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Investments Available for Sale (Tables)
 3 Months Ended
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments available for sale
Investments available for sale consist of the following:
 
March 31, 2017 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
182,445

 
$
141

 
$
(3,843
)
 
$
178,743

U.S. agency securities
 
26,607

 
—

 
(323
)
 
26,284

U.S. agency mortgage-backed securities
 
362,585

 
442

 
(7,788
)
 
355,239

Municipal debt securities(1)
 
358,581

 
4,967

 
(2,156
)
 
361,392

Corporate debt securities(2)
 
504,700

 
3,558

 
(2,970
)
 
505,288

Residential and commercial mortgage securities
 
64,768

 
941

 
(421
)
 
65,288

Asset-backed securities
 
134,984

 
345

 
(418
)
 
134,911

Money market funds
 
97,388

 
—

 
—

 
97,388

Total investments available for sale
 
$
1,732,058

 
$
10,394

 
$
(17,919
)
 
$
1,724,533


December 31, 2016 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
195,990

 
$
55

 
$
(4,497
)
 
$
191,548

U.S. agency securities
 
18,785

 
—

 
(344
)
 
18,441

U.S. agency mortgage-backed securities
 
324,654

 
335

 
(8,495
)
 
316,494

Municipal debt securities(1)
 
334,048

 
3,649

 
(3,373
)
 
334,324

Corporate debt securities(2)
 
457,842

 
2,343

 
(3,828
)
 
456,357

Residential and commercial mortgage securities
 
68,430

 
488

 
(582
)
 
68,336

Asset-backed securities
 
127,359

 
260

 
(447
)
 
127,172

Money market funds
 
102,430

 
—

 
—

 
102,430

Total investments available for sale
 
$
1,629,538

 
$
7,130

 
$
(21,566
)
 
$
1,615,102

 


 
 
March 31,
 
December 31,
(1) The following table summarizes municipal debt securities as of :
 
2017
 
2016
Special revenue bonds
 
62.4
%
 
63.6
%
General obligation bonds
 
31.8

 
29.7

Certificate of participation bonds
 
4.5

 
4.9

Tax allocation bonds
 
0.7

 
1.1

Special tax bonds
 
0.6

 
0.7

Total
 
100.0
%
 
100.0
%



 
 
March 31,
 
December 31,
(2) The following table summarizes corporate debt securities as of :
 
2017
 
2016
Financial
 
42.5
%
 
40.6
%
Consumer, non-cyclical
 
16.4

 
18.6

Energy
 
10.6

 
9.3

Communications
 
6.7

 
6.0

Consumer, cyclical
 
5.8

 
6.3

Utilities
 
5.7

 
6.0

Technology
 
5.2

 
4.3

Industrial
 
4.7

 
5.6

Basic materials
 
2.4

 
3.3

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, 2017, 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 U.S. agency mortgage-backed securities, residential and commercial mortgage 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
 
$
24,778

 
$
24,767

Due after 1 but within 5 years
 
37,896

 
37,684

Due after 5 but within 10 years
 
106,106

 
103,113

Due after 10 years
 
13,665

 
13,179

Subtotal
 
182,445

 
178,743

U.S. agency securities:
 
 

 
 

Due in 1 year
 
—

 
—

Due after 1 but within 5 years
 
26,607

 
26,284

Subtotal
 
26,607

 
26,284

Municipal debt securities:
 
 

 
 

Due in 1 year
 
6,280

 
6,290

Due after 1 but within 5 years
 
110,543

 
110,750

Due after 5 but within 10 years
 
137,654

 
139,776

Due after 10 years
 
104,104

 
104,576

Subtotal
 
358,581

 
361,392

Corporate debt securities:
 
 

 
 

Due in 1 year
 
54,233

 
54,253

Due after 1 but within 5 years
 
269,360

 
269,941

Due after 5 but within 10 years
 
176,638

 
176,686

Due after 10 years
 
4,469

 
4,408

Subtotal
 
504,700

 
505,288

U.S. agency mortgage-backed securities
 
362,585

 
355,239

Residential and commercial mortgage securities
 
64,768

 
65,288

Asset-backed securities
 
134,984

 
134,911

Money market funds
 
97,388

 
97,388

Total investments available for sale
 
$
1,732,058

 
$
1,724,533
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)
 
2017
 
2016
Realized gross gains
 
$
681

 
$
1,148

Realized gross losses
 
26

 
670
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, 2017 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
141,980

 
$
(3,843
)
 
$
—

 
$
—

 
$
141,980

 
$
(3,843
)
U.S. agency securities
 
26,284

 
(323
)
 
—

 
—

 
26,284

 
(323
)
U.S. agency mortgage-backed securities
 
306,786

 
(7,704
)
 
1,780

 
(84
)
 
308,566

 
(7,788
)
Municipal debt securities
 
116,284

 
(2,124
)
 
6,651

 
(32
)
 
122,935

 
(2,156
)
Corporate debt securities
 
187,801

 
(2,924
)
 
6,098

 
(46
)
 
193,899

 
(2,970
)
Residential and commercial mortgage securities
 
13,822

 
(391
)
 
5,930

 
(30
)
 
19,752

 
(421
)
Asset-backed securities
 
41,891

 
(286
)
 
28,855

 
(132
)
 
70,746

 
(418
)
Total
 
$
834,848

 
$
(17,595
)
 
$
49,314

 
$
(324
)
 
$
884,162

 
$
(17,919
)
 
 
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2016 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
160,018

 
$
(4,497
)
 
$
—

 
$
—

 
$
160,018

 
$
(4,497
)
U.S. agency securities
 
18,441

 
(344
)
 
—

 
—

 
18,441

 
(344
)
U.S. agency mortgage-backed securities
 
289,282

 
(8,402
)
 
1,812

 
(93
)
 
291,094

 
(8,495
)
Municipal debt securities
 
149,368

 
(3,351
)
 
6,015

 
(22
)
 
155,383

 
(3,373
)
Corporate debt securities
 
213,965

 
(3,704
)
 
8,344

 
(124
)
 
222,309

 
(3,828
)
Residential and commercial mortgage securities
 
18,026

 
(434
)
 
14,014

 
(148
)
 
32,040

 
(582
)
Asset-backed securities
 
28,294

 
(57
)
 
47,597

 
(390
)
 
75,891

 
(447
)
Total
 
$
877,394

 
$
(20,789
)
 
$
77,782

 
$
(777
)
 
$
955,176

 
$
(21,566
)
Schedule of net investment income
Net investment income consists of: 
 
 
Three Months Ended March 31,
(In thousands)
 
2017
 
2016
Fixed maturities
 
$
9,019

 
$
6,655

Short-term investments
 
59

 
33

Gross investment income
 
9,078

 
6,688

Investment expenses
 
(643
)
 
(505
)
Net investment income
 
$
8,435

 
$
6,183