2014 Q4 Form 10-Q Financial Statement

#000089092614000072 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $34.45M $272.1M $17.72M
YoY Change 94.39% 11.25% -92.16%
Cost Of Revenue $19.71M $23.90M
YoY Change
Gross Profit $14.74M $248.2M
YoY Change 1.47%
Gross Profit Margin 42.79% 91.22%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.443M $4.240M $69.70M
YoY Change -90.76% -46.72% 30.77%
% of Gross Profit 43.71% 1.71%
Operating Expenses $200.2M $131.6M $212.5M
YoY Change -5.79% -32.44% -42.61%
Operating Profit -$185.5M $153.3M
YoY Change -1846.84%
Interest Expense -$24.20M $23.99M -$19.70M
YoY Change 22.84% 22.58% 56.35%
% of Operating Profit 15.65%
Other Income/Expense, Net
YoY Change
Pretax Income $70.70M $116.5M -$17.50M
YoY Change -504.0% 49.54% -88.85%
Income Tax -$807.3M -$15.54M -$1.400M
% Of Pretax Income -1141.87% -13.34%
Net Earnings $428.3M $153.6M $36.37M
YoY Change 1077.75% -1311.09% -120.51%
Net Earnings / Revenue 1243.35% 56.45% 205.22%
Basic Earnings Per Share $0.80
Diluted Earnings Per Share $1.78 $0.67 $0.21
COMMON SHARES
Basic Shares Outstanding 191.1M shares 191.1M shares 173.1M shares
Diluted Shares Outstanding 242.8M shares 238.1M shares 173.1M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $30.47M $30.49M $22.88M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $85.80M $93.60M $46.40M
YoY Change 84.91% 10.12%
LONG-TERM ASSETS
Property, Plant & Equipment $27.25M $22.08M $10.50M
YoY Change 159.6% 141.91% 40.77%
Goodwill $191.9M $194.0M $2.100M
YoY Change 9039.62%
Intangibles $96.31M $99.61M
YoY Change
Long-Term Investments $3.629B $4.975B $3.362B
YoY Change 7.96% -0.99% -34.75%
Other Assets $2.451B $16.50M $1.809B
YoY Change 35.51% -7.82%
Total Long-Term Assets $6.757B $5.866B $5.575B
YoY Change 21.19% 3.39%
TOTAL ASSETS
Total Short-Term Assets $85.80M $93.60M $46.40M
Total Long-Term Assets $6.757B $5.866B $5.575B
Total Assets $6.842B $5.960B $5.622B
YoY Change 21.71% 3.49% -4.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
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
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.267B $1.292B $930.1M
YoY Change 36.22% 25.94% 20.42%
Other Long-Term Liabilities $1.274B $515.9M $1.021B
YoY Change 24.82% 49.58% 72.56%
Total Long-Term Liabilities $2.541B $1.808B $1.951B
YoY Change 30.26% 31.89% 43.03%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $2.541B $1.808B $1.951B
Total Liabilities $4.671B $4.225B $4.682B
YoY Change -0.24% -13.13% -9.38%
SHAREHOLDERS EQUITY
Retained Earnings $406.8M -$21.04M -$552.2M
YoY Change -173.67% -96.42% 55.45%
Common Stock $209.0K $209.0K $191.0K
YoY Change 9.42% 9.42% 26.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $893.0M $893.0M $892.8M
YoY Change 0.02% 0.02% 0.08%
Treasury Stock Shares 17.55M shares 17.55M shares 17.54M shares
Shareholders Equity $2.097B $1.734B $939.6M
YoY Change
Total Liabilities & Shareholders Equity $6.842B $5.960B $5.622B
YoY Change 21.71% 3.49% -4.77%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income $428.3M $153.6M $36.37M
YoY Change 1077.75% -1311.09% -120.51%
Depreciation, Depletion And Amortization $6.443M $4.240M $69.70M
YoY Change -90.76% -46.72% 30.77%
Cash From Operating Activities $85.90M $39.00M -$96.20M
YoY Change -189.29% -114.13% 40.85%
INVESTING ACTIVITIES
Capital Expenditures -$6.500M -$4.000M -$2.300M
YoY Change 182.61% 33.33% 4.55%
Acquisitions
YoY Change
Other Investing Activities -$78.90M -$45.60M $92.00M
YoY Change -185.76% -116.12% 23.16%
Cash From Investing Activities -$85.40M -$49.60M $89.60M
YoY Change -195.31% -117.71% 23.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K -1.300M -3.900M
YoY Change -87.18% 333.33% 1200.0%
NET CHANGE
Cash From Operating Activities 85.90M 39.00M -96.20M
Cash From Investing Activities -85.40M -49.60M 89.60M
Cash From Financing Activities -500.0K -1.300M -3.900M
Net Change In Cash -0.00000002980 -11.90M -10.50M
YoY Change -100.0% -421.62% -369.23%
FREE CASH FLOW
Cash From Operating Activities $85.90M $39.00M -$96.20M
Capital Expenditures -$6.500M -$4.000M -$2.300M
Free Cash Flow $92.40M $43.00M -$93.90M
YoY Change -198.4% -115.75% 42.06%

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us-gaap Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
InsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
P17Y
CY2014Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
99606000 USD
CY2014Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
293632000 USD
CY2013Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
2300000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
23989000 USD
us-gaap Interest Expense
InterestExpense
66264000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
19570000 USD
us-gaap Interest Expense
InterestExpense
54871000 USD
us-gaap Interest Paid
InterestPaid
18172000 USD
us-gaap Interest Paid
InterestPaid
26058000 USD
CY2014Q3 us-gaap Investments
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4975401000 USD
CY2013Q4 us-gaap Investments
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4931157000 USD
CY2014Q3 us-gaap Investments And Cash
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5007309000 USD
CY2013Q3 us-gaap Investments And Cash
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5060645000 USD
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4682046000 USD
CY2014Q3 us-gaap Liabilities
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4225290000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
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5621691000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
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5959691000 USD
CY2014Q3 us-gaap Liability For Claims And Claims Adjustment Expense
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1620351000 USD
CY2013Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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2185421000 USD
CY2013Q3 us-gaap Liability For Claims And Claims Adjustment Expense
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2346879000 USD
CY2014Q3 us-gaap Long Term Debt
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CY2013Q4 us-gaap Long Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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600755000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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482492000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-223270000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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-233354000 USD
CY2014Q3 us-gaap Net Income Loss
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153590000 USD
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159142000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
547692000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q3 us-gaap Net Investment Income
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CY2014Q3 us-gaap Net Investment Income
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26178000 USD
us-gaap Net Investment Income
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81220000 USD
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CY2014Q3 us-gaap Operating Income Loss
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CY2014Q3 us-gaap Operating Loss Carryforwards
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2013Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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0 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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0 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4674000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13045000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
11631000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
879000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-419000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
304000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
11530000 USD
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
4978000 USD
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-2236000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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13924000 USD
us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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CY2013Q3 us-gaap Other Cost And Expense Operating
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CY2014Q3 us-gaap Other Cost And Expense Operating
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CY2013Q3 us-gaap Other Income
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1314000 USD
us-gaap Other Income
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CY2014Q3 us-gaap Other Income
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1171000 USD
us-gaap Other Income
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5319000 USD
CY2013Q4 us-gaap Other Investments
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CY2014Q3 us-gaap Other Investments
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CY2014Q3 us-gaap Other Liabilities
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330638000 USD
CY2013Q4 us-gaap Other Liabilities
OtherLiabilities
395852000 USD
CY2014Q3 us-gaap Other Short Term Investments
OtherShortTermInvestments
1778433000 USD
CY2013Q4 us-gaap Other Short Term Investments
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us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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0 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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0 USD
us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Proceeds From Productive Assets
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12030000 USD
us-gaap Payments For Proceeds From Short Term Investments
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us-gaap Payments For Proceeds From Short Term Investments
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us-gaap Payments Of Dividends Common Stock
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1388000 USD
us-gaap Payments Of Dividends Common Stock
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1200000 USD
us-gaap Payments To Acquire Available For Sale Securities
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80758000 USD
us-gaap Payments To Acquire Available For Sale Securities
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386593000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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294869000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
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507034000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
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211984000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
617696000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
646935000 USD
CY2014Q3 us-gaap Premiums Earned Net
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us-gaap Proceeds From Debt Net Of Issuance Costs
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us-gaap Proceeds From Debt Net Of Issuance Costs
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381165000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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299410000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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8056000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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10503000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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19124000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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54030000 USD
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15311000 USD
us-gaap Proceeds From Sale Of Other Productive Assets
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7765000 USD
us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
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721531000 USD
us-gaap Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
1155310000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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10516000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
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22077000 USD
us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
25811000 USD
CY2014Q3 us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
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us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
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CY2013Q3 us-gaap Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
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3194000 USD
CY2014Q3 us-gaap Reinsurance Recoverables
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CY2013Q4 us-gaap Reinsurance Recoverables
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us-gaap Repayments Of Long Term Debt
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CY2014Q3 us-gaap Restricted Cash And Cash Equivalents
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16509000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
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22527000 USD
CY2013Q3 us-gaap Restricted Cash And Cash Equivalents
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22991000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
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309251000 USD
us-gaap Revenues
Revenues
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us-gaap Revenues
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CY2013Q3 us-gaap Revenues
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42243000 USD
CY2013Q3 us-gaap Sales Revenue Services Net
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Gross Claim Liability
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Insured Contractual Payments Outstanding
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43132000 USD
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Gross Potential Recoveries
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Reductions Of Gross Claim Liability Net Discount
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Claim Liability
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CY2014Q3 us-gaap Schedule Of Insured Financial Obligations With Credit Deterioration Statement Of Financial Position Reinsurance Recoverable
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us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;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, including IBNR reserves and LAE but excluding Second-lien PDR, for the periods indicated: </font></div><div style="line-height:120%;padding-top:6px;text-align:center;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;margin-left:auto;margin-right:auto;width:95.71150097465888%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="49%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" 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="10%" 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="10%" 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="10%" 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="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;">Three Months Ended 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 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;">2014</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;">2013</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;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" 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;">2013</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;font-weight:bold;">Mortgage Insurance</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;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;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,714,681</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;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;">2,690,861</font></div></td><td style="vertical-align:bottom;" 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;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;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,164,353</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;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;">3,083,608</font></div></td><td style="vertical-align:bottom;" 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;padding-left:12px;text-indent:-12px;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;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;">22,458</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;">58,427</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;">38,363</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;">83,238</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;padding-left:12px;text-indent:-12px;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;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;">1,692,223</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;">2,632,434</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;">2,125,990</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;">3,000,370</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;padding-left:12px;text-indent:-12px;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;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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;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;">106,927</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140,015</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">339,496</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">477,155</font></div></td><td style="vertical-align:bottom;" 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: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;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;">(58,370</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;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;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;">11,997</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;">(177,514</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;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;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;">(56,777</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;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></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;">Total incurred</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;">48,557</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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">152,012</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;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;">161,982</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;">420,378</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;">Deduct paid claims and LAE related to:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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="3" style="vertical-align:bottom;background-color:#cceeff;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;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;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;">2,911</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,334</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,348</font></div></td><td style="vertical-align:bottom;" 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;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,483</font></div></td><td style="vertical-align:bottom;" 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: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;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;">170,939</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;">498,002</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;">717,694</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;">1,134,155</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;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total paid</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;">173,850</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;">519,336</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;">721,042</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;">1,155,638</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;padding-left:12px;text-indent:-12px;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;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;">1,566,930</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;">2,265,110</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;">1,566,930</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;">2,265,110</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;padding-left:12px;text-indent:-12px;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;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;">21,201</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;">49,675</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;">21,201</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;">49,675</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;padding-left:12px;text-indent:-12px;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;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,588,131</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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;">2,314,785</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #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 style="vertical-align:bottom;border-bottom:3px double #000000;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;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,588,131</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;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;">2,314,785</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #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></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;"><tr><td style="width:30px;" 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:0px;"><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 the QSR Reinsurance Transactions. See Note 8 for additional information.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:30px;" 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:0px;"><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 default notice dated 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>
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
1734401000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
939645000 USD
CY2013Q4 us-gaap Trading Securities
TradingSecurities
3117429000 USD
CY2014Q3 us-gaap Trading Securities
TradingSecurities
2479496000 USD
CY2014Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-7663000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-169107000 USD
CY2013Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-12666000 USD
us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
107865000 USD
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
17547490 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
17537457 shares
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
892807000 USD
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
892961000 USD
CY2013Q4 us-gaap Unearned Premiums
UnearnedPremiums
768871000 USD
CY2014Q3 us-gaap Unearned Premiums
UnearnedPremiums
796742000 USD
CY2013Q3 us-gaap Unearned Premiums
UnearnedPremiums
751587000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
405000 USD
CY2013Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
2340000 USD
CY2014Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-285000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
165000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-187800000 USD
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0300
CY2013 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0295
us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0252
CY2012 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0200
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230662000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
162828000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171830000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
238067000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
191050000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182357000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162828000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
171830000 shares
CY2014Q3 rdn Amortized Cost Debt And Equity Securities
AmortizedCostDebtAndEquitySecurities
526311000 USD
CY2013Q4 rdn Amortized Cost Debt And Equity Securities
AmortizedCostDebtAndEquitySecurities
198849000 USD
rdn Change In Present Valueof Estimated Credit Loss Payments
ChangeInPresentValueofEstimatedCreditLossPayments
-10432000 USD
CY2013Q3 rdn Change In Present Valueof Estimated Credit Loss Payments
ChangeInPresentValueofEstimatedCreditLossPayments
-3273000 USD
CY2014Q3 rdn Change In Present Valueof Estimated Credit Loss Payments
ChangeInPresentValueofEstimatedCreditLossPayments
665000 USD
rdn Change In Present Valueof Estimated Credit Loss Payments
ChangeInPresentValueofEstimatedCreditLossPayments
166000 USD
CY2013Q3 rdn Changein Fair Valueof Derivative Instruments Expectedto Reverse Over Time
ChangeinFairValueofDerivativeInstrumentsExpectedtoReverseOverTime
9881000 USD
rdn Changein Fair Valueof Derivative Instruments Expectedto Reverse Over Time
ChangeinFairValueofDerivativeInstrumentsExpectedtoReverseOverTime
-84542000 USD
rdn Changein Fair Valueof Derivative Instruments Expectedto Reverse Over Time
ChangeinFairValueofDerivativeInstrumentsExpectedtoReverseOverTime
127682000 USD
CY2014Q3 rdn Changein Fair Valueof Derivative Instruments Expectedto Reverse Over Time
ChangeinFairValueofDerivativeInstrumentsExpectedtoReverseOverTime
15813000 USD
CY2014Q3 rdn Deferred Tax Asset Net Before Allocation Of Valuation Allowance
DeferredTaxAssetNetBeforeAllocationOfValuationAllowance
833400000 USD
CY2013Q4 rdn Deferred Tax Asset Net Before Allocation Of Valuation Allowance
DeferredTaxAssetNetBeforeAllocationOfValuationAllowance
1040200000 USD
CY2014Q3 rdn Fair Value Debt And Equity Securities
FairValueDebtAndEquitySecurities
595313000 USD
CY2013Q4 rdn Fair Value Debt And Equity Securities
FairValueDebtAndEquitySecurities
256072000 USD
CY2014Q3 rdn Fair Value Htm And Afs Securities Unrealized Loss Greater Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossGreaterThanTwelveMonths
6768000 USD
CY2013Q4 rdn Fair Value Htm And Afs Securities Unrealized Loss Greater Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossGreaterThanTwelveMonths
8480000 USD
CY2014Q3 rdn Fair Value Htm And Afs Securities Unrealized Loss Less Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossLessThanTwelveMonths
199132000 USD
CY2013Q4 rdn Fair Value Htm And Afs Securities Unrealized Loss Less Than Twelve Months
FairValueHtmAndAfsSecuritiesUnrealizedLossLessThanTwelveMonths
19903000 USD
CY2014Q3 rdn Fair Value Htm And Afs Securities With Unrealized Losses
FairValueHtmAndAfsSecuritiesWithUnrealizedLosses
205900000 USD
CY2013Q4 rdn Fair Value Htm And Afs Securities With Unrealized Losses
FairValueHtmAndAfsSecuritiesWithUnrealizedLosses
28383000 USD
rdn Gross Unrealized Holding Gains Debt And Equity Securities
GrossUnrealizedHoldingGainsDebtAndEquitySecurities
71762000 USD
CY2013 rdn Gross Unrealized Holding Gains Debt And Equity Securities
GrossUnrealizedHoldingGainsDebtAndEquitySecurities
58340000 USD
rdn Gross Unrealized Holding Losses Debt And Equity Securities
GrossUnrealizedHoldingLossesDebtAndEquitySecurities
2760000 USD
CY2013 rdn Gross Unrealized Holding Losses Debt And Equity Securities
GrossUnrealizedHoldingLossesDebtAndEquitySecurities
1117000 USD
CY2014Q3 rdn Increase Decrease To Premiums Earnedfor Financial Guaranty Contracts Relatedto Foreign Exchange Revaluation Grossof Commission
IncreaseDecreaseToPremiumsEarnedforFinancialGuarantyContractsRelatedtoForeignExchangeRevaluationGrossofCommission
-299000 USD
CY2013Q3 rdn Increase Decrease To Premiums Earnedfor Financial Guaranty Contracts Relatedto Foreign Exchange Revaluation Grossof Commission
IncreaseDecreaseToPremiumsEarnedforFinancialGuarantyContractsRelatedtoForeignExchangeRevaluationGrossofCommission
112000 USD
rdn Increase Decrease To Premiums Earnedfor Financial Guaranty Contracts Relatedto Foreign Exchange Revaluation Grossof Commission
IncreaseDecreaseToPremiumsEarnedforFinancialGuarantyContractsRelatedtoForeignExchangeRevaluationGrossofCommission
-975000 USD
rdn Increase Decrease To Premiums Earnedfor Financial Guaranty Contracts Relatedto Foreign Exchange Revaluation Grossof Commission
IncreaseDecreaseToPremiumsEarnedforFinancialGuarantyContractsRelatedtoForeignExchangeRevaluationGrossofCommission
21000 USD
CY2013Q3 rdn Increase Decreasein Premiums Earned On Financial Guaranty Contracts Relatedto Recaptures And Commutations
IncreaseDecreaseinPremiumsEarnedOnFinancialGuarantyContractsRelatedtoRecapturesAndCommutations
0 USD
rdn Increase Decreasein Premiums Earned On Financial Guaranty Contracts Relatedto Recaptures And Commutations
IncreaseDecreaseinPremiumsEarnedOnFinancialGuarantyContractsRelatedtoRecapturesAndCommutations
-2447000 USD
CY2014Q3 rdn Increase Decreasein Premiums Earned On Financial Guaranty Contracts Relatedto Recaptures And Commutations
IncreaseDecreaseinPremiumsEarnedOnFinancialGuarantyContractsRelatedtoRecapturesAndCommutations
0 USD
rdn Increase Decreasein Premiums Earned On Financial Guaranty Contracts Relatedto Recaptures And Commutations
IncreaseDecreaseinPremiumsEarnedOnFinancialGuarantyContractsRelatedtoRecapturesAndCommutations
0 USD
rdn Increase Decreasein Premiums Earnedon Financial Guaranty Insurance Contracts Related To Changes In Installment Premiums Grossof Commissions
IncreaseDecreaseinPremiumsEarnedonFinancialGuarantyInsuranceContractsRelatedToChangesInInstallmentPremiumsGrossofCommissions
-1425000 USD
rdn Increase Decreasein Premiums Earnedon Financial Guaranty Insurance Contracts Related To Changes In Installment Premiums Grossof Commissions
IncreaseDecreaseinPremiumsEarnedonFinancialGuarantyInsuranceContractsRelatedToChangesInInstallmentPremiumsGrossofCommissions
2527000 USD
CY2013Q3 rdn Increase Decreasein Premiums Earnedon Financial Guaranty Insurance Contracts Related To Changes In Installment Premiums Grossof Commissions
IncreaseDecreaseinPremiumsEarnedonFinancialGuarantyInsuranceContractsRelatedToChangesInInstallmentPremiumsGrossofCommissions
-155000 USD
CY2014Q3 rdn Increase Decreasein Premiums Earnedon Financial Guaranty Insurance Contracts Related To Changes In Installment Premiums Grossof Commissions
IncreaseDecreaseinPremiumsEarnedonFinancialGuarantyInsuranceContractsRelatedToChangesInInstallmentPremiumsGrossofCommissions
-1586000 USD
rdn Minimum Numberof Days Past Duefora Loantobe Includedin Settlement Agreement
MinimumNumberofDaysPastDueforaLoantobeIncludedinSettlementAgreement
P90D
CY2014Q3 rdn Minimum Numberof Pendingor Threatened Matters That Could Effect Our Results
MinimumNumberofPendingorThreatenedMattersThatCouldEffectOurResults
1 matters
rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
-229000 USD
rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
-3585000 USD
CY2013Q3 rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
902000 USD
CY2014Q3 rdn Net Gains Losses On Other Financial Instruments
NetGainsLossesOnOtherFinancialInstruments
982000 USD
CY2014Q3 rdn Net Premiums Earned On Derivatives
NetPremiumsEarnedOnDerivatives
2882000 USD
rdn Net Premiums Earned On Derivatives
NetPremiumsEarnedOnDerivatives
9673000 USD
CY2013Q3 rdn Net Premiums Earned On Derivatives
NetPremiumsEarnedOnDerivatives
4170000 USD
rdn Net Premiums Earned On Derivatives
NetPremiumsEarnedOnDerivatives
14019000 USD
CY2014Q3 rdn Number Of Afs And Htm Securities In Unrealized Loss Position
NumberOfAfsAndHtmSecuritiesInUnrealizedLossPosition
69 security
CY2013Q4 rdn Number Of Afs And Htm Securities In Unrealized Loss Position
NumberOfAfsAndHtmSecuritiesInUnrealizedLossPosition
9 security
CY2014Q3 rdn Number Of Securities In Continuous Unrealized Loss Position Less Than Twelve Months
NumberOfSecuritiesInContinuousUnrealizedLossPositionLessThanTwelveMonths
67 security
CY2013Q4 rdn Number Of Securities In Continuous Unrealized Loss Position Less Than Twelve Months
NumberOfSecuritiesInContinuousUnrealizedLossPositionLessThanTwelveMonths
5 security
CY2014Q3 rdn Number Of Securities In Continuous Unrealized Loss Position Twelve Months Or Longer
NumberOfSecuritiesInContinuousUnrealizedLossPositionTwelveMonthsOrLonger
2 security
CY2013Q4 rdn Number Of Securities In Continuous Unrealized Loss Position Twelve Months Or Longer
NumberOfSecuritiesInContinuousUnrealizedLossPositionTwelveMonthsOrLonger
4 security
rdn Numberof Days Until Eligibility Requirements Become Effective After Final Publication
NumberofDaysUntilEligibilityRequirementsBecomeEffectiveAfterFinalPublication
P180D
CY2014Q3 rdn Operating Income Loss Pre Tax Non Gaap
OperatingIncomeLossPreTaxNonGAAP
147156000 USD
rdn Operating Income Loss Pre Tax Non Gaap
OperatingIncomeLossPreTaxNonGAAP
-11485000 USD
rdn Operating Income Loss Pre Tax Non Gaap
OperatingIncomeLossPreTaxNonGAAP
312487000 USD
CY2013Q3 rdn Operating Income Loss Pre Tax Non Gaap
OperatingIncomeLossPreTaxNonGAAP
-12424000 USD
rdn Policyholder Benefitsand Claims Incurred Netand Including Changein Reservesfor Premium Deficiency
PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency
427821000 USD
CY2014Q3 rdn Policyholder Benefitsand Claims Incurred Netand Including Changein Reservesfor Premium Deficiency
PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency
42526000 USD
rdn Policyholder Benefitsand Claims Incurred Netand Including Changein Reservesfor Premium Deficiency
PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency
167527000 USD
CY2013Q3 rdn Policyholder Benefitsand Claims Incurred Netand Including Changein Reservesfor Premium Deficiency
PolicyholderBenefitsandClaimsIncurredNetandIncludingChangeinReservesforPremiumDeficiency
154849000 USD
CY2013Q3 rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
6979000 USD
rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
22020000 USD
CY2014Q3 rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
6253000 USD
rdn Premiums Earned For Financial Guaranty Adjustment For Refundings
PremiumsEarnedForFinancialGuarantyAdjustmentForRefundings
14443000 USD
CY2014Q3 rdn Restricted Net Assets Held By Consolidated Subsidiaries
RestrictedNetAssetsHeldByConsolidatedSubsidiaries
1900000000 USD
CY2014Q3 rdn Risk To Capital Ratio Regulatory Maximum
RiskToCapitalRatioRegulatoryMaximum
25
rdn Total Adjustment To Premiums Earned For Financial Guaranty Contracts
TotalAdjustmentToPremiumsEarnedForFinancialGuarantyContracts
14006000 USD
rdn Total Adjustment To Premiums Earned For Financial Guaranty Contracts
TotalAdjustmentToPremiumsEarnedForFinancialGuarantyContracts
21194000 USD
CY2014Q3 rdn Total Adjustment To Premiums Earned For Financial Guaranty Contracts
TotalAdjustmentToPremiumsEarnedForFinancialGuarantyContracts
5273000 USD
CY2013Q3 rdn Total Adjustment To Premiums Earned For Financial Guaranty Contracts
TotalAdjustmentToPremiumsEarnedForFinancialGuarantyContracts
6936000 USD
rdn Transition Periodfor Complianceto New Eligibility Requirements
TransitionPeriodforCompliancetoNewEligibilityRequirements
P2Y
CY2014Q3 rdn Unrealized Loss On Afs And Htm Securities
UnrealizedLossOnAfsAndHtmSecurities
2760000 USD
CY2013Q4 rdn Unrealized Loss On Afs And Htm Securities
UnrealizedLossOnAfsAndHtmSecurities
1117000 USD
CY2014Q3 rdn Unrealized Loss On Afs And Htm Securities Greater Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesGreaterThanTwelveMonths
127000 USD
CY2013Q4 rdn Unrealized Loss On Afs And Htm Securities Greater Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesGreaterThanTwelveMonths
1018000 USD
CY2014Q3 rdn Unrealized Loss On Afs And Htm Securities Less Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesLessThanTwelveMonths
2633000 USD
CY2013Q4 rdn Unrealized Loss On Afs And Htm Securities Less Than Twelve Months
UnrealizedLossOnAfsAndHtmSecuritiesLessThanTwelveMonths
99000 USD
CY2014Q3 rdn Variable Interest Entity Accounts Payable And Other Liabilities
VariableInterestEntityAccountsPayableAndOtherLiabilities
221000 USD
CY2013Q4 rdn Variable Interest Entity Accounts Payable And Other Liabilities
VariableInterestEntityAccountsPayableAndOtherLiabilities
254000 USD
CY2014Q3 rdn Variable Interest Entity Carrying Amount Of Derivative Assets
VariableInterestEntityCarryingAmountOfDerivativeAssets
0 USD
CY2013Q4 rdn Variable Interest Entity Carrying Amount Of Derivative Assets
VariableInterestEntityCarryingAmountOfDerivativeAssets
0 USD
CY2013Q4 rdn Variable Interest Entity Debt
VariableInterestEntityDebt
94645000 USD
CY2014Q3 rdn Variable Interest Entity Debt
VariableInterestEntityDebt
91232000 USD
CY2013Q3 rdn Variable Interest Entity Debt
VariableInterestEntityDebt
104218000 USD
CY2014Q3 rdn Variable Interest Entity Derivative Liabilities
VariableInterestEntityDerivativeLiabilities
46653000 USD
CY2013Q4 rdn Variable Interest Entity Derivative Liabilities
VariableInterestEntityDerivativeLiabilities
68457000 USD
CY2014Q3 rdn Variable Interest Entity Fair Value Of Other Invested Assets
VariableInterestEntityFairValueOfOtherInvestedAssets
82502000 USD
CY2013Q4 rdn Variable Interest Entity Fair Value Of Other Invested Assets
VariableInterestEntityFairValueOfOtherInvestedAssets
81000000 USD
CY2013Q4 rdn Variable Interest Entity Other Assets
VariableInterestEntityOtherAssets
92023000 USD
CY2014Q3 rdn Variable Interest Entity Other Assets
VariableInterestEntityOtherAssets
88219000 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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000890926
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
191051817 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

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