v3.26.1
Investments - Available for Sale Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities and securities sold under repurchase agreements $ 105,356 $ 141,878
Total fixed-maturities available for sale, Amortized Cost 6,561,040 4,550,954
Total fixed-maturities available for sale, Fair Value 6,226,793 4,271,916
Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 6,640,330 4,607,615
Total fixed-maturities available for sale, Amortized Cost 6,561,040 4,550,954
Gross Unrealized Gains 13,055 35,828
Gross Unrealized Losses [1] (350,091) (317,372)
Fair Value 6,303,294  
Fair Value 6,303,294 4,326,071
Total fixed-maturities available for sale, Fair Value 6,226,793 4,271,916
U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 309,128 144,477
Gross Unrealized Gains 16 194
Gross Unrealized Losses (30,306) (27,958)
Fair Value 278,838  
Fair Value   116,713
State and municipal obligations    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 228,025 179,907
Gross Unrealized Gains 1,299 1,324
Gross Unrealized Losses (13,734) (14,105)
Fair Value 215,590  
Fair Value   167,126
Corporate bonds and notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,359,986 2,188,193
Gross Unrealized Gains 6,107 20,622
Gross Unrealized Losses (217,967) (197,655)
Fair Value 3,148,126  
Fair Value   2,011,160
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,400,364 940,061
Gross Unrealized Gains 3,096 6,627
Gross Unrealized Losses (73,011) (62,430)
Fair Value 1,330,449  
Fair Value   884,258
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 348,283 254,233
Gross Unrealized Gains 200 208
Gross Unrealized Losses (11,484) (12,997)
Fair Value 336,999  
Fair Value   241,444
CLO    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 504,341 375,999
Gross Unrealized Gains 901 1,003
Gross Unrealized Losses (281) (155)
Fair Value 504,961  
Fair Value   376,847
Other ABS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 487,650 478,245
Gross Unrealized Gains 1,434 5,545
Gross Unrealized Losses (3,301) (2,072)
Fair Value 485,783  
Fair Value   481,718
Mortgage insurance-linked notes    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost [2] 1,434 45,384
Gross Unrealized Gains [2] 2 305
Gross Unrealized Losses [2] (7) 0
Fair Value [2] 1,429  
Fair Value [2]   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  
Fair Value   1,116
Loaned securities, amortized cost | Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities and securities sold under repurchase agreements [3] 79,290 56,661
Loaned securities, fair value | Total fixed-maturities available for sale    
Debt Securities, Available-for-sale [Line Items]    
Less: loaned securities and securities sold under repurchase agreements [3] $ 76,501 $ 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 and Securities Sold Under Repurchase Agreements” below for a discussion of our securities lending and repurchase agreements.