Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) Other Fair Value Disclosure The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our  consolidated balance sheets were as follows as of the dates indicated: Fixed-Maturities Held to Maturity— The fair values of fixed-maturity securities are obtained from independent pricing  services that use observed market transactions, including broker -dealer quotes and actual trade activity as a basis for valuation.  Other Invested Assets— The fair value of these assets, primarily invested in limited partnerships, is estimated based on  information within the financial statements provided by the limited partnerships.  These interests are accounted for and carried  as cost-method investments.  Long-Term Debt— The fair value is estimated based on the quoted market prices for the same or similar issues or on the  current rates offered to us for debt of the same remaining maturities. Included in the carrying amount of long-term debt is the  impact of the unamortized discount associated with the convertible senior notes issued in November 2010. See Note 13 for  additional information.  Non-Derivative Financial Guaranty Liabilities— We estimate the fair value of these non-derivative financial guarantees  in a hypothetical market where market participants include other monoline mortgage and financial guaranty insurers with  similar credit quality to us, assuming that the net liability related to these insurance contracts could be transferred to these other  mortgage and financial guaranty insurance and reinsurance companies.  This fair value estimate of non-derivative financial guarantees includes direct and assumed contracts written and is based  on the difference between the present value of: (1) the expected future contractual premiums; and (2) the fair premium amount  to provide the same credit protection assuming a transfer of our obligation to a guarantor of similar credit quality as Radian as  of the measurement date.  The key variables considered in estimating fair value include par amounts outstanding (including future periods for the  estimation of future installment premiums), expected term, unearned premiums, expected losses and our CDS spread. Estimates  of future installment premiums received are based on contractual premium rates.  With respect to the fair premium amount, the accounting standard regarding fair value measurements requires that the  non-performance risk of a financial liability be included in the estimation of fair value.  Accordingly, the fair premium amount  for financial guaranty insurance contracts includes consideration of our credit quality as represented by our CDS spread.  208 (1)  These estimated fair values would be classified in Level II of the fair value hierarchy . (2)  These estimated fair values would be classified in Level III of the fair value hierarchy . (In millions) December 31, 2012 December 31, 2011 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value $ 0.7 $ 0.7 $ 2.6 $ 2.7 48.7 57.4 61.0 62.8 663.6 704.8 818.6 471.3 232.9 308.1 342.3 425.7 Assets: Fixed-maturities held to maturity (1) . . . . . . . . . . . Other invested assets (1) . . . . . . . . . . . . . . . . . . . . Liabilities: Long-term debt (1) . . . . . . . . . . . . . . . . . . . . . . . . . Non-derivative financial guaranty liabilities (2) . .