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Debt and Equity Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Gross Unrealized Losses on Investments in Debt and Equity Securities

Gross unrealized losses on investments in debt and equity securities are as follows:

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

(in thousands)

 

Estimated
fair value

 

  

Unrealized
losses

 

 

Estimated
fair value

 

  

Unrealized
losses

 

 

Estimated
fair value

 

  

Unrealized
losses

 

September 30, 2015

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Debt securities:

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

U.S. Treasury bonds

$

44,043

  

  

$

(619

) 

 

$

1,667

  

  

$

(3

)

 

$

45,710

  

  

$

(622

) 

Municipal bonds

 

117,512

  

  

 

(1,253

) 

 

 

13,980

  

  

 

(123

) 

 

 

131,492

  

  

 

(1,376

) 

Foreign bonds

 

26,589

  

  

 

(470

) 

 

 

—

  

  

 

—

 

 

 

26,589

  

  

 

(470

) 

Governmental agency bonds

 

42,938

  

  

 

(778

) 

 

 

18,589

  

  

 

(62

) 

 

 

61,527

  

  

 

(840

) 

Governmental agency mortgage-backed securities

 

559,912

  

  

 

(1,955

) 

 

 

189,496

  

  

 

(3,929

) 

 

 

749,408

  

  

 

(5,884

) 

Corporate debt securities

 

352,891

  

  

 

(12,515

) 

 

 

22,855

  

  

 

(2,021

) 

 

 

375,746

  

  

 

(14,536

) 

Total debt securities

 

1,143,885

  

  

 

(17,590

) 

 

 

246,587

  

  

 

(6,138

) 

 

 

1,390,472

  

  

 

(23,728

) 

Equity securities

 

233,230

  

  

 

(19,649

) 

 

 

15,988

  

  

 

(4,238

) 

 

 

249,218

  

  

 

(23,887

) 

Total

$

1,377,115

  

  

$

(37,239

) 

 

$

262,575

  

  

$

(10,376

) 

 

$

1,639,690

  

  

$

(47,615

) 

December 31, 2014

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Debt securities:

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

U.S. Treasury bonds

$

8,122

 

 

$

(27

)

 

$

15,124

 

 

$

(154

)

 

$

23,246

 

 

$

(181

)

Municipal bonds

 

137,755

 

 

 

(689

)

 

 

19,625

 

 

 

(318

)

 

 

157,380

 

 

 

(1,007

)

Foreign bonds

 

6,215

 

 

 

(8

)

 

 

—

 

 

 

—

 

 

 

6,215

 

 

 

(8

)

Governmental agency bonds

 

27,479

 

 

 

(88

)

 

 

127,936

 

 

 

(1,930

)

 

 

155,415

 

 

 

(2,018

)

Governmental agency mortgage-backed securities

 

383,717

 

 

 

(1,612

)

 

 

300,918

 

 

 

(7,483

)

 

 

684,635

 

 

 

(9,095

)

Non-agency mortgage-backed securities

 

—

 

 

 

—

 

 

 

5,611

 

 

 

(717

)

 

 

5,611

 

 

 

(717

)

Corporate debt securities

 

198,079

 

 

 

(3,151

)

 

 

9,683

 

 

 

(113

)

 

 

207,762

 

 

 

(3,264

)

Total debt securities

 

761,367

 

 

 

(5,575

)

 

 

478,897

 

 

 

(10,715

)

 

 

1,240,264

 

 

 

(16,290

)

Equity securities

 

208,922

 

 

 

(8,587

)

 

 

2,340

 

 

 

(191

)

 

 

211,262

 

 

 

(8,778

)

Total

$

970,289

 

 

$

(14,162

)

 

$

481,237

 

 

$

(10,906

)

 

$

1,451,526

 

 

$

(25,068

)

 
Investments in Debt Securities

Investments in debt securities at September 30, 2015, by contractual maturities, are as follows:

(in thousands)

 

Due in one
year or less

 

  

Due after
one through
five years

 

  

Due after
five through
ten years

 

  

Due after
ten years

 

  

Total

 

U.S. Treasury bonds

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

10,421

  

  

$

78,411

  

  

$

11,157

  

  

$

12,635

 

  

$

112,624

  

Estimated fair value

$

10,480

  

  

$

78,593

  

  

$

11,150

  

  

$

12,582

 

  

$

112,805

  

Municipal bonds

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

40,995

  

  

$

285,582

  

  

$

219,524

  

  

$

136,127

 

  

$

682,228

  

Estimated fair value

$

41,151

  

  

$

288,838

  

  

$

224,249

  

  

$

138,750

 

  

$

692,988

  

Foreign bonds

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

48,824

  

  

$

116,849

  

  

$

10,812

  

  

$

3,061

 

  

$

179,546

  

Estimated fair value

$

49,112

  

  

$

118,252

  

  

$

10,959

  

  

$

2,987

 

  

$

181,310

  

Governmental agency bonds

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

11,677

  

  

$

338,426

  

  

$

43,163

  

  

$

26,912

 

  

$

420,178

  

Estimated fair value

$

11,690

  

  

$

339,130

  

  

$

43,633

  

  

$

26,884

 

  

$

421,337

  

Corporate debt securities

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

20,341

  

  

$

329,518

  

  

$

368,094

  

  

$

77,632

 

  

$

795,585

  

Estimated fair value

$

20,547

  

  

$

331,346

  

  

$

361,815

  

  

$

74,551

 

  

$

788,259

  

Total debt securities excluding mortgage-backed securities

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

$

132,258

  

  

$

1,148,786

  

  

$

652,750

  

  

$

256,367

 

  

$

2,190,161

  

Estimated fair value

$

132,980

  

  

$

1,156,159

  

  

$

651,806

  

  

$

255,754

 

  

$

2,196,699

  

Total mortgage-backed securities

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

$

2,071,934

  

Estimated fair value

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

$

2,077,417

  

Total debt securities

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Amortized cost

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

$

4,262,095

  

Estimated fair value

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

$

4,274,116

  

 
Debt Securities  
Investments Classified as Available-For-Sale

Investments in debt securities, all of which are classified as available-for-sale, are as follows:

(in thousands)

 

Amortized
cost

 

 

Gross unrealized

 

 

Estimated
fair value

 

 

Gains

 

 

Losses

 

September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

$

112,624

 

 

$

803

 

 

$

(622

)

 

$

112,805

 

 

Municipal bonds

 

682,228

 

 

 

12,136

 

 

 

(1,376

)

 

 

692,988

 

 

Foreign bonds

 

179,546

 

 

 

2,234

 

 

 

(470

)

 

 

181,310

 

 

Governmental agency bonds

 

420,178

 

 

 

1,999

 

 

 

(840

)

 

 

421,337

 

 

Governmental agency mortgage-backed securities

 

2,071,934

 

 

 

11,367

 

 

 

(5,884

)

 

 

2,077,417

 

 

Corporate debt securities

 

795,585

 

 

 

7,210

 

 

 

(14,536

)

 

 

788,259

 

 

 

$

4,262,095

 

 

$

35,749

 

 

$

(23,728

)

 

$

4,274,116

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

$

64,195

 

 

$

968

 

 

$

(181

)

 

$

64,982

 

 

Municipal bonds

 

577,703

 

 

 

10,981

 

 

 

(1,007

)

 

 

587,677

 

 

Foreign bonds

 

194,749

 

 

 

2,009

 

 

 

(8

)

 

 

196,750

 

 

Governmental agency bonds

 

198,330

 

 

 

1,562

 

 

 

(2,018

)

 

 

197,874

 

 

Governmental agency mortgage-backed securities

 

1,812,766

 

 

 

8,491

 

 

 

(9,095

)

 

 

1,812,162

 

 

Non-agency mortgage-backed securities

 

15,949

 

 

 

1,306

 

 

 

(717

)

 

 

16,538

 

 

Corporate debt securities

 

568,774

 

 

 

8,759

 

 

 

(3,264

)

 

 

574,269

 

 

 

$

3,432,466

 

 

$

34,076

 

 

$

(16,290

)

 

$

3,450,252

 

 

 
Equity securities  
Investments Classified as Available-For-Sale

Investments in equity securities, all of which are classified as available-for-sale, are as follows:

 

Cost

 

 

Gross unrealized

 

 

Estimated
fair value

 

(in thousands)

 

 

 

Gains

 

 

Losses

 

 

 

September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stocks

$

18,965

 

 

$

665

 

 

$

(3,985

)

 

$

15,645

 

Common stocks

 

307,225

 

 

 

9,067

 

 

 

(19,902

)

 

 

296,390

 

 

$

326,190

 

 

$

9,732

 

 

$

(23,887

)

 

$

312,035

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stocks

$

14,976

 

 

$

596

 

 

$

(47

)

 

$

15,525

 

Common stocks

 

378,938

 

 

 

16,680

 

 

 

(8,731

)

 

 

386,887

 

 

$

393,914

 

 

$

17,276

 

 

$

(8,778

)

 

$

402,412