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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of June 30, 2019
Table
7.1a
 
 
 
 
 
 
 
 
(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
 
$
194,222

 
$
1,474

 
$
(127
)
 
$
195,569

Obligations of U.S. states and political subdivisions
 
1,566,166

 
88,379

 
(648
)
 
1,653,897

Corporate debt securities
 
2,570,289

 
61,459

 
(3,134
)
 
2,628,614

Asset backed securities (“ABS”)
 
215,016

 
2,787

 
(102
)
 
217,701

Residential mortgage backed securities (“RMBS”)
 
213,024

 
183

 
(4,710
)
 
208,497

Commercial mortgage backed securities (“CMBS”)
 
268,189

 
4,450

 
(750
)
 
271,889

Collateralized loan obligations (“CLO”)
 
330,530

 
55

 
(1,929
)
 
328,656

Total fixed income securities
 
$
5,357,436

 
$
158,787

 
$
(11,400
)
 
$
5,504,823

Details of fixed income securities by category as of December 31, 2018
Table
7.1b
 
 
 
 
 
 
 
 
(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
 
$
167,655

 
$
597

 
$
(1,076
)
 
$
167,176

Obligations of U.S. states and political subdivisions
 
1,701,826

 
29,259

 
(10,985
)
 
1,720,100

Corporate debt securities
 
2,439,173

 
2,103

 
(40,514
)
 
2,400,762

ABS
 
111,953

 
226

 
(146
)
 
112,033

RMBS
 
189,238

 
32

 
(10,309
)
 
178,961

CMBS
 
276,352

 
888

 
(9,580
)
 
267,660

CLOs
 
310,587

 
2

 
(5,294
)
 
305,295

Total fixed income securities
 
$
5,196,784

 
$
33,107

 
$
(77,904
)
 
$
5,151,987

(1) 
At June 30, 2019 and December 31, 2018, there were no other-than-temporary impairment losses recorded in other comprehensive income.
Amortized cost and fair values of fixed income securities by contractual maturity
The amortized cost and fair values of fixed income securities at June 30, 2019, by contractual maturity, are shown in table 7.2 below. Actual 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.
Fixed income securities maturity schedule
Table
7.2
 
 
 
 
 
 
June 30, 2019
(In thousands)
 
Amortized cost
 
Fair Value
Due in one year or less
 
$
367,161

 
$
367,474

Due after one year through five years
 
1,900,096

 
1,930,664

Due after five years through ten years
 
930,951

 
976,031

Due after ten years
 
1,132,469

 
1,203,911

 
 
4,330,677

 
4,478,080

 
 
 
 
 
ABS
 
215,016

 
217,701

RMBS
 
213,024

 
208,497

CMBS
 
268,189

 
271,889

CLOs
 
330,530

 
328,656

Total as of June 30, 2019
 
$
5,357,436

 
$
5,504,823
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at June 30, 2019 and December 31, 2018 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of June 30, 2019
Table
7.3a
 
 
 
 
 
 
 
 
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
3,991

 
$
129

 
$
(6
)
 
$
4,114

Details of equity security investments as of December 31, 2018
Table
7.3b
 
 
 
 
 
 
 
 
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
3,993

 
$
11

 
$
(72
)
 
$
3,932
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 June 30, 2019 and December 31, 2018, 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 2018 Annual Report on Form 10-K.
Unrealized loss aging for securities by type and length of time as of June 30, 2019
Table
7.4a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
$
12,483

 
$
(19
)
 
$
45,423

 
$
(108
)
 
$
57,906

 
$
(127
)
Obligations of U.S. states and political subdivisions
 
2,283

 
(468
)
 
57,193

 
(180
)
 
59,476

 
(648
)
Corporate debt securities
 
29,333

 
(1,987
)
 
298,419

 
(1,147
)
 
327,752

 
(3,134
)
ABS
 
9,257

 
(102
)
 
—

 
—

 
9,257

 
(102
)
RMBS
 
32,181

 
(297
)
 
158,325

 
(4,413
)
 
190,506

 
(4,710
)
CMBS
 
—

 
—

 
78,697

 
(750
)
 
78,697

 
(750
)
CLOs
 
247,983

 
(1,587
)
 
45,137

 
(342
)
 
293,120

 
(1,929
)
Total
 
$
333,520

 
$
(4,460
)
 
$
683,194

 
$
(6,940
)
 
$
1,016,714

 
$
(11,400
)
Unrealized loss aging for securities by type and length of time as of December 31, 2018
Table
7.4b
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
$
23,710

 
$
(15
)
 
$
69,146

 
$
(1,061
)
 
$
92,856

 
$
(1,076
)
Obligations of U.S. states and political subdivisions
 
316,655

 
(3,875
)
 
358,086

 
(7,110
)
 
674,741

 
(10,985
)
Corporate debt securities
 
1,272,279

 
(18,130
)
 
785,627

 
(22,384
)
 
2,057,906

 
(40,514
)
ABS
 
51,324

 
(146
)
 
—

 
—

 
51,324

 
(146
)
RMBS
 
24

 
—

 
178,573

 
(10,309
)
 
178,597

 
(10,309
)
CMBS
 
65,704

 
(1,060
)
 
163,272

 
(8,520
)
 
228,976

 
(9,580
)
CLOs
 
296,497

 
(5,294
)
 
—

 
—

 
296,497

 
(5,294
)
Total
 
$
2,026,193

 
$
(28,520
)
 
$
1,554,704

 
$
(49,384
)
 
$
3,580,897

 
$
(77,904
)