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Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of June 30, 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$123,595 $19 $(6,295)$117,319 
Obligations of U.S. states and political subdivisions2,455,698 11,529 (174,093)2,293,134 
Corporate debt securities2,532,263 945 (158,155)2,375,053 
ABS108,064 9 (4,805)103,268 
RMBS240,109 31 (17,591)222,549 
CMBS282,090 50 (15,529)266,611 
CLOs337,823 6 (10,418)327,411 
Foreign government debt4,486 — (740)3,746 
Commercial paper3,729 — — 3,729 
Total fixed income securities$6,087,857 $12,589 $(387,626)$5,712,820 
Details of fixed income securities by category as of December 31, 2021
Table7.1b
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)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 June 30, 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
June 30, 2022
(In thousands)Amortized costFair Value
Due in one year or less$299,593 $297,963 
Due after one year through five years1,536,218 1,489,620 
Due after five years through ten years1,822,146 1,695,419 
Due after ten years1,461,814 1,309,979 
5,119,771 4,792,981 
ABS108,064 103,268 
RMBS240,109 222,549 
CMBS282,090 266,611 
CLOs337,823 327,411 
Total as of June 30, 2022$6,087,857 $5,712,820 
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 June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Gains on sales987 2,275 5,121 5,291 
Losses on sales(1,093)(353)(5,750)(745)
Change in credit allowance— 31 — 49 
Proceeds from sales of fixed income securities46,730 83,235 263,554 140,062 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at June 30, 2022 and December 31, 2021 are shown in tables 7.4a and 7.4b below.
Details of equity security investments as of June 30, 2022
Table7.4a
(In thousands)CostGross GainsGross LossesFair Value
Equity securities$15,986 $— $(1,505)$14,481 
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 June 30, 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 June 30, 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$106,464 $(6,062)$2,561 $(233)$109,025 $(6,295)
Obligations of U.S. states and political subdivisions1,471,282 (168,115)34,851 (5,978)1,506,133 (174,093)
Corporate debt securities2,043,621 (130,168)172,444 (27,987)2,216,065 (158,155)
ABS79,046 (4,066)17,173 (739)96,219 (4,805)
RMBS140,146 (10,365)81,398 (7,226)221,544 (17,591)
CMBS228,340 (12,783)33,890 (2,746)262,230 (15,529)
CLOs269,852 (8,363)51,649 (2,055)321,501 (10,418)
Foreign government debt3,746 (740)— — 3,746 (740)
Total$4,342,497 $(340,662)$393,966 $(46,964)$4,736,463 $(387,626)
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)