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Investments In Fixed Maturity Securities
 12 Months Ended
Dec. 31, 2019
Debt Securities  
Schedule of Marketable Securities [Line Items]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
At December 31, 2019 and 2018, investments in fixed maturity securities were as follows:
(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2019
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
70,312

 
$
13,000

 
$
—

 
$
83,312

 
$
70,312

Residential mortgage-backed
8,371

 
994

 
—

 
9,365

 
8,371

Total held to maturity
78,683

 
13,994

 
—

 
92,677

 
78,683

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
775,157

 
13,249

 
(1,475
)
 
786,931

 
786,931

State and municipal:
 
 
 
 
 
 
 
 
 
                 Special revenue
2,343,209

 
64,586

 
(4,152
)
 
2,403,643

 
2,403,643

                 State general obligation
359,298

 
22,074

 
(97
)
 
381,275

 
381,275

                 Pre-refunded
364,571

 
20,342

 
(128
)
 
384,785

 
384,785

                 Corporate backed
255,230

 
7,232

 
(903
)
 
261,559

 
261,559

                 Local general obligation
432,333

 
32,684

 
(647
)
 
464,370

 
464,370

       Total state and municipal
3,754,641

 
146,918

 
(5,927
)
 
3,895,632

 
3,895,632

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,298,145

 
23,230

 
(5,155
)
 
1,316,220

 
1,316,220

Commercial
304,506

 
5,214

 
(346
)
 
309,374

 
309,374

Total mortgage-backed securities
1,602,651

 
28,444

 
(5,501
)
 
1,625,594

 
1,625,594

Asset-backed securities
2,802,588

 
9,532

 
(21,490
)
 
2,790,630

 
2,790,630

Corporate:
 
 
 
 
 
 
 
 
 
                 Industrial
2,260,073

 
72,900

 
(3,800
)
 
2,329,173

 
2,329,173

                 Financial
1,447,589

 
37,681

 
(4,118
)
 
1,481,152

 
1,481,152

                 Utilities
325,762

 
15,281

 
(402
)
 
340,641

 
340,641

                 Other
5,219

 
230

 
—

 
5,449

 
5,449

Total corporate
4,038,643

 
126,092

 
(8,320
)
 
4,156,415

 
4,156,415

Foreign government
924,284

 
16,465

 
(93,673
)
 
847,076

 
847,076

Total available for sale
13,897,964

 
340,700

 
(136,386
)
 
14,102,278

 
14,102,278

Total investments in fixed maturity securities
$
13,976,647

 
$
354,694

 
$
(136,386
)
 
$
14,194,955

 
$
14,180,961


(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2018
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
67,891

 
$
11,549

 
$
—

 
$
79,440

 
$
67,891

Residential mortgage-backed
10,744

 
1,259

 
—

 
12,003

 
10,744

Total held to maturity
78,635

 
12,808

 
—

 
91,443

 
78,635

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
697,931

 
9,219

 
(4,910
)
 
702,240

 
702,240

State and municipal:
 
 
 
 
 
 


 


                 Special revenue
2,396,089

 
30,507

 
(19,790
)
 
2,406,806

 
2,406,806

                 State general obligation
335,626

 
11,951

 
(1,103
)
 
346,474

 
346,474

                 Pre-refunded
408,141

 
16,568

 
(30
)
 
424,679

 
424,679

                 Corporate backed
272,440

 
4,319

 
(2,350
)
 
274,409

 
274,409

                 Local general obligation
403,219

 
18,350

 
(1,339
)
 
420,230

 
420,230

       Total state and municipal
3,815,515

 
81,695

 
(24,612
)
 
3,872,598

 
3,872,598

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,264,376

 
7,729

 
(20,225
)
 
1,251,880

 
1,251,880

Commercial
345,070

 
1,304

 
(3,708
)
 
342,666

 
342,666

Total mortgage-backed securities
1,609,446

 
9,033

 
(23,933
)
 
1,594,546

 
1,594,546

Asset-backed securities
2,462,303

 
10,131

 
(33,687
)
 
2,438,747

 
2,438,747

Corporate:
 
 
 
 
 
 
 
 
 
                 Industrial
2,295,778

 
15,355

 
(53,312
)
 
2,257,821

 
2,257,821

                 Financial
1,502,427

 
7,178

 
(45,683
)
 
1,463,922

 
1,463,922

                 Utilities
330,326

 
2,997

 
(4,148
)
 
329,175

 
329,175

                 Other
60,238

 
322

 
(167
)
 
60,393

 
60,393

Total corporate
4,188,769

 
25,852

 
(103,310
)
 
4,111,311

 
4,111,311

Foreign government
822,093

 
11,753

 
(25,111
)
 
808,735

 
808,735

Total available for sale
13,596,057

 
147,683

 
(215,563
)
 
13,528,177

 
13,528,177

Total investments in fixed maturity securities
$
13,674,692

 
$
160,491

 
$
(215,563
)
 
$
13,619,620

 
$
13,606,812

____________________
(1) Gross unrealized gains (losses) for mortgage-backed securities include $314,347 and ($55,090) as of December 31, 2019 and 2018, respectively, related to the non-credit portion of OTTI recognized in other comprehensive income.
The amortized cost and fair value of fixed maturity securities at December 31, 2019, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
(In thousands)
Amortized
Cost
 
Fair Value
Due in one year or less
$
959,583

 
$
917,059

Due after one year through five years
5,010,862

 
5,087,806

Due after five years through ten years
3,391,154

 
3,511,621

Due after ten years
3,004,026

 
3,043,510

Mortgage-backed securities
1,611,022

 
1,634,959

Total
$
13,976,647

 
$
14,194,955


At December 31, 2019 and 2018, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2019, investments with a carrying value of $1,639 million were on deposit in custodial or trust accounts, of which $1,219 million was on deposit with insurance regulators, $380 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $36 million was on deposit as security for reinsurance clients and $4 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.