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Investments (Tables)
 9 Months Ended
Sep. 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 September 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 September 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
 
$
197,748

 
$
1,456

 
$
(75
)
 
$
199,129

Obligations of U.S. states and political subdivisions
 
1,552,283

 
108,763

 
(494
)
 
1,660,552

Corporate debt securities
 
2,653,124

 
74,630

 
(3,151
)
 
2,724,603

Asset backed securities (“ABS”)
 
212,792

 
2,819

 
(65
)
 
215,546

Residential mortgage backed securities (“RMBS”)
 
248,098

 
1,022

 
(2,663
)
 
246,457

Commercial mortgage backed securities (“CMBS”)
 
280,364

 
6,714

 
(266
)
 
286,812

Collateralized loan obligations (“CLOs”)
 
329,484

 
81

 
(1,672
)
 
327,893

Total fixed income securities
 
$
5,473,893

 
$
195,485

 
$
(8,386
)
 
$
5,660,992

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 September 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 September 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
 
 
 
 
 
 
September 30, 2019
(In thousands)
 
Amortized cost
 
Fair Value
Due in one year or less
 
$
372,478

 
$
373,388

Due after one year through five years
 
1,928,972

 
1,966,387

Due after five years through ten years
 
1,001,486

 
1,059,774

Due after ten years
 
1,100,219

 
1,184,735

 
 
4,403,155

 
4,584,284

 
 
 
 
 
ABS
 
212,792

 
215,546

RMBS
 
248,098

 
246,457

CMBS
 
280,364

 
286,812

CLOs
 
329,484

 
327,893

Total as of September 30, 2019
 
$
5,473,893

 
$
5,660,992
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at September 30, 2019 and December 31, 2018 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of September 30, 2019
Table
7.3a
 
 
 
 
 
 
 
 
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
17,205

 
$
163

 
$
(8
)
 
$
17,360

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 September 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 September 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
 
$
25,284

 
$
(48
)
 
$
7,364

 
$
(27
)
 
$
32,648

 
$
(75
)
Obligations of U.S. states and political subdivisions
 
4,965

 
(467
)
 
10,007

 
(27
)
 
14,972

 
(494
)
Corporate debt securities
 
135,541

 
(2,818
)
 
78,842

 
(333
)
 
214,383

 
(3,151
)
ABS
 
8,998

 
(65
)
 
—

 
—

 
8,998

 
(65
)
RMBS
 
47,166

 
(309
)
 
116,534

 
(2,354
)
 
163,700

 
(2,663
)
CMBS
 
21,882

 
(196
)
 
13,579

 
(70
)
 
35,461

 
(266
)
CLOs
 
147,272

 
(1,008
)
 
113,322

 
(664
)
 
260,594

 
(1,672
)
Total
 
$
391,108

 
$
(4,911
)
 
$
339,648

 
$
(3,475
)
 
$
730,756

 
$
(8,386
)
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
)