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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020 and December 31, 2019 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of March 31, 2020
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
 
$
197,330

 
$
2,408

 
$
(21
)
 
$
199,717

Obligations of U.S. states and political subdivisions
 
1,614,562

 
99,532

 
(3,258
)
 
1,710,836

Corporate debt securities
 
2,508,051

 
44,386

 
(41,335
)
 
2,511,102

Asset backed securities (“ABS”)
 
210,930

 
2,031

 
(6,311
)
 
206,650

Residential mortgage backed securities (“RMBS”)
 
259,641

 
6,032

 
(758
)
 
264,915

Commercial mortgage backed securities (“CMBS”)
 
268,598

 
3,161

 
(3,172
)
 
268,587

Collateralized loan obligations (“CLOs”)
 
316,270

 
—

 
(19,231
)
 
297,039

Total fixed income securities
 
$
5,375,382

 
$
157,550

 
$
(74,086
)
 
$
5,458,846

Details of fixed income securities by category as of December 31, 2019
Table
7.1b
 
 
 
 
 
 
 
 
(In thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses) (2)
 
Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
195,176

 
$
1,237

 
$
(210
)
 
$
196,203

Obligations of U.S. states and political subdivisions
 
1,555,394

 
99,328

 
(857
)
 
1,653,865

Corporate debt securities
 
2,711,910

 
76,220

 
(3,008
)
 
2,785,122

ABS
 
227,376

 
2,466

 
(178
)
 
229,664

RMBS
 
271,384

 
429

 
(3,227
)
 
268,586

CMBS
 
274,234

 
5,531

 
(779
)
 
278,986

CLOs
 
327,076

 
33

 
(1,643
)
 
325,466

Total fixed income securities
 
$
5,562,550

 
$
185,244

 
$
(9,902
)
 
$
5,737,892

(1) 
At March 31, 2020 there was no allowance established on available-for-sale securities.
(2) 
At December 31, 2019 there was 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 March 31, 2020, 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
 
 
 
 
 
 
March 31, 2020
(In thousands)
 
Amortized cost
 
Fair Value
Due in one year or less
 
$
421,097

 
$
421,290

Due after one year through five years
 
1,774,678

 
1,782,206

Due after five years through ten years
 
994,134

 
1,021,561

Due after ten years
 
1,130,034

 
1,196,598

 
 
4,319,943

 
4,421,655

 
 
 
 
 
ABS
 
210,930

 
206,650

RMBS
 
259,641

 
264,915

CMBS
 
268,598

 
268,587

CLOs
 
316,270

 
297,039

Total as of March 31, 2020
 
$
5,375,382

 
$
5,458,846
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at March 31, 2020 and December 31, 2019 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of March 31, 2020
Table
7.3a
 
 
 
 
 
 
 
 
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
29,559

 
$
99

 
$
(766
)
 
$
28,892

Details of equity security investments as of December 31, 2019
Table
7.3b
 
 
 
 
 
 
 
 
(In thousands)
 
Cost
 
Gross Gains
 
Gross Losses
 
Fair Value
Equity securities
 
$
17,188

 
$
154

 
$
(14
)
 
$
17,328
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, 2020 and December 31, 2019, 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 2019 Annual Report on Form 10-K.
Unrealized loss aging for securities by type and length of time as of March 31, 2020
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
 
$
12,558

 
$
(21
)
 
$
—

 
$
—

 
$
12,558

 
$
(21
)
Obligations of U.S. states and political subdivisions
 
99,354

 
(3,255
)
 
2,017

 
(3
)
 
101,371

 
(3,258
)
Corporate debt securities
 
1,034,108

 
(41,208
)
 
907

 
(127
)
 
1,035,015

 
(41,335
)
ABS
 
64,104

 
(6,311
)
 
—

 
—

 
64,104

 
(6,311
)
RMBS
 
7,664

 
(60
)
 
62,645

 
(698
)
 
70,309

 
(758
)
CMBS
 
133,290

 
(3,086
)
 
7,593

 
(86
)
 
140,883

 
(3,172
)
CLOs
 
186,582

 
(10,075
)
 
110,457

 
(9,156
)
 
297,039

 
(19,231
)
Total
 
$
1,537,660

 
$
(64,016
)
 
$
183,619

 
$
(10,070
)
 
$
1,721,279

 
$
(74,086
)
Unrealized loss aging for securities by type and length of time as of December 31, 2019
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
 
$
57,301

 
$
(200
)
 
$
5,806

 
$
(10
)
 
$
63,107

 
$
(210
)
Obligations of U.S. states and political subdivisions
 
74,859

 
(847
)
 
6,957

 
(10
)
 
81,816

 
(857
)
Corporate debt securities
 
221,357

 
(2,847
)
 
43,505

 
(161
)
 
264,862

 
(3,008
)
ABS
 
21,542

 
(118
)
 
3,851

 
(60
)
 
25,393

 
(178
)
RMBS
 
105,443

 
(461
)
 
110,452

 
(2,766
)
 
215,895

 
(3,227
)
CMBS
 
62,388

 
(728
)
 
11,852

 
(51
)
 
74,240

 
(779
)
CLOs
 
81,444

 
(225
)
 
196,988

 
(1,418
)
 
278,432

 
(1,643
)
Total
 
$
624,334

 
$
(5,426
)
 
$
379,411

 
$
(4,476
)
 
$
1,003,745

 
$
(9,902
)