MGIC Investment (MTG) 10-K22 Feb 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10816
Entity Registrant Name	MGIC Investment Corp
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1486475
Entity Address, Address Line One	250 E. Kilbourn Avenue
Entity Address, Postal Zip Code	53202
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
City Area Code	(414)
Local Phone Number	347-6480
Title of 12(b) Security	Common stock, par value $1 per share
Trading Symbol	MTG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4.6
Entity Common Stock, Shares Outstanding		290,428,422
Documents Incorporated by Reference	The following documents have been incorporated by reference in this Form 10-K, as indicated: Document Part and Item Number of Form 10-K Into Which Incorporated* Proxy Statement for the 2023 Annual Meeting of Shareholders, provided such Proxy Statement is filed within 120 days after December 31, 2022. If not so filed, the information provided in Items 10 through 14 of Part III will be included in an amended Form 10-K filed within such 120 day period. Items 10 through 14 of Part III * In each case, to the extent provided in the Items listed.
Entity Central Index Key	0000876437
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Milwaukee, Wisconsin

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	$ 5,409,698	$ 6,587,581
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Other invested assets, at cost	850	3,100
Total investment portfolio	5,424,688	6,606,749
Cash and cash equivalents	327,384	284,690
Restricted cash and cash equivalents	5,529	20,268
Accrued investment income	55,178	51,902
Reinsurance recoverable on loss reserves	28,240	66,905
Reinsurance recoverable on paid losses	18,081	36,275
Premiums receivable	58,000	56,540
Home office and equipment, net	41,419	45,614
Deferred insurance policy acquisition costs	19,062	21,671
Deferred income taxes, net	124,769	0
Other assets	111,443	134,394
Total assets	6,213,793	7,325,008
Liabilities:
Loss reserves	557,988	883,522
Unearned premiums	195,289	241,690
Federal Home Loan Bank Advance	0	155,000
Senior notes	641,724	881,508
Convertible junior subordinated debentures	21,086	110,204
Other liabilities	154,966	191,702
Total liabilities	1,571,053	2,463,626
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 293,433; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,798,842	1,794,906
Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017)	(1,050,238)	(675,265)
Accumulated other comprehensive (loss) income, net of tax	(481,511)	119,697
Retained earnings	4,004,294	3,250,691
Total shareholders' equity	4,642,740	4,861,382
Total liabilities and shareholders' equity	$ 6,213,793	$ 7,325,008

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Premiums written:
Direct	$ 1,108,570	$ 1,123,117	$ 1,106,632
Assumed	8,535	8,924	10,837
Ceded	(156,373)	(163,031)	(188,727)
Net premiums written	960,732	969,010	928,742
Decrease (increase) in unearned premiums	46,401	45,409	93,201
Net premiums earned	1,007,133	1,014,419	1,021,943
Investment income, net of expenses	167,476	156,438	154,396
Net gains (losses) on investments and other financial instruments	(7,463)	5,861	12,576
Other revenue	5,639	8,957	10,231
Total revenues	1,172,785	1,185,675	1,199,146
Losses and expenses:
Losses incurred, net	(254,565)	64,577	364,774
Amortization of deferred policy acquisition costs	12,366	12,602	12,380
Other underwriting and operating expenses, net	236,697	198,445	176,398
Loss on debt extinguishment	40,199	36,914	26,736
Interest expense	48,054	71,360	59,595
Total losses and expenses	82,751	383,898	639,883
Income before tax	1,090,034	801,777	559,263
Provision for income taxes	224,685	166,794	113,170
Net income	$ 865,349	$ 634,983	$ 446,093
Earnings per share:
Basic (in dollars per share)	$ 2.83	$ 1.90	$ 1.31
Diluted (in dollars per share)	$ 2.79	$ 1.85	$ 1.29
Weighted average common shares outstanding - basic (in shares)	305,847	334,330	339,953
Weighted average common shares outstanding - diluted (in shares)	311,229	351,308	359,293

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 865,349	$ 634,983	$ 446,093
Other comprehensive income (loss), net of tax:
Change in unrealized investment gains and losses	(558,534)	(122,099)	133,616
Benefit plans adjustment	(42,674)	24,975	10,497
Other comprehensive income (loss), net of tax	(601,208)	(97,124)	144,113
Comprehensive income	$ 264,141	$ 537,859	$ 590,206

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury stock	Accumulated other comprehensive income (loss)	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance
Balance, beginning of year at Dec. 31, 2019		$ 371,353	$ 1,869,719		$ 1,869,719	$ (283,196)	$ 72,708	$ 2,278,650		$ 2,278,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reacquisition of convertible junior subordinated debentures-equity component			(2,673)
Reissuance of treasury stock, net under share-based compensation plans			(18,807)			9,867
Equity compensation			13,803
Purchases of common stock						(119,997)
Other comprehensive (loss) income	$ 144,113						144,113
Net income	446,093							446,093
Cash dividends								(82,647)
Balance, end of year at Dec. 31, 2020	4,698,986	371,353	1,862,042	$ (68,289)	1,793,753	(393,326)	216,821	2,642,096	$ 68,289	2,710,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reacquisition of convertible junior subordinated debentures-equity component			0
Reissuance of treasury stock, net under share-based compensation plans			(15,956)			8,879
Equity compensation			17,109
Purchases of common stock						(290,818)
Other comprehensive (loss) income	(97,124)						(97,124)
Net income	634,983							634,983
Cash dividends								(94,677)
Balance, end of year at Dec. 31, 2021	$ 4,861,382	371,353	1,794,906		$ 1,794,906	(675,265)	119,697	3,250,691		$ 3,250,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Reacquisition of convertible junior subordinated debentures-equity component			0
Reissuance of treasury stock, net under share-based compensation plans			(20,835)			10,741
Equity compensation			24,771
Purchases of common stock						(385,714)
Other comprehensive (loss) income	$ (601,208)						(601,208)
Net income	865,349							865,349
Cash dividends								(111,746)
Balance, end of year at Dec. 31, 2022	$ 4,642,740	$ 371,353	$ 1,798,842			$ (1,050,238)	$ (481,511)	$ 4,004,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 865,349	$ 634,983	$ 446,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization	54,252	66,014	57,812
Deferred tax expense (benefit)	(4,367)	5,188	27,475
Equity compensation	24,771	17,109	13,803
Loss on debt extinguishment	40,199	36,914	26,736
Net (gains) losses on investments and other financial instruments	7,463	(5,861)	(12,576)
Change in certain assets and liabilities:
Accrued investment income	(3,276)	(1,905)	(292)
Reinsurance recoverable on loss reserves	38,665	28,137	(73,401)
Reinsurance recoverable on paid losses	18,194	(35,606)	852
Premiums receivable	(1,460)	(496)	(457)
Deferred insurance policy acquisition costs	2,609	(110)	(3,030)
Profit commission receivable	4,724	(19,245)	4,586
Loss reserves	(325,534)	2,985	325,203
Unearned premiums	(46,401)	(45,409)	(93,203)
Return premium accrual	(11,800)	7,200	(500)
Current income taxes	(8,549)	5,429	6,271
Other, net	(4,827)	990	6,937
Net cash provided by operating activities	650,012	696,317	732,309
Cash flows from investing activities:
Purchases of investments	(674,406)	(1,531,129)	(2,636,972)
Proceeds from sales of investments	399,661	473,904	836,851
Proceeds from maturity of fixed income securities	688,484	900,591	1,030,926
Additions to property and equipment	(3,254)	(4,115)	(3,311)
Net cash provided by (used in) investing activities	410,485	(160,749)	(772,506)
Cash flows from financing activities:
Proceeds from issuance of senior notes	0	0	640,250
Purchase of senior notes	0	0	179,735
Payment of original issue discount - senior notes	0	0	(2,969)
Purchase of convertible junior subordinated debentures	(89,118)	(98,610)	(36,392)
Payment of original issue discount- convertible junior subordinated debentures	0	0	(15,049)
Redemption of 5.75% senior notes	(242,296)	0	0
Repayment of FHLB advance	(155,000)	0	0
Cash portion of loss on debt extinguishment	(39,514)	(36,914)	(25,266)
Repurchase of common stock	(385,573)	(290,818)	(119,997)
Dividends paid	(110,947)	(94,219)	(82,061)
Payment of debt issuance costs	0	0	(2,020)
Payment of withholding taxes related to share-based compensation net share settlement	(10,094)	(6,729)	(8,940)
Net cash (used in) provided by financing activities	(1,032,542)	(527,290)	167,821
Net increase in cash and cash equivalents and restricted cash and cash equivalents	27,955	8,278	127,624
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	304,958	296,680	169,056
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$ 332,913	$ 304,958	$ 296,680

Nature of Business

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2022
Nature of Business [Abstract]
Nature of Business	NOTE 1 Nature of Business MGIC Investment Corporation is a holding company which, through Mortgage Guaranty Insurance Corporation ("MGIC"), is principally engaged in the mortgage insurance business. We provide mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Primary mortgage insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by us, of the underlying property. MGIC Assurance Corporation ("MAC") and MGIC Indemnity Corporation ("MIC"), insurance subsidiaries of MGIC, provide insurance for certain mortgages under Fannie Mae and Freddie Mac (the "GSEs") credit risk transfer programs. Through certain non-insurance subsidiaries, we also provide certain services for the mortgage finance industry, such as contract underwriting. At December 31, 2022, our direct primary insurance in force ("IIF") was $295.3 billion, which represents the principal balance in our records of all mortgage loans that we insure, and our direct primary risk in force ("RIF") was $76.5 billion, which represents the IIF multiplied by the insurance coverage percentage. The substantial majority of our NIW is for loans purchased by the GSEs. The current private mortgage insurer eligibility requirements ("PMIERs") of the GSEs include financial requirements, as well as business, quality control and certain transactional approval requirements. The financial requirements of the PMIERs require a mortgage insurer’s "Available Assets" (generally only the most liquid assets of an insurer) to equal or exceed its "Minimum Required Assets" (which are based on an insurer's book of risk in force, calculated from tables of factors with several risk dimensions). Based on our application of the PMIERs, as of December 31, 2022, 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.

Basis of Presentation

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 2 Basis of Presentation BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. SUBSEQUENT EVENTS

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 3 Significant Accounting Policies CASH AND CASH EQUIVALENTS We consider money market funds and investments with original maturities of three months or less to be cash equivalents. RESTRICTED CASH AND CASH EQUIVALENTS Restricted cash and cash equivalents consists of cash and money market funds held in trusts for the benefit of contractual counterparties under reinsurance agreements or for other contractual restrictions. FAIR VALUE MEASUREMENTS We carry certain financial instruments at fair value and disclose the fair value of all financial instruments. Our financial instruments carried at fair value are predominantly measured on a recurring basis. Financial instruments measured on a nonrecurring basis are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The fair value of an asset or liability is defined as the price that would be received upon a sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models or other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters including yield curves, interest rates, volatilities, equity or debt prices, and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. For the years ended December 31, 2022, 2021, and 2020, we did not elect to measure any financial instruments acquired, or issued, such as our outstanding debt obligations, at fair value for which the primary basis of accounting is not fair value. Valuation process We use independent pricing sources to determine the fair value of a substantial majority of our financial instruments, which primarily consist of assets in our investment portfolio, but also includes cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Market indicators, industry, and economic events are also considered. The inputs listed above are evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Valuation hierarchy A three-level valuation hierarchy has been established under GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of a financial instrument as of the measurement date. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources, as described below, have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The three levels are defined as follows: è Level 1 Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities. è Level 2 Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. Note 6 - "Fair Value Measurements" for further information. è Level 3 Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or, from par values due to restrictions on certain securities that require them to be redeemed or sold only to the security issuer at par value. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. INVESTMENTS Fixed income securities. Our fixed income securities are classified as available-for-sale and are reported at fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses on fixed income securities are reported in income based upon specific identification of securities. Any changes in the credit allowance are also be reported in income within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations. Equity securities. Equity securities are reported at fair value, except for certain securities that are carried at cost. Equity securities carried at cost are reported as Other invested assets. Realized investment gains and losses on equity securities are reported in income based upon specific identification of securities sold. Any change in fair value of equity securities are also be reported in income within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations. . Other invested assets. Other invested assets are carried at cost. These assets represent our investment in Federal Home Loan Bank of Chicago ("FHLB") stock, which due to restrictions, is required to be redeemed or sold only to the security issuer at par value. Accrued Investment Income. We report accrued investment income separately from securities. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payments. Unrealized losses and allowance for credit losses Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to: è our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; è the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; è failure of the issuer to make scheduled interest or principal payments; è a change in rating to below investment grade; and è adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record a realized loss on an impaired security if we intend to sell, if it is more likely than not that we will be required to sell it prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security. When a security is considered to be impaired, but when a sale is not intended or is not likely, the loss is separated into the portion that represents the credit loss and the portion that is due to other factors. A credit loss is recorded, subject to reversal, in the consolidated statement of operations within "Net gains (losses) on investments and other financial instruments." The loss due to other factors is recognized in accumulated other comprehensive loss, net of taxes. A credit loss is determined to exist if the present value of the discounted cash flows, using the security’s original yield, expected to be collected from the security is less than the cost basis of the security. HOME OFFICE AND EQUIPMENT Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods. Home office and equipment is shown net of accumulated depreciation of $57.1 million, $55.4 million and $51.2 million as of December 31, 2022, 2021 and 2020, respectively. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $4.9 million, $5.6 million and $6.3 million, respectively. DEFERRED INSURANCE POLICY ACQUISITION COSTS Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs ("DAC"). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development. LOSS RESERVES Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves. Case reserves and LAE reserves are established when notices of delinquency on insured mortgage loans are received. Such loans are referred to as being in our delinquency inventory. For reporting purposes, we consider a loan delinquent when it is two or more payments past due and has not become current or resulted in a claim payment. Even though the accounting standard, ASC 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish case reserves for future claims on insured loans that are not currently delinquent. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our case reserve estimates are primarily established based upon historical experience, including rescissions of policies, curtailments of claims, and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. IBNR reserves are established for delinquencies estimated to have occurred prior to the close of an accounting period, but have not yet been reported to us. Consistent with case reserves for reported delinquencies, IBNR reserves are also established using estimated claim rates and claim severities. LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process. Our loss reserve estimates are also affected by any agreements we enter into regarding our claims paying practices, as discussed in Note 17 – “Litigation and Contingencies” to our consolidated financial statements. Loss reserves are ceded to reinsurers under our reinsurance agreements. (See "Reinsurance" discussion below. Also see Note 8 – “Loss Reserves” and Note 9 – “Reinsurance.” ) PREMIUM DEFICIENCY RESERVE After our loss reserves are established, we perform premium deficiency tests using our best estimate of future premium, losses and LAE paid. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and LAE paid exceeds the present value of expected future premium and already established loss reserves. REVENUE RECOGNITION We write policies which are guaranteed renewable at the insured's option on a monthly, single, or annual premium basis. We have no ability to re-underwrite or reprice these policies. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve. Premiums written on annual premium policies are earned on a monthly pro rata basis. Premiums written on policies covering more than one year are amortized over the estimated policy life based on historical experience, which includes the anticipated incurred loss pattern. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. When a policy is cancelled due to rescission, all previously collected premium is returned, When a policy is cancelled because a claim is paid, premium collected since the date of delinquency is returned. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. Changes in this liability, and the actual return of premiums for all periods, affects premiums written and earned. We assess whether a credit loss allowance is required for our premium receivable. We consider collectability trends and industry development, among other things. Any estimated credit loss would be immediately recognized. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations. INCOME TAXES Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the consolidated financial statements and the tax bases of these items. The estimated tax effects are computed at the enacted federal statutory income tax rate. Changes in tax laws, rates, regulations, and policies or the final determination of tax audits or examinations, could materially affect our estimates and can be significant to our operating results. We evaluate the realizability of the deferred tax assets based on the weight of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The recognition of a tax position is determined using a two-step approach. The first step applies a more-likely-than-not threshold for recognition and derecognition. The second step measures the tax position as the greatest amount of benefit that is cumulatively greater than 50% likely to be realized. When evaluating a tax position for recognition and measurement, we presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. We recognize interest accrued and penalties related to unrecognized tax benefits in our provision for income taxes. Federal tax law permits mortgage guaranty insurance companies to deduct from taxable income, subject to certain limitations, the amounts added to contingency loss reserves that are recorded for regulatory purposes. The amounts we deduct must generally be included in taxable income in the tenth subsequent year. The deduction is allowed only to the extent that we purchase and hold U.S. government non-interest-bearing tax and loss bonds in an amount equal to the tax benefit attributable to the deduction. We account for these purchases as a payment of current federal income tax. (See "Note 12 - Income Taxes." ) BENEFIT PLANS We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Effective January 1, 2023, these plans are frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Retirement benefits were based on compensation and years of service, utilizing a cash balance formula. Under the cash balance formula, participants’ accounts were credited each year with an employer contribution. Participants will continue to earn interest credits on their retirement benefits. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974. We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents. Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits. (See Note 11 – “Benefit Plans.” ) REINSURANCE We cede insurance risk through the use of quota share reinsurance transactions and excess of loss reinsurance transactions. We have excess of loss transactions executed through the traditional reinsurance market and with Home Re, special purpose insurers. Premiums and losses incurred are ceded pursuant to the terms of our quota share reinsurance transactions. Reinsurance premiums ceded under our traditional reinsurance transaction are based off the remaining reinsured coverage levels. Reinsurance premiums ceded under our Home Re transactions are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in the reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. Loss reserves are reported before taking credit for amounts ceded under reinsurance transactions. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable, net of ceding commission and profit commission are included in “Other liabilities.” Profit commissions are included with “Premiums written – Ceded” and ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 9 – “Reinsurance.” ) We assess whether a credit loss allowance is required for our reinsurance recoverables. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to, the credit ratings of individual reinsurers, investor reports for our excess of loss transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances. Assumed reinsurance is based on information received from the ceding company. See Note 9 – “Reinsurance " for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions. SHARE-BASED COMPENSATION We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one Note 15 – “Share-based Compensation Plans.” ) EARNINGS PER SHARE Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. The computation of basic EPS includes as "participating securities" an immaterial number of unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, under the "two-class" method. Our participating securities are composed of vested restricted stock and restricted stock units ("RSUs") with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if our unvested restricted stock units result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our 9% Debentures are converted to common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. For purposes of calculating basic and diluted EPS, vested RSUs are considered outstanding. RELATED PARTY TRANSACTIONS In 2022, there were no material related party transactions. In 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation. In 2020 MGIC Reinsurance Corporation of Wisconsin, a subsidiary of MGIC, merged with MGIC. Prospective Accounting Standards Table 3.1 shows the relevant new amendments to accounting standards, which are not yet effective or adopted. Standard / Interpretation Table 3.1 Amended Standards Effective date ASC 944 Long-Duration Contracts • ASU 2018-12 - Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts January 1, 2023 ASC 848 Reference Rate Reform • ASU 2020-06 - Reference Rate Report (Topic 848): Deferral of the Sunset Date of Topic 848. January 1, 2023 Inflation Reduction Act • Inflation Reduction Act of 2022 January 1, 2023 Targeted Improvements for Long Duration Contracts: ASU 2018-12 In August 2018, the FASB issued guidance which simplifies the amortization of deferred insurance policy acquisition costs. It also provides updates to the recognition, measurement, presentation and disclosure requirements for long duration contracts, which generally do not apply to mortgage insurance. The updated guidance requires deferred acquisition costs to be amortized on a constant level basis over the expected term of the related contracts, versus in proportion to premium, gross profits, or gross margins. In November 2020, FASB issued ASU 2020-11 deferring the effective date, so that it applies for annual periods beginning after December 15, 2022, including interim periods within those annual periods. We have evaluated the impact of the adoption of this guidance will have on our consolidated financial statements, and determined it will not have a material impact. Reference Rate Reform: ASU 2022-06 In March 2020, the FASB issued ASU 2020-04 to provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provided optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, extending the election and application from March 12, 2020 through December 31, 2024 (originally December 31, 2022). The adoption of, and future elections under, this standard are not expected to have a material impact on our consolidated financial statements as the standard will ease, if warranted, the requirements for accounting for the future effects of reference rate reform. We continue to monitor the impact the discontinuance of LIBOR or other reference rates will have on our contracts and other transactions.

Earnings per Share

Earnings per Share	12 Months Ended
Earnings per Share	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	NOTE 4 Earnings Per Share Table 4.1 reconciles basic and diluted EPS amounts: Earnings per share Table 4.1 Years Ended December 31, (In thousands, except per share data) 2022 2021 2020 Basic earnings per share: Net income $ 865,349 $ 634,983 $ 446,093 Weighted average common shares outstanding - basic 305,847 334,330 339,953 Basic earnings per share $ 2.83 $ 1.90 $ 1.31 Diluted earnings per share: Net income $ 865,349 $ 634,983 $ 446,093 Interest expense, net of tax (1) : 9% Debentures 3,228 14,343 17,004 Diluted income available to common shareholders $ 868,577 $ 649,326 $ 463,097 Weighted-average shares - basic 305,847 334,330 339,953 Effect of dilutive securities: Unvested restricted stock units 1,917 1,782 1,589 9% Debentures 3,465 15,196 17,751 Weighted average common shares outstanding - diluted 311,229 351,308 359,293 Diluted income per share $ 2.79 $ 1.85 $ 1.29 (1) Interest expense has been tax effected at a rate of 21%.

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2022
Investments [Abstract]
Investments	NOTE 5 Investments FIXED INCOME SECURITIES Our fixed income securities consisted of the following as of December 31, 2022 and 2021: Details of fixed income investment securities by category as of December 31, 2022 Table 5.1a (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 145,581 $ 2 $ (9,683) $ 135,900 Obligations of U.S. states and political subdivisions 2,400,261 4,866 (256,073) 2,149,054 Corporate debt securities 2,416,475 1,043 (196,377) 2,221,141 ABS 126,723 5 (6,041) 120,687 RMBS 223,743 10 (25,744) 198,009 CMBS 257,785 22 (20,591) 237,216 CLOs 337,656 5 (7,829) 329,832 Foreign government debt 4,486 — (699) 3,787 Commercial paper 14,075 — (3) 14,072 Total fixed income securities $ 5,926,785 $ 5,953 $ (523,040) $ 5,409,698 Details of fixed income investment securities by category as of December 31, 2021 Table 5.1b (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 133,990 $ 285 $ (868) $ 133,407 Obligations of U.S. states and political subdivisions 2,408,688 133,361 (7,396) 2,534,653 Corporate debt securities 2,704,586 75,172 (13,776) 2,765,982 ABS 150,888 830 (1,008) 150,710 RMBS 309,991 2,397 (3,278) 309,110 CMBS 315,330 5,736 (1,936) 319,130 CLOs 360,436 609 (106) 360,939 Foreign government debt 13,749 — (99) 13,650 Total fixed income securities $ 6,397,658 $ 218,390 $ (28,467) $ 6,587,581 We had $11.8 million and $13.4 million of investments at fair value on deposit with various states as of December 31, 2022 and 2021, 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 $128.4 million and $189.8 million at December 31, 2022 and 2021, respectively. The decrease is primarily due to a decline in collateral required as the risk in force covered by these insurance and reinsurance activities has decreased. The amortized cost and fair values of fixed income securities at December 31, 2022, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities provide for periodic payments throughout their lives, they are listed in separate categories. Fixed income securities maturity schedule Table 5.2 December 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 452,188 $ 445,210 Due after one year through five years 1,358,606 1,288,152 Due after five years through ten years 1,890,875 1,713,608 Due after ten years 1,279,209 1,076,984 4,980,878 4,523,954 ABS 126,723 120,687 RMBS 223,743 198,009 CMBS 257,785 237,216 CLOs 337,656 329,832 Total as of December 31, 2022 $ 5,926,785 $ 5,409,698 EQUITY SECURITIES The cost and fair value of investments in equity securities as of December 31, 2022 and December 31, 2021 are shown in tables 5.3a and 5.3b below. Details of equity investment securities as of December 31, 2022 Table 5.3a (In thousands) Cost Gross gains Gross losses Fair Value Equity securities 15,924 — (1,784) 14,140 Details of equity investment securities as of December 31, 2021 Table 5.3b (In thousands) Cost Gross gains Gross losses Fair Value Equity securities 15,838 264 (34) 16,068 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 are shown in table 5.4 below. Details of net gains (losses) on investments and other financial instruments Table 5.4 (in thousands) December 31, 2022 December 31, 2021 December 31, 2020 Fixed income securities Gains on sales 7,152 8,980 21,272 Losses on sales (15,477) (1,942) (8,809) Change in credit allowance — 49 (49) Impairments (1,415) — (331) Equity securities gains (losses) Gains (losses) on sales (7) 4 1,344 Market adjustment (2,013) (463) 552 Change in embedded derivative on Home Re Transactions (1) 4,269 (721) (1,176) Other Gains (losses) on sales 2 (33) (231) Market adjustment 26 (13) 4 Net gains (losses) on investments and other financial instruments (7,463) 5,861 12,576 Proceeds from sales of fixed income securities 397,553 471,783 803,401 Proceeds from sales of equity securities 97 2,621 25,693 (1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions. OTHER INVESTED ASSETS Our other invested assets balances includes an investment in Federal Home Loan Bank ("FHLB") stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility. In the first quarter of 2022, we repaid the outstanding principal balance of our Federal Home Loan Bank Advance ("FHLB Advance") and accordingly reduced our investment in FHLB stock. At December 31, 2021, the FHLB Advance amount was secured by $167.2 million of eligible collateral. As a result of the prepayment of the FHLB Advance in 2022, we are no longer required to maintain collateral. UNREALIZED INVESTMENT LOSSES Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position as of December 31, 2022 and 2021, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" to these consolidated financial statements. Unrealized loss aging for securities by type and length of time as of December 31, 2022 Table 5.5a Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 67,531 $ (3,583) $ 76,246 $ (6,100) $ 143,777 $ (9,683) Obligations of U.S. states and political subdivisions 1,344,272 (157,903) 360,956 (98,170) 1,705,228 (256,073) Corporate debt securities 1,488,255 (109,976) 758,732 (86,401) 2,246,987 (196,377) ABS 53,201 (1,008) 67,073 (5,033) 120,274 (6,041) RMBS 77,563 (8,572) 136,179 (17,172) 213,742 (25,744) CMBS 166,973 (12,951) 70,792 (7,640) 237,765 (20,591) CLOs 213,461 (4,644) 114,459 (3,185) 327,920 (7,829) Foreign government debt — — 3,787 (699) 3,787 (699) Commercial paper — — 3,816 (3) 3,816 (3) Total $ 3,411,256 $ (298,637) $ 1,592,040 $ (224,403) $ 5,003,296 $ (523,040) Unrealized loss aging for securities by type and length of time as of December 31, 2021 Table 5.5b Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 91,154 $ (790) $ 2,616 $ (78) $ 93,770 $ (868) Obligations of U.S. states and political subdivisions 452,021 (7,189) 15,540 (207) 467,561 (7,396) Corporate debt securities 865,085 (13,260) 10,997 (516) 876,082 (13,776) ABS 100,064 (998) 1,552 (10) 101,616 (1,008) RMBS 180,586 (2,548) 31,641 (730) 212,227 (3,278) CMBS 89,889 (1,887) 1,511 (49) 91,400 (1,936) CLOs 177,663 (71) 21,973 (35) 199,636 (106) Foreign government debt 13,649 (99) — — 13,649 (99) Total $ 1,970,111 $ (26,842) $ 85,830 $ (1,625) $ 2,055,941 $ (28,467) The change in net unrealized gains (losses) of investments is shown in table 5.6 below. Change in net unrealized gains (losses) Table 5.6 (In thousands) 2022 2021 2020 Fixed income securities $ (707,005) $ (154,555) $ 169,135 There were 1,226 and 610 securities in an unrealized loss position as of December 31, 2022 and 2021, respectively. Based on current facts and circumstances, we believe the unrealized losses as of December 31, 2022 presented in table 5.5a 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 were primarily caused by an increase in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations. The source of net investment income is shown in table 5.7 below. Net investment income Table 5.7 (In thousands) 2022 2021 2020 Fixed income securities $ 166,306 $ 160,030 $ 157,065 Equity securities 437 471 620 Cash equivalents 5,049 75 1,648 Other 51 22 275 Investment income 171,843 160,598 159,608 Investment expenses (4,367) (4,160) (5,212) Net investment income $ 167,476 $ 156,438 $ 154,396

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 6 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 are 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. Obligations of U.S. States & Political Subdivisions are valued by tracking, capturing, and analyzing quotes for active issues and trades reported via the Municipal Securities Rulemaking Board records. Daily briefings and reviews of current economic conditions, trading levels, spread relationships, and the slope of the yield curve provide further data for evaluation. These securities are generally categorized in Level 2 of the fair value hierarchy. Residential Mortgage-Backed Securities ("RMBS") are valued by monitoring interest rate movements, and other pertinent data daily. Incoming market data is enriched to derive spread, yield and/or price data as appropriate, enabling known data points to be extrapolated for valuation application across a range of related securities. These securities are generally categorized in Level 2 of the fair value hierarchy. Commercial Mortgage-Backed Securities ("CMBS") are valued using techniques that reflect market participants’ assumptions and maximize the use of relevant observable inputs including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. Evaluation uses regular reviews of the inputs for securities covered, including executed trades, broker quotes, credit information, collateral attributes and/or cash flow waterfall as applicable. These securities are generally categorized in Level 2 of the fair value hierarchy. Asset-Backed Securities ("ABS") are valued using spreads and other information solicited from market buy-and-sell-side sources, including primary and secondary dealers, portfolio managers, and research analysts. Cash flows are generated for each tranche, benchmark yields are determined, and deal collateral performance and tranche level attributes including trade activity, bids, and offers are applied, resulting in tranche specific prices. These securities are generally categorized in Level 2 of the fair value hierarchy. Collateralized loan obligations ("CLOs") are valued by evaluating manager rating, seniority in the capital structure, assumptions about prepayment, default and recovery and their impact on cash flow generation. Loan level net asset values are determined and aggregated for tranches and as a final step prices are checked against available recent trade activity. These securities are generally categorized in Level 2 of the fair value hierarchy. Foreign government debt is valued by surveying the dealer community, obtaining relevant trade data, benchmark quotes and spreads and incorporating this information into the valuation process. These securities are generally categorized in Level 2 of the fair value hierarchy. Commercial Paper, with an original maturity greater than 90 days , is valued using market data for comparable instruments of similar maturity and average yields. These securities are categorized in Level 2 of the fair value hierarchy. • Equity securities: Consist of actively traded, exchange-listed equity securities, including exchange traded funds (“ETFs”) and Bond Mutual Funds, with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in Level 1 of the fair value hierarchy. • Cash Equivalents: Consists of money market funds and treasury bills with valuations derived from quoted prices for identical assets in active markets that we can access. These securities are valued in level 1 of the fair value hierarchy. Instruments in this category valued using market data for comparable instruments are classified as level 2 in the fair value hierarchy. Assets measured at fair value, by hierarchy level, as of December 31, 2022 and 2021 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K. Assets carried at fair value by hierarchy level as of December 31, 2022 Table 6.1a (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 135,900 $ 116,897 $ 19,003 Obligations of U.S. states and political subdivisions 2,149,054 — 2,149,054 Corporate debt securities 2,221,141 — 2,221,141 ABS 120,687 — 120,687 RMBS 198,009 — 198,009 CMBS 237,216 — 237,216 CLOs 329,832 — 329,832 Foreign government debt 3,787 — 3,787 Commercial paper 14,072 — 14,072 Total fixed income securities 5,409,698 116,897 5,292,801 Equity securities 14,140 14,140 — Cash equivalents 328,756 (1) 324,129 4,627 Total $ 5,752,594 $ 455,166 $ 5,297,428 Assets carried at fair value by hierarchy level as of December 31, 2021 Table 6.1b (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 133,407 $ 102,153 $ 31,254 Obligations of U.S. states and political subdivisions 2,534,653 — 2,534,653 Corporate debt securities 2,765,982 — 2,765,982 ABS 150,710 — 150,710 RMBS 309,110 — 309,110 CMBS 319,130 — 319,130 CLOs 360,939 — 360,939 Foreign government debt 13,650 — 13,650 Total fixed income securities 6,587,581 102,153 6,485,428 Equity securities 16,068 16,068 — Cash equivalents 254,230 (1) 254,230 — Total $ 6,857,879 $ 372,451 $ 6,485,428 (1) Includes restricted cash equivalents Certain financial instruments, including insurance contracts, are excluded from these fair value disclosure requirements. The carrying values of cash and cash equivalents (Level 1) and accrued investment income (Level 2) approximated their fair values. Additional fair value disclosures related to our investment portfolio are included in Note 5 - "Investments." In addition to the assets carried at fair value discussed above, we have embedded derivatives carried at fair value related to our Home Re Transactions that are classified as Other liabilities or Other assets in our consolidated balance sheets. The estimated fair value related to our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on the Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life. These liabilities or assets are categorized in Level 3 of the fair value hierarchy. At December 31, 2022 and 2021, the fair value of the embedded derivatives was an asset of $2.5 million and a liability of $1.8 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. Purchases of real estate acquired was $3.5 million and $4.8 million for the years ended December 31, 2022, and 2021, respectively. Sales of real estate acquired was $4.0 million and $4.8 million for the years ended December 31, 2022, and 2021, respectively. FINANCIAL LIABILITIES NOT MEASURED AT FAIR VALUE Other invested assets include an investment in FHLB stock that is carried at cost, which due to restrictions that require it to be redeemed or sold only to the security issuer at par value, approximates fair value. The fair value of other invested assets is categorized as Level 2. Financial liabilities include our outstanding debt obligations. The fair values of our 5.25% Notes and 9% Debentures were based on observable market prices. In all cases the fair values of the financial liabilities below are categorized as level 2. Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2022 and 2021. Financial liabilities not carried at fair value Table 6.3 December 31, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets Other invested assets $ 850 $ 850 $ 3,100 $ 3,100 Financial liabilities FHLB Advance $ — $ — $ 155,000 $ 157,585 5.75% Notes — — 241,255 256,213 5.25% Notes 641,724 600,938 640,253 686,875 9% Debentures 21,086 28,085 110,204 151,000 Total financial liabilities $ 662,810 $ 629,023 $ 1,146,712 $ 1,251,673

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 7 Debt DEBT OBLIGATIONS Table 7.1 shows the carrying value of our long-term debt obligations as of December 31, 2022 and 2021. Long-term debt obligations Table 7.1 December 31, (In millions) 2022 2021 FHLB Advance - 1.91%, due February 2023 $ — $ 155.0 5.75% Notes, due August 2023 — 241.3 5.25% Notes, due August 2028 (par value: $650 million) 641.7 640.2 9% Debentures, due April 2063 21.1 110.2 Long-term debt, carrying value $ 662.8 $ 1,146.7 The 5.25% Senior Notes ("5.25% Notes") and 9% Convertible Junior Subordinated Debentures (“9% Debentures”) are obligations of our holding company, MGIC Investment Corporation. 2022 Transactions During 2022, we repurchased $89.1 million in aggregate principal of our 9% Debentures at a purchase price of $121.2 million plus accrued interest. The repurchase of our 9% Debentures resulted in a $32.1 million loss on debt extinguishment on our consolidated statement of operations and a reduction of 6.8 million potentially dilutive shares. The Federal Home Loan Bank Advance (the “FHLB Advance”) was an obligation of MGIC. In the first quarter of 2022, we repaid the outstanding principal balance of the FHLB Advance at a prepayment price of $156.3 million, incurring a prepayment fee of $1.3 million. In July 2022, we redeemed the outstanding principal balance of the 5.75% Senior Notes (“5.75% Notes”) through a make-whole price of $248.4 million plus accrued interest. The excess of the make-whole price over the carrying value, plus the write-off of unamortized issuance costs on the par value, resulted in a $6.8 million loss on debt extinguishment. The make-whole amount was calculated as the sum of the present values of the remaining scheduled payments of principal and interest discounted at the treasury rate defined in the notes plus 50 basis points and accrued interest. The 5.75% Notes were an obligation of our holding company. 2021 Transactions In December 2021, we repurchased $98.6 million in aggregate principal amount of our 9% Debentures at a purchase price of $135.5 million, plus accrued interest. The repurchase of 9% Debentures resulted in a $36.9 million loss on debt extinguishment on our consolidated statement of operations and a reduction in our potentially dilutive shares by approximately 7.5 million shares. 2020 Transactions In August 2020, we issued $650 million aggregate principal amount of 5.25% Notes, which are due in 2028 and received net proceeds, after the deduction of underwriting fees, of $640.3 million. In addition to underwriting fees, we incurred approximately $2.0 million of other expenses associated with the issuance of these notes. We repurchased $182.7 million in aggregate principal amount of our 5.75% notes at a purchase price of $197.8 million, plus accrued interest, using proceeds from the 5.25% Notes issuance. The excess of the purchase price over the carrying value, plus the write-off of unamortized issuance costs on the par value, is reflected as a loss on debt extinguishment of $16.5 million on our consolidated statement of operations. We repurchased $48.1 million in aggregate principal amount of our 9% Debentures at a purchase price of $61.6 million, plus accrued interest, using proceeds from the 5.25% Notes issuance. The repurchase of 9% Debentures resulted in a $10.2 million loss on debt extinguishment on our consolidated statement of operations; a reduction in our shareholders' equity of $2.7 million related to the reacquisition of the equity component of the 9% Debentures; and a reduction in our potentially dilutive shares by approximately 3.6 million shares. 5.25% Notes Interest on the 5.25% Notes is payable semi-annually on February 15 and August 15. Prior to August 15, 2023, we may redeem the 5.25% Notes at an amount equal to the sum of (a) the greater of: (i) the sum of the principal amount and the make-whole amount; and (ii) 102.625% of principal; and (b) accrued and unpaid interest. The make-whole amount is the excess of: (1) the present value of the remaining principal, premium and interest payments that would be payable with respect to the note if such note were redeemed on August 15, 2023 (at 102.625% of principal), computed using a discount rate equal to the treasury rate specified in the notes, plus 50 basis points, over (2) the outstanding principal amount of such note. On and after August 15, 2023, we may redeem the notes at 102.625% of principal; on or after August 15, 2024, we may redeem the notes at 101.313% of principal; and on or after August 15, 2025, we may redeem the notes at 100% of principal; in each case, plus accrued and unpaid interest. The 5.25% Notes have covenants and events of default customary for securities of this nature, and further provide that the trustee or holders of at least 25% in aggregate principal amount of the outstanding 5.25% Notes may declare them immediately due and payable upon the occurrence of certain events of default after the expiration of the applicable grace period. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization relating to the Company or any of its significant subsidiaries, the 5.25% Notes will become due and payable immediately. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 5.25% Notes, including their covenants and events of default. We were in compliance with all covenants as of December 31, 2022. 9% Debentures Interest on the 9% Debentures is payable semi-annually on April 1 and October 1 each year. The 9% Debentures are currently convertible, at the holder's option, at a conversion rate, which is subject to adjustment, of 77.9620 common shares per $1,000 principal amount of the 9% Debentures at any time prior to the maturity date. This represents a conversion price of approximately $12.83 per share. If a holder elects to convert their 9% Debentures, deferred interest, if any, owed on the 9% Debentures being converted is also converted into shares of our common stock. The conversion rate for any deferred interest is based on the average price that our shares traded at during a 5-day period immediately prior to the election to convert. The 9% Debentures include a feature that allows us, at our option, to make a cash payment to converting holders in lieu of issuing shares of common stock upon conversion of the 9% Debentures. We may redeem the 9% Debentures in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the 9% Debentures being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds $16.67 (adjusted pro rata for changes in the conversion price) for at least 20 of the 30 trading days preceding notice of the redemption. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the 9% Debentures, including their covenants and events of default. We were in compliance with all covenants at December 31, 2022. The 9% Debentures rank junior to all of our existing and future senior indebtedness. INTEREST PAYMENTS Interest payments were $53.7 million during 2022, $71.7 million during 2021 and $54.3 million during 2020.

Loss Reserves

Loss Reserves	12 Months Ended
Loss Reserves	Dec. 31, 2022
Insurance Loss Reserves [Abstract]
Loss Reserves	NOTE 8 Loss Reserves As described in Note 3 – “Summary of Significant Accounting Policies – Loss Reserves,” we establish case reserves and loss adjustment expenses ("LAE") reserves on delinquent loans that were reported to us as two or more payments past due and have not become current or resulted in a claim payment. Such loans are referred to as being in our delinquency inventory. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. IBNR reserves are established for estimated losses from delinquencies we estimate have occurred prior to the close of an accounting period, but have not yet been reported to us. IBNR reserves are also established using estimated claim rates and claim severities. Estimation of losses is inherently judgmental. The conditions that affect the claim rate and claim severity include the current and future state of the domestic economy, including unemployment and the current and future strength of local housing markets; exposure on insured loans; the amount of time between delinquency and claim filing (all else being equal, the longer the period between delinquency and claim filing, the greater the severity); and curtailments and rescissions. The actual amount of the claim payments may be substantially different than our loss reserve estimates. Our estimates could be adversely affected by several factors, including a deterioration of regional or national economic conditions, including unemployment, leading to a reduction in borrowers’ income and thus their ability to make mortgage payments, the impact of past and future government initiatives and actions taken by the GSEs (including mortgage forbearance programs and foreclosure moratoriums), and a drop in housing values which may affect borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance. Loss reserves in future periods will also be dependent on the number of loans reported to us as delinquent. Changes to our estimates could result in a material impact to our consolidated 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, change 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 December 31, 2022, 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 +/- $10 million. A one percentage point increase/decrease in the average claim rate reserve factor would change the loss reserve amount by approximately +/- $15 million. The “Losses incurred” section of table 8.1 below shows losses incurred on delinquencies that occurred in the current year and in prior years. The amount of losses incurred relating to delinquencies that occurred in the current year represents the estimated amount to be ultimately paid on such delinquencies. The amount of losses incurred relating to delinquencies that occurred in prior years represents the difference between the actual claim rate and claim severity associated with those delinquencies resolved in the current year compared to the estimated claim rate and claim severity at the prior year-end, as well as a re-estimation of amounts to be ultimately paid on delinquencies continuing from the end of the prior year. This re-estimation of the claim rate and claim severity is the result of our review of current trends in the delinquency inventory, such as percentages of delinquencies that have resulted in a claim, the amount of the claims relative to the average loan exposure, changes in the relative level of delinquencies by geography and changes in average loan exposure. Losses incurred on delinquencies that occurred in the current year increased in 2022, compared to 2021. The increase is primarily due to an increase in estimated severity on current year delinquencies. In addition, there was a decrease in IBNR reserve estimates by $5.9 million in 2021, while IBNR estimates increased by $2.3 million in 2022. In 2022, we experienced favorable loss development of $404.1 million on previously received delinquencies primarily related to a decrease in the estimated claim rate. The favorable development primarily resulted from greater than expected cure rates, as borrower reinstatements and servicer mitigation efforts resulted in more cures than originally estimated. Additionally, home price appreciation experienced in recent years has allowed borrowers to cure their delinquencies through the sale of their property. For the year ended December 31, 2021 we experienced favorable loss development of $60.0 million on previously received notices primarily due to the decrease in the claim rate on delinquencies received prior to the COVID-19 pandemic. This was offset by the recognition of a probable loss of $6.3 million related to litigation of our claims paying practices and adverse development on LAE reserves and reinsurance. The “Losses paid” section of table 8.1 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. At the start of the COVID-19 pandemic, the level of claims received decreased and the average time it took to receive a claim increased. Claim activity has not yet returned to pre-COVID-19 levels. Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years: Development of loss reserves Table 8.1 (In thousands) 2022 2021 2020 Reserve at beginning of year $ 883,522 $ 880,537 $ 555,334 Less reinsurance recoverable 66,905 95,042 21,641 Net reserve at beginning of year 816,617 785,495 533,693 Losses incurred: Losses and LAE incurred in respect of delinquent notices received in: Current year 149,565 124,592 345,170 Prior years (1) (404,130) (60,015) 19,604 Total losses incurred (254,565) 64,577 364,774 Losses paid: Losses and LAE paid in respect of delinquent notices received in: Current year 362 664 3,069 Prior years 49,626 68,769 109,923 Reinsurance terminations (2) (17,684) (35,978) (20) Total losses paid 32,304 33,455 112,972 Net reserve at end of year 529,748 816,617 785,495 Plus reinsurance recoverables 28,240 66,905 95,042 Reserve at end of year $ 557,988 $ 883,522 $ 880,537 (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development. (2) In a reinsurance termination, amounts for any incurred but unpaid losses are due to us from the reinsurers. As a result, the amount due from the reinsurers is reclassified from reinsurance recoverable on loss reserves to reinsurance recoverable on paid losses, resulting in no impact to losses incurred. (See Note 9 - "Reinsurance" ) The prior year development of the reserves in 2022, 2021 and 2020 is reflected in the table 8.2 below. Reserve development on previously received delinquencies Table 8.2 (In thousands) 2022 2021 2020 (Decrease) in estimated claim rate on primary delinquencies $ (400,577) $ (82,904) $ (2,536) Increase (decrease) in estimated claim severity on primary delinquencies (21,995) 310 13,535 Change in estimates related to pool reserves, LAE reserves, reinsurance and other 18,442 22,579 8,605 Total prior year loss development (1) $ (404,130) $ (60,015) $ 19,604 (1) A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. DELINQUENCY INVENTORY A roll-forward of our primary delinquency inventory for the years ended December 31, 2022, 2021, and 2020 appears in table 8.3 below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. Primary delinquency inventory roll-forward Table 8.3 2022 2021 2020 Beginning delinquent inventory 33,290 57,710 30,028 New Notices 42,988 42,432 106,099 Cures (48,262) (64,896) (76,107) Paid claims (1,305) (1,223) (2,245) Rescissions and denials (35) (38) (65) Other items removed from inventory (289) (695) — Ending delinquent inventory 26,387 33,290 57,710 During 2022 and 2021, our losses paid included amounts paid upon commutation of coverage on pools of non-performing loans. As a result of these payments 289 items were removed from the delinquency inventory with an amount paid of $4.6 million in 2022. During 2021, 695 items were removed from delinquency inventory with an amount paid of $13.8 million. Historically as a delinquency ages it is more likely to result in a claim. The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below. Primary delinquency inventory - consecutive months delinquent Table 8.4 December 31, 2022 2021 2020 3 months or less 8,820 7,586 11,542 4 - 11 months 8,217 7,990 34,620 12 months or more (1) 9,350 17,714 11,548 Total 26,387 33,290 57,710 3 months or less 33 % 23 % 20 % 4 - 11 months 31 % 24 % 60 % 12 months or more 36 % 53 % 20 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 267 211 159 (1) Approximately 36%, 20%, and 31% of the delinquent inventory that has been delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of December 31, 2022, 2021 and 2020, respectively. COVID-19 Pandemic Delinquencies We experienced an increase in new delinquency notices in the second and third quarters of 2020 because of the impacts of the COVID-19 pandemic, including the high level of unemployment and economic uncertainty resulting from measures to reduce the transmission of COVID-19. Forbearance programs enacted by the GSEs provided for payment forbearance on mortgages to borrowers experiencing a hardship during the COVID-19 pandemic. Historically, forbearance plans have reduced the incidence of our losses on affected loans. Through December 31, 2022 the vast majority of the delinquencies received in the second and third quarter of 2020 have cured. POOL INSURANCE DEFAULT INVENTORY Pool insurance default inventory was 391 at December 31, 2022, 498 at December 31, 2021, and 680 at December 31, 2020. PREMIUM REFUNDS Our estimate of premiums to be refunded on expected claim payments is accrued for separately in "Other liabilities" on our consolidated balance sheets and approximated $25.5 million and $37.3 million at December 31, 2022 and 2021, respectively. The decrease is driven by a decrease in delinquency inventory as well as a decrease inventory that is twelve or more months delinquent.

Reinsurance

Reinsurance	12 Months Ended
Reinsurance	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	NOTE 9 Reinsurance Our consolidated financial statements reflect the effects of assumed and ceded reinsurance transactions. Assumed reinsurance refers to the acceptance of certain insurance risks that other insurance companies have underwritten. Ceded reinsurance involves transferring certain insurance risks (along with, in the case of quota share reinsurance, the related earned premiums) we have underwritten to other insurance companies who agree to share these risks. The purpose of ceded reinsurance is to protect us, at a cost, against losses arising from our mortgage guaranty policies covered by the agreement and to manage our capital requirements under PMIERs. Reinsurance is currently placed on a quota share and excess of loss basis but we also had immaterial captive reinsurance agreements that were in effect through December 31, 2020. Table 9.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations. Reinsurance Table 9.1 Years ended December 31, (In thousands) 2022 2021 2020 Premiums earned: Direct $ 1,154,728 $ 1,167,592 $ 1,199,824 Assumed 8,778 9,858 10,848 Ceded - quota share reinsurance (1) (86,435) (118,537) (167,930) Ceded - excess-of-loss reinsurance (69,938) (44,494) (20,799) Total ceded (156,373) (163,031) (188,729) Net premiums earned $ 1,007,133 $ 1,014,419 $ 1,021,943 Losses incurred: Direct $ (274,072) $ 74,496 $ 442,194 Assumed (330) (57) 555 Ceded - quota share reinsurance 19,837 (9,862) (77,975) Losses incurred, net $ (254,565) $ 64,577 $ 364,774 Other Reinsurance Impacts: Profit commission on quota share reinsurance (1) $ 176,084 $ 153,759 $ 72,425 Ceding commission on quota share reinsurance 52,071 53,460 48,077 (1) Ceded premiums earned are shown net of profit commission. QUOTA SHARE REINSURANCE We have entered into quota share reinsurance ("QSR") transactions with panels of third-party reinsurers to cede a fixed quota share percentage of premiums earned and received and losses incurred on insurance covered by the transactions. We receive the benefit of a ceding commission equal to 20% of premiums ceded before profit commission. We also receive the benefit of a profit commission through a reduction of premiums we cede. The profit commission varies inversely with the level of losses on a “dollar for dollar” basis and can be eliminated at annual loss ratios higher than we have experienced on our QSR transactions. Each of our QSR transactions typically have annual loss ratio caps of 300% and lifetime loss ratios of 200% . Table 9.2 below provides additional detail regarding our QSR transactions in effect during 2022. Reinsurance Table 9.2 Quota Share Contract Covered Policy Years Quota Share % Annual Loss Ratio to Exhaust Profit Commission (1) Contractual Termination Date 2015 QSR (2) Prior to 2017 15.0 % 68.0 % December 31, 2031 2019 QSR (2) 2019 30.0 % 62.0 % December 31, 2030 2020 QSR 2020 12.5 % 62.0 % December 31, 2031 2020 QSR and 2021 QSR 2020 17.5 % 62.0 % December 31, 2032 2020 QSR and 2021 QSR 2021 17.5 % 61.9 % December 31, 2032 2021 QSR and 2022 QSR 2021 12.5 % 57.5 % December 31, 2032 2021 QSR and 2022 QSR 2022 15.0 % 57.5 % December 31, 2033 2022 QSR and 2023 QSR 2022 15.0 % 62.0 % December 31, 2033 2022 QSR and 2023 QSR 2023 15.0 % 62.0 % December 31, 2034 Credit Union QSR (3) 2020-2025 65.0 % 50.0 % December 31, 2039 (1) We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio. (2) 2015 and 2019 QSR Transactions were terminated effective December 31, 2022. (3) Eligible credit union business written before April 1, 2020 was covered by our 2019 and prior QSR Transactions. We have agreed to terms with a group of unaffiliated reinsurers for a reinsurance transaction with an effective date of January 1, 2023 with a similar structure to our existing QSR transactions that will cover most of our NIW in 2023 (with an additional 10.0% quota share). Generally, we will receive an annual profit commission provided the annual loss ratio on the loans covered under the transaction remain below 58.5%. 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. Early termination of the QSR agreements can also be elected by us for a fee, or under specified scenarios for no fee upon prior written notice. Table 9.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case be elected by us for a fee. The optional reduction to the quota share percentage would give us an option to reduce our quota share percentage from the original percentage as shown in table 9.2 to the percentage showed in 9.3. Reinsurance Table 9.3 Quota Share Contract Covered Policy Years Optional Termination Date (1) Optional Quota Share % Reduction Date (2) Optional Reduced Quota Share % 2020 QSR 2020 June 30, 2023 January 1, 2023 10.5% or 8% 2020 QSR and 2021 QSR 2020 June 30, 2023 January 1, 2023 14.5% or 12% 2020 QSR and 2021 QSR 2021 December 31, 2023 January 1, 2023 14.5% or 12% 2021 QSR and 2022 QSR 2021 December 31, 2023 January 1, 2023 10.5% or 8% 2021 QSR and 2022 QSR 2022 December 31, 2024 July 1, 2023 12.5% or 10% 2022 QSR and 2023 QSR 2022 December 31, 2024 July 1, 2023 12.5% or 10% 2022 QSR and 2023 QSR 2023 December 31, 2025 July 1, 2024 12.5% or 10% (1) We can elect early termination of the QSR transaction beginning on this date, and bi-annually thereafter. (2) We can elect to reduce the quota share percentage beginning on this date, and bi-annually thereafter. We incurred an early termination fee of $2.2 million for the termination of our 2019 QSR Transaction effective December 31, 2022 and $5.0 million for the termination of our 2017 and 2018 QSR Transactions effective December 31, 2021. We also terminated our 2015 QSR Transaction effective December 31, 2022. The reinsurance recoverable on paid losses due from reinsurers for loss and LAE reserves incurred at the time of termination includes $17.7 million as of December 31, 2022 from reinsurers participating in the 2015 and 2019 QSR Transactions and included $36.0 million as of December 31, 2021 due from reinsurers participating in the 2017 and 2018 QSR Transactions. Ceded premiums written and earned, net of profit commission, decreased in 2022 due to the increase in profit commission. The increase in profit commission was a result of ceded losses incurred. Ceded losses incurred for the year ended December 31, 2022 primarily reflect favorable loss reserve development. See Note 8 - “Loss Reserves” for discussion of our loss reserves. Under the terms of our QSR Transactions currently in effect, ceded premiums, ceding commissions, profit commission, and ceded loss paid and LAE paid are settled net on a quarterly basis. The ceded premiums due after deducting the related ceding commission and profit commission is reported within "Other liabilities" on the consolidated balance sheets. The reinsurance recoverable on loss reserves related to our QSR Transactions was $28.2 million as of December 31, 2022 and $66.9 million as of December 31, 2021. The reinsurance recoverable balance is secured by funds on deposit from the reinsurers, the minimum amount of which is based on the greater of 1) a reinsurer's funding requirements under PMIERs or 2) ceded reserves and unpaid losses. Each of the reinsurers under our quota share reinsurance agreements described above has an insurer financial strength rating of A- or better (or a comparable rating) by Standard and Poor's Rating Services, A.M. Best, Moody's, or a combination of the three. An allowance for credit losses was not required for 2022 or 2021. EXCESS OF LOSS REINSURANCE We have Excess-of-loss transactions (“XOL Transactions”) with a panel of unaffiliated reinsurers executed through the traditional reinsurance market (“Traditional XOL Transaction”) and with unaffiliated special purpose insurers (“Home Re Transactions”). The 2022 Traditional XOL Transaction provides reinsurance coverage on eligible NIW in 2022. For the covered policies, 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. We can elect to terminate our Traditional XOL Transaction 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 to the Traditional XOL Transaction are based off the remaining reinsurance coverage levels. The reinsured coverage levels are secured by funds on deposit from reinsurers, 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. 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 over a period of either 10 or 12.5 years, depending on the transaction, 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. When a “Trigger Event” is in effect, as defined in the related insurance-linked notes transaction agreements, payment of principal on the related notes will be suspended and the reinsurance coverage available to MGIC under the transactions will not be reduced by such principal payments. As of December 31, 2022, a "Trigger Event" has occurred on our Home Re 2019-1 transaction because the reinsured principal balance of loans that were reported 60 or more days delinquent exceeded a percentage of the total reinsured principal balance of loans specified under each transaction. A "Trigger Event" has also occurred on the Home Re 2022-1 transaction because the credit enhancement of the most senior tranche is less than the target credit enhancement. Table 9.4a and 9.4b provides a summary of our XOL Transactions as of December 31, 2022, December 31, 2021 and December 31, 2020. Excess of Loss Reinsurance 9.4a ($ in thousands) Issue Date Policy In force Dates Optional Call/ Termination Date (1) Legal Maturity Initial First Layer Retention Initial Excess of Loss Reinsurance Coverage Home Re 2022-1, Ltd. April 26, 2022 May 29, 2021 - December 31, 2021 April 25, 2028 12.5 years $325,589 $473,575 Home Re 2021-2, Ltd. August 3, 2021 January 1, 2021 - May 28, 2021 July 25, 2028 12.5 years 190,159 398,429 Home Re 2021-1, Ltd. February 2, 2021 August 1, 2020 - December 31, 2020 January 25, 2028 12.5 years 211,159 398,848 Home Re 2020-1, Ltd. October 29, 2020 January 1, 2020 - July 31, 2020 October 25, 2027 10 years 275,283 412,917 Home Re 2019-1, Ltd. May 25, 2019 January 1, 2018 - March 31, 2019 May 25, 2026 10 years 185,730 315,739 Home Re 2018-1, Ltd. October 30, 2018 July 1, 2016 - December 31, 2017 October 25, 2025 10 years 168,691 318,636 2022 Traditional XOL April 1, 2022 January 1, 2022 - December 30, 2022 January 1, 2030 10 years 82,523 142,642 (1) We have the right to terminate the Home Re Transactions under certain circumstances and on any payment date on or after the respective Optional Call date. We can elect early termination of the Traditional XOL Transaction beginning on this date, and quarterly thereafter. 9.4b Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverage ($ in thousands) December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2022 December 31, 2021 December 31, 2020 Home Re 2022-1, Ltd. $ 325,576 $ — $ — $ 473,575 $ — $ — Home Re 2021-2, Ltd. 190,097 190,159 — 352,084 398,429 — Home Re 2021-1, Ltd. 211,102 211,142 — 277,053 387,830 — Home Re 2020-1, Ltd. 274,871 275,204 275,283 113,247 234,312 412,917 Home Re 2019-1, Ltd. 183,540 183,917 184,514 208,146 208,146 208,146 Home Re 2018-1, Ltd. 164,849 165,365 166,005 140,993 218,343 218,343 2022 Traditional XOL 82,517 — — 142,642 — — The reinsurance premiums ceded to each Home Re Entity are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. The amount of monthly reinsurance coverage premium ceded will fluctuate due to changes in the reference rate and changes in money market rates that affect investment income collected on the assets in the reinsurance trust. The Home Re 2021-2 and Home Re 2022-1 Transactions references SOFR, while the remaining Home Re Transactions reference the one-month LIBOR. As a result, we concluded that each Home Re Transaction contains an embedded derivative that is accounted for separately as a freestanding derivative. The fair values of the derivatives at December 31, 2022 and December 31, 2021, were not material to our consolidated balance sheet, and the change in fair values during the years ended December 31, 2022, December 31, 2021 and December 31, 2020 were not material to our consolidated statements of operations. (see Note 5 - " Investments " and Note 6 - " Fair Value Measurements " ). At the time the Home Re Transactions were entered into, we concluded that each Home Re Entity is a variable interest entity (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make sufficient decisions relating to the entity’s operations through voting rights or do not substantively participate in gains and losses of the entity. Given that MGIC (1) does not have the unilateral power to direct the activities that most significantly affect each Home Re Entity’s economic performance and (2) does not have the obligation, outside the terms of the reinsurance agreement, to absorb losses or the right to receive benefits of each Home Re Entity that could be significant to the Home Re Entity, consolidation of the Home Re Entities is not required. We are required to disclose our maximum exposure to loss, which we consider to be an amount that we could be required to record in our statements of operations, as a result of our involvement with the VIEs under our Home Re Transactions. As of December 31, 2022, December 31, 2021 and December 31, 2020, we did not have material exposure to the VIEs as we have no investment in the VIEs and had no reinsurance claim payments due from the VIEs under our reinsurance transactions. We are unable to determine the timing or extent of claims from losses that are ceded under the reinsurance transactions. The VIE assets are deposited in reinsurance trusts for the benefit of MGIC that will be the source of reinsurance claim payments to MGIC. The purpose of the reinsurance trusts is to provide security to MGIC for the obligations of the VIEs under the reinsurance transactions. The trustee of the reinsurance trusts, a recognized provider of corporate trust services, has established segregated accounts within the reinsurance trusts for the benefit of MGIC, pursuant to the trust agreements. The trust agreements are governed by, and construed in accordance with, the laws of the State of New York. If the trustee of the reinsurance trusts failed to distribute claim payments to us as provided in the reinsurance trusts, we would incur a loss related to our losses ceded under the reinsurance transactions and deemed unrecoverable. We are also unable to determine the impact such possible failure by the trustee to perform pursuant to the reinsurance trust agreements may have on our consolidated financial statements. As a result, we are unable to quantify our maximum exposure to loss related to our involvement with the VIEs. MGIC has certain termination rights under the reinsurance transactions should its claims not be paid. We consider our exposure to loss from our reinsurance transactions with the VIEs to be remote. Table 9.5 presents the total assets of the Home Re Entities as of December 31, 2022 , December 31, 2021 and December 31, 2020. Home Re Entities total assets Table 9.5 (In thousands) Home Re Entity Total VIE Assets December 31, 2022 Home Re 2018-1 Ltd. $ 146,822 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 119,159 Home Re 2021-1 Ltd. 285,039 Home Re 2021-2 Ltd. 357,340 Home Re 2022-1 Ltd. 473,575 December 31, 2021 Home Re 2018-1 Ltd. $ 218,343 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 251,387 Home Re 2021-1 Ltd. 398,848 Home Re 2021-2 Ltd. 398,429 December 31, 2020 Home Re 2018-1 Ltd. $ 218,343 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 412,917 The reinsurance trust agreements provide that the trust assets may generally only be invested in certain money market funds that (1) invest at least 99.5% of their total assets in cash or direct U.S. federal government obligations, such as U.S. Treasury bills, as well as other short-term securities backed by the full faith and credit of the U.S. federal government or issued by an agency of the U.S. federal government, (2) have a principal stability fund rating of “AAAm” by S&P or a money market fund rating of “Aaa-mf” by Moody’s as of the Closing Date and thereafter maintain any rating with either S&P or Moody’s, and (3) are permitted investments under the applicable credit for reinsurance laws and applicable PMIERs credit for reinsurance requirements. The total calculated PMIERs credit for risk ceded under our XOL Transactions is generally based on the PMIERs requirement of the covered policies and the attachment and detachment points of the coverage, all of which fluctuate over time. (see Note 1 - "Nature of Business" and Note 2 - "Basis of Presentation"

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	12 Months Ended
Other Comprehensive Income (Loss)	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income (Loss)	NOTE 10 Other Comprehensive Income (Loss) The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2022, 2021 and 2020 are included in table 10.1 below. Components of other comprehensive income (loss) Table 10.1 (In thousands) 2022 2021 2020 Net unrealized investment (losses) gains arising during the period $ (707,005) $ (154,555) $ 169,135 Income tax benefit (expense) 148,471 32,456 (35,519) Net of taxes (558,534) (122,099) 133,616 Net changes in benefit plan assets and obligations (54,017) 31,613 13,288 Income tax benefit (expense) 11,343 (6,638) (2,791) Net of taxes (42,674) 24,975 10,497 Total other comprehensive income (loss) (761,022) (122,942) 182,423 Total income tax benefit (expense) 159,814 25,818 (38,310) Total other comprehensive income (loss), net of tax $ (601,208) $ (97,124) $ 144,113 The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) ( "AOCI") to our consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 are included in table 10.2 below. Reclassifications from Accumulated Other Comprehensive Income (Loss) Table 10.2 (In thousands) 2022 2021 2020 Reclassification adjustment for net realized (losses) gains (1) $ (9,860) $ 10,455 $ 13,862 Income tax benefit (expense) 2,070 (2,195) (2,912) Net of taxes (7,790) 8,260 10,950 Reclassification adjustment related to benefit plan assets and obligations (2) (16,750) (9,779) (15,968) Income tax benefit (expense) 3,518 2,053 3,353 Net of taxes (13,232) (7,726) (12,615) Total reclassifications (26,610) 676 (2,106) Income tax benefit (expense) 5,588 (142) 441 Total reclassifications, net of tax $ (21,022) $ 534 $ (1,665) (1) (Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations. (2) Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations. A roll-forward of AOCI for the years ended December 31, 2022, 2021, and 2020, including amounts reclassified from AOCI, is included in table 10.3 below. Roll-forward of Accumulated Other Comprehensive Income (Loss) Table 10.3 (In thousands) Net unrealized gains and losses on available-for-sale securities Net benefit plan assets and obligations recognized in shareholders' equity Total AOCI Balance, December 31, 2019, net of tax $ 138,521 $ (65,813) $ 72,708 Other comprehensive income (loss) before reclassifications 144,566 (2,118) 142,448 Less: Amounts reclassified from AOCI 10,950 (12,615) (1,665) Balance, December 31, 2020, net of tax 272,137 (55,316) 216,821 Other comprehensive income (loss) before reclassifications (113,839) 17,249 (96,590) Less: Amounts reclassified from AOCI 8,260 (7,726) 534 Balance, December 31, 2021, net of tax 150,038 (30,341) 119,697 Other comprehensive income (loss) before reclassifications (566,324) (55,906) (622,230) Less: Amounts reclassified from AOCI (7,790) (13,232) (21,022) Balance, December 31, 2022, net of tax $ (408,496) $ (73,015) $ (481,511)

Benefit Plans

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Benefit Plans	NOTE 11 Benefit Plans We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Effective January 1, 2023, these plans are frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Participants in these plans are fully vested in their benefits as of December 31, 2022. We also offer both medical and dental benefits for retired domestic employees, and their eligible spouses and dependents under a postretirement benefit plan. The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2022, 2021, and 2020 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2022 and 2021. Components of net periodic benefit cost Table 11.1 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2020 12/31/2022 12/31/2021 12/31/2020 Company Service Cost $ 7,153 $ 7,569 $ 7,342 $ 1,307 $ 1,508 $ 1,263 Interest Cost 12,461 11,276 13,036 694 648 832 Expected Return on Assets (18,064) (20,657) (22,139) (10,502) (8,863) (7,407) Amortization of: Net Transition Obligation/(Asset) — — — — — — Net Prior Service Cost/(Credit) (163) (239) (247) 489 213 51 Net Losses/(Gains) 5,726 5,490 6,578 (3,103) (1,697) (783) Cost of Settlements and Curtailments 13,801 6,012 10,369 — — — Net Periodic Benefit Cost $ 20,914 $ 9,451 $ 14,939 $ (11,115) $ (8,191) $ (6,044) Development of funded status Table 11.2 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Actuarial Value of Benefit Obligations Measurement Date 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Accumulated Benefit Obligation $ 274,975 $ 390,747 $ 29,580 $ 25,635 Funded Status/Asset (Liability) on the Consolidated Balance Sheet Benefit Obligation $ (274,975) $ (391,698) $ (29,580) $ (25,635) Plan Assets at Fair Value 250,674 391,555 111,154 140,839 Funded Status - Overfunded/Asset N/A N/A $ 81,574 $ 115,204 Funded Status - Underfunded/Liability (24,301) (143) N/A N/A Accumulated other comprehensive (income) loss Table 11.3 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Net Actuarial (Gain)/Loss $ 89,711 $ 84,045 $ (13,781) $ (47,352) Net Prior Service Cost/(Credit) 3,245 (747) 13,249 2,461 Net Transition Obligation/(Asset) — — — — Total at Year End $ 92,956 $ 83,298 $ (532) $ (44,891) The amortization of gains and losses resulting from differences in actual experience from assumed experience or changes in assumptions including discount rates is included as a component of Net Periodic Benefit Cost/(Income) for the year. The gain or loss in excess of a 10% corridor is amortized by the average remaining life expectancy for the pension and supplemental executive retirement plans and by the average remaining service period of participating employees expected to receive benefits under the other postretirement benefits plan. Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021. Change in projected benefit / accumulated benefit Table 11.4 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Benefit Obligation at Beginning of Year $ 391,698 $ 423,713 $ 25,635 $ 28,714 Company Service Cost 7,153 7,569 1,307 1,508 Interest Cost 12,461 11,276 694 648 Plan Participants' Contributions — — 463 456 Net Actuarial (Gain)/Loss (83,240) (10,018) (8,123) (3,574) Benefit Payments from Fund (13,165) (12,866) (1,504) (1,963) Benefit Payments Paid Directly by Company (114) (362) — — Plan Amendments 3,247 2 11,278 — Curtailments (352) — — — Settlement Payments from Fund (1) (42,713) (27,616) — — Other Adjustment — — (170) (154) Benefit Obligation at End of Year $ 274,975 $ 391,698 $ 29,580 $ 25,635 (1) Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits. The actuarial gains for 2022 and 2021, reported above, for the pension and supplemental executive retirement plans and the other postretirement benefits plan were primarily due to an increase in the discount rate used to calculate the obligations. The discount rate increased to 5.60% at December 31, 2022 from 3.05% at December 31, 2021. See Table 11.7 for the actuarial assumptions used to calculate the benefit obligations of our plans for 2022 and 2021. Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2022 and 2021. Change in plan assets Table 11.5 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Fair Value of Plan Assets at Beginning of Year $ 391,555 $ 411,245 $ 140,839 $ 119,024 Actual Return on Assets (91,303) 13,992 (28,088) 23,773 Company Contributions 6,414 7,162 — — Plan Participants' Contributions — — 463 456 Benefit Payments from Fund (13,165) (12,866) (1,504) (1,963) Benefit Payments Paid Directly by Company (114) (362) — — Settlement Payments from Fund (42,713) (27,616) — — Other Adjustment — — (556) (451) Fair Value of Plan Assets at End of Year $ 250,674 $ 391,555 $ 111,154 $ 140,839 Change in accumulated other comprehensive income (loss) ("AOCI") Table 11.6 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 AOCI in Prior Year $ 83,298 $ 97,911 $ (44,891) $ (27,892) Increase/(Decrease) in AOCI Recognized during year - Prior Service (Cost)/Credit 745 239 (489) (213) Recognized during year - Net Actuarial (Losses)/Gains (20,109) (11,502) 3,103 1,697 Occurring during year - Prior Service Cost 3,247 2 11,277 — Occurring during year - Net Actuarial Losses/(Gains) 25,775 (3,352) 30,468 (18,483) AOCI in Current Year $ 92,956 $ 83,298 $ (532) $ (44,891) The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions. Actuarial assumptions Table 11.7 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Weighted-Average Assumptions Used to Determine Benefit Obligations at year end 1. Discount Rate 5.60 % 3.05 % 5.60 % 2.85 % 2. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A 3. Cash balance interest crediting rate 3.97 % 2.80 % N/A N/A Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year 1. Discount Rate 3.70 % 2.80 % 2.85 % 2.35 % 2. Expected Long-term Return on Plan Assets 5.25 % 5.25 % 7.50 % 7.50 % 3. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Assumed Health Care Cost Trend Rates at year end 1. Health Care Cost Trend Rate Assumed for Next Year N/A N/A 7.00 % 6.50 % 2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) N/A N/A 5.00 % 5.00 % 3. Year That the Rate Reaches the Ultimate Trend Rate N/A N/A 2031 2028 In selecting a discount rate, we performed a hypothetical cash flow bond matching exercise, matching our expected pension plan and postretirement medical plan cash flows, respectively, against a selected portfolio of high quality corporate bonds. The modeling was performed using a bond portfolio of noncallable bonds with at least $50 million outstanding. The average yield of these hypothetical bond portfolios was used as the benchmark for determining the discount rate. In selecting the expected long-term rate of return on assets, we considered the average rate of earnings expected on the classes of funds invested or to be invested to provide for the benefits of these plans. This included considering the trusts' targeted asset allocation for the year and the expected returns likely to be earned over the next 20 years. The year-end asset allocations of the plans are shown in table 11.8 below. Plan assets Table 11.8 Pension Plan Other Postretirement Benefits 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Equity Securities 20 % 21 % 100 % 100 % Debt Securities 80 % 79 % — % — % Total 100 % 100 % 100 % 100 % Fair value is disclosed using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as described in Note 6 - "Fair Value Measurements" . The following describes the valuation methodologies used for pension plan and other postretirement benefits plan assets at fair value. • Domestic Mutual Funds: Securities are priced at the net asset value ("NAV"), which is the closing price published by the mutual fund on the reporting date. These financial assets are categorized as Level 1 in the fair value hierarchy. • U.S. Government Securities: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. • Corporate Debt: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt. • Foreign Debt: These financial assets are represented by corporate debt securities issued by entities domiciled outside of the United States. See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Corporate Debt. • Municipal Bonds: See Note 6 - "Fair Value Measurements" for a discussion of the valuation methodologies for Obligations of U.S. States & Political Subdivisions. • Pooled Equity Accounts: Pooled Equity Account assets are represented by the units held by the plan. The redemption value is determined based on the NAV of the underlying units. The NAV is derived from the aggregate fair value of the underlying investments less any liabilities as of the reporting date. These financial assets are categorized as Level 2 in the fair value hierarchy. Tables 11.9a and 11.9b set forth by level, within the fair value hierarchy, the pension plan assets and related accrued investment income at fair value as of December 31, 2022 and 2021. There were no securities that used Level 3 inputs. Pension plan assets at fair value as of December 31, 2022 Table 11.9a (In thousands) Level 1 Level 2 Total Domestic mutual funds $ 67 $ — $ 67 U.S. government securities 13,328 — 13,328 Corporate debt securities Corporate debt securities and other — 146,854 146,854 Non-government foreign debt securities — 20,793 20,793 Municipal bonds — 18,336 18,336 Pooled equity accounts — 51,296 51,296 Total Assets at fair value $ 13,395 $ 237,279 $ 250,674 Pension plan assets at fair value as of December 31, 2021 Table 11.9b (In thousands) Level 1 Level 2 Total Domestic mutual funds $ 4,071 $ — $ 4,071 U.S. government securities 32,947 — 32,947 Corporate debt Securities Corporate debt securities and other — 221,033 221,033 Non-government foreign debt securities — 34,103 34,103 Municipal bonds — 20,093 20,093 Pooled equity accounts — 79,308 79,308 Total Assets at fair value $ 37,018 $ 354,537 $ 391,555 The pension plan has implemented a strategy to reduce risk through the use of a targeted funded ratio. The liability driven component is key to the asset allocation. The liability driven component seeks to align the duration of the fixed income asset allocation with the expected duration of the plan liabilities or benefit payments. Overall asset allocation is dynamic and specifies target allocation weights and ranges based on the funded status. An improvement in funded status results in the de-risking of the portfolio, allocating more funds to fixed income and less to equity. A decline in funded status would result in a higher allocation to equity. The maximum equity allocation is 40%. The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies: Strategy Objective Investment types Return seeking growth Funded ratio improvement over the long term ● Global quality growth ● Global low volatility Return seeking bridge Downside protection in the event of a declining equity market ● Enduring asset ● Durable company The fixed income objective is to preserve capital and to provide monthly cash flows for the payment of plan liabilities. Fixed income investments can include government, government agency, corporate, mortgage-backed, asset-backed, and municipal securities, and other classes of bonds. The duration of the fixed income portfolio has an objective of being within one year of the duration of the accumulated benefit obligation. The fixed income investments have an objective of a weighted average credit of A3/A-/A- by Moody’s, S&P, and Fitch, respectively. Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2022 and 2021. All are Level 1 assets. Other postretirement benefits plan assets at fair value as of December 31, 2022 Table 11.10a (In thousands) Level 1 Domestic Mutual Funds $ 89,584 International Mutual Funds 21,570 Total Assets at fair value $ 111,154 Other postretirement benefits plan assets at fair value as of December 31, 2021 Table 11.10b (In thousands) Level 1 Domestic Mutual Funds $ 112,770 International Mutual Funds 28,069 Total Assets at fair value $ 140,839 Our postretirement plan portfolio is designed to achieve the following objectives over each market cycle and for at least 5 years: è Total return should exceed growth in the Consumer Price Index by 5.75% annually è Achieve competitive investment results The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are: Minimum Maximum Equities (long only) 70 % 100 % Real estate 0 % 15 % Commodities 0 % 10 % Fixed income/Cash 0 % 10 % Given the long term nature of this portfolio and the lack of any immediate need for significant cash flow, it is anticipated that the equity investments will consist of growth stocks and will typically be at the higher end of the allocation ranges above. Investment in international mutual funds is limited to a maximum of 30% of the equity range. The allocation as of December 31, 2022 included 2% that was primarily invested in equity securities of emerging market countries and another 17% was invested in securities of companies primarily based in Europe and the Pacific Basin. For the year ended December 31, 2022, we contributed $6.4 million to the pension and supplemental executive retirement plans. We do not expect to make a contribution to the pension plan in 2023 and distributions from the supplemental executive retirement plan will be funded as incurred. We did not make a contribution to the other postretirement benefits plan in 2022 and we do not expect to make a contribution in 2023. Expected future benefit payments from the plans are shown in Table 11.12 below. Expected future benefit payments Table 11.12 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2022 Current + 1 23,966 2,211 Current + 2 23,309 2,476 Current + 3 23,104 2,780 Current + 4 23,363 2,886 Current + 5 23,194 2,929 Current + 6 - 10 102,588 16,102 PROFIT SHARING AND 401(K)

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12 Income Taxes Net deferred tax assets (liabilities) as reported on the consolidated balance sheet as of December 31, 2022 and 2021 are shown in table 12.1 below. At December 31, 2021 the deferred tax liability is included as a component of Other liabilities on the consolidated balance sheet. Deferred tax assets and liabilities Table 12.1 (In thousands) 2022 2021 Total deferred tax assets $ 144,819 $ 32,331 Total deferred tax liabilities (20,050) (71,743) Net deferred tax asset (liability) $ 124,769 $ (39,412) Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2022 and 2021. Deferred tax components Table 12.2 (In thousands) 2022 2021 Unearned premium reserves $ 16,209 $ 19,116 Benefit plans (9,444) (21,360) Loss reserves 1,785 4,034 Unrealized depreciation (appreciation) in investments 108,588 (39,883) Deferred policy acquisition cost (4,003) (4,551) Deferred compensation 6,806 6,118 Research and experimental costs 9,719 — Other, net (4,891) (2,886) Net deferred tax asset (liability) $ 124,769 $ (39,412) We believe that all gross deferred tax assets at December 31, 2022 and 2021 are fully realizable and no valuation allowance has been established. Table 12.3 summarizes the components of the provision for income taxes: Provision for (benefit from) income taxes Table 12.3 (In thousands) 2022 2021 2020 Current federal $ 228,259 $ 161,055 $ 85,574 Deferred federal (5,235) 4,392 28,244 Other 1,661 1,347 (648) Provision for income taxes $ 224,685 $ 166,794 $ 113,170 Current federal income tax payments were $236.5 million, $155.3 million, and $79.6 million in 2022, 2021 and 2020, respectively. At December 31, 2022 we owned $661.7 million of tax and loss bonds. Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate. Effective tax rate reconciliation Table 12.4 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Tax exempt municipal bond interest (0.5) % (0.6) % (0.9) % Other, net 0.1 % 0.4 % 0.1 % Effective tax rate 20.6 % 20.8 % 20.2 % We have not recorded any uncertain tax positions during 2022 and 2021 and have no unrecognized tax benefits at December 31, 2022 and December 31, 2021. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2019.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 13 Shareholders' Equity CHANGE IN ACCOUNTING POLICY As of January 1, 2021, we adopted the updated guidance for "A ccounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The application of this guidance resulted in a $68.3 million cumulative effect adjustment to our 2021 beginning retained earnings and paid-in capital to reflect the 9% Debenture as if we had always accounted for the debt as a liability in its entirety. SHARE REPURCHASE PROGRAMS Repurchases may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In 2022, we repurchased approximately 27.8 million shares of our common stock at a weighted average cost per share of $13.89, which included commissions. We may repurchase up to an additional $114 million of our common stock through the end of 2023 under a share repurchase program approved by our Board of Directors in October 2021. In 2023, through February 17, we repurchased approximately 3.1 million shares of our common stock at a weighted average cost per share of $13.65, which included commissions. In 2021, we repurchased approximately 19.0 million shares of our common stock at a weighted average cost per share of $15.30, which included commissions. During 2020, we repurchased approximately 9.6 million shares of our common stock at a weighted average cost per share of $12.47, which included commissions. CASH DIVIDENDS In the first and second quarters of 2022, we paid quarterly cash dividends of $0.08 per share to shareholders which totaled $51.0 million. In the third and fourth quarters of 2022, we paid quarterly cash dividends of $0.10 per share which totaled $60.7 million. On January 24, 2023, the Board of Directors declared a quarterly cash dividend to holders of the company's common stock of $0.10 per share payable on March 2, 2023, to shareholders of record at the close of business on February 17, 2023.

Statutory Information

Statutory Information	12 Months Ended
Statutory Information	Dec. 31, 2022
Statutory Capital [Abstract]
Statutory Information	NOTE 14 Statutory Information STATUTORY ACCOUNTING PRINCIPLES The statutory financial statements of our insurance companies are presented on the basis of accounting principles prescribed, or practices permitted, by the Office of the Commissioner of Insurance of the State of Wisconsin (the "OCI"), which has adopted the National Association of Insurance Commissioners ("NAIC") Statements of Statutory Accounting Principles ("SSAP") as the basis of its statutory accounting principles. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of net unrealized holding gains or losses in shareholders' equity relating to fixed income securities, and the inclusion of statutory non-admitted assets. In addition to the typical adjustments from statutory to GAAP, mortgage insurance companies are required to maintain contingency loss reserves equal to 50% of premiums earned under SSAP and principles prescribed by the OCI. Such amounts cannot be withdrawn for a period of ten years except as permitted by insurance regulations. With regulatory approval, a mortgage guaranty insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of premiums earned in a calendar year. For the year ended 2022, MGIC did not withdraw amounts from its contingency reserve. Changes in contingency loss reserves impact the statutory statement of operations. Contingency loss reserves are not reflected as liabilities under GAAP and changes in contingency loss reserves do not impact the GAAP statements of operations. As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the IRC for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that we purchase tax and loss bonds (“T&L Bonds”) in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. Under statutory accounting practices, purchases of T&L Bonds are accounted for as investments. Under GAAP, purchases of T&L Bonds are accounted for as a payment of current taxes. The OCI recognizes only statutory accounting principles prescribed, or practices permitted, by the State of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company. The OCI has adopted certain prescribed accounting practices that differ from those found in other states. Specifically, Wisconsin domiciled companies record changes in the contingency loss reserves through the income statement as a change in underwriting deduction. As a result, in periods in which MGIC is increasing contingency loss reserves, statutory net income is reduced. The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 14.1. Statutory financial information of insurance subsidiaries Table 14.1 As of and for the Years Ended December 31, (In thousands) 2022 2021 2020 Statutory net income $ 440,944 $ 295,811 $ 65,201 Statutory policyholders' surplus 924,977 1,220,714 1,339,509 Contingency reserve 4,669,724 4,126,604 3,585,864 The decrease in statutory policyholders' surplus from December 31, 2021 to December 31, 2022 is primarily due to dividend payments to the parent company (discussed below), offset by statutory net income. For the years ended December 31, 2022, 2021, and 2020 there were no contributions made to MGIC or distributions from other insurance subsidiaries to us. Dividends paid by MGIC are shown in table 14.2 below. Surplus contributions and dividends of insurance subsidiaries Table 14.2 Years Ended December 31, (In thousands) 2022 2021 2020 Dividends paid by MGIC to the parent company (1) $ 800,000 400,000 390,000 (1) Dividends paid in cash and/or investment securities. Also, in 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation at an amount of $8.9 million. In 2020, MGIC distributed to the holding company, as a dividend, its ownership in the 9% Debentures held at an amortized cost of $139.5 million. STATUTORY CAPITAL REQUIREMENTS The insurance laws of 16 jurisdictions, including Wisconsin, our domiciliary state, require a mortgage insurer to maintain a minimum amount of statutory capital relative to the RIF (or a similar measure) in order for the mortgage insurer to continue to write new business. We refer to these requirements as the “State Capital Requirements” and, together with the GSE Financial Requirements, the “Financial Requirements.” While they vary among jurisdictions, the most common State Capital Requirements allow for a maximum risk-to-capital ratio of 25 to 1. A risk-to-capital ratio will increase if (i) the percentage decrease in capital exceeds the percentage decrease in insured risk, or (ii) the percentage increase in capital is less than the percentage increase in insured risk. Wisconsin does not regulate capital by using a risk-to-capital measure but instead requires a minimum policyholder position ("MPP"). MGIC's “policyholder position” includes its net worth or surplus, and its contingency loss reserve. At December 31, 2022, MGIC’s risk-to-capital ratio was 10.2 to 1, below the maximum allowed by the jurisdictions with State Capital Requirements and its policyholder position was $3.5 billion above the required MPP of $2.1 billion. The calculation of our risk-to-capital ratio and MPP reflect credit for the risk ceded under our reinsurance transactions. It is possible that under the revised State Capital Requirements discussed below, MGIC will not be allowed full credit for the risk ceded to the reinsurers. If MGIC is not allowed an agreed level of credit under either the State Capital Requirements or the financial requirements of the PMIERs, MGIC may terminate the reinsurance agreements, without penalty. At this time, we expect MGIC to continue to comply with the current State Capital Requirements; however, you should read the rest of these financial statement footnotes for information about matters that could negatively affect such compliance. The NAIC previously announced plans to revise the State Capital Requirements that are provided for in its Mortgage Guaranty Insurance Model Act. In December 2019, a working group of state regulators released an exposure draft of a revised Mortgage Guaranty Insurance Model Act and a risk-based capital framework to establish capital requirements for mortgage insurers, although certain items were not completely addressed by the framework, including the treatment of ceded risk and minimum capital floors. In October 2022, the NAIC working group released a revised exposure draft of the Mortgage Guaranty Insurance Model Act that does not include changes to the capital requirements of the existing Model Act. DIVIDEND RESTRICTIONS three two three

Share-based Compensation Plans

Share-based Compensation Plans	12 Months Ended
Share-based Compensation Plans	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Plans	NOTE 15 Share-based Compensation Plans We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one We have an omnibus incentive plan that was adopted on April 23, 2020. When the 2020 plan was adopted, no further awards could be made under our previous 2015 plan. The purpose of the 2020 plan is to motivate and incentivize performance by, and to retain the services of, key employees and non-employee directors through receipt of equity-based and other incentive awards under the plan. Awards issued under the plan that are subsequently forfeited will not count against the limit on the maximum number of shares that may be issued under the plan. The 2020 plan provides for the award of stock options, stock appreciation rights, restricted stock and restricted stock units, as well as cash incentive awards. No awards may be granted after April 23, 2030 under the 2020 plan. The vesting provisions of options, restricted stock and restricted stock units are determined at the time of grant. At December 31, 2022, 6.9 million shares were available for future grant under the 2020 plan. The compensation cost that has been charged against income for share-based plans was $24.7 million, $17.1 million, and $13.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. The related income tax benefit recognized for share-based plans was $2.1 million, $1.8 million, and $1.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. Table 15.1 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2022. Restricted stock Table 15.1 Weighted Average Grant Date Fair Market Value Shares Restricted stock outstanding at December 31, 2021 $ 12.88 4,146,088 Granted (1) 15.45 1,273,979 Vested 12.35 (1,549,098) Forfeited 13.00 (294,290) Restricted stock outstanding at December 31, 2022 $ 14.02 3,576,679 (1) Approximately 67% of the shares granted in 2022 are subject to performance conditions under which the target number of shares granted may vest up to 200%. At December 31, 2022, the 3.6 million shares of restricted stock outstanding consisted of 2.8 million shares that are subject to performance conditions (“performance shares”), 0.7 million shares that are subject only to service conditions (“time vested shares”), and 0.1 million shares related to non-employee director shares. The weighted-average grant date fair value of restricted stock granted during 2021 and 2020 was $12.83 and $13.62, respectively. The fair value of restricted stock granted is the closing price of the common stock on the New York Stock Exchange on the date of grant or previous trading day if the Exchange is closed on the date of grant. The total fair value of

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2022
Leases [Abstract]
Leases	NOTE 16 Leases We lease data processing equipment and autos under operating leases that expire during the next four years. Generally, rental payments are fixed. Table 16.1 shows minimum the future operating lease payments as of December 31, 2022. Minimum future operating lease payments Table 16.1 (In thousands) Amount 2023 $ 908 2024 831 2025 667 2026 152 2027 and thereafter — Total $ 2,558 Total lease expense under operating leases was $1.2 million in 2022, $1.3 million in 2021, and $1.9 million in 2020.

Litigation and Contingencies

Litigation and Contingencies	12 Months Ended
Litigation and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	NOTE 17 Litigation and Contingencies Before paying an insurance claim, generally we review the loan and servicing files to determine the appropriateness of the claim amount. When reviewing the files, we may determine that we have the right to rescind coverage or deny a claim on the loan (both referred to herein as “rescissions”). In addition, our insurance policies generally provide that we can reduce a claim if the servicer did not comply with its obligations under our insurance policy (such reduction referred to as a "curtailment"). When the insured disputes our right to rescind coverage or curtail claims, we generally engage in discussions in an attempt to settle the dispute. If we are unable to reach a settlement, the outcome of a dispute ultimately may be determined by legal proceedings. Under ASC 450-20, until a loss associated with settlement discussions or legal proceedings becomes probable and can be reasonably estimated, we consider our claim payment or rescission resolved for financial reporting purposes and 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. We have been named as a third-party defendant in a lawsuit that involves refunds of mortgage insurance premiums under the Homeowners Protection Act. We are monitoring litigation addressing similar issues in which we have not been named a defendant. We are unable to assess the potential impact of any such litigation at this time. In addition, from time to time, we are involved in other 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.

SCHEDULE I - SUMMARY OF INVESTM

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES	SCHEDULE I — Summary of investments - Other than investments in related parties - December 31, 2022 (In thousands) Type of Investment Amortized Cost Fair Value Amount at which shown in the balance sheet Fixed income: Bonds: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 145,581 $ 135,900 $ 135,900 Obligations of U.S. states and political subdivisions 2,400,261 2,149,054 2,149,054 Foreign governments 4,486 3,787 3,787 Public utilities 267,319 266,895 266,895 ABS 126,723 120,687 120,687 CLOs 337,656 329,832 329,832 Mortgage-backed 481,528 435,224 435,224 All other corporate debt securities 2,149,156 1,954,247 1,954,247 Commercial paper 14,075 14,072 14,072 Total fixed income 5,926,785 5,409,698 5,409,698 Equity securities: Common stocks: Industrial, miscellaneous and all other 15,924 14,140 14,140 Total equity securities 15,924 14,140 14,140 Total investments $ 5,942,709 $ 5,423,838 $ 5,423,838

SCHEDULE II - CONDENSED FINANCI

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	SCHEDULE II - Condensed Financial Information of Registrant Condensed Balance Sheets Parent Company Only December 31, (In thousands) 2022 2021 ASSETS Fixed income, available-for-sale, at fair value (amortized cost, 2022 – $419,751 ; 2021 – $550,324) $ 407,509 $ 538,872 Cash and cash equivalents 239,404 124,164 Investment in subsidiaries, at equity in net assets 4,502,261 4,964,954 Accounts receivable - affiliates 864 2,130 Income taxes - current and deferred 167,966 242,427 Accrued investment income 3,387 2,642 Total assets $ 5,321,391 $ 5,875,189 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Senior notes $ 641,724 $ 881,508 Convertible junior subordinated debentures 21,086 110,204 Accrued interest 13,271 20,501 Other liabilities 2,570 1,594 Total liabilities 678,651 1,013,807 Shareholders’ equity: Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 293,433; 2021 - 320,336) 371,353 371,353 Paid-in capital 1,798,842 1,794,906 Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017) (1,050,238) (675,265) Accumulated other comprehensive income, net of tax (481,511) 119,697 Retained earnings 4,004,294 3,250,691 Total shareholders’ equity 4,642,740 4,861,382 Total liabilities and shareholders’ equity $ 5,321,391 $ 5,875,189 See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - Condensed Financial Information of Registrant Condensed Statements of Operations Parent Company Only Years Ended December 31, (In thousands) 2022 2021 2020 Revenues: Investment income, net of expenses $ 7,193 $ 3,850 $ 7,090 Net realized investment gains (losses) (2,628) 490 1,454 Total revenues 4,565 4,340 8,544 Expenses: Operating expenses 1,575 1,644 719 Interest expense 47,601 68,359 65,472 Loss on debt extinguishment 38,870 36,914 35,033 Total expenses 88,046 106,917 101,224 Loss before tax (83,481) (102,577) (92,680) (Benefit from) provision for income taxes (17,851) (21,240) (18,431) Equity in net income of subsidiaries 930,979 716,320 520,342 Net income 865,349 634,983 446,093 Other comprehensive income (loss), net of tax (601,208) (97,124) 144,113 Comprehensive income $ 264,141 $ 537,859 $ 590,206 See accompanying supplementary notes to Parent Company condensed financial statements. MGIC INVESTMENT CORPORATION SCHEDULE II - Condensed Financial Information of Registrant Condensed Statements of Cash Flows Parent Company Only Years Ended December 31, (In thousands) 2022 2021 2020 Cash flows from operating activities: Net income $ 865,349 $ 634,983 $ 446,093 Adjustments to reconcile net income to net cash provided by operating activities: Equity in net income of subsidiaries (930,979) (716,320) (520,342) Dividends received from subsidiaries 626,695 400,000 221,024 Deferred tax (benefit) expense 119,588 (21,551) (18,252) Loss on debt extinguishment 38,870 36,914 35,033 Other 33,619 29,799 19,088 Change in certain assets and liabilities: Accounts receivable - affiliates 1,266 (680) 972 Income taxes receivable (43,123) (306) — Accrued investment income 931 1,118 (1,262) Accrued interest (7,230) (2,503) 5,076 Net cash provided by operating activities 704,986 361,454 187,430 Cash flows from investing activities: Purchases of investments (1,457) (339,384) (1,131,060) Proceeds from sales of investments 287,924 556,384 812,188 Net cash provided by (used in) investing activities 286,467 217,000 (318,872) Cash flows from financing activities: Proceeds from issuance of senior notes — — 640,250 Purchase of senior notes — — (179,735) Payment of original issue discount - senior notes — — (2,969) Purchase of convertible junior subordinated debentures (89,118) (98,610) (36,392) Payment of original issue discount - convertible junior subordinated debentures — — (15,049) Redemption of 5.75% senior notes (242,296) — — Cash portion of loss on debt extinguishment (38,185) (36,914) (25,266) Repurchase of common stock (385,573) (290,818) (119,997) Dividends paid (110,947) (94,219) (82,061) Payment of debt issuance costs — — (2,020) Payment of withholding taxes related to share-based compensation net share settlement (10,094) (6,729) (8,940) Net cash provided by (used in) financing activities (876,213) (527,290) 167,821 Net increase (decrease) in cash and cash equivalents 115,240 51,164 36,379 Cash and cash equivalents at beginning of year 124,164 73,000 36,621 Cash and cash equivalents at end of year $ 239,404 $ 124,164 $ 73,000 See accompanying supplementary notes to Parent Company condensed financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT PARENT COMPANY ONLY SUPPLEMENTARY NOTES Note A The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements appearing this annual report. Note B Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders’ surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the OCI is the lesser of adjusted statutory net income or 10% of statutory policyholders’ surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three two three The payment of dividends from MGIC is the principal source of cash inflow for MGIC Investment Corporation, our holding company, other than investment income and raising capital in the public markets. The payment of dividends by our insurance subsidiaries is restricted by insurance regulation as discussed above. MGIC paid a total of $800 million, $400 million and $390 million in dividends in cash and fixed income securities to our holding company during 2022, 2021 and 2020, respectively. No contributions were made to our insurance subsidiaries in 2022, 2021 or 2020. The senior notes and convertible junior subordinated debentures ("9% Debentures"), discussed in Note 7 – “Debt”

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE	12 Months Ended
SCHEDULE IV - REINSURANCE	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
SCHEDULE IV - REINSURANCE	SCHEDULE IV — Reinsurance Mortgage Insurance Premiums Earned Years Ended December 31, 2022, 2021 and 2020 (Dollars in thousands) Gross Amount Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net Years ended December 31, 2022 $ 1,154,728 $ 156,373 $ 8,778 $ 1,007,133 0.9 % 2021 1,167,592 163,031 9,858 1,014,419 1.0 % 2020 1,199,824 188,729 10,848 1,021,943 1.1 %

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), as codified in the Accounting Standards Codification ("ASC"). Our consolidated financial statements include the accounts of MGIC Investment Corporation and its majority-owned subsidiaries. Intercompany transactions and balances have been eliminated. In accordance with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	We consider money market funds and investments with original maturities of three months or less to be cash equivalents.
Restricted Cash and Cash Equivalents	Restricted cash and cash equivalents consists of cash and money market funds held in trusts for the benefit of contractual counterparties under reinsurance agreements or for other contractual restrictions.
Fair Value Measurements	We carry certain financial instruments at fair value and disclose the fair value of all financial instruments. Our financial instruments carried at fair value are predominantly measured on a recurring basis. Financial instruments measured on a nonrecurring basis are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The fair value of an asset or liability is defined as the price that would be received upon a sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models or other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters including yield curves, interest rates, volatilities, equity or debt prices, and credit curves. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below. For the years ended December 31, 2022, 2021, and 2020, we did not elect to measure any financial instruments acquired, or issued, such as our outstanding debt obligations, at fair value for which the primary basis of accounting is not fair value. Valuation process We use independent pricing sources to determine the fair value of a substantial majority of our financial instruments, which primarily consist of assets in our investment portfolio, but also includes cash and cash equivalents and restricted cash and cash equivalents. A variety of inputs are used; in approximate order of priority, they are: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Market indicators, industry, and economic events are also considered. The inputs listed above are evaluated using a multidimensional pricing model. This model combines all inputs to arrive at a value assigned to each security. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information, data changes, and directional moves compared to market moves. On a quarterly basis, we perform quality controls over values received from the pricing sources which also include reviewing tolerance reports, data changes, and directional moves compared to market moves. We have not made any adjustments to the prices obtained from the independent pricing sources. Valuation hierarchy A three-level valuation hierarchy has been established under GAAP for disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of a financial instrument as of the measurement date. To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources, as described below, have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The three levels are defined as follows: è Level 1 Quoted prices for identical instruments in active markets that we can access. Financial assets using Level 1 inputs primarily include U.S. Treasury securities, money market funds, treasury bills, and certain equity securities. è Level 2 Quoted prices for similar instruments in active markets that we can access; quoted prices for identical or similar instruments in markets that are not active; and inputs, other than quoted prices, that are observable in the marketplace for the instrument. The observable inputs are used in valuation models to calculate the fair value of the instruments. Financial assets using Level 2 inputs primarily include obligations of U.S. government corporations and agencies, corporate bonds, mortgage-backed securities, asset-backed securities, most municipal bonds, and commercial paper. Note 6 - "Fair Value Measurements" for further information. è Level 3 Valuations derived from valuation techniques in which one or more significant inputs or value drivers are unobservable or, from par values due to restrictions on certain securities that require them to be redeemed or sold only to the security issuer at par value. The inputs used to derive the fair value of Level 3 securities reflect our own assumptions about the assumptions a market participant would use in pricing an asset or liability. Our non-financial assets that are classified as Level 3 securities consist of real estate acquired through claim settlement and embedded derivatives related to our Home Re Transactions. The fair value of real estate acquired is the lower of our acquisition cost or a percentage of the appraised value. The percentage applied to the appraised value is based upon our historical sales experience adjusted for current trends. The fair value of our embedded derivatives reflects the present value impact of the variation in investment income on the assets held by the reinsurance trusts and the contractual reference rate on Home Re Transactions used to calculate the reinsurance premiums we estimate we will pay over the estimated remaining life.
Investments	Fixed income securities. Our fixed income securities are classified as available-for-sale and are reported at fair value. The related unrealized investment gains or losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive income (loss) in shareholders' equity. Realized investment gains and losses on fixed income securities are reported in income based upon specific identification of securities. Any changes in the credit allowance are also be reported in income within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations. Equity securities. Equity securities are reported at fair value, except for certain securities that are carried at cost. Equity securities carried at cost are reported as Other invested assets. Realized investment gains and losses on equity securities are reported in income based upon specific identification of securities sold. Any change in fair value of equity securities are also be reported in income within "Net gains (losses) on investments and other financial instruments" on the consolidated statement of operations. . Other invested assets. Other invested assets are carried at cost. These assets represent our investment in Federal Home Loan Bank of Chicago ("FHLB") stock, which due to restrictions, is required to be redeemed or sold only to the security issuer at par value. Accrued Investment Income. We report accrued investment income separately from securities. Accrued investment income is written off through net realized investment gains (losses) if, and at the time, the issuer of the security defaults or is expected to default on payments. Unrealized losses and allowance for credit losses Each quarter we determine whether securities in an unrealized loss position are impaired by considering several factors including, but not limited to: è our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis; è the present value of the discounted cash flows we expect to collect compared to the amortized cost basis of the security; è failure of the issuer to make scheduled interest or principal payments; è a change in rating to below investment grade; and è adverse conditions specifically related to the security, an industry, or a geographic area. Based on our evaluation, we will record a realized loss on an impaired security if we intend to sell, if it is more likely than not that we will be required to sell it prior to recovery of its amortized cost basis, or if the present value of the discounted cash flows we expect to collect is less than the amortized cost basis of the security.
Home Office and Equipment	Home office and equipment is carried at cost net of depreciation. For financial reporting purposes, depreciation is determined on a straight-line basis for the home office and equipment over estimated lives ranging from 3 to 45 years. For income tax purposes, we use accelerated depreciation methods.
Deferred Insurance Policy Acquisition Costs	Costs directly associated with the successful acquisition of mortgage insurance business, consisting of employee compensation and other policy issuance and underwriting expenses, are initially deferred and reported as deferred insurance policy acquisition costs ("DAC"). The deferred costs are net of any ceding commissions received associated with our reinsurance agreements. For each underwriting year of business, these costs are amortized to income in proportion to estimated gross profits over the estimated life of the policies. We utilize anticipated investment income in our calculation. This includes accruing interest on the unamortized balance of DAC. The estimates for each underwriting year are reviewed quarterly and updated when necessary to reflect actual experience and any changes to key variables such as persistency or loss development.
Loss Reserves	Loss reserves include case reserves, incurred but not reported ("IBNR") reserves, and loss adjustment expense ("LAE") reserves. Case reserves and LAE reserves are established when notices of delinquency on insured mortgage loans are received. Such loans are referred to as being in our delinquency inventory. For reporting purposes, we consider a loan delinquent when it is two or more payments past due and has not become current or resulted in a claim payment. Even though the accounting standard, ASC 944, regarding accounting and reporting by insurance entities specifically excludes mortgage insurance from its guidance relating to loss reserves, we establish loss reserves using the general principles contained in the insurance standard. However, consistent with industry standards for mortgage insurers, we do not establish case reserves for future claims on insured loans that are not currently delinquent. Case reserves are established by estimating the number of loans in our delinquency inventory that will result in a claim payment, which is referred to as the claim rate, and further estimating the amount of the claim payment, which is referred to as claim severity. Our case reserve estimates are primarily established based upon historical experience, including rescissions of policies, curtailments of claims, and loan modification activity. Adjustments to reserve estimates are reflected in the financial statements in the years in which the adjustments are made. The liability for reinsurance assumed is based on information provided by the ceding companies. IBNR reserves are established for delinquencies estimated to have occurred prior to the close of an accounting period, but have not yet been reported to us. Consistent with case reserves for reported delinquencies, IBNR reserves are also established using estimated claim rates and claim severities. LAE reserves are established for the estimated costs of settling claims, including legal and other expenses, and general expenses of administering the claims settlement process. Our loss reserve estimates are also affected by any agreements we enter into regarding our claims paying practices, as discussed in Note 17 – “Litigation and Contingencies” to our consolidated financial statements.
Premium Deficiency Reserve	After our loss reserves are established, we perform premium deficiency tests using our best estimate of future premium, losses and LAE paid. Premium deficiency reserves are established, if necessary, when the present value of expected future losses and LAE paid exceeds the present value of expected future premium and already established loss reserves.
Revenue Recognition	We write policies which are guaranteed renewable at the insured's option on a monthly, single, or annual premium basis. We have no ability to re-underwrite or reprice these policies. Premiums written on monthly premium policies are earned as coverage is provided. Premiums written on single premium policies and annual premium policies are initially deferred as unearned premium reserve. Premiums written on annual premium policies are earned on a monthly pro rata basis. Premiums written on policies covering more than one year are amortized over the estimated policy life based on historical experience, which includes the anticipated incurred loss pattern. When a policy is cancelled for a reason other than rescission or claim payment, all premium that is non-refundable is immediately earned. Any refundable premium is returned to the servicer or borrower. When a policy is cancelled due to rescission, all previously collected premium is returned, When a policy is cancelled because a claim is paid, premium collected since the date of delinquency is returned. The liability associated with our estimate of premium to be returned is accrued for separately and included in "Other liabilities" on our consolidated balance sheets. Changes in this liability, and the actual return of premiums for all periods, affects premiums written and earned. We assess whether a credit loss allowance is required for our premium receivable. We consider collectability trends and industry development, among other things. Any estimated credit loss would be immediately recognized. Fee income of our non-insurance subsidiaries is earned and recognized as the services are provided and the customer is obligated to pay. Fee income consists primarily of contract underwriting and related fee-based services provided to lenders and is included in “Other revenue” on the consolidated statements of operations.
Income Taxes	Deferred income taxes are provided under the liability method, which recognizes the future tax effects of temporary differences between amounts reported in the consolidated financial statements and the tax bases of these items. The estimated tax effects are computed at the enacted federal statutory income tax rate. Changes in tax laws, rates, regulations, and policies or the final determination of tax audits or examinations, could materially affect our estimates and can be significant to our operating results. We evaluate the realizability of the deferred tax assets based on the weight of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The recognition of a tax position is determined using a two-step approach. The first step applies a more-likely-than-not threshold for recognition and derecognition. The second step measures the tax position as the greatest amount of benefit that is cumulatively greater than 50% likely to be realized. When evaluating a tax position for recognition and measurement, we presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. We recognize interest accrued and penalties related to unrecognized tax benefits in our provision for income taxes.
Benefit Plans	We have a non-contributory defined benefit pension plan covering substantially all employees, as well as a supplemental executive retirement plan. Effective January 1, 2023, these plans are frozen (no future benefits will be accrued for participants due to employment and no new participants will be added). Retirement benefits were based on compensation and years of service, utilizing a cash balance formula. Under the cash balance formula, participants’ accounts were credited each year with an employer contribution. Participants will continue to earn interest credits on their retirement benefits. We recognize these retirement benefit costs over the period during which employees render the service that qualifies them for benefits. Our policy is to fund pension cost as required under the Employee Retirement Income Security Act of 1974.We offer both medical and dental benefits for retired domestic employees, their eligible spouses and dependents. Eligibility for coverage is based on meeting certain years of service and retirement age qualifications. We accrue the estimated costs of retiree medical and dental benefits over the period during which employees render the service that qualifies them for benefits.
Reinsurance	We cede insurance risk through the use of quota share reinsurance transactions and excess of loss reinsurance transactions. We have excess of loss transactions executed through the traditional reinsurance market and with Home Re, special purpose insurers. Premiums and losses incurred are ceded pursuant to the terms of our quota share reinsurance transactions. Reinsurance premiums ceded under our traditional reinsurance transaction are based off the remaining reinsured coverage levels. Reinsurance premiums ceded under our Home Re transactions are composed of coverage, initial expense and supplemental premiums. The coverage premiums are generally calculated as the difference between the amount of interest payable by the Home Re Entity on the remaining reinsurance coverage levels, and the investment income collected on the collateral assets held in the reinsurance trust account and used to collateralize the Home Re Entity's reinsurance obligation to MGIC. Loss reserves are reported before taking credit for amounts ceded under reinsurance transactions. Ceded loss reserves are reflected as "Reinsurance recoverable on loss reserves." Amounts due from reinsurers on paid claims are reflected as “Reinsurance recoverable on paid losses.” Ceded premiums payable, net of ceding commission and profit commission are included in “Other liabilities.” Profit commissions are included with “Premiums written – Ceded” and ceding commissions are included with “Other underwriting and operating expenses, net.” We remain liable for all insurance ceded. (See Note 9 – “Reinsurance.” ) We assess whether a credit loss allowance is required for our reinsurance recoverables. In assessing whether a credit allowance should be established, we consider several factors including, but not limited to, the credit ratings of individual reinsurers, investor reports for our excess of loss transactions, collateral held in trust accounts in which MGIC is the sole beneficiary, and aging of outstanding reinsurance recoverable balances. Assumed reinsurance is based on information received from the ceding company. See Note 9 – “Reinsurance " for discussion of our variable interest entity ("VIE") policy on the Home Re Transactions.
Share-Based Compensation	We have certain share-based compensation plans. Under the fair value method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period which generally corresponds to the vesting period. Awards under our plans generally vest over periods ranging from one
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. The computation of basic EPS includes as "participating securities" an immaterial number of unvested share-based compensation awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, under the "two-class" method. Our participating securities are composed of vested restricted stock and restricted stock units ("RSUs") with non-forfeitable rights to dividends. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if our unvested restricted stock units result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our 9% Debentures are converted to common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. For purposes of calculating basic and diluted EPS, vested RSUs are considered outstanding.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Recent Accounting and Reporting Developments	Table 3.1 shows the relevant new amendments to accounting standards, which are not yet effective or adopted. Standard / Interpretation Table 3.1 Amended Standards Effective date ASC 944 Long-Duration Contracts • ASU 2018-12 - Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts January 1, 2023 ASC 848 Reference Rate Reform • ASU 2020-06 - Reference Rate Report (Topic 848): Deferral of the Sunset Date of Topic 848. January 1, 2023 Inflation Reduction Act • Inflation Reduction Act of 2022 January 1, 2023

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
Earnings per Share (Tables)	Dec. 31, 2022
Earnings Per Share [Abstract]
Calculation of Earnings (Loss) Per Share	Table 4.1 reconciles basic and diluted EPS amounts: Earnings per share Table 4.1 Years Ended December 31, (In thousands, except per share data) 2022 2021 2020 Basic earnings per share: Net income $ 865,349 $ 634,983 $ 446,093 Weighted average common shares outstanding - basic 305,847 334,330 339,953 Basic earnings per share $ 2.83 $ 1.90 $ 1.31 Diluted earnings per share: Net income $ 865,349 $ 634,983 $ 446,093 Interest expense, net of tax (1) : 9% Debentures 3,228 14,343 17,004 Diluted income available to common shareholders $ 868,577 $ 649,326 $ 463,097 Weighted-average shares - basic 305,847 334,330 339,953 Effect of dilutive securities: Unvested restricted stock units 1,917 1,782 1,589 9% Debentures 3,465 15,196 17,751 Weighted average common shares outstanding - diluted 311,229 351,308 359,293 Diluted income per share $ 2.79 $ 1.85 $ 1.29 (1) Interest expense has been tax effected at a rate of 21%.

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2022
Investments [Abstract]
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio	Our fixed income securities consisted of the following as of December 31, 2022 and 2021: Details of fixed income investment securities by category as of December 31, 2022 Table 5.1a (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 145,581 $ 2 $ (9,683) $ 135,900 Obligations of U.S. states and political subdivisions 2,400,261 4,866 (256,073) 2,149,054 Corporate debt securities 2,416,475 1,043 (196,377) 2,221,141 ABS 126,723 5 (6,041) 120,687 RMBS 223,743 10 (25,744) 198,009 CMBS 257,785 22 (20,591) 237,216 CLOs 337,656 5 (7,829) 329,832 Foreign government debt 4,486 — (699) 3,787 Commercial paper 14,075 — (3) 14,072 Total fixed income securities $ 5,926,785 $ 5,953 $ (523,040) $ 5,409,698 Details of fixed income investment securities by category as of December 31, 2021 Table 5.1b (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 133,990 $ 285 $ (868) $ 133,407 Obligations of U.S. states and political subdivisions 2,408,688 133,361 (7,396) 2,534,653 Corporate debt securities 2,704,586 75,172 (13,776) 2,765,982 ABS 150,888 830 (1,008) 150,710 RMBS 309,991 2,397 (3,278) 309,110 CMBS 315,330 5,736 (1,936) 319,130 CLOs 360,436 609 (106) 360,939 Foreign government debt 13,749 — (99) 13,650 Total fixed income securities $ 6,397,658 $ 218,390 $ (28,467) $ 6,587,581
Amortized cost and fair values of debt securities by contractual maturity	The amortized cost and fair values of fixed income securities at December 31, 2022, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities provide for periodic payments throughout their lives, they are listed in separate categories. Fixed income securities maturity schedule Table 5.2 December 31, 2022 (In thousands) Amortized Cost Fair Value Due in one year or less $ 452,188 $ 445,210 Due after one year through five years 1,358,606 1,288,152 Due after five years through ten years 1,890,875 1,713,608 Due after ten years 1,279,209 1,076,984 4,980,878 4,523,954 ABS 126,723 120,687 RMBS 223,743 198,009 CMBS 257,785 237,216 CLOs 337,656 329,832 Total as of December 31, 2022 $ 5,926,785 $ 5,409,698
Cost and fair value of investments in equity securities	The cost and fair value of investments in equity securities as of December 31, 2022 and December 31, 2021 are shown in tables 5.3a and 5.3b below. Details of equity investment securities as of December 31, 2022 Table 5.3a (In thousands) Cost Gross gains Gross losses Fair Value Equity securities 15,924 — (1,784) 14,140 Details of equity investment securities as of December 31, 2021 Table 5.3b (In thousands) Cost Gross gains Gross losses Fair Value Equity securities 15,838 264 (34) 16,068
Schedule of 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 are shown in table 5.4 below. Details of net gains (losses) on investments and other financial instruments Table 5.4 (in thousands) December 31, 2022 December 31, 2021 December 31, 2020 Fixed income securities Gains on sales 7,152 8,980 21,272 Losses on sales (15,477) (1,942) (8,809) Change in credit allowance — 49 (49) Impairments (1,415) — (331) Equity securities gains (losses) Gains (losses) on sales (7) 4 1,344 Market adjustment (2,013) (463) 552 Change in embedded derivative on Home Re Transactions (1) 4,269 (721) (1,176) Other Gains (losses) on sales 2 (33) (231) Market adjustment 26 (13) 4 Net gains (losses) on investments and other financial instruments (7,463) 5,861 12,576 Proceeds from sales of fixed income securities 397,553 471,783 803,401 Proceeds from sales of equity securities 97 2,621 25,693 (1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.
Aging of the fair values of securities in an unrealized loss position	Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position as of December 31, 2022 and 2021, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" to these consolidated financial statements. Unrealized loss aging for securities by type and length of time as of December 31, 2022 Table 5.5a Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 67,531 $ (3,583) $ 76,246 $ (6,100) $ 143,777 $ (9,683) Obligations of U.S. states and political subdivisions 1,344,272 (157,903) 360,956 (98,170) 1,705,228 (256,073) Corporate debt securities 1,488,255 (109,976) 758,732 (86,401) 2,246,987 (196,377) ABS 53,201 (1,008) 67,073 (5,033) 120,274 (6,041) RMBS 77,563 (8,572) 136,179 (17,172) 213,742 (25,744) CMBS 166,973 (12,951) 70,792 (7,640) 237,765 (20,591) CLOs 213,461 (4,644) 114,459 (3,185) 327,920 (7,829) Foreign government debt — — 3,787 (699) 3,787 (699) Commercial paper — — 3,816 (3) 3,816 (3) Total $ 3,411,256 $ (298,637) $ 1,592,040 $ (224,403) $ 5,003,296 $ (523,040) Unrealized loss aging for securities by type and length of time as of December 31, 2021 Table 5.5b Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 91,154 $ (790) $ 2,616 $ (78) $ 93,770 $ (868) Obligations of U.S. states and political subdivisions 452,021 (7,189) 15,540 (207) 467,561 (7,396) Corporate debt securities 865,085 (13,260) 10,997 (516) 876,082 (13,776) ABS 100,064 (998) 1,552 (10) 101,616 (1,008) RMBS 180,586 (2,548) 31,641 (730) 212,227 (3,278) CMBS 89,889 (1,887) 1,511 (49) 91,400 (1,936) CLOs 177,663 (71) 21,973 (35) 199,636 (106) Foreign government debt 13,649 (99) — — 13,649 (99) Total $ 1,970,111 $ (26,842) $ 85,830 $ (1,625) $ 2,055,941 $ (28,467)
Investment income	The source of net investment income is shown in table 5.7 below. Net investment income Table 5.7 (In thousands) 2022 2021 2020 Fixed income securities $ 166,306 $ 160,030 $ 157,065 Equity securities 437 471 620 Cash equivalents 5,049 75 1,648 Other 51 22 275 Investment income 171,843 160,598 159,608 Investment expenses (4,367) (4,160) (5,212) Net investment income $ 167,476 $ 156,438 $ 154,396
Net unrealized gains (losses) of investments	The change in net unrealized gains (losses) of investments is shown in table 5.6 below. Change in net unrealized gains (losses) Table 5.6 (In thousands) 2022 2021 2020 Fixed income securities $ (707,005) $ (154,555) $ 169,135

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements for Items Measured at Fair Value	Assets measured at fair value, by hierarchy level, as of December 31, 2022 and 2021 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and more fully in Note 3 - "Significant Accounting Policies" to the consolidated financial statements in this Form 10-K. Assets carried at fair value by hierarchy level as of December 31, 2022 Table 6.1a (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 135,900 $ 116,897 $ 19,003 Obligations of U.S. states and political subdivisions 2,149,054 — 2,149,054 Corporate debt securities 2,221,141 — 2,221,141 ABS 120,687 — 120,687 RMBS 198,009 — 198,009 CMBS 237,216 — 237,216 CLOs 329,832 — 329,832 Foreign government debt 3,787 — 3,787 Commercial paper 14,072 — 14,072 Total fixed income securities 5,409,698 116,897 5,292,801 Equity securities 14,140 14,140 — Cash equivalents 328,756 (1) 324,129 4,627 Total $ 5,752,594 $ 455,166 $ 5,297,428 Assets carried at fair value by hierarchy level as of December 31, 2021 Table 6.1b (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 133,407 $ 102,153 $ 31,254 Obligations of U.S. states and political subdivisions 2,534,653 — 2,534,653 Corporate debt securities 2,765,982 — 2,765,982 ABS 150,710 — 150,710 RMBS 309,110 — 309,110 CMBS 319,130 — 319,130 CLOs 360,939 — 360,939 Foreign government debt 13,650 — 13,650 Total fixed income securities 6,587,581 102,153 6,485,428 Equity securities 16,068 16,068 — Cash equivalents 254,230 (1) 254,230 — Total $ 6,857,879 $ 372,451 $ 6,485,428 (1) Includes restricted cash equivalents
Schedule of Carrying Value and Fair Value of Financial Liabilities Measured on a Recurring Basis	Table 6.3 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2022 and 2021. Financial liabilities not carried at fair value Table 6.3 December 31, 2022 December 31, 2021 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets Other invested assets $ 850 $ 850 $ 3,100 $ 3,100 Financial liabilities FHLB Advance $ — $ — $ 155,000 $ 157,585 5.75% Notes — — 241,255 256,213 5.25% Notes 641,724 600,938 640,253 686,875 9% Debentures 21,086 28,085 110,204 151,000 Total financial liabilities $ 662,810 $ 629,023 $ 1,146,712 $ 1,251,673

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Table 7.1 shows the carrying value of our long-term debt obligations as of December 31, 2022 and 2021. Long-term debt obligations Table 7.1 December 31, (In millions) 2022 2021 FHLB Advance - 1.91%, due February 2023 $ — $ 155.0 5.75% Notes, due August 2023 — 241.3 5.25% Notes, due August 2028 (par value: $650 million) 641.7 640.2 9% Debentures, due April 2063 21.1 110.2 Long-term debt, carrying value $ 662.8 $ 1,146.7

Loss Reserves (Tables)

Loss Reserves (Tables)	12 Months Ended
Loss Reserves (Tables)	Dec. 31, 2022
Insurance Loss Reserves [Abstract]
Reconciliation of Beginning and Ending Loss Reserves	Table 8.1 provides a reconciliation of beginning and ending loss reserves as of and for the past three years: Development of loss reserves Table 8.1 (In thousands) 2022 2021 2020 Reserve at beginning of year $ 883,522 $ 880,537 $ 555,334 Less reinsurance recoverable 66,905 95,042 21,641 Net reserve at beginning of year 816,617 785,495 533,693 Losses incurred: Losses and LAE incurred in respect of delinquent notices received in: Current year 149,565 124,592 345,170 Prior years (1) (404,130) (60,015) 19,604 Total losses incurred (254,565) 64,577 364,774 Losses paid: Losses and LAE paid in respect of delinquent notices received in: Current year 362 664 3,069 Prior years 49,626 68,769 109,923 Reinsurance terminations (2) (17,684) (35,978) (20) Total losses paid 32,304 33,455 112,972 Net reserve at end of year 529,748 816,617 785,495 Plus reinsurance recoverables 28,240 66,905 95,042 Reserve at end of year $ 557,988 $ 883,522 $ 880,537 (1) A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development. (2) In a reinsurance termination, amounts for any incurred but unpaid losses are due to us from the reinsurers. As a result, the amount due from the reinsurers is reclassified from reinsurance recoverable on loss reserves to reinsurance recoverable on paid losses, resulting in no impact to losses incurred. (See Note 9 - "Reinsurance" )
Prior Year Development of the Reserves	The prior year development of the reserves in 2022, 2021 and 2020 is reflected in the table 8.2 below. Reserve development on previously received delinquencies Table 8.2 (In thousands) 2022 2021 2020 (Decrease) in estimated claim rate on primary delinquencies $ (400,577) $ (82,904) $ (2,536) Increase (decrease) in estimated claim severity on primary delinquencies (21,995) 310 13,535 Change in estimates related to pool reserves, LAE reserves, reinsurance and other 18,442 22,579 8,605 Total prior year loss development (1) $ (404,130) $ (60,015) $ 19,604
Rollforward of Delinquent Inventory Roll-Forward	A roll-forward of our primary delinquency inventory for the years ended December 31, 2022, 2021, and 2020 appears in table 8.3 below. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers. Primary delinquency inventory roll-forward Table 8.3 2022 2021 2020 Beginning delinquent inventory 33,290 57,710 30,028 New Notices 42,988 42,432 106,099 Cures (48,262) (64,896) (76,107) Paid claims (1,305) (1,223) (2,245) Rescissions and denials (35) (38) (65) Other items removed from inventory (289) (695) — Ending delinquent inventory 26,387 33,290 57,710
Aging of the Primary Default Inventory	The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below. Primary delinquency inventory - consecutive months delinquent Table 8.4 December 31, 2022 2021 2020 3 months or less 8,820 7,586 11,542 4 - 11 months 8,217 7,990 34,620 12 months or more (1) 9,350 17,714 11,548 Total 26,387 33,290 57,710 3 months or less 33 % 23 % 20 % 4 - 11 months 31 % 24 % 60 % 12 months or more 36 % 53 % 20 % Total 100 % 100 % 100 % Primary claims received inventory included in ending delinquent inventory 267 211 159 (1) Approximately 36%, 20%, and 31% of the delinquent inventory that has been delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of December 31, 2022, 2021 and 2020, respectively.

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
Reinsurance (Tables)	Dec. 31, 2022
Reinsurance Disclosures [Abstract]
Effect of Reinsurance Agreements on Premiums Earned and Losses Incurred	Table 9.1 below shows the effect of all reinsurance agreements on premiums earned and losses incurred as reflected in the consolidated statements of operations. Reinsurance Table 9.1 Years ended December 31, (In thousands) 2022 2021 2020 Premiums earned: Direct $ 1,154,728 $ 1,167,592 $ 1,199,824 Assumed 8,778 9,858 10,848 Ceded - quota share reinsurance (1) (86,435) (118,537) (167,930) Ceded - excess-of-loss reinsurance (69,938) (44,494) (20,799) Total ceded (156,373) (163,031) (188,729) Net premiums earned $ 1,007,133 $ 1,014,419 $ 1,021,943 Losses incurred: Direct $ (274,072) $ 74,496 $ 442,194 Assumed (330) (57) 555 Ceded - quota share reinsurance 19,837 (9,862) (77,975) Losses incurred, net $ (254,565) $ 64,577 $ 364,774 Other Reinsurance Impacts: Profit commission on quota share reinsurance (1) $ 176,084 $ 153,759 $ 72,425 Ceding commission on quota share reinsurance 52,071 53,460 48,077
Schedule of Quota Share Reinsurance Agreements	Table 9.2 below provides additional detail regarding our QSR transactions in effect during 2022. Reinsurance Table 9.2 Quota Share Contract Covered Policy Years Quota Share % Annual Loss Ratio to Exhaust Profit Commission (1) Contractual Termination Date 2015 QSR (2) Prior to 2017 15.0 % 68.0 % December 31, 2031 2019 QSR (2) 2019 30.0 % 62.0 % December 31, 2030 2020 QSR 2020 12.5 % 62.0 % December 31, 2031 2020 QSR and 2021 QSR 2020 17.5 % 62.0 % December 31, 2032 2020 QSR and 2021 QSR 2021 17.5 % 61.9 % December 31, 2032 2021 QSR and 2022 QSR 2021 12.5 % 57.5 % December 31, 2032 2021 QSR and 2022 QSR 2022 15.0 % 57.5 % December 31, 2033 2022 QSR and 2023 QSR 2022 15.0 % 62.0 % December 31, 2033 2022 QSR and 2023 QSR 2023 15.0 % 62.0 % December 31, 2034 Credit Union QSR (3) 2020-2025 65.0 % 50.0 % December 31, 2039 (1) We will receive a profit commission provided the annual loss ratio on policies covered under the transaction remains below this ratio. (2) 2015 and 2019 QSR Transactions were terminated effective December 31, 2022. (3) Eligible credit union business written before April 1, 2020 was covered by our 2019 and prior QSR Transactions. Table 9.3 provides additional detail regarding optional termination dates and optional reductions to our quota share percentage which can, in each case be elected by us for a fee. The optional reduction to the quota share percentage would give us an option to reduce our quota share percentage from the original percentage as shown in table 9.2 to the percentage showed in 9.3. Reinsurance Table 9.3 Quota Share Contract Covered Policy Years Optional Termination Date (1) Optional Quota Share % Reduction Date (2) Optional Reduced Quota Share % 2020 QSR 2020 June 30, 2023 January 1, 2023 10.5% or 8% 2020 QSR and 2021 QSR 2020 June 30, 2023 January 1, 2023 14.5% or 12% 2020 QSR and 2021 QSR 2021 December 31, 2023 January 1, 2023 14.5% or 12% 2021 QSR and 2022 QSR 2021 December 31, 2023 January 1, 2023 10.5% or 8% 2021 QSR and 2022 QSR 2022 December 31, 2024 July 1, 2023 12.5% or 10% 2022 QSR and 2023 QSR 2022 December 31, 2024 July 1, 2023 12.5% or 10% 2022 QSR and 2023 QSR 2023 December 31, 2025 July 1, 2024 12.5% or 10% (1) We can elect early termination of the QSR transaction beginning on this date, and bi-annually thereafter.
Reinsurance Retention Policy	Table 9.4a and 9.4b provides a summary of our XOL Transactions as of December 31, 2022, December 31, 2021 and December 31, 2020. Excess of Loss Reinsurance 9.4a ($ in thousands) Issue Date Policy In force Dates Optional Call/ Termination Date (1) Legal Maturity Initial First Layer Retention Initial Excess of Loss Reinsurance Coverage Home Re 2022-1, Ltd. April 26, 2022 May 29, 2021 - December 31, 2021 April 25, 2028 12.5 years $325,589 $473,575 Home Re 2021-2, Ltd. August 3, 2021 January 1, 2021 - May 28, 2021 July 25, 2028 12.5 years 190,159 398,429 Home Re 2021-1, Ltd. February 2, 2021 August 1, 2020 - December 31, 2020 January 25, 2028 12.5 years 211,159 398,848 Home Re 2020-1, Ltd. October 29, 2020 January 1, 2020 - July 31, 2020 October 25, 2027 10 years 275,283 412,917 Home Re 2019-1, Ltd. May 25, 2019 January 1, 2018 - March 31, 2019 May 25, 2026 10 years 185,730 315,739 Home Re 2018-1, Ltd. October 30, 2018 July 1, 2016 - December 31, 2017 October 25, 2025 10 years 168,691 318,636 2022 Traditional XOL April 1, 2022 January 1, 2022 - December 30, 2022 January 1, 2030 10 years 82,523 142,642 (1) We have the right to terminate the Home Re Transactions under certain circumstances and on any payment date on or after the respective Optional Call date. We can elect early termination of the Traditional XOL Transaction beginning on this date, and quarterly thereafter. 9.4b Remaining First Layer Retention Remaining Excess of Loss Reinsurance Coverage ($ in thousands) December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2022 December 31, 2021 December 31, 2020 Home Re 2022-1, Ltd. $ 325,576 $ — $ — $ 473,575 $ — $ — Home Re 2021-2, Ltd. 190,097 190,159 — 352,084 398,429 — Home Re 2021-1, Ltd. 211,102 211,142 — 277,053 387,830 — Home Re 2020-1, Ltd. 274,871 275,204 275,283 113,247 234,312 412,917 Home Re 2019-1, Ltd. 183,540 183,917 184,514 208,146 208,146 208,146 Home Re 2018-1, Ltd. 164,849 165,365 166,005 140,993 218,343 218,343 2022 Traditional XOL 82,517 — — 142,642 — —
Schedule of Total Assets of Home Re Entities	Table 9.5 presents the total assets of the Home Re Entities as of December 31, 2022 , December 31, 2021 and December 31, 2020. Home Re Entities total assets Table 9.5 (In thousands) Home Re Entity Total VIE Assets December 31, 2022 Home Re 2018-1 Ltd. $ 146,822 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 119,159 Home Re 2021-1 Ltd. 285,039 Home Re 2021-2 Ltd. 357,340 Home Re 2022-1 Ltd. 473,575 December 31, 2021 Home Re 2018-1 Ltd. $ 218,343 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 251,387 Home Re 2021-1 Ltd. 398,848 Home Re 2021-2 Ltd. 398,429 December 31, 2020 Home Re 2018-1 Ltd. $ 218,343 Home Re 2019-1 Ltd. 208,146 Home Re 2020-1 Ltd. 412,917

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income	The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2022, 2021 and 2020 are included in table 10.1 below. Components of other comprehensive income (loss) Table 10.1 (In thousands) 2022 2021 2020 Net unrealized investment (losses) gains arising during the period $ (707,005) $ (154,555) $ 169,135 Income tax benefit (expense) 148,471 32,456 (35,519) Net of taxes (558,534) (122,099) 133,616 Net changes in benefit plan assets and obligations (54,017) 31,613 13,288 Income tax benefit (expense) 11,343 (6,638) (2,791) Net of taxes (42,674) 24,975 10,497 Total other comprehensive income (loss) (761,022) (122,942) 182,423 Total income tax benefit (expense) 159,814 25,818 (38,310) Total other comprehensive income (loss), net of tax $ (601,208) $ (97,124) $ 144,113
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 years ended December 31, 2022, 2021 and 2020 are included in table 10.2 below. Reclassifications from Accumulated Other Comprehensive Income (Loss) Table 10.2 (In thousands) 2022 2021 2020 Reclassification adjustment for net realized (losses) gains (1) $ (9,860) $ 10,455 $ 13,862 Income tax benefit (expense) 2,070 (2,195) (2,912) Net of taxes (7,790) 8,260 10,950 Reclassification adjustment related to benefit plan assets and obligations (2) (16,750) (9,779) (15,968) Income tax benefit (expense) 3,518 2,053 3,353 Net of taxes (13,232) (7,726) (12,615) Total reclassifications (26,610) 676 (2,106) Income tax benefit (expense) 5,588 (142) 441 Total reclassifications, net of tax $ (21,022) $ 534 $ (1,665) (1) (Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations.
Accumulated other comprehensive income (loss)	A roll-forward of AOCI for the years ended December 31, 2022, 2021, and 2020, including amounts reclassified from AOCI, is included in table 10.3 below. Roll-forward of Accumulated Other Comprehensive Income (Loss) Table 10.3 (In thousands) Net unrealized gains and losses on available-for-sale securities Net benefit plan assets and obligations recognized in shareholders' equity Total AOCI Balance, December 31, 2019, net of tax $ 138,521 $ (65,813) $ 72,708 Other comprehensive income (loss) before reclassifications 144,566 (2,118) 142,448 Less: Amounts reclassified from AOCI 10,950 (12,615) (1,665) Balance, December 31, 2020, net of tax 272,137 (55,316) 216,821 Other comprehensive income (loss) before reclassifications (113,839) 17,249 (96,590) Less: Amounts reclassified from AOCI 8,260 (7,726) 534 Balance, December 31, 2021, net of tax 150,038 (30,341) 119,697 Other comprehensive income (loss) before reclassifications (566,324) (55,906) (622,230) Less: Amounts reclassified from AOCI (7,790) (13,232) (21,022) Balance, December 31, 2022, net of tax $ (408,496) $ (73,015) $ (481,511)

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
Benefit Plans (Tables)	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Components of net periodic benefit cost	The following tables 11.1, 11.2, and 11.3 provide the components of aggregate annual net periodic benefit cost for each of the years ended December 31, 2022, 2021, and 2020 and changes in the benefit obligation and the funded status of the pension, supplemental executive retirement and other postretirement benefit plans as recognized in the consolidated balance sheets as of December 31, 2022 and 2021. Components of net periodic benefit cost Table 11.1 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2020 12/31/2022 12/31/2021 12/31/2020 Company Service Cost $ 7,153 $ 7,569 $ 7,342 $ 1,307 $ 1,508 $ 1,263 Interest Cost 12,461 11,276 13,036 694 648 832 Expected Return on Assets (18,064) (20,657) (22,139) (10,502) (8,863) (7,407) Amortization of: Net Transition Obligation/(Asset) — — — — — — Net Prior Service Cost/(Credit) (163) (239) (247) 489 213 51 Net Losses/(Gains) 5,726 5,490 6,578 (3,103) (1,697) (783) Cost of Settlements and Curtailments 13,801 6,012 10,369 — — — Net Periodic Benefit Cost $ 20,914 $ 9,451 $ 14,939 $ (11,115) $ (8,191) $ (6,044)
Development of funded status	Development of funded status Table 11.2 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Actuarial Value of Benefit Obligations Measurement Date 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Accumulated Benefit Obligation $ 274,975 $ 390,747 $ 29,580 $ 25,635 Funded Status/Asset (Liability) on the Consolidated Balance Sheet Benefit Obligation $ (274,975) $ (391,698) $ (29,580) $ (25,635) Plan Assets at Fair Value 250,674 391,555 111,154 140,839 Funded Status - Overfunded/Asset N/A N/A $ 81,574 $ 115,204 Funded Status - Underfunded/Liability (24,301) (143) N/A N/A Accumulated other comprehensive (income) loss Table 11.3 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Net Actuarial (Gain)/Loss $ 89,711 $ 84,045 $ (13,781) $ (47,352) Net Prior Service Cost/(Credit) 3,245 (747) 13,249 2,461 Net Transition Obligation/(Asset) — — — — Total at Year End $ 92,956 $ 83,298 $ (532) $ (44,891)
Change in projected benefit obligation	Table 11.4 shows the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021. Change in projected benefit / accumulated benefit Table 11.4 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Benefit Obligation at Beginning of Year $ 391,698 $ 423,713 $ 25,635 $ 28,714 Company Service Cost 7,153 7,569 1,307 1,508 Interest Cost 12,461 11,276 694 648 Plan Participants' Contributions — — 463 456 Net Actuarial (Gain)/Loss (83,240) (10,018) (8,123) (3,574) Benefit Payments from Fund (13,165) (12,866) (1,504) (1,963) Benefit Payments Paid Directly by Company (114) (362) — — Plan Amendments 3,247 2 11,278 — Curtailments (352) — — — Settlement Payments from Fund (1) (42,713) (27,616) — — Other Adjustment — — (170) (154) Benefit Obligation at End of Year $ 274,975 $ 391,698 $ 29,580 $ 25,635 (1) Represents lump sum payments from our pension plan to eligible participants, who were former employees with vested benefits.
Changes in fair value of plan assets and other comprehensive income (loss)	Tables 11.5 and 11.6 shows the changes in the fair value of the net assets available for plan benefits and changes in other comprehensive income (loss) for the years ended December 31, 2022 and 2021. Change in plan assets Table 11.5 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Fair Value of Plan Assets at Beginning of Year $ 391,555 $ 411,245 $ 140,839 $ 119,024 Actual Return on Assets (91,303) 13,992 (28,088) 23,773 Company Contributions 6,414 7,162 — — Plan Participants' Contributions — — 463 456 Benefit Payments from Fund (13,165) (12,866) (1,504) (1,963) Benefit Payments Paid Directly by Company (114) (362) — — Settlement Payments from Fund (42,713) (27,616) — — Other Adjustment — — (556) (451) Fair Value of Plan Assets at End of Year $ 250,674 $ 391,555 $ 111,154 $ 140,839 Change in accumulated other comprehensive income (loss) ("AOCI") Table 11.6 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2021 12/31/2022 12/31/2021 AOCI in Prior Year $ 83,298 $ 97,911 $ (44,891) $ (27,892) Increase/(Decrease) in AOCI Recognized during year - Prior Service (Cost)/Credit 745 239 (489) (213) Recognized during year - Net Actuarial (Losses)/Gains (20,109) (11,502) 3,103 1,697 Occurring during year - Prior Service Cost 3,247 2 11,277 — Occurring during year - Net Actuarial Losses/(Gains) 25,775 (3,352) 30,468 (18,483) AOCI in Current Year $ 92,956 $ 83,298 $ (532) $ (44,891)
Actuarial assumptions	The projected benefit obligations, net periodic benefit costs and accumulated postretirement benefit obligation for the plans were determined using the following weighted average assumptions. Actuarial assumptions Table 11.7 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Weighted-Average Assumptions Used to Determine Benefit Obligations at year end 1. Discount Rate 5.60 % 3.05 % 5.60 % 2.85 % 2. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A 3. Cash balance interest crediting rate 3.97 % 2.80 % N/A N/A Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Year 1. Discount Rate 3.70 % 2.80 % 2.85 % 2.35 % 2. Expected Long-term Return on Plan Assets 5.25 % 5.25 % 7.50 % 7.50 % 3. Rate of Compensation Increase 3.00 % 3.00 % N/A N/A Assumed Health Care Cost Trend Rates at year end 1. Health Care Cost Trend Rate Assumed for Next Year N/A N/A 7.00 % 6.50 % 2. Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) N/A N/A 5.00 % 5.00 % 3. Year That the Rate Reaches the Ultimate Trend Rate N/A N/A 2031 2028
Year-end asset allocations of the plans	The year-end asset allocations of the plans are shown in table 11.8 below. Plan assets Table 11.8 Pension Plan Other Postretirement Benefits 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Equity Securities 20 % 21 % 100 % 100 % Debt Securities 80 % 79 % — % — % Total 100 % 100 % 100 % 100 %
Schedule of investment allocation strategies	The equity investments use combinations of mutual funds, ETFs, and pooled equity account structures focused on the following strategies: Strategy Objective Investment types Return seeking growth Funded ratio improvement over the long term ● Global quality growth ● Global low volatility Return seeking bridge Downside protection in the event of a declining equity market ● Enduring asset ● Durable company
Minimum and maximum allocation ranges for fixed income securities and equity securities	The primary focus in developing asset allocation ranges for the portfolio is the assessment of the portfolio's investment objectives and the level of risk that is acceptable to obtain those objectives. To achieve these objectives the minimum and maximum allocation ranges for fixed income securities and equity securities are: Minimum Maximum Equities (long only) 70 % 100 % Real estate 0 % 15 % Commodities 0 % 10 % Fixed income/Cash 0 % 10 %
Actual and estimated future contributions and actual and estimated future benefit payments	Expected future benefit payments from the plans are shown in Table 11.12 below. Expected future benefit payments Table 11.12 Pension and Supplemental Executive Retirement Plans Other Postretirement Benefits (In thousands) 12/31/2022 12/31/2022 Current + 1 23,966 2,211 Current + 2 23,309 2,476 Current + 3 23,104 2,780 Current + 4 23,363 2,886 Current + 5 23,194 2,929 Current + 6 - 10 102,588 16,102
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Schedule of fair value of plan assets	Tables 11.9a and 11.9b set forth by level, within the fair value hierarchy, the pension plan assets and related accrued investment income at fair value as of December 31, 2022 and 2021. There were no securities that used Level 3 inputs. Pension plan assets at fair value as of December 31, 2022 Table 11.9a (In thousands) Level 1 Level 2 Total Domestic mutual funds $ 67 $ — $ 67 U.S. government securities 13,328 — 13,328 Corporate debt securities Corporate debt securities and other — 146,854 146,854 Non-government foreign debt securities — 20,793 20,793 Municipal bonds — 18,336 18,336 Pooled equity accounts — 51,296 51,296 Total Assets at fair value $ 13,395 $ 237,279 $ 250,674 Pension plan assets at fair value as of December 31, 2021 Table 11.9b (In thousands) Level 1 Level 2 Total Domestic mutual funds $ 4,071 $ — $ 4,071 U.S. government securities 32,947 — 32,947 Corporate debt Securities Corporate debt securities and other — 221,033 221,033 Non-government foreign debt securities — 34,103 34,103 Municipal bonds — 20,093 20,093 Pooled equity accounts — 79,308 79,308 Total Assets at fair value $ 37,018 $ 354,537 $ 391,555
Other Postretirement Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Schedule of fair value of plan assets	Tables 11.10a and 11.10b set forth the other postretirement benefits plan assets at fair value as of December 31, 2022 and 2021. All are Level 1 assets. Other postretirement benefits plan assets at fair value as of December 31, 2022 Table 11.10a (In thousands) Level 1 Domestic Mutual Funds $ 89,584 International Mutual Funds 21,570 Total Assets at fair value $ 111,154 Other postretirement benefits plan assets at fair value as of December 31, 2021 Table 11.10b (In thousands) Level 1 Domestic Mutual Funds $ 112,770 International Mutual Funds 28,069 Total Assets at fair value $ 140,839

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net deferred tax assets and liabilities	Net deferred tax assets (liabilities) as reported on the consolidated balance sheet as of December 31, 2022 and 2021 are shown in table 12.1 below. At December 31, 2021 the deferred tax liability is included as a component of Other liabilities on the consolidated balance sheet. Deferred tax assets and liabilities Table 12.1 (In thousands) 2022 2021 Total deferred tax assets $ 144,819 $ 32,331 Total deferred tax liabilities (20,050) (71,743) Net deferred tax asset (liability) $ 124,769 $ (39,412)
Components of the net deferred tax asset (liability)	Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2022 and 2021. Deferred tax components Table 12.2 (In thousands) 2022 2021 Unearned premium reserves $ 16,209 $ 19,116 Benefit plans (9,444) (21,360) Loss reserves 1,785 4,034 Unrealized depreciation (appreciation) in investments 108,588 (39,883) Deferred policy acquisition cost (4,003) (4,551) Deferred compensation 6,806 6,118 Research and experimental costs 9,719 — Other, net (4,891) (2,886) Net deferred tax asset (liability) $ 124,769 $ (39,412)
Components of the provision for (benefit from) income taxes	Table 12.3 summarizes the components of the provision for income taxes: Provision for (benefit from) income taxes Table 12.3 (In thousands) 2022 2021 2020 Current federal $ 228,259 $ 161,055 $ 85,574 Deferred federal (5,235) 4,392 28,244 Other 1,661 1,347 (648) Provision for income taxes $ 224,685 $ 166,794 $ 113,170
Reconciliation of federal statutory income tax rate	Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate. Effective tax rate reconciliation Table 12.4 2022 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Tax exempt municipal bond interest (0.5) % (0.6) % (0.9) % Other, net 0.1 % 0.4 % 0.1 % Effective tax rate 20.6 % 20.8 % 20.2 %

Statutory Information (Tables)

Statutory Information (Tables)	12 Months Ended
Statutory Information (Tables)	Dec. 31, 2022
Statutory Capital [Abstract]
Summary of amounts disclosed under statutory accounting practices	The statutory net income, policyholders’ surplus, and contingency reserve liability of our insurance subsidiaries, including MGIC, are shown in table 14.1. Statutory financial information of insurance subsidiaries Table 14.1 As of and for the Years Ended December 31, (In thousands) 2022 2021 2020 Statutory net income $ 440,944 $ 295,811 $ 65,201 Statutory policyholders' surplus 924,977 1,220,714 1,339,509 Contingency reserve 4,669,724 4,126,604 3,585,864 The decrease in statutory policyholders' surplus from December 31, 2021 to December 31, 2022 is primarily due to dividend payments to the parent company (discussed below), offset by statutory net income. For the years ended December 31, 2022, 2021, and 2020 there were no contributions made to MGIC or distributions from other insurance subsidiaries to us. Dividends paid by MGIC are shown in table 14.2 below. Surplus contributions and dividends of insurance subsidiaries Table 14.2 Years Ended December 31, (In thousands) 2022 2021 2020 Dividends paid by MGIC to the parent company (1) $ 800,000 400,000 390,000 (1) Dividends paid in cash and/or investment securities. Also, in 2021 MGIC distributed to the holding company, as a dividend, its investment in MGIC Credit Assurance Corporation at an amount of $8.9 million. In 2020, MGIC distributed to the holding company, as a dividend, its ownership in the 9% Debentures held at an amortized cost of $139.5 million.

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	12 Months Ended
Share-based Compensation Plans (Tables)	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock or Restricted Stock Unit Activity	Table 15.1 summarizes restricted stock or restricted stock unit (collectively called “restricted stock”) activity during 2022. Restricted stock Table 15.1 Weighted Average Grant Date Fair Market Value Shares Restricted stock outstanding at December 31, 2021 $ 12.88 4,146,088 Granted (1) 15.45 1,273,979 Vested 12.35 (1,549,098) Forfeited 13.00 (294,290) Restricted stock outstanding at December 31, 2022 $ 14.02 3,576,679 (1) Approximately 67% of the shares granted in 2022 are subject to performance conditions under which the target number of shares granted may vest up to 200%.

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases [Abstract]
Leases	Table 16.1 shows minimum the future operating lease payments as of December 31, 2022. Minimum future operating lease payments Table 16.1 (In thousands) Amount 2023 $ 908 2024 831 2025 667 2026 152 2027 and thereafter — Total $ 2,558

Nature of Business (Details)

Nature of Business (Details) $ in Billions	Dec. 31, 2022 USD ($)
Nature of Business [Abstract]
Direct domestic primary insurance in force	$ 295.3
Direct domestic primary risk in force	$ 76.5

Significant Accounting Polici_4

Significant Accounting Policies - Home Office and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Accumulated depreciation of home office and equipment	$ 57.1	$ 55.4	$ 51.2
Depreciation expense of home office and equipment	$ 4.9	$ 5.6	$ 6.3
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	3 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life (in years)	45 years

Significant Accounting Polici_5

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

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic earnings per share [Abstract]
Net income	$ 865,349	$ 634,983	$ 446,093
Weighted average common shares outstanding - basic (in shares)	305,847	334,330	339,953
Basic earnings per share (in dollars per share)	$ 2.83	$ 1.90	$ 1.31
Diluted earnings per share [Abstract]
Net income	$ 865,349	$ 634,983	$ 446,093
Diluted income available to common shareholders	$ 868,577	$ 649,326	$ 463,097
Weighted-average shares - basic (in shares)	305,847	334,330	339,953
Effect of dilutive securities [Abstract]
Weighted-average shares - diluted (in shares)	311,229	351,308	359,293
Diluted income per share (in dollars per share)	$ 2.79	$ 1.85	$ 1.29
Federal statutory income tax rate (in hundredths)	21%	21%	21%
9% Convertible Junior Subordinated Debentures due 2063
Diluted earnings per share [Abstract]
Dilutive securities	$ 3,228	$ 14,343	$ 17,004
Effect of dilutive securities [Abstract]
Dilutive securities (in shares)	3,465	15,196	17,751
Stated interest rate (in hundredths)	9%	9%	9%
Unvested Restricted Stock Units
Effect of dilutive securities [Abstract]
Dilutive securities - Share based compensation (in shares)	1,917	1,782	1,589

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total at end of period	$ 5,926,785	$ 6,397,658
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	5,409,698	6,587,581
Assets held by insurance regulatory requirements	11,800	13,400
Assets held in trust for the benefit of contractual counterparties	128,400	189,800
Collateral pledged for FHLB advance		167,200
Fixed income securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	5,926,785	6,397,658
Gross Unrealized Gains	5,953	218,390
Gross Unrealized Losses	(523,040)	(28,467)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	5,409,698	6,587,581
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	145,581	133,990
Gross Unrealized Gains	2	285
Gross Unrealized Losses	(9,683)	(868)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	135,900	133,407
Obligations of U.S. states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Total at end of period	2,400,261	2,408,688
Gross Unrealized Gains	4,866	133,361
Gross Unrealized Losses	(256,073)	(7,396)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	2,149,054	2,534,653
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Total at end of period	2,416,475	2,704,586
Gross Unrealized Gains	1,043	75,172
Gross Unrealized Losses	(196,377)	(13,776)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	2,221,141	2,765,982
ABS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	126,723	150,888
Gross Unrealized Gains	5	830
Gross Unrealized Losses	(6,041)	(1,008)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	120,687	150,710
RMBS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	223,743	309,991
Gross Unrealized Gains	10	2,397
Gross Unrealized Losses	(25,744)	(3,278)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	198,009	309,110
CMBS
Debt Securities, Available-for-sale [Line Items]
Total at end of period	257,785	315,330
Gross Unrealized Gains	22	5,736
Gross Unrealized Losses	(20,591)	(1,936)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	237,216	319,130
CLOs
Debt Securities, Available-for-sale [Line Items]
Total at end of period	337,656	360,436
Gross Unrealized Gains	5	609
Gross Unrealized Losses	(7,829)	(106)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	329,832	360,939
Foreign government debt
Debt Securities, Available-for-sale [Line Items]
Total at end of period	4,486	13,749
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(699)	(99)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	3,787	$ 13,650
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Total at end of period	14,075
Gross Unrealized Gains	0
Gross Unrealized Losses	(3)
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	$ 14,072

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 452,188
Due after one year through five years	1,358,606
Due after five years through ten years	1,890,875
Due after ten years	1,279,209
Total debt securities with single maturity date	4,980,878
Amortized Cost	5,926,785	$ 6,397,658
Fair Value
Due in one year or less	445,210
Due after one year through five years	1,288,152
Due after five years through ten years	1,713,608
Due after ten years	1,076,984
Total debt securities with single maturity date	4,523,954
Total at end of period	5,409,698	6,587,581
ABS
Amortized Cost
Total debt securities without single maturity date, amortized cost	126,723
Amortized Cost	126,723	150,888
Fair Value
Total debt securities without single maturity date, fair value	120,687
Total at end of period	120,687	150,710
RMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	223,743
Amortized Cost	223,743	309,991
Fair Value
Total debt securities without single maturity date, fair value	198,009
Total at end of period	198,009	309,110
CMBS
Amortized Cost
Total debt securities without single maturity date, amortized cost	257,785
Amortized Cost	257,785	315,330
Fair Value
Total debt securities without single maturity date, fair value	237,216
Total at end of period	237,216	319,130
CLOs
Amortized Cost
Total debt securities without single maturity date, amortized cost	337,656
Amortized Cost	337,656	360,436
Fair Value
Total debt securities without single maturity date, fair value	329,832
Total at end of period	329,832	360,939
Total fixed income securities
Amortized Cost
Amortized Cost	5,926,785	6,397,658
Fair Value
Total at end of period	$ 5,409,698	$ 6,587,581

Investments - Equity Securities

Investments - Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	$ 15,924	$ 15,838
Fair Value	14,140	16,068
Equity securities
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Cost	15,924	15,838
Gross gains	0	264
Gross losses	(1,784)	(34)
Fair Value	$ 14,140	$ 16,068

Investments - Net Gains (Losses

Investments - Net Gains (Losses) On Investments and Other Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fixed income securities
Gross realized gains on sale of fixed income securities	$ 7,152	$ 8,980	$ 21,272
Gross realized losses on sale of fixed income securities	(15,477)	(1,942)	(8,809)
Change in credit allowance	0	49	(49)
Impairments	(1,415)	0	(331)
Equity securities gains (losses)
Equity securities gains (losses), on sales	(7)	4	1,344
Equity securities, gains (losses), market adjustment	(2,013)	(463)	552
Change in embedded derivative on Home Re Transactions	4,269	(721)	(1,176)
Other
Other, gains (losses) on sales	2	(33)	(231)
Other, market adjustment	26	(13)	4
Net gains (losses) on investments and other financial instruments	(7,463)	5,861	12,576
Proceeds from sales of fixed income securities	397,553	471,783	803,401
Proceeds from sales of equity securities	$ 97	$ 2,621	$ 25,693

Investments - Securities In Unr

Investments - Securities In Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Schedule of Investments [Line Items]
Less than 12 months	$ 3,411,256	$ 1,970,111
12 months or greater	1,592,040	85,830
Total	5,003,296	2,055,941
Less than 12 months	(298,637)	(26,842)
12 months or greater	(224,403)	(1,625)
Total	$ (523,040)	$ (28,467)
Number of securities in unrealized loss position \| security	1,226	610
U.S. government securities
Schedule of Investments [Line Items]
Less than 12 months	$ 67,531	$ 91,154
12 months or greater	76,246	2,616
Total	143,777	93,770
Less than 12 months	(3,583)	(790)
12 months or greater	(6,100)	(78)
Total	(9,683)	(868)
Obligations of U.S. states and political subdivisions
Schedule of Investments [Line Items]
Less than 12 months	1,344,272	452,021
12 months or greater	360,956	15,540
Total	1,705,228	467,561
Less than 12 months	(157,903)	(7,189)
12 months or greater	(98,170)	(207)
Total	(256,073)	(7,396)
Corporate debt securities
Schedule of Investments [Line Items]
Less than 12 months	1,488,255	865,085
12 months or greater	758,732	10,997
Total	2,246,987	876,082
Less than 12 months	(109,976)	(13,260)
12 months or greater	(86,401)	(516)
Total	(196,377)	(13,776)
ABS
Schedule of Investments [Line Items]
Less than 12 months	53,201	100,064
12 months or greater	67,073	1,552
Total	120,274	101,616
Less than 12 months	(1,008)	(998)
12 months or greater	(5,033)	(10)
Total	(6,041)	(1,008)
RMBS
Schedule of Investments [Line Items]
Less than 12 months	77,563	180,586
12 months or greater	136,179	31,641
Total	213,742	212,227
Less than 12 months	(8,572)	(2,548)
12 months or greater	(17,172)	(730)
Total	(25,744)	(3,278)
CMBS
Schedule of Investments [Line Items]
Less than 12 months	166,973	89,889
12 months or greater	70,792	1,511
Total	237,765	91,400
Less than 12 months	(12,951)	(1,887)
12 months or greater	(7,640)	(49)
Total	(20,591)	(1,936)
CLOs
Schedule of Investments [Line Items]
Less than 12 months	213,461	177,663
12 months or greater	114,459	21,973
Total	327,920	199,636
Less than 12 months	(4,644)	(71)
12 months or greater	(3,185)	(35)
Total	(7,829)	(106)
Foreign government debt
Schedule of Investments [Line Items]
Less than 12 months	0	13,649
12 months or greater	3,787	0
Total	3,787	13,649
Less than 12 months	0	(99)
12 months or greater	(699)	0
Total	(699)	$ (99)
Commercial paper
Schedule of Investments [Line Items]
Less than 12 months	0
12 months or greater	3,816
Total	3,816
Less than 12 months	0
12 months or greater	(3)
Total	$ (3)

Investments - Net Unrealized Ga

Investments - Net Unrealized Gains (Losses) of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fixed income
Schedule of Investments [Line Items]
Fixed income securities	$ (707,005)	$ (154,555)	$ 169,135

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investment income	$ 171,843	$ 160,598	$ 159,608
Investment expenses	(4,367)	(4,160)	(5,212)
Investment income, net of expenses	167,476	156,438	154,396
Total fixed income securities
Schedule of Investments [Line Items]
Investment income	166,306	160,030	157,065
Equity securities
Schedule of Investments [Line Items]
Investment income	437	471	620
Cash equivalents
Schedule of Investments [Line Items]
Investment income	5,049	75	1,648
Other
Schedule of Investments [Line Items]
Investment income	$ 51	$ 22	$ 275

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	$ 5,409,698	$ 6,587,581
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Cash equivalents	328,756	254,230
Total assets	5,752,594	6,857,879
Real Estate Acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases of real estate assets acquired	3,500	4,800
Sales of real estate assets acquired	4,000	4,800
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	324,129	254,230
Total assets	455,166	372,451
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,627	0
Total assets	5,297,428	6,485,428
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative related to Home Re transactions	2,500	(1,800)
Total fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	5,409,698	6,587,581
Total fixed income securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	116,897	102,153
Total fixed income securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	5,292,801	6,485,428
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	135,900	133,407
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	116,897	102,153
U.S. Treasury securities and obligations of U.S. government corporations and agencies \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	19,003	31,254
Obligations of U.S. states and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,149,054	2,534,653
Obligations of U.S. states and political subdivisions \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
Obligations of U.S. states and political subdivisions \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,149,054	2,534,653
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,221,141	2,765,982
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	2,221,141	2,765,982
ABS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	120,687	150,710
ABS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
ABS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	120,687	150,710
RMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	198,009	309,110
RMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
RMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	198,009	309,110
CMBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	237,216	319,130
CMBS \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
CMBS \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	237,216	319,130
CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	329,832	360,939
CLOs \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
CLOs \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	329,832	360,939
Foreign government debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	3,787	13,650
Foreign government debt \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0	0
Foreign government debt \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	3,787	13,650
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	14,072
Other \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	0
Other \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed income, available-for-sale	14,072
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Equity securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Senior Notes \| 5.75% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	5.75%
Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	5.25%
9% Convertible Junior Subordinated Debentures due 2063
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate (in hundredths)	9%	9%	9%
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other invested assets	$ 850	$ 3,100
FHLB Advance	0	155,000
9% Debentures	21,086	110,204
Total financial liabilities	662,810	1,146,712
Carrying Value \| Senior Notes \| 5.75% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	0	241,255
Carrying Value \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	641,724	640,253
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	3,100
FHLB Advance	0	157,585
9% Debentures	28,085	151,000
Total financial liabilities	629,023	1,251,673
Fair Value \| Significant Other Observable Inputs (Level 2) \| Senior Notes \| 5.75% Senior Notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	0	256,213
Fair Value \| Significant Other Observable Inputs (Level 2) \| Senior Notes \| 5.25% Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes	$ 600,938	$ 686,875

Debt - Summary of Obligations (

Debt - Summary of Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 662.8	$ 1,146.7
Federal Home Loan Bank Advances (FHLB)
Debt Instrument [Line Items]
Long-term debt, carrying value	0	$ 155
FHLBC fixed interest rate		1.91%
Senior Notes \| 5.75% Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt, carrying value	0	$ 241.3
Senior Notes \| 5.25% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt, carrying value	641.7	640.2
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
Debt Instrument [Line Items]
Long-term debt, carrying value	$ 21.1	$ 110.2

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Jul. 31, 2022	Aug. 31, 2020	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment				$ 40,199,000	$ 36,914,000	$ 26,736,000
Interest paid				$ 53,700,000	71,700,000	54,300,000
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
Debt Instrument [Line Items]
Stated interest rate (in hundredths)				9%
Extinguishment of debt				$ 89,100,000	98,600,000	48,100,000
Repayments of long-term debt				121,200,000	135,500,000	61,600,000
Loss on debt extinguishment				$ 32,100,000	$ 36,900,000	$ 10,200,000
Reduction in potentially dilutive shares due to debt extinguishment				6,800,000	7,500,000	3,600,000
Reacquisition of convertible junior subordinated debentures-equity component						$ 2,700,000
Redemption price, percentage (in hundredths)				100%
Conversion rate (in shares per $1,000 note)				77.9620
Principal amount of notes used in determining conversion rate				$ 1,000
Conversion price (in dollars per share)				$ 12.83
Period preceding election to convert				5 days
Closing sale price of our common stock for consideration of redemption (in dollars per share)				$ 16.67
Minimum number of trading days				20 days
Maximum number of trading days				30 days
Federal Home Loan Bank Advances (FHLB)
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 1,300,000
Federal Home Loan Bank Advance prepayment amount			$ 156,300,000
Senior Notes \| 5.75% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate (in hundredths)				5.75%
Extinguishment of debt						182,700,000
Loss on debt extinguishment	$ 6,800,000					16,500,000
Purchase of senior notes	$ 248,400,000					$ 197,800,000
Senior Notes \| 5.75% Senior Notes due 2023 \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Senior Notes \| 5.25% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (in hundredths)				5.25%
Debt instrument, face amount		$ 650,000,000		$ 650,000,000
Proceeds from issuance of debt		640,300,000
Debt issuance costs		$ 2,000,000
Ownership percentage threshold for declaration of due and payable				25%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)				102.625%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period One \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)				102.625%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)				101.313%
Senior Notes \| 5.25% Senior Notes due 2028 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption price, percentage (in hundredths)				100%

Loss Reserves - Narrative (Deta

Loss Reserves - Narrative (Details) $ in Thousands	12 Months Ended
Loss Reserves - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) Payment loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Minimum number of payments past due to be in default \| Payment	2
Change in loss reserves (+/-)	$ (325,534)	$ 2,985	$ 325,203
Total prior year loss development	(404,130)	(60,015)	$ 19,604
Premium refund liability, expected claim payments	$ 25,500	$ 37,300
Other items removed from inventory \| loan	289	695	0
Prior years	$ 49,626	$ 68,769	$ 109,923
Current year	$ 149,565	$ 124,592	$ 345,170
Pool insurance notice inventory (in number of loans) \| loan	391	498	680
Settlements for commutations of coverage, pools of nonperforming loans
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior years	$ 4,600	$ 13,800
$1,000 Increase/Decrease In Average Severity Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	10,000
One Percentage Point Increase/Decrease In Average Claim Rate Reserve Factor
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Change in loss reserves (+/-)	15,000
Change in estimates related to IBNR reserves
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Current year	$ 2,300	(5,900)
Probable Loss On Litigation Claims Paying Practices
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development		$ 6,300

Loss Reserves - Reconciliation

Loss Reserves - Reconciliation of Changes in Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Reserve [Roll Forward]
Reserve at beginning of year	$ 883,522	$ 880,537	$ 555,334
Less reinsurance recoverable	28,240	66,905	95,042	$ 21,641
Net reserve at beginning of year	529,748	816,617	785,495	$ 533,693
Losses incurred: [Abstract]
Current year	149,565	124,592	345,170
Prior years	(404,130)	(60,015)	19,604
Total losses incurred	(254,565)	64,577	364,774
Losses paid [Abstract]
Current year	362	664	3,069
Prior years	49,626	68,769	109,923
Reinsurance terminations	(17,684)	(35,978)	(20)
Total losses paid	32,304	33,455	112,972
Net reserve at end of year	529,748	816,617	785,495
Reserve at end of year	$ 557,988	$ 883,522	$ 880,537

Loss Reserves - Prior Year Loss

Loss Reserves - Prior Year Loss Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ (404,130)	$ (60,015)	$ 19,604
(Decrease) in estimated claim rate on primary delinquencies
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	(400,577)	(82,904)	(2,536)
Increase (decrease) in estimated claim severity on primary delinquencies
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	(21,995)	310	13,535
Change in estimates related to pool reserves, LAE reserves, reinsurance and other
Liability for Claims and Claims Adjustment Expense [Line Items]
Total prior year loss development	$ 18,442	$ 22,579	$ 8,605

Loss Reserves - Default Invento

Loss Reserves - Default Inventory Reconciliation (Details) - loan	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Primary Default Inventory [Roll Forward]
New Notices	42,988	42,432	106,099
Cures	(48,262)	(64,896)	(76,107)
Paid claims	(1,305)	(1,223)	(2,245)
Rescissions and denials	(35)	(38)	(65)
Other items removed from inventory	(289)	(695)	0
Primary Default Inventory	26,387	33,290	57,710	30,028

Loss Reserves - Aging of Primar

Loss Reserves - Aging of Primary Default Inventory (Details) - loan	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Aging of the Primary Default Inventory [Abstract]
3 months or less	8,820	7,586	11,542
4 - 11 months	8,217	7,990	34,620
12 months or more	9,350	17,714	11,548
Total primary default inventory	26,387	33,290	57,710	30,028
3 months of less (in hundreds, as a percent)	33%	23%	20%
4 - 11 months (in hundredths, as a percent)	31%	24%	60%
12 months or more (in hundredths, as a percent)	36%	53%	20%
Total primary default inventory (in hundredths, as a percent)	100%	100%	100%
Primary claims received inventory included in ending delinquent inventory	267	211	159
Percent of inventory in default for more than 36 consecutive months (as a percent)	36%	20%	31%

Reinsurance - Summary of Reinsu

Reinsurance - Summary of Reinsurance Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Premiums Earned, Net [Abstract]
Premiums earned, direct	$ 1,154,728	$ 1,167,592	$ 1,199,824
Premiums earned, assumed	8,778	9,858	10,848
Premiums earned, ceded	(156,373)	(163,031)	(188,729)
Net premiums earned	1,007,133	1,014,419	1,021,943
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, direct	(274,072)	74,496	442,194
Losses incurred, assumed	(330)	(57)	555
Net losses incurred	(254,565)	64,577	364,774
Quota Share Reinsurance Transactions
Premiums Earned, Net [Abstract]
Premiums earned, ceded	(86,435)	(118,537)	(167,930)
Policyholder Benefits and Claims Incurred, Net [Abstract]
Losses incurred, ceded	19,837	(9,862)	(77,975)
Profit commission	176,084	153,759	72,425
Ceding commisisons	52,071	53,460	48,077
Excess of Loss Reinsurance Transactions
Premiums Earned, Net [Abstract]
Premiums earned, ceded	$ (69,938)	$ (44,494)	$ (20,799)

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Reinsurance recoverable on paid losses		$ 18,081	$ 36,275
Reinsurance recoverable on loss reserves		$ 28,240	66,905	$ 95,042	$ 21,641
Quota Share Reinsurance Transactions
Effects of Reinsurance [Line Items]
Ceding commission, percentage		20%
Annual loss ratio cap, percentage		300%
Lifetime loss ratio cap, percentage		200%
Threshold for private mortgage insurer eligibility requirements for termination election		90%
Reinsurance recoverable on loss reserves		$ 28,200	66,900
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %		65%
Annual loss ratio		50%
Threshold for private mortgage insurer eligibility requirements for termination election		80%
Quota Share Reinsurance Transaction, 2023 \| Forecast
Effects of Reinsurance [Line Items]
Quota Share %	10%
Annual loss ratio	58.50%
2019 QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %		30%
Annual loss ratio		62%
Contingent termination fee		$ 2,200
Quota Share Reinsurance Transactions, 2015 & 2019
Effects of Reinsurance [Line Items]
Reinsurance recoverable on paid losses		$ 17,700
Quota Share Reinsurance Transactions, 2017 & 2018
Effects of Reinsurance [Line Items]
Contingent termination fee			5,000
Reinsurance recoverable on paid losses			$ 36,000
Aggregate Excess of Loss Reinsurance Transactions, Home Re Entities \| Minimum
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage		10 years
Aggregate Excess of Loss Reinsurance Transactions, Home Re Entities \| Maximum
Effects of Reinsurance [Line Items]
Amortization period excess of loss reinsurance coverage		12 years 6 months
Home Re special purpose insurers
Effects of Reinsurance [Line Items]
Percent of total trust assets invested in cash or direct U.S. federal government obligations (as a percent)		99.50%

Reinsurance - Quota Share Agree

Reinsurance - Quota Share Agreement Terms (Details)	12 Months Ended
Reinsurance - Quota Share Agreement Terms (Details)	Dec. 31, 2022
2015 QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %	15%
Annual Loss Ratio to Exhaust Profit Commission	68%
2019 QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %	30%
Annual Loss Ratio to Exhaust Profit Commission	62%
2020 QSR
Effects of Reinsurance [Line Items]
Quota Share %	12.50%
Annual Loss Ratio to Exhaust Profit Commission	62%
Cede rate, option 1	10.50%
Cede rate, option 2	8%
2020 QSR and 2021 QSR
Effects of Reinsurance [Line Items]
Quota Share %	17.50%
Annual Loss Ratio to Exhaust Profit Commission	62%
Cede rate, option 1	14.50%
Cede rate, option 2	12%
2020 QSR and 2021 QSR
Effects of Reinsurance [Line Items]
Quota Share %	17.50%
Annual Loss Ratio to Exhaust Profit Commission	61.90%
Cede rate, option 1	14.50%
Cede rate, option 2	12%
2021 QSR and 2022 QSR
Effects of Reinsurance [Line Items]
Quota Share %	12.50%
Annual Loss Ratio to Exhaust Profit Commission	57.50%
Cede rate, option 1	10.50%
Cede rate, option 2	8%
2021 QSR and 2022 QSR
Effects of Reinsurance [Line Items]
Quota Share %	15%
Annual Loss Ratio to Exhaust Profit Commission	57.50%
Cede rate, option 1	12.50%
Cede rate, option 2	10%
2022 QSR and 2023 QSR
Effects of Reinsurance [Line Items]
Quota Share %	15%
Annual Loss Ratio to Exhaust Profit Commission	62%
Cede rate, option 1	12.50%
Cede rate, option 2	10%
2022 QSR and 2023 QSR
Effects of Reinsurance [Line Items]
Quota Share %	15%
Annual Loss Ratio to Exhaust Profit Commission	62%
Cede rate, option 1	12.50%
Cede rate, option 2	10%
Credit Union QSR Transaction
Effects of Reinsurance [Line Items]
Quota Share %	65%
Annual Loss Ratio to Exhaust Profit Commission	50%

Reinsurance - Excess of Loss Re

Reinsurance - Excess of Loss Reinsurance (Details) - USD ($) $ in Thousands								12 Months Ended
	Apr. 26, 2022	Apr. 01, 2022	Aug. 03, 2021	Feb. 02, 2021	Oct. 29, 2020	May 25, 2019	Oct. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Home Re 2022-1
Effects of Reinsurance [Line Items]
Legal Maturity	12 years 6 months
Initial First Layer Retention	$ 325,589
Remaining First Layer Retention								$ 325,576
Remaining Excess of Loss Reinsurance Coverage	$ 473,575							473,575
Home Re 2021-2
Effects of Reinsurance [Line Items]
Legal Maturity			12 years 6 months
Initial First Layer Retention			$ 190,159
Remaining First Layer Retention								190,097	$ 190,159
Remaining Excess of Loss Reinsurance Coverage			$ 398,429					352,084	398,429
Home Re 2021-1
Effects of Reinsurance [Line Items]
Legal Maturity				12 years 6 months
Initial First Layer Retention				$ 211,159
Remaining First Layer Retention								211,102	211,142
Remaining Excess of Loss Reinsurance Coverage				$ 398,848				277,053	387,830
Home Re 2020-1
Effects of Reinsurance [Line Items]
Legal Maturity					10 years
Initial First Layer Retention					$ 275,283
Remaining First Layer Retention								274,871	275,204	$ 275,283
Remaining Excess of Loss Reinsurance Coverage					$ 412,917			113,247	234,312	412,917
Home Re 2019-1
Effects of Reinsurance [Line Items]
Legal Maturity						10 years
Initial First Layer Retention						$ 185,730
Remaining First Layer Retention								183,540	183,917	184,514
Remaining Excess of Loss Reinsurance Coverage						$ 315,739		208,146	208,146	208,146
Home Re 2018-1
Effects of Reinsurance [Line Items]
Legal Maturity							10 years
Initial First Layer Retention							$ 168,691
Remaining First Layer Retention								164,849	165,365	166,005
Remaining Excess of Loss Reinsurance Coverage							$ 318,636	140,993	$ 218,343	$ 218,343
2022 Traditional XOL
Effects of Reinsurance [Line Items]
Legal Maturity		10 years
Initial First Layer Retention		$ 82,523
Remaining First Layer Retention								82,517
Remaining Excess of Loss Reinsurance Coverage		$ 142,642						$ 142,642

Reinsurance - Home Re Entities

Reinsurance - Home Re Entities Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Total assets	$ 6,213,793	$ 7,325,008
Home Re 2018-1
Effects of Reinsurance [Line Items]
Total assets	146,822	218,343	$ 218,343
Home Re 2019-1
Effects of Reinsurance [Line Items]
Total assets	208,146	208,146	208,146
Home Re 2020-1
Effects of Reinsurance [Line Items]
Total assets	119,159	251,387	$ 412,917
Home Re 2021-1
Effects of Reinsurance [Line Items]
Total assets	285,039	398,848
Home Re 2021-2
Effects of Reinsurance [Line Items]
Total assets	357,340	$ 398,429
Home Re 2022-1
Effects of Reinsurance [Line Items]
Total assets	$ 473,575

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Pretax Components of Other Comprehensive Income (Loss) and Related Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Other Comprehensive Income (Loss) [Abstract]
Net unrealized investment (losses) gains arising during the period	$ (707,005)	$ (154,555)	$ 169,135
Income tax benefit (expense)	148,471	32,456	(35,519)
Net of taxes	(558,534)	(122,099)	133,616
Net changes in benefit plan assets and obligations	(54,017)	31,613	13,288
Income tax benefit (expense)	11,343	(6,638)	(2,791)
Net of taxes	(42,674)	24,975	10,497
Total other comprehensive income (loss)	(761,022)	(122,942)	182,423
Total income tax benefit (expense)	159,814	25,818	(38,310)
Other comprehensive income (loss), net of tax	$ (601,208)	$ (97,124)	$ 144,113

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Pretax and Related Income Tax Benefit (Expense) Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	$ 1,090,034	$ 801,777	$ 559,263
Income tax benefit (expense)	(224,685)	(166,794)	(113,170)
Net income	865,349	634,983	446,093
Reclassification from Accumulated Other Comprehensive Income
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(26,610)	676	(2,106)
Income tax benefit (expense)	5,588	(142)	441
Net income	(21,022)	534	(1,665)
Reclassification from Accumulated Other Comprehensive Income \| Net unrealized gains and losses on available-for-sale securities
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(9,860)	10,455	13,862
Income tax benefit (expense)	2,070	(2,195)	(2,912)
Net income	(7,790)	8,260	10,950
Reclassification from Accumulated Other Comprehensive Income \| Net benefit plan assets and obligations recognized in shareholders' equity
Amounts Reclassified From Accumulated Other Comprehensive Income [Abstract]
Total reclassifications	(16,750)	(9,779)	(15,968)
Income tax benefit (expense)	3,518	2,053	3,353
Net income	$ (13,232)	$ (7,726)	$ (12,615)

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) - Roll-Forward for AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	$ 4,861,382	$ 4,698,986
Balance, end of year	4,642,740	4,861,382	$ 4,698,986
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	119,697	216,821	72,708
Other comprehensive income (loss) before reclassifications	(622,230)	(96,590)	142,448
Less: Amounts reclassified from AOCI	(21,022)	534	(1,665)
Balance, end of year	(481,511)	119,697	216,821
Net unrealized gains and losses on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	150,038	272,137	138,521
Other comprehensive income (loss) before reclassifications	(566,324)	(113,839)	144,566
Less: Amounts reclassified from AOCI	(7,790)	8,260	10,950
Balance, end of year	(408,496)	150,038	272,137
Net benefit plan assets and obligations recognized in shareholders' equity
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of year	(30,341)	(55,316)	(65,813)
Other comprehensive income (loss) before reclassifications	(55,906)	17,249	(2,118)
Less: Amounts reclassified from AOCI	(13,232)	(7,726)	(12,615)
Balance, end of year	$ (73,015)	$ (30,341)	$ (55,316)

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	$ 7,153	$ 7,569	$ 7,342
Interest Cost	12,461	11,276	13,036
Expected Return on Assets	(18,064)	(20,657)	(22,139)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	(163)	(239)	(247)
Amortization of Net Losses/(Gains)	5,726	5,490	6,578
Cost of Settlements and Curtailments	13,801	6,012	10,369
Net Periodic Benefit Cost	20,914	9,451	14,939
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Company Service Cost	1,307	1,508	1,263
Interest Cost	694	648	832
Expected Return on Assets	(10,502)	(8,863)	(7,407)
Amortization of Net Transition Obligation/(Asset)	0	0	0
Amortization of Net Prior Service Cost/(Credit)	489	213	51
Amortization of Net Losses/(Gains)	(3,103)	(1,697)	(783)
Cost of Settlements and Curtailments	0	0	0
Net Periodic Benefit Cost	$ (11,115)	$ (8,191)	$ (6,044)

Benefit Plans - Development of

Benefit Plans - Development of Funded Status (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 274,975	$ 390,747
Projected Benefit Obligation	(274,975)	(391,698)	$ (423,713)
Plan Assets at Fair Value	250,674	391,555	411,245
Funded Status - Overfunded/(Underfunded)	(24,301)	(143)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	29,580	25,635
Projected Benefit Obligation	(29,580)	(25,635)	(28,714)
Plan Assets at Fair Value	111,154	140,839	$ 119,024
Funded Status - Overfunded/(Underfunded)	$ 81,574	$ 115,204

Benefit Plans - Accumulated Oth

Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	$ 89,711	$ 84,045
Net Prior Service Cost/(Credit)	3,245	(747)
Net Transition Obligation/(Asset)	0	0
Total at Year End	92,956	83,298	$ 97,911
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Net Actuarial (Gain)/Loss	(13,781)	(47,352)
Net Prior Service Cost/(Credit)	13,249	2,461
Net Transition Obligation/(Asset)	0	0
Total at Year End	$ (532)	$ (44,891)	$ (27,892)

Benefit Plans - Change in Proje

Benefit Plans - Change in Project Benefit/Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	$ 391,698	$ 423,713
Company Service Cost	7,153	7,569	$ 7,342
Interest Cost	12,461	11,276	13,036
Plan Participants' Contributions	0	0
Net Actuarial (Gain)/Loss	(83,240)	(10,018)
Benefit Payments from Fund	(13,165)	(12,866)
Benefit Payments Paid Directly by Company	(114)	(362)
Plan Amendments	3,247	2
Curtailments	(352)	0
Settlement Payments from Fund (1)	(42,713)	(27,616)
Other Adjustment	0	0
Benefit Obligation at End of Year	274,975	391,698	423,713
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit Obligation at Beginning of Year	25,635	28,714
Company Service Cost	1,307	1,508	1,263
Interest Cost	694	648	832
Plan Participants' Contributions	463	456
Net Actuarial (Gain)/Loss	(8,123)	(3,574)
Benefit Payments from Fund	(1,504)	(1,963)
Benefit Payments Paid Directly by Company	0	0
Plan Amendments	11,278	0
Curtailments	0	0
Settlement Payments from Fund (1)	0	0
Other Adjustment	(170)	(154)
Benefit Obligation at End of Year	$ 29,580	$ 25,635	$ 28,714

Benefit Plans - Change in Plan

Benefit Plans - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	$ 391,555	$ 411,245
Actual Return on Assets	(91,303)	13,992
Company Contributions	6,414	7,162
Plan Participants' Contributions	0	0
Benefit Payments from Fund	(13,165)	(12,866)
Benefit Payments Paid Directly by Company	(114)	(362)
Settlement Payments from Fund	(42,713)	(27,616)
Other Adjustment	0	0
Fair Value of Plan Assets at End of Year	250,674	391,555
Other Postretirement Benefit Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets at Beginning of Year	140,839	119,024
Actual Return on Assets	(28,088)	23,773
Company Contributions	0	0
Plan Participants' Contributions	463	456
Benefit Payments from Fund	(1,504)	(1,963)
Benefit Payments Paid Directly by Company	0	0
Settlement Payments from Fund	0	0
Other Adjustment	(556)	(451)
Fair Value of Plan Assets at End of Year	$ 111,154	$ 140,839

Benefit Plans - Change in Accum

Benefit Plans - Change in Accumulated Other Comprehensive Income (AOCI) and Expected Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	$ 83,298	$ 97,911
Recognized during year - Prior Service (Cost)/Credit	745	239
Recognized during year - Net Actuarial (Losses)/Gains	(20,109)	(11,502)
Occurring during year - Prior Service Cost	3,247	2
Occurring during year - Net Actuarial Losses/(Gains)	25,775	(3,352)
AOCI in Current Year	92,956	83,298
Other Postretirement Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
AOCI in Prior Year	(44,891)	(27,892)
Recognized during year - Prior Service (Cost)/Credit	(489)	(213)
Recognized during year - Net Actuarial (Losses)/Gains	3,103	1,697
Occurring during year - Prior Service Cost	11,277	0
Occurring during year - Net Actuarial Losses/(Gains)	30,468	(18,483)
AOCI in Current Year	$ (532)	$ (44,891)

Benefit Plans - Actuarial Assum

Benefit Plans - Actuarial Assumptions and Year-End Asset Allocations (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.60%	3.05%
Rate of Compensation Increase Used to Determine Benefit Obligation (in hundredths)	3%	3%
Cash Balance Interest Crediting Rate Used to Determine Benefit Obligation (in hundredths)	3.97%	2.80%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	3.70%	2.80%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	5.25%	5.25%
Rate of Compensation Increase Used to Determine Net Periodic Benefit Cost (in hundredths)	3%	3%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Discount Rate Used to Determine Benefit Obligation(in hundredths)	5.60%	2.85%
Discount Rate Used to Determine Net Periodic Benefit Cost (in hundredths)	2.85%	2.35%
Expected Long-term Return on Plan Assets Used to Determine Net Periodic Benefit Cost (in hundredths)	7.50%	7.50%
Health Care Cost Trend Rate Assumed for Next Year (in hundredths)	7%	6.50%
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) (in hundredths)	5%	5%
Weighted-average asset allocations of plans (in hundredths)	100%	100%
Other Postretirement Benefit Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100%	100%
Other Postretirement Benefit Plan \| Total fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	0%	0%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	100%	100%
Pension Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	20%	21%
Pension Plan \| Total fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Weighted-average asset allocations of plans (in hundredths)	80%	79%

Benefit Plans - Fair Value of P

Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	$ 250,674	$ 391,555
Pension Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	13,395	37,018
Pension Plan \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	237,279	354,537
Pension Plan \| Domestic Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	67	4,071
Pension Plan \| Domestic Mutual Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	67	4,071
Pension Plan \| Domestic Mutual Funds \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| U.S. government securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	13,328	32,947
Pension Plan \| U.S. government securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	13,328	32,947
Pension Plan \| U.S. government securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Corporate debt securities and other
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	146,854	221,033
Pension Plan \| Corporate debt securities and other \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Corporate debt securities and other \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	146,854	221,033
Pension Plan \| Non-government foreign debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	20,793	34,103
Pension Plan \| Non-government foreign debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Non-government foreign debt securities \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	20,793	34,103
Pension Plan \| Municipal bonds
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	18,336	20,093
Pension Plan \| Municipal bonds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Municipal bonds \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	18,336	20,093
Pension Plan \| Pooled Equity Accounts
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	51,296	79,308
Pension Plan \| Pooled Equity Accounts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	0	0
Pension Plan \| Pooled Equity Accounts \| Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	51,296	79,308
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	111,154	140,839	$ 119,024
Other Postretirement Benefit Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	111,154	140,839
Other Postretirement Benefit Plan \| Domestic Mutual Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	89,584	112,770
Other Postretirement Benefit Plan \| International Mutual Funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Plan Assets at Fair Value	$ 21,570	$ 28,069

Benefit Plans - Additional Disc

Benefit Plans - Additional Disclosures (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 2,211
Expected Benefit Payments for the Year Ending: Current plus 2	2,476
Expected Benefit Payments for the Year Ending: Current plus 3	2,780
Expected Benefit Payments for the Year Ending: Current plus 4	2,886
Expected Benefit Payments for the Year Ending: Current plus 5	2,929
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 16,102
Other Postretirement Benefit Plan \| Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	70%
Other Postretirement Benefit Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	100%
Other Postretirement Benefit Plan \| Real Estate \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0%
Other Postretirement Benefit Plan \| Real Estate \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	15%
Other Postretirement Benefit Plan \| Commodities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0%
Other Postretirement Benefit Plan \| Commodities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	0%
Other Postretirement Benefit Plan \| Fixed Income/Cash \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	10%
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Expected Benefit Payments for the Year Ending: Current plus 1	$ 23,966
Expected Benefit Payments for the Year Ending: Current plus 2	23,309
Expected Benefit Payments for the Year Ending: Current plus 3	23,104
Expected Benefit Payments for the Year Ending: Current plus 4	23,363
Expected Benefit Payments for the Year Ending: Current plus 5	23,194
Expected Benefit Payments for the Year Ending: Current plus 6 - 10	$ 102,588
Pension Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target asset allocations (in hundredths)	40%

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Minimum percentages of gain loss consider for amortization (in hundredths)		10%
Minimum value of outstanding noncallable bonds used in hypothetical cash flow bond matching exercise		$ 50,000
Future earnings period used in determining the expected average rate of earnings		20 years
Discretionary profit sharing contribution as a percentage of participant's eligible compensation (in hundredths)		5%
Matching contribution rate on employees' contributions (in hundredths)		100%
Employee contributions subject to employer match (in hundredths)		4%
Profit sharing and 401(k) savings plan expenses		$ 7,600	$ 8,000	$ 8,000
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Matching contribution for first two percent, as a percent	200%
Matching contribution for the next two percent, as a percent	100%
Matching contribution, percent of employee's gross pay, first two percent contributed, as a percent	2%
Matching contribution, percent of employee's gross pay, next two percent contributed, as a percent	2%
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage return should exceed growth in consumer price index annually (in hundredths)		5.75%
Maximum investment in international mutual funds (in hundredths)		30%
Percent of international mutual funds equity allocation in emerging markets (in hundredths)		2%
Percent of international mutual funds equity allocation in companies primarily based in Europe and the Pacific Basin (in hundredths)		17%
Company Contributions		$ 0	0
Pension and Supplemental Executive Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Company Contributions		$ 6,414	$ 7,162

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net deferred tax assets and liabilities [Abstract]
Total deferred tax assets	$ 144,819	$ 32,331
Total deferred tax liabilities	(20,050)	(71,743)
Net deferred tax asset	124,769
Net deferred tax liability		(39,412)
Components of net deferred tax asset [Abstract]
Unearned premium reserves	16,209	19,116
Benefit plans	(9,444)	(21,360)
Loss reserves	1,785	4,034
Unrealized depreciation in investments	108,588
Unrealized appreciation in investments		(39,883)
Deferred policy acquisition cost	(4,003)	(4,551)
Deferred compensation	6,806	6,118
Research and experimental costs	9,719	0
Other, net	(4,891)	(2,886)
Components of provisions for (benefit from) income taxes [Abstract]
Current federal	228,259	161,055	$ 85,574
Deferred federal	(5,235)	4,392	28,244
Other	1,661	1,347	(648)
Provision for income taxes	$ 224,685	$ 166,794	$ 113,170
Reconciliation of effective income tax rate [Abstract]
Federal statutory income tax rate (in hundredths)	21%	21%	21%
Tax exempt municipal bond interest (in hundredths)	(0.50%)	(0.60%)	(0.90%)
Other, net (in hundredths)	0.10%	0.40%	0.10%
Effective income tax provision rate (in hundredths)	20.60%	20.80%	20.20%
Income taxes paid	$ 236,500	$ 155,300	$ 79,600
Amount of tax and loss bonds held	661,700
Unrecognized tax benefits	$ 0	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		2 Months Ended	6 Months Ended		12 Months Ended
	Jan. 24, 2023	Feb. 17, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Class of Stock [Line Items]
Retained earnings			$ 4,004,294		$ 4,004,294	$ 3,250,691
Shares repurchased during period (in shares)					27.8	19	9.6
Shares repurchased, weighted average price per share (in dollars per share)					$ 13.89	$ 15.30	$ 12.47
Remaining authorized repurchase amount			$ 114,000		$ 114,000
Common stock, dividends, per share, cash paid (in dollars per share)			$ 0.10	$ 0.08
Cash dividends			$ 60,700	$ 51,000
Cumulative Effect, Period of Adoption, Adjustment
Class of Stock [Line Items]
Retained earnings								$ 68,300
Additional Paid in Capital								$ 68,300
Subsequent Event
Class of Stock [Line Items]
Shares repurchased during period (in shares)		3.1
Shares repurchased, weighted average price per share (in dollars per share)		$ 13.65
Common stock, dividends, per share, declared (in dollars per share)	$ 0.10

Statutory Information - Narrati

Statutory Information - Narrative (Details) $ in Thousands	12 Months Ended
Statutory Information - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) jurisdiction
Statutory capital requirements [Abstract]
Number of jurisdictions with risk-to-capital requirements \| jurisdiction	16
Maximum permitted risk-to-capital ratio commonly applied	25 to 1
Insurance Subsidiaries
Statutory capital requirements [Abstract]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Maximum
Statutory capital requirements [Abstract]
Risk to capital ratio	25
Mortgage Guaranty Insurance Corporation
Statutory capital requirements [Abstract]
Risk to capital ratio at end of period	10.2 to 1
Risk to capital ratio	10.2
Amount of policyholders position above or below required MPP	$ 3,500,000
Amount of required MPP	$ 2,100,000

Statutory Information - Statuto

Statutory Information - Statutory financial information of insurance subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statutory Capital [Abstract]
Statutory net income	$ 440,944	$ 295,811	$ 65,201
Statutory policyholders' surplus	924,977	1,220,714	1,339,509
Contingency reserve	$ 4,669,724	$ 4,126,604	$ 3,585,864

Statutory Information - Surplus

Statutory Information - Surplus contributions and dividends of insurance subsidiaries (Details) - Mortgage Guaranty Insurance Corporation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Dividends paid to the parent company	$ 800,000	$ 400,000	$ 390,000
Dividend to parent, distribution of investment in subsidiary		$ 8,900
Dividend to parent, distribution of interest in 9% Debentures			$ 139,500

Share-based Compensation Plan_2

Share-based Compensation Plans (Details) - $ / shares	12 Months Ended
Share-based Compensation Plans (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	3,600,000
Restricted Stock/Restricted Stock Units
Weighted average grant date fair market value [Abstract]
Restricted stock outstanding at end of period (in dollars per share)	$ 12.88
Granted (in dollars per share)	15.45	$ 12.83	$ 13.62
Vested (in dollars per share)	12.35
Forfeited (in dollars per share)	13
Restricted stock outstanding at end of period (in dollars per share)	$ 14.02	$ 12.88
Shares [Roll Forward]
Restricted stock outstanding at beginning of period (in shares)	4,146,088
Granted (in shares)	1,273,979
Vested (in shares)	(1,549,098)
Forfeited (in shares)	(294,290)
Restricted stock outstanding at end of period (in shares)	3,576,679	4,146,088
RSUs subject to performance conditions
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	2,800,000
Share-based compensation arrangement, percent granted subject to performance conditions	67%
Share-based compensation arrangement, maximum vesting percent of shares granted	200%
RSUs subject only to service conditions
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	700,000
RSUs Non-Employee Directors
Shares [Roll Forward]
Restricted stock outstanding at end of period (in shares)	100,000

Share-based Compensation Plan_3

Share-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 24.7	$ 17.1	$ 13.8
Income tax benefit from compensation cost	2.1	1.8	1.7
Restricted Stock/Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock vested	23.3	$ 15.1	$ 20.4
Unrecognized compensation cost	17
RSUs subject to performance conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	12.3
RSUs subject only to service conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4.7
Weighted-average period for recognition of compensation cost	1 year 7 months 6 days
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	6,900,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Remaining term of operating leases (in years)	4 years
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 908
2024	831
2025	667
2026	152
2027	0
Total	2,558
Operating lease, expense	$ 1,200	$ 1,300	$ 1,900

SCHEDULE I - SUMMARY OF INVES_2

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	$ 5,942,709
Fair Value	5,423,838
Amount at which shown in the balance sheet	5,423,838
Fixed income
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	5,926,785
Fair Value	5,409,698
Amount at which shown in the balance sheet	5,409,698
Fixed income \| U.S. Treasury securities and obligations of U.S. government corporations and agencies
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	145,581
Fair Value	135,900
Amount at which shown in the balance sheet	135,900
Fixed income \| Obligations of U.S. states and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,400,261
Fair Value	2,149,054
Amount at which shown in the balance sheet	2,149,054
Fixed income \| Foreign government debt
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	4,486
Fair Value	3,787
Amount at which shown in the balance sheet	3,787
Fixed income \| Public utilities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	267,319
Fair Value	266,895
Amount at which shown in the balance sheet	266,895
Fixed income \| ABS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	126,723
Fair Value	120,687
Amount at which shown in the balance sheet	120,687
Fixed income \| CLOs
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	337,656
Fair Value	329,832
Amount at which shown in the balance sheet	329,832
Fixed income \| Mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	481,528
Fair Value	435,224
Amount at which shown in the balance sheet	435,224
Fixed income \| All other corporate debt securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	2,149,156
Fair Value	1,954,247
Amount at which shown in the balance sheet	1,954,247
Fixed income \| Commercial paper
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	14,075
Fair Value	14,072
Amount at which shown in the balance sheet	14,072
Equity Securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	15,924
Fair Value	14,140
Amount at which shown in the balance sheet	14,140
Equity Securities \| Industrial, miscellaneous and all other
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amortized Cost	15,924
Fair Value	14,140
Amount at which shown in the balance sheet	$ 14,140

SCHEDULE II - CONDENSED FINAN_2

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Fixed income, available-for-sale	$ 5,409,698	$ 6,587,581
Cash and cash equivalents	327,384	284,690
Accrued investment income	55,178	51,902
Total assets	6,213,793	7,325,008
Liabilities:
Senior notes	641,724	881,508
Convertible junior subordinated debentures	21,086	110,204
Other liabilities	154,966	191,702
Total liabilities	1,571,053	2,463,626
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 293,433; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,798,842	1,794,906
Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017)	(1,050,238)	(675,265)
Accumulated other comprehensive income, net of tax	(481,511)	119,697
Retained earnings	4,004,294	3,250,691
Total shareholders' equity	4,642,740	4,861,382	$ 4,698,986
Total liabilities and shareholders' equity	6,213,793	7,325,008
Parenthetical information [Abstract]
Fixed income, amortized cost	$ 5,926,785	$ 6,397,658
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)	293,433,000	320,336,000
Treasury stock, shares at cost (in shares)	77,920,000	51,017,000
Revenues:
Investment income, net of expenses	$ 167,476	$ 156,438	154,396
Net gains (losses) on investments and other financial instruments	(7,463)	5,861	12,576
Total revenues	1,172,785	1,185,675	1,199,146
Expenses:
Interest expense	48,054	71,360	59,595
Loss on debt extinguishment	40,199	36,914	26,736
Total losses and expenses	82,751	383,898	639,883
Income before tax	1,090,034	801,777	559,263
Provision for income taxes	224,685	166,794	113,170
Net income	865,349	634,983	446,093
Other comprehensive income (loss), net of tax	(601,208)	(97,124)	144,113
Comprehensive income	264,141	537,859	590,206
Cash flows from operating activities:
Net income	865,349	634,983	446,093
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred federal	(5,235)	4,392	28,244
Loss on debt extinguishment	40,199	36,914	26,736
Change in certain assets and liabilities:
Accrued investment income	(3,276)	(1,905)	(292)
Net cash provided by operating activities	650,012	696,317	732,309
Cash flows from investing activities:
Purchases of investments	(674,406)	(1,531,129)	(2,636,972)
Proceeds from sales of investments	399,661	473,904	836,851
Net cash provided by (used in) investing activities	410,485	(160,749)	(772,506)
Cash flows from financing activities:
Proceeds from issuance of senior notes	0	0	640,250
Payment of original issue discount - senior notes	0	0	(2,969)
Purchase of convertible junior subordinated debentures	(89,118)	(98,610)	(36,392)
Payment of original issue discount- convertible junior subordinated debentures	0	0	(15,049)
Redemption of 5.75% senior notes	(242,296)	0	0
Cash portion of loss on debt extinguishment	(39,514)	(36,914)	(25,266)
Repurchase of common stock	(385,573)	(290,818)	(119,997)
Dividends paid	(110,947)	(94,219)	(82,061)
Payment of debt issuance costs	0	0	(2,020)
Payment of withholding taxes related to share-based compensation net share settlement	(10,094)	(6,729)	(8,940)
Net cash (used in) provided by financing activities	(1,032,542)	(527,290)	167,821
Net increase in cash and cash equivalents and restricted cash and cash equivalents	27,955	8,278	127,624
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	304,958	296,680	169,056
Cash and cash equivalents and restricted cash and cash equivalents at end of year	332,913	304,958	296,680
Parent Company
Assets
Fixed income, available-for-sale	407,509	538,872
Cash and cash equivalents	239,404	124,164
Investment in subsidiaries, at equity in net assets	4,502,261	4,964,954
Accounts receivable - affiliates	864	2,130
Income taxes - current and deferred	167,966	242,427
Accrued investment income	3,387	2,642
Total assets	5,321,391	5,875,189
Liabilities:
Senior notes	641,724	881,508
Convertible junior subordinated debentures	21,086	110,204
Accrued interest	13,271	20,501
Other liabilities	2,570	1,594
Total liabilities	678,651	1,013,807
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 293,433; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,798,842	1,794,906
Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017)	(1,050,238)	(675,265)
Accumulated other comprehensive income, net of tax	(481,511)	119,697
Retained earnings	4,004,294	3,250,691
Total shareholders' equity	4,642,740	4,861,382
Total liabilities and shareholders' equity	5,321,391	5,875,189
Parenthetical information [Abstract]
Fixed income, amortized cost	$ 419,751	$ 550,324
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)	293,433,000	32,336,000
Treasury stock, shares at cost (in shares)	77,920,000	51,017,000
Revenues:
Investment income, net of expenses	$ 7,193	$ 3,850	7,090
Net gains (losses) on investments and other financial instruments	(2,628)	490	1,454
Total revenues	4,565	4,340	8,544
Expenses:
Operating expenses	1,575	1,644	719
Interest expense	47,601	68,359	65,472
Loss on debt extinguishment	38,870	36,914	35,033
Total losses and expenses	88,046	106,917	101,224
Income before tax	(83,481)	(102,577)	(92,680)
Provision for income taxes	(17,851)	(21,240)	(18,431)
Equity in net income of subsidiaries	930,979	716,320	520,342
Net income	865,349	634,983	446,093
Other comprehensive income (loss), net of tax	(601,208)	(97,124)	144,113
Comprehensive income	264,141	537,859	590,206
Cash flows from operating activities:
Net income	865,349	634,983	446,093
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(930,979)	(716,320)	(520,342)
Dividends received from subsidiaries	626,695	400,000	221,024
Deferred federal	119,588	(21,551)	(18,252)
Loss on debt extinguishment	38,870	36,914	35,033
Other	33,619	29,799	19,088
Change in certain assets and liabilities:
Accounts receivable - affiliates	1,266	(680)	972
Income taxes receivable	(43,123)	(306)	0
Accrued investment income	931	1,118	(1,262)
Accrued interest	(7,230)	(2,503)	5,076
Net cash provided by operating activities	704,986	361,454	187,430
Cash flows from investing activities:
Purchases of investments	(1,457)	(339,384)	(1,131,060)
Proceeds from sales of investments	287,924	556,384	812,188
Net cash provided by (used in) investing activities	286,467	217,000	(318,872)
Cash flows from financing activities:
Proceeds from issuance of senior notes	0	0	640,250
Purchase of senior notes	0	0	(179,735)
Payment of original issue discount - senior notes	0	0	(2,969)
Purchase of convertible junior subordinated debentures	(89,118)	(98,610)	(36,392)
Payment of original issue discount- convertible junior subordinated debentures	0	0	(15,049)
Redemption of 5.75% senior notes	(242,296)	0	0
Cash portion of loss on debt extinguishment	(38,185)	(36,914)	(25,266)
Repurchase of common stock	(385,573)	(290,818)	(119,997)
Dividends paid	(110,947)	(94,219)	(82,061)
Payment of debt issuance costs	0	0	(2,020)
Payment of withholding taxes related to share-based compensation net share settlement	(10,094)	(6,729)	(8,940)
Net cash (used in) provided by financing activities	(876,213)	(527,290)	167,821
Net increase in cash and cash equivalents and restricted cash and cash equivalents	115,240	51,164	36,379
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	124,164	73,000	36,621
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$ 239,404	$ 124,164	$ 73,000

SCHEDULE II - CONDENSED FINAN_3

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - SUPPLEMENTARY NOTES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance Subsidiaries
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Percentage of statutory policyholders surplus used to determine maximum allowable dividends	10%
Adjusted statutory net income measurement period	3 years
Adjusted statutory net income dividend payment measurement period	2 years
Proceeds from contribution from parent	$ 0	$ 0	$ 0
Convertible Junior Subordinated Debentures, at 9% per annum, Due 2063
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Stated interest rate (in hundredths)	9%
Mortgage Guaranty Insurance Corporation
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Dividends paid to the parent company	$ 800,000,000	$ 400,000,000	$ 390,000,000

SCHEDULE IV - REINSURANCE (Deta

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount	$ 1,154,728	$ 1,167,592	$ 1,199,824
Ceded to Other Companies	156,373	163,031	188,729
Assumed From Other Companies	8,778	9,858	10,848
Net Amount	$ 1,007,133	$ 1,014,419	$ 1,021,943
Percentage of Amount Assumed to Net	0.90%	1%	1.10%