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Investments (Tables)
 3 Months Ended
Mar. 31, 2018
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities
The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed income securities classified as available-for-sale at March 31, 2018 and December 31, 2017 are shown in tables 7.1a and 7.1b below.
 
Table
7.1a
 
 
 
 
 
 
 
 
Details of fixed income investments by category - current year
 
 
 
March 31, 2018
(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
 
$
191,018

 
$
256

 
$
(2,212
)
 
$
189,062

 
Obligations of U.S. states and political subdivisions
 
2,093,901

 
27,926

 
(19,130
)
 
2,102,697

 
Corporate debt securities
 
2,087,977

 
1,921

 
(33,819
)
 
2,056,079

 
Asset backed securities (“ABS”)
 
9,451

 
—

 
(29
)
 
9,422

 
Residential mortgage backed securities (“RMBS”)
 
182,050

 
48

 
(10,558
)
 
171,540

 
Commercial mortgage backed securities (“CMBS”)
 
302,434

 
722

 
(9,800
)
 
293,356

 
Collateralized loan obligations (“CLO”)
 
107,785

 
163

 
(41
)
 
107,907

 
Total fixed income securities
 
4,974,616

 
31,036

 
(75,589
)
 
4,930,063

 
Table
7.1b
 
 
 
 
 
 
 
 
Details of fixed income investments by category - prior year-end
 
 
 
December 31, 2017
(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
 
$
179,850

 
$
274

 
$
(1,278
)
 
$
178,846

 
Obligations of U.S. states and political subdivisions
 
2,105,063

 
56,210

 
(8,749
)
 
2,152,524

 
Corporate debt securities
 
2,065,475

 
10,532

 
(9,169
)
 
2,066,838

 
ABS
 
4,925

 
—

 
(2
)
 
4,923

 
RMBS
 
189,153

 
60

 
(7,364
)
 
181,849

 
CMBS
 
301,014

 
1,204

 
(4,906
)
 
297,312

 
CLOs
 
100,798

 
304

 
(79
)
 
101,023

 
Total fixed income securities
 
4,946,278

 
68,584

 
(31,547
)
 
4,983,315

(1) 
At March 31, 2018 and December 31, 2017, 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 fixed income securities at March 31, 2018, by contractual maturity, are shown in table 7.2 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 ABS, RMBS, CMBS, and CLOs provide for periodic payments throughout their lives, they are listed in separate categories.
 
Table
7.2
 
 
 
 
Fixed income securities maturity schedule
 
 
March 31, 2018
(In thousands)
 
Amortized Cost
 
Fair Value
 
Due in one year or less
 
$
650,415

 
$
649,088

 
Due after one year through five years
 
1,507,245

 
1,487,678

 
Due after five years through ten years
 
909,711

 
893,329

 
Due after ten years
 
1,305,525

 
1,317,743

 
 
 
$
4,372,896

 
$
4,347,838

 
 
 
 
 
 
 
ABS
 
9,451

 
9,422

 
RMBS
 
182,050

 
171,540

 
CMBS
 
302,434

 
293,356

 
CLOs
 
107,785

 
107,907

 
Total as of March 31, 2018
 
$
4,974,616

 
$
4,930,063
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at March 31, 2018 and December 31, 2017 are shown in tables 7.3a and 7.3b below. As described in Note 2 - “New Accounting Pronouncements,” updated guidance regarding the “Recognition and Measurement of Financial Assets and Financial Liabilities” became effective on January 1, 2018, which prohibits our investment in FHLB stock from being presented with equity securities. The amount of our FHLB stock investment has been reclassified and presented in “Other invested assets” on our consolidated balance sheet as of March 31, 2018.
 
Table
7.3a
 
 
 
 
 
 
 
 
Details of equity security investments - current year
 
 
 
March 31, 2018
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
4,143

 
$
8

 
$
(52
)
 
$
4,099

 
Table
7.3b
 
 
 
 
 
 
 
 
Details of equity security investments - prior year-end
 
 
 
December 31, 2017
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
7,223

 
$
39

 
$
(16
)
 
$
7,246
Aging of the fair values of securities in an unrealized loss position
Tables 7.4a and 7.4b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2018 and December 31, 2017, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.4a and 7.4b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” of the notes to the consolidated financial statements in our 2017 Annual Report on Form 10-K.
 
Table
7.4a
 
 
 
 
 
 
 
 
 
 
 
 
Investments unrealized losses - current year
 
 
 
March 31, 2018
 
 
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
 
$
77,510

 
$
(1,532
)
 
$
31,491

 
$
(680
)
 
$
109,001

 
$
(2,212
)
 
Obligations of U.S. states and political subdivisions
 
905,755

 
(11,622
)
 
201,094

 
(7,508
)
 
1,106,849

 
(19,130
)
 
Corporate debt securities
 
1,743,627

 
(26,797
)
 
148,468

 
(7,022
)
 
1,892,095

 
(33,819
)
 
ABS
 
9,423

 
(29
)
 
—

 
—

 
9,423

 
(29
)
 
RMBS
 
14,226

 
(416
)
 
156,842

 
(10,142
)
 
171,068

 
(10,558
)
 
CMBS
 
114,206

 
(2,162
)
 
126,941

 
(7,638
)
 
241,147

 
(9,800
)
 
CLOs
 
—

 
—

 
1,936

 
(41
)
 
1,936

 
(41
)
 
Total
 
$
2,864,747

 
$
(42,558
)
 
$
666,772

 
$
(33,031
)
 
$
3,531,519

 
$
(75,589
)
 
Table
7.4b
 
 
 
 
 
 
 
 
 
 
 
 
Investments unrealized losses - prior year-end
 
 
 
December 31, 2017
 
 
 
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
 
$
144,042

 
$
(796
)
 
$
31,196

 
$
(482
)
 
$
175,238

 
$
(1,278
)
 
Obligations of U.S. states and political subdivisions
 
505,311

 
(3,624
)
 
211,684

 
(5,125
)
 
716,995

 
(8,749
)
 
Corporate debt securities
 
932,350

 
(4,288
)
 
200,716

 
(4,881
)
 
1,133,066

 
(9,169
)
 
ABS
 
4,923

 
(2
)
 
—

 
—

 
4,923

 
(2
)
 
RMBS
 
14,979

 
(280
)
 
166,329

 
(7,084
)
 
181,308

 
(7,364
)
 
CMBS
 
51,096

 
(358
)
 
138,769

 
(4,548
)
 
189,865

 
(4,906
)
 
CLOs
 
14,243

 
(7
)
 
3,568

 
(72
)
 
17,811

 
(79
)
 
Equity securities
 
226

 
(2
)
 
431

 
(14
)
 
657

 
(16
)
 
Total
 
$
1,667,170

 
$
(9,357
)
 
$
752,693

 
$
(22,206
)
 
$
2,419,863

 
$
(31,563
)