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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cost	$ 16,053	$ 16,025
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)	268,990,000	272,494,000
Treasury stock at cost (in shares)	102,363,000	98,859,000
Fixed income
Fixed maturities, amortized cost	$ 5,928,057	$ 5,939,483
Short-Term Investments
Fixed maturities, amortized cost	$ 95,721	$ 121,539

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Fixed income securities

Our fixed income securities classified as available-for-sale at March 31, 2024 and December 31, 2023 are shown in tables 7.1a and 7.1b below.


Details of fixed income securities by category as of March 31, 2024
Table	7.1a
(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		$	147,441	$	66	$	(6,595)	$	140,912
Obligations of U.S. states and political subdivisions		2,079,844		3,042		(191,274)		1,891,612
Corporate debt securities		2,644,912		10,789		(129,340)		2,526,361
ABS		173,761		1,291		(2,536)		172,516
RMBS		345,029		3,338		(24,541)		323,826
CMBS		286,876		5		(14,503)		272,378
CLOs		318,683		415		(482)		318,616
Foreign government debt		4,487		—		(741)		3,746
Commercial paper		22,745		2		—		22,747
Total fixed income securities		$	6,023,778	$	18,948	$	(370,012)	$	5,672,714


Details of fixed income securities by category as of December 31, 2023
Table	7.1b

(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		$	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

We had $12.1 million and $12.2 million of investments at fair value on deposit with various states as of March 31, 2024 and December 31, 2023, 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 $180.2 million and $156.9 million at March 31, 2024 and December 31, 2023, respectively.

The amortized cost and fair values of fixed income securities at March 31, 2024, by contractual maturity, are shown in table 7.2 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	7.2
		March 31, 2024
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	614,805	$	608,478
Due after one year through five years		1,557,863		1,510,968
Due after five years through ten years		1,800,564		1,676,467
Due after ten years		926,197		789,465
		4,899,429		4,585,378

ABS		173,761		172,516
RMBS		345,029		323,826
CMBS		286,876		272,378
CLOs		318,683		318,616
Total		$	6,023,778	$	5,672,714

Equity securities

The cost and fair value of investments in equity securities at March 31, 2024 and December 31, 2023 are shown in tables 7.3a and 7.3b below.


Details of equity security investments as of March 31, 2024
Table	7.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,053	$	4	$	(1,360)	$	14,697


Details of equity security investments as of December 31, 2023
Table	7.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,025	$	5	$	(1,259)	$	14,771

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 7.4 below.


Details of net gains (losses) on investments and other financial instruments
Table	7.4	Three Months Ended March 31,
(in thousands)		2024	2023

Fixed income securities
Gains on sales		55	59
Losses on sales		(5,485)	(4,133)


Equity securities gains (losses)

Changes in fair value		(103)	360
Change in embedded derivative on Home Re Transactions		(2,976)	(3,976)
Other
Gains (losses) on sales		1	6
Market adjustment		(1)	(14)
Net gains (losses) on investments and other financial instruments		(8,509)	(7,698)

Proceeds from sales of fixed income securities		14,886	32,181

Other invested assets

Our other invested assets balance includes an investment in 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, subject to certain conditions, which includes requirements to post collateral and to maintain a minimum investment in FHLB stock.

Unrealized investment losses

Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2024 and December 31, 2023, 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 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2023 Annual Report on Form 10-K.


Unrealized loss aging for securities by type and length of time as of March 31, 2024
Table	7.5a
		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		$	33,814	$	(107)	$	93,212	$	(6,488)	$	127,026	$	(6,595)
Obligations of U.S. states and political subdivisions		409,466		(3,795)		1,248,976		(187,479)		1,658,442		(191,274)
Corporate debt securities		536,362		(7,400)		1,408,161		(121,940)		1,944,523		(129,340)
ABS		37,810		(1,079)		57,455		(1,457)		95,265		(2,536)
RMBS		101,418		(6,894)		137,598		(17,647)		239,016		(24,541)
CMBS		35,431		(946)		236,798		(13,557)		272,229		(14,503)
CLOs		45,128		(103)		58,231		(379)		103,359		(482)
Foreign government debt		—		—		3,746		(741)		3,746		(741)

Total		$	1,199,429	$	(20,324)	$	3,244,177	$	(349,688)	$	4,443,606	$	(370,012)


Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table	7.5b
		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		$	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)

There were 1,103 and 1,021 securities in an unrealized loss position at March 31, 2024 and December 31, 2023, respectively. Based on current facts and circumstances, we believe the unrealized losses as of March 31, 2024 presented in table 7.5a above are not indicative of the ultimate collectability of the current amortized cost of the securities. The unrealized losses in all categories of our investments at March 31, 2024 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.

Statutory Information (Details) $ in Millions	1 Months Ended	3 Months Ended
Statutory Information (Details) $ in Millions	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements (in jurisdictions) \| jurisdiction		16
Maximum permitted risk-to-capital ratio commonly applied		25 to 1
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Maximum risk-to-capital ratio		25
Risk to capital ratio at end of period		9.8 to 1
Risk-to-capital ratio		9.8
Amount of policyholders position above or below required MPP		$ 3,800
Amount of required MPP		$ 2,200
Percentage of statutory policyholders surplus used to determine maximum allowable dividends (as a percent)		10.00%
Adjusted statutory net income measurement period (in years)		3 years
Adjusted statutory net income dividend payment measurement period (in years)		2 years
Mortgage Guaranty Insurance Corporation \| Subsequent Event
Statutory capital requirements [Abstract]
Dividend paid to MGIC Investment Corporation	$ 350

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchase programs Repurchases of our common stock may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In the three months ended March 31, 2024, we repurchased 4.7 million shares for $93.3 million, which included commissions. In 2023, we repurchased approximately 21.7 million shares of our common stock for $340.6 million, which included commissions. At March 31, 2024, we had $170 million remaining under a $500 million share repurchase program approved by our Board of Directors in 2023 that expires on July 1, 2025. Through April, we repurchased an additional 2.7 million shares totaling $54.8 million under the remaining authorization. In April 2024, our Board of Directors approved an additional share repurchase program, authorizing us to purchase up to $750 million of common stock prior to December 31, 2026. Cash dividends In the first quarter of 2024, we paid quarterly cash dividends of $0.115 per share which totaled $31.7 million. On April 25, 2024, the Board of Directors declared a quarterly cash dividend to the holders of the company’s common stock of $0.115 per share payable on May 21, 2024, to shareholders of record on May 9, 2024.

- Definition

The entire disclosure for equity.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss Reserves - Reconciliation of Beginning and Ending Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Reserve [Roll Forward]
Reserve at beginning of period	$ 505,379	$ 557,988
Less reinsurance recoverable	33,302	28,240
Net reserve at beginning of period	472,077	529,748
Losses and LAE incurred in respect of delinquency notices received in:
Current year	53,436	47,212
Prior years	(48,881)	(40,766)
Total losses incurred	4,555	6,446
Losses and LAE paid in respect of delinquency notices received in:
Current year	0	0
Prior years	11,385	10,440
Total losses paid	11,385	10,440
Net reserve at end of period	465,247	525,754
Plus reinsurance recoverable	39,200	32,761
Reserve at end of period	$ 504,447	$ 558,515

Statutory Information - Summary of Amounts Disclosed Under Statutory Accounting Practices (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statutory Capital [Abstract]
Statutory net income	$ 72,714	$ 54,612
Statutory policyholders' surplus	711,990	992,075
Contingency loss reserves	$ 5,333,024	$ 4,803,752

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of fixed income securities

Our fixed income securities classified as available-for-sale at March 31, 2024 and December 31, 2023 are shown in tables 7.1a and 7.1b below.


Details of fixed income securities by category as of March 31, 2024
Table	7.1a
(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		$	147,441	$	66	$	(6,595)	$	140,912
Obligations of U.S. states and political subdivisions		2,079,844		3,042		(191,274)		1,891,612
Corporate debt securities		2,644,912		10,789		(129,340)		2,526,361
ABS		173,761		1,291		(2,536)		172,516
RMBS		345,029		3,338		(24,541)		323,826
CMBS		286,876		5		(14,503)		272,378
CLOs		318,683		415		(482)		318,616
Foreign government debt		4,487		—		(741)		3,746
Commercial paper		22,745		2		—		22,747
Total fixed income securities		$	6,023,778	$	18,948	$	(370,012)	$	5,672,714


Details of fixed income securities by category as of December 31, 2023
Table	7.1b

(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		$	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

Amortized cost and fair values of fixed income securities by contractual maturity


Fixed income securities maturity schedule
Table	7.2
		March 31, 2024
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	614,805	$	608,478
Due after one year through five years		1,557,863		1,510,968
Due after five years through ten years		1,800,564		1,676,467
Due after ten years		926,197		789,465
		4,899,429		4,585,378

ABS		173,761		172,516
RMBS		345,029		323,826
CMBS		286,876		272,378
CLOs		318,683		318,616
Total		$	6,023,778	$	5,672,714

Cost and fair value of investments in equity securities

The cost and fair value of investments in equity securities at March 31, 2024 and December 31, 2023 are shown in tables 7.3a and 7.3b below.


Details of equity security investments as of March 31, 2024
Table	7.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,053	$	4	$	(1,360)	$	14,697


Details of equity security investments as of December 31, 2023
Table	7.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,025	$	5	$	(1,259)	$	14,771

Schedule of realized gains (losses) and proceeds from sale of securities


Details of net gains (losses) on investments and other financial instruments
Table	7.4	Three Months Ended March 31,
(in thousands)		2024	2023

Fixed income securities
Gains on sales		55	59
Losses on sales		(5,485)	(4,133)


Equity securities gains (losses)

Changes in fair value		(103)	360
Change in embedded derivative on Home Re Transactions		(2,976)	(3,976)
Other
Gains (losses) on sales		1	6
Market adjustment		(1)	(14)
Net gains (losses) on investments and other financial instruments		(8,509)	(7,698)

Proceeds from sales of fixed income securities		14,886	32,181

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 March 31, 2024
Table	7.5a
		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		$	33,814	$	(107)	$	93,212	$	(6,488)	$	127,026	$	(6,595)
Obligations of U.S. states and political subdivisions		409,466		(3,795)		1,248,976		(187,479)		1,658,442		(191,274)
Corporate debt securities		536,362		(7,400)		1,408,161		(121,940)		1,944,523		(129,340)
ABS		37,810		(1,079)		57,455		(1,457)		95,265		(2,536)
RMBS		101,418		(6,894)		137,598		(17,647)		239,016		(24,541)
CMBS		35,431		(946)		236,798		(13,557)		272,229		(14,503)
CLOs		45,128		(103)		58,231		(379)		103,359		(482)
Foreign government debt		—		—		3,746		(741)		3,746		(741)

Total		$	1,199,429	$	(20,324)	$	3,244,177	$	(349,688)	$	4,443,606	$	(370,012)


Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table	7.5b
		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		$	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)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Statutory Information Statutory Information (Tables)

3 Months Ended

Mar. 31, 2024

Statutory Capital [Abstract]

Summary of amounts disclosed under statutory accounting practices

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


Financial information of our insurance subsidiaries (including MGIC)
Table 14.1
	As of and for the Three Months Ended March 31,
(In thousands)	2024		2023
Statutory net income	$	72,714	$	54,612
Statutory policyholders' surplus	711,990		992,075
Contingency loss reserves	5,333,024		4,803,752

- 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

Loss Reserves (Tables)

3 Months Ended

Mar. 31, 2024

Insurance Loss Reserves [Abstract]

Reconciliation of beginning and ending loss reserves

Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the three months ended March 31, 2024 and 2023.


Development of reserves for losses and loss adjustment expenses
Table	11.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Reserve at beginning of period		$	505,379	$	557,988
Less reinsurance recoverable		33,302		28,240
Net reserve at beginning of period		472,077		529,748

Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year		53,436		47,212
Prior years (1)		(48,881)		(40,766)
Total losses incurred		4,555		6,446

Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year		—		—
Prior years		11,385		10,440

Total losses paid		11,385		10,440
Net reserve at end of period		465,247		525,754
Plus reinsurance recoverable		39,200		32,761
Reserve at end of period		$	504,447	$	558,515

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

Prior year development of the reserves

The prior year loss reserve development for the three months ended March 31, 2024 and 2023 is shown in table 11.2 below.


Reserve development on previously received delinquencies
Table	11.2
		Three Months Ended March 31,
(In thousands)		2024		2023
Increase (decrease) in estimated claim rate on primary defaults		$	(41,079)	$	(43,431)

Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(7,802)		2,665
Total prior year loss development (1)		$	(48,881)	$	(40,766)

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

Reinsurance - Excess of Loss Reinsurance (Details) $ in Thousands										3 Months Ended	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 ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
2023 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage		10 years
Initial first layer retention		$ 70,578
Remaining first layer retention										$ 70,572	$ 70,578
Remaining Excess of Loss Reinsurance Coverage (1)		$ 96,942								95,178	96,942
2022 Traditional XOL
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage				10 years
Initial first layer retention				$ 82,523
Remaining first layer retention										82,241	82,346
Remaining Excess of Loss Reinsurance Coverage (1)				$ 142,642						142,642	142,642
Home Re 2023-1
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes	10 years
Initial first layer retention	$ 272,961
Remaining first layer retention										272,961	272,961
Remaining Excess of Loss Reinsurance Coverage (1)	$ 330,277									$ 330,277	330,277
Reinsurance Retention Policy, Funding Percentage	0.97									0.97
Home Re 2022-1
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes			12 years 6 months
Initial first layer retention			$ 325,589
Remaining first layer retention										$ 324,441	325,001
Remaining Excess of Loss Reinsurance Coverage (1)			$ 473,575							$ 398,112	420,731
Reinsurance Retention Policy, Funding Percentage			1							1
Home Re 2021-2
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes					12 years 6 months
Initial first layer retention					$ 190,159
Remaining first layer retention										$ 189,347	189,403
Remaining Excess of Loss Reinsurance Coverage (1)					$ 398,429					$ 172,395	173,960
Reinsurance Retention Policy, Funding Percentage					1					0.75
Home Re 2021-1
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes						12 years 6 months
Initial first layer retention						$ 211,159
Remaining first layer retention										$ 210,546	210,831
Remaining Excess of Loss Reinsurance Coverage (1)						$ 398,848				$ 117,880	117,982
Reinsurance Retention Policy, Funding Percentage						1				0.73
Home Re 2020-1
Effects of Reinsurance [Line Items]
Initial first layer retention							$ 275,283
Remaining first layer retention										$ 0	261,280
Remaining Excess of Loss Reinsurance Coverage (1)							$ 412,917			$ 0	41,846
Reinsurance Retention Policy, Funding Percentage							1			0
Home Re 2019-1
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes								10 years
Initial first layer retention								$ 185,730
Remaining first layer retention										$ 182,563	182,722
Remaining Excess of Loss Reinsurance Coverage (1)								$ 315,739		$ 21,039	21,039
Reinsurance Retention Policy, Funding Percentage								1		0.10
Home Re 2018-1
Effects of Reinsurance [Line Items]
Term of mortgage insurance-linked notes									10 years
Initial first layer retention									$ 168,691
Remaining first layer retention										$ 164,220	164,335
Remaining Excess of Loss Reinsurance Coverage (1)									$ 318,636	$ 58,378	$ 69,762
Reinsurance Retention Policy, Funding Percentage									1	1

Loss Reserves

3 Months Ended

Mar. 31, 2024

Insurance Loss Reserves [Abstract]

Loss Reserves

We establish case reserves and 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. Even in a stable environment, changes to our estimates could result in a material impact to our consolidated results of operations and financial position. 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 results 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 changes in unemployment, 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 results of operations even in a stable economic environment. For example, as of March 31, 2024, 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 11.1 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 that occurred in the current year increased for the three months ended March 31, 2024, compared to the same period last year. The increase is primarily due to an increase in estimated severity on current year delinquencies and an increase in new delinquencies reported.

For the three months ended March 31, 2024 and March 31, 2023 we experienced favorable loss development of $48.9 million and $40.8 million, respectively, on previously received delinquencies. 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 11.1 below shows the amount of losses paid on delinquencies that occurred in the current year and losses paid on delinquencies that occurred in prior years.

Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the three months ended March 31, 2024 and 2023.


Development of reserves for losses and loss adjustment expenses
Table	11.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Reserve at beginning of period		$	505,379	$	557,988
Less reinsurance recoverable		33,302		28,240
Net reserve at beginning of period		472,077		529,748

Losses incurred:
Losses and LAE incurred in respect of delinquency notices received in:
Current year		53,436		47,212
Prior years (1)		(48,881)		(40,766)
Total losses incurred		4,555		6,446

Losses paid:
Losses and LAE paid in respect of delinquency notices received in:
Current year		—		—
Prior years		11,385		10,440

Total losses paid		11,385		10,440
Net reserve at end of period		465,247		525,754
Plus reinsurance recoverable		39,200		32,761
Reserve at end of period		$	504,447	$	558,515

The prior year loss reserve development for the three months ended March 31, 2024 and 2023 is shown in table 11.2 below.


Reserve development on previously received delinquencies
Table	11.2
		Three Months Ended March 31,
(In thousands)		2024		2023
Increase (decrease) in estimated claim rate on primary defaults		$	(41,079)	$	(43,431)

Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other		(7,802)		2,665
Total prior year loss development (1)		$	(48,881)	$	(40,766)

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 were $18.5 million and $21.1 million at March 31, 2024 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums written:
Direct	$ 275,203	$ 274,247
Assumed	3,416	2,751
Ceded	(44,819)	(46,806)
Net premiums written	233,800	230,192
Decrease in unearned premiums, net	8,844	11,823
Net premiums earned	242,644	242,015
Investment income, net of expenses	59,744	49,223
Net gains (losses) on investments and other financial instruments	(8,509)	(7,698)
Other revenue	482	425
Total revenues	294,361	283,965
Losses and expenses:
Losses incurred, net	4,555	6,446
Amortization of deferred insurance policy acquisition costs	2,009	2,478
Other underwriting and operating expenses, net	59,018	70,063
Interest expense	8,899	9,374
Total losses and expenses	74,481	88,361
Income before tax	219,880	195,604
Provision for income tax	45,783	41,057
Net income	$ 174,097	$ 154,547
Earnings per share:
Basic (in dollars per share)	$ 0.64	$ 0.53
Diluted (in dollars per share)	$ 0.64	$ 0.53
Weighted average common shares outstanding - basic (in shares)	270,314	290,989
Weighted average common shares outstanding - diluted (in shares)	273,108	294,712

Reinsurance - Variable Interest Entity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Effects of Reinsurance [Line Items]
Assets	$ 6,535,246	$ 6,538,380
Home Re 2023-1
Effects of Reinsurance [Line Items]
Assets	330,277	330,277
Home Re 2022-1
Effects of Reinsurance [Line Items]
Assets	406,329	427,279
Home Re 2021-2
Effects of Reinsurance [Line Items]
Assets	172,990	174,431
Home Re 2021-1
Effects of Reinsurance [Line Items]
Assets	117,849	118,043
Home Re 2020-1
Effects of Reinsurance [Line Items]
Assets	0	41,846
Home Re 2019-1
Effects of Reinsurance [Line Items]
Assets	21,039	21,039
Home Re 2018-1
Effects of Reinsurance [Line Items]
Assets	$ 63,949	$ 73,872

- 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 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Benefit Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pension and Supplemental Executive Retirement Plans
Components of Net Periodic Benefit Cost [Abstract]
Company service cost	$ 0	$ 0
Interest cost	3,247	3,682
Expected return on plan assets	(3,644)	(3,581)
Net actuarial losses (gains)	523	597
Prior service cost (credit)	86	86
Cost of settlements and curtailments	0	7,847
Net periodic benefit cost (benefit)	212	8,631
Other Postretirement Benefit Plans
Components of Net Periodic Benefit Cost [Abstract]
Company service cost	417	386
Interest cost	375	398
Expected return on plan assets	(2,494)	(2,063)
Net actuarial losses (gains)	(380)	(64)
Prior service cost (credit)	453	465
Cost of settlements and curtailments	0	0
Net periodic benefit cost (benefit)	(1,629)	$ (878)
Pension Plan
Components of Net Periodic Benefit Cost [Abstract]
Company contribution to qualified pension plan	$ 23,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 spreads 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, which has an original maturity greater than 90 days, is valued using market data for comparable instruments of similar maturity and average yields. These securities are generally 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: Consist 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 measured at fair value, by hierarchy level, as of March 31, 2024 and December 31, 2023 are shown in tables 8.1a and 8.1b 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 our 2023 Annual Report on Form 10-K.


Assets carried at fair value by hierarchy level as of March 31, 2024
Table	8.1a
(In thousands)		Total 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		$	140,912	$	98,412	$	42,500
Obligations of U.S. states and political subdivisions		1,891,612		—		1,891,612
Corporate debt securities		2,526,361		—		2,526,361
ABS		172,516		—		172,516
RMBS		323,826		—		323,826
CMBS		272,378		—		272,378
CLOs		318,616		—		318,616
Foreign government debt		3,746		—		3,746
Commercial paper		22,747		—		22,747
Total fixed income securities		5,672,714		98,412		5,574,302
Equity securities		14,697		14,697		—
Cash equivalents (1)		434,990		424,383		10,607
Total		$	6,122,401	$	537,492	$	5,584,909


Assets carried at fair value by hierarchy level as of December 31, 2023
Table	8.1b
(In thousands)		Total 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
(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 7 – “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 March 31, 2024 and December 31, 2023, the fair value of the embedded derivatives was a liability of $0.6 million and an asset of $2.4 million, respectively. (See Note 4 - "Reinsurance" for more information about our reinsurance programs.)

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. For the three months ended March 31, 2024, and 2023, purchases of real estate acquired were $1.0 million and $0.1 million, respectively. For the three months ended March 31, 2024, and 2023, sales of real estate acquired were zero and $1.2 million, respectively.

Financial assets and 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 value of our 5.25% Notes was based on observable market prices and is categorized as level 2.

Table 8.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2024 and December 31, 2023.


Financial assets and liabilities not measured at fair value
Table	8.2
		March 31, 2024				December 31, 2023
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850

Financial liabilities
5.25% Senior Notes		643,563		633,373		643,196		634,498

- 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

Reinsurance - Summary of Premiums Earned and Losses Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Premiums earned:
Direct	$ 284,021	$ 286,034
Assumed	3,442	2,787
Ceded	(44,819)	(46,806)
Net premiums earned	242,644	242,015
Losses incurred:
Direct	10,979	11,123
Assumed	29	4
Losses incurred, net	4,555	6,446
Quota Share Reinsurance Transactions
Premiums earned:
Ceded	(28,715)	(29,877)
Losses incurred:
Ceded	(6,453)	(4,681)
Profit commission on reinsurance	24,584	31,711
Ceding commission on reinsurance	10,660	12,318
Excess of Loss Reinsurance Transactions
Premiums earned:
Ceded	$ (16,104)	$ (16,929)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 174,097	$ 154,547
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,485	10,192
Deferred tax expense (benefit)	6,131	1,732
Equity compensation	11,105	9,679
Net gains (losses) on investments and other financial instruments	(8,509)	(7,698)
Change in certain assets and liabilities:
Accrued investment income	681	628
Reinsurance recoverable on loss reserves	(5,898)	(4,521)
Reinsurance recoverable on paid losses	9,341	17,936
Premiums receivable	2,466	625
Deferred insurance policy acquisition costs	745	965
Loss reserves	(932)	527
Unearned premiums	(8,844)	(11,822)
Return premium accrual	(2,600)	(1,300)
Current income taxes	39,839	39,481
Other, net	(50,588)	(14,081)
Net cash provided by (used in) operating activities	190,537	212,286
Cash flows from investing activities:
Purchases of investments	(327,757)	(229,198)
Proceeds from sales of investments	14,841	32,991
Proceeds from maturity of fixed income securities	338,885	131,389
Additions to property and equipment	0	(363)
Net cash provided by (used in) investing activities	25,969	(65,181)
Cash flows from financing activities:
Repurchase of common stock	(95,183)	(76,151)
Dividends paid	(33,353)	(30,096)
Payment of withholding taxes related to share-based compensation net share settlement	(19,046)	(7,199)
Net cash provided by (used in) financing activities	(147,582)	(113,446)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	68,924	33,659
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	370,644	332,913
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 439,568	$ 366,572

Investments - Securities In Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 1,199,429	$ 694,898
12 Months or Greater - Fair Value	3,244,177	3,664,661
Total - Fair Value	4,443,606	4,359,559
Less Than 12 Months - Unrealized Losses	(20,324)	(12,254)
12 Months or Greater - Unrealized Losses	(349,688)	(353,890)
Total - Unrealized Losses	$ (370,012)	$ (366,144)
Number of securities in unrealized loss position (in securities) \| security	1,103	1,021
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	$ 33,814	$ 26,550
12 Months or Greater - Fair Value	93,212	98,359
Total - Fair Value	127,026	124,909
Less Than 12 Months - Unrealized Losses	(107)	(75)
12 Months or Greater - Unrealized Losses	(6,488)	(6,289)
Total - Unrealized Losses	(6,595)	(6,364)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	409,466	275,727
12 Months or Greater - Fair Value	1,248,976	1,200,533
Total - Fair Value	1,658,442	1,476,260
Less Than 12 Months - Unrealized Losses	(3,795)	(3,622)
12 Months or Greater - Unrealized Losses	(187,479)	(186,213)
Total - Unrealized Losses	(191,274)	(189,835)
Corporate debt securities
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	536,362	270,956
12 Months or Greater - Fair Value	1,408,161	1,604,021
Total - Fair Value	1,944,523	1,874,977
Less Than 12 Months - Unrealized Losses	(7,400)	(6,060)
12 Months or Greater - Unrealized Losses	(121,940)	(122,151)
Total - Unrealized Losses	(129,340)	(128,211)
ABS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	37,810	41,549
12 Months or Greater - Fair Value	57,455	62,611
Total - Fair Value	95,265	104,160
Less Than 12 Months - Unrealized Losses	(1,079)	(1,234)
12 Months or Greater - Unrealized Losses	(1,457)	(2,041)
Total - Unrealized Losses	(2,536)	(3,275)
RMBS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	101,418	44,867
12 Months or Greater - Fair Value	137,598	176,349
Total - Fair Value	239,016	221,216
Less Than 12 Months - Unrealized Losses	(6,894)	(872)
12 Months or Greater - Unrealized Losses	(17,647)	(19,784)
Total - Unrealized Losses	(24,541)	(20,656)
CMBS
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	35,431	35,249
12 Months or Greater - Fair Value	236,798	244,216
Total - Fair Value	272,229	279,465
Less Than 12 Months - Unrealized Losses	(946)	(391)
12 Months or Greater - Unrealized Losses	(13,557)	(15,361)
Total - Unrealized Losses	(14,503)	(15,752)
CLOs
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	45,128	0
12 Months or Greater - Fair Value	58,231	274,729
Total - Fair Value	103,359	274,729
Less Than 12 Months - Unrealized Losses	(103)	0
12 Months or Greater - Unrealized Losses	(379)	(1,408)
Total - Unrealized Losses	(482)	(1,408)
Foreign government debt
Schedule of Investments [Line Items]
Less Than 12 Months - Fair Value	0	0
12 Months or Greater - Fair Value	3,746	3,843
Total - Fair Value	3,746	3,843
Less Than 12 Months - Unrealized Losses	0	0
12 Months or Greater - Unrealized Losses	(741)	(643)
Total - Unrealized Losses	$ (741)	$ (643)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 174,097	$ 154,547

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

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

Other comprehensive income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 are included in table 9.1 below.


Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Net unrealized investment (losses) gains arising during the period		$	(13,154)	$	102,099
Total income tax benefit (expense)		2,762		(21,440)
Net of tax		(10,392)		80,659

Net changes in benefit plan assets and obligations		682		6,776
Total income tax benefit (expense)		(143)		(1,423)
Net of tax		539		5,353

Total other comprehensive income (loss)		$	(12,472)	108,875
Total income tax benefit (expense)		2,619		(22,863)
Total other comprehensive income (loss), net of tax		$	(9,853)	$	86,012

Reclassification out of accumulated other comprehensive income

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 three months ended March 31, 2024 and 2023 are included in table 9.2 below.


Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2024		2023
Reclassification adjustment for net realized (losses) gains(1)		$	(9,973)	$	(4,164)
Income tax benefit (expense)		2,094		874
Net of tax		(7,879)		(3,290)

Reclassification adjustment related to benefit plan assets and obligations (2)		(682)		(8,932)
Income tax benefit (expense)		143		1,876
Net of tax		(539)		(7,056)

Total reclassifications		(10,655)		(13,096)
Income tax benefit (expense)		2,237		2,750
Total reclassifications, net of tax		$	(8,418)	$	(10,346)

(1)Increases (decreases) Net realized investment gains (losses) 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 rollforward of AOCI for the three months ended March 31, 2024, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2024
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)
Other comprehensive income (loss) before reclassifications		(18,271)		—		(18,271)
Less: Amounts reclassified from AOCI		(7,879)		(539)		(8,418)
Balance, March 31, 2024, net of tax		$	(277,340)	$	(48,794)	$	(326,134)

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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.

Table 13.1 shows the number of restricted stock units (RSUs) granted to employees and non-employee directors and the weighted average fair value per share during the periods presented.


Restricted stock unit grants
Table	13.1
			Three months ended March 31,
			2024			2023
			RSUs Granted (in thousands)	Weighted Average Share Fair Value		RSUs Granted (in thousands)	Weighted Average Share Fair Value
RSUs subject to performance conditions		(1)	634	$	19.81	949	$	14.17
RSUs subject only to service conditions			248	19.81		354	14.17
Non-employee director RSUs			76	19.81		106	14.17

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

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Significant Accounting Policies	Significant Accounting Policies 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

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

Other Comprehensive Income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 are included in table 9.1 below.


Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Net unrealized investment (losses) gains arising during the period		$	(13,154)	$	102,099
Total income tax benefit (expense)		2,762		(21,440)
Net of tax		(10,392)		80,659

Net changes in benefit plan assets and obligations		682		6,776
Total income tax benefit (expense)		(143)		(1,423)
Net of tax		539		5,353

Total other comprehensive income (loss)		$	(12,472)	108,875
Total income tax benefit (expense)		2,619		(22,863)
Total other comprehensive income (loss), net of tax		$	(9,853)	$	86,012


Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2024		2023
Reclassification adjustment for net realized (losses) gains(1)		$	(9,973)	$	(4,164)
Income tax benefit (expense)		2,094		874
Net of tax		(7,879)		(3,290)

Reclassification adjustment related to benefit plan assets and obligations (2)		(682)		(8,932)
Income tax benefit (expense)		143		1,876
Net of tax		(539)		(7,056)

Total reclassifications		(10,655)		(13,096)
Income tax benefit (expense)		2,237		2,750
Total reclassifications, net of tax		$	(8,418)	$	(10,346)

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

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

A rollforward of AOCI for the three months ended March 31, 2024, including amounts reclassified from AOCI, are included in table 9.3 below.


Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2024
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)
Other comprehensive income (loss) before reclassifications		(18,271)		—		(18,271)
Less: Amounts reclassified from AOCI		(7,879)		(539)		(8,418)
Balance, March 31, 2024, net of tax		$	(277,340)	$	(48,794)	$	(326,134)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 25, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares repurchased in period (in shares)			4.7	21.7
Repurchase of common stock amount, including commissions			$ 93.3	$ 340.6
Remaining authorized repurchase amount			170.0
Stock repurchase program, authorized amount			$ 500.0
Quarterly cash dividend paid (per share)			$ 0.115
Cash dividends			$ 31.7
Subsequent Event
Class of Stock [Line Items]
Shares repurchased in period (in shares)		2.7
Repurchase of common stock amount, including commissions		$ 54.8
Stock repurchase program, authorized amount	$ 750.0
Quarterly cash dividend declared (per share)	$ 0.115

- 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/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Litigation and Contingencies	3 Months Ended
Litigation and Contingencies	Mar. 31, 2024
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.

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized cost
Due in one year or less	$ 614,805
Due after one year through five years	1,557,863
Due after five years through ten years	1,800,564
Due after ten years	926,197
Total debt securities with single maturity date, amortized cost	4,899,429
Fair Value
Due in one year or less	608,478
Due after one year through five years	1,510,968
Due after five years through ten years	1,676,467
Due after ten years	789,465
Total debt securities with single maturity date, fair value	4,585,378
Total fixed income securities
Amortized cost
Amortized Cost	6,023,778	$ 6,061,022
Fair Value
Total at end of period	5,672,714	5,723,113
ABS
Amortized cost
Total debt securities without single maturity date, amortized cost	173,761
Amortized Cost	173,761	173,256
Fair Value
Total debt securities without single maturity date, fair value	172,516
Total at end of period	172,516	171,273
RMBS
Amortized cost
Total debt securities without single maturity date, amortized cost	345,029
Amortized Cost	345,029	347,132
Fair Value
Total debt securities without single maturity date, fair value	323,826
Total at end of period	323,826	330,773
CMBS
Amortized cost
Total debt securities without single maturity date, amortized cost	286,876
Amortized Cost	286,876	293,204
Fair Value
Total debt securities without single maturity date, fair value	272,378
Total at end of period	272,378	277,457
CLOs
Amortized cost
Total debt securities without single maturity date, amortized cost	318,683
Amortized Cost	318,683	327,467
Fair Value
Total debt securities without single maturity date, fair value	318,616
Total at end of period	$ 318,616	$ 326,096

Share-Based Compensation (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	634	949
Weighted Average Share Fair Value (in dollars per share)	$ 19.81	$ 14.17
RSUs subject only to service conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248	354
Weighted Average Share Fair Value (in dollars per share)	$ 19.81	$ 14.17
Non-employee director RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	76	106
Weighted Average Share Fair Value (in dollars per share)	$ 19.81	$ 14.17
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Minimum \| RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares that may vest (as a percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Maximum \| RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares that may vest (as a percent)	200.00%

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Reinsurance recoverable on loss reserves	$ 39,200	$ 33,302	$ 32,761	$ 28,240
Quota Share Reinsurance Transactions
Effects of Reinsurance [Line Items]
Ceding commission, percentage (as a percent)	20.00%
Reinsurance, quote share reinsurance agreement, annual loss ratio cap (as a percent)	300.00%
Reinsurance, quota reinsurance agreement, lifetime loss ratio cap (as a percent)	200.00%
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)	90.00%
Reinsurance recoverable on loss reserves	$ 39,200	$ 33,300
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Threshold for private mortgage insurer eligibility requirements for termination election (less than) (as a percent)	80.00%
Excess of Loss Reinsurance Transactions, Home Re Transactions
Effects of Reinsurance [Line Items]
Percent of reinsurance coverage threshold (as a percent)	10.00%
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	99.50%

Investments - Net Gains (Losses) On Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed income securities
Gross realized gains on sales of fixed income securities	$ 55	$ 59
Gross realized losses on sales of fixed income securities	(5,485)	(4,133)
Equity securities gains (losses)
Equity securities, gains (losses), market adjustment	(103)	360
Change in embedded derivative on Home Re Transactions	(2,976)	(3,976)
Other
Other, gains (losses) on sales	1	6
Other, market adjustment	(1)	(14)
Net gains (losses) on investments and other financial instruments	(8,509)	(7,698)
Proceeds from sales of fixed income securities	$ 14,886	$ 32,181

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair value measurements for items measured at fair value


Assets carried at fair value by hierarchy level as of March 31, 2024
Table	8.1a
(In thousands)		Total 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		$	140,912	$	98,412	$	42,500
Obligations of U.S. states and political subdivisions		1,891,612		—		1,891,612
Corporate debt securities		2,526,361		—		2,526,361
ABS		172,516		—		172,516
RMBS		323,826		—		323,826
CMBS		272,378		—		272,378
CLOs		318,616		—		318,616
Foreign government debt		3,746		—		3,746
Commercial paper		22,747		—		22,747
Total fixed income securities		5,672,714		98,412		5,574,302
Equity securities		14,697		14,697		—
Cash equivalents (1)		434,990		424,383		10,607
Total		$	6,122,401	$	537,492	$	5,584,909


Assets carried at fair value by hierarchy level as of December 31, 2023
Table	8.1b
(In thousands)		Total 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
(1) Includes restricted cash equivalents

Carrying value and fair value of financial assets and liabilities

Table 8.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2024 and December 31, 2023.


Financial assets and liabilities not measured at fair value
Table	8.2
		March 31, 2024				December 31, 2023
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	850	$	850	$	850	$	850

Financial liabilities
5.25% Senior Notes		643,563		633,373		643,196		634,498

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Prospective Accounting Standards	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.

Statutory Information

3 Months Ended

Mar. 31, 2024

Statutory Capital [Abstract]

Insurance Disclosure

Statutory Information

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, as 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 March 31, 2024, MGIC’s risk-to-capital ratio was 9.8 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements, and its policyholder position was $3.8 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. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the financial requirements of the PMIERs, MGIC may terminate the reinsurance agreements without penalty.

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. 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, without regulatory approval, is reduced by dividends paid in the twelve months preceding the dividend payment date. Before making any dividend payments, we notify the OCI to ensure it does not object. In April 2024, MGIC paid a $350 million dividend to the holding company.

Statutory Financial Information

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 their 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 loss reserves of our insurance subsidiaries, including MGIC, are shown in table 14.1.


Financial information of our insurance subsidiaries (including MGIC)
Table 14.1
	As of and for the Three Months Ended March 31,
(In thousands)	2024		2023
Statutory net income	$	72,714	$	54,612
Statutory policyholders' surplus	711,990		992,075
Contingency loss reserves	5,333,024		4,803,752

Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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, including participating securities. Our “participating securities” are comprised 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. The determination of whether components are dilutive is calculated independently for each period. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested RSUs result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that would have occurred if our 9% Debentures resulted in the issuance of common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal.

Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.


Earnings per share
Table	6.1
		Three Months Ended March 31,
(In thousands, except per share data)		2024		2023
Basic earnings per share:
Net income		$	174,097	$	154,547
Weighted average common shares outstanding - basic		270,314		290,989
Basic earnings per share		$	0.64	$	0.53

Diluted earnings per share:
Net income		$	174,097	$	154,547
Interest expense, net of tax (1):
9% Debentures		—		375
Diluted income available to common shareholders		$	174,097	$	154,922

Weighted average common shares outstanding - basic		270,314		290,989
Effect of dilutive securities:
Unvested RSUs		2,794		2,079
9% Debentures		—		1,644
Weighted average common shares outstanding - diluted		273,108		294,712
Diluted earnings per share		$	0.64	$	0.53

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

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share:
Net income	$ 174,097	$ 154,547
Weighted average common shares outstanding - basic (in shares)	270,314	290,989
Basic earnings per share (in dollars per share)	$ 0.64	$ 0.53
Diluted earnings per share:
Net income	$ 174,097	$ 154,547
Dilutive securities	0	375
Diluted income available to common shareholders	$ 174,097	$ 154,922
Weighted average common shares outstanding - basic (in shares)	270,314	290,989
Effect of dilutive securities:
Unvested RSUs (in shares)	2,794	2,079
Dilutive securities (in shares)	0	1,644
Weighted average common shares outstanding - diluted (in shares)	273,108	294,712
Diluted earnings per share (in dollars per share)	$ 0.64	$ 0.53
Federal statutory income tax rate (in hundredths)	21.00%	21.00%
9% Convertible Junior Subordinated Debentures
Effect of dilutive securities:
Stated interest rate	9.00%

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation, activity

Table 13.1 shows the number of restricted stock units (RSUs) granted to employees and non-employee directors and the weighted average fair value per share during the periods presented.


Restricted stock unit grants
Table	13.1
			Three months ended March 31,
			2024			2023
			RSUs Granted (in thousands)	Weighted Average Share Fair Value		RSUs Granted (in thousands)	Weighted Average Share Fair Value
RSUs subject to performance conditions		(1)	634	$	19.81	949	$	14.17
RSUs subject only to service conditions			248	19.81		354	14.17
Non-employee director RSUs			76	19.81		106	14.17

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

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation 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. 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. The accompanying unaudited consolidated financial statements of MGIC Investment Corporation and its wholly-owned subsidiaries have been prepared in accordance with the instructions to Form 10-Q as prescribed by the Securities and Exchange Commission (“SEC”) for interim reporting and do not include all of the other information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023 included in our 2023 Annual Report on Form 10-K. As used below, “we,” “our” and “us” refer to MGIC Investment Corporation’s consolidated operations or to MGIC Investment Corporation, as the context requires. In the opinion of management, the accompanying financial statements include all adjustments, consisting primarily of normal recurring accruals, necessary to fairly state our consolidated financial position and consolidated results of operations for the periods indicated. The consolidated results of operations for an interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The substantial majority of our NIW has been 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 March 31, 2024, 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. Subsequent events We have considered subsequent events through the date of this filing.

Reinsurance

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Reinsurance

We have in place reinsurance agreements executed under quota share reinsurance (“QSR”) transactions and excess-of-loss (“XOL”) transactions as discussed below. The effect of all of our reinsurance transactions on our consolidated statement of operations is shown in table 4.1 below.


Reinsurance
Table	4.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Premiums earned:
Direct		$	284,021	$	286,034
Assumed		3,442		2,787
Ceded - quota share reinsurance (1)		(28,715)		(29,877)
Ceded - excess-of-loss reinsurance		(16,104)		(16,929)
Total ceded		(44,819)		(46,806)
Net premiums earned		$	242,644	$	242,015

Losses incurred:
Direct		$	10,979	$	11,123
Assumed		29		4
Ceded - quota share reinsurance		(6,453)		(4,681)
Losses incurred, net		$	4,555	$	6,446

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	24,584	$	31,711
Ceding commission on quota share reinsurance		10,660		12,318

(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 certain annual loss ratios as defined below. 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 ratio caps of 200%.

Table 4.2 below provides additional detail regarding our QSR Transactions.


Quota Share Reinsurance
Table	4.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 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
2024 QSR		2024	30.0	%	56.0	%	December 31, 2035
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.

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 4.3 provides additional details 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 4.2 to the percentage shown in table 4.3.

Quota Share Reinsurance

Table

4.3

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

July 1, 2024

14.5% or 12%

2021 QSR and 2022 QSR

2021

June 30, 2024

July 1, 2024

10.5% or 8%

2021 QSR and 2022 QSR

2022

December 31, 2024

July 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2022

December 31, 2024

July 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%

2024 QSR

2024

December 31, 2027

23% or 15%

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

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

Under the terms of our QSR Transactions, ceded premiums earned, ceding commissions, profit commission, and ceded paid loss and LAE are settled net on a quarterly basis. The ceded premiums earned 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 $39.2 million as of March 31, 2024 and $33.3 million as of December 31, 2023. The reinsurance recoverable balance is 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 QSR Transactions 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.

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 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.

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 March 31, 2024, a "Trigger Event" has occurred on our Home Re 2019-1 ILN 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 each

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. were redeemed in full.

Table 4.4a, 4.4b, and 4.4c provide a summary of our XOL Transactions as of March 31, 2024 and December 31, 2023.

Excess of Loss Reinsurance

Table 4.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call 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 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
Table 4.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		March 31, 2024		December 31, 2023
2023 Traditional XOL	$	70,578	$	70,572	$	70,578
2022 Traditional XOL	82,523		82,241		82,346
Home Re 2023-1, Ltd.	272,961		272,961		272,961
Home Re 2022-1, Ltd.	325,589		324,441		325,001
Home Re 2021-2, Ltd.	190,159		189,347		189,403
Home Re 2021-1, Ltd.	211,159		210,546		210,831
Home Re 2020-1, Ltd.	275,283		—		261,280
Home Re 2019-1, Ltd.	185,730		182,563		182,722
Home Re 2018-1, Ltd.	168,691		164,220		164,335


Table 4.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 3/31/2024 (2)		March 31, 2024		December 31, 2023
2023 Traditional XOL	$	96,942	N/A		N/A		$	95,178	$	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		330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	398,112		420,731
Home Re 2021-2, Ltd. (3)	398,429		100	%	75	%	172,395		173,960
Home Re 2021-1, Ltd. (3)	398,848		100	%	73	%	117,880		117,982
Home Re 2020-1, Ltd.	412,917		100	%	—	%	—		41,846
Home Re 2019-1, Ltd. (3)	315,739		100	%	10	%	21,039		21,039
Home Re 2018-1, Ltd.	318,636		100	%	100	%	58,378		69,762

(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 a reinsurance trust account and used to collateralize the Home Re Entity’s reinsurance obligation to MGIC. The amount of monthly reinsurance coverage premium ceded on 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 March 31, 2024 and December 31, 2023, were not material to our consolidated balance sheet and the change in fair value during the three months ended March 31, 2024 and March 31, 2023 were not material to our consolidated statements of operations. (See Note 7 - “Investments” and Note 8 - “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 March 31, 2024, and December 31, 2023, 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 4.5 presents the total assets of the Home Re Entities as of March 31, 2024 and December 31, 2023.


Home Re total assets
Table	4.5
(In thousands)		Total VIE Assets
Home Re Entity		March 31, 2024		December 31, 2023

Home Re 2023-1 Ltd.		$	330,277	$	330,277
Home Re 2022-1 Ltd.		406,329		427,279
Home Re 2021-2 Ltd.		172,990		174,431
Home Re 2021-1 Ltd.		117,849		118,043
Home Re 2020-1 Ltd.		—		41,846
Home Re 2019-1 Ltd.		21,039		21,039
Home Re 2018-1 Ltd.		63,949		73,872

The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (i) 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, (ii) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaamf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (iii) 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 are 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 Basis of Presentation”.)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Treasury stock	Accumulated other comprehensive income (loss)	Retained earnings
Balance, beginning of period at Dec. 31, 2022		$ 371,353	$ 1,798,842	$ (1,050,238)	$ (481,511)	$ 4,004,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury stock, net under share-based compensation plans			(16,912)	9,713
Equity compensation			9,679
Repurchase of common stock				(78,523)
Other comprehensive income (loss), net of tax	$ 86,012				86,012
Net income	154,547					154,547
Cash dividends						(29,612)
Balance, end of period at Mar. 31, 2023	4,777,644	371,353	1,791,609	(1,119,048)	(395,499)	4,129,229
Balance, beginning of period at Dec. 31, 2022		371,353	1,798,842	(1,050,238)	(481,511)	4,004,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock	(340,600)
Balance, end of period at Dec. 31, 2023	5,072,017	371,353	1,808,113	(1,384,293)	(316,281)	4,593,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury stock, net under share-based compensation plans			(31,168)	12,122
Equity compensation			11,105
Repurchase of common stock	(93,300)			(94,053)
Other comprehensive income (loss), net of tax	(9,853)				(9,853)
Net income	174,097					174,097
Cash dividends	(31,700)					(31,924)
Balance, end of period at Mar. 31, 2024	$ 5,102,343	$ 371,353	$ 1,788,050	$ (1,466,224)	$ (326,134)	$ 4,735,298

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Effect of reinsurance transactions

The effect of all of our reinsurance transactions on our consolidated statement of operations is shown in table 4.1 below.


Reinsurance
Table	4.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Premiums earned:
Direct		$	284,021	$	286,034
Assumed		3,442		2,787
Ceded - quota share reinsurance (1)		(28,715)		(29,877)
Ceded - excess-of-loss reinsurance		(16,104)		(16,929)
Total ceded		(44,819)		(46,806)
Net premiums earned		$	242,644	$	242,015

Losses incurred:
Direct		$	10,979	$	11,123
Assumed		29		4
Ceded - quota share reinsurance		(6,453)		(4,681)
Losses incurred, net		$	4,555	$	6,446

Other Reinsurance Impacts:
Profit commission on quota share reinsurance (1)		$	24,584	$	31,711
Ceding commission on quota share reinsurance		10,660		12,318

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

Schedule Of Quota Share Reinsurance Transactions

Table 4.2 below provides additional detail regarding our QSR Transactions.


Quota Share Reinsurance
Table	4.2

Quota Share Contract		Covered Policy Years	Quota Share %		Annual Loss Ratio to Exhaust Profit Commission (1)		Contractual Termination Date
2020 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
2024 QSR		2024	30.0	%	56.0	%	December 31, 2035
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.

Quota Share Reinsurance

Table

4.3

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

July 1, 2024

14.5% or 12%

2021 QSR and 2022 QSR

2021

June 30, 2024

July 1, 2024

10.5% or 8%

2021 QSR and 2022 QSR

2022

December 31, 2024

July 1, 2024

12.5% or 10%

2022 QSR and 2023 QSR

2022

December 31, 2024

July 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%

2024 QSR

2024

December 31, 2027

23% or 15%

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

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

Schedule of coverages and retention

Table 4.4a, 4.4b, and 4.4c provide a summary of our XOL Transactions as of March 31, 2024 and December 31, 2023.

Excess of Loss Reinsurance

Table 4.4a

($ in thousands)

Issue Date

Policy In force Dates

Optional Call 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 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
Table 4.4b			Remaining First Layer Retention
($ in thousands)	Initial First Layer Retention		March 31, 2024		December 31, 2023
2023 Traditional XOL	$	70,578	$	70,572	$	70,578
2022 Traditional XOL	82,523		82,241		82,346
Home Re 2023-1, Ltd.	272,961		272,961		272,961
Home Re 2022-1, Ltd.	325,589		324,441		325,001
Home Re 2021-2, Ltd.	190,159		189,347		189,403
Home Re 2021-1, Ltd.	211,159		210,546		210,831
Home Re 2020-1, Ltd.	275,283		—		261,280
Home Re 2019-1, Ltd.	185,730		182,563		182,722
Home Re 2018-1, Ltd.	168,691		164,220		164,335


Table 4.4c							Remaining Excess of Loss Reinsurance Coverage (1)
($ in thousands)	Initial Excess of Loss Reinsurance Coverage (1)		Initial Funding Percentage (2)		Funding Percentage at 3/31/2024 (2)		March 31, 2024		December 31, 2023
2023 Traditional XOL	$	96,942	N/A		N/A		$	95,178	$	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		330,277
Home Re 2022-1, Ltd.	473,575		100	%	100	%	398,112		420,731
Home Re 2021-2, Ltd. (3)	398,429		100	%	75	%	172,395		173,960
Home Re 2021-1, Ltd. (3)	398,848		100	%	73	%	117,880		117,982
Home Re 2020-1, Ltd.	412,917		100	%	—	%	—		41,846
Home Re 2019-1, Ltd. (3)	315,739		100	%	10	%	21,039		21,039
Home Re 2018-1, Ltd.	318,636		100	%	100	%	58,378		69,762

(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

Table 4.5 presents the total assets of the Home Re Entities as of March 31, 2024 and December 31, 2023.


Home Re total assets
Table	4.5
(In thousands)		Total VIE Assets
Home Re Entity		March 31, 2024		December 31, 2023

Home Re 2023-1 Ltd.		$	330,277	$	330,277
Home Re 2022-1 Ltd.		406,329		427,279
Home Re 2021-2 Ltd.		172,990		174,431
Home Re 2021-1 Ltd.		117,849		118,043
Home Re 2020-1 Ltd.		—		41,846
Home Re 2019-1 Ltd.		21,039		21,039
Home Re 2018-1 Ltd.		63,949		73,872

- 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

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.


Earnings per share
Table	6.1
		Three Months Ended March 31,
(In thousands, except per share data)		2024		2023
Basic earnings per share:
Net income		$	174,097	$	154,547
Weighted average common shares outstanding - basic		270,314		290,989
Basic earnings per share		$	0.64	$	0.53

Diluted earnings per share:
Net income		$	174,097	$	154,547
Interest expense, net of tax (1):
9% Debentures		—		375
Diluted income available to common shareholders		$	174,097	$	154,922

Weighted average common shares outstanding - basic		270,314		290,989
Effect of dilutive securities:
Unvested RSUs		2,794		2,079
9% Debentures		—		1,644
Weighted average common shares outstanding - diluted		273,108		294,712
Diluted earnings per share		$	0.64	$	0.53

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

Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Total interest payments	$ 17,100	$ 17,100

- 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
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+ Details

Reinsurance - Quota Share Transactions Terms (Details)	3 Months Ended
Reinsurance - Quota Share Transactions Terms (Details)	Mar. 31, 2024
2020 QSR and 2021 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	17.50%
Loss ratio threshold for profit commissions (as a percent)	61.90%
Cede rate, option 1 (as a percent)	14.50%
Cede rate, option 2 (as a percent)	12.00%
2021 QSR and 2022 QSR - 2021 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	12.50%
Loss ratio threshold for profit commissions (as a percent)	57.50%
Cede rate, option 1 (as a percent)	10.50%
Cede rate, option 2 (as a percent)	8.00%
2021 QSR and 2022 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	15.00%
Loss ratio threshold for profit commissions (as a percent)	57.50%
Cede rate, option 1 (as a percent)	12.50%
Cede rate, option 2 (as a percent)	10.00%
2022 QSR and 2023 QSR - 2022 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	15.00%
Loss ratio threshold for profit commissions (as a percent)	62.00%
Cede rate, option 1 (as a percent)	12.50%
Cede rate, option 2 (as a percent)	10.00%
2022 QSR and 2023 QSR - 2023 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	15.00%
Loss ratio threshold for profit commissions (as a percent)	62.00%
Cede rate, option 1 (as a percent)	12.50%
Cede rate, option 2 (as a percent)	10.00%
2023 QSR - 2023 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	10.00%
Loss ratio threshold for profit commissions (as a percent)	58.50%
Cede rate, option 1 (as a percent)	8.00%
Cede rate, option 2 (as a percent)	7.00%
2024 QSR - 2024 NIW
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	30.00%
Loss ratio threshold for profit commissions (as a percent)	56.00%
Cede rate, option 1 (as a percent)	23.00%
Cede rate, option 2 (as a percent)	15.00%
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota share for all policies covered (as a percent)	65.00%
Loss ratio threshold for profit commissions (as a percent)	50.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 174,097	$ 154,547
Other comprehensive income (loss), net of tax:
Change in unrealized investment gains and losses	(10,392)	80,659
Benefit plan adjustments	539	5,353
Other comprehensive income (loss), net of tax	(9,853)	86,012
Comprehensive income (loss)	$ 164,244	$ 240,559

- Definition

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

+ References

+ Details

Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of net periodic benefit cost

Table 10.1 provides the components of net periodic benefit cost for our pension, supplemental executive retirement and other postretirement benefit plans for the three months ended March 31, 2024 and 2023.


Components of net periodic benefit cost
Table	10.1
		Three Months Ended March 31,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2024		2023		2024		2023
Company service cost		$	—	$	—	$	417	$	386
Interest cost		3,247		3,682		375		398
Expected return on plan assets		(3,644)		(3,581)		(2,494)		(2,063)
Amortization of:
Net actuarial losses (gains)		523		597		(380)		(64)
Prior service cost (credit)		86		86		453		465
Cost of settlements and curtailments		—		7,847		—		—
Net periodic benefit cost (benefit)		$	212	$	8,631	$	(1,629)	$	(878)

Benefit Plans

3 Months Ended

Mar. 31, 2024

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.


Components of net periodic benefit cost
Table	10.1
		Three Months Ended March 31,
		Pension and Supplemental Executive Retirement Plans				Other Postretirement Benefit Plans
(In thousands)		2024		2023		2024		2023
Company service cost		$	—	$	—	$	417	$	386
Interest cost		3,247		3,682		375		398
Expected return on plan assets		(3,644)		(3,581)		(2,494)		(2,063)
Amortization of:
Net actuarial losses (gains)		523		597		(380)		(64)
Prior service cost (credit)		86		86		453		465
Cost of settlements and curtailments		—		7,847		—		—
Net periodic benefit cost (benefit)		$	212	$	8,631	$	(1,629)	$	(878)

In the first quarter of 2024, we made a contribution to our qualified pension plan of $23.0 million.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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+ Details

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulatory requirements	$ 12,100	$ 12,200
Assets held in trust for the benefit of contractual counterparties	180,200	156,900
Total fixed income securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,023,778	6,061,022
Gross Unrealized Gains	18,948	28,235
Gross Unrealized Losses	(370,012)	(366,144)
Fair Value	5,672,714	5,723,113
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,441	167,995
Gross Unrealized Gains	66	51
Gross Unrealized Losses	(6,595)	(6,364)
Fair Value	140,912	161,682
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,079,844	2,092,754
Gross Unrealized Gains	3,042	5,159
Gross Unrealized Losses	(191,274)	(189,835)
Fair Value	1,891,612	1,908,078
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,644,912	2,626,401
Gross Unrealized Gains	10,789	17,391
Gross Unrealized Losses	(129,340)	(128,211)
Fair Value	2,526,361	2,515,581
ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,761	173,256
Gross Unrealized Gains	1,291	1,292
Gross Unrealized Losses	(2,536)	(3,275)
Fair Value	172,516	171,273
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	345,029	347,132
Gross Unrealized Gains	3,338	4,297
Gross Unrealized Losses	(24,541)	(20,656)
Fair Value	323,826	330,773
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	286,876	293,204
Gross Unrealized Gains	5	5
Gross Unrealized Losses	(14,503)	(15,752)
Fair Value	272,378	277,457
CLOs
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	318,683	327,467
Gross Unrealized Gains	415	37
Gross Unrealized Losses	(482)	(1,408)
Fair Value	318,616	326,096
Foreign government debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,487	4,486
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(741)	(643)
Fair Value	3,746	3,843
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,745	28,327
Gross Unrealized Gains	2	3
Gross Unrealized Losses	0	0
Fair Value	$ 22,747	$ 28,330

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt obligations

The aggregate carrying value of our 5.25% Senior Notes (5.25% Notes) and the par value as of March 31, 2024 and December 31, 2023 is presented in table 3.1 below.


Long-term debt obligation, carrying value
Table	3.1
(In thousands)		March 31, 2024		December 31, 2023
5.25% Notes, due August 2028 (par value: $650 million)		$	643,563	$	643,196

The 5.25% Notes are an obligation of our holding company, MGIC Investment Corporation.

See Note 7 - “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information pertaining to our debt obligations. As of March 31, 2024 we are in compliance with our debt covenants.

Interest payments

Interest payments for the three months ended March 31, 2024 and 2023 were $17.1 million.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term debt

The aggregate carrying value of our 5.25% Senior Notes (5.25% Notes) and the par value as of March 31, 2024 and December 31, 2023 is presented in table 3.1 below.


Long-term debt obligation, carrying value
Table	3.1
(In thousands)		March 31, 2024		December 31, 2023
5.25% Notes, due August 2028 (par value: $650 million)		$	643,563	$	643,196

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-10816
Entity Registrant Name	MGIC Investment Corp
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1486475
Entity Address, Address Line One	250 E. Kilbourn Avenue
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53202
City Area Code	(414)
Local Phone Number	347-6480
Title of each class	Common stock
Trading Symbol	MTG
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		266,587,218
Entity Central Index Key	0000876437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 850	$ 850
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
Senior Notes \| 5.25% Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.25%
Senior Notes \| 5.25% Senior Notes Due 2028 \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes Payable	$ 643,563	643,196
Senior Notes \| 5.25% Senior Notes Due 2028 \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes Payable	$ 633,373	$ 634,498

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	$ (12,472)	$ 108,875
Income tax benefit (expense)	2,619	(22,863)
Other comprehensive income (loss), net of tax	(9,853)	86,012
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	219,880	195,604
Income tax benefit (expense)	(45,783)	(41,057)
Total reclassifications, net of tax	174,097	154,547
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	(10,655)	(13,096)
Income tax benefit (expense)	2,237	2,750
Total reclassifications, net of tax	(8,418)	(10,346)
Accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other comprehensive income (loss), net of tax	(9,853)	86,012
Net unrealized gains and (losses) on available-for-sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	(13,154)	102,099
Income tax benefit (expense)	2,762	(21,440)
Other comprehensive income (loss), net of tax	(10,392)	80,659
Net unrealized gains and (losses) on available-for-sale securities \| Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	(9,973)	(4,164)
Income tax benefit (expense)	2,094	874
Total reclassifications, net of tax	(7,879)	(3,290)
Net benefit plan assets and (obligations) recognized in shareholders' equity
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total other comprehensive income (loss)	682	6,776
Income tax benefit (expense)	(143)	(1,423)
Other comprehensive income (loss), net of tax	539	5,353
Net benefit plan assets and (obligations) recognized in shareholders' equity \| Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications before tax	(682)	(8,932)
Income tax benefit (expense)	143	1,876
Total reclassifications, net of tax	$ (539)	$ (7,056)

Loss Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
Loss Reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) in loss reserves	$ (932)	$ 527
Losses incurred related to prior year notices	(48,881)	(40,766)
Premium refund liability, expected claim payments	18,500		$ 21,100
$1,000 Increase/Decrease In Average Severity Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (decrease) 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]
Increase (decrease) in loss reserves	16,000
Increase (decrease) in estimated claim rate on primary defaults
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses incurred related to prior year notices	(41,079)	(43,431)
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Losses incurred related to prior year notices	$ (7,802)	$ 2,665

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 14,697		$ 14,771
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	14,697		14,771
Cash equivalents (1)	434,990		367,517
Total assets	6,122,401		6,105,401
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	14,697		14,771
Cash equivalents (1)	424,383		367,301
Total assets	537,492		477,900
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0		0
Cash equivalents (1)	10,607		216
Total assets	5,584,909		5,627,501
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	(600)		2,400
Significant Unobservable Inputs (Level 3) \| Real Estate Acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases of real estate assets acquired	1,000	$ 100
Sales of real estate assets acquired	0	$ 1,200
Total fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,672,714		5,723,113
Total fixed income securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,672,714		5,723,113
Total fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	98,412		95,828
Total fixed income securities \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,574,302		5,627,285
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]
Fair Value	140,912		161,682
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	140,912		161,682
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, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	98,412		95,828
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	42,500		65,854
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,891,612		1,908,078
Obligations of U.S. states and political subdivisions \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,891,612		1,908,078
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,891,612		1,908,078
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,526,361		2,515,581
Corporate debt securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,526,361		2,515,581
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Corporate debt securities \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,526,361		2,515,581
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	172,516		171,273
ABS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	172,516		171,273
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
ABS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	172,516		171,273
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	323,826		330,773
RMBS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	323,826		330,773
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
RMBS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	323,826		330,773
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	272,378		277,457
CMBS \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	272,378		277,457
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
CMBS \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	272,378		277,457
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	318,616		326,096
CLOs \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	318,616		326,096
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
CLOs \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	318,616		326,096
Foreign government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,746		3,843
Foreign government debt \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,746		3,843
Foreign government debt \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Foreign government debt \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,746		3,843
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	22,747		28,330
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	22,747		28,330
Commercial paper \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Commercial paper \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 22,747		$ 28,330

Investments - Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 16,053	$ 16,025
Fair Value Gains	4	5
Fair Value Losses	(1,360)	(1,259)
Equity securities	$ 14,697	$ 14,771

Debt - Summary of Debt Obligations (Details) - Senior Notes - 5.25% Senior Notes Due 2028 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 643,563	$ 643,196
Stated interest rate	5.25%
Debt instrument, face amount	$ 650,000

- 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

- Definition

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

+ References + Details

Other Comprehensive Income - Rollforward of AOCI (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ 5,072,017
Other comprehensive income (loss) before reclassifications	(18,271)
Less: Amounts reclassified from AOCI	(8,418)
Balance, end of period	5,102,343
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(316,281)
Balance, end of period	(326,134)
Net unrealized gains and (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(266,948)
Other comprehensive income (loss) before reclassifications	(18,271)
Less: Amounts reclassified from AOCI	(7,879)
Balance, end of period	(277,340)
Net benefit plan assets and (obligations) recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(49,333)
Other comprehensive income (loss) before reclassifications	0
Less: Amounts reclassified from AOCI	(539)
Balance, end of period	$ (48,794)

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment portfolio:
Equity securities, at fair value (cost 2024 - $16,053; 2023 - $16,025)	$ 14,697	$ 14,771
Other invested assets, at cost	850	850
Total investment portfolio	5,688,261	5,738,734
Cash and cash equivalents	431,347	363,666
Restricted cash and cash equivalents	8,221	6,978
Accrued investment income	58,093	58,774
Reinsurance recoverable on loss reserves	39,200	33,302
Reinsurance recoverable on paid losses	555	9,896
Premiums receivable	56,033	58,499
Home office and equipment, net	37,614	38,755
Deferred insurance policy acquisition costs	13,846	14,591
Deferred income taxes, net	76,271	79,782
Other assets	125,805	135,403
Total assets	6,535,246	6,538,380
Liabilities:
Loss reserves	504,447	505,379
Unearned premiums	148,935	157,779
Senior notes	643,563	643,196
Other liabilities	135,958	160,009
Total liabilities	1,432,903	1,466,363
Contingencies
Shareholders’ equity:
Common stock	371,353	371,353
Paid-in capital	1,788,050	1,808,113
Treasury stock at cost	(1,466,224)	(1,384,293)
Accumulated other comprehensive income (loss), net of tax	(326,134)	(316,281)
Retained earnings	4,735,298	4,593,125
Total shareholders’ equity	5,102,343	5,072,017
Total liabilities and shareholders’ equity	6,535,246	6,538,380
Fixed income
Investment portfolio:
Fixed income available-for-sale	5,576,997	5,601,540
Short-Term Investments
Investment portfolio:
Fixed income available-for-sale	$ 95,717	$ 121,573