2011 Q4 Form 10-Q Financial Statement

#000089092611000081 Filed on November 09, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $364.6M $508.1M $581.3M
YoY Change -894.34% -12.61% 75.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.45M $11.05M
YoY Change 3.57%
% of Gross Profit
Operating Expenses $406.5M $304.3M $407.1M
YoY Change -11.75% -25.25% -7.81%
Operating Profit $189.6M $164.7M
YoY Change 15.12%
Interest Expense -$14.20M $14.09M $9.502M
YoY Change 7.58% 48.33% -379.47%
% of Operating Profit 7.43% 5.77%
Other Income/Expense, Net
YoY Change
Pretax Income -$56.20M $189.6M $164.7M
YoY Change -89.19% 15.12% -245.37%
Income Tax $65.40M $6.045M $52.52M
% Of Pretax Income 3.19% 31.89%
Net Earnings -$121.5M $183.6M $112.2M
YoY Change -89.27% 63.63% -259.13%
Net Earnings / Revenue -33.32% 36.13% 19.3%
Basic Earnings Per Share $1.39 $0.85
Diluted Earnings Per Share -$917.7K $1.37 $0.84
COMMON SHARES
Basic Shares Outstanding 133.2M shares 132.4M shares 132.3M shares
Diluted Shares Outstanding 133.5M shares 133.5M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $33.02M $21.86M $19.56M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $18.70M $504.6M $134.5M
YoY Change 275.17%
LONG-TERM ASSETS
Property, Plant & Equipment $11.04M $11.94M $13.70M
YoY Change -15.2% -12.88% -17.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.784B $5.887B $6.388B
YoY Change -12.75% -7.85% -2.23%
Other Assets $16.00M $19.20M $728.2M
YoY Change -41.82% -97.36% 107.11%
Total Long-Term Assets $6.638B $6.742B $8.448B
YoY Change -20.2%
TOTAL ASSETS
Total Short-Term Assets $18.70M $504.6M $134.5M
Total Long-Term Assets $6.638B $6.742B $8.448B
Total Assets $6.657B $7.246B $8.583B
YoY Change -12.65% -15.57% 2.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $303.4M $254.9M
YoY Change 17.23%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $349.8M $787.4M $282.5M
YoY Change 35.16% 178.73% -30.56%
LONG-TERM LIABILITIES
Long-Term Debt $1.047B $1.088B $1.161B
YoY Change -29.5% -6.28% 12.99%
Other Long-Term Liabilities $126.0M $188.9M $881.7M
YoY Change -82.59% -78.58% 123.55%
Total Long-Term Liabilities $1.173B $1.277B $2.043B
YoY Change -46.9% -37.48% 43.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.8M $787.4M $282.5M
Total Long-Term Liabilities $1.173B $1.277B $2.043B
Total Liabilities $5.474B $5.958B $6.651B
YoY Change -19.03% -10.42% 6.87%
SHAREHOLDERS EQUITY
Retained Earnings $96.23M $218.1M
YoY Change -146.96%
Common Stock $151.0K $151.0K
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $892.1M $892.1M
YoY Change 0.0%
Treasury Stock Shares 17.47M shares 17.47M shares
Shareholders Equity $1.182B $1.288B $1.932B
YoY Change
Total Liabilities & Shareholders Equity $6.657B $7.246B $8.583B
YoY Change -12.65% -15.57% 2.61%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income -$121.5M $183.6M $112.2M
YoY Change -89.27% 63.63% -259.13%
Depreciation, Depletion And Amortization $11.45M $11.05M
YoY Change 3.57%
Cash From Operating Activities -$131.7M -$157.2M -$486.8M
YoY Change -255.12% -67.71% 187.37%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K $2.900M -$600.0K
YoY Change -66.67% -583.33% -75.0%
Acquisitions
YoY Change
Other Investing Activities $144.3M $155.2M $478.4M
YoY Change -130.35% -67.56% 60.86%
Cash From Investing Activities $144.1M $158.2M $477.8M
YoY Change -130.27% -66.89% 61.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K -300.0K -600.0K
YoY Change -100.08% -50.0% -99.62%
NET CHANGE
Cash From Operating Activities -131.7M -157.2M -486.8M
Cash From Investing Activities 144.1M 158.2M 477.8M
Cash From Financing Activities -300.0K -300.0K -600.0K
Net Change In Cash 12.10M 700.0K -9.600M
YoY Change -6150.0% -107.29% -70.09%
FREE CASH FLOW
Cash From Operating Activities -$131.7M -$157.2M -$486.8M
Capital Expenditures -$200.0K $2.900M -$600.0K
Free Cash Flow -$131.5M -$160.1M -$486.2M
YoY Change -253.8% -67.07% 191.14%

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OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeTax
18640000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
26214000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
137413000 USD
CY2010Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
43052000 USD
CY2011Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
45240000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
143273000 USD
CY2011Q3 us-gaap Other Deferred Compensation Arrangements Liability Current And Noncurrent
OtherDeferredCompensationArrangementsLiabilityCurrentAndNoncurrent
7300000 USD
CY2010Q3 us-gaap Other Income
OtherIncome
1951000 USD
us-gaap Other Income
OtherIncome
4048000 USD
us-gaap Other Income
OtherIncome
5654000 USD
CY2011Q3 us-gaap Other Income
OtherIncome
1404000 USD
CY2010Q4 us-gaap Other Investments And Securities At Cost
OtherInvestmentsAndSecuritiesAtCost
59627000 USD
CY2011Q3 us-gaap Other Investments And Securities At Cost
OtherInvestmentsAndSecuritiesAtCost
62444000 USD
CY2011Q3 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
532451000 USD
CY2010Q4 us-gaap Other Payables To Broker Dealers And Clearing Organizations
OtherPayablesToBrokerDealersAndClearingOrganizations
9112000 USD
us-gaap Other Premium Revenue Net
OtherPremiumRevenueNet
57798000 USD
CY2010Q3 us-gaap Other Premium Revenue Net
OtherPremiumRevenueNet
29130000 USD
CY2011Q3 us-gaap Other Premium Revenue Net
OtherPremiumRevenueNet
1368000 USD
us-gaap Other Premium Revenue Net
OtherPremiumRevenueNet
115442000 USD
CY2010Q4 us-gaap Other Receivables
OtherReceivables
160000 USD
CY2011Q3 us-gaap Other Receivables
OtherReceivables
504584000 USD
CY2010Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0 USD
CY2011Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsChangeInStatus
0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsChangeInStatus
0 USD
CY2010Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsChangeInStatus
0 USD
CY2011Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsChangeInStatus
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
28197000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2817000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
1864000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
2776000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-481969000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-70019000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1001000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
868000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
5128531000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
4184608000 USD
CY2010Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
203937000 USD
CY2011Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
179655000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
571612000 USD
us-gaap Premiums Written Net
PremiumsWrittenNet
490209000 USD
us-gaap Premiums Written Net
PremiumsWrittenNet
513814000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
605651000 USD
CY2010Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
174807000 USD
CY2011Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
178287000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
525887000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
30746000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
44939000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
7250000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
6810000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
136123000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1216270000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
6329000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
644000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
0 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
172017000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13024000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11936000 USD
CY2010Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
244894000 USD
CY2011Q3 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
166483000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
160000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
29348000 USD
CY2011Q3 us-gaap Reserve For Losses And Loss Adjustment Expenses
ReserveForLossesAndLossAdjustmentExpenses
3260556000 USD
CY2010Q4 us-gaap Reserve For Losses And Loss Adjustment Expenses
ReserveForLossesAndLossAdjustmentExpenses
3596735000 USD
CY2010Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
31413000 USD
CY2011Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27649000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-204926000 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
218095000 USD
CY2010Q3 us-gaap Revenues
Revenues
581331000 USD
us-gaap Revenues
Revenues
463370000 USD
CY2011Q3 us-gaap Revenues
Revenues
508052000 USD
us-gaap Revenues
Revenues
1583292000 USD
us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents information relating to our mortgage insurance reserves for losses and LAE as of the dates indicated: </font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.0234375%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="52%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended<br clear="none"/>September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Nine Months Ended<br clear="none"/>September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">(In thousands)</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2010</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2010</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at beginning of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,268,582</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,656,746</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,524,971</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,450,538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less reinsurance recoverables (1)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,664</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">565,737</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">223,254</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">621,644</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at beginning of period, net of reinsurance recoverables</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,107,918</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,091,009</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,301,717</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,828,894</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Add losses and LAE incurred in respect of default notices reported and unreported in:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current year (2)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">338,360</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">260,755</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">775,479</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">751,313</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(61,761</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">87,045</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">185,085</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">553,200</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total incurred</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">276,599</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">347,800</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">960,564</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,304,513</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deduct paid claims and LAE related to:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current year (2)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,693</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,811</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,894</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,326</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior years</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270,203</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">478,379</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,145,766</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,168,462</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total paid</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">329,896</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">494,190</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,207,660</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,188,788</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at end of period, net of reinsurance recoverables</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,054,621</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,944,619</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,054,621</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,944,619</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Add reinsurance recoverables (1)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,233</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">559,562</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">160,233</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">559,562</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance at end of period</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,214,854</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,504,181</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,214,854</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,504,181</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">_________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Related to ceded losses on captive reinsurance transactions and Smart Home. See "Management's Discussion and Analysis of Financial Condition and Results of Operations</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8212;</font><font style="font-family:inherit;font-size:10pt;">Off-Balance Sheet Arrangements" for additional information regarding our Smart Home transactions.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Related to underlying defaulted loans with a most recent date of default notice in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.</font></div></td></tr></table></div>
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Gross Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability
230100000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding
2732500000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Interest
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest
928300000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding Principal
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal
1804200000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Net Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability
55400000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Number Of Contracts Issued And Outstanding
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNumberOfContractsIssuedAndOutstanding
309
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Gross Potential Recoveries
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries
153200000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Net Discount
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount
21500000 USD
us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
21 shares
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Claim Liability
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationStatementOfFinancialPositionClaimLiability
41500000 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Reinsurance Recoverable
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationStatementOfFinancialPositionReinsuranceRecoverable
0 USD
CY2011Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Unearned Premium Revenue
ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationStatementOfFinancialPositionUnearnedPremiumRevenue
33000000 USD
CY2010Q4 us-gaap Short Term Investments
ShortTermInvestments
1537498000 USD
CY2011Q3 us-gaap Short Term Investments
ShortTermInvestments
1055818000 USD
CY2011Q3 us-gaap Significant Purchase Commitment Remaining Minimum Amount Committed
SignificantPurchaseCommitmentRemainingMinimumAmountCommitted
9300000 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
1288436000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
859780000 USD
CY2011Q3 us-gaap Trading Securities
TradingSecurities
4482161000 USD
CY2010Q4 us-gaap Trading Securities
TradingSecurities
4562821000 USD
CY2011Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
17467287 shares
CY2010Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
17458640 shares
CY2010Q4 us-gaap Treasury Stock Value
TreasuryStockValue
892012000 USD
CY2011Q3 us-gaap Treasury Stock Value
TreasuryStockValue
892052000 USD
CY2011Q3 us-gaap Unearned Premiums
UnearnedPremiums
628400000 USD
CY2010Q4 us-gaap Unearned Premiums
UnearnedPremiums
686364000 USD
CY2010Q4 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
851900000 USD
CY2011Q3 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
733300000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
8300000 USD
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0328
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0388
CY2009 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0434
CY2010 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0369
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0397
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0316
CY2010Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133520000 shares
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133513000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108608000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133867000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132364000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132366000 shares
CY2010Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132324000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
108608000 shares
CY2010Q4 rdn Accrued Liability For Premiums Expected To Be Refunded From Rescissions
AccruedLiabilityForPremiumsExpectedToBeRefundedFromRescissions
43500000 USD
CY2011Q3 rdn Accrued Liability For Premiums Expected To Be Refunded From Rescissions
AccruedLiabilityForPremiumsExpectedToBeRefundedFromRescissions
52100000 USD
CY2011Q3 rdn Amortized Cost Debt And Equity Securities
AmortizedCostDebtAndEquitySecurities
287291000 USD
CY2010Q4 rdn Amortized Cost Debt And Equity Securities
AmortizedCostDebtAndEquitySecurities
511810000 USD
CY2010Q3 rdn Change In Reserve For Premium Deficiency
ChangeInReserveForPremiumDeficiency
8628000 USD
CY2011Q3 rdn Change In Reserve For Premium Deficiency
ChangeInReserveForPremiumDeficiency
-1942000 USD
rdn Change In Reserve For Premium Deficiency
ChangeInReserveForPremiumDeficiency
43000 USD
rdn Change In Reserve For Premium Deficiency
ChangeInReserveForPremiumDeficiency
-6427000 USD
CY2011Q3 rdn Fair Value Debt And Equity Securities
FairValueDebtAndEquitySecurities
286816000 USD
CY2010Q4 rdn Fair Value Debt And Equity Securities
FairValueDebtAndEquitySecurities
469580000 USD
CY2010Q4 rdn Fair Value Htm And Afs Securities Unrealized Loss Greater Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossGreaterThanTwelveMonths
189798000 USD
CY2011Q3 rdn Fair Value Htm And Afs Securities Unrealized Loss Greater Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossGreaterThanTwelveMonths
81494000 USD
CY2010Q4 rdn Fair Value Htm And Afs Securities Unrealized Loss Less Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossLessThanTwelveMonths
24199000 USD
CY2011Q3 rdn Fair Value Htm And Afs Securities Unrealized Loss Less Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossLessThanTwelveMonths
13069000 USD
CY2010Q4 rdn Fair Value Htm And Afs Securities With Unrealized Losses
FairValueHtmAndAfsSecuritiesWithUnrealizedLosses
213997000 USD
CY2011Q3 rdn Fair Value Htm And Afs Securities With Unrealized Losses
FairValueHtmAndAfsSecuritiesWithUnrealizedLosses
94563000 USD
CY2011Q3 rdn Gross Unrealized Holding Gains Debt And Equity Securities
GrossUnrealizedHoldingGainsDebtAndEquitySecurities
8690000 USD
CY2010Q4 rdn Gross Unrealized Holding Gains Debt And Equity Securities
GrossUnrealizedHoldingGainsDebtAndEquitySecurities
29058000 USD
CY2011Q3 rdn Gross Unrealized Holding Losses Debt And Equity Securities
GrossUnrealizedHoldingLossesDebtAndEquitySecurities
9165000 USD
CY2010Q4 rdn Gross Unrealized Holding Losses Debt And Equity Securities
GrossUnrealizedHoldingLossesDebtAndEquitySecurities
71288000 USD
rdn Losses Paid For Contract Underwriting Remedies
LossesPaidForContractUnderwritingRemedies
5600000 USD
CY2011Q3 rdn Maximum Regulatory Risk To Capital Ratio
MaximumRegulatoryRiskToCapitalRatio
0.25
CY2011Q3 rdn Maximum Risk Coverage Percentage
MaximumRiskCoveragePercentage
0.25
rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
-159882000 USD
CY2010Q3 rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
4882000 USD
rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
160900000 USD
CY2011Q3 rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
80602000 USD
rdn Non Overturned Rebuttals On Rescinded First Lien Claims First Loss Position
NonOverturnedRebuttalsOnRescindedFirstLienClaimsFirstLossPosition
448200000 USD
rdn Non Overturned Rebuttals On Rescinded First Lien Claims Second Loss Position
NonOverturnedRebuttalsOnRescindedFirstLienClaimsSecondLossPosition
189400000 USD
CY2010Q4 rdn Number Of Afs And Htm Securities In Unrealized Loss Position
NumberOfAfsAndHtmSecuritiesInUnrealizedLossPosition
73
CY2011Q3 rdn Number Of Afs And Htm Securities In Unrealized Loss Position
NumberOfAfsAndHtmSecuritiesInUnrealizedLossPosition
43
CY2010Q4 rdn Number Of Classes Of Tobacco Bonds Moodys Took Rating Actions On
NumberOfClassesOfTobaccoBondsMoodysTookRatingActionsOn
67
CY2008Q2 rdn Number Of Defendant Financial Guaranty Companies Involved In Lawsuit That Are Subordinated To Our Position
NumberOfDefendantFinancialGuarantyCompaniesInvolvedInLawsuitThatAreSubordinatedToOurPosition
3
CY2008Q2 rdn Number Of Disputed Pool Policies Covering Second Lien Mortgages Involved In Lawsuit
NumberOfDisputedPoolPoliciesCoveringSecondLienMortgagesInvolvedInLawsuit
3
CY2011Q3 rdn Number Of Months In Future At Which Current Default Rates Will Hold With Those Rates Observed At Prior Year End
NumberOfMonthsInFutureAtWhichCurrentDefaultRatesWillHoldWithThoseRatesObservedAtPriorYearEnd
12
CY2010Q3 rdn Number Of Rmbs Bulk Primary Mortgage Insurance Policies Involved In Pending Or Threatened Litigation
NumberOfRmbsBulkPrimaryMortgageInsurancePoliciesInvolvedInPendingOrThreatenedLitigation
27
CY2010Q4 rdn Number Of Securities In Continuous Unrealized Loss Position Less Than Twelve Months
NumberOfSecuritiesInContinuousUnrealizedLossPositionLessThanTwelveMonths
45
CY2011Q3 rdn Number Of Securities In Continuous Unrealized Loss Position Less Than Twelve Months
NumberOfSecuritiesInContinuousUnrealizedLossPositionLessThanTwelveMonths
13
CY2010Q4 rdn Number Of Securities In Continuous Unrealized Loss Position Twelve Months Or Longer
NumberOfSecuritiesInContinuousUnrealizedLossPositionTwelveMonthsOrLonger
28
CY2011Q3 rdn Number Of Securities In Continuous Unrealized Loss Position Twelve Months Or Longer
NumberOfSecuritiesInContinuousUnrealizedLossPositionTwelveMonthsOrLonger
30
CY2011Q3 rdn Number Of States From Which We Are Pursuing Risk Based Capital Requirement Waivers
NumberOfStatesFromWhichWeArePursuingRiskBasedCapitalRequirementWaivers
12
CY2011Q3 rdn Number Of States That Have Granted Waivers To Risk Based Capital Requirements
NumberOfStatesThatHaveGrantedWaiversToRiskBasedCapitalRequirements
2
CY2011Q3 rdn Number Of States That Have Statutory Or Regulatory Risk Based Capital Requirement
NumberOfStatesThatHaveStatutoryOrRegulatoryRiskBasedCapitalRequirement
16
rdn Number Of States Where Statutory Rbc Requirements Could Impact Ability To Write New Business
NumberOfStatesWhereStatutoryRbcRequirementsCouldImpactAbilityToWriteNewBusiness
1
CY2010Q4 rdn Number Of Transactions Within Classes Of Tobacco Bonds Moodys Took Rating Actions On
NumberOfTransactionsWithinClassesOfTobaccoBondsMoodysTookRatingActionsOn
19
CY2011Q3 rdn Number Of Years Beyond Next Twelve Months That It Will Take For Loan Defaults To Return To Normal Historical Levels
NumberOfYearsBeyondNextTwelveMonthsThatItWillTakeForLoanDefaultsToReturnToNormalHistoricalLevels
3 years
CY2011Q3 rdn Number Of Years Our Mortgage Insurance Business Has Experienced Significant Losses
NumberOfYearsOurMortgageInsuranceBusinessHasExperiencedSignificantLosses
4 years
CY2011Q2 rdn Number Of Years Since April2011 That Master Settlement Agreement Payments Have Been At Their Lowest Levels
NumberOfYearsSinceApril2011ThatMasterSettlementAgreementPaymentsHaveBeenAtTheirLowestLevels
5 years
CY2010Q4 rdn Numer Of States Included In Master Settlement Agreement With Domestic Tobacco Manufacturers
NumerOfStatesIncludedInMasterSettlementAgreementWithDomesticTobaccoManufacturers
46
rdn Other Comprehensive Income Foreign Currency Trans And Translation Adj Tax
OtherComprehensiveIncomeForeignCurrencyTransAndTranslationAdjTax
931000 USD
rdn Other Comprehensive Income Foreign Currency Trans And Translation Adj Tax
OtherComprehensiveIncomeForeignCurrencyTransAndTranslationAdjTax
11367000 USD
CY2011Q3 rdn Percentage Of New Insurance Written Attributable To States With Statutory Or Regulatory Risk Based Capital Requirements
PercentageOfNewInsuranceWrittenAttributableToStatesWithStatutoryOrRegulatoryRiskBasedCapitalRequirements
0.535
CY2011Q3 rdn Premium Deficiency Reserve
PremiumDeficiencyReserve
4309000 USD
CY2010Q4 rdn Premium Deficiency Reserve
PremiumDeficiencyReserve
10736000 USD
rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
28300000 USD
CY2010Q3 rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
8600000 USD
rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
18700000 USD
CY2011Q3 rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
4600000 USD
rdn Proceeds From Sales Of Trading Securities Held For Investment
ProceedsFromSalesOfTradingSecuritiesHeldForInvestment
4462041000 USD
rdn Proceeds From Sales Of Trading Securities Held For Investment
ProceedsFromSalesOfTradingSecuritiesHeldForInvestment
4070396000 USD
rdn Provision For Contract Underwriting Expense
ProvisionForContractUnderwritingExpense
8600000 USD
CY2011Q3 rdn Purchase Commitment To Invest In Alternative Investments
PurchaseCommitmentToInvestInAlternativeInvestments
90000000 USD
CY2011Q3 rdn Reserve For Contract Underwriting Obligations
ReserveForContractUnderwritingObligations
5400000 USD
CY2011Q3 rdn States Which Have Risk To Capital Ratio Limit Of25 To1
StatesWhichHaveRiskToCapitalRatioLimitOf25To1
11
rdn Subsequent Event Interest Shortfall On Cdo Of Abs
SubsequentEventInterestShortfallOnCdoOfAbs
36000 USD
rdn Subsequent Event Revised Risk To Capital Ratio Assuming Higher Range
SubsequentEventRevisedRiskToCapitalRatioAssumingHigherRange
0.242
rdn Subsequent Event Statutory Amount Higher Range
SubsequentEventStatutoryAmountHigherRange
109000000 USD
rdn Subsequent Event Statutory Amount Lower Range
SubsequentEventStatutoryAmountLowerRange
88000000 USD
rdn Total First Lien Claims Rescinded Or Denied
TotalFirstLienClaimsRescindedOrDenied
510600000 USD
rdn Total First Lien Claims Rescinded Or Denied
TotalFirstLienClaimsRescindedOrDenied
619400000 USD
CY2010Q3 rdn Total First Lien Claims Rescinded Or Denied
TotalFirstLienClaimsRescindedOrDenied
200900000 USD
CY2011Q3 rdn Total First Lien Claims Rescinded Or Denied
TotalFirstLienClaimsRescindedOrDenied
165500000 USD
CY2011Q3 rdn Total Incentive Retention And Severance Agreement Expenses Expected To Be Incurred
TotalIncentiveRetentionAndSeveranceAgreementExpensesExpectedToBeIncurred
8600000 USD
rdn Total Non Overturned Rebuttals On Rescinded First Lien Claims
TotalNonOverturnedRebuttalsOnRescindedFirstLienClaims
637600000 USD
CY2010Q4 rdn Unrealized Loss On Afs And Htm Securities
UnrealizedLossOnAfsAndHtmSecurities
71288000 USD
CY2011Q3 rdn Unrealized Loss On Afs And Htm Securities
UnrealizedLossOnAfsAndHtmSecurities
9165000 USD
CY2010Q4 rdn Unrealized Loss On Afs And Htm Securities Greater Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesGreaterThanTwelveMonths
70203000 USD
CY2011Q3 rdn Unrealized Loss On Afs And Htm Securities Greater Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesGreaterThanTwelveMonths
8111000 USD
CY2010Q4 rdn Unrealized Loss On Afs And Htm Securities Less Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesLessThanTwelveMonths
1085000 USD
CY2011Q3 rdn Unrealized Loss On Afs And Htm Securities Less Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesLessThanTwelveMonths
1054000 USD
CY2011Q3 rdn Unrecorded Incentive Retention And Severance Agreement Expenses
UnrecordedIncentiveRetentionAndSeveranceAgreementExpenses
3700000 USD
CY2011Q3 rdn Unrestricted Cash And Liquid Investments Including Activity After Balance Sheet Date
UnrestrictedCashAndLiquidInvestmentsIncludingActivityAfterBalanceSheetDate
600000000 USD
CY2011Q3 rdn Variable Interest Entity Accounts Payable And Other Liabilities
VariableInterestEntityAccountsPayableAndOtherLiabilities
573000 USD
CY2010Q4 rdn Variable Interest Entity Accounts Payable And Other Liabilities
VariableInterestEntityAccountsPayableAndOtherLiabilities
837000 USD
CY2010Q4 rdn Variable Interest Entity Carrying Amount Of Derivative Assets
VariableInterestEntityCarryingAmountOfDerivativeAssets
10855000 USD
CY2011Q3 rdn Variable Interest Entity Carrying Amount Of Derivative Assets
VariableInterestEntityCarryingAmountOfDerivativeAssets
4931000 USD
CY2010Q4 rdn Variable Interest Entity Carrying Amount Of Non Recourse Debt
VariableInterestEntityCarryingAmountOfNonRecourseDebt
9514000 USD
CY2011Q3 rdn Variable Interest Entity Carrying Amount Of Non Recourse Debt
VariableInterestEntityCarryingAmountOfNonRecourseDebt
3401000 USD
CY2010Q4 rdn Variable Interest Entity Carrying Amount Of Securities
VariableInterestEntityCarryingAmountOfSecurities
83184000 USD
CY2011Q3 rdn Variable Interest Entity Carrying Amount Of Securities
VariableInterestEntityCarryingAmountOfSecurities
99435000 USD
CY2010Q4 rdn Variable Interest Entity Carrying Amount Of Short Term Investments
VariableInterestEntityCarryingAmountOfShortTermInvestments
149981000 USD
CY2011Q3 rdn Variable Interest Entity Carrying Amount Of Short Term Investments
VariableInterestEntityCarryingAmountOfShortTermInvestments
149979000 USD
CY2011Q3 rdn Variable Interest Entity Debt
VariableInterestEntityDebt
273379000 USD
CY2010Q4 rdn Variable Interest Entity Debt
VariableInterestEntityDebt
520114000 USD
CY2011Q3 rdn Variable Interest Entity Derivative Liabilities
VariableInterestEntityDerivativeLiabilities
20781000 USD
CY2010Q4 rdn Variable Interest Entity Derivative Liabilities
VariableInterestEntityDerivativeLiabilities
19226000 USD
CY2010Q4 rdn Vie Other Assets
VieOtherAssets
112426000 USD
CY2011Q3 rdn Vie Other Assets
VieOtherAssets
98328000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000890926
CY2011Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
133199159 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Radian Group Inc.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
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0000890926-11-000081-index.html Edgar Link pending
0000890926-11-000081.txt Edgar Link pending
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rdn-20110930.xml Edgar Link completed
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