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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2016	Feb. 14, 2017	Jun. 30, 2016
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, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
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			$ 318,379,040
Entity Common Stock, Shares Outstanding		59,145,161

CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $630,688 and $564,319 as of December 31, 2016 and December 31, 2015, respectively)	$ 628,969	$ 559,235
Cash and cash equivalents	47,746	57,317
Premiums receivable	13,728	5,143
Accrued investment income	3,421	2,873
Prepaid expenses	1,991	1,428
Deferred policy acquisition costs, net	30,109	17,530
Software and equipment, net	20,402	15,201
Intangible assets and goodwill	3,634	3,634
Prepaid reinsurance premiums	37,921	0
Deferred tax asset, net	53,274	0
Other assets	542	90
Total assets	841,737	662,451
Liabilities
Term loan	144,353	143,939
Unearned premiums	152,906	90,773
Accounts payable and accrued expenses	25,297	22,725
Reserve for insurance claims and claim expenses	3,001	679
Reinsurance funds withheld	30,633	0
Deferred ceding commission	4,831	0
Warrant liability, at fair value	3,367	1,467
Deferred tax liability, net	0	137
Total liabilities	364,388	259,720
Commitments and contingencies
Shareholders' equity
Additional paid-in capital	576,927	570,340
Accumulated other comprehensive loss, net of tax	(5,287)	(7,474)
Accumulated deficit	(94,882)	(160,723)
Total shareholders' equity	477,349	402,731
Total liabilities and shareholders' equity	841,737	662,451
Common Class A [Member]
Shareholders' equity
Common stock - class A shares, $0.01 par value; 59,145,161 and 58,807,825 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively (250,000,000 shares authorized)	$ 591	$ 588

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fixed maturity, amortized cost	$ 630,688	$ 564,319
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	59,145,161	58,807,825
Common stock, shares outstanding (in shares)	59,145,161	58,807,825
Common stock, shares authorized (in shares)	250,000,000	250,000,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Net premiums earned	$ 32,825	$ 31,808	$ 26,041	$ 19,807	$ 16,880	$ 12,834	$ 8,856	$ 6,936		$ 110,481	$ 45,506	$ 13,407
Net investment income	3,634	3,544	3,342	3,231	2,078	1,884	1,688	1,596		13,751	7,246	5,618
Net realized investment (losses) gains	65	66	61	(885)	(121)	(15)	354	613		(693)	831	197
Other revenues	105	102	37	32	25	0	0	0		276	25	0
Total revenues										123,815	53,608	19,222
Expenses
Insurance claims and claims expenses	800	664	470	458	371	181	(6)	104		2,392	650	83
Underwriting and operating expenses	23,281	24,037	23,234	22,671	21,686	19,653	20,910	18,350		93,223	80,599	73,417
Total expenses										95,615	81,249	73,500
Other (expense) income
(Loss) gain from change in fair value of warrant liability	(1,714)	(797)	(59)	670	431	332	(106)	1,248		(1,900)	1,905	2,949
Gain from settlement of warrants									$ 37	0	0	37
Interest expense	(3,776)	(3,733)	(3,707)	(3,632)	(2,057)	0	0	0		(14,848)	(2,057)	0
Total other (expense) income										(16,748)	(152)	2,986
Income (loss) before income taxes	7,059	6,289	2,011	(3,907)	(4,821)	(4,799)	(10,112)	(8,061)		11,452	(27,793)	(51,292)
Income tax benefit	(54,503)	114	0	0	0	0	241	(241)		(54,389)	0	(2,386)
Net income (loss)	$ 61,562	$ 6,175	$ 2,011	$ (3,907)	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)		$ 65,841	$ (27,793)	$ (48,906)
Earnings (loss) per share
Earnings (loss) per share, basic (in dollars per share)	$ 1.04	$ 0.10	$ 0.03	$ (0.07)						$ 1.11	$ (0.47)	$ (0.84)
Earnings (loss) per share, diluted (in dollars per share)	$ 1.01	$ 0.10	$ 0.03	$ (0.07)						$ 1.08	$ (0.47)	$ (0.84)
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	59,140,011	59,130,401	59,105,613	58,936,694						59,070,948	58,683,194	58,281,425
Weighted average common shares outstanding, diluted (in shares)	61,229,338	60,284,746	59,830,899	58,936,694						60,829,372	58,683,194	58,281,425
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) in accumulated other comprehensive income (loss), net of tax expense of $1,178, $0, and $2,390 for each of the years in the three-year period ended December 31, 2016, respectively										$ 1,429	$ (3,518)	$ 3,636
Reclassification adjustment for (gains) losses included in net income (loss), net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2016										758	(349)	(196)
Other comprehensive income (loss), net of tax										2,187	(3,867)	3,440
Comprehensive income (loss)										$ 68,028	$ (31,660)	$ (45,466)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Change in unrealized investment gains (losses), tax amount	$ 1,178,000	$ 0	$ 2,390,000
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 Income (Loss) [Member]

Accumulated Deficit [Member]

Beginning 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 related to warrants

^[1]

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

Share-based compensation expense

9,180

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

3,440

Net income (loss)

(48,906)

Ending 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

(690)

(694)

Share-based compensation expense

8,123

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

(3,867)

Net income (loss)

(27,793)

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

(224)

(227)

Share-based compensation expense

6,814

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

2,187

Net income (loss)

65,841

Ending Balance at Dec. 31, 2016

$ 477,349

$ 591

$ 0

$ 576,927

$ (5,287)

$ (94,882)

[1]	During 2014, we issued 1,115 common shares with a par value of $0.01 related to the exercise of warrants, which is not identifiable in this schedule due to rounding.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in unrealized investment gains (losses), tax amount		$ 1,178	$ 0	$ 2,390
Common Class A [Member]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Class A [Member] \| Common Stock [Member]
Common stock issued (in shares)	1,115			1,115
Common stock, par value (in dollars per share)				$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 65,841	$ (27,793)	$ (48,906)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net realized investment losses (gains)	693	(831)	(197)
Loss (gain) from change in fair value of warrant liability	1,900	(1,905)	(2,949)
Depreciation and amortization	5,660	4,861	8,080
Net amortization of premium on investment securities	1,259	0	0
Amortization of debt discount and debt issuance costs	1,914	251	0
Deferred income taxes	(54,749)	0	0
Share-based compensation expense	6,854	8,174	9,180
Changes in operating assets and liabilities:
Current tax payable	0	0	(2,386)
Accrued investment income	(548)	(1,166)	294
Premiums receivable	(8,585)	(4,095)	(1,029)
Prepaid expenses	(563)	626	(535)
Deferred policy acquisition costs, net	(12,579)	(14,545)	(2,895)
Other assets	(452)	419	(446)
Unearned premiums	62,133	68,704	20,622
Reserve for insurance claims and claim expenses	2,322	596	83
Reinsurance balances, net	(2,456)	0	0
Accounts payable and accrued expenses	3,300	8,167	117
Net cash (used in) provided by operating activities	71,944	41,463	(20,967)
Cash flows from investing activities
Purchase of short-term investments	(170,067)	(21,160)	0
Purchase of fixed-maturity investments, available-for-sale	(143,568)	(343,771)	(60,462)
Proceeds from maturity of short-term investments	129,033	0	0
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	116,281	140,901	136,764
Purchase of software and equipment	(11,471)	(6,135)	(8,220)
Net cash provided by (used in) investing activities	(79,792)	(230,165)	68,082
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(755)	(1,105)	(1,083)
Proceeds from issuance of common stock	532	415	1,097
Gain from settlement of warrants	0	0	(37)
Proceeds from term loan, net of discount	0	148,500	0
Repayments of term loan	(1,500)	(375)	0
Payments of debt issuance costs	0	(4,437)	0
Net cash (used in) provided by financing activities	(1,723)	142,998	(23)
Net (decrease) increase in cash and cash equivalents	(9,571)	(45,704)	47,092
Cash and cash equivalents, beginning of period	57,317	103,021	55,929
Cash and cash equivalents, end of period	47,746	57,317	103,021
Supplemental disclosures of cash flow information
Interest paid	9,669	5	0
Income tax payments	$ 200	$ 0	$ 0

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 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, formed in May 2011, to provide mortgage insurance 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." For a further discussion, see "Note 15, 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 a wholly owned subsidiary, NMI Services, Inc. (NMIS), through which we offer outsourced loan review services on a limited basis to mortgage loan originators. 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, 2016

Accounting Policies [Abstract]

Summary of Accounting Principles

Revenue Recognition

In the mortgage insurance industry, a "book" is a group of loans that a mortgage insurance (MI) company insures in a particular period, normally a calendar year. We set premiums at the time a policy is issued based on our filed rates and rating rules. 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's expected life 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, 2016, one customer represented a material portion of our revenues. At December 31, 2016, approximately 14% of our total risk-in-force (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) 944, Financial Services - Insurance (ASC 944), even though that standard expressly excludes mortgage insurance from its guidance. 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). DAC is reviewed periodically to determine that it does not exceed recoverable amounts and is adjusted as appropriate for policy cancellations to be consistent with our revenue recognition policy. We estimate the rate of amortization to reflect actual experience and any changes to persistency or loss development. 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 each of the three years in the three-year period ended December 31, 2016, net of a portion of ceding commission related to the 2016 QSR Transaction (see Note 6, Reinsurance), was $0.4 million, $2.8 million, and $4.3 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 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 any of the years in the three-year period ended December 31, 2016.

Reinsurance

We account for premiums, losses and loss expenses that are ceded to reinsurers on bases consistent with those we use to account for the original policies we issue and pursuant to the terms of our reinsurance contracts. We account for premiums ceded to reinsurers as reductions to premium revenue. We earn profit commissions, which represent a percentage of the profits recognized by the reinsurers that are returned to us, based on the level of losses ceded. We recognize any profit commissions we earn as increases in net premium revenue.

We receive ceding commissions, calculated as a percentage of ceded written premiums, which are intended to cover our costs to acquire and service the direct policies. We earn the ceding commissions in a manner consistent with our recognition of earnings on the underlying insurance policies, over the terms of the policies reinsured. We account for ceding commissions as reductions to underwriting and operating expenses.

We cede a portion of loss reserves, paid losses and loss expenses, which are accounted for as reductions to loss expense and as reinsurance recoverables. We remain directly liable for all loss payments in the event we are unable to collect from any reinsurer.

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, which addresses accounting for share-based awards and recognition of compensation expense, measured using grant date fair value, over the requisite service or performance period of the award. Share-based payments include restricted stock unit (RSU) 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 option 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 earnings (loss) per share is based on the weighted-average number of common shares outstanding, while diluted net earnings (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. For the year ending December 31, 2016, the computation of diluted EPS includes the dilutive effect of 1,758,424 shares; 4,763,826 shares were not included in the calculation of diluted net income as the average price of the common stock during the period was below the exercise price of such shares. As a result of our net losses for the years ended December 31, 2015 and December 31, 2014, 6,266,905 shares, and 5,839,909 shares, respectively. of our common stock equivalents issued under stock-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.

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 12, 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, 2016.

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, 2016.

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 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, if any, on the consolidated financial statements; however, this update is not expected to impact the recognition of revenue related to insurance premiums or investments, which represent the majority of our total revenues.

In May 2015, the FASB issued ASU 2015-09, Disclosures about Short-Duration Contracts (Topic 944), which requires insurance entities to disclose additional information related to the liability for unpaid claims and claims adjustment expenses. These disclosures include the nature, amount, timing and uncertainty of cash flows related to those liabilities and the effects of those cash flows on comprehensive income. This update is effective for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016. For the year ended December 31, 2016, we have included additional information in our financial statements and notes therein related to this guidance.

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 therein. Early adoption is permitted in any period. We expect to adopt this guidance on January 1, 2019. We anticipate this standard will have a material impact on our financial position, primarily due to our office space operating lease, as we will be required to recognize lease assets and lease liabilities on our consolidated balance sheet. We will continue to assess the potential impacts of this standard, including the impact the adoption of this guidance will have on our results of operations or cash flows, if any.

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. The Company will adopt this guidance in the first quarter of 2017 and has evaluated the impact the adoption of this ASU will have on the consolidated financial statements. The Company will elect to recognize forfeitures as they occur. The Company will record deferred tax assets for past unrecognized excess tax benefits on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of January 1, 2017, which we expect will not have a material impact on stockholders' equity as of January 1, 2017. The classification of excess tax benefits and tax deficiencies as income tax benefit or expense may result in net income volatility in reporting periods subsequent to 2016. The amount of excess tax benefits or tax deficiencies in future periods will vary based on the market value of the Company's common stock at the vesting dates of non-vested common share units. The Company does not expect to adjust prior period consolidated statement of cash flows.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). This update requires companies to measure all expected credit losses for financial assets held at the reporting date. The accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration also is amended in the standard. The standard will take effect for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. While the Company is still in the early states of evaluating this ASU, we do not expect it to impact our accounting for insurance losses and loss adjustment expenses (LAE) as these items are not within the scope of the this ASU.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This update is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will take effect for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently in the early stages of evaluating the impact the adoption of this ASU will have, if any, on the presentation of the consolidated financial statements.

In August 2016, the FASB issued ASU 2016-16, Income Taxes- Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). This update is intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The standard will take effect for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted at the beginning of any annual reporting period. The Company is currently in the early stages of evaluating the impact the adoption of this ASU will have, if any, on the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update is intended to simplify the test for goodwill impairment. The standard will take effect for public business entities for fiscal years, and interim periods within those fiscal years, after December 15, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently in the early stages of evaluating the impact the adoption of this ASU will have, if any, on the consolidated financial statements.

Reclassifications

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

On February 10, 2017, the Company entered into an amendment to the Credit Agreement, dated as of November 10, 2015, to, among other things, extend the maturity date of the Credit Agreement, reduce the interest rate, and make certain changes to the financial covenants and other provisions.

Borrowings under the Amended Credit Agreement will bear interest at a variable rate per annum equal to, at the Company's option, (i) the Eurodollar Rate (as defined in the Amended Credit Agreement) plus 6.75% (subject to a Eurodollar Rate floor of 1.00% per annum), or (ii) the Base Rate (as defined in the Amended Credit Agreement) plus 5.75% (subject to a Base Rate floor of 2.00% per annum). The loans under the Amended Credit Agreement will mature on November 10, 2019.

In the event that the Company prepays all or any portion of the borrowings under the Amended Credit Agreement in

connection with certain repricing transactions within 12 months after the effective date of the Amendment, the Company shall pay

a prepayment premium in an amount equal to 1.0% of the principal amount of the borrowings so prepaid.

Investments

12 Months Ended

Dec. 31, 2016

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, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	64,135	$	6	$	(962	)	$	63,179
Municipal debt securities	40,801		131		(663		)	40,269
Corporate debt securities	349,712		1,722		(2,356		)	349,078
Asset-backed securities	114,456		765		(560		)	114,661
Total bonds	569,104		2,624		(4,541		)	567,187
Short-term investments	61,584		198		—			61,782
Total investments	$	630,688	$	2,822	$	(4,541	)	$	628,969



	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 at December 31, 2016 and 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 December 31, 2016	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	94,382	$	94,584
Due after one through five years	173,296		173,251
Due after five through ten years	242,005		240,060
Due after ten years	6,549		6,413
Asset-backed securities	114,456		114,661
Total investments	$	630,688	$	628,969



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

At December 31, 2016, the investment portfolio had gross unrealized losses of $4.5 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, 2016. We based our conclusion that these investments were not other-than-temporarily impaired at December 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 December 31, 2016		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	33	$	51,093	$	(962	)	—	$	—	$	—		33	$	51,093	$	(962	)
Municipal debt securities	14	28,659		(617		)	1	1,704		(46		)	15	30,363		(663		)
Corporate debt securities	77	135,115		(1,955		)	8	13,873		(401		)	85	148,988		(2,356		)
Asset-backed securities	30	38,702		(510		)	6	2,472		(50		)	36	41,174		(560		)
Total investments	154	$	253,569	$	(4,044	)	15	$	18,049	$	(497	)	169	$	271,618	$	(4,541	)



	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

Net investment income is comprised of the following:



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Fixed maturities	$	14,121		$	7,726		$	6,127
Short-term investments	382			3			8
Investment income	14,503			7,729			6,135
Investment expenses	(752		)	(483		)	(517		)
Net investment income	$	13,751		$	7,246		$	5,618

Net Realized Investment Gains (Losses)



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Gross realized investment gains	$	748		$	1,526		$	694
Gross realized investment losses	(1,441		)	(695		)	(497		)
Net realized investment gains (losses)	$	(693	)	$	831		$	197

As of December 31, 2016 and December 31, 2015, there were approximately $6.9 million of cash and investments in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

- Definition

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

+ References + Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

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, 2016 and December 31, 2015:

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, 2016.

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 $31.0 million of U.S. denominated foreign securities (Yankee Bonds) as of December 31, 2016. Asset-backed securities consist primarily of securities in the automobile and industrial sectors and include $3.7 million of Yankee Bonds as of December 31, 2016. Short-term investments included $5.0 million of Yankee Bonds as of December 31, 2016.

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, 2016 and December 31, 2015:



	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, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	50,719	$	12,460	$	—	$	63,179
Municipal debt securities	—		40,269		—		40,269
Corporate debt securities	—		349,078		—		349,078
Asset-backed securities	—		114,661		—		114,661
Cash, cash equivalents and short-term investments	109,528		—		—		109,528
Total assets	$	160,247	$	516,468	$	—	$	676,715
Warrant liability	$	—	$	—	$	3,367	$	3,367
Total liabilities	$	—	$	—	$	3,367	$	3,367



	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 year ended December 31,
	2016		2015			2014
	(In Thousands)
Balance, January 1,	$	1,467	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	1,900		(1,905		)	(2,949		)
Gain on settlement of warrants	—		—			(37		)
Issuance of common stock on warrant exercise	—		—			(13		)
Balance, December 31	$	3,367	$	1,467		$	3,372

We revalue the warrant liability quarterly using a Black-Scholes option-pricing model, in combination with a binomial model, and we value the pricing protection features within the warrants using a Monte-Carlo simulation model. As of December 31, 2016, the assumptions used in the option pricing model were as follows: a common stock price as of December 31, 2016 of $10.65, risk free interest rate of 1.78%, expected life of 4.33 years, expected volatility of 32.7% and a dividend yield of 0%. The change in fair value is primarily attributable to an increase in the price of our common stock during the year ended December 31, 2016.

As of December 31, 2015, the assumptions used in the option pricing model were : 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 32.7% 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, 2014 to December 31, 2015.

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

12 Months Ended

Dec. 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. As of December 31, 2016, the Term Loan accrued interest at the Eurodollar rate, as defined in the Credit Agreement, (1% floor) plus an annual margin rate of 7.5% (an all-in rate of 8.75% as of December 31, 2016), payable quarterly. Quarterly principal payments of $375 thousand are also required. The outstanding balance as of December 31, 2016 was $148.1 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, 2016, the Company recorded $14.8 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 $25.5 million, compliance with the PMIERs financial requirements (subject to any GSE-approved waivers), 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, 2016.

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



As of December 31, 2016	Principal
	(In thousands)
2017	1,500
2018	146,625
Total	$	148,125

On February 10, 2017, the Company entered into an amendment to the Credit Agreement. See "Note 2. Summary of Accounting Principles" for further details of this subsequent event.

Reinsurance

12 Months Ended

Dec. 31, 2016

Reinsurance Disclosures [Abstract]

Reinsurance

In September 2016, in order to continue to grow our business and manage insurance risk and our minimum required assets under PMIERs financial requirements, the Company entered into a quota-share reinsurance transaction with a panel of third-party reinsurers, subject to certain conditions (2016 QSR Transaction). Each of the third-party reinsurers has an insurer financial strength rating of A- or better by S&P, A.M. Best or both. The GSEs and the Wisconsin OCI approved the 2016 QSR Transaction (subject to certain conditions), giving full capital credit under PMIERs and statutory accounting principles, respectively, for the risk ceded under the agreement. The credit that we receive under PMIERs is subject to periodic review by the GSEs.

Under the 2016 QSR Transaction, effective September 1, 2016, NMIC ceded premiums related to:

•25% of existing risk written on eligible policies as of August 31, 2016;


•	100% of our existing risk under our pool agreement with Fannie Mae; and


•	25% of risk on eligible policies written from September 1, 2016 through December 31, 2017.

The effect of reinsurance on net premiums written and earned is as follows. For the year ended December 31, 2014, there were no reinsurance effects on net premiums written and earned.



	For the year ended
	December 31, 2016			December 31, 2015
	(In Thousands)
Net premiums written
Direct	$	177,962		$	114,210
Ceded	(43,270		)	—
Net premiums written	$	134,692		$	114,210

Net premiums earned
Direct	$	115,830		$	45,506
Ceded	(5,349		)	—
Net premiums earned	$	110,481		$	45,506

The following tables show the amounts ceded related to the 2016 QSR Transaction:



	For the year ended
	December 31, 2016			December 31, 2015
	(In Thousands)
Ceded risk-in-force	$	2,008,385		$	—
Ceded premiums written	(43,270		)	—
Ceded premiums earned	(5,349		)	—
Ceding commission written	10,111			—
Ceding commission earned	2,303			—

NMIC receives a 20% ceding commission for premiums ceded pursuant to this transaction. NMIC will also receive a profit commission, provided that the loss ratio on the loans covered under the agreement generally remains below 60%, as measured annually. Losses on the ceded risk reduce NMIC's profit commission on a dollar-for-dollar basis.

In accordance with the terms of the 2016 QSR Transaction, rather than making a cash payment or transferring investments for ceded premiums written, NMIC established a funds withheld liability, which is net of amounts due to NMIC for ceding and profit commissions. Any loss recoveries and any potential profit commission to NMIC will be realized from this account until exhausted. Ceded premiums written are recorded on the balance sheet as prepaid reinsurance premiums and amortized to ceded premiums earned in a manner consistent with the recognition of income on direct premiums.

The reinsurance recoverable on loss reserves related to our 2016 QSR Transaction was $297 thousand as of December 31, 2016, reflected with other assets. The reinsurance recoverable balance is further supported by trust accounts established and maintained by each reinsurer in accordance with the PMIERs funding requirements that address ceded risk.

The agreement is scheduled to terminate on December 31, 2027, except with respect to the ceded pool risk, which is scheduled to terminate on August 31, 2023. However, NMIC has the option, based on certain conditions and subject to a termination fee, to terminate the agreement as of December 31, 2020, or at the end of any calendar quarter thereafter, which would result in NMIC reassuming the related risk.

- Definition

The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts.

+ References + Details

Reserves for Insurance Claims and Claim Expenses

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Reserves for Insurance Claims and Claim 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 reserves incurred but not reported (IBNR). As of December 31, 2016, we have established reserves for insurance claims of $3.0 million for 179 primary loans in default, compared to a reserve of $679 thousand for the year ended December 31, 2015. We paid nine claims totaling $367 thousand during the year ended December 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 December 31, 2016, fifty-six loans in the pool were past due by sixty days or more. These fifty-six loans represent approximately $3.4 million in RIF. Due to the size of the remaining deductible of$10.1 million, the low level of Notices of Default (NODs) reported through December 31, 2016 and the expected severity (all loans in the pool have loan-to-value (LTV) ratios under 80%), we have not established any pool reserves for claims or IBNR for the years ended December 31, 2016 and December 31, 2015. In connection with the settlement of pool claims, we applied $256 thousand to the pool deductible through December 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 claim expenses:



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Beginning balance	$	679		$	83		$	—
Less reinsurance recoverables ⁽¹⁾	—			—			—
Beginning balance, net of reinsurance recoverables	679			83			—

Add claims incurred:
Claims and claim expenses incurred:
Current year ⁽²⁾	2,457			699			83
Prior years⁽³⁾	(65		)	(49		)	—
Total claims and claims expenses incurred	2,392			650			83

Less claims paid:
Claims and claim expenses paid:
Current year ⁽²⁾	171			50			—
Prior years ⁽³⁾	196			4			—
Total claims and claim expenses paid	367			54			—

Reserve at end of period, net of reinsurance recoverables	2,704			679			83
Add reinsurance recoverables ⁽¹⁾	297			—			—
Balance, December 31	$	3,001		$	679		$	83

⁽¹⁾ Related to ceded losses recoverable on the 2016 QSR Transaction. See Note 6, "Reinsurance" for additional information.

⁽²⁾ Related to defaults occurring in the current year.

⁽³⁾Related to defaults occurring in prior years.

The “claims incurred” section of the table above shows claims and claim expenses incurred on default notices received in the current year and in prior years. The amount of claims incurred relating to default notices received in the current year represents the estimated amount to be ultimately paid on such default notices. The decreases during the periods presented in reserves held for prior year defaults are 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.

There was a $65 thousand favorable prior year development for the year ended December 31, 2016, primarily attributable to cures of NOD's received in prior years. Reserves of $418 thousand related to prior year defaults remained as of December 31, 2016.

The following tables provide claim development data, by accident year, and a reconciliation to the reserve for insurance claims and claim expenses, related to the new guidance on short-duration contracts.



	Reserves net of Reinsurance								As of December 31, 2016
Accident Year	2013		2014		2015		2016		Total of IBNR+		NODs
	($ Values In Thousands)
2013	$	—	$	24	$	—	$	—	$	—	—
2014			56		34		—		—		—
2015					652		614		14		14
2016							2,210		170		165
					Total		$	2,824	$	184	179

Our IBNR reserves reflect the actuarial estimate for claims incurred but not reported as of December 31, 2016. The number of NODs outstanding as of December 31, 2016 is the total number of loans in default over 60 days for which we have established reserves.



	Cumulative Paid Claims, net of Reinsurance
Accident Year	2013		2014		2015		2016
	(In Thousands)
2013	$	—	$	—	$	—	$	—
2014			—		4		—
2015					50		196
2016							171
					Total		$	367



Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses
(In Thousands)
	As of December 31, 2016
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$	2,641
Reinsurance recoverable on unpaid claims	297
Unallocated claims adjustment expenses	63
Total gross liability for unpaid claims and claim adjustment expenses	$	3,001

The below table shows, on average, the percentage of claims paid over the years after a claim is incurred.



	Average annual percentage payout of incurred claims by age, net of reinsurance
	Year 1	Year 2		Year 3		Year 4
Claims duration disclosure	4%	14	%	—	%	—	%

Earnings (Loss) Per Share (EPS)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share (EPS)

Earnings (Loss) per Share (EPS)

Basic earnings (loss) per share is based on the weighted average number of shares of common stock outstanding, while diluted earnings (loss) per share is based on the weighted average number of shares of common stock 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. The following table reconciles the net income (loss) and the weighted average shares of common stock outstanding used in the computations of basic and diluted earnings (loss) per share of common stock:



	For the year ended December 31,
	2016		2015			2014
	(In Thousands, except for per share data)
Net income (loss)	$	65,841	$	(27,793	)	$	(48,906	)

Basic earnings (loss) per share	$	1.11	$	(0.47	)	$	(0.84	)

Basic weighted average shares outstanding	59,070,948		58,683,194			58,281,425
Dilutive effect of un-vested shares	1,758,424		—			—
Dilutive weighted average shares outstanding	60,829,372		58,683,194			58,281,425

Diluted earnings (loss) per share	$	1.08	$	(0.47	)	$	(0.84	)

For the year ended December 31, 2016, 4,763,826 of our common stock equivalents we issued under share-based compensation arrangements and warrants were not included in the calculation of diluted earnings (loss) per share because they were anti-dilutive. Un-vested shares of 1,758,424 were included in our weighted average number of common shares outstanding for the year ended December 31, 2016,

As a result of our net loss for the years ended December 31, 2015 and December 31, 2014, 6,266,905 and 5,839,909 of our common stock equivalents we issued under share-based compensation arrangements and warrants, respectively, were not included in the calculation of diluted earnings (loss) per share as of such date because they were anti-dilutive.

Warrants	12 Months Ended
Warrants	Dec. 31, 2016
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 2015 or 2016. 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.

Share-Based Compensation

12 Months Ended

Dec. 31, 2016

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 is 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 is 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 is also 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, 2016, December 31, 2015, and December 31, 2014 is as follows:



For the year ended December 31, 2016	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2015	3,851		$	3.94	$	10.21
Options granted	—		—		—
Options exercised	—		—		—
Options forfeited	(41	)	3.33		8.92
Options expired	(784	)	3.87		10.06
Options outstanding at December 31, 2016	3,026		$	3.97	$	10.27



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, 2016, there were approximately 2.4 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 $10.43. The remaining weighted average contractual life of options fully vested and exercisable as of December 31, 2016 was 6.03 years. The aggregate intrinsic value for fully vested and exercisable options was $1.5 million as of December 31, 2016.

The remaining weighted average contractual life of options outstanding as of December 31, 2016 was 6.38 years. As of December 31, 2016, there was $0.3 million of total unrecognized compensation cost related to un-vested stock options. The weighted-average period over which total compensation related to un-vested stock options will be recognized is 0.86 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).

There were no stock options granted during 2016. 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, 2016, December 31, 2015, and December 31, 2014 is as follows:



For the year ended December 31, 2016	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Un-vested restricted stock units at December 31, 2015	1,443		$	7.81
Restricted stock units granted	1,551		4.98
Restricted stock units vested	(381	)	8.71
Restricted stock units forfeited	(75	)	5.81
Un-vested restricted stock units at December 31, 2016	2,538		$	6.01



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Un-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
Un-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)
Un-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
Un-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, 2016, the 2.5 million shares of granted and un-vested RSUs consisted of 0.5 million shares that are subject to both a market and service condition and 2.0 million shares that are subject only to service conditions. The un-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. Un-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 2016, 2015, or 2014 that were subject to a market condition, therefore the Monte Carlo simulation was not used.

The remaining weighted average contractual life of un-vested RSUs as of December 31, 2016 was 8.18 years. The weighted-average period over which total compensation related to un-vested RSUs will be recognized is 1.39 years.

The RSUs granted in 2016 were valued at our stock price on the date of grant less the present value of anticipated dividends, which was $0. As of December 31, 2016, there was $4.2 million of total unrecognized compensation cost related to un-vested RSUs, compared to $3.1 million and $3.0 million as of December 31, 2015 and December 31, 2014, respectively.

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 $1.5 million for the year ended December 31, 2016, compared to $1.2 million for the year ended December 31, 2015. We contributed approximately $0.9 million for the year ended December 31, 2014.

Phantom Shares

In May 2016, we granted 8,169 phantom stock units to one independent director with a grant date fair market value of $50 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, 2016, based on a closing share price of $10.65, we recognized $54 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, 2016.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Total income tax expense (benefit) consists of the following components:



	For the year ended December 31,
	2016			2015		2014
	(In Thousands)
Current	$	360		$	—	$	(2,390	)
Deferred	(54,749		)	—		4
Total income tax benefit	$	(54,389	)	$	—	$	(2,386	)

For the year ended December 31, 2016, we had an income tax benefit of $54.4 million related primarily to the release of the valuation allowance recorded against federal and certain state deferred tax assets. The provision for income taxes also include current year alternative minimum tax and changes to deferred tax assets. 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 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 and pre-tax income from continuing operations during the year ended December 31, 2016, the exception was not applicable.

The reconciliation between the federal statutory income tax rate to our effective income tax (benefit) rate is as follows:



	For the year ended December 31,
	2016		2015		2014
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Valuation allowance	(527.02	)	(35.83	)	(31.42	)
Share-based and other compensation	9.68		—		—
Warrant gain/loss	3.95		1.61		1.40
Other	3.47		(0.78	)	(0.32	)
True-up from prior year	—		—		(0.01	)
Effective income tax rate	(474.92	)%	—	%	4.65	%

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.

The components of our net deferred income tax asset (liability) are summarized as follows:



	As of December 31,
	2016			2015
Deferred tax asset	(In Thousands)
Net operating loss carry forwards	$	47,867		$	52,819
Share-based compensation	11,231			9,760
Unearned premium reserve	9,514			7,504
Deferred ceding commissions	1,999			—
Capitalized start-up costs	833			913
Unrealized loss on investments	711			2,101
Alternative minimum tax credit	360			—
Other	5,893			5,438
Total gross deferred tax assets	78,408			78,535
Less: valuation allowance	(7,252		)	(66,399		)
Total deferred tax assets	71,156			12,136
Deferred tax liability
Deferred acquisition costs	(12,456		)	(7,246		)
Capitalized software	(5,076		)	(4,753		)
Intangible assets	(137		)	(137		)
Other	(213		)	(137		)
Total deferred tax liabilities	(17,882		)	(12,273		)
Net deferred income tax asset (liability)	$	53,274		$	(137	)

At December 31, 2016, we had a net deferred tax asset of $53.3 million compared to a net deferred tax liability of $0.1 million in all prior periods. The change to our net deferred tax asset (liability) was a result of a change in the valuation allowance during the current year and the balance is primarily related to our deferred tax asset for net operating loss carryforwards of $47.9 million. The net deferred tax liability in all prior years was a result of the acquisition of indefinite-lived intangibles from the acquisition of our insurance subsidiaries. The tax liability incurred at the acquisition was recorded as an increase in goodwill.

Excluded from deferred tax assets were a gross $2.2 million and $2.1 million of excess stock compensation as of December 31, 2016 and December 31, 2015, respectively, for which any benefit realized will be recorded to stockholders' equity.

As of December 31, 2016, we had a federal net operating loss carryforward of $121.1 million which expires from 2030 to 2036, and state net operating loss carryforwards of $63.6 million, which expire in varying amounts during the years 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.

Since inception and prior to December 31, 2016, we recorded a valuation allowance against deferred tax assets, and, as such, we generally did not record a benefit associated with the losses incurred in prior periods or other income tax benefits. The income tax benefit recognized in prior periods was related to the tax effects of unrealized gains credited to other comprehensive income (OCI). At December 31, 2016, management has concluded that positive evidence of sufficient quantity and quality outweighs negative evidence, and supports our conclusion that it is more-likely-than-not that the Company will realize its federal and certain state deferred tax assets. We have recorded the effects of the change in income from continuing operations, generating a financial statement benefit of $60.0 million and $0.3 million related to net federal and certain state deferred tax assets, respectively. A tax effected valuation allowance of $7.3 million, $66.4 million, and $53.7 million was recorded at December 31, 2016, 2015 and 2014, respectively, to reflect the amount of the deferred taxes that may not be realized. The valuation allowance at December 31, 2016 recorded against net state deferred tax assets primarily relates to state net operating losses generated by NMIH that we do not expect to be utilized. NMIH operates at a loss and currently only generates revenue from its investment portfolio.

As of December 31, 2016 , 2015, and 2014, we have no reserve for unrecognized tax benefits, and have taken no material uncertain positions that would require recognition and measurement. It is our policy to classify interest and penalties related to unrecognized tax benefits as income tax expense.

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 by federal or state jurisdictions. Our U.S. federal income tax returns for 2013 and subsequent years and state income tax returns for 2012 and subsequent years remain open by statute.

Software and Equipment

12 Months Ended

Dec. 31, 2016

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, 2016 and December 31, 2015, consists of the following:



	December 31, 2016			December 31, 2015
	(In Thousands)
Software	$	23,621		$	17,267
Equipment	3,102			1,803
Leasehold improvements	3,453			1,028
Subtotal	30,176			20,098
Accumulated amortization and depreciation	(9,774		)	(4,897		)
Software and equipment, net	$	20,402		$	15,201

Amortization and depreciation expense for software, equipment, and leasehold improvements for the years ended December 31, 2016, 2015, and 2014 was $4.9 million, $3.2 million, and $5.8 million, respectively.

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2016

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, 2016 and December 31, 2015, were as follows for both years:



	(In Thousands)		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, 2016 and 2015.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

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.

By April 15th of each year, NMIC must certify it met all PMIERs requirements as of December 31st of the prior year. We expect to certify to the GSEs by April 15, 2017 that NMIC fully complied with the PMIERs as of December 31, 2016. NMIC also 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 continuously monitor our compliance with the PMIERs.

Office Lease

The company leases office space under a facilities lease in Emeryville, California. In December 2016, the Company amended its lease to extend the term of the lease through March 2023.

As of December 31, 2016, management expects that future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2017	$	1,488
2018	1,711
2019	2,346
2020	2,417
2021	2,490
2022	2,564
2023	657
Totals	$	13,673

We incurred rent expense related to this lease of $1.5 million and $1.5 million for the years ended December 31, 2016 and 2015, respectively. We incurred rent expense related to this lease of $1.6 million for the year ended December 31, 2014.

Common Stock Offerings	12 Months Ended
Common Stock Offerings	Dec. 31, 2016
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 Class A 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
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+ Details

Regulatory Information

12 Months Ended

Dec. 31, 2016

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, 2016 were as follows:



	December 31,
	2016			2015			2014
	(In Thousands)
Statutory net loss	$	(26,653	)	$	(52,322	)	$	(47,961	)
Statutory surplus	413,809			391,422			236,738
Contingency reserve	90,479			32,564			9,401
Risk-to-capital	11.6:1			8.7:1			3.6:1

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. A working group of the National Association of Commissioners (NAIC) is currently developing a loan level capital model applicable to mortgage guaranty insurers that will ultimately be incorporated into a revised NAIC Mortgage Guaranty Insurance Model Act. Following adoption by the NAIC, some or all of the 16 states, and perhaps additional states, will enact a portion or all of the revised Model Act, including the loan-level capital model.

As of December 31, 2016, NMIC had 134,662 policies in force totaling approximately $5.8 billion in total RIF with a RTC ratio of 12.4:1, significantly below the state financial requirements. As of December 31, 2015, NMIC had 63,948 policies in force totaling approximately $3.3 billion of primary RIF, resulting in an RTC ratio of 8.4:1.

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.

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, 2016, NMIH's shareholders' equity was approximately $477 million. NMIH's total assets, excluding investment and intercompany receivables for NMIC, Re One, and NMIS, were approximately $135 million at December 31, 2016. 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" with 30 days' prior notice to 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 statutory policyholders' surplus as of the preceding calendar year end or (b) its adjusted statutory net income (excluding realized capital gains) for the twelve month period ending December 31 of the immediately preceding calendar year. In determining net income, an insurer may carry forward net income from the previous calendar years that has not already been paid out as a dividend. Dividends that exceed this amount are "extraordinary dividends," which require prior approval of the Wisconsin OCI.

As of December 31, 2016, the amount of restricted net assets held by our consolidated insurance subsidiaries totaled approximately $505 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, 2015, NMIC cannot pay any dividends to NMIH through December 31, 2016, without the prior approval of the Wisconsin OCI.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)



	2016 Quarters												2016
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums earned	$	19,807		$	26,041		$	31,808		$	32,825		$	110,481
Net investment income	3,231			3,342			3,544			3,634			13,751
Net realized investment (losses) gains	(885		)	61			66			65			(693		)
Other revenues	32			37			102			105			276
Insurance claims and claims expenses	458			470			664			800			2,392
Underwriting and operating expenses	22,671			23,234			24,037			23,281			93,223
Gain (loss) from change in fair value of warrant liability	670			(59		)	(797		)	(1,714		)	(1,900		)
Interest expense	3,632			3,707			3,733			3,776			14,848
Pre-tax (loss) income	(3,907		)	2,011			6,289			7,059			11,452
Income tax expense (benefit)	—			—			114			(54,503		)	(54,389		)
Net (loss) income	(3,907		)	2,011			6,175			61,562			65,841
(Loss) income per share: ⁽¹⁾
Basic (loss) earnings per share	$	(0.07	)	$	0.03		$	0.10		$	1.04		$	1.11
Diluted (loss) earnings per share	(0.07		)	0.03			0.10			1.01			1.08
Weighted average common shares outstanding - basic	58,936,694			59,105,613			59,130,401			59,140,011			59,070,948
Weighted average common shares outstanding - diluted	58,936,694			59,830,899			60,284,746			61,229,338			60,829,372



	2015 Quarters												2015
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
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
Pre-tax loss	(8,061		)	(10,112		)	(4,799		)	(4,821		)	(27,793		)
Income tax (benefit) expense	(241		)	241			—			—			—
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


(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, 2016

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

Summary of Investments - Other than Investments in Related Parties



December 31, 2016	Amortized Cost		Fair Value		Amount Reflected on Balance Sheet
	(In Thousands)
Fixed maturities
U.S. Treasury securities and obligations of U.S. government agencies	$	64,135	$	63,179	$	63,179
Municipal debt securities	40,801		40,269		40,269
Corporate debt securities	349,712		349,078		349,078
Asset-backed securities	114,456		114,661		114,661
Total bonds	569,104		567,187		567,187
Short-term investments	61,584		61,782		61,782
Total investments other than investments in related parties	$	630,688	$	628,969	$	628,969

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule]

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Financial Information of Registrant Parent Company Only



	December 31, 2016			December 31, 2015
	(In Thousands, except for share data)
Assets
Fixed maturities, available-for-sale, at fair value	$	58,209		$	87,010
Cash and cash equivalents	15,858			13,183
Investment in subsidiaries, at equity in net assets	503,731			442,077
Accrued investment income	151			148
Prepaid expenses	1,991			1,428
Due from affiliates, net	9,211			8,383
Software and equipment, net	20,401			15,201
Deferred tax asset, net	38,374			—
Other assets	182			56
Total assets	$	648,108		$	567,486
Liabilities
Term loan	$	144,353		$	143,939
Accounts payable and accrued expenses	23,039			19,349
Warrant liability, at fair value	3,367			1,467
Total liabilities	170,759			164,755

Shareholders' equity
Common stock - class A shares, $0.01 par value; 59,145,161 and 58,807,825 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively (250,000,000 shares authorized)	591			588
Additional paid-in capital	576,927			570,340
Accumulated other comprehensive loss, net of tax	(5,287		)	(7,474		)
Accumulated deficit	(94,882		)	(160,723		)
Total shareholders' equity	477,349			402,731
Total liabilities and shareholders' equity	$	648,108		$	567,486



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Revenues
Net investment income	$	773		$	2,535		$	2,937
Net realized investment gains	53			379			67
Total revenues	826			2,914			3,004

Expenses
Other operating expenses	17,600			17,157			18,817
Total expenses	17,600			17,157			18,817

Other income (loss)
(Loss) gain from change in fair value of warrant liability	(1,900		)	1,905			2,949
Gain from settlement of warrants	—			—			37
Interest expense	(14,848		)	(2,057		)	—
Total other (expenses) income	(16,748		)	(152		)	2,986

Equity in net income (loss) of subsidiaries	58,819			(14,430		)	(38,710		)

Income (loss) before income taxes	25,297			(28,825		)	(51,537		)
Income tax benefit	(40,544		)	(1,032		)	(2,631		)
Net income (loss)	$	65,841		$	(27,793	)	$	(48,906	)

Other comprehensive income (loss), net of tax:
Net unrealized gains in accumulated other comprehensive loss, net of tax (benefit) expense of $82, $0, and $2,390 for each of the years in the three-year period ended December 31, 2016, respectively	100			141			1,092
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, 2016	53			186			—
Equity in other comprehensive income (loss) of subsidiaries	2,034			(4,194		)	2,348
Other comprehensive income (loss), net of tax	2,187			(3,867		)	3,440
Comprehensive income (loss)	$	68,028		$	(31,660	)	$	(45,466	)



	For the year ended December 31,
	2016			2015			2014
Cash flows from operating activities	(In Thousands)
Net income (loss)	$	65,841		$	(27,793	)	$	(48,906	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	6,854			8,174			9,180
Loss (gain) from change in fair value of warrant liability	1,900			(1,905		)	(2,949		)
Net realized investment losses	(53		)	(379		)	(67		)
Depreciation and amortization	5,779			3,885			5,618
Amortization of debt discount and debt issuance costs	1,914			251			—
Current tax payable	—			—			(2,390		)
Changes in operating assets and liabilities:
Equity in net (income) loss of subsidiaries	(58,819		)	14,430			38,710
Accrued investment income	(2		)	481			409
Receivable from affiliates	(828		)	1,566			616
Prepaid expenses	(563		)	626			(535		)
Other assets	(126		)	453			(445		)
Deferred income taxes	(38,456		)	—			—
Accounts payable and accrued expenses	2,711			8,025			233
Net cash (used in) provided by operating activities	(13,848		)	7,814			(526		)
Cash flows from investing activities
Capitalization of subsidiaries	(800		)	(153,500		)	(95,000		)
Purchase of short-term investments	(127,329		)	(21,160		)	—
Purchase of fixed-maturity investments, available-for-sale	(172		)	(66,411		)	(23,552		)
Proceeds from maturity of short-term investments	115,049			—			—
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	41,750			79,652			120,813
Purchase of software and equipment	(10,251		)	(6,135		)	(8,220		)
Net cash provided by (used in) investing activities	18,247			(167,554		)	(5,959		)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(756		)	(1,105		)	(1,083		)
Proceeds from issuance of common stock	532			415			1,097
Gain from settlement of warrants	—			—			(37		)
Proceeds from term loan, net of discount	—			148,500			—
Repayments of term loan	(1,500		)	(375		)	—
Payments of debt issuance costs	—			(4,437		)	—
Net cash (used in) provided by financing activities	(1,724		)	142,998			(23		)

Net increase (decrease) in cash and cash equivalents	2,675			(16,742		)	(6,508		)
Cash and cash equivalents, beginning of period	13,183			29,925			36,433
Cash and cash equivalents, end of period	$	15,858		$	13,183		$	29,925

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 Wisconsin OCI 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, 2016 were $80.5 million, $76.0 million and $55.7 million, respectively. 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.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

SCHEDULE IV - FINANCIAL INFORMATION OF REGISTRANT REINSURANCE PARENT COMPANY ONLY [Schedule]

12 Months Ended

Dec. 31, 2016

Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]

Financial Information of Registrant Reinsurance Parent Company Only

In September 2016, in order to continue to grow our business and manage insurance risk and our minimum required assets under PMIERs financial requirements, NMIC entered into a quota-share reinsurance transaction with a panel of third-party reinsurers.

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.



	Gross Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
For the years ended December 31,	(In thousands)
2016	$	115,830	$	5,349	$	—	$	110,481	—	%
2015	—		—		—		—		—	%
2014	—		—		—		—		—	%

Summary of Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

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.

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

Deferred Policy Acquisition Costs

Premium Deficiency Reserves

Reinsurance

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, 2016

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, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	64,135	$	6	$	(962	)	$	63,179
Municipal debt securities	40,801		131		(663		)	40,269
Corporate debt securities	349,712		1,722		(2,356		)	349,078
Asset-backed securities	114,456		765		(560		)	114,661
Total bonds	569,104		2,624		(4,541		)	567,187
Short-term investments	61,584		198		—			61,782
Total investments	$	630,688	$	2,822	$	(4,541	)	$	628,969



	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 December 31, 2016	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	94,382	$	94,584
Due after one through five years	173,296		173,251
Due after five through ten years	242,005		240,060
Due after ten years	6,549		6,413
Asset-backed securities	114,456		114,661
Total investments	$	630,688	$	628,969



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 December 31, 2016		(Dollars in Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	33	$	51,093	$	(962	)	—	$	—	$	—		33	$	51,093	$	(962	)
Municipal debt securities	14	28,659		(617		)	1	1,704		(46		)	15	30,363		(663		)
Corporate debt securities	77	135,115		(1,955		)	8	13,873		(401		)	85	148,988		(2,356		)
Asset-backed securities	30	38,702		(510		)	6	2,472		(50		)	36	41,174		(560		)
Total investments	154	$	253,569	$	(4,044	)	15	$	18,049	$	(497	)	169	$	271,618	$	(4,541	)



	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	)

Schedule of Net Investment Income

Net investment income is comprised of the following:



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Fixed maturities	$	14,121		$	7,726		$	6,127
Short-term investments	382			3			8
Investment income	14,503			7,729			6,135
Investment expenses	(752		)	(483		)	(517		)
Net investment income	$	13,751		$	7,246		$	5,618

Schedule of Net Realized Investment Gains (Losses)

Net Realized Investment Gains (Losses)



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Gross realized investment gains	$	748		$	1,526		$	694
Gross realized investment losses	(1,441		)	(695		)	(497		)
Net realized investment gains (losses)	$	(693	)	$	831		$	197

- 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, 2016

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, 2016 and December 31, 2015:



	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, 2016	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	50,719	$	12,460	$	—	$	63,179
Municipal debt securities	—		40,269		—		40,269
Corporate debt securities	—		349,078		—		349,078
Asset-backed securities	—		114,661		—		114,661
Cash, cash equivalents and short-term investments	109,528		—		—		109,528
Total assets	$	160,247	$	516,468	$	—	$	676,715
Warrant liability	$	—	$	—	$	3,367	$	3,367
Total liabilities	$	—	$	—	$	3,367	$	3,367



	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 year ended December 31,
	2016		2015			2014
	(In Thousands)
Balance, January 1,	$	1,467	$	3,372		$	6,371
Change in fair value of warrant liability included in earnings	1,900		(1,905		)	(2,949		)
Gain on settlement of warrants	—		—			(37		)
Issuance of common stock on warrant exercise	—		—			(13		)
Balance, December 31	$	3,367	$	1,467		$	3,372

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Term Loan (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

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



As of December 31, 2016	Principal
	(In thousands)
2017	1,500
2018	146,625
Total	$	148,125

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2016

Reinsurance Disclosures [Abstract]

Effects of Reinsurance

The effect of reinsurance on net premiums written and earned is as follows. For the year ended December 31, 2014, there were no reinsurance effects on net premiums written and earned.



	For the year ended
	December 31, 2016			December 31, 2015
	(In Thousands)
Net premiums written
Direct	$	177,962		$	114,210
Ceded	(43,270		)	—
Net premiums written	$	134,692		$	114,210

Net premiums earned
Direct	$	115,830		$	45,506
Ceded	(5,349		)	—
Net premiums earned	$	110,481		$	45,506

The following tables show the amounts ceded related to the 2016 QSR Transaction:



	For the year ended
	December 31, 2016			December 31, 2015
	(In Thousands)
Ceded risk-in-force	$	2,008,385		$	—
Ceded premiums written	(43,270		)	—
Ceded premiums earned	(5,349		)	—
Ceding commission written	10,111			—
Ceding commission earned	2,303			—

Reserves for Insurance Claims and Claim Expenses (Tables)

12 Months Ended

Dec. 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 claim expenses:



	For the year ended December 31,
	2016			2015			2014
	(In Thousands)
Beginning balance	$	679		$	83		$	—
Less reinsurance recoverables ⁽¹⁾	—			—			—
Beginning balance, net of reinsurance recoverables	679			83			—

Add claims incurred:
Claims and claim expenses incurred:
Current year ⁽²⁾	2,457			699			83
Prior years⁽³⁾	(65		)	(49		)	—
Total claims and claims expenses incurred	2,392			650			83

Less claims paid:
Claims and claim expenses paid:
Current year ⁽²⁾	171			50			—
Prior years ⁽³⁾	196			4			—
Total claims and claim expenses paid	367			54			—

Reserve at end of period, net of reinsurance recoverables	2,704			679			83
Add reinsurance recoverables ⁽¹⁾	297			—			—
Balance, December 31	$	3,001		$	679		$	83

⁽¹⁾ Related to ceded losses recoverable on the 2016 QSR Transaction. See Note 6, "Reinsurance" for additional information.

⁽²⁾ Related to defaults occurring in the current year.

⁽³⁾Related to defaults occurring in prior years.

Short-duration Insurance Contracts, Claims Development



	Reserves net of Reinsurance								As of December 31, 2016
Accident Year	2013		2014		2015		2016		Total of IBNR+		NODs
	($ Values In Thousands)
2013	$	—	$	24	$	—	$	—	$	—	—
2014			56		34		—		—		—
2015					652		614		14		14
2016							2,210		170		165
					Total		$	2,824	$	184	179



	Cumulative Paid Claims, net of Reinsurance
Accident Year	2013		2014		2015		2016
	(In Thousands)
2013	$	—	$	—	$	—	$	—
2014			—		4		—
2015					50		196
2016							171
					Total		$	367

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability



Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses
(In Thousands)
	As of December 31, 2016
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$	2,641
Reinsurance recoverable on unpaid claims	297
Unallocated claims adjustment expenses	63
Total gross liability for unpaid claims and claim adjustment expenses	$	3,001

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The below table shows, on average, the percentage of claims paid over the years after a claim is incurred.



	Average annual percentage payout of incurred claims by age, net of reinsurance
	Year 1	Year 2		Year 3		Year 4
Claims duration disclosure	4%	14	%	—	%	—	%

Earnings (Loss) Per Share (EPS) (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the net income (loss) and the weighted average shares of common stock outstanding used in the computations of basic and diluted earnings (loss) per share of common stock:



	For the year ended December 31,
	2016		2015			2014
	(In Thousands, except for per share data)
Net income (loss)	$	65,841	$	(27,793	)	$	(48,906	)

Basic earnings (loss) per share	$	1.11	$	(0.47	)	$	(0.84	)

Basic weighted average shares outstanding	59,070,948		58,683,194			58,281,425
Dilutive effect of un-vested shares	1,758,424		—			—
Dilutive weighted average shares outstanding	60,829,372		58,683,194			58,281,425

Diluted earnings (loss) per share	$	1.08	$	(0.47	)	$	(0.84	)

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, December 31, 2015, and December 31, 2014 is as follows:



For the year ended December 31, 2016	Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Exercise Price
	(Shares in Thousands)
Options outstanding at December 31, 2015	3,851		$	3.94	$	10.21
Options granted	—		—		—
Options exercised	—		—		—
Options forfeited	(41	)	3.33		8.92
Options expired	(784	)	3.87		10.06
Options outstanding at December 31, 2016	3,026		$	3.97	$	10.27



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, 2016, December 31, 2015, and December 31, 2014 is as follows:



For the year ended December 31, 2016	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Un-vested restricted stock units at December 31, 2015	1,443		$	7.81
Restricted stock units granted	1,551		4.98
Restricted stock units vested	(381	)	8.71
Restricted stock units forfeited	(75	)	5.81
Un-vested restricted stock units at December 31, 2016	2,538		$	6.01



For the year ended December 31, 2015	Shares		Weighted Average Grant Date Fair Value per Share
	(Shares in Thousands)
Un-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
Un-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)
Un-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
Un-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, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes (Benefit)

Total income tax expense (benefit) consists of the following components:



	For the year ended December 31,
	2016			2015		2014
	(In Thousands)
Current	$	360		$	—	$	(2,390	)
Deferred	(54,749		)	—		4
Total income tax benefit	$	(54,389	)	$	—	$	(2,386	)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the federal statutory income tax rate to our effective income tax (benefit) rate is as follows:



	For the year ended December 31,
	2016		2015		2014
Federal statutory income tax rate	35.00	%	35.00	%	35.00	%
Valuation allowance	(527.02	)	(35.83	)	(31.42	)
Share-based and other compensation	9.68		—		—
Warrant gain/loss	3.95		1.61		1.40
Other	3.47		(0.78	)	(0.32	)
True-up from prior year	—		—		(0.01	)
Effective income tax rate	(474.92	)%	—	%	4.65	%

Schedule of Deferred Tax Assets and Liabilities

The components of our net deferred income tax asset (liability) are summarized as follows:



	As of December 31,
	2016			2015
Deferred tax asset	(In Thousands)
Net operating loss carry forwards	$	47,867		$	52,819
Share-based compensation	11,231			9,760
Unearned premium reserve	9,514			7,504
Deferred ceding commissions	1,999			—
Capitalized start-up costs	833			913
Unrealized loss on investments	711			2,101
Alternative minimum tax credit	360			—
Other	5,893			5,438
Total gross deferred tax assets	78,408			78,535
Less: valuation allowance	(7,252		)	(66,399		)
Total deferred tax assets	71,156			12,136
Deferred tax liability
Deferred acquisition costs	(12,456		)	(7,246		)
Capitalized software	(5,076		)	(4,753		)
Intangible assets	(137		)	(137		)
Other	(213		)	(137		)
Total deferred tax liabilities	(17,882		)	(12,273		)
Net deferred income tax asset (liability)	$	53,274		$	(137	)

Software and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Equipment and Software

Software and equipment, net of accumulated amortization and depreciation, as of December 31, 2016 and December 31, 2015, consists of the following:



	December 31, 2016			December 31, 2015
	(In Thousands)
Software	$	23,621		$	17,267
Equipment	3,102			1,803
Leasehold improvements	3,453			1,028
Subtotal	30,176			20,098
Accumulated amortization and depreciation	(9,774		)	(4,897		)
Software and equipment, net	$	20,402		$	15,201

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets and Goodwill



	(In Thousands)		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, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

As of December 31, 2016, management expects that future minimum lease payments under this lease will be as follows:



Years ending December 31,	(In Thousands)
2017	$	1,488
2018	1,711
2019	2,346
2020	2,417
2021	2,490
2022	2,564
2023	657
Totals	$	13,673

Regulatory Information (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 were as follows:



	December 31,
	2016			2015			2014
	(In Thousands)
Statutory net loss	$	(26,653	)	$	(52,322	)	$	(47,961	)
Statutory surplus	413,809			391,422			236,738
Contingency reserve	90,479			32,564			9,401
Risk-to-capital	11.6:1			8.7:1			3.6:1

- 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, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2016 Quarters												2016
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
Net premiums earned	$	19,807		$	26,041		$	31,808		$	32,825		$	110,481
Net investment income	3,231			3,342			3,544			3,634			13,751
Net realized investment (losses) gains	(885		)	61			66			65			(693		)
Other revenues	32			37			102			105			276
Insurance claims and claims expenses	458			470			664			800			2,392
Underwriting and operating expenses	22,671			23,234			24,037			23,281			93,223
Gain (loss) from change in fair value of warrant liability	670			(59		)	(797		)	(1,714		)	(1,900		)
Interest expense	3,632			3,707			3,733			3,776			14,848
Pre-tax (loss) income	(3,907		)	2,011			6,289			7,059			11,452
Income tax expense (benefit)	—			—			114			(54,503		)	(54,389		)
Net (loss) income	(3,907		)	2,011			6,175			61,562			65,841
(Loss) income per share: ⁽¹⁾
Basic (loss) earnings per share	$	(0.07	)	$	0.03		$	0.10		$	1.04		$	1.11
Diluted (loss) earnings per share	(0.07		)	0.03			0.10			1.01			1.08
Weighted average common shares outstanding - basic	58,936,694			59,105,613			59,130,401			59,140,011			59,070,948
Weighted average common shares outstanding - diluted	58,936,694			59,830,899			60,284,746			61,229,338			60,829,372



	2015 Quarters												2015
	First			Second			Third			Fourth			Year
	(In Thousands, except share data)
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
Pre-tax loss	(8,061		)	(10,112		)	(4,799		)	(4,821		)	(27,793		)
Income tax (benefit) expense	(241		)	241			—			—			—
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


(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	Nov. 30, 2013 shares	Apr. 30, 2012 USD ($) shares	Dec. 31, 2016 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
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) $ in Millions			12 Months Ended
Summary of Accounting Policies (Details) $ in Millions	Feb. 10, 2017	Nov. 10, 2015	Dec. 31, 2016 USD ($) customer shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares
Finite-Lived Intangible Assets [Line Items]
Number of customers \| customer			1
Amortization of deferred acquisition expense \| $			$ 0.4	$ 2.8	$ 4.3
Dilutive effect of non-vested shares (in shares)			1,758,424	0	0
Credit Agreement [Member] \| Senior Secured Term Loan B [Member] \| Eurodollar [Member]
Finite-Lived Intangible Assets [Line Items]
Basis spread on variable rate		7.50%
Variable rate floor		1.00%
Credit Agreement [Member] \| Senior Secured Term Loan B [Member] \| Subsequent Event [Member]
Finite-Lived Intangible Assets [Line Items]
Prepayment penalty, period	12 months
Prepayment penalty	1.00%
Credit Agreement [Member] \| Senior Secured Term Loan B [Member] \| Subsequent Event [Member] \| Eurodollar [Member]
Finite-Lived Intangible Assets [Line Items]
Basis spread on variable rate	6.75%
Variable rate floor	1.00%
Credit Agreement [Member] \| Senior Secured Term Loan B [Member] \| Subsequent Event [Member] \| Base Rate [Member]
Finite-Lived Intangible Assets [Line Items]
Basis spread on variable rate	5.75%
Variable rate floor	2.00%
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			14.00%
Stock Compensation Plan and Warrant [Member]
Finite-Lived Intangible Assets [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			4,763,826	6,266,905	5,839,909

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 630,688	$ 564,319
Gross Unrealized Gains	2,822	560
Gross Unrealized (Losses)	(4,541)	(5,644)
Fair Value	628,969	559,235
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	64,135	84,968
Gross Unrealized Gains	6	4
Gross Unrealized (Losses)	(962)	(490)
Fair Value	63,179	84,482
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	40,801	20,209
Gross Unrealized Gains	131	44
Gross Unrealized (Losses)	(663)	(174)
Fair Value	40,269	20,079
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	349,712	337,273
Gross Unrealized Gains	1,722	431
Gross Unrealized (Losses)	(2,356)	(4,377)
Fair Value	349,078	333,327
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	114,456	101,320
Gross Unrealized Gains	765	76
Gross Unrealized (Losses)	(560)	(603)
Fair Value	114,661	100,793
Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	569,104	543,770
Gross Unrealized Gains	2,624	555
Gross Unrealized (Losses)	(4,541)	(5,644)
Fair Value	567,187	538,681
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	61,584	20,549
Gross Unrealized Gains	198	5
Gross Unrealized (Losses)	0	0
Fair Value	$ 61,782	$ 20,554

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Dec. 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	$ 94,382	$ 62,745
Amortized Cost, Due after one through five years	173,296	187,633
Amortized Cost, Due after five through ten years	242,005	193,379
Amortized Cost, Due after ten years	6,549	19,242
Amortized Cost, Asset-backed securities	114,456	101,320
Amortized Cost	630,688	564,319
Available-for-sale Securities, Debt Maturities, Single Maturity Date [Abstract]
Fair Value, Due in one year or less	94,584	62,743
Fair Value, Due after one through five years	173,251	186,629
Fair Value, Due after five through ten years	240,060	190,055
Fair Value Due after ten years	6,413	19,015
Fair Value, Asset-backed securities	114,661	100,793
Fair Value	$ 628,969	$ 559,235

Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	$ 4,541	$ 5,644
Unrealized losses for a period of 12 months or greater	497	460
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized losses	962	490
Unrealized losses for a period of 12 months or greater	0	93
Cash and investments held with various state insurance departments	$ 6,900	$ 6,900

- 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, 2016 USD ($) security	Dec. 31, 2015 USD ($) security
Number of securities
Number of Securities, Less than 12 Months \| security	154	128
Number of Securities, 12 Months or Greater \| security	15	13
Number of Securities, Total \| security	169	141
Fair value
Fair Value, Less than 12 Months	$ 253,569	$ 375,857
Fair Value, 12 Months or Greater	18,049	31,864
Fair Value, Total	271,618	407,721
Unrealized loss
Unrealized Losses, Less than 12 Months	(4,044)	(5,184)
Unrealized Losses, 12 Months or Greater	(497)	(460)
Unrealized Losses, Total	$ (4,541)	$ (5,644)
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Number of securities
Number of Securities, Less than 12 Months \| security	33	14
Number of Securities, 12 Months or Greater \| security	0	4
Number of Securities, Total \| security	33	18
Fair value
Fair Value, Less than 12 Months	$ 51,093	$ 50,558
Fair Value, 12 Months or Greater	0	10,194
Fair Value, Total	51,093	60,752
Unrealized loss
Unrealized Losses, Less than 12 Months	(962)	(397)
Unrealized Losses, 12 Months or Greater	0	(93)
Unrealized Losses, Total	$ (962)	$ (490)
Municipal debt securities [Member]
Number of securities
Number of Securities, Less than 12 Months \| security	14	4
Number of Securities, 12 Months or Greater \| security	1	1
Number of Securities, Total \| security	15	5
Fair value
Fair Value, Less than 12 Months	$ 28,659	$ 11,293
Fair Value, 12 Months or Greater	1,704	3,242
Fair Value, Total	30,363	14,535
Unrealized loss
Unrealized Losses, Less than 12 Months	(617)	(165)
Unrealized Losses, 12 Months or Greater	(46)	(9)
Unrealized Losses, Total	$ (663)	$ (174)
Corporate debt securities [Member]
Number of securities
Number of Securities, Less than 12 Months \| security	77	83
Number of Securities, 12 Months or Greater \| security	8	4
Number of Securities, Total \| security	85	87
Fair value
Fair Value, Less than 12 Months	$ 135,115	$ 244,128
Fair Value, 12 Months or Greater	13,873	9,220
Fair Value, Total	148,988	253,348
Unrealized loss
Unrealized Losses, Less than 12 Months	(1,955)	(4,124)
Unrealized Losses, 12 Months or Greater	(401)	(253)
Unrealized Losses, Total	$ (2,356)	$ (4,377)
Asset-backed securities [Member]
Number of securities
Number of Securities, Less than 12 Months \| security	30	27
Number of Securities, 12 Months or Greater \| security	6	4
Number of Securities, Total \| security	36	31
Fair value
Fair Value, Less than 12 Months	$ 38,702	$ 69,878
Fair Value, 12 Months or Greater	2,472	9,208
Fair Value, Total	41,174	79,086
Unrealized loss
Unrealized Losses, Less than 12 Months	(510)	(498)
Unrealized Losses, 12 Months or Greater	(50)	(105)
Unrealized Losses, Total	$ (560)	$ (603)

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 14,503	$ 7,729	$ 6,135
Investment expenses	(752)	(483)	(517)
Net investment income	13,751	7,246	5,618
Fixed maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	14,121	7,726	6,127
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	$ 382	$ 3	$ 8

Investments - Net Realized Investments Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Gross realized investment gains	$ 748	$ 1,526	$ 694
Gross realized investment losses	(1,441)	(695)	(497)
Net realized investment gains (losses)	$ (693)	$ 831	$ 197

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 628,969	$ 559,235
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)	$ 10.65	$ 6.77
Risk free rate	1.78%	1.91%
Expected term	4 years 3 months 28 days	5 years 11 months 2 days
Volatility assumption	32.70%	32.70%
Expected dividend rate	0.00%	0.00%
Fair Value, Measurements, Recurring [Member] \| Yankee Bonds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,000
Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	349,078	$ 333,327
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	349,078	333,327
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	349,078	333,327
Corporate debt securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [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] \| 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	31,000
Asset-backed securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	114,661	100,793
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	114,661	100,793
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	114,661	100,793
Asset-backed securities [Member] \| Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [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] \| 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	$ 3,700

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,467	$ 3,372	$ 6,371
Change in fair value of warrant liability included in earnings	1,900	(1,905)	(2,949)
Gain on settlement of warrants	0	0	(37)
Issuance of common stock on warrant exercise	0	0	(13)
Ending balance	$ 3,367	$ 1,467	$ 3,372

Term Loan - Narrative (Details) - USD ($)		12 Months Ended
Term Loan - Narrative (Details) - USD ($)	Nov. 10, 2015	Dec. 31, 2016
Debt Instrument [Line Items]
Term loan		$ 148,125,000
Senior Secured Term Loan B [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument term	3 years
Debt instrument, face amount	$ 150,000,000
Periodic payment of principal	375,000
Term loan		148,100,000
Debt issuance cost	$ 4,400,000
Percentage of debt discount	1.00%
Interest expense		$ 14,800,000
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	$ 25,500,000.0
Senior Secured Term Loan B [Member] \| Credit Agreement [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Variable rate floor	1.00%
Basis spread on variable rate	7.50%
Senior Secured Term Loan B [Member] \| Credit Agreement [Member] \| Initial Eurodollar Annual Margin [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		8.75%

Term Loan - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Future Principal Payments [Abstract]
2017	$ 1,500
2018	146,625
Total	$ 148,125

Reinsurance (Details) - USD ($) $ in Thousands	Sep. 01, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid claims		$ 297	$ 0	$ 0	$ 0
Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Ceding commissions under 2016 QSR Transaction	20.00%
Threshold for loss ratio on loans under 2016 QSR Transaction to qualify for profit commission	60.00%
Reinsurance recoverable on unpaid claims		$ 297
Existing Risk Written Policies \| Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Percent of policies ceded under 2016 QSR Transaction	25.00%
Fannie Mae \| Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Percent of policies ceded under 2016 QSR Transaction	100.00%
Risk Written Policies from September 1, 2016 through December 31, 2017 \| Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Percent of policies ceded under 2016 QSR Transaction	25.00%

Reinsurance - Effect of Reinsurance on Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net premiums written
Direct									$ 177,962	$ 114,210
Ceded									(43,270)	0
Net premiums written									134,692	114,210
Net premiums earned
Gross Amount									115,830	45,506
Ceded									(5,349)	0
Net premiums earned	$ 32,825	$ 31,808	$ 26,041	$ 19,807	$ 16,880	$ 12,834	$ 8,856	$ 6,936	$ 110,481	$ 45,506	$ 13,407

Reinsurance - Amounts Ceded Related to 2016 QSR Transaction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Ceded Credit Risk [Line Items]
Ceded premiums written	$ (43,270)	$ 0
Ceded premiums earned	(5,349)	0
Third-Party Reinsurers
Ceded Credit Risk [Line Items]
Ceded risk-in-force	2,008,385	0
Ceded premiums written		0
Ceded premiums earned		0
Ceding commission written	10,111	0
Ceding commission earned	$ 2,303	$ 0

Reserves for Insurance Claims and Claim Expenses - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) loan claim	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for insurance claims and claim expenses	$ 3,001	$ 679	$ 83	$ 0
Incurred but not reported (IBNR) claims, number of primary loans in default \| loan	179
Number of claims paid \| claim	9
Claims paid, prior years	$ 367	54	0
Less than, LTV ratio (less than)	0.8
Liability for unpaid claims and claims adjustment expense, claims applied to deductible	$ 256
Prior year claims and claims adjustment expense	65	$ 49	$ 0
Liability for prior year claims and claims adjustment expense	$ 418
Fannie Mae
Liability for Claims and Claims Adjustment Expense [Line Items]
Number of loans in pool past due 60 days or more \| loan	56
Risk in Force of loans in pool past due 60 days or more	$ 3,400
Deductible on policy	$ 10,100

Reserves for Insurance Claims and Claim Expenses - Reconciliation of Reserve Balances for Insurance Claims Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 679	$ 83	$ 0
Less reinsurance recoverables	0	0	0
Beginning balance, net of reinsurance recoverables	679	83	0
Claims and claim expenses incurred:
Current year	2,457	699	83
Prior years	(65)	(49)	0
Total claims and claims expenses incurred	2,392	650	83
Claims and claim expenses paid:
Current year	171	50	0
Prior years	196	4	0
Total claims and claim expenses paid	367	54	0
Reserve at end of period, net of reinsurance recoverables	2,704	679	83
Add reinsurance recoverables	297	0	0
Balance, December 31	$ 3,001	$ 679	$ 83

Reserves for Insurance Claims and Claim Expenses - Claim Development by Accident Year and Reconciliation of Reserve for Insurance Claims and Claims Expense (Details) - Financial Guarantee Insurance Product Line $ in Thousands	Dec. 31, 2016 USD ($) claim	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Claims Development [Line Items]
Reserves net of Reinsurance	$ 2,824
Incurred but not reported claims liability	$ 184
Cumulative number of reported claims \| claim	179
Cumulative Paid Claims, net of Reinsurance	$ 367
2013
Claims Development [Line Items]
Reserves net of Reinsurance	0	$ 0	$ 24	$ 0
Incurred but not reported claims liability	$ 0
Cumulative number of reported claims \| claim	0
Cumulative Paid Claims, net of Reinsurance	$ 0	0	0	$ 0
2014
Claims Development [Line Items]
Reserves net of Reinsurance	0	34	56
Incurred but not reported claims liability	$ 0
Cumulative number of reported claims \| claim	0
Cumulative Paid Claims, net of Reinsurance	$ 0	4	$ 0
2015
Claims Development [Line Items]
Reserves net of Reinsurance	614	652
Incurred but not reported claims liability	$ 14
Cumulative number of reported claims \| claim	14
Cumulative Paid Claims, net of Reinsurance	$ 196	$ 50
2016
Claims Development [Line Items]
Reserves net of Reinsurance	2,210
Incurred but not reported claims liability	$ 170
Cumulative number of reported claims \| claim	165
Cumulative Paid Claims, net of Reinsurance	$ 171

Reserves for Insurance Claims and Claim Expenses - Reconciliation of Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claims Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reinsurance recoverable on unpaid claims	$ 297	$ 0	$ 0	$ 0
Total gross liability for unpaid claims and claim adjustment expenses	3,001	$ 679	$ 83	$ 0
Financial Guarantee Insurance Product Line
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	2,641
Reinsurance recoverable on unpaid claims	297
Unallocated claims adjustment expenses	63
Total gross liability for unpaid claims and claim adjustment expenses	$ 3,001

Reserves for Insurance Claims and Claim Expenses - Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Details) - Financial Guarantee Insurance Product Line	Dec. 31, 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.00%
Year 2	14.00%
Year 3	0.00%
Year 4	0.00%

Earnings (Loss) Per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income (loss)	$ 61,562	$ 6,175	$ 2,011	$ (3,907)	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)	$ 65,841	$ (27,793)	$ (48,906)
Basic earnings (loss) per share (in dollars per share)	$ 1.04	$ 0.10	$ 0.03	$ (0.07)					$ 1.11	$ (0.47)	$ (0.84)
Basic weighted average shares outstanding (in shares)	59,140,011	59,130,401	59,105,613	58,936,694					59,070,948	58,683,194	58,281,425
Dilutive effect of non-vested shares (in shares)									1,758,424	0	0
Dilutive weighted average shares outstanding (in shares)	61,229,338	60,284,746	59,830,899	58,936,694					60,829,372	58,683,194	58,281,425
Diluted earnings (loss) per share (in dollars per share)	$ 1.01	$ 0.10	$ 0.03	$ (0.07)					$ 1.08	$ (0.47)	$ (0.84)

Earnings (Loss) Per Share (EPS) - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of non-vested shares (in shares)	1,758,424	0	0
Stock Compensation Plan and Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,763,826	6,266,905	5,839,909

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 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
Warrants exercised (in shares)	7,790	0	0
Gain from settlement of warrants	$ 37	$ 0	$ 0	$ 37
Common Stock [Member] \| Common Class A [Member]
Line of Credit Facility [Line Items]
Common stock issued (in shares)	1,115			1,115

Share-Based Compensation - Narrative (Details)		1 Months Ended		12 Months Ended
Share-Based Compensation - Narrative (Details)	Apr. 16, 2012 shares	May 31, 2016 USD ($) independent_director shares	Feb. 28, 2013 shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2012 simulation	May 08, 2014 shares	Dec. 31, 2013 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 \| $				$ 1,500,000	$ 1,200,000	$ 900,000
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				$ 10.65	$ 6.77
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 options vested (in shares)				2,400,000
Options granted (in shares)				0	789,000	780,000
Weighted average exercise price for options vested (in dollars per share) \| $ / shares				$ 10.43
Weighted average remaining contractual term				6 years 10 days
Options vested aggregate value \| $				$ 1,500,000
Weighted average remaining contractual life of options outstanding				6 years 4 months 18 days
Total unrecognized compensation cost related to non-vested stock options \| $				$ 300,000
Compensation related to non-vested awards, weighted-average period for recognition				10 months 10 days
The 2012 Stock Incentive Plan [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be reserved for issuance (in shares)	3,850,000
Expiration period (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 4 months 21 days
Vesting percentage subject to both market and service conditions, annual vesting percentage					50.00%
Restricted stock units outstanding (in shares)				2,538,000	1,443,000	1,209,000			1,242,000
Modification to vesting terms, number of restricted stock units affected (in shares)			400,000
Number of simulations \| simulation							150,000
Weighted average remaining contractual life of RSUs outstanding				8 years 2 months 6 days
Total unrecognized compensation cost related to non-vested restricted stock units \| $				$ 4,200,000	$ 3,100,000	$ 3,000,000
Phantom stock units granted (in shares)				1,551,000	784,000	373,000
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)				2,000,000
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Service Conditions [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period				1 year
The 2012 Stock Incentive Plan [Member] \| Restricted Stock Units (RSUs), Subject to Service Conditions [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period				3 years
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
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)		8,169
Number of independent directors granted share-based payment award \| independent_director		1
Restricted stock units granted (in dollars per share) \| $		$ 50,000
Share-based compensation expense \| $				$ 54,000

Share-Based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	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)	3,851,000	3,630,000	3,062,000
Options granted (in shares)	0	789,000	780,000
Options exercised (in shares)	0	0	(109,000)
Options forfeited (in shares)	(41,000)	(64,000)	(87,000)
Options expired (in shares)	(784,000)	(504,000)	(16,000)
Options ending balance (in shares)	3,026,000	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)	$ 3.94	$ 4.16	$ 3.98
Options granted (in dollars per share)	0.00	3.06	4.85
Options exercised (in dollars per share)	0.00	0.00	3.85
Options forfeited (in dollars per share)	3.33	4.90	4.47
Options expired (in dollars per share)	3.87	4.05	4.25
Options ending balance (in dollars per share)	3.97	3.94	4.16
Weighted Average Grant Date Fair Value per Share
Options beginning balance (in dollars per share)	10.21	10.66	10.31
Options granted (in dollars per share)	0.00	8.49	12.03
Options exercised (in dollars per share)	0.00	0.00	10.00
Options forfeited (in dollars per share)	8.92	12.20	11.35
Options expired (in dollars per share)	10.06	10.48	10.93
Options beginning balance (in dollars per share)	$ 10.27	$ 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, 2016	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)	1,443	1,209	1,242
Restricted stock units granted (in shares)	1,551	784	373
Less: Restricted stock units vested (in shares)	(381)	(465)	(360)
Less: Restricted stock units forfeited (in shares)	(75)	(85)	(46)
Restricted Stock beginning balance (in shares)	2,538	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)	$ 7.81	$ 8.90	$ 7.75
Restricted Stock Units Granted (in dollars per share)	4.98	7.48	11.52
Less: Restricted Stock Units Vested (in dollars per share)	8.71	9.88	9.53
Less: Restricted Stock Units Forfeited (in dollars per share)	5.81	8.95	10.14
Restricted Stock ending balance (in dollars per share)	$ 6.01	$ 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, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	5 years
Risk free interest rate	0.86%
Dividend yield	0.00%
Expected stock price volatility	39.00%
Projected forfeiture rate	1.00%

Income Taxes - Components of Provision for Income Taxes (Benefits) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current									$ 360	$ 0	$ (2,390)
Deferred									(54,749)	0	4
Total income tax benefit	$ (54,503)	$ 114	$ 0	$ 0	$ 0	$ 0	$ 241	$ (241)	$ (54,389)	$ 0	$ (2,386)

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ (54,503,000)	$ 114,000	$ 0	$ 0	$ 0	$ 0	$ 241,000	$ (241,000)	$ (54,389,000)	$ 0	$ (2,386,000)
Net deferred income tax asset (liability)	53,274,000								53,274,000
Net deferred tax liability	0				137,000				0	137,000
Net operating loss carry forwards	47,867,000				52,819,000				47,867,000	52,819,000
Taxes paid related to net share settlement of equity awards									2,200,000	2,100,000
Loss carry forwards subject to expiration	7,300,000								7,300,000
Valuation allowance	7,252,000				66,399,000				7,252,000	66,399,000	53,700,000
Unrecognized tax benefits reserve	0				$ 0				0	0	$ 0
Annual Limitation Through Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	800,000								800,000
Annual Limitations After Year Two [Member]
Income Tax Contingency [Line Items]
Loss carry forwards subject to expiration	300,000								300,000
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Decrease in deferred tax asset valuation allowance									60,000,000
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	121,100,000								121,100,000
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 63,600,000								63,600,000
Decrease in deferred tax asset valuation allowance									$ 300,000
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)

Income Taxes - Income Tax Reconciliation (Details)	12 Months Ended
Income Taxes - Income Tax Reconciliation (Details)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	35.00%	35.00%	35.00%
Valuation allowance	(527.02%)	(35.83%)	(31.42%)
Share-based and other compensation	9.68%	0.00%	0.00%
Warrant gain/loss	3.95%	1.61%	1.40%
Other	3.47%	(0.78%)	(0.32%)
True-up from prior year	0.00%	0.00%	(0.01%)
Effective income tax rate	(474.92%)	0.00%	4.65%

Income Taxes - Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset
Net operating loss carry forwards	$ 47,867	$ 52,819
Share-based compensation	11,231	9,760
Unearned premium reserve	9,514	7,504
Deferred ceding commissions	1,999	0
Capitalized start-up costs	833	913
Unrealized loss on investments	711	2,101
Alternative minimum tax credit	360	0
Other	5,893	5,438
Total gross deferred tax assets	78,408	78,535
Less: valuation allowance	(7,252)	(66,399)	$ (53,700)
Total deferred tax assets	71,156	12,136
Deferred tax liability
Deferred acquisition costs	(12,456)	(7,246)
Capitalized software	(5,076)	(4,753)
Intangible assets	(137)	(137)
Other	(213)	(137)
Total deferred tax liabilities	(17,882)	(12,273)
Net deferred income tax asset (liability)	53,274
Net deferred income tax asset (liability)	$ 0	$ (137)

Software and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 30,176	$ 20,098
Accumulated amortization and depreciation	(9,774)	(4,897)
Software and equipment, net	20,402	15,201
Software [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	23,621	17,267
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	3,102	1,803
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 3,453	$ 1,028

Software and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 4.9	$ 3.2	$ 5.8

Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3,244	$ 3,244
Intangible assets and goodwill	3,634	3,634
Loss on impairment	0	0
State licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	260	260
GSE Approvals [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 130	$ 130

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	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	$ 1,500,000	$ 1,600,000
Senior Secured Term Loan B [Member] \| Credit Agreement [Member]
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, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2017	$ 1,488
2018	1,711
2019	2,346
2020	2,417
2021	2,490
2022	2,564
2023	657
Totals	$ 13,673

Common Stock Offerings (Details) - IPO [Member] - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Nov. 14, 2013	Nov. 08, 2013	Nov. 30, 2013
Class of Stock [Line Items]
Common stock offered and sold, (in shares)		2,100,000	2,400,000
Underwriters option period		30 days
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 - 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, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Statutory Accounting Practices [Line Items]
Statutory net loss	$ (26,653)	$ (52,322)	$ (47,961)
Statutory surplus	413,809	391,422	236,738
Contingency reserve	$ 90,479	$ 32,564	$ 9,401
Risk-to-Capital	11.6	8.7	3.6

Regulatory Information - Narrative (Details) $ in Thousands	Dec. 31, 2016 USD ($) state policy	Dec. 31, 2015 USD ($) policy	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
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	$ 477,349	$ 402,731	$ 426,958	$ 463,217
Investment in subsidiaries, at equity in net assets	$ 135,000
Ordinary dividends, restriction with regards to capital surplus	10.00%
NMIC [Member]
Statutory Accounting Practices [Line Items]
Risk-to-capital	12.4	8.4
Number of policies in force \| policy	134,662	63,948
Mortgage insurance risk in force	$ 5,800,000	$ 3,300,000
Subsidiaries [Member]
Statutory Accounting Practices [Line Items]
Shareholders' equity	$ 505,000

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 32,825	$ 31,808	$ 26,041	$ 19,807	$ 16,880	$ 12,834	$ 8,856	$ 6,936		$ 110,481	$ 45,506	$ 13,407
Net investment income	3,634	3,544	3,342	3,231	2,078	1,884	1,688	1,596		13,751	7,246	5,618
Net realized investment (losses) gains	65	66	61	(885)	(121)	(15)	354	613		(693)	831	197
Other revenues	105	102	37	32	25	0	0	0		276	25	0
Insurance claims and claims expenses	800	664	470	458	371	181	(6)	104		2,392	650	83
Underwriting and operating expenses	23,281	24,037	23,234	22,671	21,686	19,653	20,910	18,350		93,223	80,599	73,417
(Loss) gain from change in fair value of warrant liability	(1,714)	(797)	(59)	670	431	332	(106)	1,248		(1,900)	1,905	2,949
Gain from settlement of warrants									$ 37	0	0	37
Interest expense	3,776	3,733	3,707	3,632	2,057	0	0	0		14,848	2,057	0
Income (loss) before income taxes	7,059	6,289	2,011	(3,907)	(4,821)	(4,799)	(10,112)	(8,061)		11,452	(27,793)	(51,292)
Income tax benefit	(54,503)	114	0	0	0	0	241	(241)		(54,389)	0	(2,386)
Net income (loss)	$ 61,562	$ 6,175	$ 2,011	$ (3,907)	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)		$ 65,841	$ (27,793)	$ (48,906)
Loss per share
Earnings (loss) per share, basic (in dollars per share)	$ 1.04	$ 0.10	$ 0.03	$ (0.07)						$ 1.11	$ (0.47)	$ (0.84)
Earnings (loss) per share, diluted (in dollars per share)	$ 1.01	$ 0.10	$ 0.03	$ (0.07)						$ 1.08	(0.47)	$ (0.84)
Basic and diluted loss per share (in dollars per share)					$ (0.08)	$ (0.08)	$ (0.18)	$ (0.13)			$ (0.47)
Weighted average common shares outstanding, basic (in shares)	59,140,011	59,130,401	59,105,613	58,936,694						59,070,948	58,683,194	58,281,425
Weighted average common shares outstanding, diluted (in shares)	61,229,338	60,284,746	59,830,899	58,936,694						60,829,372	58,683,194	58,281,425
Weighted average common shares outstanding, basic and diluted (in shares)					58,781,566	58,741,328	58,720,095	58,485,899			58,683,194

SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	$ 630,688	$ 564,319
Fair Value	628,969	559,235
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	64,135	84,968
Fair Value	63,179	84,482
Municipal debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	40,801	20,209
Fair Value	40,269	20,079
Corporate debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	349,712	337,273
Fair Value	349,078	333,327
Asset-backed securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	114,456	101,320
Fair Value	114,661	100,793
Bonds [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	569,104	543,770
Fair Value	567,187	538,681
Short-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	61,584	20,549
Fair Value	61,782	$ 20,554
Parent
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	630,688
Fair Value	628,969
Amount Reflected on Balance Sheet	628,969
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	64,135
Fair Value	63,179
Amount Reflected on Balance Sheet	63,179
Parent \| Municipal debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	40,801
Fair Value	40,269
Amount Reflected on Balance Sheet	40,269
Parent \| Corporate debt securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	349,712
Fair Value	349,078
Amount Reflected on Balance Sheet	349,078
Parent \| Asset-backed securities [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	114,456
Fair Value	114,661
Amount Reflected on Balance Sheet	114,661
Parent \| Bonds [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	569,104
Fair Value	567,187
Amount Reflected on Balance Sheet	567,187
Parent \| Short-term Investments [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized Cost	61,584
Fair Value	61,782
Amount Reflected on Balance Sheet	$ 61,782

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY - Supplemental Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Other underwriting and operating expenses	$ 80.5	$ 76.0	$ 55.7

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule] - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 47,746	$ 57,317	$ 103,021	$ 55,929
Investment in subsidiaries, at equity in net assets	135,000
Accrued investment income	3,421	2,873
Prepaid expenses	1,991	1,428
Software and equipment, net	20,402	15,201
Deferred tax asset, net	53,274	0
Other assets	542	90
Total assets	841,737	662,451
Liabilities
Term loan	144,353	143,939
Accounts payable and accrued expenses	25,297	22,725
Warrant liability, at fair value	3,367	1,467
Total liabilities	364,388	259,720
Equity [Abstract]
Additional paid-in capital	576,927	570,340
Accumulated other comprehensive loss, net of tax	(5,287)	(7,474)
Accumulated deficit	(94,882)	(160,723)
Total shareholders' equity	477,349	402,731	426,958	463,217
Total liabilities and shareholders' equity	841,737	662,451
Parent
Assets
Fixed maturities, available-for-sale, at fair value	58,209	87,010
Cash and cash equivalents	15,858	13,183	$ 29,925	$ 36,433
Investment in subsidiaries, at equity in net assets	503,731	442,077
Accrued investment income	151	148
Prepaid expenses	1,991	1,428
Due from affiliates, net	9,211	8,383
Software and equipment, net	20,401	15,201
Deferred tax asset, net	38,374	0
Other assets	182	56
Total assets	648,108	567,486
Liabilities
Term loan	144,353	143,939
Accounts payable and accrued expenses	23,039	19,349
Warrant liability, at fair value	3,367	1,467
Total liabilities	170,759	164,755
Equity [Abstract]
Total shareholders' equity	477,349
Total liabilities and shareholders' equity	648,108	567,486
Common Class A [Member]
Equity [Abstract]
Common stock - class A shares, $0.01 par value; 59,145,161 and 58,807,825 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively (250,000,000 shares authorized)	$ 591	$ 588

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule] - Balance Sheet Additional Information (Details) - Common Class A [Member] - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	59,145,161	58,807,825
Common stock, shares outstanding (in shares)	59,145,161	58,807,825
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Parent
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	59,145,161	58,807,825
Common stock, shares outstanding (in shares)	59,145,161	58,807,825
Common stock, shares authorized (in shares)	250,000,000	250,000,000

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule] - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Net investment income	$ 3,634	$ 3,544	$ 3,342	$ 3,231	$ 2,078	$ 1,884	$ 1,688	$ 1,596		$ 13,751	$ 7,246	$ 5,618
Net realized investment (losses) gains	65	66	61	(885)	(121)	(15)	354	613		(693)	831	197
Total revenues										123,815	53,608	19,222
Expenses
Total expenses										95,615	81,249	73,500
Other income (loss)
(Loss) gain from change in fair value of warrant liability	(1,714)	(797)	(59)	670	431	332	(106)	1,248		(1,900)	1,905	2,949
Gain from settlement of warrants									$ 37	0	0	37
Interest expense	(3,776)	(3,733)	(3,707)	(3,632)	(2,057)	0	0	0		(14,848)	(2,057)	0
Total other (expenses) income										(16,748)	(152)	2,986
Income (loss) before income taxes	7,059	6,289	2,011	(3,907)	(4,821)	(4,799)	(10,112)	(8,061)		11,452	(27,793)	(51,292)
Income tax benefit	(54,503)	114	0	0	0	0	241	(241)		(54,389)	0	(2,386)
Net income (loss)	$ 61,562	$ 6,175	$ 2,011	$ (3,907)	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)		65,841	(27,793)	(48,906)
Other comprehensive (loss) income, net of tax:
Net unrealized gains (losses) in accumulated other comprehensive income (loss), net of tax expense of $1,178, $0, and $2,390 for each of the years in the three-year period ended December 31, 2016, respectively										1,429	(3,518)	3,636
Reclassification adjustment for (gains) losses included in net income (loss), net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2016										758	(349)	(196)
Other comprehensive income (loss), net of tax										2,187	(3,867)	3,440
Comprehensive income (loss)										68,028	(31,660)	(45,466)
Parent
Revenues
Net investment income										773	2,535	2,937
Net realized investment (losses) gains										53	379	67
Total revenues										826	2,914	3,004
Expenses
Other operating expenses										17,600	17,157	18,817
Total expenses										17,600	17,157	18,817
Other income (loss)
(Loss) gain from change in fair value of warrant liability										(1,900)	1,905	2,949
Gain from settlement of warrants										0	0	37
Interest expense										(14,848)	(2,057)	0
Total other (expenses) income										(16,748)	(152)	2,986
Equity in net income (loss) of subsidiaries										58,819	(14,430)	(38,710)
Income (loss) before income taxes										25,297	(28,825)	(51,537)
Income tax benefit										(40,544)	(1,032)	(2,631)
Net income (loss)										65,841	(27,793)	(48,906)
Other comprehensive (loss) income, net of tax:
Net unrealized gains (losses) in accumulated other comprehensive income (loss), net of tax expense of $1,178, $0, and $2,390 for each of the years in the three-year period ended December 31, 2016, respectively										100	141	1,092
Reclassification adjustment for (gains) losses included in net income (loss), net of tax expense of $0 for the each of the years in the three-year period ended December 31, 2016										53	186	0
Equity in other comprehensive income (loss) of subsidiaries										2,034	(4,194)	2,348
Other comprehensive income (loss), net of tax										2,187	(3,867)	3,440
Comprehensive income (loss)										$ 68,028	$ (31,660)	$ (45,466)

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule] - Income Statement Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Change in unrealized investment gains (losses), tax amount	$ 1,178,000	$ 0	$ 2,390,000
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	82,000	0	2,390,000
Reclassification adjustment from AOCI for sale of securities, tax	$ 0	$ 0	$ 0

SCHEDULE II - FINANCIAL INFORMATION OF REGISTRANT- PARENT COMPANY ONLY [Schedule] - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 61,562	$ 6,175	$ 2,011	$ (3,907)	$ (4,821)	$ (4,799)	$ (10,353)	$ (7,820)		$ 65,841	$ (27,793)	$ (48,906)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense										6,854	8,174	9,180
Loss (gain) from change in fair value of warrant liability	1,714	797	59	(670)	(431)	(332)	106	(1,248)		1,900	(1,905)	(2,949)
Net realized investment losses	(65)	$ (66)	$ (61)	885	121	$ 15	$ (354)	(613)		693	(831)	(197)
Depreciation and amortization										5,660	4,861	8,080
Amortization of debt discount and debt issuance costs										1,914	251	0
Changes in operating assets and liabilities:
Accrued investment income										(548)	(1,166)	294
Prepaid expenses										(563)	626	(535)
Other assets										(452)	419	(446)
Deferred income taxes										(54,749)	0	4
Accounts payable and accrued expenses										3,300	8,167	117
Net cash (used in) provided by operating activities										71,944	41,463	(20,967)
Cash flows from investing activities
Purchase of short-term investments										(170,067)	(21,160)	0
Purchase of fixed-maturity investments, available-for-sale										(143,568)	(343,771)	(60,462)
Proceeds from maturity of short-term investments										129,033	0	0
Purchase of software and equipment										(11,471)	(6,135)	(8,220)
Net cash provided by (used in) investing activities										(79,792)	(230,165)	68,082
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards										(755)	(1,105)	(1,083)
Proceeds from issuance of common stock										532	415	1,097
Gain from settlement of warrants									$ (37)	0	0	(37)
Proceeds from term loan, net of discount										0	148,500	0
Repayments of term loan										(1,500)	(375)	0
Payments of debt issuance costs										0	(4,437)	0
Net cash (used in) provided by financing activities										(1,723)	142,998	(23)
Net (decrease) increase in cash and cash equivalents										(9,571)	(45,704)	47,092
Cash and cash equivalents, beginning of period				57,317				103,021	55,929	57,317	103,021	55,929
Cash and cash equivalents, end of period	47,746				57,317					47,746	57,317	103,021
Parent
Cash flows from operating activities
Net income (loss)										65,841	(27,793)	(48,906)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense										6,854	8,174	9,180
Loss (gain) from change in fair value of warrant liability										1,900	(1,905)	(2,949)
Net realized investment losses										(53)	(379)	(67)
Depreciation and amortization										5,779	3,885	5,618
Amortization of debt discount and debt issuance costs										1,914	251	0
Noncash intraperiod tax allocation										0	0	(2,390)
Changes in operating assets and liabilities:
Equity in net (income) loss of subsidiaries										(58,819)	14,430	38,710
Accrued investment income										(2)	481	409
Receivable from affiliates										(828)	1,566	616
Prepaid expenses										(563)	626	(535)
Other assets										(126)	453	(445)
Deferred income taxes										(38,456)	0	0
Accounts payable and accrued expenses										2,711	8,025	233
Net cash (used in) provided by operating activities										(13,848)	7,814	(526)
Cash flows from investing activities
Capitalization of subsidiaries										(800)	(153,500)	(95,000)
Purchase of short-term investments										(127,329)	(21,160)	0
Purchase of fixed-maturity investments, available-for-sale										(172)	(66,411)	(23,552)
Proceeds from maturity of short-term investments										115,049	0	0
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale										41,750	79,652	120,813
Purchase of software and equipment										(10,251)	(6,135)	(8,220)
Net cash provided by (used in) investing activities										18,247	(167,554)	(5,959)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards										(756)	(1,105)	(1,083)
Proceeds from issuance of common stock										532	415	1,097
Gain from settlement of warrants										0	0	(37)
Proceeds from term loan, net of discount										0	148,500	0
Repayments of term loan										(1,500)	(375)	0
Net cash (used in) provided by financing activities										(1,724)	142,998	(23)
Net (decrease) increase in cash and cash equivalents										2,675	(16,742)	(6,508)
Cash and cash equivalents, beginning of period				$ 13,183				$ 29,925	$ 36,433	13,183	29,925	36,433
Cash and cash equivalents, end of period	$ 15,858				$ 13,183					$ 15,858	$ 13,183	$ 29,925

SCHEDULE IV - FINANCIAL INFORMATION OF REGISTRANT REINSURANCE PARENT COMPANY ONLY (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross Amount									$ 115,830	$ 45,506
Ceded to Other Companies									5,349	0
Net Amount	$ 32,825	$ 31,808	$ 26,041	$ 19,807	$ 16,880	$ 12,834	$ 8,856	$ 6,936	110,481	45,506	$ 13,407
Parent
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross Amount									115,830	0	0
Ceded to Other Companies									5,349	0	0
Assumed from Other Companies									0	0	0
Net Amount									$ 110,481	$ 0	$ 0
Percentage of Amount Assumed to Net									0.00%	0.00%	0.00%