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Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of investments portfolio
The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at March 31, 2016 and December 31, 2015 are shown below.
March 31, 2016
 
 
 
 
 
 
 
 
(In thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses (1)
 
Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
147,189

 
$
2,474

 
$
(1,135
)
 
$
148,528

Obligations of U.S. states and political subdivisions
 
1,854,959

 
60,677

 
(2,506
)
 
1,913,130

Corporate debt securities
 
1,856,376

 
16,315

 
(18,484
)
 
1,854,207

Asset-backed securities
 
110,241

 
176

 
(89
)
 
110,328

Residential mortgage-backed securities
 
255,344

 
452

 
(5,155
)
 
250,641

Commercial mortgage-backed securities
 
220,719

 
1,678

 
(1,701
)
 
220,696

Collateralized loan obligations
 
61,350

 
25

 
(991
)
 
60,384

Total debt securities
 
4,506,178

 
81,797

 
(30,061
)
 
4,557,914

Equity securities
 
6,209

 
87

 
(7
)
 
6,289

Total investment portfolio
 
$
4,512,387

 
$
81,884

 
$
(30,068
)
 
$
4,564,203


December 31, 2015
 
 
 
 
 
 
 
 
(In thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses (1)
 
Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
160,393

 
$
2,133

 
$
(1,942
)
 
$
160,584

Obligations of U.S. states and political subdivisions
 
1,766,407

 
33,410

 
(7,290
)
 
1,792,527

Corporate debt securities
 
2,046,697

 
2,836

 
(44,770
)
 
2,004,763

Asset-backed securities
 
116,764

 
56

 
(203
)
 
116,617

Residential mortgage-backed securities
 
265,879

 
161

 
(8,392
)
 
257,648

Commercial mortgage-backed securities
 
237,304

 
162

 
(3,975
)
 
233,491

Collateralized loan obligations
 
61,345

 
3

 
(1,148
)
 
60,200

Debt securities issued by foreign sovereign governments
 
29,359

 
2,474

 
(102
)
 
31,731

Total debt securities
 
4,684,148

 
41,235

 
(67,822
)
 
4,657,561

Equity securities
 
5,625

 
38

 
(18
)
 
5,645

Total investment portfolio
 
$
4,689,773

 
$
41,273

 
$
(67,840
)
 
$
4,663,206

(1) 
At March 31, 2016 and December 31, 2015, there were no other-than-temporary impairment losses recorded in other comprehensive income.
Amortized cost and fair values of debt securities by contractual maturity
The amortized cost and fair values of debt securities 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 asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.
March 31, 2016
 
 
 
 
(In thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
310,484

 
$
311,202

Due after one year through five years
 
1,265,465

 
1,278,045

Due after five years through ten years
 
1,120,853

 
1,122,243

Due after ten years
 
1,161,722

 
1,204,375

 
 
$
3,858,524

 
$
3,915,865

 
 
 
 
 
Asset-backed securities
 
110,241

 
110,328

Residential mortgage-backed securities
 
255,344

 
250,641

Commercial mortgage-backed securities
 
220,719

 
220,696

Collateralized loan obligations
 
61,350

 
60,384

Total as of March 31, 2016
 
$
4,506,178

 
$
4,557,914
Aging of the fair values of securities in an unrealized loss position
For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:
March 31, 2016
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and  agencies
 
$
26,586

 
$
(1,094
)
 
$
2,998

 
$
(41
)
 
$
29,584

 
$
(1,135
)
Obligations of U.S. states and political subdivisions
 
105,443

 
(763
)
 
60,616

 
(1,743
)
 
166,059

 
(2,506
)
Corporate debt securities
 
350,566

 
(7,932
)
 
348,277

 
(10,552
)
 
698,843

 
(18,484
)
Asset-backed securities
 
29,107

 
(42
)
 
11,019

 
(47
)
 
40,126

 
(89
)
Residential mortgage-backed securities
 
14,548

 
(103
)
 
204,585

 
(5,052
)
 
219,133

 
(5,155
)
Commercial mortgage-backed securities
 
60,778

 
(925
)
 
56,126

 
(776
)
 
116,904

 
(1,701
)
Collateralized loan obligations
 
—

 
—

 
51,907

 
(991
)
 
51,907

 
(991
)
Equity securities
 
91

 
—

 
209

 
(7
)
 
300

 
(7
)
Total
 
$
587,119

 
$
(10,859
)
 
$
735,737

 
$
(19,209
)
 
$
1,322,856

 
$
(30,068
)

December 31, 2015
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
 
Fair Value
 
Unrealized
 Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
 Losses
 
 
(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
60,548

 
$
(1,467
)
 
$
1,923

 
$
(475
)
 
$
62,471

 
$
(1,942
)
Obligations of U.S. states and political   subdivisions
 
417,615

 
(6,404
)
 
37,014

 
(886
)
 
454,629

 
(7,290
)
Corporate debt securities
 
1,470,628

 
(38,519
)
 
114,982

 
(6,251
)
 
1,585,610

 
(44,770
)
Asset-backed securities
 
86,604

 
(173
)
 
5,546

 
(30
)
 
92,150

 
(203
)
Residential mortgage-backed securities
 
35,064

 
(312
)
 
209,882

 
(8,080
)
 
244,946

 
(8,392
)
Commercial mortgage-backed securities
 
134,488

 
(2,361
)
 
69,927

 
(1,614
)
 
204,415

 
(3,975
)
Collateralized loan obligations
 
—

 
—

 
51,750

 
(1,148
)
 
51,750

 
(1,148
)
Debt securities issued by foreign sovereign governments
 
4,463

 
(102
)
 
—

 
—

 
4,463

 
(102
)
Equity securities
 
355

 
(8
)
 
171

 
(10
)
 
526

 
(18
)
Total
 
$
2,209,765

 
$
(49,346
)
 
$
491,195

 
$
(18,494
)
 
$
2,700,960

 
$
(67,840
)
Net realized investment gains (losses) and OTTI on investments
The net realized investment gains on the investment portfolio are as follows:
 
 
Three Months Ended
March 31,
(In thousands)
 
2016
 
2015
Realized investment gains (losses) on investments:
 
 
 
 
Fixed maturities
 
$
3,054

 
$
26,324

Equity securities
 
2

 
3

Net realized investment gains
 
$
3,056

 
$
26,327

 
 
Three Months Ended
March 31,
(In thousands)
 
2016
 
2015
Realized investment gains (losses) on investments:
 
 
 
 
Gains on sales
 
$
4,104

 
$
27,206

Losses on sales
 
(1,048
)
 
(879
)
Net realized investment gains
 
$
3,056

 
$
26,327