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Investments (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2016 and December 31, 2015 are shown below.
September 30, 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
 
$
41,735

 
$
562

 
$
(41
)
 
$
42,256

Obligations of U.S. states and political subdivisions
 
2,046,199

 
87,592

 
(1,122
)
 
2,132,669

Corporate debt securities
 
1,720,839

 
33,409

 
(4,379
)
 
1,749,869

Asset-backed securities
 
79,032

 
182

 
(32
)
 
79,182

Residential mortgage-backed securities
 
245,876

 
616

 
(3,056
)
 
243,436

Commercial mortgage-backed securities
 
347,630

 
3,563

 
(980
)
 
350,213

Collateralized loan obligations
 
121,146

 
203

 
(349
)
 
121,000

Total debt securities
 
4,602,457

 
126,127

 
(9,959
)
 
4,718,625

Equity securities
 
7,094

 
127

 
(3
)
 
7,218

Total investment portfolio
 
$
4,609,551

 
$
126,254

 
$
(9,962
)
 
$
4,725,843



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 September 30, 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 September 30, 2016, by contractual maturity, are shown in the following table. 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 in separate categories.
September 30, 2016
 
 
 
 
(In thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
350,683

 
$
351,117

Due after one year through five years
 
1,166,094

 
1,184,500

Due after five years through ten years
 
1,148,505

 
1,177,837

Due after ten years
 
1,143,491

 
1,211,340

 
 
$
3,808,773

 
$
3,924,794

 
 
 
 
 
Asset-backed securities
 
79,032

 
79,182

Residential mortgage-backed securities
 
245,876

 
243,436

Commercial mortgage-backed securities
 
347,630

 
350,213

Collateralized loan obligations
 
121,146

 
121,000

Total as of September 30, 2016
 
$
4,602,457

 
$
4,718,625
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:
September 30, 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
 
$
22,655

 
$
(41
)
 
$
—

 
$
—

 
$
22,655

 
$
(41
)
Obligations of U.S. states and political subdivisions
 
185,163

 
(815
)
 
13,942

 
(307
)
 
199,105

 
(1,122
)
Corporate debt securities
 
200,500

 
(2,843
)
 
41,424

 
(1,536
)
 
241,924

 
(4,379
)
Asset-backed securities
 
20

 
(32
)
 
4,102

 
—

 
4,122

 
(32
)
Residential mortgage-backed securities
 
3,204

 
(7
)
 
186,494

 
(3,049
)
 
189,698

 
(3,056
)
Commercial mortgage-backed securities
 
84,048

 
(632
)
 
38,992

 
(348
)
 
123,040

 
(980
)
Collateralized loan obligations
 
18,868

 
(186
)
 
52,570

 
(163
)
 
71,438

 
(349
)
Equity securities
 
32

 
—

 
144

 
(3
)
 
176

 
(3
)
Total
 
$
514,490

 
$
(4,556
)
 
$
337,668

 
$
(5,406
)
 
$
852,158

 
$
(9,962
)

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
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
September 30,
 
Nine Months Ended
September 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Realized investment gains (losses) on investments:
 
 
 
 
 
 
 
 
Fixed maturities
 
$
1,511

 
$
638

 
$
5,397

 
$
27,123

Equity securities
 
3,581

 
2

 
3,587

 
10

Net realized investment gains
 
$
5,092

 
$
640

 
$
8,984

 
$
27,133

 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Realized investment gains (losses) on investments:
 
 
 
 
 
 
 
 
Gains on sales
 
$
6,168

 
$
720

 
$
11,677

 
$
28,711

Losses on sales
 
(1,076
)
 
(80
)
 
(2,693
)
 
(1,578
)
Net realized investment gains
 
$
5,092

 
$
640

 
$
8,984

 
$
27,133