v3.26.1
Investments - Available for Sale Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities $ 98,612 $ 141,878
Total fixed-maturities available for sale, Amortized Cost 6,610,659 4,550,954
Total fixed-maturities available for sale, Fair Value 6,282,511 4,271,916
Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 6,681,770 4,607,615
Total fixed-maturities available for sale, Amortized Cost 6,610,659 4,550,954
Gross Unrealized Gains 16,740 35,828
Gross Unrealized Losses [1] (349,587) (317,372)
Fair Value 6,348,923 4,326,071
Total fixed-maturities available for sale, Fair Value 6,282,511 4,271,916
U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 332,563 144,477
Gross Unrealized Gains 51 194
Gross Unrealized Losses (29,986) (27,958)
Fair Value 302,628 116,713
State and municipal obligations    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 255,111 179,907
Gross Unrealized Gains 880 1,324
Gross Unrealized Losses (14,601) (14,105)
Fair Value 241,390 167,126
Corporate bonds and notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,348,937 2,188,193
Gross Unrealized Gains 8,374 20,622
Gross Unrealized Losses (221,361) (197,655)
Fair Value 3,135,950 2,011,160
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,341,496 940,061
Gross Unrealized Gains 3,854 6,627
Gross Unrealized Losses (68,567) (62,430)
Fair Value 1,276,783 884,258
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 295,553 254,233
Gross Unrealized Gains 39 208
Gross Unrealized Losses (11,617) (12,997)
Fair Value 283,975 241,444
CLO    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 549,941 375,999
Gross Unrealized Gains 635 1,003
Gross Unrealized Losses (765) (155)
Fair Value 549,811 376,847
Other ABS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 509,621 478,245
Gross Unrealized Gains 2,762 5,545
Gross Unrealized Losses (2,688) (2,072)
Fair Value 509,695 481,718
Mortgage insurance-linked notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost [2] 47,429 45,384
Gross Unrealized Gains [2] 145 305
Gross Unrealized Losses [2] (2) 0
Fair Value [2] 47,572 45,689
Other    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,119 1,116
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 1,119 1,116
Loaned securities, amortized cost | Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities [3] 71,111 56,661
Loaned securities, fair value | Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities [3] $ 66,412 $ 54,155
[1] See “Gross Unrealized Losses and Related Fair Value of Available for Sale Securities” below for additional details.
[2] Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Mortgage XOL Program. See Note 8 for more information.
[3] Included in other assets on our condensed consolidated balance sheets. See “Loaned Securities” below for a discussion of our securities lending agreements.