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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 16, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	NMI HOLDINGS, INC.
Entity Central Index Key	0001547903
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 417,691,168
Entity Common Stock, Shares Outstanding		58,827,169

CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $564,319 and $337,718 as of December 31, 2015 and December 31, 2014, respectively)	$ 559,235	$ 336,501
Cash and cash equivalents	57,317	103,021
Premiums receivable	5,143	1,048
Accrued investment income	2,873	1,707
Prepaid expenses	1,428	2,054
Deferred policy acquisition costs, net	17,530	2,985
Software and equipment, net	15,201	11,806
Intangible assets and goodwill	3,634	3,634
Other assets	90	509
Total assets	662,451	463,265
Liabilities
Term loan	143,939	0
Unearned premiums	90,773	22,069
Accounts payable and accrued expenses	22,725	10,646
Reserve for insurance claims and claim expenses	679	83
Warrant liability, at fair value	1,467	3,372
Deferred tax	137	137
Total liabilities	259,720	36,307
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	570,340	562,911
Accumulated other comprehensive loss, net of tax	(7,474)	(3,607)
Accumulated deficit	(160,723)	(132,930)
Total shareholders' equity	402,731	426,958
Total liabilities and shareholders' equity	662,451	463,265
Common Class A [Member]
Shareholders' equity
Common stock - class A shares, $0.01 par value; 58,807,825 and 58,428,548 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively (250,000,000 shares authorized)	$ 588	$ 584

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fixed maturity, amortized cost	$ 564,319	$ 337,718
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	58,807,825	58,428,548
Common stock, shares outstanding	58,807,825	58,428,548
Common stock, shares authorized	250,000,000	250,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Net premiums written	$ 114,210	$ 34,029	$ 3,541
Increase in unearned premiums	(68,704)	(20,622)	(1,446)
Net premiums earned	45,506	13,407	2,095
Net investment income	7,246	5,618	4,808
Net realized investment gains	831	197	186
Other revenues	25	0	0
Total revenues	53,608	19,222	7,089
Expenses
Insurance claims and claims expenses	650	83	0
Underwriting and operating expenses	80,599	73,417	60,744
Total expenses	81,249	73,500	60,744
Other income (expense)
Gain (loss) from change in fair value of warrant liability	1,905	2,949	(1,529)
Gain from settlement of warrants	0	37	0
Interest expense	(2,057)	0	0
Total other income (expenses)	(152)	2,986	(1,529)
Loss before income taxes	(27,793)	(51,292)	(55,184)
Income tax benefit	0	(2,386)	0
Net loss	$ (27,793)	$ (48,906)	$ (55,184)
Net loss per share:
Basic and diluted loss per share (in dollars per share)	$ (0.47)	$ (0.84)	$ (0.99)
Weighted average common shares outstanding (in shares)	58,683,194	58,281,425	56,005,326
Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive loss, net of tax expense of $0, $2,390, and $0 for the each of the years in the three-year period ended December 31, 2015, respectively	$ (3,518)	$ 3,636	$ (6,862)
Reclassification adjustment for (gains) losses included in net loss, net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2015	(349)	(196)	(185)
Other comprehensive (loss) income, net of tax	(3,867)	3,440	(7,047)
Comprehensive loss	$ (31,660)	$ (45,466)	$ (62,231)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Change in unrealized investment gains (losses), tax amount	$ 0	$ 2,390,000	$ 0
Reclassification adjustment from AOCI for sale of securities, tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2012	$ 488,748	$ 553	$ 2	$ 517,032	$ 1	$ (28,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes	(1,578)	1		(1,579)
Share-based compensation expense	10,367			10,367
Change in unrealized investment gains/losses, net of tax of $0, $2,390 and $0	(7,048)				(7,048)
Net loss	(55,184)					(55,184)
Common stock: class A shares issued related to initial public offering (net of expenses of $3,483)	27,912	25		27,887
Conversion of class B shares of common stock into Class A shares of common stock	0	2	(2)
Ending Balance at Dec. 31, 2013	463,217	581	0	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 employee taxes	14	3		11
Share-based compensation expense	9,180			9,180
Change in unrealized investment gains/losses, net of tax of $0, $2,390 and $0	3,440				3,440
Net loss	(48,906)					(48,906)
Common stock: class A shares issued under related to warrants	13			13
Ending Balance at Dec. 31, 2014	426,958	584	0	562,911	(3,607)	(132,930)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes	(690)	4		(694)
Share-based compensation expense	8,123			8,123
Change in unrealized investment gains/losses, net of tax of $0, $2,390 and $0	(3,867)				(3,867)
Net loss	(27,793)					(27,793)
Ending Balance at Dec. 31, 2015	$ 402,731	$ 588	$ 0	$ 570,340	$ (7,474)	$ (160,723)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (27,793)	$ (48,906)	$ (55,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized investment gains	(831)	(197)	(186)
(Gain) loss from change in fair value of warrant liability	(1,905)	(2,949)	1,529
Depreciation and other amortization	4,861	8,080	8,116
Amortization of debt discount and debt issuance costs	251	0	0
Share-based compensation expense	8,174	9,180	10,367
Noncash intraperiod tax allocation	0	(2,386)	0
Changes in operating assets and liabilities:
Accrued investment income	(1,166)	294	(2,001)
Premiums receivable	(4,095)	(1,029)	(19)
Prepaid expenses	626	(535)	(1,102)
Deferred policy acquisition costs, net	(14,545)	(2,895)	(90)
Other assets	419	(446)	46
Unearned premiums	68,704	20,622	1,446
Reserve for insurance claims and claims expenses	596	83	0
Accounts payable and accrued expenses	8,167	117	767
Net cash provided by (used in) operating activities	41,463	(20,967)	(36,311)
Cash flows from investing activities
Purchase of short-term investments	0	0	(510)
Purchase of fixed-maturity investments, available-for-sale	(364,931)	(60,462)	(559,875)
Proceeds from maturity of short-term investments	0	0	5,374
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	140,901	136,764	141,754
Purchase of software and equipment	(6,135)	(8,220)	(6,692)
Net cash used in investing activities	(230,165)	68,082	(419,949)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(1,105)	(1,083)	(1,578)
Issuance of common stock	415	1,097	27,912
Gain from settlement of warrants	0	(37)	0
Proceeds from term loan, net of discount	148,500	0	0
Repayments of term loan	(375)	0	0
Payments of debt issuance costs	(4,437)	0	0
Net cash provided by (used in) financing activities	142,998	(23)	26,334
Net (decrease) increase in cash and cash equivalents	(45,704)	47,092	(429,926)
Cash and cash equivalents, beginning of period	103,021	55,929	485,855
Cash and cash equivalents, end of period	57,317	103,021	55,929
Supplemental disclosures of cash flow information
Interest paid	5	0	0
Conversion of class B shares of common stock into class A shares of common stock	$ 0	$ 0	$ 2

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2015
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 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 exchange on November 8, 2013, under the symbol "NMIH." For a further discussion, see "Note 13, Common Stock Offerings." In April 2013, NMIC, our primary insurance subsidiary, issued its first mortgage insurance policy. NMIC is licensed to write mortgage insurance in all 50 states and D.C. In August 2015, NMIH capitalized with $0.5 million a wholly owned subsidiary, NMIS, through which we began to offer outsourced loan review services to mortgage loan originators in the fourth quarter of 2015. 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, 2015

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 issue 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, 2015, one customer represented a material portion of our revenues. At December 31, 2015, approximately 13% of our total RIF was concentrated in California. We expect our RIF and state concentrations to lessen and align to industry averages as our insurance portfolio matures.

Use of Estimates

We use accounting principles and methods that conform to GAAP. Where GAAP specifically excludes mortgage insurance we follow general industry practices. We are required to apply significant judgment and make material estimates in the preparation of our financial statements and with regard to various accounting, reporting and disclosure matters. Assumptions and estimates are required to apply these principles where actual measurement is not possible or practical.

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 (FASB) 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 IBNR 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.

Investments

We have designated our investment portfolio as available-for-sale and report it at fair value. The related unrealized gains and losses, after considering the related tax expense or benefit, are 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, and are reclassified out of accumulated other comprehensive (loss) income.

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.

We consider items such as commercial paper with original maturities of 90 days or less to be short-term investments.

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. Total amortization of DAC each of the years in the three-year period ended December 31, 2015 was $2.8 million, $0.4 million and $0.7 thousand, respectively.

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, 2015.

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 10th 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 calculated the fair value of the warrants using a Black-Scholes option-pricing model in combination with a binomial 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 RSUs and stock option grants under the 2012 Stock Incentive Plan and the NMIH 2014 Omnibus 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 each of the years in the three-year period ended December 31, 2015, 6,266,905 shares, 5,839,909 shares, and 5,303,394 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.

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 10, 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, 2015.

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, 2015.

Premiums Receivable

Premiums receivable consist of premiums due on our mortgage insurance policies. If a mortgage insurance premium is 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

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.

In April 2015 , the FASB issued Accounting Standard Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Cost (Subtopic 835-30). This update is intended to simplify the presentation of debt issuance costs. In accordance with the new standard, debt issuance costs are presented as a direct deduction from long-term debt. The amended guidance is effective for fiscal years, and interim periods within those fiscal years, beginning December 15, 2015, with early adoption permitted. The Company has elected to early adopt ASU 2015-03 beginning with the year ended December 31, 2015. Application of this standard eliminated the presentation of a deferred cost (asset) and instead required debt issuance costs be presented as a direct deduction from total debt.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This update is intended to provide a consistent approach in recognizing revenue. In accordance with the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, ASU 2015-14 deferred the provisions of ASU 2014-09 to be effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements.

Reclassifications

Certain items in the financial statements as of December 31, 2015 and for the periods ending December 31, 2014 and December 31, 2013 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, 2015

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, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	84,968	$	4	$	(490	)	$	84,482
Municipal debt securities	20,209		44		(174		)	20,079
Corporate debt securities	337,273		431		(4,377		)	333,327
Asset-backed securities	101,320		76		(603		)	100,793
Total bonds	543,770		555		(5,644		)	538,681
Short-term investments	20,549		5		—			20,554
Total investments	$	564,319	$	560	$	(5,644	)	$	559,235



	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

Scheduled Maturities

The amortized cost and fair values of available for sale securities at December 31, 2015 and 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, 2015	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	62,745	$	62,743
Due after one through five years	187,633		186,629
Due after five through ten years	193,379		190,055
Due after ten years	19,242		19,015
Asset-backed securities	101,320		100,793
Total investments	$	564,319	$	559,235



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

Aging of Unrealized Losses

At December 31, 2015, the investment portfolio had gross unrealized losses of $5.6 million, $0.5 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, 2015. We based our conclusion that these investments were not other-than-temporarily impaired at December 31, 2015 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, 2015		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	14	$	50,558	$	(397	)	4	$	10,194	$	(93	)	18	$	60,752	$	(490	)
Municipal debt securities	4	11,293		(165		)	1	3,242		(9		)	5	14,535		(174		)
Corporate debt securities	83	244,128		(4,124		)	4	9,220		(253		)	87	253,348		(4,377		)
Assets-backed securities	27	69,878		(498		)	4	9,208		(105		)	31	79,086		(603		)
Total investments	128	$	375,857	$	(5,184	)	13	$	31,864	$	(460	)	141	$	407,721	$	(5,644	)



	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	)

Net Investment Income

Net investment income is comprised of the following:



	For the year ended December 31,
	2015			2014			2013
	(In Thousands)
Fixed maturities	$	7,726		$	6,127		$	5,289
Short-term investments	3			8			2
Investment income	7,729			6,135			5,291
Investment expenses	(483		)	(517		)	(483		)
Net investment income	$	7,246		$	5,618		$	4,808

Gross realized gains were $1.5 million. $0.7 million, and $0.6 million for each of the years in the three-year period ended December 31, 2015, respectively; gross realized losses were $0.7 million , $0.5 million and $0.4 million for the same periods. The first-in, first-out method was followed in determining the cost of investments sold.

As of December 31, 2015 and December 31, 2014, 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.

Investment Securities - Other-than-Temporary Impairment (OTTI)

For the year ended December 31, 2015, we recognized an OTTI loss in earnings of $88.6 thousand due to a planned sales transaction that we expect will result in a loss in February 2016.

There were no credit losses recognized in earnings for which a portion of an OTTI loss was recognized in accumulated other comprehensive income (loss).

- Definition

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

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following describes the valuation techniques used by us to determine the fair value of financial instruments held at December 31, 2015 and December 31, 2014:

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, 2015.

Securities classified as Level 2 assets include Federal Home, Farm and Agriculture agency obligations, municipal debt securities, corporate debt securities and asset-backed securities. Corporate securities are broadly diversified across industries and include $18.4 million of U.S. denominated foreign securities (Yankee Bonds) as of December 31, 2015. Asset-backed securities consist primarily of automobile and industrial industries and include $3.6 million of Yankee Bonds as of December 31, 2015.

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. 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, 2015 and December 31, 2014:



	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, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	65,185	$	19,297	$	—	$	84,482
Municipal debt securities	—		20,079		—		20,079
Corporate debt securities	—		333,327		—		333,327
Asset-backed securities	—		100,793		—		100,793
Cash, cash equivalents and short-term investments	77,872		—		—		77,872
Total assets	$	143,057	$	473,496	$	—	$	616,553
Warrant liability	$	—	$	—	$	1,467	$	1,467
Total liabilities	$	—	$	—	$	1,467	$	1,467



	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, cash equivalents and short-term investments	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372

The following is a roll-forward of Level 3 liabilities measured at fair value:



	For the year ended December 31,
	2015			2014
	(In Thousands)
Balance, January 1,	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	(1,905		)	(2,949		)
Gain on settlement of warrants	—			(37		)
Issuance of common stock on warrant exercise	—			(13		)
Balance, December 31	$	1,467		$	3,372

We revalue the warrant liability quarterly using a Black-Scholes option-pricing model, in combination with a binomial model. As of December 31, 2015, the assumptions used in the option pricing model were as follows: a common stock price as of December 31, 2015 of $6.77, risk free interest rate of 1.91%, expected life of 5.92 years , expected volatility of 32.70% and a dividend yield of 0.00%. The change in fair value is primarily attributable to a decline in the price of our common stock from December 31, 2014 to December 31, 2015.

As of December 31, 2014, the assumptions used in the option pricing model were : 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 was 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, 2015.

- Definition

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.

+ References + Details

Term Loan

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Term Loan

On November 10, 2015, we entered into the Credit Agreement to obtain a three-year senior secured term loan B (the Term Loan) for $150 million. The Term Loan bears interest at the Eurodollar based rate (1% floor) plus an annual margin rate of 7.5% (8.5% for 2015), payable quarterly. Quarterly principal payments of $375 thousand are also required. The outstanding balance as of December 31, 2015 was $149.6 million.

Debt issuance costs totaling $4.4 million and a 1% debt discount are being amortized to interest expense, using the effective interest method, over the contractual life of the Term Loan. Effective interest rate for the Term Loan includes interest, amortization of issuance cost and the discount. For the year ended December 31, 2015, the Company recorded $2.1 million of interest expense, including amortization of the issuance cost and discount.

NMIH is subject to certain quarterly covenants under the Credit Agreement. These covenants include, but are not limited to the following: a maximum debt-to-total capitalization ratio (as defined) of 35%, maximum RTC ratio of 22.0:1.0, liquidity (as defined) of $41 million, compliance with financial requirements of PMIERs, and equity requirements. This description is not intended to be complete in all respects and is qualified in its entirety by the terms of the Credit Agreement, including its covenants and events of default. We were in compliance with all covenants at December 31, 2015.

Future principal payments for the Company's Term Loan as of December 31, 2015 are as follows:



As of December 31, 2015	Principal
	(In thousands)
2016	$	1,500
2017	1,500
2018	146,625
Total	$	149,625

Reserves for Insurance Claims and Claims Expenses

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

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. As of December 31, 2015, we have established reserves for insurance claims of $679 thousand for thirty-six primary loans in default, compared to a reserve of $83 thousand for the year ended December 31, 2014. We paid two claims totaling $54 thousand for the year ended December 31, 2015.

In 2013, we entered into a pool insurance transaction with Fannie Mae. We only establish claim or IBNR reserves for pool risk if we expect claims to exceed the deductible under the pool agreement, which represents the amount of claims absorbed by Fannie Mae before we are obligated to pay any claims. At December 31, 2015, forty-three loans in the pool were past due by sixty days or more. These forty-three loans represent approximately $2.6 million in RIF. Due to the size of the remaining deductible of$10.3 million, the low level of NODs reported through December 31, 2015 and the expected severity (all loans in the pool have LTVs under 80%), we have not established any pool reserves for claims or IBNR for the years ended December 31, 2015 and December 31, 2014. In connection with the settlement of pool claims, we applied $18 thousand to the pool deductible through December 31, 2015. We have not paid any pool claims to date.

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:



	For the year ended December 31,
	2015			2014
	(In Thousands)
Balance, January 1	$	83		$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	699			83
Prior years	(49		)	—
Total claims incurred	650			83

Claims paid:
Claims and claim expenses paid:
Current year	50			—
Prior years	4			—
Total claims paid	54			—

Balance, December 31	$	679		$	83

There was a $49 thousand favorable prior year development for the year ended December 31, 2015, primarily attributable to NOD cures. Reserves of $30 thousand related to prior year defaults remained as of December 31, 2015. The decrease in the period is generally the result of ongoing analysis of recent loss development trends. We may increase or decrease our original estimates as we learn additional information about individual defaults and claims.

Warrants	12 Months Ended
Warrants	Dec. 31, 2015
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 or 2015.

Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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

Share-Based Compensation

The 2012 Stock Incentive Plan (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, 2015 and December 31, 2014 is as follows:



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2014	3,630		$	4.16	$	10.66
Options granted	789		3.06		8.49
Options exercised	—		—		—
Options forfeited	(64	)	4.90		12.20
Options expired	(504	)	4.05		10.48
Options outstanding at December 31, 2015	3,851		$	3.94	$	10.21



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

As of December 31, 2015, there were approximately 2.5 million options fully vested and exercisable. There were no exercises during the year. The weighted average exercise price for the fully vested and exercisable options was $10.37. The remaining weighted average contractual life of options fully vested and exercisable as of December 31, 2015 was 6.65 years. The aggregate intrinsic value for fully vested and exercisable options was $0 as of December 31, 2015.

The remaining weighted average contractual life of options outstanding as of December 31, 2015 was 7.35 years. As of December 31, 2015, there was $1.5 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 1.34 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 2015 and 2014 were calculated using the Black-Scholes valuation model based on the following assumptions:



	2015		2014
Expected life	6 years		6 years
Risk free interest rate	1.65% - 1.78%		1.90% - 2.01%
Dividend yield	0.00	%	0.00	%
Expected stock price volatility	34.40	%	39.00	%
Projected forfeiture rate	7.50	%	5.00	%

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 grants, 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, 2015 and December 31, 2014 is as follows:



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2014	1,209		$	8.90
Restricted stock units granted	784		7.48
Restricted stock units vested	(465	)	9.88
Restricted stock units forfeited	(85	)	8.95
Non-vested restricted stock units at December 31, 2015	1,443		$	7.81



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

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, 2015, the 1.4 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 0.9 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 2015, 2014 or 2013 that were subject to a market condition.

The remaining weighted average contractual life of non-vested RSUs as of December 31, 2015 was 8.06 years. The weighted-average period over which total compensation related to non-vested RSUs will be recognized is 1.44 years years.

The RSUs granted in 2015 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, 2015, there was $3.1 million of total unrecognized compensation cost related to non-vested RSUs compared to 3.0 million as of December 31, 2014.

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 $1.2 million for the year ended December 31, 2015.

Phantom Shares

In May 2015, we granted 12,062 phantom stock units to two independent directors with a grant date fair market value of $100 thousand. Each phantom unit entitles the participants to a cash award equal to the fair market value of the unit based on the price of our stock on the first anniversary of the grant date. We have accounted for these units in accordance with ASC 718-30, Stock Compensation Awards Classified as Liabilities. The fair value of the awards is remeasured at each reporting period until settled. At December 31, 2015, based on a closing share price of $6.77, we recognized $50 thousand as share-based compensation expense with a corresponding liability which is recorded in accounts payable and accrued expenses in our Consolidated Balance Sheets as of December 31, 2015.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The provision (benefit) for income taxes consists of:



	For the year ended December 31,
	2015		2014			2013
	(In Thousands
Current	$	—	$	(2,390	)	$	—
Deferred	—		4			—
Total income tax benefit	$	—	$	(2,386	)	$	—

At December 31, 2015, we had an income tax expense of $0.0. The income tax benefit of $2.4 million for the year ended December 31, 2014 was related to the tax effects of unrealized gains credited to other comprehensive income (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. 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, $2.4 million of income tax expense was netted with prior year unrealized gains in OCI, and $2.4 million of income tax benefit was allocated to the income tax provision for continuing operations. As a result of net unrealized losses to OCI during the year ended December 31, 2015, the exception was not applicable.

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,
	2015		2014		2013
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Prior year adjustment	—		—		3.52
Other	0.83		1.07		1.66
Valuation allowance	(35.83	)	(31.42	)	(40.18	)
Effective income tax rate	—	%	4.65	%	—	%

The income tax benefit from income taxes was eliminated or reduced in each year by the recognition of a valuation allowance which was recorded to reflect the amount of the deferred taxes that may not be realized. As the Company has limited history, management has not yet concluded that it is more-likely-than-not that the results of future operations will generate sufficient taxable income. If we conclude the taxable income will be sufficient to release the valuation allowance, we would recognize an income tax benefit associated primarily with the carry forward of federal NOLs and future share-based compensation tax deductions.

Following is a reconciliation of our net deferred income tax asset (liability) as of December 31, 2015 and December 31, 2014:



	Year Ended December 31,
	2015			2014
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	913		$	985
Share-based compensation	9,760			8,212
Unrealized loss on investments	2,101			499
Net operating loss carry forwards	52,819			43,198
Unearned premium reserve	7,504			1,810
Other	5,438			3,602
Total gross deferred tax assets	78,535			58,306
Less: valuation allowance	(66,399		)	(53,730		)
Total deferred tax assets	12,136			4,576
Deferred tax liability
Capitalized software	(4,753		)	(3,266		)
Intangible assets	(137		)	(137		)
Deferred acquisition costs	(7,246		)	(1,224		)
Other	(137		)	(86		)
Total deferred tax liabilities	(12,273		)	(4,713		)
Net deferred income tax liability	$	(137	)	$	(137	)

At December 31, 2015 and 2014, 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 a gross $2.1 million of excess stock compensation as of December 31, 2015 and December 31, 2014, for which any benefit realized will be recorded to stockholders' equity.

As of December 31, 2015, the Company had a federal NOL of $139.4 million which expires from 2029 to 2035, and a state NOL of $47.0 million, which expires from 2031 to 2035. 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 limited history to provide a basis for reliable future net income projections, a valuation allowance of $66.4 million and $53.7 million was recorded at December 31, 2015 and December 31, 2014, respectively, to reflect the amount of the deferred tax asset that may not be realized.

As of December 31, 2015 and 2014, 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 2012, 2013 and 2014 federal and state tax years remain open by statute.

Software and Equipment

12 Months Ended

Dec. 31, 2015

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, 2015 and December 31, 2014, consists of the following:



	December 31, 2015			December 31, 2014
	(In Thousands)
Software	$	17,267		$	11,608
Equipment	1,803			1,175
Leasehold improvements	1,028			973
Subtotal	20,098			13,756
Accumulated amortization and depreciation	(4,897		)	(1,950		)
Software and equipment, net	$	15,201		$	11,806

Amortization and depreciation expense for software, equipment, and leasehold improvements for the years ended December 31, 2015 and 2014 was $3.2 million and $5.8 million, respectively.

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2015

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, 2015 and December 31, 2014, 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. No impairments of indefinite-lived intangibles or goodwill were identified as of December 31, 2015 and 2014.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

PMIERs

In the second quarter of 2015, the FHFA published final updated PMIERs that went into effect on December 31, 2015 (Effective Date) for existing, GSE-approved private mortgage insurers, i.e., Approved Insurers. (Italicized terms have the same meaning that such terms have in the PMIERs, as described below.) The PMIERs establish operational, business, remedial and financial requirements applicable to Approved Insurers. Under the PMIERs financial requirements, Approved Insurers must maintain available assets that equal or exceed minimum required assets, which is an amount equal to the greater of (i) $400 million or (ii) a total risk-based required asset amount. The risk-based required asset amount is a function of the risk profile of an Approved Insurer’s net RIF, calculated by applying on a loan-by-loan basis certain risk-based factors derived from tables set out in the PMIERs to the net RIF. The risk-based required asset amount for primary insurance is subject to a floor of 5.6% of total, performing, primary RIF, and the risk-based required asset amount for pool insurance considers both the factors in the tables and the net remaining stop loss for each pool insurance policy. The PMIERs financial requirements also increase the amount of available assets that must be held by an Approved Insurer for loans originated on or after January 1, 2016 that are insured under LPMI policies not subject to automatic termination under the HOPA.

By March 1, 2016, each Approved Insurer, including NMIC, must certify to the GSEs that it fully complies with the PMIERs as of the Effective Date. During the fourth quarter of 2015, NMIH raised additional capital by entering into the Credit Agreement to secure a term loan credit facility in the amount of $150 million. Concurrently with the closing of the Credit Agreement, NMIH borrowed $150 million from the facility and subsequently made contributions to NMIC. As a result, as of December 31, 2015, NMIC had sufficient assets to meet the PMIERs financial requirements and we expect to certify to the GSEs by March 1, 2016 that NMIC fully complies with the PMIERs. Going forward, by April 15th of each year, NMIC must certify it met all PMIERs requirements as of December 31st of the prior year. Moreover, NMIC has an ongoing obligation to immediately notify the GSEs in writing upon discovery of its failure to meet one or more of the PMIERs requirements. We will continue to monitor our compliance with the PMIERs going forward.

Office Lease

The company leases office space under a facilities lease that expires in October 2017.

As of December 31, 2015, management expects that future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2016	$	1,741
2017	1,488
Totals	$	3,229

We incurred rent expense related to this lease of $1.5 million and $1.6 million for the years ended December 31, 2015 and 2014, respectively.

Common Stock Offerings	12 Months Ended
Common Stock Offerings	Dec. 31, 2015
Equity [Abstract]
Common Stock Offerings	Common Stock Offerings 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.

- Definition

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
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
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-Section 02
-Paragraph 29, 30, 31
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
-Section 04
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+ Details

Regulatory Information

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Regulatory Information

Statutory Requirements

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 loss, statutory surplus, contingency reserve and RTC ratios for each of the years in the three-year period ended December 31, 2015 were as follows:



	December 31,
	2015			2014			2013
	(In Thousands)
Statutory net loss	$	(52,322	)	$	(47,961	)	$	(33,307	)
Statutory surplus	391,422			236,738			189,698
Contingency reserve	32,564			9,401			2,314
Risk-to-capital	8.7:1			3.6:1			0.7:1

Under applicable Wisconsin law and 15 other states, a mortgage insurer must maintain a minimum amount of statutory capital relative to its RIF 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 25:1. 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 RTC 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 25:1.

As of December 31, 2015, NMIC had 63,948 policies in force totaling approximately $3.3 billion in total RIF with a RTC ratio of 8.4:1, significantly below the PMIERs and state financial requirements. As of December 31, 2014, NMIC had 14,603 policies in force totaling approximately $801.4 million of primary RIF, resulting in an RTC ratio of 3.5:1.

Reinsurance

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.

Dividend Restrictions

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, 2015, NMIH's shareholders' equity was approximately $403 million. NMIH's total assets, excluding investment and intercompany receivables for NMIC, Re One, and NMIS, were approximately $117 million at December 31, 2015, 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 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 "ordinary dividends" without the prior approval of the Wisconsin OCI 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. Since inception, NMIC has not paid any dividends to NMIH.

As of December 31, 2015, the amount of restricted net assets held by our consolidated insurance subsidiaries totaled approximately $441 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, 2014, NMIC cannot pay any dividends to NMIH through December 31, 2015, without the prior approval of the Wisconsin OCI.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)



	2015 Quarters												2015
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	12,921		$	20,347		$	35,360		$	45,582		$	114,210
Net premiums earned	6,936			8,856			12,834			16,880			45,506
Net investment income	1,596			1,688			1,884			2,078			7,246
Net realized investment gains (losses)	613			354			(15		)	(121		)	831
Other revenues	—			—			—			25			25
Insurance claims and claims expenses	104			(6		)	181			371			650
Underwriting and operating expenses	18,350			20,910			19,653			21,686			80,599
Gain (loss) from change in fair value of warrant liability	1,248			(106		)	332			431			1,905
Interest Expense	—			—			—			2,057			2,057
Net loss	(7,820		)	(10,353		)	(4,799		)	(4,821		)	(27,793		)
Loss per share: ⁽¹⁾
Basic and diluted loss per share	$	(0.13	)	$	(0.18	)	$	(0.08	)	$	(0.08	)	$	(0.47	)
Weighted average common shares outstanding	58,485,899			58,720,095			58,741,328			58,781,566			58,683,194



	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
Other revenues	—			—			—			—			—
Insurance claims and claims expenses	—			28			(26		)	81			83
Underwriting and operating expenses	19,302			18,637			17,895			17,583			73,417
Gain (loss) from change in fair value of warrant liability	817			952			1,240			(60		)	2,949
Gain from settlement of warrants	37			—			—			—			37
Interest Expense	—			—			—			—			—
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


(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, 2015

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

Summary of Investments - Other than Investments in Related Parties



December 31, 2015	Amortized Cost		Fair Value		Amount Reflected on Balance Sheet
	(In Thousands)
Fixed maturities
U.S. Treasury securities and obligations of U.S. government agencies	$	84,968	$	84,482	$	84,482
Municipal debt securities	20,209		20,079		20,079
Corporate debt securities	337,273		333,327		333,327
Asset-backed securities	101,320		100,793		100,793
Total bonds	543,770		538,681		538,681
Short-term investments	20,549		20,554		20,554
Total investments other than investments in related parties	$	564,319	$	559,235	$	559,235

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information of Registrant Parent Company Only



	December 31, 2015			December 31, 2014
	(In Thousands, except for share data)
Assets
Fixed maturities, available-for-sale, at fair value	$	87,010		$	134,199
Cash and cash equivalents	13,183			29,925
Investment in subsidiaries, at equity in net assets	442,077			251,880
Accrued investment income	148			629
Prepaid expenses	1,428			2,054
Due from affiliates, net	8,383			9,949
Software and equipment, net	15,201			11,806
Other assets	56			509
Total assets	$	567,486		$	440,951
Liabilities
Term loan	$	143,939		$	—
Accounts payable and accrued expenses	19,349			10,621
Warrant liability, at fair value	1,467			3,372
Total liabilities	164,755			13,993

Shareholders' equity
Common stock - class A shares, $0.01 par value; 58,807,825 and 58,428,548 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively (250,000,000 shares authorized)	588			584
Additional paid-in capital	570,340			562,911
Accumulated other comprehensive loss, net of tax	(7,474		)	(3,607		)
Accumulated deficit	(160,723		)	(132,930		)
Total shareholders' equity	402,731			426,958
Total liabilities and shareholders' equity	$	567,486		$	440,951



	For the year ended December 31,
	2015			2014			2013
	(In Thousands)
Revenues
Net investment income	$	2,535		$	2,937		$	2,758
Net realized investment gains	379			67			188
Total revenues	2,914			3,004			2,946

Expenses
Other operating expenses	17,157			18,817			24,319
Total expenses	17,157			18,817			24,319

Other income (loss)
Gain (loss) from change in fair value of warrant liability	1,905			2,949			(1,529		)
Gain from settlement of warrants	—			37			—
Interest expense	(2,057		)	—			—
Total other (expenses) income	(152		)	2,986			(1,529		)

Equity in net loss of subsidiaries	(14,430		)	(38,710		)	(32,282		)

Loss before income taxes	(28,825		)	(51,537		)	(55,184		)
Income tax benefit	(1,032		)	(2,631		)	—
Net loss	$	(27,793	)	$	(48,906	)	$	(55,184	)

Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive loss, net of tax expense of $0, $2,390, and $0 for the each of the years in the three-year period ended December 31, 2015, respectively	141			1,092			(3,958		)
Reclassification adjustment for losses (gains) included in net loss, net of tax expense of $0 for each of the years in the three-year period ended December 31, 2015	186			—			—
Equity in other comprehensive (loss) income of subsidiaries	(4,194		)	2,348			(3,089		)
Other comprehensive (loss) income, net of tax	(3,867		)	3,440			(7,047		)
Comprehensive loss	$	(31,660	)	$	(45,466	)	$	(62,231	)



	For the year ended December 31,
	2015			2014			2013
Cash flows from operating activities	(In Thousands)
Net loss	$	(27,793	)	$	(48,906	)	$	(55,184	)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	8,174			9,180			10,367
(Gain) loss from change in fair value of warrant liability	(1,905		)	(2,949		)	1,529
Net realized investment gains	(379		)	(67		)	(188		)
Depreciation and other amortization	3,885			5,618			3,325
Amortization of debt discount and debt issuance costs	251			—			—
Noncash intraperiod tax allocation	—			(2,390		)	—
Changes in operating assets and liabilities:
Equity in net loss of subsidiaries	14,430			38,710			35,371
Accrued investment income	481			409			(1,038		)
Receivable from affiliates	1,566			616			(10,565		)
Prepaid expenses	626			(535		)	(1,102		)
Other assets	453			(445		)	(3,045		)
Accounts payable and accrued expenses	8,025			233			623
Net cash provided by (used in) operating activities	7,814			(526		)	(19,907		)
Cash flows from investing activities
Capitalization of subsidiaries	(153,500		)	(95,000		)	—
Purchase of fixed-maturity investments, available-for-sale	(87,571		)	(23,552		)	(293,470		)
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	79,652			120,813			59,454
Purchase of software and equipment	(6,135		)	(8,220		)	(6,695		)
Net cash used in investing activities	(167,554		)	(5,959		)	(240,711		)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(1,105		)	(1,083		)	(1,578		)
Issuance of common stock	415			1,097			27,912
Gain from settlement of warrants	—			(37		)	—
Proceeds from term loan, net of discount	148,500			—			—
Repayments of term loan	(375		)	—			—
Payments of debt issuance costs	(4,437		)	—			—
Net cash provided by (used in) financing activities	142,998			(23		)	26,334

Net (decrease) increase in cash and cash equivalents	(16,742		)	(6,508		)	(234,284		)
Cash and cash equivalents, beginning of period	29,925			36,433			270,717
Cash and cash equivalents, end of period	$	13,183		$	29,925		$	36,433

Note A

The NMI Holdings, Inc. (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, 2015 were $76.0 million, $55.7 million and $32.5 million. 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, 2015
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, 2015

Accounting Policies [Abstract]

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.

Revenue Recognition

Use of Estimates

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

We consider items such as certificates of deposit and money market funds with original maturities of 90 days or less to be cash equivalents

Software and Equipment

Business Combinations, Goodwill and Intangible Assets

Premiums receivable

Premiums Receivable

Recent Accounting Standards Updates

Reclassifications

Subsequent Events

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

Investments (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	84,968	$	4	$	(490	)	$	84,482
Municipal debt securities	20,209		44		(174		)	20,079
Corporate debt securities	337,273		431		(4,377		)	333,327
Asset-backed securities	101,320		76		(603		)	100,793
Total bonds	543,770		555		(5,644		)	538,681
Short-term investments	20,549		5		—			20,554
Total investments	$	564,319	$	560	$	(5,644	)	$	559,235



	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

Schedule of Investments by Maturity



As of December 31, 2015	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	62,745	$	62,743
Due after one through five years	187,633		186,629
Due after five through ten years	193,379		190,055
Due after ten years	19,242		19,015
Asset-backed securities	101,320		100,793
Total investments	$	564,319	$	559,235



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

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, 2015		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	14	$	50,558	$	(397	)	4	$	10,194	$	(93	)	18	$	60,752	$	(490	)
Municipal debt securities	4	11,293		(165		)	1	3,242		(9		)	5	14,535		(174		)
Corporate debt securities	83	244,128		(4,124		)	4	9,220		(253		)	87	253,348		(4,377		)
Assets-backed securities	27	69,878		(498		)	4	9,208		(105		)	31	79,086		(603		)
Total investments	128	$	375,857	$	(5,184	)	13	$	31,864	$	(460	)	141	$	407,721	$	(5,644	)



	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	)

Schedule of Net Investment Income

Net investment income is comprised of the following:



	For the year ended December 31,
	2015			2014			2013
	(In Thousands)
Fixed maturities	$	7,726		$	6,127		$	5,289
Short-term investments	3			8			2
Investment income	7,729			6,135			5,291
Investment expenses	(483		)	(517		)	(483		)
Net investment income	$	7,246		$	5,618		$	4,808

- Definition

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.

+ References + Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at 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, 2015 and December 31, 2014:



	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, 2015	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	65,185	$	19,297	$	—	$	84,482
Municipal debt securities	—		20,079		—		20,079
Corporate debt securities	—		333,327		—		333,327
Asset-backed securities	—		100,793		—		100,793
Cash, cash equivalents and short-term investments	77,872		—		—		77,872
Total assets	$	143,057	$	473,496	$	—	$	616,553
Warrant liability	$	—	$	—	$	1,467	$	1,467
Total liabilities	$	—	$	—	$	1,467	$	1,467



	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, cash equivalents and short-term investments	103,021		—		—		103,021
Total assets	$	142,197	$	297,325	$	—	$	439,522
Warrant liability	$	—	$	—	$	3,372	$	3,372
Total liabilities	$	—	$	—	$	3,372	$	3,372

Roll-Forward of Level 3 Liabilities Measured at Fair Value

The following is a roll-forward of Level 3 liabilities measured at fair value:



	For the year ended December 31,
	2015			2014
	(In Thousands)
Balance, January 1,	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	(1,905		)	(2,949		)
Gain on settlement of warrants	—			(37		)
Issuance of common stock on warrant exercise	—			(13		)
Balance, December 31	$	1,467		$	3,372

Term Loan (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

Future principal payments for the Company's Term Loan as of December 31, 2015 are as follows:



As of December 31, 2015	Principal
	(In thousands)
2016	$	1,500
2017	1,500
2018	146,625
Total	$	149,625

Reserves for Insurance Claims and Claims Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Reconciliation of Liability for Insurance Claims and Claims Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claims expenses:



	For the year ended December 31,
	2015			2014
	(In Thousands)
Balance, January 1	$	83		$	—

Claims incurred:
Claims and claim expenses incurred:
Current year	699			83
Prior years	(49		)	—
Total claims incurred	650			83

Claims paid:
Claims and claim expenses paid:
Current year	50			—
Prior years	4			—
Total claims paid	54			—

Balance, December 31	$	679		$	83

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and December 31, 2014 is as follows:



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2014	3,630		$	4.16	$	10.66
Options granted	789		3.06		8.49
Options exercised	—		—		—
Options forfeited	(64	)	4.90		12.20
Options expired	(504	)	4.05		10.48
Options outstanding at December 31, 2015	3,851		$	3.94	$	10.21



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

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

The estimated grant date fair values of the stock options granted during 2015 and 2014 were calculated using the Black-Scholes valuation model based on the following assumptions:



	2015		2014
Expected life	6 years		6 years
Risk free interest rate	1.65% - 1.78%		1.90% - 2.01%
Dividend yield	0.00	%	0.00	%
Expected stock price volatility	34.40	%	39.00	%
Projected forfeiture rate	7.50	%	5.00	%

Schedule of Restricted Stock Units Activity

A summary of RSU activity in the plan during the years ended December 31, 2015 and December 31, 2014 is as follows:



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Non-vested restricted stock units at December 31, 2014	1,209		$	8.90
Restricted stock units granted	784		7.48
Restricted stock units vested	(465	)	9.88
Restricted stock units forfeited	(85	)	8.95
Non-vested restricted stock units at December 31, 2015	1,443		$	7.81



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

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, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes (Benefit)

The provision (benefit) for income taxes consists of:



	For the year ended December 31,
	2015		2014			2013
	(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,
	2015		2014		2013
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Prior year adjustment	—		—		3.52
Other	0.83		1.07		1.66
Valuation allowance	(35.83	)	(31.42	)	(40.18	)
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, 2015 and December 31, 2014:



	Year Ended December 31,
	2015			2014
Deferred tax asset	(In Thousands)
Capitalized start-up costs	$	913		$	985
Share-based compensation	9,760			8,212
Unrealized loss on investments	2,101			499
Net operating loss carry forwards	52,819			43,198
Unearned premium reserve	7,504			1,810
Other	5,438			3,602
Total gross deferred tax assets	78,535			58,306
Less: valuation allowance	(66,399		)	(53,730		)
Total deferred tax assets	12,136			4,576
Deferred tax liability
Capitalized software	(4,753		)	(3,266		)
Intangible assets	(137		)	(137		)
Deferred acquisition costs	(7,246		)	(1,224		)
Other	(137		)	(86		)
Total deferred tax liabilities	(12,273		)	(4,713		)
Net deferred income tax liability	$	(137	)	$	(137	)

Software and Equipment (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Equipment and Software

Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2015 and December 31, 2014, consists of the following:



	December 31, 2015			December 31, 2014
	(In Thousands)
Software	$	17,267		$	11,608
Equipment	1,803			1,175
Leasehold improvements	1,028			973
Subtotal	20,098			13,756
Accumulated amortization and depreciation	(4,897		)	(1,950		)
Software and equipment, net	$	15,201		$	11,806

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets and Goodwill



			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, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

As of December 31, 2015, management expects that future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2016	$	1,741
2017	1,488
Totals	$	3,229

Regulatory Information (Tables)

12 Months Ended

Dec. 31, 2015

Insurance [Abstract]

Schedule of Combined Statutory Net Loss, Statutory Surplus, Contingency Reserve and RTC Ratios

NMIC and Re One's combined statutory net loss, statutory surplus, contingency reserve and RTC ratios for each of the years in the three-year period ended December 31, 2015 were as follows:



	December 31,
	2015			2014			2013
	(In Thousands)
Statutory net loss	$	(52,322	)	$	(47,961	)	$	(33,307	)
Statutory surplus	391,422			236,738			189,698
Contingency reserve	32,564			9,401			2,314
Risk-to-capital	8.7:1			3.6:1			0.7:1

- Definition

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.

+ References + Details

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2015 Quarters												2015
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums written	$	12,921		$	20,347		$	35,360		$	45,582		$	114,210
Net premiums earned	6,936			8,856			12,834			16,880			45,506
Net investment income	1,596			1,688			1,884			2,078			7,246
Net realized investment gains (losses)	613			354			(15		)	(121		)	831
Other revenues	—			—			—			25			25
Insurance claims and claims expenses	104			(6		)	181			371			650
Underwriting and operating expenses	18,350			20,910			19,653			21,686			80,599
Gain (loss) from change in fair value of warrant liability	1,248			(106		)	332			431			1,905
Interest Expense	—			—			—			2,057			2,057
Net loss	(7,820		)	(10,353		)	(4,799		)	(4,821		)	(27,793		)
Loss per share: ⁽¹⁾
Basic and diluted loss per share	$	(0.13	)	$	(0.18	)	$	(0.08	)	$	(0.08	)	$	(0.47	)
Weighted average common shares outstanding	58,485,899			58,720,095			58,741,328			58,781,566			58,683,194



	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
Other revenues	—			—			—			—			—
Insurance claims and claims expenses	—			28			(26		)	81			83
Underwriting and operating expenses	19,302			18,637			17,895			17,583			73,417
Gain (loss) from change in fair value of warrant liability	817			952			1,240			(60		)	2,949
Gain from settlement of warrants	37			—			—			—			37
Interest Expense	—			—			—			—			—
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


(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) $ in Millions			1 Months Ended
	Nov. 08, 2013 shares	Apr. 17, 2012 USD ($) shares	Aug. 31, 2015 USD ($)	Nov. 30, 2013 shares	Apr. 30, 2012 USD ($)	Dec. 31, 2015 state
Business Acquisition [Line Items]
Proceeds from issuance of common stock, net of stock issuance costs		$ 510.0
Number of states in which entity operates \| state						50
IPO [Member]
Business Acquisition [Line Items]
Common stock offered and sold, (in shares) \| shares	2,100,000			2,400,000
NMI Services, Inc. [Member]
Business Acquisition [Line Items]
Payment to investment in subsidiary			$ 0.5
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) \| shares		55,000,000

Summary of Accounting Policies (Details)	12 Months Ended
Summary of Accounting Policies (Details)	Dec. 31, 2015 USD ($) customer shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($) shares
Finite-Lived Intangible Assets [Line Items]
Number of customers \| customer	1
Amortization of deferred acquisition expense \| $	$ 2,800,000	$ 400,000	$ 700
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares	6,266,905	5,839,909	5,303,394
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	13.00%

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 564,319	$ 337,718
Gross Unrealized Gains	560	1,139
Gross Unrealized (Losses)	(5,644)	(2,356)
Fair Value	559,235	336,501
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	84,968	68,911
Gross Unrealized Gains	4	7
Gross Unrealized (Losses)	(490)	(573)
Fair Value	84,482	68,345
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,209	12,009
Gross Unrealized Gains	44	27
Gross Unrealized (Losses)	(174)	(73)
Fair Value	20,079	11,963
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	337,273	200,358
Gross Unrealized Gains	431	883
Gross Unrealized (Losses)	(4,377)	(1,456)
Fair Value	333,327	199,785
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	101,320	56,440
Gross Unrealized Gains	76	222
Gross Unrealized (Losses)	(603)	(254)
Fair Value	100,793	$ 56,408
Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	543,770
Gross Unrealized Gains	555
Gross Unrealized (Losses)	(5,644)
Fair Value	538,681
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,549
Gross Unrealized Gains	5
Gross Unrealized (Losses)	0
Fair Value	$ 20,554

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Due in one year or less	$ 62,745	$ 6,110
Amortized Cost, Due after one through five years	187,633	195,492
Amortized Cost, Due after five through ten years	193,379	54,360
Amortized Cost, Due after ten years	19,242	25,316
Amortized Cost, Total Investments	564,319	337,718
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value, Due in one year or less	62,743	6,125
Fair Value, Due after one through five years	186,629	194,472
Fair Value, Due after five through ten years	190,055	53,891
Fair Value Due after ten years	19,015	25,605
Fair Value	559,235	336,501
Asset-backed securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Total Investments	101,320	56,440
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value	$ 100,793	$ 56,408

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	$ 5,644,000	$ 2,356,000
Unrealized losses for a period of 12 months or greater	460,000	1,689,000
Gross realized gains	600,000	700,000	$ 1,500,000
Gross realized losses	400,000	500,000	$ 700,000
Other than temporary impairment losses, investments	88,600
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	490,000	573,000
Unrealized losses for a period of 12 months or greater	93,000	540,000
Cash and investments held with various state insurance departments	$ 7,000,000	$ 7,000,000

- Definition

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.

+ References + Details

Investments - Unrealized Losses (Details) $ in Thousands	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($) security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	128	34
Fair Value, Less than 12 Months	$ 375,857	$ 81,408
Unrealized Losses, Less than 12 Months	$ (5,184)	$ (667)
Number of Securities, 12 Months or Greater \| security	13	37
Fair Value, 12 Months or Greater	$ 31,864	$ 137,432
Unrealized Losses, 12 Months or Greater	$ (460)	$ (1,689)
Number of Securities, Total \| security	141	71
Fair Value, Total	$ 407,721	$ 218,840
Unrealized Losses, Total	$ (5,644)	$ (2,356)
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	14	4
Fair Value, Less than 12 Months	$ 50,558	$ 7,228
Unrealized Losses, Less than 12 Months	$ (397)	$ (33)
Number of Securities, 12 Months or Greater \| security	4	10
Fair Value, 12 Months or Greater	$ 10,194	$ 49,884
Unrealized Losses, 12 Months or Greater	$ (93)	$ (540)
Number of Securities, Total \| security	18	14
Fair Value, Total	$ 60,752	$ 57,112
Unrealized Losses, Total	$ (490)	$ (573)
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	4	1
Fair Value, Less than 12 Months	$ 11,293	$ 3,232
Unrealized Losses, Less than 12 Months	$ (165)	$ (18)
Number of Securities, 12 Months or Greater \| security	1	1
Fair Value, 12 Months or Greater	$ 3,242	$ 1,695
Unrealized Losses, 12 Months or Greater	$ (9)	$ (55)
Number of Securities, Total \| security	5	2
Fair Value, Total	$ 14,535	$ 4,927
Unrealized Losses, Total	$ (174)	$ (73)
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	83	26
Fair Value, Less than 12 Months	$ 244,128	$ 60,334
Unrealized Losses, Less than 12 Months	$ (4,124)	$ (559)
Number of Securities, 12 Months or Greater \| security	4	22
Fair Value, 12 Months or Greater	$ 9,220	$ 65,806
Unrealized Losses, 12 Months or Greater	$ (253)	$ (897)
Number of Securities, Total \| security	87	48
Fair Value, Total	$ 253,348	$ 126,140
Unrealized Losses, Total	$ (4,377)	$ (1,456)
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less than 12 Months \| security	27	3
Fair Value, Less than 12 Months	$ 69,878	$ 10,614
Unrealized Losses, Less than 12 Months	$ (498)	$ (57)
Number of Securities, 12 Months or Greater \| security	4	4
Fair Value, 12 Months or Greater	$ 9,208	$ 20,047
Unrealized Losses, 12 Months or Greater	$ (105)	$ (197)
Number of Securities, Total \| security	31	7
Fair Value, Total	$ 79,086	$ 30,661
Unrealized Losses, Total	$ (603)	$ (254)

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 7,729	$ 6,135	$ 5,291
Investment expenses	(483)	(517)	(483)
Net investment income	7,246	5,618	4,808
Fixed maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	7,726	6,127	5,289
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 3	$ 8	$ 2

Fair Value of Financial Instruments - Roll-Foward of Level 3 Liabilities Measured at Fair Value (Details) - Significant Unobservable Inputs (Level 3) [Member] - Warrant Liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,372	$ 6,371
Change in fair value of warrant liability included in earnings	(1,905)	(2,949)
Gain on settlement of warrants	0	(37)
Issuance of common stock on warrant exercise	0	(13)
Ending balance	$ 1,467	$ 3,372

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 559,235	$ 336,501
Warrant Liability [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price (in dollars per share)	$ 6.77	$ 9.13
Risk free rate	1.91%	1.88%
Expected term	5 years 11 months 1 day	6 years 5 months 8 days
Volatility assumption	32.70%	37.40%
Expected dividend rate	0.00%	0.00%
Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 333,327	$ 199,785
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	333,327	199,785
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	333,327	199,785
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Foreign Corporate Debt Securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,400
Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	100,793	56,408
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	100,793	56,408
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	100,793	56,408
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	$ 0
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Yankee Bonds [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,600

Term Loan - Narrative (Details) - USD ($)		12 Months Ended
Term Loan - Narrative (Details) - USD ($)	Nov. 10, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Term loan		$ 149,625,000
Senior Secured Term Loan B \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument term		3 years
Debt instrument, face amount	$ 150,000,000
Periodic payment of principal	$ 375,000
Term loan		$ 149,600,000
Debt issuance cost		(4,400,000)
Percentage of debt discount	1.00%
Interest expense		$ (2,100,000)
Debt instrument covenant, maximum debt-to-total capitalization ratio	35.00%
Debt Instrument covenant, maximum risk-to-capital ratio	22.0
Debt instrument covenant, minimum liquidity requirement	$ 41,000,000
Senior Secured Term Loan B \| Credit Agreement \| Initial Eurodollar Annual Margin
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
Senior Secured Term Loan B \| Credit Agreement \| Eurodollar
Debt Instrument [Line Items]
Variable rate floor	1.00%
Basis spread on variable rate	7.50%

Term Loan - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Future Principal Payments [Abstract]
2016	$ 1,500
2017	1,500
2018	146,625
Total	$ 149,625

Reserves for Insurance Claims and Claims Expenses - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) loan claim	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for insurance claims and claim expenses	$ 679	$ 83	$ 0
Incurred but not reported (IBNR) claims, number of primary loans in default \| loan	36
Number of claims paid \| claim	2
Claims paid, prior years	$ 54	0
Less than, LTV ratio (less than)	0.8
Liability for unpaid claims and claims adjustment expense, claims applied to deductible	$ 18
Prior year claims and claims adjustment expense	(49)	$ 0
Liability for prior year claims and claims adjustment expense	$ 30
Fannie Mae [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Number of loans in pool past due 60 days or more \| loan	43
Risk in Force of loans in pool past due 60 days or more	$ 2,600
Deductible on policy	$ 10,300

Reserves for Insurance Claims and Claims Expenses - Reconciliation of Reserve Balances for Insurance Claims Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, January 1	$ 83	$ 0
Claims and claim expenses incurred:
Current year	699	83
Prior years	(49)	0
Total claims incurred	650	83
Claims and claim expenses paid:
Current year	50	0
Prior years	4	0
Total claims paid	54	0
Balance, December 31	$ 679	$ 83

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, 2015	Dec. 31, 2014	Dec. 31, 2013	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 (in shares)				7,790		0
Gain from settlement of warrants	$ 0	$ 0	$ 0	$ 37	$ 0	$ 37	$ 0
Common Stock [Member] \| Common Class A [Member]
Line of Credit Facility [Line Items]
Common stock issued				1,115		1,115

Share-Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options granted (in shares)	0
The 2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options beginning balance (in shares)	3,630,000	3,062,000
Options granted (in shares)	789,000	780,000
Options exercised (in shares)	0	(109,000)
Options forfeited (in shares)	(64,000)	(87,000)
Options expired (in shares)	(504,000)	(16,000)
Options ending balance (in shares)	3,851,000	3,630,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options beginning balance (in dollars per share)	$ 4.16	$ 3.98
Options granted (in dollars per share)	3.06	4.85
Options exercised (in dollars per share)	0.00	3.85
Options forfeited (in dollars per share)	4.90	4.47
Options expired (in dollars per share)	4.05	4.25
Options ending balance (in dollars per share)	3.94	4.16
Weighted Average Grant Date Fair Value per Share
Options beginning balance (in dollars per share)	10.66	10.31
Options granted (in dollars per share)	8.49	12.03
Options exercised (in dollars per share)	0.00	10.00
Options forfeited (in dollars per share)	12.20	11.35
Options expired (in dollars per share)	10.48	10.93
Options beginning balance (in dollars per share)	$ 10.21	$ 10.66

Share-Based Compensation - Stock Options, Valuation Assumptions (Details) - The 2012 Stock Incentive Plan [Member] - Stock Options [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
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	34.40%	39.00%
Projected forfeiture rate	7.50%	5.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.65%	1.90%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.78%	2.01%

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, 2015	Dec. 31, 2014
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)	1,209	1,242
Restricted stock units granted (in shares)	784	373
Less: Restricted stock units vested (in shares)	(465)	(360)
Less: Restricted stock units forfeited (in shares)	(85)	(46)
Restricted Stock beginning balance (in shares)	1,443	1,209
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)	$ 8.90	$ 7.75
Restricted Stock Units Granted (in dollars per share)	7.48	11.52
Less: Restricted Stock Units Vested (in dollars per share)	9.88	9.53
Less: Restricted Stock Units Forfeited (in dollars per share)	8.95	10.14
Restricted Stock ending balance (in dollars per share)	$ 7.81	$ 8.90

Share-Based Compensation - Restricted Stock Units, Valuation Assumptions (Details) - The 2012 Stock Incentive Plan [Member] - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2013
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)	May 31, 2015 USD ($) independent_director shares	Feb. 28, 2013 shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2012 simulation	May 08, 2014 shares	Dec. 31, 2013 shares	Apr. 16, 2012 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			0
Dividends \| $			$ 0
Employer matching contribution, percent of match (up to)			100.00%
Employer matching contribution, percent of employees' gross pay (up to)			4.00%
Contribution amount \| $			$ 1,200,000
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			0	109,000
Number of options vested (in shares)			2,500,000
Options granted (in shares)			789,000	780,000
Weighted average exercise price for options vested (in dollars per share) \| $ / shares			$ 10.37
Weighted average remaining contractual term			6 years 7 months 24 days
Options vested aggregate value \| $			$ 0
Weighted average remaining contractual life of options outstanding			7 years 4 months 6 days
Total unrecognized compensation cost related to non-vested stock options \| $			$ 1,500,000
Compensation related to non-vested awards, weighted-average period for recognition			1 year 4 months 2 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 (not more than)			10 years
Award requisite service 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 (not more than)			10 years
Compensation related to non-vested awards, weighted-average period for recognition			1 year 5 months 9 days
Modification to vesting terms, number of restricted stock units affected (in shares)		400,000
Restricted stock units outstanding (in shares)			1,443,000	1,209,000			1,242,000
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			8 years 22 days
Total unrecognized compensation cost related to non-vested restricted stock units \| $			$ 3,100,000	$ 3,000,000
Phantom stock units granted (in shares)			784,000	373,000
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSU)s, Subject to Market Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			0	0			0
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Market and Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			500,000
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			900,000
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
Director Phantom Share Plan [Member] \| Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom stock units granted (in shares)	12,062
Number of independent directors granted share-based payment award \| independent_director	2
Restricted stock units granted (in dollars per share) \| $	$ 100,000
Share price (in dollars per share) \| $ / shares			$ 6.77
Share-based compensation expense \| $			$ (50,000)
Minimum [Member] \| The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			1 year
Maximum [Member] \| The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Service Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			3 years
Warrant Liability [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares			$ 6.77	$ 9.13

Income Taxes - Components of Provision for Income Taxes (Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current	$ 0	$ 2,390	$ 0
Deferred	0	4	0
Total income tax benefit	$ 0	$ (2,386)	$ 0

Income Taxes - Income Tax Reconciliation (Details)	12 Months Ended
Income Taxes - Income Tax Reconciliation (Details)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%	35.00%	35.00%
Prior year adjustment	0.00%	0.00%	3.52%
Other	0.83%	1.07%	1.66%
Valuation allowance	(35.83%)	(31.42%)	(40.18%)
Effective income tax rate	0.00%	4.65%	0.00%

Income Taxes - Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset
Capitalized start-up costs	$ 913	$ 985
Share-based compensation	9,760	8,212
Unrealized loss on investments	2,101	499
Net operating loss carry forwards	52,819	43,198
Unearned premium reserve	7,504	1,810
Other	5,438	3,602
Total gross deferred tax assets	78,535	58,306
Less: valuation allowance	(66,399)	(53,730)
Total deferred tax assets	12,136	4,576
Deferred tax liability
Capitalized software	(4,753)	(3,266)
Intangible assets	(137)	(137)
Deferred acquisition costs	(7,246)	(1,224)
Other	(137)	(86)
Total deferred tax liabilities	(12,273)	(4,713)
Net deferred income tax liability	$ (137)	$ (137)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Deferred tax	$ 137,000	$ 137,000
Income tax expense (benefit)	0	(2,386,000)	$ 0
Taxes paid related to net share settlement of equity awards		2,100,000
Loss carry forwards subject to expiration	7,300,000
Valuation allowance	66,399,000	53,730,000
Unrecognized tax benefits reserve	0	0
Annual Limitation Through Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	800,000
Annual Limitations After Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	300,000
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	139,400,000
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 47,000,000
Other Comprehensive Income (Loss) [Member]
Income Tax Contingency [Line Items]
Income tax expense (benefit), intraperiod tax allocation		2,400,000
Income Tax Benefit [Member]
Income Tax Contingency [Line Items]
Income tax expense (benefit), intraperiod tax allocation		$ (2,400,000)

Software and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 20,098	$ 13,756
Accumulated amortization and depreciation	(4,897)	(1,950)
Software and equipment, net	15,201	11,806
Software [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	17,267	11,608
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	1,803	1,175
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 1,028	$ 973

Software and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3.2	$ 5.8

Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
Intangible Assets and Goodwill (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
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
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) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Nov. 10, 2015
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Approved insurers, required assets (equal or greater than)	$ 400,000,000
Approved insurers, risked-based required assets, primary insurance floor	5.60%
Rent expense	$ 1,500,000	$ 1,600,000
Senior Secured Term Loan B \| Credit Agreement
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Debt instrument, face amount			$ 150,000,000

Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 1,741
2017	1,488
Totals	$ 3,229

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) (up to)		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

Regulatory Information - Narrative (Details) $ in Thousands	Dec. 31, 2015 USD ($) state policy	Dec. 31, 2014 USD ($) policy	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Statutory Accounting Practices [Line Items]
Number of states which require minimum amount of statutory capital relative to risk in force \| state	15
Risk-to-capital	25
Mortgage insurance, percentage of indebtedness on single loan	25.00%
Shareholders' equity	$ 402,731	$ 426,958	$ 463,217	$ 488,748
Investment in subsidiaries, at equity in net assets	$ 117,000
Ordinary dividends, restriction with regards to capital surplus	10.00%
NMIC [Member]
Statutory Accounting Practices [Line Items]
Risk-to-capital	8.4	3.5
Number of policies in force \| policy	63,948	14,603
Mortgage insurance risk in force	$ 3,300,000	$ 801,400
Subsidiaries [Member]
Statutory Accounting Practices [Line Items]
Shareholders' equity	$ 441,000
WISCONSIN [Member]
Statutory Accounting Practices [Line Items]
Risk-to-capital	25

Regulatory Information - Schedule of Combined Statutory Net Loss, Statutory Surplus, Contingency Reserve and RTC Ratios (Details) - NMic and Re one Combined [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net loss	$ (52,322)	$ (47,961)	$ (33,307)
Statutory surplus	391,422	236,738		$ 189,698
Contingency reserve	$ 32,564	$ 9,401		$ 2,314
Risk-to-Capital	8.7	3.6	0.7

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net premiums written	$ 45,582	$ 35,360	$ 20,347	$ 12,921	$ 14,139	$ 9,661	$ 5,051	$ 5,178	$ 114,210	$ 34,029	$ 3,541
Net premiums earned	16,880	12,834	8,856	6,936	5,510	3,900	2,093	1,904	45,506	13,407	2,095
Net investment income	2,078	1,884	1,688	1,596	1,319	1,342	1,468	1,489	7,246	5,618	4,808
Net realized investment gains	(121)	(15)	354	613	63	134	0	0	831	197	186
Other revenues	25	0	0	0	0	0	0	0	25	0	0
Insurance claims and claims expenses	371	181	(6)	104	81	(26)	28	0	650	83	0
Underwriting and operating expenses	21,686	19,653	20,910	18,350	17,583	17,895	18,637	19,302	80,599	73,417
Gain (loss) from change in fair value of warrant liability	431	332	(106)	1,248	(60)	1,240	952	817	1,905	2,949	(1,529)
Gain from settlement of warrants					0	0	0	37	0	37	0
Interest expense	2,057	0	0	0	0	0	0	0	2,057	0	0
Net loss	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)	$ (10,020)	$ (10,976)	$ (12,855)	$ (15,055)	$ (27,793)	$ (48,906)	$ (55,184)
Loss per share
Basic and diluted loss per share (in dollars per share)	$ (0.08)	$ (0.08)	$ (0.18)	$ (0.13)	$ (0.17)	$ (0.19)	$ (0.22)	$ (0.26)	$ (0.47)	$ (0.84)	$ (0.99)
Weighted average common shares outstanding (in shares)	58,781,566	58,741,328	58,720,095	58,485,899	58,406,574	58,363,334	58,289,801	58,061,299	58,683,194	58,281,425	56,005,326

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 564,319	$ 337,718
Fair Value	559,235	336,501
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	84,968	68,911
Fair Value	84,482	68,345
Municipal debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	20,209	12,009
Fair Value	20,079	11,963
Corporate debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	337,273	200,358
Fair Value	333,327	199,785
Asset-backed securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	101,320	56,440
Fair Value	100,793	$ 56,408
Bonds [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	543,770
Fair Value	538,681
Short-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	20,549
Fair Value	20,554
Parent
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	564,319
Fair Value	559,235
Amount Reflected on Balance Sheet	559,235
Parent \| U.S. Treasury securities and obligations of U.S. government agencies [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	84,968
Fair Value	84,482
Amount Reflected on Balance Sheet	84,482
Parent \| Municipal debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	20,209
Fair Value	20,079
Amount Reflected on Balance Sheet	20,079
Parent \| Corporate debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	337,273
Fair Value	333,327
Amount Reflected on Balance Sheet	333,327
Parent \| Asset-backed securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	101,320
Fair Value	100,793
Amount Reflected on Balance Sheet	100,793
Parent \| Bonds [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	543,770
Fair Value	538,681
Amount Reflected on Balance Sheet	538,681
Parent \| Short-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	20,549
Fair Value	20,554
Amount Reflected on Balance Sheet	$ 20,554

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 57,317	$ 103,021	$ 55,929	$ 485,855
Investment in subsidiaries, at equity in net assets	117,000
Accrued investment income	2,873	1,707
Prepaid expenses	1,428	2,054
Software and equipment, net	15,201	11,806
Other assets	90	509
Total assets	662,451	463,265
Liabilities
Term loan	143,939	0
Accounts payable and accrued expenses	22,725	10,646
Warrant liability, at fair value	1,467	3,372
Total liabilities	259,720	36,307
Equity [Abstract]
Additional paid-in capital	570,340	562,911
Accumulated other comprehensive loss, net of tax	(7,474)	(3,607)
Accumulated deficit	(160,723)	(132,930)
Total shareholders' equity	402,731	426,958	463,217	488,748
Total liabilities and shareholders' equity	662,451	463,265
Parent
Assets
Fixed maturities, available-for-sale, at fair value	87,010	134,199
Cash and cash equivalents	13,183	29,925	$ 36,433	$ 270,717
Investment in subsidiaries, at equity in net assets	442,077	251,880
Accrued investment income	148	629
Prepaid expenses	1,428	2,054
Due from affiliates, net	8,383	9,949
Software and equipment, net	15,201	11,806
Other assets	56	509
Total assets	567,486	440,951
Liabilities
Term loan	143,939	0
Accounts payable and accrued expenses	19,349	10,621
Warrant liability, at fair value	1,467	3,372
Total liabilities	164,755	13,993
Equity [Abstract]
Additional paid-in capital	570,340	562,911
Accumulated other comprehensive loss, net of tax	(7,474)	(3,607)
Accumulated deficit	(160,723)	(132,930)
Total shareholders' equity	402,731	426,958
Total liabilities and shareholders' equity	567,486	440,951
Common Class A [Member]
Equity [Abstract]
Common stock - class A shares, $0.01 par value; 58,807,825 and 58,428,548 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively (250,000,000 shares authorized)	588	584
Common Class A [Member] \| Parent
Equity [Abstract]
Common stock - class A shares, $0.01 par value; 58,807,825 and 58,428,548 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively (250,000,000 shares authorized)	$ 588	$ 584

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Balance Sheet Additional Information (Details) - Common Class A [Member] - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	58,807,825	58,428,548
Common stock, shares outstanding	58,807,825	58,428,548
Common stock, shares authorized	250,000,000	250,000,000
Parent
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	58,807,825	58,428,548
Common stock, shares outstanding	58,807,825	58,428,548
Common stock, shares authorized	250,000,000	250,000,000

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Net investment income	$ 2,078	$ 1,884	$ 1,688	$ 1,596	$ 1,319	$ 1,342	$ 1,468	$ 1,489	$ 7,246	$ 5,618	$ 4,808
Net realized investment gains	(121)	(15)	354	613	63	134	0	0	831	197	186
Total revenues									53,608	19,222	7,089
Expenses
Other operating expenses	21,686	19,653	20,910	18,350	17,583	17,895	18,637	19,302	80,599	73,417
Total expenses									81,249	73,500	60,744
Other income (loss)
Gain (loss) from change in fair value of warrant liability	431	332	(106)	1,248	(60)	1,240	952	817	1,905	2,949	(1,529)
Gain from settlement of warrants					0	0	0	37	0	37	0
Interest expense	(2,057)	0	0	0	0	0	0	0	(2,057)	0	0
Total other (expenses) income									(152)	2,986	(1,529)
Loss before income taxes									(27,793)	(51,292)	(55,184)
Income tax benefit									0	(2,386)	0
Net loss	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)	$ (10,020)	$ (10,976)	$ (12,855)	$ (15,055)	(27,793)	(48,906)	(55,184)
Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive loss, net of tax expense of $0, $2,390, and $0 for the each of the years in the three-year period ended December 31, 2015, respectively									(3,518)	3,636	(6,862)
Reclassification adjustment for (gains) losses included in net loss, net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2015									(349)	(196)	(185)
Other comprehensive (loss) income, net of tax									(3,867)	3,440	(7,047)
Comprehensive loss									(31,660)	(45,466)	(62,231)
Parent
Revenues
Net investment income									2,535	2,937	2,758
Net realized investment gains									379	67	188
Total revenues									2,914	3,004	2,946
Expenses
Other operating expenses									17,157	18,817	24,319
Total expenses									17,157	18,817	24,319
Other income (loss)
Gain (loss) from change in fair value of warrant liability									1,905	2,949	(1,529)
Gain from settlement of warrants									0	37	0
Interest expense									(2,057)	0	0
Total other (expenses) income									(152)	2,986	(1,529)
Equity in net loss of subsidiaries									(14,430)	(38,710)	(32,282)
Loss before income taxes									(28,825)	(51,537)	(55,184)
Income tax benefit									(1,032)	(2,631)	0
Net loss									(27,793)	(48,906)	(55,184)
Other comprehensive (loss) income, net of tax:
Net unrealized (losses) gains in accumulated other comprehensive loss, net of tax expense of $0, $2,390, and $0 for the each of the years in the three-year period ended December 31, 2015, respectively									141	1,092	(3,958)
Reclassification adjustment for (gains) losses included in net loss, net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2015									186	0	0
Equity in other comprehensive (loss) income of subsidiaries									(4,194)	2,348	(3,089)
Other comprehensive (loss) income, net of tax									(3,867)	3,440	(7,047)
Comprehensive loss									$ (31,660)	$ (45,466)	$ (62,231)

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Income Statement Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Income Statements, Captions [Line Items]
Change in unrealized investment gains (losses), tax amount	$ 0	$ 2,390,000	$ 0
Reclassification adjustment from AOCI for sale of securities, tax	0	0	0
Parent
Condensed Income Statements, Captions [Line Items]
Change in unrealized investment gains (losses), tax amount	0	2,390,000	0
Reclassification adjustment from AOCI for sale of securities, tax	$ 0	$ 0	$ 0

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)	$ (10,020)	$ (10,976)	$ (12,855)	$ (15,055)	$ (27,793)	$ (48,906)	$ (55,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense									8,174	9,180	10,367
(Gain) loss from change in fair value of warrant liability	(431)	(332)	106	(1,248)	60	(1,240)	(952)	(817)	(1,905)	(2,949)	1,529
Net realized investment gains	121	$ 15	$ (354)	(613)	(63)	(134)	0	0	(831)	(197)	(186)
Depreciation and other amortization									4,861	8,080	8,116
Amortization of debt discount and debt issuance costs									251	0	0
Noncash intraperiod tax allocation									0	(2,386)	0
Changes in operating assets and liabilities:
Accrued investment income									(1,166)	294	(2,001)
Prepaid expenses									626	(535)	(1,102)
Other assets									419	(446)	46
Accounts payable and accrued expenses									8,167	117	767
Net cash provided by (used in) operating activities									41,463	(20,967)	(36,311)
Cash flows from investing activities
Purchase of fixed-maturity investments, available-for-sale									(364,931)	(60,462)	(559,875)
Purchase of software and equipment									(6,135)	(8,220)	(6,692)
Net cash used in investing activities									(230,165)	68,082	(419,949)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards									(1,105)	(1,083)	(1,578)
Issuance of common stock									415	1,097	27,912
Gain from settlement of warrants					0	$ 0	$ 0	(37)	0	(37)	0
Proceeds from term loan, net of discount									148,500	0	0
Repayments of term loan									(375)	0	0
Payments of debt issuance costs									(4,437)	0	0
Net cash provided by (used in) financing activities									142,998	(23)	26,334
Net (decrease) increase in cash and cash equivalents									(45,704)	47,092	(429,926)
Cash and cash equivalents, beginning of period				103,021				55,929	103,021	55,929	485,855
Cash and cash equivalents, end of period	57,317				103,021				57,317	103,021	55,929
Parent
Cash flows from operating activities
Net loss									(27,793)	(48,906)	(55,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense									8,174	9,180	10,367
(Gain) loss from change in fair value of warrant liability									(1,905)	(2,949)	1,529
Net realized investment gains									(379)	(67)	(188)
Depreciation and other amortization									3,885	5,618	3,325
Amortization of debt discount and debt issuance costs									251	0	0
Noncash intraperiod tax allocation									0	(2,390)	0
Changes in operating assets and liabilities:
Equity in net loss of subsidiaries									14,430	38,710	35,371
Accrued investment income									481	409	(1,038)
Receivable from affiliates									1,566	616	(10,565)
Prepaid expenses									626	(535)	(1,102)
Other assets									453	(445)	(3,045)
Accounts payable and accrued expenses									8,025	233	623
Net cash provided by (used in) operating activities									7,814	(526)	(19,907)
Cash flows from investing activities
Capitalization of subsidiaries									(153,500)	(95,000)	0
Purchase of fixed-maturity investments, available-for-sale									(87,571)	(23,552)	(293,470)
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale									79,652	120,813	59,454
Purchase of software and equipment									(6,135)	(8,220)	(6,695)
Net cash used in investing activities									(167,554)	(5,959)	(240,711)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards									(1,105)	(1,083)	(1,578)
Issuance of common stock									415	1,097	27,912
Gain from settlement of warrants									0	(37)	0
Proceeds from term loan, net of discount									148,500	0	0
Repayments of term loan									(375)	0	0
Net cash provided by (used in) financing activities									142,998	(23)	26,334
Net (decrease) increase in cash and cash equivalents									(16,742)	(6,508)	(234,284)
Cash and cash equivalents, beginning of period				$ 29,925				$ 36,433	29,925	36,433	270,717
Cash and cash equivalents, end of period	$ 13,183				$ 29,925				$ 13,183	$ 29,925	$ 36,433

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Supplemental Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Other underwriting and operating expenses	$ 76.0	$ 55.7	$ 32.5