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Investments (Tables)
 12 Months Ended
Dec. 31, 2016
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio
The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2016 and 2015 are shown below:
December 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
 
$
73,847

 
$
407

 
$
(724
)
 
$
73,530

Obligations of U.S. states and political subdivisions
 
2,147,458

 
20,983

 
(25,425
)
 
2,143,016

Corporate debt securities
 
1,756,461

 
6,059

 
(18,610
)
 
1,743,910

ABS
 
59,519

 
74

 
(28
)
 
59,565

RMBS
 
231,733

 
102

 
(7,626
)
 
224,209

CMBS
 
327,042

 
769

 
(7,994
)
 
319,817

CLOs
 
121,151

 
226

 
(202
)
 
121,175

Total debt securities
 
4,717,211

 
28,620

 
(60,609
)
 
4,685,222

Equity securities
 
7,144

 
8

 
(24
)
 
7,128

Total investment portfolio
 
$
4,724,355

 
$
28,628

 
$
(60,633
)
 
$
4,692,350

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

ABS
 
116,764

 
56

 
(203
)
 
116,617

RMBS
 
265,879

 
161

 
(8,392
)
 
257,648

CMBS
 
237,304

 
162

 
(3,975
)
 
233,491

CLOs
 
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) 
There were no OTTI losses recorded in other comprehensive (loss) income as of December 31, 2016 and 2015.
Amortized cost and fair values of debt securities by contractual maturity
The amortized cost and fair values of debt securities as of December 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.
December 31, 2016
 
 
 
 
(In thousands)
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
433,464

 
$
433,770

Due after one year through five years
 
1,211,034

 
1,212,650

Due after five years through ten years
 
1,157,091

 
1,139,552

Due after ten years
 
1,176,177

 
1,174,484

 
 
3,977,766

 
3,960,456

 
 
 
 
 
ABS
 
59,519

 
59,565

RMBS
 
231,733

 
224,209

CMBS
 
327,042

 
319,817

CLOs
 
121,151

 
121,175

Total as of December 31, 2016
 
$
4,717,211

 
$
4,685,222
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:
December 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
 
$
48,642

 
$
(724
)
 
$
—

 
$
—

 
$
48,642

 
$
(724
)
Obligations of U.S. states and political subdivisions
 
1,136,676

 
(24,918
)
 
13,681

 
(507
)
 
1,150,357

 
(25,425
)
Corporate debt securities
 
915,777

 
(16,771
)
 
35,769

 
(1,839
)
 
951,546

 
(18,610
)
ABS
 
3,366

 
(28
)
 
656

 
—

 
4,022

 
(28
)
RMBS
 
46,493

 
(857
)
 
171,326

 
(6,769
)
 
217,819

 
(7,626
)
CMBS
 
205,545

 
(7,529
)
 
38,587

 
(465
)
 
244,132

 
(7,994
)
CLOs
 
13,278

 
(73
)
 
34,760

 
(129
)
 
48,038

 
(202
)
Equity securities
 
568

 
(15
)
 
137

 
(9
)
 
705

 
(24
)
Total investment portfolio
 
$
2,370,345

 
$
(50,915
)
 
$
294,916

 
$
(9,718
)
 
$
2,665,261

 
$
(60,633
)

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
)
ABS
 
86,604

 
(173
)
 
5,546

 
(30
)
 
92,150

 
(203
)
RMBS
 
35,064

 
(312
)
 
209,882

 
(8,080
)
 
244,946

 
(8,392
)
CMBS
 
134,488

 
(2,361
)
 
69,927

 
(1,614
)
 
204,415

 
(3,975
)
CLOs
 
—

 
—

 
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 investment portfolio
 
$
2,209,765

 
$
(49,346
)
 
$
491,195

 
$
(18,494
)
 
$
2,700,960

 
$
(67,840
)
Net investment income
The source of net investment income is as follows:
(In thousands)
 
2016
 
2015
 
2014
Fixed income
 
$
112,513

 
$
105,882

 
$
89,437

Equity securities
 
182

 
208

 
227

Cash equivalents
 
754

 
191

 
179

Other
 
433

 
455

 
711

Investment income
 
113,882

 
106,736

 
90,554

Investment expenses
 
(3,216
)
 
(2,995
)
 
(2,907
)
Net investment income
 
$
110,666

 
$
103,741

 
$
87,647
Net realized investment gains (losses), including impairment losses, and change in net unrealized appreciation (depreciation) of investments
The net realized investment gains, including impairment losses, and change in net unrealized gains (losses) of investments are as follows:
(In thousands)
 
2016
 
2015
 
2014
Net realized investment gains on investments:
 
 
 
 
 
 
Fixed income
 
$
5,310

 
$
28,335

 
$
1,000

Equity securities
 
3,622

 
26

 
356

Other
 
—

 
—

 
1

Total net realized investment gains
 
$
8,932

 
$
28,361

 
$
1,357

 
 
 
 
 
 
 
Change in net unrealized gains (losses):
 
 
 
 
 
 
Fixed income
 
$
(5,403
)
 
$
(33,687
)
 
$
91,718

Equity securities
 
(36
)
 
(32
)
 
66

Other
 
14

 
1

 
(4
)
Total (decrease) increase in net unrealized gains/losses
 
$
(5,425
)
 
$
(33,718
)
 
$
91,780
Gross realized gains, gross realized losses and impairment losses
The gross realized gains, gross realized losses and impairment losses are as follows:
(In thousands)
 
2016
 
2015
 
2014
Gross realized gains
 
$
11,909

 
$
30,039

 
$
4,966

Gross realized losses
 
(2,977
)
 
(1,678
)
 
(3,465
)
Other-than-temporary-impairment losses
 
—

 
—

 
(144
)
Net realized gains on securities
 
$
8,932

 
$
28,361

 
$
1,357