View Filing Data

Increase in unearned premiums

$ 34,029

$ 3,541

$ 0

Net premiums written

34,029

3,541

(20,622)

(1,446)

Net premiums earned

13,407

2,095

Net investment income

5,618

4,808

Net realized investment gains

197

186

Gain (loss) from change in fair value of warrant liability

2,949

(1,529)

278

Gain from settlement of warrants

Total revenues

22,208

5,560

284

Expenses

Insurance claims and claims expenses

Amortization of deferred policy acquisition costs

373

Underwriting and operating expenses

73,044

60,743

27,775

Total expenses

73,500

60,744

27,775

Loss before income taxes

(51,292)

(55,184)

(27,491)

Income tax benefit

(2,386)

Other comprehensive income (loss), net of tax:

(48,906)

(55,184)

(27,491)

Net unrealized holding gains (losses) for the period included in accumulated other comprehensive loss, net of tax expense of $2,390, $0 and $0 for each of the years in the three-year period ended December 31, 2014, respectively

3,440

(7,047)

Other comprehensive income (loss), net of tax

3,440

(7,047)

Total comprehensive loss

$ (45,466)

$ (62,231)

$ (27,490)

Loss per share

Basic and diluted loss per share (in dollars per share)

$ (0.84)

$ (0.99)

^[1]

$ (0.73)

Weighted average common shares outstanding (in shares)

58,281,425

56,005,326

^[1]

37,909,936

[1]	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of quarterly per share data may not equal the per share data for the year.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Parenthetical - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 2,390	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Class A [Member]

Common Class B [Member]

Common Stock [Member]

Common Class A [Member]

Common Stock [Member]

Common Class B [Member]

Additional Paid-in Capital [Member]

Common Class A [Member]

Accumulated Other Comprehensive Loss [Member]

Accumulated Deficit [Member]

Beginning Balance at Dec. 31, 2011

$ (1,349)

^[1]

$ 0

$ (1,349)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of shares of common stock, net of expenses of $3,483 in 2013

$ 508,970

$ 2

$ 551

$ 508,419

Issuance of common stock related to acquisition of subsidiaries

2,500

2,498

Share-based compensation expense

6,115

Change in unrealized investment gains/losses, net of tax of $0, $0 and $2,390

Ending Balance at Dec. 31, 2012

(27,491)

488,748

553

517,032

(28,840)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of shares of common stock, net of expenses of $3,483 in 2013

27,912

27,887

Common stock: class A shares issued under stock plans, net of shares withheld (for) from employee taxes

(1,578)

(1,579)

Conversion of class B shares of common stock into Class A shares of common stock

(2)

Share-based compensation expense

10,367

Change in unrealized investment gains/losses, net of tax of $0, $0 and $2,390

(7,048)

Ending Balance at Dec. 31, 2013

(55,184)

463,217

581

553,707

(7,047)

(84,024)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock: class A shares issued under stock plans, net of shares withheld (for) from employee taxes

Common stock: class A shares issued related to warrants

$ 13

^[2]

$ 13

Share-based compensation expense

9,180

Change in unrealized investment gains/losses, net of tax of $0, $0 and $2,390

3,440

Ending Balance at Dec. 31, 2014

(48,906)

$ 426,958

$ 584

$ 0

$ 562,911

$ (3,607)

$ (132,930)

[1]	At inception, we issued 100 common shares with a par value of $0.01 to FBR & Co. in consideration of their investment of $1 in the Company, which are not visible in this schedule due to rounding.
[2]	During 2014, we issued 1,115 common shares with a par value of $0.01 related to the exercise of warrants, which is not identifiable in this schedule due to rounding.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Price per share	$ 1
Payments of stock issuance costs			$ 3,483
Change in unrealized investment gains (losses), tax amount		$ 2,390	$ 0	$ 0
Common Class A [Member]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Class A [Member] \| Common Stock [Member]
Common stock issued at inception	100
Common stock issued		1,115
Common stock, par value (in dollars per share)	$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net loss	$ (48,906,000)	$ (55,184,000)	$ (27,491,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized investment gains	(197,000)	(186,000)	0
(Gain) loss from change in fair value of warrant liability	(2,949,000)	1,529,000	(278,000)
Gain from settlement of warrants	(37,000)	0	0
Depreciation and other amortization	8,080,000	8,116,000	3,000
Share-based compensation expense	9,180,000	10,367,000	6,115,000
Noncash intraperiod tax allocation	(2,386,000)	0	0
Warrants issued in connection with line of credit	0	0	1,620,000
Loss on impairment	0	0	1,200,000
Changes in operating assets and liabilities:
Accrued investment income	294,000	(2,001,000)	(6,000)
Premiums receivable	(1,029,000)	(19,000)	0
Prepaid expenses	(535,000)	(1,102,000)	(234,000)
Deferred policy acquisition costs, net	(2,895,000)	(90,000)	0
Other assets	(446,000)	46,000	(78,000)
Unearned premiums	20,622,000	1,446,000	0
Reserve for insurance claims and claims expenses	83,000	0	0
Accounts payable and accrued expenses	117,000	767,000	4,553,000
Net cash used in operating activities	(21,004,000)	(36,311,000)	(14,596,000)
Cash flows from investing activities
Purchase of short-term investments	0	(510,000)	(4,862,000)
Purchase of fixed-maturity investments, available-for-sale	(60,462,000)	(559,875,000)	0
Proceeds from maturity of short-term investments	0	5,374,000	0
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	136,764,000	141,754,000	0
Purchase of software and equipment	(8,220,000)	(6,692,000)	(2,447,000)
Acquisition of subsidiaries	0	0	(2,500,000)
Net cash provided by (used in) investing activities	68,082,000	(419,949,000)	(9,809,000)
Cash flows from financing activities
Payments on line of credit	0	0	(205,000)
Taxes paid related to net share settlement of equity awards	(1,083,000)	(1,578,000)	0
Issuance of common stock	1,097,000	27,912,000	510,465,000
Net cash provided by financing activities	14,000	26,334,000	510,260,000
Net increase (decrease) in cash and cash equivalents	47,092,000	(429,926,000)	485,855,000
Cash and cash equivalents, beginning of period	55,929,000	485,855,000	0
Cash and cash equivalents, end of period	103,021,000	55,929,000	485,855,000
Supplemental disclosures of cash flow information
Restricted cash	0	0	40,338,000
Noncash financing activities
Conversion of class B shares of common stock into class A shares of common stock	$ 0	$ 2,000	$ 0
Acquisition of subsidiaries
Warrants issued in connection with acquisition of subsidiaries	0	0	3,500
Common stock issued in connection with acquisition of subsidiaries	0	0	2,500

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation NMIH is a Delaware corporation, formed in May 2011, to provide mortgage insurance through its wholly owned insurance subsidiaries, NMIC and Re One. In April 2012, we completed a private placement of our securities, through which we offered and sold an aggregate of 55,000,000 of our Class A common shares resulting in net proceeds of approximately $510 million (the "Private Placement"), and we completed the acquisition of our insurance subsidiaries for $8.5 million in cash, common stock and warrants, plus the assumption of $1.3 million in liabilities. In April 2013, NMIC, our primary insurance subsidiary, wrote our first mortgage insurance policy. Under the terms of the Private Placement, we were required to obtain approvals from the GSEs by January 17, 2013. Freddie Mac and Fannie Mae approved NMIC as an eligible mortgage insurer, on January 15, 2013 and January 16, 2013, respectively, which approvals are conditioned upon NMIC maintaining certain conditions (the "GSE Approval"). For a further discussion of these conditions, see "Note 11, Commitments and Contingencies." In November 2013, we completed an initial public offering of 2.4 million shares of our common stock, and our common stock began trading on the NASDAQ on November 8, 2013, under the symbol "NMIH." For a further discussion, see "Note 12, Common Stock Offerings." Basis of Presentation The accompanying consolidated financial statements include the results of NMIH and its wholly owned subsidiaries. All inter-company transactions have been eliminated. These financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") and our accounts are maintained in US dollars. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities as of the balance sheet date. Estimates also affect the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Summary of Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Accounting Principles

Revenue Recognition

In the mortgage insurance industry, a "book" is a group of loans that an MI company insures in a particular period, normally a calendar year. We set premiums at the time a policy is issued based on our expectations regarding likely performance over the term of coverage. The policies we write are guaranteed renewable contracts at the policyholder's option. Premiums may be paid to us on a single, annual or monthly basis. Premiums written on a single premium basis and an annual premium basis are initially deferred as unearned premium reserve and earned over the policy term commencing in the month coverage is effective. Premiums written on policies covering more than one year are amortized over the policy life in accordance with the expiration of risk, which is the anticipated claim payment pattern based on industry experience. Premiums written on annual policies are earned on a monthly pro rata basis. Premiums written on monthly policies are earned as coverage is provided. Premiums written on pool transactions are earned over the period that coverage is provided. Upon cancellation of a policy, all premium that is non-refundable is immediately earned and any refundable premium is returned to the policyholder. Premiums returned to policyholders are recorded as a reduction of written and earned premiums in the current period. The actual return of premium for all periods affects premiums written and earned in those periods.

For the year ended December 31, 2014, two customers represented a material portion of our revenues. At December 31, 2014, approximately 18% of our total RIF was concentrated in California. Our RIF and customer concentrations are not representative of those concentrations that we believe will exist when our insurance portfolio is more mature.

Reserves for Insurance Claims and Claims Expenses

Consistent with industry accounting practices, for purposes of establishing claim reserves, we adhere to the general claim reserving principles contained in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 944, Financial Services - Insurance ("ASC 944"), even though that standard expressly excludes mortgage insurance from its guidance. However, and consistent with our industry, we do not establish claim reserves for anticipated future claims on insured loans that are not currently in default. We do not consider a loan to be in default for claim reserve purposes until we receive notice from the servicer that a borrower has failed to make two consecutive regularly scheduled payments and is at least 60 days in default. In addition to reserves on reported defaults, we establish reserves for estimated claims incurred on loans that have been in default for at least 60 days that have not yet been reported to us by the servicers, often referred to as IBNR.

Investments

We have designated our investment portfolio as available-for-sale and report it at fair value. The related unrealized gains and losses are, after considering the related tax expense or benefit, recognized as a component of accumulated other comprehensive (loss) income in shareholders' equity. Net realized investment gains and losses are reported in income based upon specific identification of securities sold.

Purchases and sales of investments are recorded on a trade date basis. Net investment income is recognized when earned and includes interest and dividend income together with amortization of market premiums and discounts using the effective yield method and is net of investment management fees and other investment related expenses. For asset-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments.

Each quarter, we evaluate our investments in order to determine whether declines in fair value below amortized cost were considered other-than-temporary in accordance with applicable guidance. Under the current guidance, a debt security impairment is deemed other-than-temporary if (i) we either intend to sell the security or it is more likely than not that we will be required to sell the security before recovery or (ii) we do not expect to collect cash flows sufficient to recover the amortized cost basis of the security. In evaluating whether a decline in fair value is other-than-temporary, we consider several factors including, but not limited to:


•	our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery;


•	severity and duration of the decline in fair value;


•	the financial condition of the issuer;


•	the failure of the issuer to make scheduled interest or principal payments;


•	recent credit downgrades of the applicable security or the issuer below investment grade; and


•	adverse conditions specifically related to the security, an industry, or a geographic area.

Deferred Policy Acquisition Costs

Costs directly associated with the successful acquisition of mortgage insurance policies, consisting of certain selling expenses and other policy issuance and underwriting expenses, are initially deferred and reported as deferred policy acquisition costs ("DAC"). For each book year of business, these costs are amortized to expense in relation to the anticipated recognition of premiums.

Premium Deficiency Reserves

We consider whether a premium deficiency exists at each fiscal quarter using best estimate assumptions as of the testing date. Per ASC 944, a premium deficiency reserve shall be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. We have determined that no premium deficiency reserves were necessary for each of the years in the three-year period ended December 31, 2014.

Income Taxes

We account for income taxes using the liability method in accordance with ASC Topic 740, Income Taxes. The liability method measures the expected future tax effects of temporary differences at the enacted tax rates applicable for the period in which the deferred asset or liability is expected to be realized or settled. Temporary differences are differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements that would result in future increases or decreases in taxes owed on a cash basis compared to amounts already recognized as tax expense in the consolidated statement of operations.

Warrants

We account for warrants to purchase our common shares in accordance with ASC 470-20, Debt with Conversion and Other Options and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity. Our outstanding warrants may be settled by us using either (i) physical settlement method or (ii) cashless exercise, where shares that are issued upon exercise of the warrants are reduced, to cover the cost of the exercise, in lieu of the holder remitting a cash payment of the exercise price. The warrants expire and are not exercisable after the 10^th anniversary of the date the warrant was issued. The exercise price and the number of warrants are subject to anti-dilution provisions whereby the existing exercise price is adjusted downward, and the number of warrants increased, for events that may not be dilutive. The adjustment may be in excess of any dilution suffered. As a result, the warrants are classified as a liability. We revalue the warrants at the end of each reporting period, and any change in fair value is reported in the statements of operations in the period in which the change occurred. We calculate the fair value of the warrants using a Black-Scholes option-pricing model in combination with a binomial model, and we value the pricing protection features of the warrants using a Monte Carlo simulation model.

Share-Based Compensation

We account for stock compensation in accordance with ASC 718, Compensation - Stock Compensation. This addresses accounting for share-based awards and recognition of compensation expense, measured using grant date fair value, over the requisite service or performance period of the award. Share-based payments include restricted stock units ("RSUs") and stock option grants under the 2012 Stock Incentive Plan. We determine the fair value of issued stock option grants using an option pricing model, which takes into account various assumptions that are subjective. Key assumptions used in the stock option valuation include the expected term of the equity award, taking into account the contractual term of the award, the effects of expected exercise and post-vesting termination behavior, expected volatility, expected dividends and the risk-free interest rate for the expected term of the award. RSU grants to employees contain a market condition and/or service condition. The fair value of RSU grants to employees with a market condition is determined based on a Monte Carlo simulation model at the date of grant. RSU grants to employees with a service condition and RSU grants to non-employee directors are valued at our stock price on the date of grant less the present value of anticipated dividends.

Earnings per Share

Basic net loss per share is based on the weighted-average number of common shares outstanding, while diluted net loss per share is based on the weighted-average number of common shares outstanding and common stock equivalents that would be issuable upon the exercise of stock options, other stock-based compensation arrangements, and the dilutive effect of outstanding warrants. As a result of our net losses for the each of the years in the three-year period ended December 31, 2014, 5,839,909 shares, 5,303,394 shares, and 4,414,165 shares of our common stock equivalents issued under stock-based compensation arrangements and warrants, respectively, were not included in the calculation of diluted net loss per share as of such dates because they were anti-dilutive.

Cash and Cash Equivalents

We consider items such as certificates of deposit and money market funds with original maturities of 90 days or less to be cash equivalents. The Company did not have any restricted cash as of December 31, 2014 and 2013.

Software and Equipment

Certain costs associated with the development of internal-use software are capitalized. Software and equipment are stated at cost, less accumulated amortization and depreciation. Once the software is ready for its intended use, amortization and depreciation are calculated using the straight-line method over the estimated useful lives of the respective assets ranging typically from 3 to 7 years, unless factors indicate a shorter useful life. Amortization of software and depreciation of equipment commences at the beginning of the month following our placement of the assets into use. For further detail, see "Note 9, Software and Equipment."

Business Combinations, Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the estimated fair value of net assets acquired from a business combination. In accordance with ASC 350, Intangibles - Goodwill and Other, we test goodwill for impairment during the third quarter each year, or more frequently if we believe indicators of impairment exist. We have not identified any impairments of goodwill through December 31, 2014.

Our intangible assets consist of state licenses and GSE applications which have indefinite lives. We test indefinite-lived intangible assets for impairment during the fourth quarter of each year or more frequently if we believe indicators of impairment exist. We do not believe that the indefinite-lived intangible assets were impaired as of December 31, 2014.

Premiums receivable

Premiums receivable consist of premiums due on our mortgage insurance policies. If mortgage insurance premiums are unpaid for more than 120 days, the receivable is written off against earned premium and the related insurance policy is canceled.

Recent Accounting Standards Updates Adopted

In August 2014, the FASB issued an update that requires an entity's management to evaluate whether there is substantial doubt about that entity's ability to continue as a going concern and, if so, disclose that fact. An entity's management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for annual periods ending after December 15, 2016 and for interim and annual periods thereafter. We do not expect the adoption of this update to have a material effect on the presentation of our financial statements and notes therein.

Reclassifications

Certain items in the financial statements as of December 31, 2014 and for the periods ending December 31, 2013 and December 31, 2012 have been reclassified to conform to the current period's presentation. There was no effect on net income or shareholders' equity previously reported.

Subsequent Events

We have considered subsequent events through the date of this filing.

Investments

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Investments

Fair Values and Gross Unrealized Gains and Losses on Investments



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,911	$	7	$	(573	)	$	68,345
Municipal debt securities	12,009		27		(73		)	11,963
Corporate debt securities	200,358		883		(1,456		)	199,785
Asset-backed securities	56,440		222		(254		)	56,408
Total investments	$	337,718	$	1,139	$	(2,356	)	$	336,501



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2013	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	108,067	$	—	$	(1,461	)	$	106,606
Municipal debt securities	12,017		1		(85		)	11,933
Corporate debt securities	221,899		157		(4,799		)	217,257
Asset-backed securities	74,152		114		(974		)	73,292
Total investments	$	416,135	$	272	$	(7,319	)	$	409,088

Scheduled Maturities

The amortized cost and fair values of available for sale securities at December 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.



As of December 31, 2014	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	6,110	$	6,125
Due after one through five years	195,492		194,472
Due after five through ten years	54,360		53,891
Due after ten years	25,316		25,605
Asset-backed securities	56,440		56,408
Total investments	$	337,718	$	336,501



As of December 31, 2013	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	—	$	—
Due after one through five years	260,855		257,501
Due after five through ten years	65,687		63,440
Due after ten years	15,441		14,855
Asset-backed securities	74,152		73,292
Total investments	$	416,135	$	409,088

Aging of Unrealized Losses

At December 31, 2014, the investment portfolio had gross unrealized losses of $2.4 million, $1.7 million of which has been in an unrealized loss position for a period of twelve months or greater. We did not consider these securities to be other-than-temporarily impaired as of December 31, 2014. We based our conclusion that these investments were not other-than-temporarily impaired at December 31, 2014 on the following facts: (i) the unrealized losses were primarily caused by interest rate movements since the purchase date; (ii) we do not intend to sell these investments; and (iii) we do not believe that it is more likely than not that we will be required to sell these investments before recovery of our amortized cost basis, which may not occur until maturity. For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of December 31, 2014		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	7,228	$	(33	)	10	$	49,884	$	(540	)	14	$	57,112	$	(573	)
Municipal debt securities	1	3,232		(18		)	1	1,695		(55		)	2	4,927		(73		)
Corporate debt securities	26	60,334		(559		)	22	65,806		(897		)	48	126,140		(1,456		)
Assets-backed securities	3	10,614		(57		)	4	20,047		(197		)	7	30,661		(254		)
Total investments	34	$	81,408	$	(667	)	37	$	137,432	$	(1,689	)	71	$	218,840	$	(2,356	)



	Less Than 12 Months						12 Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2013		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	19	$	106,606	$	(1,461	)	—	$	—	$	—	19	$	106,606	$	(1,461	)
Municipal debt securities	2	4,915		(85		)	—	—		—		2	4,915		(85		)
Corporate debt securities	47	187,714		(4,799		)	—	—		—		47	187,714		(4,799		)
Assets-backed securities	11	58,225		(974		)	—	—		—		11	58,225		(974		)
Total investments	79	$	357,460	$	(7,319	)	—	$	—	$	—	79	$	357,460	$	(7,319	)

Net Investment Income

Net investment income is comprised of the following:



	For the Year Ended December 31,
	2014			2013			2012
	(In Thousands)
Fixed maturities	$	6,127		$	5,289		$	4
Cash equivalents	—			—			2
Other	8			2			—
Investment income	6,135			5,291			6
Investment expenses	(517		)	(483		)	—
Net investment income	$	5,618		$	4,808		$	6

Gross realized gains were $0.7 million and $0.6 million for the years ended December 31, 2014 and 2013, respectively. Gross realized losses were $0.5 million and $0.4 million for the years ended December 31, 2014 and 2013, respectively. There were no realized investment gains or losses for the year ended December 31, 2012.

As of December 31, 2014 and December 31, 2013, there were approximately $7.0 million of cash and investments in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

The entire disclosure for investments in certain debt and equity securities.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

The following describes the valuation techniques used by us to determine the fair value of financial instruments held at December 31, 2014 and December 31, 2013:

We established a fair value hierarchy by prioritizing the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this standard are described below:

Level 1 - Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date for identical assets or liabilities. Financial assets utilizing Level 1 inputs are U.S. Treasury securities;

Level 2 - Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities. Financial assets utilizing Level 2 inputs include certain obligations of U.S. government agencies, municipal and corporate debt securities and asset-backed securities; and

Level 3 - Unobservable inputs that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We value our warrant liability utilizing Level 3 inputs.

The level of market activity used to determine the fair value hierarchy is based on the availability of observable inputs market participants would use to price an asset or a liability, including market value price observations.

Assets classified as Level 1 and Level 2

To determine the fair value of securities available-for-sale in Level 1 and Level 2 of the fair value hierarchy, independent pricing sources have been utilized. One price is provided per security based on observable market data. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including data published in market research publications. Inputs may be weighted differently for any security, and not all inputs are used for each security evaluation. Market indicators, industry and economic events are also considered. This information is evaluated using a multidimensional pricing model. Quality controls are performed by the independent pricing sources throughout this process, which include reviewing tolerance reports, trading information and data changes, and directional moves compared to market moves. This model combines all inputs to arrive at a value assigned to each security. We have not made any adjustments to the prices obtained from the independent pricing sources. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2014.

Liabilities classified as Level 3

We calculate the fair value of outstanding warrants using a Black-Scholes option-pricing model in combination with a binomial model, and we value the pricing protection features within the warrants using a Monte Carlo simulation. Variables in the model include the risk-free rate of return, dividend yield, expected life and expected volatility of our stock price.

ASC 825, Disclosures about Fair Value of Financial Instruments, requires all entities to disclose the fair value of their financial instruments, both assets and liabilities recognized and not recognized in the balance sheet, for which it is practicable to estimate fair value.

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of December 31, 2014 and December 31, 2013:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	39,176	$	29,169	$	—	$	68,345
Municipal debt securities	—		11,963		—		11,963
Corporate debt securities	—		199,785		—		199,785
Asset-backed securities	—		56,408		—		56,408
Cash and cash equivalents	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2013	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	49,484	$	57,122	$	—	$	106,606
Municipal debt securities	—		11,933		—		11,933
Corporate debt securities	—		217,257		—		217,257
Asset-backed securities	—		73,292		—		73,292
Cash and cash equivalents	55,929		—		—		55,929
Total assets	$	105,413	$	359,604	$	—	$	465,017
Warrant liability	$	—	$	—	$	6,371	$	6,371
Total liabilities	$	—	$	—	$	6,371	$	6,371

The following is a roll-forward of Level 3 liabilities measured at fair value for the year ended December 31, 2014:



	Warrant Liability
For the Year Ended December 31, 2014	(In Thousands)
Balance, January 1, 2014	$	6,371
Change in fair value of warrant liability included in earnings	(2,949		)
Gain on settlement of warrants	(37		)
Issuance of common stock on warrant exercise	(13		)
Balance, December 31, 2014	$	3,372



	Warrant Liability
For the Year Ended December 31, 2013	(In Thousands)
Balance, January 1, 2013	$	4,842
Change in fair value of warrant liability included in earnings	1,529
Balance, December 31, 2013	$	6,371

We revalue the warrant liability quarterly using a Black-Scholes option-pricing model, in combination with a binomial model, and we value the pricing protection features within the warrants using a Monte-Carlo simulation model. As of December 31, 2014, the assumptions used in the option pricing model were as follows: a common stock price as of December 31, 2014 of $9.13, risk free interest rate of 1.88%, expected life of 6.44 years, expected volatility of 37.4% and a dividend yield of 0%. The change in fair value is primarily attributable to a decline in the price of our common stock from December 31, 2013 to December 31, 2014.

There were no transfers in or out of Level 3 of the fair value hierarchy during the year ended December 31, 2014.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reserves for Insurance Claims and Claims Expenses

12 Months Ended

Dec. 31, 2014

Reserves for Insurance Claims and Claims Expenses

We establish claim reserves to recognize the estimated liability for insurance claims and claim expenses related to defaults on insured mortgage loans. Our method, consistent with industry practice, is to establish claim reserves only for loans in default. Our claim reserves also include amounts for IBNR. We received our first primary NOD in the second quarter of 2014. For the year ended December 31, 2013, we had no claim or IBNR reserves.

Additionally, we entered into a pool insurance transaction with Fannie Mae, effective September 1, 2013. We would only establish claim or IBNR reserves for this pool transaction, if we expect claims to exceed the transaction's deductible, which represents the amount of claims absorbed by Fannie Mae before we are obligated to pay any claims under the policy. At December 31, 2014, thirty loans in the pool were past due by sixty days or more. These thirty loans represent approximately $1.7 million in RIF. Due to the size of the deductible ($10.3 million), the low level of NODs reported through December 31, 2014 and the high quality of the loans (all loans are less than 80% LTV), we have not established any pool reserves for claims or IBNR for the years ended December 31, 2014 and December 31, 2013.

The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claims expenses for the year ended December 31, 2014 and 2013:



	For the Year Ended December 31,
	2014		2013
	(In Thousands)
Reserve at beginning of period	$	—	$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	83		—
Prior years	—		—
Total claims incurred	83		—

Claims paid:
Claims and claim expenses paid:
Current year	—		—
Prior years	—		—
Total claims paid	—		—

Reserve at end of period	$	83	$	—

Warrants	12 Months Ended
Warrants	Dec. 31, 2014
Debt Disclosure [Abstract]
Warrants	Warrants We issued 992,000 warrants in connection with our Private Placement. Each warrant gave the holder thereof the right to purchase one share of common stock at an exercise price equal to $10.00. The warrants were issued with an aggregate fair value of $5.1 million. Upon exercise of these warrants, the amounts will be treated as additional paid-in capital. During the first quarter of 2014, 7,790 warrants were exercised and we issued 1,115 Class A common shares via a cashless exercise. Upon exercise, we reclassified the fair value of the warrants from warrant liability to additional paid in capital and recognized a gain of approximately $37 thousand. No other warrants were exercised during 2014.

Share-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

The 2012 Stock Incentive Plan (the "Plan") was approved by the Board on April 16, 2012 and authorized 5.5 million shares to be reserved for issuance under the Plan, with 3.85 million shares available for stock options and 1.65 million shares available for RSUs. Options granted under the Plan are non-qualified stock options and may be granted to employees, directors and other key persons. The exercise price per share for the common stock covered by this Plan shall be determined by the Board at the time of grant, but shall not be less than the fair market value, defined as the closing price of our common stock, on the date of the grant. The term of the stock option grants will be established by the Board, but no stock option shall be exercisable more than ten years after the date the stock option is granted. The vesting period of the stock option grants will also be established by the Board at the time of grant and generally is for a three-year period. Upon the exercise of stock options, we issue shares from the authorized, unissued share reserve.

On May 8, 2014, NMIH held its annual shareholder meeting, at which our shareholders voted to approve the NMIH 2014 Omnibus Incentive Plan, which authorizes us to make 4 million shares of NMIH's class A common stock available to be granted. These shares may be either authorized but unissued shares or treasury shares.

A summary of option activity in the plan during the years ended December 31, 2014 and December 31, 2013 is as follows:



For the Year Ended December 31, 2014	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2013	3,062		$	3.98	$	10.31
Options granted	780		4.85		12.03
Options exercised	(109	)	3.85		10.00
Options forfeited	(87	)	4.47		11.35
Options expired	(16	)	4.25		10.93
Options outstanding at December 31, 2014	3,630		$	4.16	$	10.66



For the Year Ended December 31, 2013	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2012	2,547		$	3.86	$	10.00
Options granted	532		4.57		11.78
Options forfeited	(15	)	3.84		10.00
Options canceled	(2	)	3.84		10.00
Options outstanding at December 31, 2013	3,062		$	3.98	$	10.31

As of December 31, 2014, there were 108,606 exercises and approximately 1,742,822 options were fully vested and exercisable. The weighted average exercise price for the fully vested and exercisable options was $10.20. The remaining weighted average contractual life of options fully vested and exercisable as of December 31, 2014 was 7.5 years. The aggregate intrinsic value for fully vested and exercisable options was $0 as of December 31, 2014.

The remaining weighted average contractual life of options outstanding as of December 31, 2014 was 7.9 years. As of December 31, 2014, there was $2.4 million of total unrecognized compensation cost related to non-vested stock options. The weighted-average period over which total compensation related to non-vested stock options will be recognized is 1.28 years.

We account for stock options under ASC 718, which requires all share-based payments to be recognized in the financial statements at their fair values. To measure the fair value of stock options granted, we utilize the Black-Scholes options pricing model. Expense is recognized over the required service period, which is generally the three-year vesting period of the options (vesting in one-third increments per year).

The estimated grant date fair values of the stock options granted during 2014 and 2013 were calculated using the Black-Scholes valuation model based on the following assumptions:



	2014		2013
Expected life	6 years		6 years
Risk free interest rate	1.90% - 2.01%		0.98% - 1.12%
Dividend yield	0.00	%	0.00	%
Expected stock price volatility	39.00	%	39.00	%
Projected forfeiture rate	5.00	%	1.00	%

Expected Life - is the period of time over which the options granted are expected to remain outstanding giving consideration to vesting schedules, historical exercise and forfeiture patterns. We use the simplified method outlined in SEC Staff Accounting Bulletin No. 107 to estimate expected lives for options granted during the period as historical exercise data is not available and the options meet the requirements set out in the Bulletin. Options granted have a maximum term of ten years.

Risk-Free Interest Rate - is the U.S. Treasury rate for the date of the grant having a term approximating the expected life of the option.

Dividend Yield - is calculated by dividing the expected annual dividend by our stock price at the valuation date.

Expected Price Volatility - is a measure of the amount by which a price has fluctuated or is expected to fluctuate. At the time of grant, our common shares trading history was not sufficient to calculate an expected volatility representative of the volatility over the expected lives of the options. As a substitute for such estimate, we used historical volatilities of a set of comparable companies in the industry in which we operate.

Projected Forfeiture Rate - is the estimated percentage of options granted that are expected to be forfeited or canceled before becoming fully vested. An increase in the forfeiture rate will decrease compensation expense.

A summary of RSU activity in the plan during the years ended December 31, 2014 and December 31, 2013 is as follows:



For the Year Ended December 31, 2014	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2013	1,242		$	7.75
Restricted stock units granted	373		11.52
Restricted stock units vested	(360	)	9.53
Restricted stock units forfeited	(46	)	10.14
Non-vested restricted stock units at December 31, 2014	1,209		$	8.90



For the Year Ended December 31, 2013	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2012	1,429		$	7.35
Restricted stock units granted	76		12.03
Restricted stock units vested	(263	)	6.79
Restricted stock units forfeited	—		—
Non-vested restricted stock units at December 31, 2013	1,242		$	7.75

In February 2013, the Board approved a modification to the vesting terms of approximately 400,000 granted and non-vested RSUs held by our employees. The modification to the vesting terms removed the market condition leaving the RSUs subject to a service condition only. The modification resulted in a change in the period over which compensation costs are recognized and prospective recognition of incremental compensation cost. Incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms are modified using relevant valuation inputs as of the modification date.

At December 31, 2014, the 1.2 million shares of granted and non-vested RSUs consisted of 0.5 million shares that are subject to both a market and service condition and 0.7 million shares that are subject only to service conditions. The non-vested RSUs subject to both a market and service condition vest in one-half increments upon the achievement of certain market price goals and continued service. Non-vested RSUs subject only to a service condition vest over a service period ranging from one to three years. The fair value of RSUs subject to market and service conditions is determined based on a Monte Carlo simulation model at the date of grant. The fair value of RSUs subject only to service conditions are valued at our stock price on the date of grant less the present value of anticipated dividends.

The estimated grant date fair values of the RSUs granted in 2012 that are subject to both a market and service condition were calculated using a Monte Carlo simulation model based on the average outcome of 150,000 simulations using the following assumption:



	2012
Expected life	5 years
Risk free interest rate	0.86	%
Dividend yield	0.00	%
Expected stock price volatility	39.00	%
Projected forfeiture rate	1.00	%

There were no RSUs granted in 2014 or 2013 that were subject to a market condition, therefore the Monte Carlo simulation was not used.

The remaining weighted average contractual life of non-vested RSUs as of December 31, 2014 was 7.9 years. The weighted-average period over which total compensation related to non-vested RSUs will be recognized is 1.18 years.

The RSUs granted in 2014 were valued at our stock price on the date of grant less the present value of anticipated dividends, which is $0. As of December 31, 2014, there was $3.0 million of total unrecognized compensation cost related to non-vested RSUs compared to $4.3 million as of December 31, 2013.

401(k) Savings Plan

Beginning on January 1, 2014, we offered to our employees a 401(k) Savings Plan ("401(k) Plan") that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, we match up to 100% of eligible employees' pre-tax contributions up to 4% of eligible compensation. We contributed approximately $0.9 million for the year ended December 31, 2014.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The provision (benefit) for income taxes consists of:



	For the Year Ended December 31,
	2014			2013		2012
	(In Thousands
Current	$	(2,390	)	$	—	$	—
Deferred	4			—		—
Total income tax benefit	$	(2,386	)	$	—	$	—

The income tax benefit of $2.4 million for the year ended December 31, 2014 is related to the tax effects of unrealized gains credited to OCI. Generally, the amount of tax expense or benefit allocated to continuing operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided in ASC 740-20-45-7 when there is a pre-tax loss from continuing operations and there are items charged or credited to other categories, including OCI, in the current year. The intraperiod tax allocation rules related to items charged or credited directly to OCI can result in disproportionate tax effects that remain in OCI until certain events occur. As a result of a reduction in unrealized losses credited directly to OCI, approximately $2.4 million of tax provision expense has been netted with current year unrealized gains in OCI, and $2.4 million of tax provision benefit was allocated to the income tax provision for continuing operations.

Reconciliation of the federal statutory income tax (benefit) rate to the effective income tax (benefit) rate is as follows:



	For the Year Ended December 31,
	2014		2013		2012
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Loss on impairment	—		—		(1.48	)
Prior year adjustment	—		3.52		1.66
Other	1.07		1.66		(1.00	)
Valuation allowance	(31.42	)	(40.18	)	(28.00	)
Purchase accounting adjustment	—		—		(6.18	)
Effective income tax rate	4.65	%	—	%	—	%

Following is a reconciliation of our net deferred income tax asset (liability) as of December 31, 2014 and December 31, 2013:



	December 31, 2014
	Gross			Tax Effected
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	2,403		$	985
Share-based compensation	20,030			8,212
Unrealized loss on investments	1,217			499
Net operating loss carry forwards	114,548			43,198
Unearned premium reserve	4,414			1,810
Other	8,785			3,602
Total gross deferred tax assets	151,397			58,306
Less: valuation allowance	(140,236		)	(53,730		)
Total deferred tax assets	11,161			4,576
Deferred tax liability
Capitalized software	(7,967		)	(3,266		)
Intangible assets	(390		)	(137		)
Deferred acquisition costs	(2,985		)	(1,224		)
Other	(209		)	(86		)
Total deferred tax liabilities	(11,551		)	(4,713		)
Net deferred income tax liability	$	(390	)	$	(137	)



	December 31, 2013
	Gross			Tax Effected
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	2,579		$	903
Share-based compensation	14,701			5,990
Unrealized loss on investments	7,047			2,694
Net operating loss carry forwards	65,276			24,602
Other	10,118			3,760
Total gross deferred tax assets	99,721			37,949
Less: valuation allowance	(94,497		)	(35,778		)
Total deferred tax assets	5,224			2,171
Deferred tax liability
Capitalized software	(5,008		)	(2,095		)
Intangible assets	(390		)	(133		)
Other	(216		)	(76		)
Total deferred tax liabilities	(5,614		)	(2,304		)
Net deferred income tax liability	$	(390	)	$	(133	)

At December 31, 2014 and 2013, we had a net deferred tax liability of $0.1 million as a result of the acquisition of indefinite-lived intangibles from the acquisition of our insurance subsidiaries for which no benefit had been reflected in the acquired net operating loss carry forwards. The tax liability incurred at the acquisition was recorded as an increase in goodwill.

Excluded from deferred tax assets were $2.1 million and $1.5 million of excess stock compensation as of December 31, 2014 and December 31, 2013, respectively, for which any benefit realized will be recorded to stockholders' equity.

As of December 31, 2014, the Company had federal net operating loss carryforwards of $114.5 million, which expire from 2029 to 2034 and state net operating loss carryforwards of $36.0 million, which expire from 2031 to 2034. Section 382 of the Internal Revenue Code imposes annual limitations on a corporation's ability to utilize its net operating loss carryforwards if it experiences an "ownership change." As a result of the acquisition of our insurance subsidiaries, $7.3 million of NOLs are subject to annual limitations of $0.8 million through 2016, then $0.3 million through 2029.

As we have just recently begun insurance operations and have no history to provide a basis for reliable future net income projections, a valuation allowance of $53.7 million and $35.8 million was recorded at December 31, 2014 and December 31, 2013, respectively, to reflect the amount of the deferred tax asset that may not be realized.

As of December 31, 2014 and 2013, we have no reserve for unrecognized tax benefits, and have taken no material uncertain positions in its tax returns that would require measurement and recognition.

We file income tax returns with the U.S. federal government and various state jurisdictions which are subject to potential examination by tax authorities. We are not currently under examination, and federal and state tax years remain open by statute.

Software and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Software and Equipment

Software and equipment consist largely of capitalized software developed to support our MI operations. Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2014 and December 31, 2013, consists of the following:



	December 31, 2014			December 31, 2013
	(In Thousands)
Software	$	11,608		$	14,140
Equipment	1,175			542
Leasehold improvements	973			141
Subtotal	13,756			14,823
Accumulated amortization and depreciation	(1,950		)	(5,947		)
Software and equipment, net	$	11,806		$	8,876

Amortization and depreciation expense for software and equipment for the years ended December 31, 2014 and 2013 was $5.8 million and $5.9 million, respectively. In the second quarter of 2013, we reduced the useful life and shortened the amortization period of some of the software we purchased in connection with the acquisition of our insurance subsidiaries. This software was completely amortized by November 2014, and the original cost and accumulated amortization of $9.8 million were written off at that time.

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and goodwill consist of identifiable intangible assets and goodwill we purchased in connection with the acquisition of our insurance subsidiaries, and at December 31, 2014 and December 31, 2013, were as follows for both years:



			Expected Lives
Goodwill	$	3,244	Indefinite
State licenses	260		Indefinite
GSE applications	130		Indefinite
Total intangible assets and goodwill	$	3,634

We test goodwill and intangibles for impairment in the third and fourth quarter, respectively, of every year, or more frequently if we believe indicators of impairment exist. As of December 31, 2012, we determined the carrying value of operational manuals acquired with NMIC and Re One would not be recovered, and the manuals could not be sold and would be disposed; as a result, we assessed the fair value at zero and recognized a loss on impairment of $1.2 million. No impairments of indefinite-lived intangibles or goodwill were identified as of December 31, 2014 and 2013.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

GSE Approval

In January 2013, the GSEs approved NMIC as a qualified mortgage insurer, and with their approvals, imposed certain capitalization, operational and reporting conditions on NMIC, most of which remain in effect for a three-year period from the date of GSE Approval. As a GSE qualified mortgage insurer, NMIC is subject to ongoing compliance with the conditions in the GSE Approval as well as the GSEs' Eligibility Requirements.

The conditions in the GSE Approval require, among other things, that NMIC:


•	maintain minimum capital of $150 million;


•	operate at a risk-to-capital ratio not to exceed 15:1 for its first three years and then pursuant to the GSE Eligibility Requirements then in effect;


•	not declare or pay dividends to affiliates or to NMIH for its first three years, then pursuant to the Eligibility Requirements;


•	not enter into capital support agreements or guarantees for the benefit of, or purchase or otherwise invest in the debt of, affiliates without the prior written approval of the GSEs for its first three years, then pursuant to the Eligibility Requirements; and


•	not enter into reinsurance or other risk share arrangements without the GSEs' prior written approval for its first three years, then pursuant to the Eligibility Requirements.

The GSE Approvals also include other conditions, limitations and reporting requirements, including, among others, limits on costs allocated to NMIC under affiliate expense sharing arrangements; conditions related to risk concentration and rates of return; requirements to obtain a financial strength rating; restrictions on provision of ancillary services (i.e., non-insurance) to customers and transfers of underwriting to affiliates; notification requirements regarding change of ownership and new five percent shareholders; requirement to, at the direction of one or both of the GSEs, re-domicile from Wisconsin to another state; and provisions regarding underwriting policies and claims processing.

Office Lease

We entered into an office facility lease effective July 1, 2012 for a term of two years. In October 2013, we amended our facility's lease to (i) add 23,000 square feet of furnished office space, and (ii) extend the facility's lease period through October 31, 2017.

Management expects that, in the normal course of business, as of December 31, 2014, future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2015	$	1,690
2016	1,741
2017	1,488
Totals	$	4,919

We incurred rent expense related to this lease of $1.6 million for the year ended December 31, 2014. Rent expense for the year ended December 31, 2013 was $0.8 million.

Common Stock Offerings	12 Months Ended
Common Stock Offerings	Dec. 31, 2014
Equity [Abstract]
Common Stock Offerings	Common Stock Offerings On April 17, 2012, we completed the Private Placement, through which we offered and sold an aggregate of 55,000,000 of our Class A common shares resulting in net proceeds of approximately $510 million. On November 8, 2013, we filed a final prospectus announcing the sale of 2.1 million shares of common stock through an initial public offering. The underwriters of the offering were granted a 30-day option to purchase up to an additional 315,000 shares of common stock from us at an initial public offering price of $13.00, which they exercised on November 12, 2013. The offering closed on November 14, 2013. Gross proceeds to us were $31.4 million. Net proceeds from the offering were approximately $28 million.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

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+ Details

Statutory Information

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Statutory Information

Our insurance subsidiaries, NMIC and Re One, file financial statements in conformity with statutory basis accounting principles ("SAP") prescribed or permitted by the Wisconsin OCI. NMIC's principal regulator is the Wisconsin OCI. Prescribed SAP includes state laws, regulations and general administrative rules, as well as a variety of publications of the NAIC. The Wisconsin OCI recognizes only statutory accounting practices prescribed or permitted by the state of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Wisconsin insurance laws.

NMIC and Re One's combined statutory net income, statutory surplus and contingency reserve as of and for each of the years in the three-year period ended December 31, 2014 were as follows:



	December 31,
	2014			2013			2012
	(In Thousands)
Statutory net loss	$	(47,961	)	$	(33,307	)	$	(18	)
Statutory surplus	236,738			189,698			220,004
Contingency reserve	9,401			2,314			—

Under applicable Wisconsin law and 15 other states, a mortgage insurer must maintain a minimum amount of statutory capital relative to its risk-in-force (risk-to-capital ratio or "RTC ratio") in order for the mortgage insurer to continue to write new business. While formulations of minimum capital may vary in each jurisdiction that has such a requirement, the most common measure applied allows for a maximum permitted RTC ratio of 25 to 1. Wisconsin and certain other states, including California and Illinois, apply a substantially similar requirement referred to as minimum policyholders' position. Our operation plan filed with the Wisconsin OCI and other state insurance departments in connection with NMIC's applications for licensure includes the expectation that NMIH will downstream additional capital if needed so that NMIC does not exceed risk-to-capital ratios agreed to with those states. NMIC may in the future seek state insurance department approvals, as needed, of an amendment to our business plan to increase this ratio to the Wisconsin regulatory minimum of 25 to 1. In addition, under the terms of our conditional approvals from the GSEs we are required to operate at a risk-to-capital ratio not to exceed 15:1 for our first three years of operations.

Certain states limit the amount of risk a mortgage insurer may retain on a single loan to 25% of the indebtedness to the insured and, as a result, the portion of such insurance in excess of 25% must be reinsured. NMIC and Re One have entered into a primary excess share reinsurance agreement, effective August 1, 2012, and a facultative pool reinsurance agreement, effective September 1, 2013, under which NMIC cedes premiums, loss reserves and claims to Re One on an excess share basis for any primary or pool policy which offers coverage greater than 25% on any loan insured thereunder. NMIC will use reinsurance provided by Re One solely for purposes of compliance with these state statutory coverage limits. Currently, NMIC has no other reinsurance agreements. During April 2013, NMIC began writing its first mortgage insurance policies and ceding premium and risk to Re One the following month.

As of December 31, 2013, NMIC had 22 policies in force totaling approximately $36.5 million of RIF, resulting in a RTC ratio of 0.5:1. As of December 31, 2014, NMIC had $800 million in total RIF ⁽¹⁾ with a RTC ratio of 3.5:1, significantly below the GSE and state imposed financial requirements. The risk-to-capital calculation for each of our insurance subsidiaries, as well as our combined risk-to-capital calculation, as of December 31, 2014, is presented below.



As of December 31, 2014	NMIC			Re One		Combined
	(In Thousands)
Primary risk-in-force ⁽¹⁾
Direct	$	801,353		$	—	$	801,353
Assumed	—			69,396		69,396
Ceded	(69,396		)	—		(69,396		)
Total primary risk-in-force	731,957			69,396		801,353
Pool risk-in-force ⁽²⁾
Direct	93,090			—		93,090
Assumed	—			24,705		24,705
Ceded	(24,705		)	—		(24,705		)
Total pool risk-in-force	68,385			24,705		93,090
Total risk-in-force	800,342			94,101		894,443

Statutory policyholders' surplus	223,119			13,619		236,738
Statutory contingency reserve	7,945			1,456		9,401
Total statutory policyholders' position	231,064			15,075		246,139

Risk-to-Capital ⁽³⁾	3.5:1			6.2:1		3.6:1


⁽¹⁾	Our net risk in force includes both primary and pool risk in force, and excludes risk on policies that are currently in default and for which loss reserves have been established.


⁽²⁾	Pool risk-in-force as shown in the table above is equal to the aggregate stop loss less a deductible.

⁽³⁾

Represents total risk-in-force divided by statutory policyholders' position which is the metric by which the majority of state insurance regulators will assess our capital adequacy. Additionally, pursuant to the 2013 Fannie Mae pool agreement, we are required to maintain the greater of (a) the risk-to-capital requirements outlined in Fannie Mae's January 2013 approval letter or (b) a risk-to-capital ratio of 18:1 on primary business plus statutory capital equal to the amount of net risk-in-force of the pool.

NMIH is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware, such as NMIH. Delaware corporation law provides that dividends are only payable out of a corporation's capital surplus or (subject to certain limitations) recent net profits. As of December 31, 2014, NMIH's capital surplus was approximately $427 million. NMIH's assets, excluding investment in NMIC and Re One, were approximately $179 million at December 31, 2014, and were unencumbered by any debt or other subsidiary commitments or obligations. The insurance subsidiaries are both mono-line mortgage insurance companies, and the assets of each are dedicated only to the support of direct risk and obligations of each mortgage insurance entity. NMIC only writes direct mortgage insurance business and assumes no business from any other entity. Re One only assumes business from NMIC to allow NMIC to comply with statutory risk requirements. Neither NMIC nor Re One have subsidiaries, and therefore do not have subsidiary risks and obligations that compete for its resources.

The GSEs and state insurance regulators may restrict our insurance subsidiaries' ability to pay dividends to NMIH. In addition to the restrictions imposed during the GSE Approval and state licensing processes, the ability of our insurance subsidiaries to pay dividends to NMIH is limited by insurance laws of the State of Wisconsin and certain other states. Wisconsin law provides that an insurance company may pay out dividends without the prior approval of the Wisconsin OCI ("ordinary dividends") in an amount, when added to other shareholder distributions made in the prior 12 months, not to exceed the lesser of (a) 10% of the insurer's surplus as regards to policyholders as of the prior December 31 or (b) its net income (excluding realized capital gains) for the twelve month period ending December 31 of the immediately preceding calendar year. In determining net income, an insurer may carry forward net income from the previous calendar years that has not already been paid out as a dividend. Dividends that exceed this amount are "extraordinary dividends," which require prior approval of the Wisconsin OCI. As of December 31, 2014, the amount of restricted net assets held by our consolidated insurance subsidiaries totaled approximately $252 million of NMIH's consolidated net assets of $427 million. The amount of restricted assets used to determine any dividend to NMIH, once all restrictions expire, would be computed under SAP which may differ from the amount of restricted assets computed under GAAP. Since inception, NMIC has not paid any dividends to NMIH. As NMIC had a statutory net loss for the year ended December 31, 2013, NMIC cannot pay any dividends to NMIH through December 31, 2014, without the prior approval of the Wisconsin OCI. Additionally, NMIC will not be permitted to pay dividends to NMIH until after December 31, 2015 as a condition of GSE Approval or until January 2016 under agreements with various state insurance regulators.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Data (Unaudited)



	2014 Quarters												2014
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	5,178		$	5,051		$	9,661		$	14,139		$	34,029
Net premiums earned	1,904			2,093			3,900			5,510			13,407
Net investment income	1,489			1,468			1,342			1,319			5,618
Net realized investment gains (losses)	—			—			134			63			197
Gain (loss) from change in fair value of warrant liability	817			952			1,240			(60		)	2,949
Gain from settlement of warrants	37			—			—			—			37
Insurance claims and claims expenses	—			28			(26		)	81			83
Amortization of deferred policy acquisition costs	19			42			47			265			373
Underwriting and operating expenses	19,283			18,595			17,848			17,318			73,044
Net loss	(15,055		)	(12,855		)	(10,976		)	(10,020		)	(48,906		)
Loss per share ⁽¹⁾
Basic and diluted loss per share	$	(0.26	)	$	(0.22	)	$	(0.19	)	$	(0.17	)	$	(0.84	)
Weighted average common shares outstanding	58,061,299			58,289,801			58,363,334			58,406,574			58,281,425



	2013 Quarters												2013
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	—		$	1		$	482		$	3,058		$	3,541
Net premiums earned	—			1			482			1,612			2,095
Net investment income	410			1,407			1,519			1,472			4,808
Net realized investment gains (losses)	28			452			(308		)	14			186
Gain (loss) from change in fair value of warrant liability	35			(1,115		)	469			(918		)	(1,529		)
Insurance claims and claims expenses	—			—			—			—			—
Amortization of deferred policy acquisition costs	—			—			—			1			1
Underwriting and operating expenses	12,426			17,019			16,035			15,263			60,743
Net loss	(11,953		)	(16,274		)	(13,873		)	(13,084		)	(55,184		)
Loss per share ⁽¹⁾
Basic and diluted loss per share	$	(0.22	)	$	(0.29	)	$	(0.25	)	$	(0.23	)	$	(0.99	)
Weighted average common shares outstanding	55,500,100			55,629,932			55,637,480			57,238,730			56,005,326


(1)	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of quarterly per share data may not equal the per share data for the year.

SCHEDULE I - SUMMARY OF INVESTMENTS- OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2014

Summary of Investments, Other than Investments in Related Parties [Abstract]

Summary of Investments - Other than Investments in Related Parties



December 31, 2014	Amortized Cost		Fair Value		Amount Reflected on Balance Sheet
	(In Thousands)
Fixed maturities
U.S. Treasury securities and obligations of U.S. government agencies	$	68,911	$	68,345	$	68,345
Municipal debt securities	12,009		11,963		11,963
Corporate debt securities	200,358		199,785		199,785
Asset-backed securities	56,440		56,408		56,408
Total investments other than investments in related parties	$	337,718	$	336,501	$	336,501

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information of Registrant Parent Company Only



	December 31, 2014			December 31, 2013
	(In Thousands, except for share data)
Assets
Fixed maturities, available-for-sale, at fair value	$	134,199		$	229,064
Cash and cash equivalents	29,925			36,433
Investment in subsidiaries, at equity in net assets	251,880			193,242
Accrued investment income	629			1,038
Prepaid expenses	2,054			1,519
Due from affiliates, net	9,949			10,565
Software and equipment, net	11,806			7,574
Other assets	509			61
Total assets	$	440,951		$	479,496
Liabilities
Accounts payable and accrued expenses	$	10,621		$	9,908
Warrant liability, at fair value	3,372			6,371
Total liabilities	13,993			16,279

Shareholders' equity
Common stock - class A shares, $0.01 par value; 58,428,548 and 58,052,480 shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively (250,000,000 shares authorized)	584			581
Additional paid-in capital	562,911			553,707
Accumulated other comprehensive loss, net of tax	(3,607		)	(7,047		)
Accumulated deficit	(132,930		)	(84,024		)
Total shareholders' equity	426,958			463,217
Total liabilities and shareholders' equity	$	440,951		$	479,496



	For the Year Ended December 31,
	2014			2013			2012
	(In Thousands)
Revenues
Net investment income	$	2,937		$	2,758		$	2
Net realized investment gains	67			188			—
Gain (loss) from change in fair value of warrant liability	2,949			(1,529		)	278
Gain from settlement of warrants	37			—			—
Total revenues	5,990			1,417			280

Expenses
Other operating expenses	18,817			24,319			26,575
Total expenses	18,817			24,319			26,575

Equity in net loss of subsidiaries	(38,710		)	(32,282		)	(1,196		)
Loss before income taxes	(51,537		)	(55,184		)	(27,491		)
Income tax benefit	(2,631		)	—			—
Net loss	$	(48,906	)	$	(55,184	)	$	(27,491	)



	For the Year Ended December 31,
	2014			2013			2012
Cash flows from operating activities	(In Thousands)
Net loss	$	(48,906	)	$	(55,184	)	$	(27,491	)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	9,180			10,367			6,115
Warrants issued in connection with line of credit	—			—			1,620
(Gain) loss from change in fair value of warrant liability	(2,949		)	1,529			(278		)
Gain from settlement of warrants	(37		)	—			—
Net realized investment gains	(67		)	(188		)	—
Depreciation and other amortization	5,618			3,325			3
Noncash intraperiod tax allocation	(2,390		)	—			—
Changes in operating assets and liabilities:
Equity in net loss of subsidiaries	38,710			35,371			1,196
Accrued investment income	409			(1,038		)	(2		)
Receivable from affiliates	616			(10,565		)	—
Prepaid expenses	(535		)	(1,102		)	(234		)
Other assets	(445		)	(3,045		)	(78		)
Accounts payable and accrued expenses	233			623			4,550
Net cash used in operating activities	(563		)	(19,907		)	(14,599		)
Cash flows from investing activities
Capitalization of subsidiaries	(95,000		)	—			(220,000		)
Purchase of fixed-maturity investments, available-for-sale	(23,552		)	(293,470		)	—
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	120,813			59,454			—
Purchase of software and equipment	(8,220		)	(6,695		)	(2,444		)
Acquisition of subsidiaries	—			—			(2,500		)
Net cash used in investing activities	(5,959		)	(240,711		)	(224,944		)
Cash flows from financing activities
Payments on line of credit	—			—			(205		)
Issuance of common stock	1,097			27,912			510,465
Taxes paid related to net share settlement of equity awards	(1,083		)	(1,578		)	—
Net cash provided by financing activities	14			26,334			510,260

Net (decrease) increase in cash and cash equivalents	(6,508		)	(234,284		)	270,717
Cash and cash equivalents, beginning of period	36,433			270,717			—
Cash and cash equivalents, end of period	$	29,925		$	36,433		$	270,717

Note A

The NMI Holdings, Inc. (the "Parent Company") financial statements represent the stand-alone financial statements of the Parent Company. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein. Refer to the Parent Company's consolidated financial statements for additional information.

Revisions to Prior Periods

Certain other prior balances have been reclassified to conform to the current period presentation.

Note B

Our insurance subsidiaries are subject to statutory regulations as to maintenance of policyholders' surplus and payment of dividends. The maximum amount of dividends that the insurance subsidiaries may pay in any twelve-month period without regulatory approval by the Office of the Commissioner of Insurance of the State of Wisconsin is the lesser of adjusted statutory net income or 10% of statutory policyholders' surplus as of the preceding calendar year end. Adjusted statutory net income is defined for this purpose to be the greater of statutory net income, net of realized investment gains, for the calendar year preceding the date of the dividend or statutory net income, net of realized investment gains, for the three calendar years preceding the date of the dividend less dividends paid within the first two of the preceding three calendar years.

Note C

The Parent Company provides certain services to its subsidiaries. The Parent Company allocates to its subsidiaries corporate expense it incurs in the capacity of supporting those subsidiaries, based on either an allocated percentage of time spent or internally allocated capital. Total operating expenses allocated to subsidiaries for each of the years in the three year period ended December 31, 2014 were $55.7 million, $32.5 million and $0. Amounts charged to the subsidiaries for operating expenses are based on actual cost, without any mark-up. The Parent Company considers these charges fair and reasonable. The subsidiaries reimburse the Parent Company for these costs in a timely manner, which has the impact of improving the cash flows of the Parent Company.

SCHEDULE IV - FINANCIAL INFORMATION OF REGISTRANT REINSURANCE PARENT COMPANY ONLY	12 Months Ended
	Dec. 31, 2014
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Financial Information of Registrant Reinsurance Parent Company Only	The Parent Company has no reinsurance agreements. The insurance subsidiaries are both mono-line mortgage insurance companies and the assets of each are dedicated only to the support of our mortgage insurance operations. NMIC only writes direct mortgage insurance business and assumes no business from any other entity. Re One only assumes business from NMIC to allow NMIC to comply with statutory risk requirements. Neither NMIC nor Re One count any subsidiary of any kind in their admitted statutory assets.

Summary of Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Revenue Recognition

Reserve for Insurance Claims and Claims Expenses

Reserves for Insurance Claims and Claims Expenses

Investments


•	our intent to sell the security or whether it is more likely than not that we will be required to sell the security before recovery;


•	severity and duration of the decline in fair value;


•	the financial condition of the issuer;


•	the failure of the issuer to make scheduled interest or principal payments;


•	recent credit downgrades of the applicable security or the issuer below investment grade; and


•	adverse conditions specifically related to the security, an industry, or a geographic area.

Deferred Policy Acquisition Costs

Premium Deficiency Reserves

Income Taxes

Warrants

Share-based Compensation

Share-Based Compensation

Earnings per Share

Cash and Cash Equivalents

Software and Equipment

Business Combinations, Goodwill and Intangible Assets

Premiums receivable

Recent Accounting Standards Updates Adopted

Reclassifications

Subsequent Events

We have considered subsequent events through the date of this filing.

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Values and Gross Unrealized Gains and Losses

Fair Values and Gross Unrealized Gains and Losses on Investments



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	68,911	$	7	$	(573	)	$	68,345
Municipal debt securities	12,009		27		(73		)	11,963
Corporate debt securities	200,358		883		(1,456		)	199,785
Asset-backed securities	56,440		222		(254		)	56,408
Total investments	$	337,718	$	1,139	$	(2,356	)	$	336,501



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of December 31, 2013	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	108,067	$	—	$	(1,461	)	$	106,606
Municipal debt securities	12,017		1		(85		)	11,933
Corporate debt securities	221,899		157		(4,799		)	217,257
Asset-backed securities	74,152		114		(974		)	73,292
Total investments	$	416,135	$	272	$	(7,319	)	$	409,088

Schedule of Investments by Maturity



As of December 31, 2014	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	6,110	$	6,125
Due after one through five years	195,492		194,472
Due after five through ten years	54,360		53,891
Due after ten years	25,316		25,605
Asset-backed securities	56,440		56,408
Total investments	$	337,718	$	336,501



As of December 31, 2013	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	—	$	—
Due after one through five years	260,855		257,501
Due after five through ten years	65,687		63,440
Due after ten years	15,441		14,855
Asset-backed securities	74,152		73,292
Total investments	$	416,135	$	409,088

Schedule of Aging Unrealized Losses

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:



	Less Than 12 Months						12 Months or Greater						Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses
As of December 31, 2014		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	7,228	$	(33	)	10	$	49,884	$	(540	)	14	$	57,112	$	(573	)
Municipal debt securities	1	3,232		(18		)	1	1,695		(55		)	2	4,927		(73		)
Corporate debt securities	26	60,334		(559		)	22	65,806		(897		)	48	126,140		(1,456		)
Assets-backed securities	3	10,614		(57		)	4	20,047		(197		)	7	30,661		(254		)
Total investments	34	$	81,408	$	(667	)	37	$	137,432	$	(1,689	)	71	$	218,840	$	(2,356	)



	Less Than 12 Months						12 Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2013		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	19	$	106,606	$	(1,461	)	—	$	—	$	—	19	$	106,606	$	(1,461	)
Municipal debt securities	2	4,915		(85		)	—	—		—		2	4,915		(85		)
Corporate debt securities	47	187,714		(4,799		)	—	—		—		47	187,714		(4,799		)
Assets-backed securities	11	58,225		(974		)	—	—		—		11	58,225		(974		)
Total investments	79	$	357,460	$	(7,319	)	—	$	—	$	—	79	$	357,460	$	(7,319	)

Schedule of Net Investment Income

Net investment income is comprised of the following:



	For the Year Ended December 31,
	2014			2013			2012
	(In Thousands)
Fixed maturities	$	6,127		$	5,289		$	4
Cash equivalents	—			—			2
Other	8			2			—
Investment income	6,135			5,291			6
Investment expenses	(517		)	(483		)	—
Net investment income	$	5,618		$	4,808		$	6

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

Fair Value Measurements, Recurring and Nonrecurring

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level as of December 31, 2014 and December 31, 2013:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2014	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	39,176	$	29,169	$	—	$	68,345
Municipal debt securities	—		11,963		—		11,963
Corporate debt securities	—		199,785		—		199,785
Asset-backed securities	—		56,408		—		56,408
Cash and cash equivalents	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of December 31, 2013	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	49,484	$	57,122	$	—	$	106,606
Municipal debt securities	—		11,933		—		11,933
Corporate debt securities	—		217,257		—		217,257
Asset-backed securities	—		73,292		—		73,292
Cash and cash equivalents	55,929		—		—		55,929
Total assets	$	105,413	$	359,604	$	—	$	465,017
Warrant liability	$	—	$	—	$	6,371	$	6,371
Total liabilities	$	—	$	—	$	6,371	$	6,371

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a roll-forward of Level 3 liabilities measured at fair value for the year ended December 31, 2014:



	Warrant Liability
For the Year Ended December 31, 2014	(In Thousands)
Balance, January 1, 2014	$	6,371
Change in fair value of warrant liability included in earnings	(2,949		)
Gain on settlement of warrants	(37		)
Issuance of common stock on warrant exercise	(13		)
Balance, December 31, 2014	$	3,372



	Warrant Liability
For the Year Ended December 31, 2013	(In Thousands)
Balance, January 1, 2013	$	4,842
Change in fair value of warrant liability included in earnings	1,529
Balance, December 31, 2013	$	6,371

Reserves for Insurance Claims and Claims Expenses (Tables)

12 Months Ended

Dec. 31, 2014

Reconciliation of Liability for Insurance Claims and Claims Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claims expenses for the year ended December 31, 2014 and 2013:



	For the Year Ended December 31,
	2014		2013
	(In Thousands)
Reserve at beginning of period	$	—	$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	83		—
Prior years	—		—
Total claims incurred	83		—

Claims paid:
Claims and claim expenses paid:
Current year	—		—
Prior years	—		—
Total claims paid	—		—

Reserve at end of period	$	83	$	—

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Activity

A summary of option activity in the plan during the years ended December 31, 2014 and December 31, 2013 is as follows:



For the Year Ended December 31, 2014	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2013	3,062		$	3.98	$	10.31
Options granted	780		4.85		12.03
Options exercised	(109	)	3.85		10.00
Options forfeited	(87	)	4.47		11.35
Options expired	(16	)	4.25		10.93
Options outstanding at December 31, 2014	3,630		$	4.16	$	10.66



For the Year Ended December 31, 2013	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2012	2,547		$	3.86	$	10.00
Options granted	532		4.57		11.78
Options forfeited	(15	)	3.84		10.00
Options canceled	(2	)	3.84		10.00
Options outstanding at December 31, 2013	3,062		$	3.98	$	10.31

Schedule of Grant Date Fair Values of Stock Options, Valuation Assumptions

The estimated grant date fair values of the stock options granted during 2014 and 2013 were calculated using the Black-Scholes valuation model based on the following assumptions:



	2014		2013
Expected life	6 years		6 years
Risk free interest rate	1.90% - 2.01%		0.98% - 1.12%
Dividend yield	0.00	%	0.00	%
Expected stock price volatility	39.00	%	39.00	%
Projected forfeiture rate	5.00	%	1.00	%

Schedule of Restricted Stock Units Activity

A summary of RSU activity in the plan during the years ended December 31, 2014 and December 31, 2013 is as follows:



For the Year Ended December 31, 2014	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2013	1,242		$	7.75
Restricted stock units granted	373		11.52
Restricted stock units vested	(360	)	9.53
Restricted stock units forfeited	(46	)	10.14
Non-vested restricted stock units at December 31, 2014	1,209		$	8.90



For the Year Ended December 31, 2013	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2012	1,429		$	7.35
Restricted stock units granted	76		12.03
Restricted stock units vested	(263	)	6.79
Restricted stock units forfeited	—		—
Non-vested restricted stock units at December 31, 2013	1,242		$	7.75

Schedule of Grant Date Fair Value of Restricted Stock Units, Valuation Assumptions



	2012
Expected life	5 years
Risk free interest rate	0.86	%
Dividend yield	0.00	%
Expected stock price volatility	39.00	%
Projected forfeiture rate	1.00	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of:



	For the Year Ended December 31,
	2014			2013		2012
	(In Thousands
Current	$	(2,390	)	$	—	$	—
Deferred	4			—		—
Total income tax benefit	$	(2,386	)	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the federal statutory income tax (benefit) rate to the effective income tax (benefit) rate is as follows:



	For the Year Ended December 31,
	2014		2013		2012
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Loss on impairment	—		—		(1.48	)
Prior year adjustment	—		3.52		1.66
Other	1.07		1.66		(1.00	)
Valuation allowance	(31.42	)	(40.18	)	(28.00	)
Purchase accounting adjustment	—		—		(6.18	)
Effective income tax rate	4.65	%	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Following is a reconciliation of our net deferred income tax asset (liability) as of December 31, 2014 and December 31, 2013:



	December 31, 2014
	Gross			Tax Effected
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	2,403		$	985
Share-based compensation	20,030			8,212
Unrealized loss on investments	1,217			499
Net operating loss carry forwards	114,548			43,198
Unearned premium reserve	4,414			1,810
Other	8,785			3,602
Total gross deferred tax assets	151,397			58,306
Less: valuation allowance	(140,236		)	(53,730		)
Total deferred tax assets	11,161			4,576
Deferred tax liability
Capitalized software	(7,967		)	(3,266		)
Intangible assets	(390		)	(137		)
Deferred acquisition costs	(2,985		)	(1,224		)
Other	(209		)	(86		)
Total deferred tax liabilities	(11,551		)	(4,713		)
Net deferred income tax liability	$	(390	)	$	(137	)



	December 31, 2013
	Gross			Tax Effected
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	2,579		$	903
Share-based compensation	14,701			5,990
Unrealized loss on investments	7,047			2,694
Net operating loss carry forwards	65,276			24,602
Other	10,118			3,760
Total gross deferred tax assets	99,721			37,949
Less: valuation allowance	(94,497		)	(35,778		)
Total deferred tax assets	5,224			2,171
Deferred tax liability
Capitalized software	(5,008		)	(2,095		)
Intangible assets	(390		)	(133		)
Other	(216		)	(76		)
Total deferred tax liabilities	(5,614		)	(2,304		)
Net deferred income tax liability	$	(390	)	$	(133	)

Software and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of Equipment and Software

Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2014 and December 31, 2013, consists of the following:



	December 31, 2014			December 31, 2013
	(In Thousands)
Software	$	11,608		$	14,140
Equipment	1,175			542
Leasehold improvements	973			141
Subtotal	13,756			14,823
Accumulated amortization and depreciation	(1,950		)	(5,947		)
Software and equipment, net	$	11,806		$	8,876

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets



			Expected Lives
Goodwill	$	3,244	Indefinite
State licenses	260		Indefinite
GSE applications	130		Indefinite
Total intangible assets and goodwill	$	3,634

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Management expects that, in the normal course of business, as of December 31, 2014, future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2015	$	1,690
2016	1,741
2017	1,488
Totals	$	4,919

Statutory Information (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Risk to Capital

The risk-to-capital calculation for each of our insurance subsidiaries, as well as our combined risk-to-capital calculation, as of December 31, 2014, is presented below.



As of December 31, 2014	NMIC			Re One		Combined
	(In Thousands)
Primary risk-in-force ⁽¹⁾
Direct	$	801,353		$	—	$	801,353
Assumed	—			69,396		69,396
Ceded	(69,396		)	—		(69,396		)
Total primary risk-in-force	731,957			69,396		801,353
Pool risk-in-force ⁽²⁾
Direct	93,090			—		93,090
Assumed	—			24,705		24,705
Ceded	(24,705		)	—		(24,705		)
Total pool risk-in-force	68,385			24,705		93,090
Total risk-in-force	800,342			94,101		894,443

Statutory policyholders' surplus	223,119			13,619		236,738
Statutory contingency reserve	7,945			1,456		9,401
Total statutory policyholders' position	231,064			15,075		246,139

Risk-to-Capital ⁽³⁾	3.5:1			6.2:1		3.6:1


⁽¹⁾	Our net risk in force includes both primary and pool risk in force, and excludes risk on policies that are currently in default and for which loss reserves have been established.


⁽²⁾	Pool risk-in-force as shown in the table above is equal to the aggregate stop loss less a deductible.

⁽³⁾

NMIC and Re One's combined statutory net income, statutory surplus and contingency reserve as of and for each of the years in the three-year period ended December 31, 2014 were as follows:



	December 31,
	2014			2013			2012
	(In Thousands)
Statutory net loss	$	(47,961	)	$	(33,307	)	$	(18	)
Statutory surplus	236,738			189,698			220,004
Contingency reserve	9,401			2,314			—

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Quarterly Financial Information



	2014 Quarters												2014
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	5,178		$	5,051		$	9,661		$	14,139		$	34,029
Net premiums earned	1,904			2,093			3,900			5,510			13,407
Net investment income	1,489			1,468			1,342			1,319			5,618
Net realized investment gains (losses)	—			—			134			63			197
Gain (loss) from change in fair value of warrant liability	817			952			1,240			(60		)	2,949
Gain from settlement of warrants	37			—			—			—			37
Insurance claims and claims expenses	—			28			(26		)	81			83
Amortization of deferred policy acquisition costs	19			42			47			265			373
Underwriting and operating expenses	19,283			18,595			17,848			17,318			73,044
Net loss	(15,055		)	(12,855		)	(10,976		)	(10,020		)	(48,906		)
Loss per share ⁽¹⁾
Basic and diluted loss per share	$	(0.26	)	$	(0.22	)	$	(0.19	)	$	(0.17	)	$	(0.84	)
Weighted average common shares outstanding	58,061,299			58,289,801			58,363,334			58,406,574			58,281,425



	2013 Quarters												2013
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	—		$	1		$	482		$	3,058		$	3,541
Net premiums earned	—			1			482			1,612			2,095
Net investment income	410			1,407			1,519			1,472			4,808
Net realized investment gains (losses)	28			452			(308		)	14			186
Gain (loss) from change in fair value of warrant liability	35			(1,115		)	469			(918		)	(1,529		)
Insurance claims and claims expenses	—			—			—			—			—
Amortization of deferred policy acquisition costs	—			—			—			1			1
Underwriting and operating expenses	12,426			17,019			16,035			15,263			60,743
Net loss	(11,953		)	(16,274		)	(13,873		)	(13,084		)	(55,184		)
Loss per share ⁽¹⁾
Basic and diluted loss per share	$	(0.22	)	$	(0.29	)	$	(0.25	)	$	(0.23	)	$	(0.99	)
Weighted average common shares outstanding	55,500,100			55,629,932			55,637,480			57,238,730			56,005,326


(1)	Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of quarterly per share data may not equal the per share data for the year.

Organization and Basis of Presentation (Details) - USD ($) $ in Millions			1 Months Ended
	Nov. 08, 2013	Apr. 17, 2012	Nov. 30, 2013	Apr. 30, 2012
Business Acquisition [Line Items]
Proceeds from issuance of common stock, net of stock issuance costs		$ 510.0
MAC Financial Holding Corporation and Subsidiaries [Member]
Business Acquisition [Line Items]
Cash, common stock and warrants issued for acquisition				$ 8.5
Liabilities assumed in acquisition				$ 1.3
Common Class A [Member]
Business Acquisition [Line Items]
Common stock offered and sold, (in shares)		55,000,000
IPO [Member]
Business Acquisition [Line Items]
Common stock offered and sold, (in shares)	2,100,000		2,400,000

Summary of Accounting Policies (Details)	12 Months Ended
Summary of Accounting Policies (Details)	Dec. 31, 2014 customer shares	Dec. 31, 2013 shares	Dec. 31, 2012 shares
Finite-Lived Intangible Assets [Line Items]
Number of customers \| customer	2
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares	5,839,909	5,303,394	4,414,165
Minimum [Member] \| Software [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Minimum [Member] \| Equipment [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Maximum [Member] \| Software [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years
Maximum [Member] \| Equipment [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	7 years
Geographic Concentration Risk [Member] \| Sales Revenue, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Concentration risk	18.00%

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 337,718	$ 416,135
Gross Unrealized Gains	1,139	272
Gross Unrealized (Losses)	(2,356)	(7,319)
Fair Value	336,501	409,088
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	68,911	108,067
Gross Unrealized Gains	7	0
Gross Unrealized (Losses)	(573)	(1,461)
Fair Value	68,345	106,606
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,009	12,017
Gross Unrealized Gains	27	1
Gross Unrealized (Losses)	(73)	(85)
Fair Value	11,963	11,933
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	200,358	221,899
Gross Unrealized Gains	883	157
Gross Unrealized (Losses)	(1,456)	(4,799)
Fair Value	199,785	217,257
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	56,440	74,152
Gross Unrealized Gains	222	114
Gross Unrealized (Losses)	(254)	(974)
Fair Value	$ 56,408	$ 73,292

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Due in one year or less	$ 6,110	$ 0
Amortized Cost, Due after one through five years	195,492	260,855
Amortized Cost, Due after five through ten years	54,360	65,687
Amortized Cost, Due after ten years	25,316	15,441
Amortized Cost, Total Investments	337,718	416,135
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value, Due in one year or less	6,125	0
Fair Value, Due after one through five years	194,472	257,501
Fair Value, Due after five through ten years	53,891	63,440
Fair Value Due after ten years	25,605	14,855
Fair Value	336,501	409,088
Asset-backed securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Total Investments	56,440	74,152
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value	56,408	73,292
Total bonds [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Total Investments	337,718	416,135
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value	$ 336,501	$ 409,088

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	$ 2,356,000	$ 7,319,000
Unrealized losses for a period of 12 months or greater	1,689,000	0
Gross realized gains	700,000	600,000	$ 0
Gross realized losses	500,000	400,000	$ 0
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	573,000	1,461,000
Unrealized losses for a period of 12 months or greater	540,000	0
Cash and investments held with various state insurance departments	$ 7,000,000	$ 7,000,000

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

Investments - Unrealized Losses (Details) $ in Thousands	Dec. 31, 2014 USD ($) security	Dec. 31, 2013 USD ($) security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	34	79
Fair Value, Less than 12 Months	$ 81,408	$ 357,460
Unrealized Losses, Less than 12 Months	$ (667)	$ (7,319)
Number of Securities, 12 Months or Greater \| security	37	0
Fair Value, 12 Months or Greater	$ 137,432	$ 0
Unrealized Losses, 12 Months or Greater	$ (1,689)	$ 0
Number of Securities, Total \| security	71	79
Fair Value, Total	$ 218,840	$ 357,460
Unrealized Losses, Total	$ (2,356)	$ (7,319)
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	4	19
Fair Value, Less than 12 Months	$ 7,228	$ 106,606
Unrealized Losses, Less than 12 Months	$ (33)	$ (1,461)
Number of Securities, 12 Months or Greater \| security	10	0
Fair Value, 12 Months or Greater	$ 49,884	$ 0
Unrealized Losses, 12 Months or Greater	$ (540)	$ 0
Number of Securities, Total \| security	14	19
Fair Value, Total	$ 57,112	$ 106,606
Unrealized Losses, Total	$ (573)	$ (1,461)
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	1	2
Fair Value, Less than 12 Months	$ 3,232	$ 4,915
Unrealized Losses, Less than 12 Months	$ (18)	$ (85)
Number of Securities, 12 Months or Greater \| security	1	0
Fair Value, 12 Months or Greater	$ 1,695	$ 0
Unrealized Losses, 12 Months or Greater	$ (55)	$ 0
Number of Securities, Total \| security	2	2
Fair Value, Total	$ 4,927	$ 4,915
Unrealized Losses, Total	$ (73)	$ (85)
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	26	47
Fair Value, Less than 12 Months	$ 60,334	$ 187,714
Unrealized Losses, Less than 12 Months	$ (559)	$ (4,799)
Number of Securities, 12 Months or Greater \| security	22	0
Fair Value, 12 Months or Greater	$ 65,806	$ 0
Unrealized Losses, 12 Months or Greater	$ (897)	$ 0
Number of Securities, Total \| security	48	47
Fair Value, Total	$ 126,140	$ 187,714
Unrealized Losses, Total	$ (1,456)	$ (4,799)
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	3	11
Fair Value, Less than 12 Months	$ 10,614	$ 58,225
Unrealized Losses, Less than 12 Months	$ (57)	$ (974)
Number of Securities, 12 Months or Greater \| security	4	0
Fair Value, 12 Months or Greater	$ 20,047	$ 0
Unrealized Losses, 12 Months or Greater	$ (197)	$ 0
Number of Securities, Total \| security	7	11
Fair Value, Total	$ 30,661	$ 58,225
Unrealized Losses, Total	$ (254)	$ (974)

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 6,135	$ 5,291	$ 6
Investment expenses	(517)	(483)	0
Net investment income	5,618	4,808	6
Fixed maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	6,127	5,289	4
Cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	0	0	2
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 8	$ 2	$ 0

Fair Value of Financial Instruments - Rollforward of Level 3 (Details) - Significant Unobservable Inputs (Level 3) [Member] - Warrant Liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6,371	$ 4,842
Change in fair value of warrant liability included in earnings	(2,949)	1,529
Gain on settlement of warrants	(37)
Issuance of common stock on warrant exercise	(13)
Ending balance	$ 3,372	$ 6,371

Fair Value of Financial Instruments - Narrative (Details) - Significant Unobservable Inputs (Level 3) [Member]	12 Months Ended
	Dec. 31, 2014 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Volatility Assumption	37.40%
Warrant Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price (in dollars per share)	$ 9.13
Risk free rate	1.88%
Expected term	6 years 5 months 10 days
Expected dividend rate	0.00%

Reserves for Insurance Claims and Claims Expenses Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) loan
Insurance [Abstract]
Number of loans in pool past due 60 days or more \| loan	30
Risk in Force of loans in pool past due 60 days or more	$ 1.7
Deductible on policy	$ 10.3
Less than, LTV ratio	0.80

Reserves for Insurance Claims and Claims Expenses Reconciliation of Reserve Balances for Insurance Claims Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve at beginning of period	$ 0	$ 0
Claims and claim expenses incurred:
Current year	83	0
Prior years	0	0
Total claims incurred	83	0
Claims and claim expenses paid:
Current year	0	0
Prior years	0	0
Total claims paid	0	0
Reserve at end of period	$ 83	$ 0

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 30, 2012
Line of Credit Facility [Line Items]
Warrants issued (in shares)								992,000
Right to purchase, number of shares per warrant								1
Exercise price of warrants (in dollars per warrant)								$ 10.00
Warrants value								$ 5,100
Warrants exercised				7,790
Gain from settlement of warrants	$ 0	$ 0	$ 0	$ 37	$ 37	$ 0	$ 0
Common Class A [Member]
Line of Credit Facility [Line Items]
Common stock, shares issued	58,428,548			1,115	58,428,548	58,052,480

Share-Based Compensation - Stock Option Activity (Details) - The 2012 Stock Incentive Plan [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options beginning balance (in shares)	3,062	2,547
Options granted (in shares)	780	532
Less: Options exercised (in shares)	(109)
Less: Options forfeited (in shares)	(87)	(15)
Less: Options canceled (in shares)		(2)
Less: Options expired (in shares)	(16)
Options ending balance (in shares)	3,630	3,062
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options beginning balance (in dollars per share)	$ 3.98	$ 3.86
Options granted (in dollars per share)	4.85	4.57
Less: Options exercised	3.85
Less: Options forfeited (in dollars per share)	4.47	3.84
Less: Options expired (in dollars per share)	4.25
Less: Options canceled (in dollars per share)		3.84
Options ending balance (in dollars per share)	4.16	3.98
Weighted Average Grant Date Fair Value per Share
Options beginning balance (in dollars per share)	10.31	10.00
Options granted (in dollars per share)	12.03	11.78
Less: Options exercised	10.00
Less: Options forfeited (in dollars per share)	11.35	10.00
Less: Options canceled (in dollars per share)		10.00
Less: Options expired (in dollars per share)	10.93
Options beginning balance (in dollars per share)	$ 10.66	$ 10.31

Share-Based Compensation - Stock Options, Valuation Assumptions (Details) - The 2012 Stock Incentive Plan [Member] - Stock Options [Member]	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 years	6 years
Dividend yield	0.00%	0.00%
Expected stock price volatility	39.00%	39.00%
Projected forfeiture rate	5.00%	1.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.90%	0.98%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.01%	1.12%

Share-Based Compensation - Restricted Stock Units Activity (Details) - The 2012 Stock Incentive Plan [Member] - Restricted Stock Units [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted Stock beginning balance (in shares)	1,242	1,429
Restricted stock units granted (in shares)	373	76
Less: Restricted stock units vested (in shares)	(360)	(263)
Less: Restricted stock units forfeited (in shares)	(46)	0
Restricted Stock beginning balance (in shares)	1,209	1,242
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted Stock beginning balance (in dollars per share)	$ 7.75	$ 7.35
Restricted Stock Units Granted (in dollars per share)	11.52	12.03
Less: Restricted Stock Units Vested (in dollars per share)	9.53	6.79
Less: Restricted Stock Units Forfeited (in dollars per share)	10.14	0.00
Restricted Stock ending balance (in dollars per share)	$ 8.90	$ 7.75

Share-Based Compensation - Restricted Stock Units, Valuation Assumptions (Details) - The 2012 Stock Incentive Plan [Member] - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	5 years
Risk free interest rate	0.86%
Dividend yield	0.00%
Expected stock price volatility	39.00%
Projected forfeiture rate	1.00%

Share-Based Compensation - Narrative (Details)	1 Months Ended	12 Months Ended
Share-Based Compensation - Narrative (Details)	Feb. 28, 2013 shares	Dec. 31, 2014 USD ($) simulation $ / shares shares	May 08, 2014 shares	Dec. 31, 2013 USD ($) shares	Dec. 31, 2012 shares	Apr. 16, 2012 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends \| $		$ 0
Employer matching contribution, percent of match		100.00%
Employer matching contribution, percent of employees' gross pay		4.00%
Contribution amount \| $		$ 900,000
The 2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)						5,500,000
Number of exercises		109,000
Number of options vested (in shares)		1,742,822
Weighted average exercise price for options vested (in dollars per share) \| $ / shares		$ 10.20
Weighted average remaining contractual term		7 years 5 months 25 days
Options vested aggregate value \| $		$ 0
Weighted average remaining contractual life of options outstanding		7 years 10 months 17 days
Total unrecognized compensation cost related to non-vested stock options \| $		$ 2,400,000
Compensation related to non-vested awards, weighted-average period for recognition		1 year 3 months 10 days
The 2012 Stock Incentive Plan [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)						3,850,000
Expiration period		10 years
Vesting period		3 years
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)						1,650,000
Expiration period		10 years
Compensation related to non-vested awards, weighted-average period for recognition		1 year 2 months 5 days
Modification to vesting terms, number of restricted stock units affected (in shares)	400,000
Restricted stock units outstanding (in shares)		1,209,000		1,242,000	1,429,000
Vesting percentage subject to both market and service conditions, annual vesting percentage		50.00%
Number of simulations \| simulation		150,000
Weighted average remaining contractual life of RSUs outstanding		7 years 11 months
Total unrecognized compensation cost related to non-vested restricted stock units \| $		$ 3,000,000		$ 4,300,000
NMIH 2014 Omnibus Incentive Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)			4,000,000
Subject to Market and Service Conditions [Member] \| The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		500,000
Subject to Service Conditions [Member] \| The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)		700,000

Income Taxes - Components of Provision for Income Taxes (Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Current	$ (2,390)	$ 0	$ 0
Deferred	4	0	0
Total income tax benefit	$ (2,386)	$ 0	$ 0

Income Taxes - Income Tax Reconciliation (Details)	12 Months Ended
Income Taxes - Income Tax Reconciliation (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%	35.00%	35.00%
Loss on impairment	0.00%	0.00%	(1.48%)
Prior year adjustment	0.00%	3.52%	1.66%
Other	1.07%	1.66%	(1.00%)
Valuation allowance	(31.42%)	(40.18%)	(28.00%)
Purchase accounting adjustment	0.00%	0.00%	(6.18%)
Effective income tax rate	4.65%	0.00%	0.00%

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred Tax Asset, Gross [Abstract]
Capitalized start-up costs	$ 2,403	$ 2,579
Share-based compensation	20,030	14,701
Unrealized loss on investments	1,217	7,047
Net operating loss carry forwards	114,548	65,276
Unearned premium reserve	4,414
Other	8,785	10,118
Total gross deferred tax assets	151,397	99,721
Less: valuation allowance	(140,236)	(94,497)
Total deferred tax assets	11,161	5,224
Deferred tax asset
Capitalized start-up costs	985	903
Share-based compensation	8,212	5,990
Unrealized loss on investments	499	2,694
Net operating loss carry forwards	43,198	24,602
Unearned premium reserve	1,810
Other	3,602	3,760
Total gross deferred tax assets	58,306	37,949
Less: valuation allowance	(53,730)	(35,778)
Total deferred tax assets	4,576	2,171
Deferred Tax Liability, Gross [Abstract]
Capitalized software	(7,967)	(5,008)
Intangible assets	(390)	(390)
Deferred acquisition costs	(2,985)
Other	(209)	(216)
Total deferred tax liabilities	(11,551)	(5,614)
Net deferred income tax liability	(390)	(390)
Deferred tax liability
Capitalized software	(3,266)	(2,095)
Intangible assets	(137)	(133)
Deferred acquisition costs	(1,224)
Other	(86)	(76)
Total deferred tax liabilities	(4,713)	(2,304)
Net deferred income tax liability	$ (137)	$ (133)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Contingency [Line Items]
Income tax benefit	$ (2,386)	$ 0	$ 0
Federal statutory income tax rate	35.00%	35.00%	35.00%
Effective income tax rate	4.65%	0.00%	0.00%
Income tax expense (benefit)	$ (2,390)	$ 0	$ 0
Deferred tax liabilities, gross	137	133
Taxes paid related to net share settlement of equity awards	2,100	1,500
Loss carry forwards subject to expiration	7,300
Valuation allowance	53,730	$ 35,778
Annual Limitation Through Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	800
Annual Limitations After Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	300
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	114,500
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 36,000

Software and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 13,756	$ 14,823
Accumulated amortization and depreciation	(1,950)	(5,947)
Software and equipment, net	11,806	8,876
Software [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	11,608	14,140
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	1,175	542
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 973	$ 141

Software and Equipment - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Depreciation and amortization		$ 5.8	$ 5.9
Software [Member]
Property, Plant and Equipment [Line Items]
Software acquired, written off	$ 9.8

Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
Intangible Assets and Goodwill (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3,244,000	$ 3,244,000
Intangible assets and goodwill	3,634,000	3,634,000
Loss on impairment	0	0	$ 1,200,000
State licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	260,000	260,000
GSE Approvals [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 130,000	$ 130,000

Commitments and Contingencies - Narrative (Details) ft² in Thousands		12 Months Ended
	Jul. 01, 2012	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Oct. 31, 2013 ft²
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Maximum risk to capital ratio		25
Office facility lease, term of contract	2 years
Additional square feet of furnished office space under amended lease terms \| ft²				23
Rent expense		$ 1,600,000	$ 800,000
Fannie Mae and Freddie Mac [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Capital required to be capitalized		$ 150,000,000
Maximum risk to capital ratio		15
Minimum capitalization requirement period		3 years

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2015	$ 1,690
2016	1,741
2017	1,488
Totals	$ 4,919

Common Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	Nov. 14, 2013	Nov. 08, 2013	Apr. 17, 2012	Nov. 30, 2013
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of stock issuance costs			$ 510.0
Common Class A [Member]
Class of Stock [Line Items]
Common stock offered and sold, (in shares)			55,000,000
IPO [Member]
Class of Stock [Line Items]
Common stock offered and sold, (in shares)		2,100,000		2,400,000
Maximum number of common stock shares granted to underwriters of IPO (in shares)		315,000
Maximum number of common stock shares granted to underwriters of IPO, exercise price (in dollars per share)		$ 13.00
Proceeds from issuance initial public offering	$ 31.4
Underwriting fee and other offering expense	$ 28.0

Statutory Information - Statutory Income (Details) - NMic and Re one Combined [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statutory Accounting Practices [Line Items]
Statutory net loss	$ (47,961)	$ (33,307)	$ (18)
Statutory surplus	236,738	189,698	220,004
Contingency reserve	$ 9,401	$ 2,314	$ 0

Statutory Information - Narrative (Details)
$ in Thousands

Dec. 31, 2014

USD ($)

state

Dec. 31, 2013

USD ($)

policy

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

^[1]

Number of states which require minimum amount of statutory capital relative to risk in force | state

Risk-to-capital

Required risk-to-capital ratio on agreements per GSE approval

Mortgage insurance, percentage of indebtedness on single loan

25.00%

Number of Policies in Force | policy

Shareholders' equity

$ 426,958

$ 463,217

$ 488,748

$ (1,349)

Investment in subsidiaries, at equity in net assets

$ 179,000

Ordinary dividends, restriction with regards to capital surplus

10.00%

NMIC [Member]

Mortgage Insurance Risk in Force

Risk-to-capital

3.5

0.5

$ 800,342

$ 36,500

Subsidiaries [Member]

Shareholders' equity

$ 252,000

WISCONSIN [Member]

Risk-to-capital

[1]	At inception, we issued 100 common shares with a par value of $0.01 to FBR & Co. in consideration of their investment of $1 in the Company, which are not visible in this schedule due to rounding.

Statutory Information - Risk to Capital (Details)
$ in Thousands

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

NMIC [Member]

Primary risk-in-force

^[1]

$ 801,353

^[1]

Total primary risk-in-force

^[1]

(69,396)

^[1]

731,957

Pool risk-in-force

^[2]

93,090

^[2]

^[2]

(24,705)

Total pool risk-in-force

^[2]

68,385

Total risk-in-force

800,342

$ 36,500

Statutory contingency reserve

223,119

7,945

$ 231,064

Risk-to-Capital

^[3]

3.5

NMI Re One [Member]

Primary risk-in-force

^[1]

$ 0

^[1]

69,396

Total primary risk-in-force

^[1]

^[1]

69,396

Pool risk-in-force

^[2]

^[2]

24,705

^[2]

Total pool risk-in-force

^[2]

24,705

Total risk-in-force

94,101

Statutory contingency reserve

13,619

1,456

NMic and Re one Combined [Member]

$ 15,075

Risk-to-Capital

^[3]

6.2

Primary risk-in-force

^[1]

$ 801,353

^[1]

69,396

Total primary risk-in-force

^[1]

(69,396)

^[1]

801,353

Pool risk-in-force

^[2]

93,090

^[2]

24,705

^[2]

(24,705)

Total pool risk-in-force

^[2]

93,090

Total risk-in-force

894,443

Statutory contingency reserve

236,738

$ 189,698

$ 220,004

9,401

Quarterly Financial Information Disclosure [Abstract]

$ 246,139

Risk-to-Capital

^[3]

3.6

[1]	Our net risk in force includes both primary and pool risk in force, and excludes risk on policies that are currently in default and for which loss reserves have been established.
[2]	Pool risk-in-force as shown in the table above is equal to the aggregate stop loss less a deductible.
[3]	Represents total risk-in-force divided by statutory policyholders' position which is the metric by which the majority of state insurance regulators will assess our capital adequacy. Additionally, pursuant to the 2013 Fannie Mae pool agreement, we are required to maintain the greater of (a) the risk-to-capital requirements outlined in Fannie Mae's January 2013 approval letter or (b) a risk-to-capital ratio of 18:1 on primary business plus statutory capital equal to the amount of net risk-in-force of the pool.

Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Net premiums written

$ 14,139

$ 9,661

$ 5,051

$ 5,178

$ 3,058

$ 482

$ 1

$ 0

$ 34,029

$ 3,541

$ 0

Net premiums earned

5,510

3,900

2,093

1,904

1,612

482

13,407

2,095

Net investment income

1,319

1,342

1,468

1,489

1,472

1,519

1,407

410

5,618

4,808

Net realized investment gains (losses)

134

(308)

452

197

186

Gain (loss) from change in fair value of warrant liability

(60)

1,240

952

817

(918)

469

(1,115)

2,949

(1,529)

278

Gain from settlement of warrants

Insurance claims and claims expenses

(26)

Amortization of deferred policy acquisition costs

265

373

Underwriting and operating expenses

17,318

17,848

18,595

19,283

15,263

16,035

17,019

12,426

73,044

60,743