| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.
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Assets and liabilities carried at fair value by hierarchy level |
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June 30, 2026 |
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(In thousands) |
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Level I |
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Level II |
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Level III |
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Total |
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Investments |
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|
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Fixed maturities available for sale |
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|
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|
|
|
|
|
|
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U.S. government and agency securities |
|
$ |
277,604 |
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|
$ |
1,234 |
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|
$ |
— |
|
|
$ |
278,838 |
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State and municipal obligations |
|
|
— |
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|
|
215,590 |
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|
|
— |
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|
215,590 |
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Corporate bonds and notes |
|
|
— |
|
|
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3,077,524 |
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|
|
— |
|
|
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3,077,524 |
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RMBS |
|
|
— |
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1,327,021 |
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|
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— |
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1,327,021 |
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CMBS |
|
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— |
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336,999 |
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— |
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|
336,999 |
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CLO |
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|
— |
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502,490 |
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|
— |
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|
502,490 |
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Other ABS |
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— |
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485,783 |
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|
|
— |
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|
485,783 |
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Mortgage insurance-linked notes (1) |
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|
— |
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|
1,429 |
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|
— |
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|
|
1,429 |
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Other |
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|
— |
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|
1,119 |
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— |
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|
1,119 |
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Total fixed maturities available for sale |
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277,604 |
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|
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5,949,189 |
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— |
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6,226,793 |
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|
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Fixed maturities trading securities |
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|
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State and municipal obligations |
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— |
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25,684 |
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— |
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25,684 |
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Corporate bonds and notes |
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— |
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15,207 |
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— |
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15,207 |
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CMBS |
|
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— |
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4,060 |
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— |
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4,060 |
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Total fixed maturities trading securities |
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— |
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44,951 |
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— |
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44,951 |
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Equity securities |
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22,074 |
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6,291 |
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4,046 |
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32,411 |
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Other invested assets (2) (3) |
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49,199 |
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— |
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7,100 |
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56,299 |
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Short-term investments |
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U.S. government and agency securities |
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20,943 |
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|
1,115 |
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— |
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22,058 |
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State and municipal obligations |
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— |
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12,841 |
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— |
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12,841 |
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Money market instruments |
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460,910 |
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— |
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— |
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460,910 |
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Corporate bonds and notes |
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— |
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70,581 |
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— |
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70,581 |
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Other ABS |
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— |
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11,019 |
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— |
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11,019 |
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Other investments (4) |
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|
482 |
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45,009 |
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— |
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|
45,491 |
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Total short-term investments |
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482,335 |
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140,565 |
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— |
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622,900 |
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Total investments at fair value (3) |
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831,212 |
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6,140,996 |
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11,146 |
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6,983,354 |
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Other |
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Loaned securities and securities sold under repurchase agreements (5) |
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Corporate bonds and notes |
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— |
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70,939 |
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— |
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70,939 |
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RMBS |
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— |
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3,428 |
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— |
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|
3,428 |
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CLO |
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— |
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|
2,471 |
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— |
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|
2,471 |
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Equity securities |
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28,518 |
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— |
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— |
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28,518 |
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Total assets at fair value (3) |
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$ |
859,730 |
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$ |
6,217,834 |
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$ |
11,146 |
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$ |
7,088,710 |
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Liabilities |
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Derivative liabilities |
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$ |
— |
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$ |
— |
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$ |
119 |
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$ |
119 |
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Total liabilities at fair value |
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$ |
— |
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$ |
— |
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$ |
119 |
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$ |
119 |
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(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Mortgage XOL Program. See Note 8 for more information. (2)Consists primarily of Lloyd’s overseas deposits, which are deposits held to provide security for the payment of policyholder claims in certain overseas jurisdictions. See Note 7 for additional information about our Lloyd’s overseas deposits. (3)Does not include other invested assets of $3 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4)Primarily consists of commercial paper. (5)Securities loaned to third-party borrowers under securities lending agreements or sold under repurchase agreements are classified as other assets on our condensed consolidated balance sheets. See Note 7 for more information on our securities lending and repurchase agreements.
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Assets and liabilities carried at fair value by hierarchy level |
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December 31, 2025 |
|
(In thousands) |
|
Level I |
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|
Level II |
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|
Level III |
|
|
Total |
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Investments |
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Fixed maturities available for sale |
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|
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|
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|
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|
U.S. government and agency securities |
|
$ |
115,189 |
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|
$ |
1,524 |
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|
$ |
— |
|
|
$ |
116,713 |
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State and municipal obligations |
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|
— |
|
|
|
167,126 |
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|
— |
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|
167,126 |
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Corporate bonds and notes |
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|
— |
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|
1,957,005 |
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— |
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|
1,957,005 |
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RMBS |
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— |
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|
884,258 |
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— |
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|
884,258 |
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CMBS |
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— |
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|
241,444 |
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— |
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|
241,444 |
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CLO |
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— |
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|
376,847 |
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— |
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|
376,847 |
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Other ABS |
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— |
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481,718 |
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— |
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|
481,718 |
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Mortgage insurance-linked notes (1) |
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|
— |
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|
45,689 |
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— |
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|
45,689 |
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Other |
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— |
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1,116 |
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— |
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|
1,116 |
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Total fixed maturities available for sale |
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115,189 |
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4,156,727 |
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— |
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4,271,916 |
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Fixed maturities trading securities |
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|
|
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|
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|
|
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State and municipal obligations |
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|
— |
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|
35,912 |
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— |
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|
35,912 |
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Corporate bonds and notes |
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— |
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|
24,791 |
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— |
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|
24,791 |
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CMBS |
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|
— |
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|
4,958 |
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— |
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|
4,958 |
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Total fixed maturities trading securities |
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— |
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65,661 |
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— |
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65,661 |
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Equity securities |
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29,630 |
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|
2,956 |
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|
4,046 |
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36,632 |
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Other invested assets (2) (3) |
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|
— |
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|
— |
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|
7,089 |
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|
7,089 |
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Short-term investments |
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U.S. government and agency securities |
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|
354,905 |
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|
74,817 |
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|
— |
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|
429,722 |
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Money market instruments |
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|
219,384 |
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|
— |
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|
— |
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|
219,384 |
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Corporate bonds and notes |
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|
— |
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|
11,729 |
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|
— |
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|
11,729 |
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Other ABS |
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|
— |
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|
2,447 |
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|
— |
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|
|
2,447 |
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Other investments (4) |
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|
— |
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|
|
939,711 |
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|
— |
|
|
|
939,711 |
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Total short-term investments |
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|
574,289 |
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|
1,028,704 |
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|
— |
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|
1,602,993 |
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Total investments at fair value (3) |
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|
719,108 |
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5,254,048 |
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|
|
11,135 |
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5,984,291 |
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|
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|
|
|
|
|
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Other |
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|
|
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Loaned securities (5) |
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|
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|
|
|
|
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U.S. government and agency securities |
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|
64,830 |
|
|
|
— |
|
|
|
— |
|
|
|
64,830 |
|
Corporate bonds and notes |
|
|
— |
|
|
|
54,155 |
|
|
|
— |
|
|
|
54,155 |
|
Equity securities |
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|
22,893 |
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|
|
— |
|
|
|
— |
|
|
|
22,893 |
|
Total assets at fair value (3) |
|
$ |
806,831 |
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|
$ |
5,308,203 |
|
|
$ |
11,135 |
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$ |
6,126,169 |
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|
|
|
|
|
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Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
478 |
|
|
$ |
478 |
|
Total liabilities at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
478 |
|
|
$ |
478 |
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(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the Mortgage XOL Program. See Note 8 for more information. (2)Consists primarily of interests in private debt and equity investments. (3)Does not include other invested assets of $3 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient. (4)Consists of commercial paper. (5)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 7 for more information on our securities lending agreements.
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