Securities in an Unrealized Loss Position

The following tables summarize all fixed maturity securities in an unrealized loss position at March 31, 2018 and December 31, 2017 by the length of time those securities have been continuously in an unrealized loss position:



	Less Than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2018
U.S. government and government agency	$	138,917	$	2,978	$	71,224	$	3,135	$	210,141	$	6,113
State and municipal	1,514,028		20,922		303,246		9,269		1,817,274		30,191
Mortgage-backed securities	754,800		12,603		362,331		14,294		1,117,131		26,897
Asset-backed securities	1,271,743		9,444		160,263		2,196		1,432,006		11,640
Corporate	1,912,850		42,874		168,813		8,753		2,081,663		51,627
Foreign government	216,681		3,301		25,541		277		242,222		3,578
Fixed maturity securities	$	5,809,019	$	92,122	$	1,091,418	$	37,924	$	6,900,437	$	130,046

December 31, 2017
U.S. government and government agency	$	92,167	$	1,491	$	72,055	$	2,341	$	164,222	$	3,832
State and municipal	735,972		5,944		345,755		6,630		1,081,727		12,574
Mortgage-backed securities	480,435		5,110		373,956		11,065		854,391		16,175
Asset-backed securities	1,127,309		8,298		167,412		2,314		1,294,721		10,612
Corporate	1,103,747		8,224		170,858		5,946		1,274,605		14,170
Foreign government	244,139		2,615		25,824		251		269,963		2,866
Fixed maturity securities	$	3,783,769	$	31,682	$	1,155,860	$	28,547	$	4,939,629	$	60,229

A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2018 is presented in the table below:



($ in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
Corporate	10	$	86,345	$	4,429
Foreign government	8	$	30,997	$	739
Asset-backed securities	3	370		140
Mortgage-backed securities	5	4,532		117
State and municipal	1	3,641		3
Total	27	$	125,885	$	5,428

For OTTI of fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI.