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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 26, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	NMI HOLDINGS, INC.
Entity Central Index Key	0001547903
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		59,080,468

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $551,780 and $564,319 as of March 31, 2016 and December 31, 2015, respectively)	$ 556,683	$ 559,235
Cash and cash equivalents	73,302	57,317
Premiums receivable	6,578	5,143
Accrued investment income	3,144	2,873
Prepaid expenses	2,732	1,428
Deferred policy acquisition costs, net	20,948	17,530
Software and equipment, net	17,219	15,201
Intangible assets and goodwill	3,634	3,634
Other assets	74	90
Total assets	684,314	662,451
Liabilities
Term loan	143,982	143,939
Unearned premiums	109,095	90,773
Accounts payable and accrued expenses	19,108	22,725
Reserve for insurance claims and claim expenses	1,137	679
Warrant liability, at fair value	797	1,467
Deferred tax	137	137
Total liabilities	274,256	259,720
Commitments and contingencies
Shareholders' Equity
Additional paid-in capital	571,585	570,340
Accumulated other comprehensive loss, net of tax	2,512	(7,474)
Accumulated deficit	(164,630)	(160,723)
Total shareholders' equity	410,058	402,731
Total liabilities and shareholders' equity	684,314	662,451
Common Stock - Class A
Shareholders' Equity
Common stock - class A shares, $0.01 par value; 59,080,468 and 58,807,825 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively (250,000,000 shares authorized)	$ 591	$ 588

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed maturities, amortized cost	$ 551,780	$ 564,319
Common Stock - Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	59,080,468	58,807,825
Common stock, shares outstanding (in shares)	59,080,468	58,807,825
Common stock, shares authorized (in shares)	250,000,000	250,000,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Net premiums written	$ 38,129	$ 12,921
Increase in unearned premiums	(18,322)	(5,985)
Net premiums earned	19,807	6,936
Net investment income	3,231	1,596
Net realized investment (losses) gains	(885)	613
Other revenues	32	0
Total revenues	22,185	9,145
Expenses
Insurance claims and claims expenses	458	104
Underwriting and operating expenses	22,672	18,350
Total expenses	23,130	18,454
Other (expense) income
Gain from change in fair value of warrant liability	670	1,248
Interest expense	(3,632)	0
Total other (expense) income	(2,962)	1,248
Loss before income taxes	(3,907)	(8,061)
Income tax benefit	0	(241)
Net loss	$ (3,907)	$ (7,820)
Net loss per share:
Basic and diluted loss per share (in dollars per share)	$ (0.07)	$ (0.13)
Weighted average common shares outstanding (in shares)	58,936,694	58,485,899
Other comprehensive income, net of tax:
Net unrealized gains in accumulated other comprehensive loss, net of tax expense of $0 and $1,431 for the quarters ended March 31, 2016 and March 31, 2015, respectively	$ 9,101	$ 2,672
Reclassification adjustment for losses (gains) included in net loss, net of tax expense of $0 for the quarters ended March 31, 2016 and 2015	885	(613)
Other comprehensive income, net of tax	9,986	2,059
Comprehensive income (loss)	$ 6,079	$ (5,761)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net unrealized investment gains in AOCI, tax amount	$ 0	$ 1,431
Reclassification adjustment for losses (gains) included in net loss, tax amount	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock Class A	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2014		58,428,548
Beginning balance at Dec. 31, 2014	$ 426,958	$ 584	$ 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 (in shares)		379,277
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	(3,867)			(3,867)
Net loss	(27,793)				(27,793)
Ending balance (in shares) at Dec. 31, 2015		58,807,825
Ending balance at Dec. 31, 2015	402,731	$ 588	570,340	(7,474)	(160,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes (in shares)		272,643
Common stock: class A shares issued under stock plans, net of shares withheld for employee taxes	(159)	$ 3	(162)
Share-based compensation expense	1,407		1,407
Change in unrealized investment gains/losses, net of tax	9,986			9,986
Net loss	(3,907)				(3,907)
Ending balance (in shares) at Mar. 31, 2016		59,080,468
Ending balance at Mar. 31, 2016	$ 410,058	$ 591	$ 571,585	$ 2,512	$ (164,630)

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Change in unrealized investment gains/losses, tax	$ 0	$ 1,431	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (3,907)	$ (7,820)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized investment losses (gains)	885	(613)
Gain from change in fair value of warrant liability	(670)	(1,248)
Depreciation and other amortization	1,316	1,099
Amortization of debt discount and debt issuance costs	418	0
Share-based compensation expense	1,410	2,005
Noncash intraperiod tax allocation	0	(241)
Changes in operating assets and liabilities:
Accrued investment income	(271)	(25)
Premiums receivable	(1,435)	(615)
Prepaid expenses	(1,304)	(37)
Deferred policy acquisition costs, net	(3,418)	(2,298)
Other assets	16	453
Unearned premiums	18,322	5,985
Reserve for insurance claims and claims expenses	458	104
Accounts payable and accrued expenses	(11,085)	(4,291)
Net cash provided by (used in) operating activities	735	(7,542)
Cash flows from investing activities
Purchase of fixed-maturity investments, available-for-sale	(71,319)	(61,676)
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	89,422	33,935
Purchase of software and equipment	(2,319)	(1,317)
Net cash provided by (used in) investing activities	15,784	(29,058)
Cash flows from financing activities
Issuance of common stock	449	333
Taxes paid related to net share settlement of equity awards	(608)	(334)
Repayments of term loan	(375)	0
Net cash used in financing activities	(534)	(1)
Net increase (decrease) in cash and cash equivalents	15,985	(36,601)
Cash and cash equivalents, beginning of period	57,317	103,021
Cash and cash equivalents, end of period	73,302	66,420
Noncash financing activities
Interest paid	$ 3,255	$ 0

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation NMI Holdings, Inc. (NMIH) is a Delaware corporation, incorporated in May 2011, to provide private mortgage guaranty insurance (which we refer to as mortgage insurance or MI) through its wholly owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (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." 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, NMI Services, Inc. (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 unaudited condensed consolidated financial statements, which include the results of NMIH and its wholly owned subsidiaries, have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC for interim reporting and include other information and disclosures required by accounting principles generally accepted in the U.S. (GAAP). Our accounts are maintained in U.S. dollars. These statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2015 included in our Annual Report on Form 10-K. All intercompany transactions have been eliminated. 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. The results of operations for the interim period may not be indicative of the results that may be expected for the full year ending December 31, 2016. 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 share-based compensation arrangements, and the dilutive effect of outstanding warrants. As a result of our net losses for the three months ended March 31, 2016 and 2015, 7,351,338 and 7,137,901, respectively, of our common stock equivalents we issued under share-based compensation arrangements and warrants were not included in the calculation of diluted net loss per share as of such dates because they were anti-dilutive. 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 proportion to estimated gross profits over the estimated life of the policies. Total amortization of DAC for the three months ended March 31, 2016 and 2015 were $0.9 million and $0.4 million, 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 Financial Accounting Standards Board (FASB) Accounting Standards Codification (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 the three months ended March 31, 2016 or 2015. Recent Accounting Pronouncements 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. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). This update is intended to provide improvements to employee share-based payment accounting. The areas for simplification in the update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any period. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update requires that businesses recognize rights and obligations associated with certain leases as assets and liabilities on the balance sheet. The standard also requires additional disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. For public business entities, this update is effective for annual periods beginning after December 15, 2018, and interim periods therin. Early adoption is permitted in any period. 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 March 31, 2016 and for the period ended March 31, 2015 have been reclassified to conform to the current period's presentation. There was no effect on net income or shareholders' equity previously reported.

Investments

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

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

Fair Values and Gross Unrealized Gains and Losses on Investments



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of March 31, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	59,941	$	335	$	(30	)	$	60,246
Municipal debt securities	23,478		468		(38		)	23,908
Corporate debt securities	317,962		5,965		(1,407		)	322,520
Asset-backed securities	113,963		293		(707		)	113,549
Total bonds	515,344		7,061		(2,182		)	520,223
Short-term investments	36,436		24		—			36,460
Total investments	$	551,780	$	7,085	$	(2,182	)	$	556,683



	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

Scheduled Maturities

The amortized cost and fair values of available for sale securities as of March 31, 2016 and December 31, 2015, 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 March 31, 2016	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	47,549	$	47,572
Due after one through five years	178,408		179,487
Due after five through ten years	195,378		200,244
Due after ten years	16,482		15,831
Asset-backed securities	113,963		113,549
Total investments	$	551,780	$	556,683



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

Aging of Unrealized Losses

As of March 31, 2016, the investment portfolio had gross unrealized losses of $2.2 million, $0.3 million of which has been in an unrealized loss position for a period of 12 months or greater. We did not consider these securities to be other-than-temporarily impaired as of March 31, 2016. We based our conclusion that these investments were not other-than-temporarily impaired as of March 31, 2016 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 March 31, 2016		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	5	$	7,537	$	(17	)	9	$	4,685	$	(13	)	14	$	12,222	$	(30	)
Municipal debt securities	1	1,717		(33		)	1	3,245		(5		)	2	4,962		(38		)
Corporate debt securities	36	48,691		(1,209		)	7	7,699		(198		)	43	56,390		(1,407		)
Asset-backed securities	42	58,765		(664		)	7	5,213		(43		)	49	63,978		(707		)
Total investments	84	$	116,710	$	(1,923	)	24	$	20,842	$	(259	)	108	$	137,552	$	(2,182	)



	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		)
Asset-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	)

Net Investment Income

For the three months ended March 31, 2016, net investment income was comprised of $3.4 million of investment income from fixed maturities and $0.2 million of investment expenses, compared to $1.7 million of investment income from fixed maturities and $0.1 million of investment expenses for the three months ended March 31, 2015.

As of March 31, 2016 and December 31, 2015, 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.

Net Realized Investment Gains (Losses)



	For the three months ended March 31,
	2016			2015
	(In Thousands)
Gross realized investment gains	$	556		$	849
Gross realized investment losses	(1,441		)	(236		)
Net realized investment (losses) gains	$	(885	)	$	613

- Definition

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

+ References + Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level:



	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 March 31, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	37,429	$	22,817	$	—	$	60,246
Municipal debt securities	—		23,907		—		23,907
Corporate debt securities	—		322,520		—		322,520
Asset-backed securities	—		113,549		—		113,549
Cash, cash equivalents and short-term investments	109,763		—		—		109,763
Total assets	$	147,192	$	482,793	$	—	$	629,985
Warrant liability	$	—	$	—	$	797	$	797
Total liabilities	$	—	$	—	$	797	$	797



	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

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



	For the three months ended March 31,
Warrant Liability	2016			2015
	(In Thousands)
Balance, January 1	$	1,467		$	3,372
Change in fair value of warrant liability included in earnings	(670		)	(1,248		)
Issuance of common stock on warrant exercise	—			—
Gain on settlement of warrants	—			—
Balance, March 31	$	797		$	2,124

We revalue the warrant liability quarterly using a Black-Scholes option-pricing model, in combination with a binomial model, and we value the pricing protection features within the warrants using a Monte-Carlo simulation model. As of March 31, 2016, the assumptions used in the option-pricing model were as follows: a common stock price as of March 31, 2016 of $5.05, risk free interest rate of 1.36%, expected life of 5.92 years, expected volatility of 35.5% and a dividend yield of 0%. The change in fair value is primarily attributable to a decline in the price of our common stock from December 31, 2015 to March 31, 2016.

- 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

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Term Loan

On November 10, 2015, we entered into a credit agreement (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 the first quarter of 2016), payable quarterly. Quarterly principal payments of $375 thousand are also required. The outstanding balance as of March 31, 2016 was $149.3 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 quarter ended March 31, 2016, the Company recorded $3.6 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 risk-to-capital (RTC) ratio of 22.0:1.0, liquidity (as defined) of $36 million as of March 31, 2016, 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 as of March 31, 2016.

Future principal payments for the Company's Term Loan as of March 31, 2016 are as follows:



As of March 31, 2016	Principal
	(In thousands)
2016	$	1,125
2017	1,500
2018	146,625
Total	$	149,250

Reserves for Insurance Claims and Claim Expenses

3 Months Ended

Mar. 31, 2016

Insurance [Abstract]

Reserves for Insurance Claims and Claim Expenses

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 estimated claims incurred on loans that have been in default for at least 60 days that have not yet been reported to us by the servicers, often referred to as IBNR. As of March 31, 2016, we have established reserves for insurance claims of $1.1 million for 55 primary loans in default. We did not pay any claims during the quarter ended March 31, 2016.

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 March 31, 2016, 40 loans in the pool were past due by 60 days or more. These 40 loans represent approximately $2.6 million in RIF. Due to the size of the remaining deductible of $10.3 million, the low level of notices of default (NODs) reported through March 31, 2016 and the expected severity (all loans in the pool have loan-to-value ratios (LTVs) under 80%), we have not established any pool reserves for claims or IBNR for the three months ended March 31, 2016 and 2015. In connection with settlement of pool claims, we applied $18 thousand to the pool deductible through March 31, 2016. 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 three months ended March 31,
	2016			2015
	(In Thousands)
Balance, January 1	$	679		$	83

Claims incurred:
Claims and claim expenses incurred:
Current year	553			80
Prior years	(95		)	24
Total claims incurred	458			104

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

Balance, March 31	$	1,137		$	187

There was a $95 thousand favorable prior year development during the three months ended March 31, 2016. There were $584 thousand of reserves remaining for defaults occurring in prior years as of March 31, 2016 as a result of NOD cures and claim payments. 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	3 Months Ended
Warrants	Mar. 31, 2016
Debt Disclosure [Abstract]
Warrants	Warrants We issued 992,000 warrants in connection with our Private Placement. Each warrant gives 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 recognized a gain of approximately $37 thousand. No warrants have been exercised for the three month periods ended March 31, 2016 or March 31, 2015. We account for these 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.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are a U.S. taxpayer and are subject to a statutory U.S. federal corporate income tax rate of 35%. Our holding company files a consolidated U.S. federal and various state income tax returns on behalf of itself and its subsidiaries. We currently pay no federal income tax, and had a federal net operating loss carryforward as of December 31, 2015 of $139.4 million. Our effective income tax rate on our pre-tax loss was 0.0% for the three months ended March 31, 2016, compared to 3.0% for the comparable 2015 period. During those periods, the benefits from income taxes were eliminated or reduced by the recognition of a full valuation allowance which was recorded to reflect the amount of the deferred taxes that may not be realized.

Statutory Information

3 Months Ended

Mar. 31, 2016

Insurance [Abstract]

Statutory Information

Our insurance subsidiaries, NMIC and Re One, file financial statements in conformity with statutory basis accounting principles (SAP) prescribed or permitted by the Wisconsin Office of the Commissioner of Insurance (Wisconsin OCI), NMIC's principal regulator. 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 risk-to-capital (RTC) ratios were as follows:



As of and for the three months and year ended	March 31, 2016			December 31, 2015
	(In Thousands)
Statutory net loss	$	(10,350	)	$	(52,322	)
Statutory surplus	381,451			391,422
Contingency reserve	42,467			32,564
Risk-to-Capital	10.8:1			8.7:1

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 recent net profits (subject to certain limitations). Since inception, NMIC has not paid any dividends to NMIH. As NMIC had a statutory net loss for the year ended December 31, 2015, NMIC cannot pay any dividends to NMIH through December 31, 2016, without the prior approval of the Wisconsin OCI.

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the results of NMIH and its wholly owned subsidiaries, have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC for interim reporting and include other information and disclosures required by accounting principles generally accepted in the U.S. (GAAP). Our accounts are maintained in U.S. dollars. These statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2015 included in our Annual Report on Form 10-K. All intercompany transactions have been eliminated. 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. The results of operations for the interim period may not be indicative of the results that may be expected for the full year ending December 31, 2016.
Earnings per Share	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 share-based compensation arrangements, and the dilutive effect of outstanding warrants.
Deferred Policy Acquisition Costs	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 proportion to estimated gross profits over the estimated life of the policies.
Premium Deficiency Reserves	Premium Deficiency Reserves We consider whether a premium deficiency exists at each fiscal quarter using best estimate assumptions as of the testing date. Per Financial Accounting Standards Board (FASB) Accounting Standards Codification (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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). This update is intended to provide improvements to employee share-based payment accounting. The areas for simplification in the update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any period. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This update requires that businesses recognize rights and obligations associated with certain leases as assets and liabilities on the balance sheet. The standard also requires additional disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. For public business entities, this update is effective for annual periods beginning after December 15, 2018, and interim periods therin. Early adoption is permitted in any period. The Company is currently evaluating the impact the adoption of this ASU will have on the consolidated financial statements.
Reclassifications	Reclassifications Certain items in the financial statements as of March 31, 2016 and for the period ended March 31, 2015 have been reclassified to conform to the current period's presentation. There was no effect on net income or shareholders' equity previously reported.

Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Values and Gross Unrealized Gains and Losses



	Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value
As of March 31, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	59,941	$	335	$	(30	)	$	60,246
Municipal debt securities	23,478		468		(38		)	23,908
Corporate debt securities	317,962		5,965		(1,407		)	322,520
Asset-backed securities	113,963		293		(707		)	113,549
Total bonds	515,344		7,061		(2,182		)	520,223
Short-term investments	36,436		24		—			36,460
Total investments	$	551,780	$	7,085	$	(2,182	)	$	556,683



	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

Schedule of Investments by Maturity



As of March 31, 2016	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	47,549	$	47,572
Due after one through five years	178,408		179,487
Due after five through ten years	195,378		200,244
Due after ten years	16,482		15,831
Asset-backed securities	113,963		113,549
Total investments	$	551,780	$	556,683



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

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 March 31, 2016		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	5	$	7,537	$	(17	)	9	$	4,685	$	(13	)	14	$	12,222	$	(30	)
Municipal debt securities	1	1,717		(33		)	1	3,245		(5		)	2	4,962		(38		)
Corporate debt securities	36	48,691		(1,209		)	7	7,699		(198		)	43	56,390		(1,407		)
Asset-backed securities	42	58,765		(664		)	7	5,213		(43		)	49	63,978		(707		)
Total investments	84	$	116,710	$	(1,923	)	24	$	20,842	$	(259	)	108	$	137,552	$	(2,182	)



	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		)
Asset-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	)

Net Realized Investments Gains (Losses)



	For the three months ended March 31,
	2016			2015
	(In Thousands)
Gross realized investment gains	$	556		$	849
Gross realized investment losses	(1,441		)	(236		)
Net realized investment (losses) gains	$	(885	)	$	613

- 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)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following is a list of those assets and liabilities that are measured at fair value by hierarchy level:



	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 March 31, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	37,429	$	22,817	$	—	$	60,246
Municipal debt securities	—		23,907		—		23,907
Corporate debt securities	—		322,520		—		322,520
Asset-backed securities	—		113,549		—		113,549
Cash, cash equivalents and short-term investments	109,763		—		—		109,763
Total assets	$	147,192	$	482,793	$	—	$	629,985
Warrant liability	$	—	$	—	$	797	$	797
Total liabilities	$	—	$	—	$	797	$	797



	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

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 three months ended March 31,
Warrant Liability	2016			2015
	(In Thousands)
Balance, January 1	$	1,467		$	3,372
Change in fair value of warrant liability included in earnings	(670		)	(1,248		)
Issuance of common stock on warrant exercise	—			—
Gain on settlement of warrants	—			—
Balance, March 31	$	797		$	2,124

Term Loan (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

Future principal payments for the Company's Term Loan as of March 31, 2016 are as follows:



As of March 31, 2016	Principal
	(In thousands)
2016	$	1,125
2017	1,500
2018	146,625
Total	$	149,250

Reserves for Insurance Claims and Claim Expenses (Tables)

3 Months Ended

Mar. 31, 2016

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 three months ended March 31,
	2016			2015
	(In Thousands)
Balance, January 1	$	679		$	83

Claims incurred:
Claims and claim expenses incurred:
Current year	553			80
Prior years	(95		)	24
Total claims incurred	458			104

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

Balance, March 31	$	1,137		$	187

Statutory Information (Tables)

3 Months Ended

Mar. 31, 2016

Insurance [Abstract]

Schedule of Statutory Net Loss, Surplus, Contingency Reserve and Risk-to-Capital Ratio

NMIC and Re One's combined statutory net loss, statutory surplus, contingency reserve and risk-to-capital (RTC) ratios were as follows:



As of and for the three months and year ended	March 31, 2016			December 31, 2015
	(In Thousands)
Statutory net loss	$	(10,350	)	$	(52,322	)
Statutory surplus	381,451			391,422
Contingency reserve	42,467			32,564
Risk-to-Capital	10.8:1			8.7:1

- 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

Organization and Basis of Presentation (Details)		1 Months Ended			3 Months Ended
Organization and Basis of Presentation (Details)	Apr. 17, 2012 USD ($) shares	Aug. 31, 2015 USD ($)	Nov. 30, 2013 shares	Apr. 30, 2012 USD ($)	Mar. 31, 2016 USD ($) state shares	Mar. 31, 2015 USD ($) shares
Business Acquisition [Line Items]
Proceeds from issuance of common stock, net of stock issuance costs	$ 510,000,000
Number of states in which the entity operates \| state					50
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares					7,351,338	7,137,901
Deferred policy acquisition cost, amortization expense					$ 900,000	$ 400,000
Premium deficiency reserve					$ 0	$ 0
NMI Services, Inc.
Business Acquisition [Line Items]
Capitalized wholly owned subsidiary, amount		$ 500,000
Common Stock - Class A
Business Acquisition [Line Items]
Stock issued during period, shares, net issues (in shares) \| shares	55,000,000
MAC Financial Holding Corporation and Subsidiaries
Business Acquisition [Line Items]
Consideration transferred, cash and equity interests issued and issuable				$ 8,500,000
Consideration transferred, liabilities incurred				$ 1,300,000
IPO
Business Acquisition [Line Items]
Stock issued during period, shares, net issues (in shares) \| shares			2,400,000

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 551,780	$ 564,319
Gross Unrealized Gains	7,085	560
Gross Unrealized (Losses)	(2,182)	(5,644)
Fair Value	556,683	559,235
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	59,941	84,968
Gross Unrealized Gains	335	4
Gross Unrealized (Losses)	(30)	(490)
Fair Value	60,246	84,482
Municipal debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	23,478	20,209
Gross Unrealized Gains	468	44
Gross Unrealized (Losses)	(38)	(174)
Fair Value	23,908	20,079
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	317,962	337,273
Gross Unrealized Gains	5,965	431
Gross Unrealized (Losses)	(1,407)	(4,377)
Fair Value	322,520	333,327
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	113,963	101,320
Gross Unrealized Gains	293	76
Gross Unrealized (Losses)	(707)	(603)
Fair Value	113,549	100,793
Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	515,344	543,770
Gross Unrealized Gains	7,061	555
Gross Unrealized (Losses)	(2,182)	(5,644)
Fair Value	520,223	538,681
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	36,436	20,549
Gross Unrealized Gains	24	5
Gross Unrealized (Losses)	0	0
Fair Value	$ 36,460	$ 20,554

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Due in one year or less	$ 47,549	$ 62,745
Amortized Cost, Due after one through five years	178,408	187,633
Amortized Cost, Due after five through ten years	195,378	193,379
Amortized Cost, Due after ten years	16,482	19,242
Amortized Cost, Total Investments	551,780	564,319
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Fair Value, Due in one year or less	47,572	62,743
Fair Value, Due after one through five years	179,487	186,629
Fair Value, Due after five through ten years	200,244	190,055
Fair Value Due after ten years	15,831	19,015
Fair Value, Total Investments	556,683	559,235
Asset-backed securities
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract]
Amortized Cost, Total Investments	113,963	101,320
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value [Abstract]
Fair Value, Total Investments	$ 113,549	$ 100,793

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss position, accumulated loss	$ (2,182)		$ (5,644)
Unrealized losses, 12 months or greater	(259)		(460)
Investment income, investment expense	200	$ 100
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Unrealized loss position, accumulated loss	(30)		(490)
Unrealized losses, 12 months or greater	(13)		(93)
Cash and investments held with various state insurance departments	7,000		$ 7,000
Fixed Maturities
Schedule of Available-for-sale Securities [Line Items]
Investment Income, gross	$ 3,400	$ 1,700

- 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	Mar. 31, 2016 USD ($) security	Dec. 31, 2015 USD ($) security
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	84	128
Fair value, less than 12 months	$ 116,710	$ 375,857
Unrealized losses, less than 12 months	$ (1,923)	$ (5,184)
Number of securities,12 months or greater \| security	24	13
Fair value, 12 months or greater	$ 20,842	$ 31,864
Unrealized losses, 12 months or greater	$ (259)	$ (460)
Number of securities, total \| security	108	141
Fair value	$ 137,552	$ 407,721
Unrealized Losses	$ (2,182)	$ (5,644)
U.S. Treasury securities and obligations of U.S. government agencies
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	5	14
Fair value, less than 12 months	$ 7,537	$ 50,558
Unrealized losses, less than 12 months	$ (17)	$ (397)
Number of securities,12 months or greater \| security	9	4
Fair value, 12 months or greater	$ 4,685	$ 10,194
Unrealized losses, 12 months or greater	$ (13)	$ (93)
Number of securities, total \| security	14	18
Fair value	$ 12,222	$ 60,752
Unrealized Losses	$ (30)	$ (490)
Municipal debt securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	1	4
Fair value, less than 12 months	$ 1,717	$ 11,293
Unrealized losses, less than 12 months	$ (33)	$ (165)
Number of securities,12 months or greater \| security	1	1
Fair value, 12 months or greater	$ 3,245	$ 3,242
Unrealized losses, 12 months or greater	$ (5)	$ (9)
Number of securities, total \| security	2	5
Fair value	$ 4,962	$ 14,535
Unrealized Losses	$ (38)	$ (174)
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	36	83
Fair value, less than 12 months	$ 48,691	$ 244,128
Unrealized losses, less than 12 months	$ (1,209)	$ (4,124)
Number of securities,12 months or greater \| security	7	4
Fair value, 12 months or greater	$ 7,699	$ 9,220
Unrealized losses, 12 months or greater	$ (198)	$ (253)
Number of securities, total \| security	43	87
Fair value	$ 56,390	$ 253,348
Unrealized Losses	$ (1,407)	$ (4,377)
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities, less than 12 months \| security	42	27
Fair value, less than 12 months	$ 58,765	$ 69,878
Unrealized losses, less than 12 months	$ (664)	$ (498)
Number of securities,12 months or greater \| security	7	4
Fair value, 12 months or greater	$ 5,213	$ 9,208
Unrealized losses, 12 months or greater	$ (43)	$ (105)
Number of securities, total \| security	49	31
Fair value	$ 63,978	$ 79,086
Unrealized Losses	$ (707)	$ (603)

Investments - Net Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Gross realized investment gains	$ 556	$ 849
Gross realized investment losses	(1,441)	(236)
Net realized investment (losses) gains	$ (885)	$ 613

Fair Value of Financial Instruments - Rollforward of Level 3 (Details) - Significant Unobservable Inputs (Level 3) - Warrant Liability - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,467	$ 3,372
Change in fair value of warrant liability included in earnings	(670)	(1,248)
Issuance of common stock on warrant exercise	0	0
Gain on settlement of warrants	0	0
Ending balance	$ 797	$ 2,124

Fair Value of Financial Instruments - Narrative (Details) - Warrant Liability - Significant Unobservable Inputs (Level 3)	3 Months Ended
	Mar. 31, 2016 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share Price (in dollars per share)	$ 5.05
Risk free rate	1.36%
Expected term	5 years 11 months 1 day
Volatility assumption	35.50%
Expected dividend rate	0.00%

Term Loan - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
Term Loan - Narrative (Details) - USD ($)	Nov. 10, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Term loan		$ 149,250,000
Interest expense		(3,632,000)	$ 0
Senior Secured Debt \| 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		149,300,000
Debt issuance cost				$ 4,400,000
Percentage of debt discount	1.00%
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		$ 36,000,000
Senior Secured Debt \| Credit Agreement \| Initial Eurodollar Annual Margin
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
Senior Secured Debt \| 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	Mar. 31, 2016 USD ($)
Future Principal Payments [Abstract]
2016	$ 1,125
2017	1,500
2018	146,625
Total	$ 149,250

Reserves for Insurance Claims and Claim Expenses - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) loan	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
IBNR, default period (at least)	60 days
Liability for insurance claims	$ 1,137	$ 187	$ 679	$ 83
Primary loans in default \| loan	55
Claims applied to deductible	$ 18
Favorable prior year development	(95)	$ 24
Reserve for prior year insurance claims and claim expenses	$ 584
Fannie Mae
Liability for Claims and Claims Adjustment Expense [Line Items]
Number of loans in pool past due 60 days or more \| loan	40
Risk in Force of loans in pool past due 60 days or more	$ 2,600
Deductible on policy	$ 10,300
Loan-to-value ratio (less than)	0.8

Reserves for Insurance Claims and Claim Expenses - Reconciliation of Reserve Balances for Insurance Claims Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, January 1	$ 679	$ 83
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]
Current year	553	80
Prior years	(95)	24
Total claims incurred	458	104
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid [Abstract]
Current year	0	0
Prior years	0	0
Total claims paid	0	0
Balance, March 31	$ 1,137	$ 187

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	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
Number of warrants exercised during period	0	0	7,790
Gain from settlement of warrants			$ 37
Common Stock - Class A \| Common Stock - Class A
Line of Credit Facility [Line Items]
Issuance of Class A shares of common stock as part of cashless exercise of warrants, shares			1,115

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Operating Loss Carryforwards [Line Items]
Federal statutory income tax rate	35.00%
Effective income tax rate on pre-tax loss	0.00%	3.00%
Domestic Tax Authority \| Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Income taxes paid	$ 0
Operating loss carryforwards	$ 139,400,000

Statutory Information - Schedule of Statutory Net Loss, Surplus, Contingency Reserve and Risk-to-Capital Ratio (Details) - Combined $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net loss	$ (10,350)	$ (52,322)
Statutory surplus	381,451	391,422
Contingency reserve	$ 42,467	$ 32,564
Risk-to-Capital	10.8	8.7

Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 556,683	$ 559,235
Warrant liability	797	1,467
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	60,246	84,482
Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	23,908	20,079
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	322,520	333,327
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	113,549	100,793
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	109,763	77,872
Total assets	629,985	616,553
Warrant liability	797	1,467
Total liabilities	797	1,467
Fair Value, Measurements, Recurring \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	60,246	84,482
Fair Value, Measurements, Recurring \| Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	23,907	20,079
Fair Value, Measurements, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	322,520	333,327
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	113,549	100,793
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	109,763	77,872
Total assets	147,192	143,057
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	37,429	65,185
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	0	0
Total assets	482,793	473,496
Warrant liability	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	22,817	19,297
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	23,907	20,079
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	322,520	333,327
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	113,549	100,793
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, cash equivalents and short-term investments	0	0
Total assets	0	0
Warrant liability	797	1,467
Total liabilities	797	1,467
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 0	$ 0