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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities
Our fixed income securities classified as available-for-sale at March 31, 2022 and December 31, 2021 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of March 31, 2022
Table7.1a
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$120,223 $70 $(4,712)$115,581 
Obligations of U.S. states and political subdivisions2,383,899 38,260 (90,246)2,331,913 
Corporate debt securities2,572,570 14,382 (84,660)2,502,292 
ABS117,517 91 (3,464)114,144 
RMBS259,849 56 (11,594)248,311 
CMBS298,490 267 (9,440)289,317 
CLOs331,914 5 (1,670)330,249 
Foreign government debt4,486 — (377)4,109 
Total fixed income securities$6,088,948 $53,131 $(206,163)$5,935,916 
Details of fixed income securities by category as of December 31, 2021
Table7.1b
(In thousands)Amortized CostGross Unrealized Gains
Gross Unrealized (Losses) (1)
Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$133,990 $285 $(868)$133,407 
Obligations of U.S. states and political subdivisions2,408,688 133,361 (7,396)2,534,653 
Corporate debt securities2,704,586 75,172 (13,776)2,765,982 
ABS150,888 830 (1,008)150,710 
RMBS309,991 2,397 (3,278)309,110 
CMBS315,330 5,736 (1,936)319,130 
CLOs360,436 609 (106)360,939 
Foreign government debt13,749 — (99)13,650 
Total fixed income securities$6,397,658 $218,390 $(28,467)$6,587,581 
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, 2022, 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
Table7.2
March 31, 2022
(In thousands)Amortized costFair Value
Due in one year or less$319,247 $320,108 
Due after one year through five years1,575,075 1,557,833 
Due after five years through ten years1,747,456 1,703,148 
Due after ten years1,439,400 1,372,806 
5,081,178 4,953,895 
ABS117,517 114,144 
RMBS259,849 248,311 
CMBS298,490 289,317 
CLOs331,914 330,249 
Total as of March 31, 2022$6,088,948 $5,935,916 
Schedule of Proceeds from Sale of Securities
The proceeds from the sale of fixed income securities classified as available-for-sale along with gross gains (losses) associated with such sales are shown in table 7.3 below.

Details of fixed income securities gains (losses)
Table7.3Three Months Ended March 31,
(in thousands)20222021
Gains on sales4,134 3,016 
Losses on sales(4,657)(392)
Change in credit allowance— 18 
Proceeds from sales of fixed income securities216,824 56,827 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at March 31, 2022 and December 31, 2021 are shown in tables 7.4a and 7.4b below.
Details of equity security investments as of March 31, 2022
Table7.4a
(In thousands)CostGross GainsGross LossesFair Value
Equity securities$15,966 $6 $(781)$15,191 
Details of equity security investments as of December 31, 2021
Table7.4b
(In thousands)CostGross GainsGross LossesFair Value
Equity securities$15,838 $264 $(34)$16,068 
Aging of the fair values of securities in an unrealized loss position
Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2022 and December 31, 2021, 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 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2021 Annual Report on Form 10-K.
Unrealized loss aging for securities by type and length of time as of March 31, 2022
Table7.5a
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$89,952 $(4,508)$2,589 $(204)$92,541 $(4,712)
Obligations of U.S. states and political subdivisions1,033,010 (86,569)36,513 (3,677)1,069,523 (90,246)
Corporate debt securities1,305,092 (66,461)168,499 (18,199)1,473,591 (84,660)
ABS82,000 (3,066)8,660 (398)90,660 (3,464)
RMBS204,868 (8,805)39,473 (2,789)244,341 (11,594)
CMBS222,998 (7,773)25,201 (1,667)248,199 (9,440)
CLOs277,052 (1,238)41,840 (432)318,892 (1,670)
Foreign government debt4,108 (377)— — 4,108 (377)
Total$3,219,080 $(178,797)$322,775 $(27,366)$3,541,855 $(206,163)
Unrealized loss aging for securities by type and length of time as of December 31, 2021
Table7.5b
Less Than 12 Months12 Months or GreaterTotal
(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$91,154 $(790)$2,616 $(78)$93,770 $(868)
Obligations of U.S. states and political subdivisions452,021 (7,189)15,540 (207)467,561 (7,396)
Corporate debt securities865,085 (13,260)10,997 (516)876,082 (13,776)
ABS100,064 (998)1,552 (10)101,616 (1,008)
RMBS180,586 (2,548)31,641 (730)212,227 (3,278)
CMBS89,889 (1,887)1,511 (49)91,400 (1,936)
CLOs177,663 (71)21,973 (35)199,636 (106)
Foreign government debt13,649 (99)— — 13,649 (99)
Total$1,970,111 $(26,842)$85,830 $(1,625)$2,055,941 $(28,467)