligation at End of Year		$	261,330	$	274,975	$	30,238	$	29,580

(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.

Changes in fair value of plan assets and other comprehensive income (loss)

Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2023 and 2022.


Change in plan assets
Table	11.5
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Fair Value of Plan Assets at Beginning of Year		$	250,674	$	391,555	$	111,154	$	140,839
Actual Return on Plan Assets		28,981		(91,303)		26,703		(28,088)
Company Contributions		384		6,414		—		—
Plan Participants' Contributions		—		—		311		463
Benefit Payments from Fund		(13,549)		(13,165)		(3,439)		(1,504)
Benefit and Settlement Payments Paid Directly by Company		(384)		(114)		—		—
Settlement Payments from Fund		(30,494)		(42,713)		—		—
Other Adjustment		—		—		(358)		(556)
Fair Value of Plan Assets at End of Year		$	235,612	$	250,674	$	134,371	$	111,154

Change in accumulated other comprehensive income (loss) ("AOCI")
Table	11.6
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
AOCI in Prior Year		$	92,956	$	83,298	$	(532)	$	(44,891)
Increase (Decrease) in AOCI
Recognized during year - Prior Service (Cost) Credit		(345)		745		(1,861)		(489)
Recognized during year - Net Actuarial (Losses) Gains		(11,933)		(20,109)		150		3,103
Occurring during year - Prior Service Cost		—		3,247		(346)		11,277
Occurring during year - Net Actuarial Losses (Gains)		1,531		25,775		(17,174)		30,468


AOCI in Current Year		$	82,209	$	92,956	$	(19,763)	$	(532)

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.


Actuarial assumptions
Table	11.7
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate		5.20	%	5.60	%	5.20	%	5.60	%
2. Rate of Compensation Increase		N/A		3.00	%	N/A		N/A
3. Cash balance interest crediting rate		4.03	%	3.97	%	N/A		N/A

Weighted-Average Assumptions Used to Determine
Net Periodic Benefit Cost for Year
1. Discount Rate		5.50	%	3.70	%	5.60	%	2.85	%
2. Expected Long-term Return on Plan Assets		6.00	%	5.25	%	7.50	%	7.50	%
3. Rate of Compensation Increase		N/A		3.00	%	N/A		N/A

Assumed Health Care Cost Trend Rates at year end
1. Health Care Cost Trend Rate Assumed for Next Year		N/A		N/A		6.75	%	7.00	%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)		N/A		N/A		5.00	%	5.00	%
3. Year That the Rate Reaches the Ultimate Trend Rate		N/A		N/A		2031		2031

Year-end asset allocations of the plans

The year-end asset allocations of the plans are shown in table 11.8 below.


Plan assets
Table	11.8
		Pension Plan				Other Postretirement Benefits
		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Equity Securities		21	%	20	%	100	%	100	%
Debt Securities		79	%	80	%	—	%	—	%
Total		100	%	100	%	100	%	100	%

Schedule of investment allocation strategies

The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:

Strategy

Objective

Investment types

Return seeking growth

Funded ratio improvement over the long term

●

Global quality growth

●

Global low volatility

Return seeking bridge

Downside protection in the event of a declining equity market

●

Enduring asset

●

Durable company

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 objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are:


	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

Schedule of expected future benefit payments

Expected future benefit payments from the plans are shown in Table 11.11 below.


Expected future benefit payments
Table	11.11
		Pension and Supplemental Executive Retirement Plans	Other Postretirement Benefits
(In thousands)		12/31/2023	12/31/2023



Current + 1		23,110	2,761
Current + 2		22,771	2,849
Current + 3		23,116	2,715
Current + 4		23,226	2,630
Current + 5		22,236	2,825
Current + 6 - 10		100,929	15,326

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of fair value of plan assets

The pension plan assets and related accrued investment income at fair value, by hierarchy level, as of December 31, 2023 and 2022, are shown in tables 11.9a and 11.9b below. There were no securities valued using Level 3 inputs.


Pension plan assets at fair value as of December 31, 2023
Table	11.9a
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	2,836	$	—	$	2,836
U.S. government securities		10,301		—		10,301
Corporate debt securities
Corporate debt securities and other		—		145,908		145,908
Non-government foreign debt securities		—		21,843		21,843
Municipal bonds		—		9,220		9,220
Pooled equity accounts		—		45,504		45,504
Total Assets at fair value		$	13,137	$	222,475	$	235,612


Pension plan assets at fair value as of December 31, 2022
Table	11.9b
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	67	$	—	$	67
U.S. government securities		13,328		—		13,328
Corporate debt Securities
Corporate debt securities and other		—		146,854		146,854
Non-government foreign debt securities		—		20,793		20,793
Municipal bonds		—		18,336		18,336
Pooled equity accounts		—		51,296		51,296
Total Assets at fair value		$	13,395	$	237,279	$	250,674

Other Postretirement Benefit Plan

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Schedule of fair value of plan assets

Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2023 and 2022. All are Level 1 assets.


Other postretirement benefits plan assets at fair value as of December 31, 2023
Table	11.10a
(In thousands)		Level 1
Domestic mutual funds		$	109,575
International mutual funds		24,796
Total Assets at fair value		$	134,371


Other postretirement benefits plan assets at fair value as of December 31, 2022
Table	11.10b
(In thousands)		Level 1
Domestic mutual funds		$	89,584
International mutual funds		21,570
Total Assets at fair value		$	111,154

Significant Accounting Policies - Home Office and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Accumulated depreciation of home office and equipment	$ 59.2	$ 57.1
Depreciation expense of home office and equipment	$ 4.6	$ 4.9	$ 5.6
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	3 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	45 years

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements for Items Measured at Fair Value

Assets measured at fair value, by hierarchy level, as of December 31, 2023 and 2022 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K.


Assets carried at fair value by hierarchy level as of December 31, 2023
Table	6.1a
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	161,682	$	95,828	$	65,854
Obligations of U.S. states and political subdivisions		1,908,078		—		1,908,078
Corporate debt securities		2,515,581		—		2,515,581
ABS		171,273		—		171,273
RMBS		330,773		—		330,773
CMBS		277,457		—		277,457
CLOs		326,096		—		326,096
Foreign government debt		3,843		—		3,843
Commercial paper		28,330		—		28,330
Total fixed income securities		5,723,113		95,828		5,627,285
Equity securities		14,771		14,771		—
Cash equivalents(1)		367,517		367,301		216
Total		$	6,105,401	$	477,900	$	5,627,501


Assets carried at fair value by hierarchy level as of December 31, 2022
Table	6.1b
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	135,900	$	116,897	$	19,003
Obligations of U.S. states and political subdivisions		2,149,054		—		2,149,054
Corporate debt securities		2,221,141		—		2,221,141
ABS		120,687		—		120,687
RMBS		198,009		—		198,009
CMBS		237,216		—		237,216
CLOs		329,832		—		329,832
Foreign government debt		3,787		—		3,787
Commercial Paper		14,072		—		14,072
Total fixed income securities		5,409,698		116,897		5,292,801
Equity securities		14,140		14,140		—
Cash equivalents(1)		328,756		324,129		4,627
Total		$	5,752,594	$	455,166	$	5,297,428
(1) Includes restricted cash equivalents

Schedule of Carrying Value and Fair Value of Financial Liabilities Measured on a Recurring Basis

Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2023 and 2022.


Financial liabilities not carried at fair value
Table	6.3
		December 31, 2023				December 31, 2022
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850
Financial liabilities
5.25% Notes		$	643,196	$	634,498	$	641,724	$	600,938
9% Debentures		—		—		21,086		28,085
Total financial liabilities		$	643,196	$	634,498	$	662,810	$	629,023

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic earnings per share [Abstract]
Net income	$ 712,949	$ 865,349	$ 634,983
Weighted average common shares outstanding - basic (in shares)	283,605	305,847	334,330
Basic earnings per share (in dollars per share)	$ 2.51	$ 2.83	$ 1.90
Diluted earnings per share [Abstract]
Net income	$ 712,949	$ 865,349	$ 634,983
Diluted income available to common shareholders	$ 713,975	$ 868,577	$ 649,326
Weighted-average shares - basic (in shares)	283,605	305,847	334,330
Effect of dilutive securities [Abstract]
Weighted-average shares - diluted (in shares)	287,155	311,229	351,308
Diluted income per share (in dollars per share)	$ 2.49	$ 2.79	$ 1.85
Federal statutory income tax rate (in hundredths)	21.00%	21.00%	21.00%
9% Convertible Junior Subordinated Debentures due 2063
Diluted earnings per share [Abstract]
Dilutive securities	$ 1,026	$ 3,228	$ 14,343
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)	1,123	3,465	15,196
Stated interest rate (in hundredths)	9.00%	9.00%	9.00%
Unvested Restricted Stock Units
Effect of dilutive securities [Abstract]
Dilutive securities - Share based compensation (in shares)	2,427	1,917	1,782

Debt (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Jul. 31, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 0	$ 40,199,000	$ 36,914,000
Interest paid			$ 35,100,000	53,700,000	71,700,000
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			9.00%
Extinguishment of debt		$ 21,100,000		89,100,000	98,600,000
Conversion rate (in shares per $1,000 note)		77.9620
Principal amount of notes used in determining conversion rate		$ 1,000
Repayments of long-term debt		28,600,000		121,200,000	135,500,000
Adjustments To Additional Paid In Capital, Conversion of Convertible Debt		$ 5,300,000
Loss on debt extinguishment				$ 32,100,000	$ 36,900,000
Reduction in potentially dilutive shares due to debt extinguishment		1,600,000		6,800,000	7,500,000
Federal Home Loan Bank Advances (FHLB)
Debt Instrument [Line Items]
Loss on debt extinguishment				$ 1,300,000
Federal Home Loan Bank Advance prepayment amount				$ 156,300,000
Senior Notes \| 5.75% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (in hundredths)	5.75%
Loss on debt extinguishment	$ 6,800,000
Purchase of senior notes	$ 248,400,000
Senior Notes \| 5.75% Senior Notes due 2023 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Senior Notes \| 5.25% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in hundredths)			5.25%
Debt instrument, face amount			$ 650,000,000
Ownership percentage threshold for declaration of due and payable			25.00%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)			102.625%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)			101.313%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)			100.00%

Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

Our consolidated financial statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks we have underwritten to other insurance companies who agree to share these risks. The purpose of ceded reinsurance is to protect us, at a cost, against losses arising from our mortgage guaranty policies covered by the agreement and to manage our capital requirements under PMIERs. Reinsurance is currently placed on a quota share and excess of loss basis.

Table 9.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations.


Reinsurance
Table	9.1
		Years ended December 31,
(In thousands)		2023		2022		2021
Premiums earned:
Direct		$	1,142,412	$	1,154,728	$	1,167,592
Assumed		12,960		8,778		9,858
Ceded - quota share reinsurance (1)		(123,955)		(86,435)		(118,537)
Ceded - excess-of-loss reinsurance		(78,866)		(69,938)		(44,494)
Total ceded		(202,821)		(156,373)		(163,031)
Net premiums earned		$	952,551	$	1,007,133	$	1,014,419

Losses incurred:
Direct		$	(5,200)	$	(274,072)	$	74,496
Assumed		(33)		(330)		(57)
Ceded - quota share reinsurance		(15,623)		19,837		(9,862)
Losses incurred, net		$	(20,856)	$	(254,565)	$	64,577

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	133,145	$	176,084	$	153,759
Ceding commission on quota share reinsurance		50,397		52,071		53,460

(1)Ceded premiums earned are shown net of profit commission.

QUOTA SHARE REINSURANCE

We have entered into QSR transactions with panels of third-party reinsurers to cede a fixed percentage of premiums earned and received and losses incurred on insurance covered by the transactions. We receive the benefit of a ceding commission equal to 20% of premiums ceded before profit commission. We also receive the benefit of a profit commission through a reduction of premiums we cede. The profit commission varies inversely with the level of losses on a “dollar for dollar” basis and can be eliminated at annual loss ratios higher than we have experienced on our QSR transactions. Ceded losses incurred are impacted by the delinquencies covered by our QSR Transactions, our estimates of payments that will be ultimately made on those delinquencies, and claim payments covered by our QSR Transactions.

Each of our QSR transactions typically have annual loss ratio caps of 300% and lifetime loss ratios of 200%.

Table 9.2 below provides additional detail regarding our QSR transactions in effect during 2023.


Reinsurance
Table	9.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR		2020	12.5	%	62.0	%	(2)
2020 QSR and 2021 QSR		2020	17.5	%	62.0	%	(2)
2020 QSR and 2021 QSR		2021	17.5	%	61.9	%	December 31, 2032
2021 QSR and 2022 QSR		2021	12.5	%	57.5	%	December 31, 2032
2021 QSR and 2022 QSR		2022	15.0	%	57.5	%	December 31, 2033
2022 QSR and 2023 QSR		2022	15.0	%	62.0	%	December 31, 2033
2022 QSR and 2023 QSR		2023	15.0	%	62.0	%	December 31, 2034
2023 QSR		2023	10.0	%	58.5	%	December 31, 2034
Credit Union QSR		2020-2025	65.0	%	50.0	%	December 31, 2039

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

(2)2020 QSR Transactions covering 2020 policy year were terminated effective December 31, 2023.

We executed a 30.0% QSR Transaction with a group of unaffiliated reinsurers for a reinsurance transaction with an effective date of January 1, 2024 with a similar structure to our existing QSR transactions that will cover most of our NIW in 2024. Generally, we will receive an annual profit commission provided the annual loss ratio on the loans covered under the transaction remains below 56.0%.

We can elect to terminate the QSR Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than 90% (80% for the Credit Union QSR Transaction) of the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period.

Table 9.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case be elected by us for a fee. Under the optional reduction to the quota share percentage, we may reduce our quota share percentage from the original percentage shown in table 9.2 to the percentage showed in 9.3.

Reinsurance

Table 9.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

June 30, 2024

January 1, 2024

14.5% or 12%

2021 QSR and 2022 QSR

2021

June 30, 2024

January 1, 2024

10.5% or 8%

2021 QSR and 2022 QSR

2022

December 31, 2024

January 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2022

December 31, 2024

January 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2023

December 31, 2025

July 1, 2024

12.5% or 10%

2023 QSR

2023

December 31, 2025

July 1, 2024

8% or 7%

(1) We can elect early termination of the QSR transaction beginning on this date, and bi-annually thereafter.

(2) We can elect to reduce the quota share percentage beginning on this date, and bi-annually thereafter.

We incurred an early termination fee of $5.1 million for our 2020 QSR Transaction effective December 31, 2023, $2.2 million for the termination of our 2019 QSR Transaction effective December 31, 2022 and $5.0 million for the termination of our 2017 and 2018 QSR Transactions effective December 31, 2021. We also terminated our 2015 QSR Transaction effective December 31, 2022. The reinsurance recoverable on paid losses due from reinsurers for loss and LAE reserves incurred at the time of termination includes $9.4 million as December 31, 2023 from reinsurer participating in the 2020 QSR Transaction and $17.7 million as of December 31, 2022 from reinsurers participating in the 2015 and 2019 QSR Transactions.

Under the terms of our QSR Transactions, ceded premiums, ceding commissions, profit commission, and ceded loss paid and LAE paid are settled net on a quarterly basis. The ceded premiums due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheets.

The reinsurance recoverable on loss reserves related to our QSR Transactions was $33.3 million as of December 31, 2023 and $28.2 million as of December 31, 2022. The reinsurance recoverable balance is secured by funds on deposit from the reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our quota share reinsurance agreements described above

has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor's Rating Services, A.M. Best, Moody's, or a combination of the three. An allowance for credit losses was not required as of December 31, 2023 or December 31, 2022

EXCESS OF LOSS REINSURANCE

We have XOL Transactions with a panel of unaffiliated reinsurers executed through the traditional reinsurance market (“Traditional XOL Transactions”) and with unaffiliated special purpose insurers (“Home Re Transactions”).

For the policies covered under our Traditional XOL Transactions, we retain the first layer of the aggregate losses paid, and the reinsurers will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount. The reinsurance coverage is subject to adjustment based on the risk characteristics of the covered loans until the initial excess of loss reinsurance coverage layer has been finalized.

We can elect to terminate our Traditional XOL Transactions under specified scenarios without penalty upon prior written notice, including if we will receive less than the full credit amount under the PMIERs, full financial statement credit or full credit under applicable regulatory capital requirements for the risk ceded in any required calculation period. The reinsurance premiums ceded under the Traditional XOL Transactions are based off the remaining reinsurance coverage levels. The reinsured coverage levels are secured by funds on deposit from reinsurers (which does not include letters of credit), the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our Traditional XOL Transactions has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor’s Rating Services, A.M. Best, Moody’s, or a combination of the three.

The Home Re Transactions are executed with unaffiliated special purpose insurers (“Home Re Entities”). For the reinsurance coverage periods, we retain the first layer of the respective aggregate losses paid, and a Home Re Entity will then provide second layer coverage up to the outstanding reinsurance coverage amount. We retain losses paid in excess of the outstanding reinsurance coverage amount. Subject to certain conditions, the reinsurance coverage decreases as the underlying covered mortgages amortize or are repaid, or mortgage insurance losses are paid.

The Home Re Entities financed the coverages by issuing mortgage insurance-linked notes (“ILNs”) to unaffiliated investors in an aggregate amount equal to the initial reinsurance coverage amounts. Each ILN is non-recourse to any assets of MGIC or affiliates. The proceeds of the ILNs, which were deposited into reinsurance trusts for the benefit of MGIC, will be the source of reinsurance claim payments to MGIC and principal repayments on the ILNs.

In October 2023, Home Re 2019-1 Ltd., Home Re 2021-1 Ltd., and Home Re 2021-2 Ltd conducted tender offers for certain tranches of the mortgage insurance-linked notes that supported the reinsurance agreements with MGIC. The tender offer resulted in the reduction in the insurance-linked notes of $187.1 million for the Home Re 2019-1 Ltd, $91.1 million for the Home Re 2021-1 Ltd., and $106.7 million for the Home Re 2021-2 Ltd. The reinsurance coverage corresponding to the tendered notes was terminated. MGIC incurred $8.0 million of additional ceded premium in the fourth quarter associated with the cost of the tender offer premiums and associated expenses.

Payment of principal on the related insurance-linked notes will be suspended and the reinsurance coverage available to MGIC under the transactions will not be reduced by such principal payments until a target level of credit enhancement is obtained or if certain thresholds or “Trigger Events” are reached, as defined in the related insurance-linked notes transaction agreement. As of December 31, 2023, a "Trigger Event" has occurred on our Home Re 2019-1 transaction because the reinsured principal balance of loans that were reported 60 or more days delinquent exceeded a percentage of the total reinsured principal balance of loans specified under the transaction. A "Trigger Event" has also occurred on the Home Re 2023-1 transaction because the target level of credit enhancement on the most senior tranche has not been met.

In January 2024, we exercised our optional call feature to terminate the reinsurance agreement with Home Re 2020-1, Ltd. In connection with the termination, the insurance linked notes issued by Home Re 2020-1 Ltd. will be redeemed in full.

Table 9.4a , 9.4b, and 9.4c provide a summary of our XOL Transactions as of December 31, 2023, December 31, 2022 and December 31, 2021.

Excess of Loss Reinsurance

9.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call/ Termination Date (1)

Legal Maturity

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years

Home Re 2021-1, Ltd.

February 2, 2021

August 1, 2020 - December 31, 2020

January 25, 2028

12.5 years

Home Re 2020-1, Ltd.

October 29, 2020

January 1, 2020 - July 31, 2020

October 25, 2027

10 years

Home Re 2019-1, Ltd.

May 25, 2019

January 1, 2018 - March 31, 2019

May 25, 2026

10 years

Home Re 2018-1, Ltd.

October 30, 2018

July 1, 2016 - December 31, 2017

October 25, 2025

10 years

(1)We have the right to terminate the Home Re Transactions under certain circumstances, including an optional call feature that provides us the right to terminate if the outstanding principal balance of the related insurance-linked notes falls below 10% of the initial principal balance of the related insurance-linked notes, and on any payment date on or after the respective Optional Call Date. We can elect early termination of the Traditional XOL Transactions beginning on this date, and quarterly thereafter.


Excess of Loss Reinsurance
9.4b		Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention	December 31, 2023		December 31, 2022	December 31, 2021
2023 Traditional XOL	$70,578	$	70,578	$	$
2022 Traditional XOL	82,523	82,346		82,517
Home Re 2023-1, Ltd.	272,961	272,961
Home Re 2022-1, Ltd.	325,589	325,001		325,576
Home Re 2021-2, Ltd.	190,159	189,403		190,097	190,159
Home Re 2021-1, Ltd.	211,159	210,831		211,102	211,142
Home Re 2020-1, Ltd.	275,283	261,280		275,051	275,204
Home Re 2019-1, Ltd.	185,730	182,722		183,540	183,917
Home Re 2018-1, Ltd.	168,691	164,335		164,849	165,365


9.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 12/31/2023 (2)		December 31, 2023		December 31, 2022	December 31, 2021
2023 Traditional XOL	$	96,942	N/A		N/A		$	96,942	$	$
2022 Traditional XOL	142,642		N/A		N/A		142,642		142,642
Home Re 2023-1, Ltd.	330,277		97	%	97	%	330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	420,731		473,575
Home Re 2021-2, Ltd. (3)	398,429		100	%	68	%	173,960		352,084	398,429
Home Re 2021-1, Ltd. (3)	398,848		100	%	65	%	117,982		277,053	387,830
Home Re 2020-1, Ltd.	412,917		100	%	100	%	41,846		113,247	234,312
Home Re 2019-1, Ltd. (3)	315,739		100	%	10	%	21,039		208,146	208,146
Home Re 2018-1, Ltd.	318,636		100	%	100	%	69,762		140,993	218,343

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

(3)The funding percentage on the 2021-1, 2021-2, and 2019-1 were reduced from 100% after the tender offers were conducted in the fourth quarter of 2023.

The reinsurance premiums ceded to each Home Re Entity are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. The amount of monthly reinsurance coverage premium ceded will fluctuate due to changes in the reference rate and changes in money market rates that affect investment income collected on the assets in the reinsurance trust. As a result, we concluded that each Home Re Transaction contains an embedded derivative that is accounted for separately as a freestanding derivative. The fair values of the derivatives at December 31, 2023 and December 31, 2022, were not material to our consolidated balance sheet, and the change in fair values during the years ended December 31, 2023, December 31, 2022 and December 31, 2021 were not material to our consolidated statements of operations. (see Note 5 - "Investments" and Note 6 - "Fair Value Measurements" ).

At the time the Home Re Transactions were entered into, we concluded that each Home Re Entity is a variable interest entity (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make sufficient decisions relating to the entity’s operations through voting rights or do not substantively participate in gains and losses of the entity. Given that MGIC (1) does not have the unilateral power to direct the activities that most significantly affect each Home Re Entity’s economic performance and (2) does not have the obligation, outside the terms of the reinsurance agreement, to absorb losses or the right to receive benefits of each Home Re Entity that could be significant to the Home Re Entity, consolidation of the Home Re Entities is not required.

We are required to disclose our maximum exposure to loss, which we consider to be an amount that we could be required to record in our statements of operations, as a result of our involvement with the VIEs under our Home Re Transactions. As of December 31, 2023, December 31, 2022 and December 31, 2021, we did not have material exposure to the VIEs as we have no investment in the VIEs and had no reinsurance claim payments due from the VIEs under our reinsurance transactions. We are unable to determine the timing or extent of claims from losses that are ceded under the reinsurance transactions. The VIE assets are deposited in reinsurance trusts for the benefit of MGIC that will be the source of reinsurance claim payments to MGIC. The purpose of the reinsurance trusts is to provide security to MGIC for the obligations of the VIEs under the reinsurance transactions. The trustee of the reinsurance trusts, a recognized provider of corporate trust services, has established segregated accounts within the reinsurance trusts for the benefit of MGIC, pursuant to the trust agreements. The trust agreements are governed by, and construed in accordance with, the laws of the State of New York. If the trustee of the reinsurance trusts failed to distribute claim payments to us as provided in the reinsurance trusts, we would incur a loss related to our losses ceded under the reinsurance transactions and deemed unrecoverable. We are also unable to determine the impact such possible failure by the trustee to perform pursuant to the reinsurance trust agreements may have on our consolidated financial statements. As a result, we are unable to quantify our maximum exposure to loss related to our involvement with the VIEs. MGIC has certain termination rights under the reinsurance transactions should its claims not be paid. We consider our exposure to loss from our reinsurance transactions with the VIEs to be remote.

Table 9.5 presents the total assets of the Home Re Entities as of December 31, 2023 , December 31, 2022 and December 31, 2021.


Home Re Entities total assets
Table	9.5

(In thousands)
Home Re Entity		Total VIE Assets
		December 31, 2023		December 31, 2022		December 31, 2021
Home Re 2023-1 Ltd.		$	330,277	$	—	$	—
Home Re 2022-2 Ltd.		427,279		473,575		—
Home Re 2021-2 Ltd.		174,431		357,340		398,429
Home Re 2021-1 Ltd.		118,043		285,039		398,848
Home Re 2020-1 Ltd.		41,846		119,159		251,387
Home Re 2019-1 Ltd.		21,039		208,146		208,146
Home Re 2018-1 Ltd.		73,872		146,822		218,343

The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (1) invest at least 99.5% of their total assets in cash or direct U.S. federal government obligations, such as U.S. Treasury bills, as well as other short-term securities backed by the full faith and credit of the U.S. federal government or issued by an agency of the U.S. federal government, (2) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaa-mf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (3) are permitted investments under the applicable credit for reinsurance laws and applicable PMIERs credit for reinsurance requirements.

The total calculated PMIERs credit for risk ceded under our XOL Transactions is generally based on the PMIERs requirement of the covered policies and the attachment and detachment points of the coverage, all of which fluctuate over time. (see Note 1 - "Nature of Business" and Note 2 - "Basis of Presentation" ).

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

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

Fair Value Measurements

Valuation process

Market indicators, industry, and economic events are also considered.

Valuation hierarchy

The three levels are defined as follows:


è			Level 1			Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities.


è			Level 2			Quoted prices for similar instruments in active markets that we can access; 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 instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. The independent pricing sources used for our Level 2 investments vary by type of investment. See Note 6 - "Fair Value Measurements" for further information.


è			Level 3			Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. 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. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life.

Investments

Unrealized losses and allowance for credit losses

Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to:


è			our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis;
è			the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security;
è			failure of the issuer to make scheduled interest or principal payments;
è			a change in rating to below investment grade; and
è			adverse conditions specifically related to the security, an industry, or a geographic area.

Home Office and Equipment

Deferred Insurance Policy Acquisition Costs

Loss Reserves

Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves.

LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process.

Loss reserves are ceded to reinsurers under our reinsurance agreements.

Premium Deficiency Reserve

Assumed reinsurance is based on information received from the ceding company.

See Note 9 – “Reinsurance" for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions.

Share-Based Compensation

Earnings per Share

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	$ 14,771	$ 14,140
Cash equivalents(1)	367,517	328,756
Total assets	6,105,401	5,752,594
Real Estate Acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases of real estate assets acquired	600	3,500
Sales of real estate assets acquired	3,800	4,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents(1)	367,301	324,129
Total assets	477,900	455,166
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents(1)	216	4,627
Total assets	5,627,501	5,297,428
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative related to Home Re transactions	2,400	2,500
Total fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	5,723,113	5,409,698
Total fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	95,828	116,897
Total fixed income securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	5,627,285	5,292,801
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]
Fixed income, available-for-sale	161,682	135,900
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]
Fixed income, available-for-sale	95,828	116,897
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]
Fixed income, available-for-sale	65,854	19,003
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	1,908,078	2,149,054
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]
Fixed income, available-for-sale	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]
Fixed income, available-for-sale	1,908,078	2,149,054
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,515,581	2,221,141
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]
Fixed income, available-for-sale	0	0
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,515,581	2,221,141
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	171,273	120,687
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
ABS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	171,273	120,687
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	330,773	198,009
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
RMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	330,773	198,009
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	277,457	237,216
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
CMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	277,457	237,216
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	326,096	329,832
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
CLOs \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	326,096	329,832
Foreign government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	3,843	3,787
Foreign government debt \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
Foreign government debt \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	3,843	3,787
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	28,330	14,072
Commercial paper \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
Commercial paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	28,330	14,072
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	14,771	14,140
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]
Equity securities, at fair value	14,771	14,140
Equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	$ 0	$ 0

Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	$ 235,612	$ 250,674
Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	13,137	13,395
Pension Plan \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	222,475	237,279
Pension Plan \| Domestic Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	2,836	67
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	2,836	67
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 \| U.S. government securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	10,301	13,328
Pension Plan \| U.S. government securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	10,301	13,328
Pension Plan \| U.S. government securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Corporate debt securities and other
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	145,908	146,854
Pension Plan \| Corporate debt securities and other \| 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 and other \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	145,908	146,854
Pension Plan \| Non-government foreign debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	21,843	20,793
Pension Plan \| Non-government 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 \| Non-government foreign debt securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	21,843	20,793
Pension Plan \| Municipal bonds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	9,220	18,336
Pension Plan \| Municipal bonds \| 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 \| Municipal bonds \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	9,220	18,336
Pension Plan \| Pooled Equity Accounts
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	45,504	51,296
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	45,504	51,296
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	134,371	111,154	$ 140,839
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	134,371	111,154
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	109,575	89,584
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	$ 24,796	$ 21,570

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Recurring fair value measurements

The following describes the valuation methodologies generally used by the independent pricing sources, or by us, to measure financial instruments at fair value, including the general classification of such financial instruments pursuant to the valuation hierarchy.

•Fixed income securities:

U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies: Securities with valuations derived from quoted prices for identical instruments in active markets that we can access are categorized in Level 1 of the fair value hierarchy. Securities valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information in the valuation process are categorized as Level 2 of the fair value hierarchy.

Corporate Debt Securities are valued by obtaining relevant trade data, benchmark quotes and spread, and broker/dealer quotes and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

Obligations of U.S. States & Political Subdivisions are valued 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. These securities are generally categorized in Level 2 of the fair value hierarchy.

Residential Mortgage-Backed Securities ("RMBS") are valued 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. These securities are generally categorized in Level 2 of the fair value hierarchy.

Commercial Mortgage-Backed Securities ("CMBS") are valued using 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 uses regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. These securities are generally categorized in Level 2 of the fair value hierarchy.

Asset-Backed Securities ("ABS") are valued 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 trade activity, bids, and offers are applied, resulting in tranche specific prices. These securities are generally categorized in Level 2 of the fair value hierarchy.

Collateralized loan obligations ("CLOs") are valued by evaluating manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity. These securities are generally categorized in Level 2 of the fair value hierarchy.

Foreign government debt is valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy.

Commercial Paper, with an original maturity greater than 90 days, is valued using market data for comparable instruments of similar maturity and average yields. These securities are categorized in Level 2 of the fair value hierarchy.

•Equity securities: Consist of actively traded, exchange-listed equity securities, including exchange traded funds (“ETFs”) and Bond Mutual Funds, with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in Level 1 of the fair value hierarchy.

•Cash Equivalents: Consists of money market funds and treasury bills with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in level 1 of the fair value hierarchy. Instruments in this category valued using market data for comparable instruments are classified as level 2 in the fair value hierarchy.


Assets carried at fair value by hierarchy level as of December 31, 2023
Table	6.1a
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	161,682	$	95,828	$	65,854
Obligations of U.S. states and political subdivisions		1,908,078		—		1,908,078
Corporate debt securities		2,515,581		—		2,515,581
ABS		171,273		—		171,273
RMBS		330,773		—		330,773
CMBS		277,457		—		277,457
CLOs		326,096		—		326,096
Foreign government debt		3,843		—		3,843
Commercial paper		28,330		—		28,330
Total fixed income securities		5,723,113		95,828		5,627,285
Equity securities		14,771		14,771		—
Cash equivalents(1)		367,517		367,301		216
Total		$	6,105,401	$	477,900	$	5,627,501


Assets carried at fair value by hierarchy level as of December 31, 2022
Table	6.1b
(In thousands)		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	135,900	$	116,897	$	19,003
Obligations of U.S. states and political subdivisions		2,149,054		—		2,149,054
Corporate debt securities		2,221,141		—		2,221,141
ABS		120,687		—		120,687
RMBS		198,009		—		198,009
CMBS		237,216		—		237,216
CLOs		329,832		—		329,832
Foreign government debt		3,787		—		3,787
Commercial Paper		14,072		—		14,072
Total fixed income securities		5,409,698		116,897		5,292,801
Equity securities		14,140		14,140		—
Cash equivalents(1)		328,756		324,129		4,627
Total		$	5,752,594	$	455,166	$	5,297,428
(1) Includes restricted cash equivalents

Certain financial instruments, including insurance contracts, are excluded from these fair value disclosure requirements. Additional fair value disclosures related to our investment portfolio are included in Note 5 - "Investments."

In addition to the assets carried at fair value discussed above, we have embedded derivatives carried at fair value related to our Home Re Transactions that are classified as Other liabilities or Other assets in our consolidated balance sheets. The estimated fair value related to our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on the Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. These liabilities or assets are categorized in Level 3 of the fair value hierarchy. At December 31, 2023 and 2022, the fair value of the embedded derivatives was an asset of $2.4 million and $2.5 million, respectively. (See Note 4 - "Reinsurance" for more information about our Home Re Transactions.)

Real estate acquired through claim settlement is carried at fair values and is reported in “Other assets” on the consolidated balance sheet. These assets are categorized as Level 3 of the fair value hierarchy. Purchases of real estate acquired was $0.6 million and

$3.5 million for the years ended December 31, 2023, and 2022, respectively. Sales of real estate acquired were $3.8 million and $4.0 million for the years ended December 31, 2023, and 2022, respectively.

FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE

Other invested assets include an investment in FHLB stock that is carried at cost, which due to restrictions that require it to be redeemed or sold only to the security issuer at par value, approximates fair value. The fair value of other invested assets is categorized as Level 2.

Financial liabilities include our outstanding debt obligations. The fair values of our 5.25% Notes and 9% Debentures were based on observable market prices. In all cases the fair values of the financial liabilities below are categorized as level 2.

Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2023 and 2022.


Financial liabilities not carried at fair value
Table	6.3
		December 31, 2023				December 31, 2022
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850
Financial liabilities
5.25% Notes		$	643,196	$	634,498	$	641,724	$	600,938
9% Debentures		—		—		21,086		28,085
Total financial liabilities		$	643,196	$	634,498	$	662,810	$	629,023

- Definition

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

+ References + Details

Other Comprehensive Income (Loss) - Roll-Forward for AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	$ 4,642,740	$ 4,861,382
Balance, end of year	5,072,017	4,642,740	$ 4,861,382
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(481,511)	119,697	216,821
Other comprehensive income (loss) before reclassifications	132,769	(622,230)	(96,590)
Less: Amounts reclassified from AOCI	(32,461)	(21,022)	534
Balance, end of year	(316,281)	(481,511)	119,697
Net unrealized gains and losses on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(408,496)	150,038	272,137
Other comprehensive income (loss) before reclassifications	120,139	(566,324)	(113,839)
Less: Amounts reclassified from AOCI	(21,409)	(7,790)	8,260
Balance, end of year	(266,948)	(408,496)	150,038
Net benefit plan assets and obligations recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(73,015)	(30,341)	(55,316)
Other comprehensive income (loss) before reclassifications	12,630	(55,906)	17,249
Less: Amounts reclassified from AOCI	(11,052)	(13,232)	(7,726)
Balance, end of year	$ (49,333)	$ (73,015)	$ (30,341)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Litigation and Contingencies	12 Months Ended
Litigation and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	Litigation and Contingencies We operate in a highly regulated industry that is subject to the risk of litigation and regulatory proceedings, including related to our claims paying practices. From time to time, we are involved in disputes and 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 disputes and legal proceedings will not have a material adverse effect on our financial position or results of operations. Under ASC 450-20, until a loss associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated we do not accrue an estimated loss. When we determine that a loss is probable and can be reasonably estimated, we record our best estimate of our probable loss. In those cases, until settlement negotiations or legal proceedings are concluded (including the receipt of any necessary GSE approvals), it is possible that we will record an additional loss.

Debt - Summary of Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 643,196	$ 662,810
Senior Notes \| 5.25% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, carrying value	643,196	641,724
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 0	$ 21,086

- 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.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Effect of Reinsurance Agreements on Premiums Earned and Losses Incurred

Table 9.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations.


Reinsurance
Table	9.1
		Years ended December 31,
(In thousands)		2023		2022		2021
Premiums earned:
Direct		$	1,142,412	$	1,154,728	$	1,167,592
Assumed		12,960		8,778		9,858
Ceded - quota share reinsurance (1)		(123,955)		(86,435)		(118,537)
Ceded - excess-of-loss reinsurance		(78,866)		(69,938)		(44,494)
Total ceded		(202,821)		(156,373)		(163,031)
Net premiums earned		$	952,551	$	1,007,133	$	1,014,419

Losses incurred:
Direct		$	(5,200)	$	(274,072)	$	74,496
Assumed		(33)		(330)		(57)
Ceded - quota share reinsurance		(15,623)		19,837		(9,862)
Losses incurred, net		$	(20,856)	$	(254,565)	$	64,577

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	133,145	$	176,084	$	153,759
Ceding commission on quota share reinsurance		50,397		52,071		53,460

(1)Ceded premiums earned are shown net of profit commission.

Schedule of Quota Share Reinsurance Agreements

Table 9.2 below provides additional detail regarding our QSR transactions in effect during 2023.


Reinsurance
Table	9.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 QSR		2020	12.5	%	62.0	%	(2)
2020 QSR and 2021 QSR		2020	17.5	%	62.0	%	(2)
2020 QSR and 2021 QSR		2021	17.5	%	61.9	%	December 31, 2032
2021 QSR and 2022 QSR		2021	12.5	%	57.5	%	December 31, 2032
2021 QSR and 2022 QSR		2022	15.0	%	57.5	%	December 31, 2033
2022 QSR and 2023 QSR		2022	15.0	%	62.0	%	December 31, 2033
2022 QSR and 2023 QSR		2023	15.0	%	62.0	%	December 31, 2034
2023 QSR		2023	10.0	%	58.5	%	December 31, 2034
Credit Union QSR		2020-2025	65.0	%	50.0	%	December 31, 2039

(1)We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio.

(2)2020 QSR Transactions covering 2020 policy year were terminated effective December 31, 2023.

Reinsurance

Table 9.3

Quota Share Contract

Covered Policy Years

Optional Termination Date (1)

Optional Quota Share % Reduction Date (2)

Optional Reduced Quota Share %

2020 QSR and 2021 QSR

2021

June 30, 2024

January 1, 2024

14.5% or 12%

2021 QSR and 2022 QSR

2021

June 30, 2024

January 1, 2024

10.5% or 8%

2021 QSR and 2022 QSR

2022

December 31, 2024

January 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2022

December 31, 2024

January 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2023

December 31, 2025

July 1, 2024

12.5% or 10%

2023 QSR

2023

December 31, 2025

July 1, 2024

8% or 7%

(1) We can elect early termination of the QSR transaction beginning on this date, and bi-annually thereafter.

(2) We can elect to reduce the quota share percentage beginning on this date, and bi-annually thereafter.

Reinsurance Retention Policy

Table 9.4a , 9.4b, and 9.4c provide a summary of our XOL Transactions as of December 31, 2023, December 31, 2022 and December 31, 2021.

Excess of Loss Reinsurance

9.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call/ Termination Date (1)

Legal Maturity

2023 Traditional XOL

April 1, 2023

January 1, 2023 - December 29, 2023

January 1, 2031

10 years

2022 Traditional XOL

April 1, 2022

January 1, 2022 - December 30, 2022

January 1, 2030

10 years

Home Re 2023-1, Ltd.

October 23, 2023

June 1, 2022 - August 31, 2023

October 25, 2028

10 years

Home Re 2022-1, Ltd.

April 26, 2022

May 29, 2021 - December 31, 2021

April 25, 2028

12.5 years

Home Re 2021-2, Ltd.

August 3, 2021

January 1, 2021 - May 28, 2021

July 25, 2028

12.5 years

Home Re 2021-1, Ltd.

February 2, 2021

August 1, 2020 - December 31, 2020

January 25, 2028

12.5 years

Home Re 2020-1, Ltd.

October 29, 2020

January 1, 2020 - July 31, 2020

October 25, 2027

10 years

Home Re 2019-1, Ltd.

May 25, 2019

January 1, 2018 - March 31, 2019

May 25, 2026

10 years

Home Re 2018-1, Ltd.

October 30, 2018

July 1, 2016 - December 31, 2017

October 25, 2025

10 years


Excess of Loss Reinsurance
9.4b		Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention	December 31, 2023		December 31, 2022	December 31, 2021
2023 Traditional XOL	$70,578	$	70,578	$	$
2022 Traditional XOL	82,523	82,346		82,517
Home Re 2023-1, Ltd.	272,961	272,961
Home Re 2022-1, Ltd.	325,589	325,001		325,576
Home Re 2021-2, Ltd.	190,159	189,403		190,097	190,159
Home Re 2021-1, Ltd.	211,159	210,831		211,102	211,142
Home Re 2020-1, Ltd.	275,283	261,280		275,051	275,204
Home Re 2019-1, Ltd.	185,730	182,722		183,540	183,917
Home Re 2018-1, Ltd.	168,691	164,335		164,849	165,365


9.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 12/31/2023 (2)		December 31, 2023		December 31, 2022	December 31, 2021
2023 Traditional XOL	$	96,942	N/A		N/A		$	96,942	$	$
2022 Traditional XOL	142,642		N/A		N/A		142,642		142,642
Home Re 2023-1, Ltd.	330,277		97	%	97	%	330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	420,731		473,575
Home Re 2021-2, Ltd. (3)	398,429		100	%	68	%	173,960		352,084	398,429
Home Re 2021-1, Ltd. (3)	398,848		100	%	65	%	117,982		277,053	387,830
Home Re 2020-1, Ltd.	412,917		100	%	100	%	41,846		113,247	234,312
Home Re 2019-1, Ltd. (3)	315,739		100	%	10	%	21,039		208,146	208,146
Home Re 2018-1, Ltd.	318,636		100	%	100	%	69,762		140,993	218,343

(1)The initial and remaining excess of loss reinsurance coverage is reduced by the applicable funding percentage.

(2)The funding percentage represents the aggregate outstanding note balances divided by the aggregate ending coverage amounts.

(3)The funding percentage on the 2021-1, 2021-2, and 2019-1 were reduced from 100% after the tender offers were conducted in the fourth quarter of 2023.

Schedule of Total Assets of Home Re Entities

Table 9.5 presents the total assets of the Home Re Entities as of December 31, 2023 , December 31, 2022 and December 31, 2021.


Home Re Entities total assets
Table	9.5

(In thousands)
Home Re Entity		Total VIE Assets
		December 31, 2023		December 31, 2022		December 31, 2021
Home Re 2023-1 Ltd.		$	330,277	$	—	$	—
Home Re 2022-2 Ltd.		427,279		473,575		—
Home Re 2021-2 Ltd.		174,431		357,340		398,429
Home Re 2021-1 Ltd.		118,043		285,039		398,848
Home Re 2020-1 Ltd.		41,846		119,159		251,387
Home Re 2019-1 Ltd.		21,039		208,146		208,146
Home Re 2018-1 Ltd.		73,872		146,822		218,343

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount	$ 1,142,412	$ 1,154,728	$ 1,167,592
Ceded to Other Companies	202,821	156,373	163,031
Assumed From Other Companies	12,960	8,778	9,858
Net Amount	$ 952,551	$ 1,007,133	$ 1,014,419
Percentage of Amount Assumed to Net	1.40%	0.90%	1.00%

Nature of Business (Details) $ in Billions	Dec. 31, 2023 USD ($)
Nature of Business [Abstract]
Direct domestic primary insurance in force	$ 293.5
Direct domestic primary risk in force	$ 77.2

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2023, 2022 and 2021 are included in table 10.1 below.


Components of other comprehensive income (loss)
Table	10.1
(In thousands)		2023		2022		2021
Net unrealized investment (losses) gains arising during the period		$	179,174	$	(707,005)	$	(154,555)
Income tax (expense) benefit		(37,626)		148,471		32,456
Net of taxes		141,548		(558,534)		(122,099)

Net changes in benefit plan assets and obligations		29,978		(54,017)		31,613
Income tax benefit (expense)		(6,296)		11,343		(6,638)
Net of taxes		23,682		(42,674)		24,975





Total other comprehensive income (loss)		209,152		(761,022)		(122,942)
Total income tax benefit (expense)		(43,922)		159,814		25,818
Total other comprehensive income (loss), net of tax		$	165,230	$	(601,208)	$	(97,124)

Reclassification out of accumulated other comprehensive income


Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table	10.2
(In thousands)		2023		2022		2021
Reclassification adjustment for net realized (losses) gains (1)		$	(27,100)	$	(9,860)	$	10,455
Income tax benefit (expense)		5,691		2,070		(2,195)
Net of taxes		(21,409)		(7,790)		8,260

Reclassification adjustment related to benefit plan assets and obligations (2)		(13,990)		(16,750)		(9,779)
Income tax benefit (expense)		2,938		3,518		2,053
Net of taxes		(11,052)		(13,232)		(7,726)





Total reclassifications		(41,090)		(26,610)		676
Income tax benefit (expense)		8,629		5,588		(142)
Total reclassifications, net of tax		$	(32,461)	$	(21,022)	$	534

(1)(Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

A roll-forward of AOCI for the years ended December 31, 2023, 2022, and 2021, including amounts reclassified from AOCI, is included in table 10.3 below.


Roll-forward of Accumulated Other Comprehensive Income (Loss)
Table	10.3
(In thousands)		Net unrealized gains and losses on available-for-sale securities		Net benefit plan assets and obligations recognized in shareholders' equity		Total AOCI
Balance, December 31, 2020, net of tax		$	272,137	$	(55,316)	$	216,821
Other comprehensive income (loss) before reclassifications		(113,839)		17,249		(96,590)
Less: Amounts reclassified from AOCI		8,260		(7,726)		534
Balance, December 31, 2021, net of tax		150,038		(30,341)		119,697
Other comprehensive income (loss) before reclassifications		(566,324)		(55,906)		(622,230)
Less: Amounts reclassified from AOCI		(7,790)		(13,232)		(21,022)
Balance, December 31, 2022, net of tax		(408,496)		(73,015)		(481,511)
Other comprehensive income (loss) before reclassifications		120,139		12,630		132,769
Less: Amounts reclassified from AOCI		(21,409)		(11,052)		(32,461)
Balance, December 31, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)

Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 261,330	$ 274,975
Projected Benefit Obligation	(261,330)	(274,975)	$ (391,698)
Plan Assets at Fair Value	235,612	250,674	391,555
Funded Status - Overfunded/(Underfunded)	(25,718)	(24,301)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	30,238	29,580
Projected Benefit Obligation	(30,238)	(29,580)	(25,635)
Plan Assets at Fair Value	134,371	111,154	$ 140,839
Funded Status - Overfunded/(Underfunded)	$ 104,133	$ 81,574

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net deferred tax assets and liabilities [Abstract]
Total deferred tax assets	$ 109,391	$ 144,819
Total deferred tax liabilities	(29,609)	(20,050)
Net deferred tax asset	79,782	124,769
Components of net deferred tax asset [Abstract]
Unearned premium reserves	13,862	16,209
Benefit plans	(19,142)	(9,444)
Loss reserves	1,921	1,785
Unrealized losses on investments	70,961	108,588
Deferred policy acquisition cost	(3,064)	(4,003)
Deferred compensation	7,466	6,806
Research and experimental costs	13,351	9,719
Other, net	(5,573)	(4,891)
Components of provisions for (benefit from) income taxes [Abstract]
Current federal	187,246	228,259	$ 161,055
Deferred federal	1,550	(5,235)	4,392
Other	484	1,661	1,347
Provision for income taxes	$ 189,280	$ 224,685	$ 166,794
Reconciliation of effective income tax rate [Abstract]
Federal statutory income tax rate (in hundredths)	21.00%	21.00%	21.00%
Tax exempt municipal bond interest (in hundredths)	(0.50%)	(0.50%)	(0.60%)
Other, net (in hundredths)	0.50%	0.10%	0.40%
Effective income tax provision rate (in hundredths)	21.00%	20.60%	20.80%
Income taxes paid	$ 188,200	$ 236,500	$ 155,300
Amount of tax and loss bonds held	848,600
Unrecognized tax benefits	$ 0	$ 0

Reinsurance - Summary of Reinsurance Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums Earned, Net [Abstract]
Premiums earned, direct	$ 1,142,412	$ 1,154,728	$ 1,167,592
Premiums earned, assumed	12,960	8,778	9,858
Premiums earned, ceded	(202,821)	(156,373)	(163,031)
Net premiums earned	952,551	1,007,133	1,014,419
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, direct	(5,200)	(274,072)	74,496
Losses incurred, assumed	(33)	(330)	(57)
Net losses incurred	(20,856)	(254,565)	64,577
Quota Share Reinsurance Transactions
Premiums Earned, Net [Abstract]
Premiums earned, ceded	(123,955)	(86,435)	(118,537)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded	(15,623)	19,837	(9,862)
Profit commission	133,145	176,084	153,759
Ceding commisisons	50,397	52,071	53,460
Excess of Loss Reinsurance Transactions
Premiums Earned, Net [Abstract]
Premiums earned, ceded	$ (78,866)	$ (69,938)	$ (44,494)

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Table 4.1 reconciles basic and diluted EPS amounts:


Earnings per share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2023		2022		2021
Basic earnings per share:
Net income		$	712,949	$	865,349	$	634,983
Weighted average common shares outstanding - basic		283,605		305,847		334,330
Basic earnings per share		$	2.51	$	2.83	$	1.90
Diluted earnings per share:
Net Income		$	712,949	$	865,349	$	634,983
Interest expense, net of tax (1):
9% Debentures		1,026		3,228		14,343
Diluted income available to common shareholders		$	713,975	$	868,577	$	649,326
Weighted-average shares - basic		283,605		305,847		334,330
Effect of dilutive securities:
Unvested restricted stock units		2,427		1,917		1,782
9% Debentures		1,123		3,465		15,196
Weighted average common shares outstanding - diluted		287,155		311,229		351,308
Diluted income per share		$	2.49	$	2.79	$	1.85

(1) Interest expense has been tax effected at a rate of 21%.

All of our outstanding 9% Debentures were reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding 9% 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. In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 7 - "Debt".)

Share-based Compensation Plans (Details) - $ / shares	12 Months Ended
Share-based Compensation Plans (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	3,200,000
Restricted Stock/Restricted Stock Units
Weighted average grant date fair market value [Abstract]
Restricted stock outstanding at end of period (in dollars per share)	$ 14.02
Granted (in dollars per share)	14.17	$ 15.45	$ 12.83
Vested (in dollars per share)	13.18
Forfeited (in dollars per share)	14.01
Restricted stock outstanding at end of period (in dollars per share)	$ 13.89	$ 14.02
Shares [Roll Forward]
Restricted stock outstanding at beginning of period (in shares)	3,576,679
Granted (in shares)	1,415,329
Vested (in shares)	(1,263,746)
Forfeited (in shares)	(545,471)
Restricted stock outstanding at end of period (in shares)	3,182,791	3,576,679
RSUs subject to performance conditions
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	2,400,000
Share-based compensation arrangement, percent granted subject to performance conditions	67.00%
RSUs subject only to service conditions
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	600,000
RSUs Non-Employee Directors
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	200,000
Minimum \| RSUs subject to performance conditions
Shares [Roll Forward]
Percentage of shares that may vest (as a percent)	0.00%
Maximum \| RSUs subject to performance conditions
Shares [Roll Forward]
Percentage of shares that may vest (as a percent)	200.00%

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Net deferred tax assets (liabilities) as reported on the consolidated balance sheets as of December 31, 2023 and 2022 are shown in table 12.1 below.


Deferred tax assets and liabilities
Table	12.1
(In thousands)		2023		2022
Total deferred tax assets		$	109,391	$	144,819
Total deferred tax liabilities		(29,609)		(20,050)
Net deferred tax asset (liability)		$	79,782	$	124,769

Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2023 and 2022.


Deferred tax components
Table	12.2
(In thousands)		2023		2022
Unearned premium reserves		$	13,862	$	16,209
Benefit plans		(19,142)		(9,444)
Loss reserves		1,921		1,785
Unrealized losses on investments		70,961		108,588
Deferred policy acquisition cost		(3,064)		(4,003)
Deferred compensation		7,466		6,806
Research and experimental costs		13,351		9,719
Other, net		(5,573)		(4,891)
Net deferred tax asset (liability)		$	79,782	$	124,769

We believe that all gross deferred tax assets at December 31, 2023 and 2022 are fully realizable and no valuation allowance has been established.

Table 12.3 summarizes the components of the provision for income taxes:


Provision for (benefit from) income taxes
Table	12.3
(In thousands)		2023		2022		2021
Current federal		$	187,246	$	228,259	$	161,055
Deferred federal		1,550		(5,235)		4,392
Other		484		1,661		1,347
Provision for income taxes		$	189,280	$	224,685	$	166,794

Current federal income tax payments were $188.2 million, $236.5 million, and $155.3 million in 2023, 2022 and 2021, respectively. At December 31, 2023 we owned $848.6 million of tax and loss bonds.

Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate.


Effective tax rate reconciliation
Table	12.4
		2023		2022		2021
Federal statutory income tax rate		21.0	%	21.0	%	21.0	%


Tax exempt municipal bond interest		(0.5)	%	(0.5)	%	(0.6)	%
Other, net		0.5	%	0.1	%	0.4	%
Effective tax rate		21.0	%	20.6	%	20.8	%

We have not recorded any uncertain tax positions during 2023 and 2022 and have no unrecognized tax benefits at December 31, 2023 and December 31, 2022. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2020.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Statutory Information

12 Months Ended

Dec. 31, 2023

Statutory Capital [Abstract]

Statutory Information

STATUTORY ACCOUNTING PRINCIPLES

The statutory financial statements of our insurance companies are presented on the basis of accounting principles prescribed, or practices permitted, by the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI"), which has adopted the National Association of Insurance Commissioners ("NAIC") Statements of Statutory Accounting Principles ("SSAP") as the basis of its statutory accounting principles, except as described 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 income securities, and the inclusion of statutory non-admitted assets.

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 principles 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 premiums earned in a calendar year. For the year ended 2023, MGIC did not withdraw amounts from its contingency reserve. 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 consolidated statements of operations.

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the IRC for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that we purchase tax and loss bonds (“T&L Bonds”) in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. Under statutory accounting practices, purchases of T&L Bonds are accounted for as investments. Under GAAP, purchases of T&L Bonds are accounted for as a payment of current taxes.

The OCI recognizes only statutory accounting principles prescribed, or practices permitted, by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in the contingency loss reserves through the income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency loss reserves, statutory net income is reduced.

The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 14.1.


Statutory financial information of insurance subsidiaries
Table	14.1
		As of and for the Years Ended December 31,
(In thousands)		2023		2022		2021
Statutory net income		$	279,145	$	440,944	$	295,811
Statutory policyholders' surplus		639,878		924,977		1,220,714
Contingency reserve		5,199,405		4,669,724		4,126,604


Surplus contributions and dividends of insurance subsidiaries
Table	14.2
		Years Ended December 31,
(In thousands)		2023		2022	2021

Dividends paid by MGIC to the holding company (1)		$	600,000	800,000	400,000

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 RIF (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"). MGIC's “policyholder position” includes its net worth or surplus, and its contingency loss reserve.

At December 31, 2023, MGIC’s risk-to-capital ratio was 10.2 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements and its policyholder position was $3.6 billion above the required MPP of $2.2 billion. The calculation of our risk-to-capital ratio and MPP reflect credit for the risk ceded under our reinsurance transactions.

The NAIC established a Mortgage Guaranty Insurance Working Group to determine and make recommendations to the NAIC’s Financial Condition Committee as to what, if any, changes to make to the solvency and other regulations relating to mortgage guaranty insurers. A draft of a revised Mortgage Guaranty Insurance Model Act was adopted by the Financial Condition Committee in July 2023 and by the Executive Committee and Plenary NAIC in August 2023. The revised Model Act includes requirements relating to, among other things: (i) capital and minimum capital requirements, and contingency reserves; (ii) restrictions on mortgage insurers’ investments in notes secured by mortgages; (iii) prudent underwriting standards and formal underwriting guidelines; (iv) the establishment of formal, internal “Mortgage Guaranty Quality Control Programs” with respect to in-force business; and (v) reinsurance and prohibitions on captive reinsurance arrangements. It is uncertain when the revised Model Act will be adopted in any jurisdiction. The provisions of the Model Act, if adopted in their final form, are not expected to have a material adverse effect on our business. It is unknown whether any changes will be made by state legislatures prior to adoption, and the effect changes, if any, will have on the mortgage guaranty insurance market generally, or on our business.

DIVIDEND RESTRICTIONS

MGIC is subject to statutory regulations as to payment of dividends. The maximum amount of dividends that MGIC 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. The maximum dividend that could be paid is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments in 2024, we will notify the OCI to ensure it does not object.

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 6,077,047
Fair Value	5,737,884
Amount at which shown in the balance sheet	5,737,884
Fixed income
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	6,061,022
Fair Value	5,723,113
Amount at which shown in the balance sheet	5,723,113
Fixed income \| U.S. Treasury securities and obligations of U.S. government corporations and agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	167,995
Fair Value	161,682
Amount at which shown in the balance sheet	161,682
Fixed income \| Obligations of U.S. states and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,092,754
Fair Value	1,908,078
Amount at which shown in the balance sheet	1,908,078
Fixed income \| Foreign government debt
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,486
Fair Value	3,843
Amount at which shown in the balance sheet	3,843
Fixed income \| Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	251,151
Fair Value	250,952
Amount at which shown in the balance sheet	250,952
Fixed income \| ABS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	173,256
Fair Value	171,273
Amount at which shown in the balance sheet	171,273
Fixed income \| CLOs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	327,467
Fair Value	326,096
Amount at which shown in the balance sheet	326,096
Fixed income \| Mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	640,336
Fair Value	608,230
Amount at which shown in the balance sheet	608,230
Fixed income \| All other corporate debt securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,375,250
Fair Value	2,264,629
Amount at which shown in the balance sheet	2,264,629
Fixed income \| Commercial paper
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	28,327
Fair Value	28,330
Amount at which shown in the balance sheet	28,330
Equity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16,025
Fair Value	14,771
Amount at which shown in the balance sheet	14,771
Equity Securities \| Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	16,025
Fair Value	14,771
Amount at which shown in the balance sheet	$ 14,771

Other Comprehensive Income (Loss) - Pretax and Related Income Tax Benefit (Expense) Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	$ 902,229	$ 1,090,034	$ 801,777
Income tax benefit (expense)	(189,280)	(224,685)	(166,794)
Net income	712,949	865,349	634,983
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(41,090)	(26,610)	676
Income tax benefit (expense)	8,629	5,588	(142)
Net income	(32,461)	(21,022)	534
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized gains and losses on available-for-sale securities
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(27,100)	(9,860)	10,455
Income tax benefit (expense)	5,691	2,070	(2,195)
Net income	(21,409)	(7,790)	8,260
Reclassification from Accumulated Other Comprehensive Income \| Net benefit plan assets and obligations recognized in shareholders' equity
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(13,990)	(16,750)	(9,779)
Income tax benefit (expense)	2,938	3,518	2,053
Net income	$ (11,052)	$ (13,232)	$ (7,726)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 30
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details

Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 250,674	$ 391,555
Actual Return on Plan Assets	28,981	(91,303)
Company Contributions	384	6,414
Plan Participants' Contributions	0	0
Benefit Payments from Fund	(13,549)	(13,165)
Benefit and Settlement Payments Paid Directly by Company	(384)	(114)
Settlement Payments from Fund	(30,494)	(42,713)
Other Adjustment	0	0
Fair Value of Plan Assets at End of Year	235,612	250,674
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	111,154	140,839
Actual Return on Plan Assets	26,703	(28,088)
Company Contributions	0	0
Plan Participants' Contributions	311	463
Benefit Payments from Fund	(3,439)	(1,504)
Benefit and Settlement Payments Paid Directly by Company	0	0
Settlement Payments from Fund	0	0
Other Adjustment	(358)	(556)
Fair Value of Plan Assets at End of Year	$ 134,371	$ 111,154

Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock or Restricted Stock Unit Activity

Table 15.1 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2023.


Restricted stock
Table	15.1
		Weighted Average Grant Date Fair Market Value		Shares
Restricted stock outstanding at December 31, 2022		$	14.02	3,576,679
Granted (1)		14.17		1,415,329
Vested		13.18		(1,263,746)
Forfeited		14.01		(545,471)
Restricted stock outstanding at December 31, 2023		$	13.89	3,182,791

(1) Approximately 67% of the shares granted in 2023 are subject to performance conditions under which the target number of shares granted may vest from 0% to 200%.

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its subsidiaries. Intercompany transactions and balances have been eliminated. 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. SUBSEQUENT EVENTS We have considered subsequent events through the date of this filing.

Investments - Net Gains (Losses) On Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed income securities
Gross realized gains on sale of fixed income securities	$ 3,071	$ 7,152	$ 8,980
Gross realized losses on sale of fixed income securities	(17,620)	(15,477)	(1,942)
Change in credit allowance	0	0	49
Impairments	0	(1,415)	0
Equity securities gains (losses)
Equity securities gains (losses), on sales	0	(7)	4
Equity securities, gains (losses), changes in fair value	530	(2,013)	(463)
Change in embedded derivative on Home Re Transactions	(118)	4,269	(721)
Other
Other, gains (losses) on sales	(1)	2	(33)
Other, market adjustment	(3)	26	(13)
Net gains (losses) on investments and other financial instruments	(14,141)	(7,463)	5,861
Proceeds from sales of fixed income securities	375,788	397,553	471,783
Proceeds from sales of equity securities	$ 0	$ 97	$ 2,621

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

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

Our fixed income securities consisted of the following as of December 31, 2023 and 2022:


Details of fixed income investment securities by category as of December 31, 2023
Table	5.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	167,995	$	51	$	(6,364)	$	161,682
Obligations of U.S. states and political subdivisions		2,092,754		5,159		(189,835)		1,908,078
Corporate debt securities		2,626,401		17,391		(128,211)		2,515,581
ABS		173,256		1,292		(3,275)		171,273
RMBS		347,132		4,297		(20,656)		330,773
CMBS		293,204		5		(15,752)		277,457
CLOs		327,467		37		(1,408)		326,096
Foreign government debt		4,486		—		(643)		3,843
Commercial paper		28,327		3		—		28,330
Total fixed income securities		$	6,061,022	$	28,235	$	(366,144)	$	5,723,113


Details of fixed income investment securities by category as of December 31, 2022
Table	5.1b
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	145,581	$	2	$	(9,683)	$	135,900
Obligations of U.S. states and political subdivisions		2,400,261		4,866		(256,073)		2,149,054
Corporate debt securities		2,416,475		1,043		(196,377)		2,221,141
ABS		126,723		5		(6,041)		120,687
RMBS		223,743		10		(25,744)		198,009
CMBS		257,785		22		(20,591)		237,216
CLOs		337,656		5		(7,829)		329,832
Foreign government debt		4,486		—		(699)		3,787
Commercial paper		$	14,075	$	—	$	(3)	$	14,072
Total fixed income securities		$	5,926,785	$	5,953	$	(523,040)	$	5,409,698

Amortized cost and fair values of debt securities by contractual maturity


Fixed income securities maturity schedule
Table	5.2
		December 31, 2023
(In thousands)		Amortized Cost		Fair Value
Due in one year or less		$	645,017	$	639,245
Due after one year through five years		1,530,186		1,487,270
Due after five years through ten years		1,824,666		1,708,591
Due after ten years		920,094		782,408
		4,919,963		4,617,514

ABS		173,256		171,273
RMBS		347,132		330,773
CMBS		293,204		277,457
CLOs		327,467		326,096
Total as of December 31, 2023		$	6,061,022	$	5,723,113

Cost and fair value of investments in equity securities

The cost and fair value of investments in equity securities as of December 31, 2023 and December 31, 2022 are shown in tables 5.3a and 5.3b below.


Details of equity investment securities as of December 31, 2023
Table	5.3a
(In thousands)		Cost		Fair value gains		Fair value losses		Fair Value
Equity securities		$	16,025	$	5	$	(1,259)	$	14,771


Details of equity investment securities as of December 31, 2022
Table	5.3b
(In thousands)		Cost		Fair value gains		Fair value losses		Fair Value
Equity securities		$	15,924	$	—	$	(1,784)	$	14,140

Schedule of net gains (losses) on investments and other financial instruments


Details of net gains (losses) on investments and other financial instruments
Table	5.4
(in thousands)		December 31, 2023		December 31, 2022		December 31, 2021

Fixed income securities
Gains on sales		$	3,071	$	7,152	$	8,980
Losses on sales		(17,620)		(15,477)		(1,942)
Change in credit allowance		—		—		49
Impairments		—		(1,415)		—
Equity securities gains (losses)
Gains (losses) on sales		—		(7)		4
Changes in fair value		530		(2,013)		(463)
Change in embedded derivative on Home Re Transactions (1)		(118)		4,269		(721)
Other
Gains (losses) on sales		(1)		2		(33)
Market adjustment		(3)		26		(13)
Net gains (losses) on investments and other financial instruments		$	(14,141)	$	(7,463)	$	5,861

Proceeds from sales of fixed income securities		$	375,788	$	397,553	$	471,783
Proceeds from sales of equity securities		—		97		2,621

(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

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


Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table	5.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	26,550	$	(75)	$	98,359	$	(6,289)	$	124,909	$	(6,364)
Obligations of U.S. states and political subdivisions		275,727		(3,622)		1,200,533		(186,213)		1,476,260		(189,835)
Corporate debt securities		270,956		(6,060)		1,604,021		(122,151)		1,874,977		(128,211)
ABS		41,549		(1,234)		62,611		(2,041)		104,160		(3,275)
RMBS		44,867		(872)		176,349		(19,784)		221,216		(20,656)
CMBS		35,249		(391)		244,216		(15,361)		279,465		(15,752)
CLOs		—		—		274,729		(1,408)		274,729		(1,408)
Foreign government debt		—		—		3,843		(643)		3,843		(643)

Total		$	694,898	$	(12,254)	$	3,664,661	$	(353,890)	$	4,359,559	$	(366,144)


Unrealized loss aging for securities by type and length of time as of December 31, 2022
Table	5.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	67,531	$	(3,583)	$	76,246	$	(6,100)	$	143,777	$	(9,683)
Obligations of U.S. states and political subdivisions		1,344,272		(157,903)		360,956		(98,170)		1,705,228		(256,073)
Corporate debt securities		1,488,255		(109,976)		758,732		(86,401)		2,246,987		(196,377)
ABS		53,201		(1,008)		67,073		(5,033)		120,274		(6,041)
RMBS		77,563		(8,572)		136,179		(17,172)		213,742		(25,744)
CMBS		166,973		(12,951)		70,792		(7,640)		237,765		(20,591)
CLOs		213,461		(4,644)		114,459		(3,185)		327,920		(7,829)
Foreign government debt		—		—		3,787		(699)		3,787		(699)
Commercial paper		—		—		3,816		(3)		3,816		(3)
Total		$	3,411,256	$	(298,637)	$	1,592,040	$	(224,403)	$	5,003,296	$	(523,040)

Net unrealized gains (losses) of investments

The change in net unrealized gains (losses) of investments is shown in table 5.6 below.


Change in net unrealized gains (losses)
Table	5.6
(In thousands)		2023		2022		2021
Fixed income securities		$	179,174	$	(707,005)	$	(154,555)

Investment income

The source of net investment income is shown in table 5.7 below.


Net investment income
Table	5.7
(In thousands)		2023		2022		2021
Fixed income securities		$	202,655	$	166,306	$	160,030
Equity securities		529		437		471
Cash equivalents		16,111		5,049		75
Other		44		51		22
Investment income		219,339		171,843		160,598
Investment expenses		(4,599)		(4,367)		(4,160)
Net investment income		$	214,740	$	167,476	$	156,438

Loss Reserves - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	$ (52,609)	$ (325,534)	$ 2,985
Total prior year loss development	(208,514)	(404,130)	$ (60,015)
Premium refund liability, expected claim payments	21,100	$ 25,500
$1,000 Increase/Decrease In Average Severity Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	8,000
One Percentage Point Increase/Decrease In Average Claim Rate Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	$ 16,000

Statutory Information - Statutory financial information of insurance subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory Capital [Abstract]
Statutory net income	$ 279,145	$ 440,944	$ 295,811
Statutory policyholders' surplus	639,878	924,977	1,220,714
Contingency reserve	$ 5,199,405	$ 4,669,724	$ 4,126,604

Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Benefit Plans

We have a non-contributory defined benefit pension plan, as well as a supplemental executive retirement plan, that covered eligible employees through December 31, 2022. Effective January 1, 2023, these plans were frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants in these plans were fully vested in their benefits as of December 31, 2022. We also offer both medical and dental benefits for retired domestic employees and their eligible spouses and dependents under a postretirement benefit plan. The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2023, 2022, and 2021 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 sheets as of December 31, 2023 and 2022.


Components of net periodic benefit cost
Table	11.1
		Pension and Supplemental Executive Retirement Plans						Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2021		12/31/2023		12/31/2022		12/31/2021
Company Service Cost		$	—	$	7,153	$	7,569	$	1,497	$	1,307	$	1,508
Interest Cost		13,787		12,461		11,276		1,633		694		648
Expected Return on Plan Assets		(13,517)		(18,064)		(20,657)		(8,235)		(10,502)		(8,863)


Amortization of:
Net Transition Obligation (Asset)		—		—		—		—		—		—
Prior Service Cost (Credit)		345		(163)		(239)		1,861		489		213
Net Actuarial Losses (Gains)		2,185		5,726		5,490		(150)		(3,103)		(1,697)


Cost of Settlements and Curtailments		9,749		13,801		6,012		—		—		—
Net Periodic Benefit Cost (Benefit)		$	12,549	$	20,914	$	9,451	$	(3,394)	$	(11,115)	$	(8,191)


Development of funded status
Table	11.2
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Actuarial Value of Benefit Obligations
Measurement Date		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Accumulated Benefit Obligation		$	261,330	$	274,975	$	30,238	$	29,580

Funded Status/Asset (Liability) on the Consolidated Balance Sheet
Benefit Obligation		$	(261,330)	$	(274,975)	$	(30,238)	$	(29,580)
Plan Assets at Fair Value		235,612		250,674		134,371		111,154
Funded Status - Overfunded/Asset		N/A		N/A		$	104,133	$	81,574
Funded Status - Underfunded/Liability		(25,718)		(24,301)		N/A		N/A


Accumulated other comprehensive (income) loss
Table	11.3
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Net Actuarial Losses (Gains)		$	79,309	$	89,711	$	(30,804)	$	(13,781)
Prior Service Cost (Credit)		2,900		3,245		11,041		13,249
Net Transition Obligation (Asset)		—		—		—		—
Total at Year End		$	82,209	$	92,956	$	(19,763)	$	(532)

The amortization of gains and losses resulting from differences in actual experience from expected 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 life expectancy for the pension and supplemental executive retirement plans and by the average remaining service period of participating employees expected to receive benefits under the other postretirement benefits plan.

Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2023 and 2022.


Change in projected benefit / accumulated benefit
Table	11.4
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Benefit Obligation at Beginning of Year		$	274,975	$	391,698	$	29,580	$	25,635
Company Service Cost		—		7,153		1,497		1,307
Interest Cost		13,787		12,461		1,633		694
Plan Participants' Contributions		—		—		311		463
Net Actuarial Losses (Gains)		16,995		(83,240)		1,294		(8,123)
Benefit Payments from Fund		(13,549)		(13,165)		(3,439)		(1,504)
Benefit and Settlement Payments Paid Directly by Company		(384)		(114)		—		—
Plan Amendments		—		3,247		(346)		11,278
Curtailments		—		(352)		—		—
Settlement Payments from Fund (1)		(30,494)		(42,713)		—		—
Other Adjustment		—		—		(292)		(170)
Benefit Obligation at End of Year		$	261,330	$	274,975	$	30,238	$	29,580

(1)Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.

The change in the net actuarial losses (gains) on the benefit obligation from 2022 to 2023 is primarily due to changes in the discount rate used to calculate the benefit obligation. When the discount rate decreases, the impact on the benefit obligation is an increase, resulting in an actuarial loss. When the discount rate increases, the impact on the benefit obligation is a decrease, resulting in an actuarial gain. The discount rate decreased to 5.20% at December 31, 2023 from 5.60% at December 31, 2022, compared to an increase to 5.60% at December 31, 2022 from 3.05% at December 31, 2021. See Table 11.7 for the actuarial assumptions used to calculate the benefit obligations of our plans for 2023 and 2022.

Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2023 and 2022.


Change in plan assets
Table	11.5
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Fair Value of Plan Assets at Beginning of Year		$	250,674	$	391,555	$	111,154	$	140,839
Actual Return on Plan Assets		28,981		(91,303)		26,703		(28,088)
Company Contributions		384		6,414		—		—
Plan Participants' Contributions		—		—		311		463
Benefit Payments from Fund		(13,549)		(13,165)		(3,439)		(1,504)
Benefit and Settlement Payments Paid Directly by Company		(384)		(114)		—		—
Settlement Payments from Fund		(30,494)		(42,713)		—		—
Other Adjustment		—		—		(358)		(556)
Fair Value of Plan Assets at End of Year		$	235,612	$	250,674	$	134,371	$	111,154

Change in accumulated other comprehensive income (loss) ("AOCI")
Table	11.6
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
(In thousands)		12/31/2023		12/31/2022		12/31/2023		12/31/2022
AOCI in Prior Year		$	92,956	$	83,298	$	(532)	$	(44,891)
Increase (Decrease) in AOCI
Recognized during year - Prior Service (Cost) Credit		(345)		745		(1,861)		(489)
Recognized during year - Net Actuarial (Losses) Gains		(11,933)		(20,109)		150		3,103
Occurring during year - Prior Service Cost		—		3,247		(346)		11,277
Occurring during year - Net Actuarial Losses (Gains)		1,531		25,775		(17,174)		30,468


AOCI in Current Year		$	82,209	$	92,956	$	(19,763)	$	(532)

The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions.


Actuarial assumptions
Table	11.7
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefits
		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Weighted-Average Assumptions Used to Determine
Benefit Obligations at year end
1. Discount Rate		5.20	%	5.60	%	5.20	%	5.60	%
2. Rate of Compensation Increase		N/A		3.00	%	N/A		N/A
3. Cash balance interest crediting rate		4.03	%	3.97	%	N/A		N/A

Weighted-Average Assumptions Used to Determine
Net Periodic Benefit Cost for Year
1. Discount Rate		5.50	%	3.70	%	5.60	%	2.85	%
2. Expected Long-term Return on Plan Assets		6.00	%	5.25	%	7.50	%	7.50	%
3. Rate of Compensation Increase		N/A		3.00	%	N/A		N/A

Assumed Health Care Cost Trend Rates at year end
1. Health Care Cost Trend Rate Assumed for Next Year		N/A		N/A		6.75	%	7.00	%
2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate)		N/A		N/A		5.00	%	5.00	%
3. Year That the Rate Reaches the Ultimate Trend Rate		N/A		N/A		2031		2031

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 shown in table 11.8 below.


Plan assets
Table	11.8
		Pension Plan				Other Postretirement Benefits
		12/31/2023		12/31/2022		12/31/2023		12/31/2022
Equity Securities		21	%	20	%	100	%	100	%
Debt Securities		79	%	80	%	—	%	—	%
Total		100	%	100	%	100	%	100	%

Fair value is disclosed using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as described in Note 6 - "Fair Value Measurements" and Note 3 - "Significant Accounting Policies".

The following describes the valuation methodologies used for pension plan and other postretirement benefits plan assets at fair value.

•Domestic and International Mutual Funds: Securities are priced at the net asset value ("NAV"), which is the closing price published by the mutual fund on the reporting date. These financial assets are categorized as Level 1 in the fair value hierarchy.

•U.S. Government Securities: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies.

•Corporate Debt Securities: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt.

•Non-Government Foreign Debt Securities: These financial assets are represented by corporate debt securities issued by entities domiciled outside of the United States. See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt.

•Municipal Bonds: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Obligations of U.S. States & Political Subdivisions.

•Pooled Equity Accounts: Pooled Equity Account assets are represented by the units held by the plan. The redemption value is determined based on the NAV of the underlying units. The NAV is derived from the aggregate fair value of the underlying investments less any liabilities as of the reporting date. These financial assets are categorized as Level 2 in the fair value hierarchy.


Pension plan assets at fair value as of December 31, 2023
Table	11.9a
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	2,836	$	—	$	2,836
U.S. government securities		10,301		—		10,301
Corporate debt securities
Corporate debt securities and other		—		145,908		145,908
Non-government foreign debt securities		—		21,843		21,843
Municipal bonds		—		9,220		9,220
Pooled equity accounts		—		45,504		45,504
Total Assets at fair value		$	13,137	$	222,475	$	235,612


Pension plan assets at fair value as of December 31, 2022
Table	11.9b
(In thousands)		Level 1		Level 2		Total
Domestic mutual funds		$	67	$	—	$	67
U.S. government securities		13,328		—		13,328
Corporate debt Securities
Corporate debt securities and other		—		146,854		146,854
Non-government foreign debt securities		—		20,793		20,793
Municipal bonds		—		18,336		18,336
Pooled equity accounts		—		51,296		51,296
Total Assets at fair value		$	13,395	$	237,279	$	250,674

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 use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies:

Strategy

Objective

Investment types

Return seeking growth

Funded ratio improvement over the long term

●

Global quality growth

●

Global low volatility

Return seeking bridge

Downside protection in the event of a declining equity market

●

Enduring asset

●

Durable company

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.

Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2023 and 2022. All are Level 1 assets.


Other postretirement benefits plan assets at fair value as of December 31, 2023
Table	11.10a
(In thousands)		Level 1
Domestic mutual funds		$	109,575
International mutual funds		24,796
Total Assets at fair value		$	134,371


Other postretirement benefits plan assets at fair value as of December 31, 2022
Table	11.10b
(In thousands)		Level 1
Domestic mutual funds		$	89,584
International mutual funds		21,570
Total Assets at fair value		$	111,154

Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years:

è Total return should exceed growth in the Consumer Price Index by 5.75% annually

è Achieve competitive investment results


	Minimum		Maximum
Equities (long only)	70	%	100	%
Real estate	0	%	15	%
Commodities	0	%	10	%
Fixed income/Cash	0	%	10	%

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 mutual funds is limited to a maximum of 30% of the equity range. The allocation as of December 31, 2023 included 2% that was primarily invested in equity securities of emerging market countries and another 16% was invested in securities of companies primarily based in Europe and the Pacific Basin.

For the year ended December 31, 2023, we contributed $0.4 million to the pension and supplemental executive retirement plans to fund distributions from the supplemental executive retirement plan. We expect to make a contribution to the pension plan in 2024 of $25.0 million and distributions from the supplemental executive retirement plan will be funded as incurred. We did not make a contribution to the other postretirement benefits plan in 2023 and we do not expect to make a contribution in 2024.

Expected future benefit payments from the plans are shown in Table 11.11 below.


Expected future benefit payments
Table	11.11
		Pension and Supplemental Executive Retirement Plans	Other Postretirement Benefits
(In thousands)		12/31/2023	12/31/2023



Current + 1		23,110	2,761
Current + 2		22,771	2,849
Current + 3		23,116	2,715
Current + 4		23,226	2,630
Current + 5		22,236	2,825
Current + 6 - 10		100,929	15,326

PROFIT SHARING AND 401(K)

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 to the plan of up to 5% of each participant's eligible compensation. We provide a matching 401(k) savings contribution for employees of 200% up to the first 2% contributed and 100% of the next 2% contributed. We recognized expenses related to these plans of $9.5 million in 2023, $7.6 million in 2022, and $8.0 million in 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Calculation of Earnings (Loss) Per Share

Table 4.1 reconciles basic and diluted EPS amounts:


Earnings per share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2023		2022		2021
Basic earnings per share:
Net income		$	712,949	$	865,349	$	634,983
Weighted average common shares outstanding - basic		283,605		305,847		334,330
Basic earnings per share		$	2.51	$	2.83	$	1.90
Diluted earnings per share:
Net Income		$	712,949	$	865,349	$	634,983
Interest expense, net of tax (1):
9% Debentures		1,026		3,228		14,343
Diluted income available to common shareholders		$	713,975	$	868,577	$	649,326
Weighted-average shares - basic		283,605		305,847		334,330
Effect of dilutive securities:
Unvested restricted stock units		2,427		1,917		1,782
9% Debentures		1,123		3,465		15,196
Weighted average common shares outstanding - diluted		287,155		311,229		351,308
Diluted income per share		$	2.49	$	2.79	$	1.85

(1) Interest expense has been tax effected at a rate of 21%.