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Investments In Equity Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments in Equity Securities Investments in Fixed Maturity Securities
At December 31, 2021 and 2020, investments in fixed maturity securities were as follows:
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2021
Held to maturity:
State and municipal$69,539 $(387)$10,813 $— $79,965 $69,152 
Residential mortgage-backed4,829 — 632 — 5,461 4,829 
Total held to maturity74,368 (387)11,445 — 85,426 73,981 
Available for sale:
U.S. government and government agency851,128 — 8,509 (4,294)855,343 855,343 
State and municipal:
                 Special revenue2,016,382 — 62,961 (5,706)2,073,637 2,073,637 
                 State general obligation388,110 — 23,152 (1,015)410,247 410,247 
                 Pre-refunded202,633 — 14,891 (574)216,950 216,950 
                 Corporate backed166,943 — 7,191 (1,532)172,602 172,602 
                 Local general obligation401,974 — 29,455 (732)430,697 430,697 
       Total state and municipal3,176,042 — 137,650 (9,559)3,304,133 3,304,133 
Mortgage-backed securities:
Residential940,744 — 9,896 (11,321)939,319 939,319 
Commercial125,709 — 3,388 (341)128,756 128,756 
Total mortgage-backed securities1,066,453 — 13,284 (11,662)1,068,075 1,068,075 
Asset-backed securities4,504,950 — 4,409 (18,794)4,490,565 4,490,565 
Corporate:
                 Industrial3,231,520 (16)62,751 (21,092)3,273,163 3,273,163 
                 Financial1,739,282 — 30,709 (6,591)1,763,400 1,763,400 
                 Utilities396,242 — 13,262 (3,202)406,302 406,302 
                 Other154,210 — 125 (1,525)152,810 152,810 
Total corporate5,521,254 (16)106,847 (32,410)5,595,675 5,595,675 
Foreign government1,277,109 (22,222)7,508 (47,494)1,214,901 1,214,901 
Total available for sale16,396,936 (22,238)278,207 (124,213)16,528,692 16,528,692 
Total investments in fixed maturity securities$16,471,304 $(22,625)$289,652 $(124,213)$16,614,118 $16,602,673 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2020
Held to maturity:
State and municipal$67,117 $(798)$13,217 $— 79,536 $66,319 
Residential mortgage-backed6,455 — 1,043 — 7,498 6,455 
Total held to maturity73,572 (798)14,260 — 87,034 72,774 
Available for sale:
U.S. government and government agency586,020 — 18,198 (347)603,871 603,871 
State and municipal:
                 Special revenue2,137,162 — 96,924 (714)2,233,372 2,233,372 
                 State general obligation417,397 — 33,407 — 450,804 450,804 
                 Pre-refunded250,081 — 21,472 (162)271,391 271,391 
                 Corporate backed206,356 — 8,755 (638)214,473 214,473 
                 Local general obligation410,583 — 40,596 (555)450,624 450,624 
       Total state and municipal3,421,579 — 201,154 (2,069)3,620,664 3,620,664 
Mortgage-backed securities:
Residential813,187 — 24,664 (5,238)832,613 832,613 
Commercial181,105 — 6,725 (113)187,717 187,717 
Total mortgage-backed securities994,292 — 31,389 (5,351)1,020,330 1,020,330 
Asset-backed securities3,218,048 — 10,035 (33,497)3,194,586 3,194,586 
Corporate:
                 Industrial2,456,516 (518)115,926 (7,449)2,564,475 2,564,475 
                 Financial1,513,943 — 62,947 (987)1,575,903 1,575,903 
                 Utilities389,267 — 31,931 (33)421,165 421,165 
                 Other109,353 — 696 (11)110,038 110,038 
Total corporate4,469,079 (518)211,500 (8,480)4,671,581 4,671,581 
Foreign government993,268 (1,264)28,007 (44,448)975,563 975,563 
Total available for sale13,682,286 (1,782)500,283 (94,192)14,086,595 14,086,595 
Total investments in fixed maturity securities$13,755,858 $(2,580)$514,543 $(94,192)$14,173,629 $14,159,369 
____________________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses, excluding the cumulative effect adjustment resulting from changes in accounting principles, is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.


The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the year ended December 31, 2021 and 2020:
State and Municipal
(In thousands)20212020
Allowance for expected credit losses, beginning of the period$798 $— 
Cumulative effect adjustment resulting from changes in accounting principles— 69 
Provision for expected credit losses(411)729 
Allowance for expected credit losses, end of period$387 $798 

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the year ended December 31, 2021 and 2020:
20212020
(In thousands)Foreign GovernmentCorporateTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$1,264 $518 $1,782 $— $— $— 
Cumulative effect adjustment resulting from changes in accounting principles— — — 35,645 — 35,645 
Expected credit losses on securities for which credit losses were not previously recorded19,072 16 19,088 12,590 7,058 19,648 
Expected credit losses (gains) on securities for which credit losses were previously recorded2,438 (513)1,925 373 (3,841)(3,468)
Reduction due to disposals(552)(5)(557)(47,344)(2,699)(50,043)
Allowance for expected credit losses, end of period$22,222 $16 $22,238 $1,264 $518 $1,782 
During the year ended December 31, 2021, the Company increased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities that had no reserve in prior periods. During the year ended December 31, 2020, the Company decreased the allowance for expected credit losses primarily due to the disposition of securities which previously had an allowance recorded.
The amortized cost and fair value of fixed maturity securities at December 31, 2021, 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 (1)		Fair Value
Due in one year or less$1,589,823 $1,586,470 
Due after one year through five years7,574,884 7,659,231 
Due after five years through ten years4,148,118 4,184,007 
Due after ten years2,086,810 2,110,874 
Mortgage-backed securities1,071,282 1,073,536 
Total$16,470,917 $16,614,118 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $387 thousand related to held to maturity securities.    
At December 31, 2021 and 2020, 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, 2021, investments with a carrying value of $1,853 million were on deposit in custodial or trust accounts, of which $1,213 million was on deposit with insurance regulators, $602 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $33 million was on deposit as security for reinsurance clients and $5 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.
Investments in Equity Securities
At December 31, 2021 and 2020, investments in equity securities were as follows:
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2021     
Common stocks$619,896 $92,401 $(16,894)$695,403 $695,403 
Preferred stocks250,149 7,874 (12,183)245,840 245,840 
Total$870,045 $100,275 $(29,077)$941,243 $941,243 
December 31, 2020    
Common stocks$335,617 $28,742 $(14,178)$350,181 $350,181 
Preferred stocks180,397 95,581 (492)275,486 275,486 
Total$516,014 $124,323 $(14,670)$625,667 $625,667