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Investments Available for Sale (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments available for sale
Investments available for sale consist of the following:
 
March 31, 2016 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
208,462

 
$
3,329

 
$
(11
)
 
$
211,780

U.S. agency securities
 
14,548

 
109

 
—

 
14,657

U.S. agency mortgage-backed securities
 
176,000

 
2,085

 
(82
)
 
178,003

Municipal debt securities(1)
 
293,448

 
10,853

 
(190
)
 
304,111

Corporate debt securities(2)
 
411,527

 
6,276

 
(1,115
)
 
416,688

Mortgage-backed securities
 
53,171

 
633

 
(758
)
 
53,046

Asset-backed securities
 
123,123

 
203

 
(1,597
)
 
121,729

Money market funds
 
68,488

 
—

 
—

 
68,488

Total investments available for sale
 
$
1,348,767

 
$
23,488

 
$
(3,753
)
 
$
1,368,502


December 31, 2015 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
178,460

 
$
235

 
$
(1,088
)
 
$
177,607

U.S. agency securities
 
13,955

 
5

 
(178
)
 
13,782

U.S. agency mortgage-backed securities
 
160,181

 
474

 
(1,053
)
 
159,602

Municipal debt securities(1)
 
272,733

 
7,357

 
(262
)
 
279,828

Corporate debt securities(2)
 
399,246

 
1,338

 
(3,852
)
 
396,732

Mortgage-backed securities
 
56,380

 
97

 
(1,121
)
 
55,356

Asset-backed securities
 
127,919

 
29

 
(1,319
)
 
126,629

Money market funds
 
67,098

 
—

 
—

 
67,098

Total investments available for sale
 
$
1,275,972

 
$
9,535

 
$
(8,873
)
 
$
1,276,634

 


 
 
March 31,
 
December 31,
(1) The following table summarizes municipal debt securities as of :
 
2016
 
2015
Special revenue bonds
 
67.8
%
 
70.4
%
General obligation bonds
 
27.5

 
24.5

Certificate of participation bonds
 
3.7

 
4.0

Tax allocation bonds
 
1.0

 
1.1

Total
 
100.0
%
 
100.0
%



 
 
March 31,
 
December 31,
(2) The following table summarizes corporate debt securities as of :
 
2016
 
2015
Financial
 
42.2
%
 
44.9
%
Consumer, non-cyclical
 
17.4

 
14.8

Energy
 
7.9

 
9.0

Communications
 
6.9

 
7.1

Industrial
 
6.4

 
5.2

Consumer, cyclical
 
6.0

 
6.2

Utilities
 
6.0

 
5.0

Basic materials
 
3.8

 
4.0

Technology
 
3.4

 
3.8

Total
 
100.0
%
 
100.0
%
Schedule of amortized cost and fair value of investments available for sale by contractual maturity
The amortized cost and fair value of investments available for sale at March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage-backed securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
 
(In thousands)
 
Amortized
Cost
 
Fair
Value
U.S. Treasury securities:
 
 

 
 

Due in 1 year
 
$
38,647

 
$
38,656

Due after 1 but within 5 years
 
66,474

 
67,147

Due after 5 but within 10 years
 
88,230

 
90,652

Due after 10 years
 
15,111

 
15,325

Subtotal
 
208,462

 
211,780

U.S. agency securities:
 
 

 
 

Due in 1 year
 
2,408

 
2,413

Due after 1 but within 5 years
 
12,140

 
12,244

Subtotal
 
14,548

 
14,657

Municipal debt securities:
 
 

 
 

Due in 1 year
 
2,043

 
2,044

Due after 1 but within 5 years
 
86,093

 
87,061

Due after 5 but within 10 years
 
106,907

 
112,055

Due after 10 years
 
98,405

 
102,951

Subtotal
 
293,448

 
304,111

Corporate debt securities:
 
 

 
 

Due in 1 year
 
20,135

 
20,124

Due after 1 but within 5 years
 
265,999

 
267,539

Due after 5 but within 10 years
 
124,875

 
128,491

Due after 10 years
 
518

 
534

Subtotal
 
411,527

 
416,688

U.S. agency mortgage-backed securities
 
176,000

 
178,003

Mortgage-backed securities
 
53,171

 
53,046

Asset-backed securities
 
123,123

 
121,729

Money market funds
 
68,488

 
68,488

Total investments available for sale
 
$
1,348,767

 
$
1,368,502
Schedule of realized gross gains and losses on sale of investments available for sale
Gross gains and losses realized on the sale of investments available for sale were as follows:
 
 
 
Three Months Ended March 31,
(In thousands)
 
2016
 
2015
Realized gross gains
 
$
1,148

 
$
788

Realized gross losses
 
670

 
139
Schedule of fair value of investments in an unrealized loss position and related unrealized losses
The fair value of investments in an unrealized loss position and the related unrealized losses were as follows:
 
 
 
Less than 12 months
 
12 months or more
 
Total
March 31, 2016 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
3,819

 
$
(11
)
 
$
—

 
$
—

 
$
3,819

 
$
(11
)
U.S. agency mortgage-backed securities
 
17,479

 
(27
)
 
5,046

 
(55
)
 
22,525

 
(82
)
Municipal debt securities
 
21,414

 
(140
)
 
4,616

 
(50
)
 
26,030

 
(190
)
Corporate debt securities
 
68,697

 
(930
)
 
20,307

 
(185
)
 
89,004

 
(1,115
)
Mortgage-backed securities
 
9,984

 
(282
)
 
23,319

 
(476
)
 
33,303

 
(758
)
Asset-backed securities
 
67,435

 
(1,059
)
 
24,703

 
(538
)
 
92,138

 
(1,597
)
Total
 
$
188,828

 
$
(2,449
)
 
$
77,991

 
$
(1,304
)
 
$
266,819

 
$
(3,753
)
 
 
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2015 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
110,699

 
$
(1,088
)
 
$
—

 
$
—

 
$
110,699

 
$
(1,088
)
U.S. agency securities
 
11,362

 
(178
)
 
—

 
—

 
11,362

 
(178
)
U.S. agency mortgage-backed securities
 
101,465

 
(915
)
 
3,683

 
(138
)
 
105,148

 
(1,053
)
Municipal debt securities
 
47,850

 
(255
)
 
1,254

 
(7
)
 
49,104

 
(262
)
Corporate debt securities
 
252,792

 
(3,447
)
 
9,404

 
(405
)
 
262,196

 
(3,852
)
Mortgage-backed securities
 
23,360

 
(458
)
 
26,075

 
(663
)
 
49,435

 
(1,121
)
Asset-backed securities
 
86,431

 
(871
)
 
26,364

 
(448
)
 
112,795

 
(1,319
)
Total
 
$
633,959

 
$
(7,212
)
 
$
66,780

 
$
(1,661
)
 
$
700,739

 
$
(8,873
)
Schedule of net investment income
Net investment income consists of: 
 
 
Three Months Ended March 31,
(In thousands)
 
2016
 
2015
Fixed maturities
 
$
6,655

 
$
4,653

Short-term investments
 
33

 
12

Gross investment income
 
6,688

 
4,665

Investment expenses
 
(505
)
 
(385
)
Net investment income
 
$
6,183

 
$
4,280