Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments [Abstract ]

Amortized cost, gross unrealized gains and losses and fair value of investments portfolio

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at June 30, 2013 and December 31, 2012 are shown below.

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
June 30, 2013	Cost		Gains		Losses (1)			Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	923,585	$	1,935	$	(15,397	)	$	910,123
Obligations of U.S. states and political subdivisions		920,974		8,721		(13,616	)		916,079
Corporate debt securities		2,086,103		5,183		(29,548	)		2,061,738
Asset-backed securities		310,819		581		(872	)		310,528
Residential mortgage-backed securities		413,083		171		(21,167	)		392,087
Commercial mortgage-backed securities		230,935		40		(8,599	)		222,376
Collateralized loan obligations		61,335		-		(109	)		61,226
Debt securities issued by foreign sovereign governments		117,399		5,516		(941	)		121,974
Total debt securities		5,064,233		22,147		(90,249	)		4,996,131
Equity securities		2,848		25		(13	)		2,860
Total investment portfolio	$	5,067,081	$	22,172	$	(90,262	)	$	4,998,991

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2012	Cost		Gains		Losses (1)			Value
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	863,282	$	3,040	$	(71	)	$	866,251
Obligations of U.S. states and political subdivisions		795,935		16,965		(506	)		812,394
Corporate debt securities		1,469,844		13,813		(2,716	)		1,480,941
Asset-backed securities		322,802		1,657		(23	)		324,436
Residential mortgage-backed securities		451,352		871		(1,314	)		450,909
Commercial mortgage-backed securities		150,232		524		(414	)		150,342
Debt securities issued by foreign sovereign governments		132,490		9,784		(208	)		142,066
Total debt securities		4,185,937		46,654		(5,252	)		4,227,339
Equity securities		2,797		139		-			2,936
Total investment portfolio	$	4,188,734	$	46,793	$	(5,252	)	$	4,230,275

(1) At June 30, 2013 and December 31, 2012, there were no other-than-temporary impairment losses recorded in other comprehensive income.

Amortized cost and fair values of debt securities by contractual maturity

The amortized cost and fair values of debt securities at June 30, 2013, by contractual maturity, are shown below. Expected 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 asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed below in separate categories.

	Amortized		Fair
June 30, 2013	Cost		Value
	(In thousands)
Due in one year or less	$	937,314	$	938,656
Due after one year through five years		1,745,300		1,743,411
Due after five years through ten years		878,568		854,727
Due after ten years		486,879		473,120
	$	4,048,061	$	4,009,914
Asset-backed securities		310,819		310,528
Residential mortgage-backed securities		413,083		392,087
Commercial mortgage-backed securities		230,935		222,376
Collateralized loan obligations		61,335		61,226
Total at June 30, 2013	$	5,064,233	$	4,996,131

Aging of the fair values of securities in an unrealized loss position

For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:

	Less Than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
June 30, 2013	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	484,399	$	15,397	$	-	$	-	$	484,399	$	15,397
Obligations of U.S. states and political subdivisions		456,902		13,616		-		-		456,902		13,616
Corporate debt securities		1,450,667		29,546		3,291		2		1,453,958		29,548
Asset-backed securities		164,559		872		-		-		164,559		872
Residential mortgage-backed securities		373,524		20,701		17,047		466		390,571		21,167
Commercial mortgage-backed securities		206,460		8,599		-		-		206,460		8,599
Collateralized loan obligations		28,266		109		-		-		28,266		109
Debt securities issued by foreign sovereign governments		32,037		941		-		-		32,037		941
Equity securities		988		13		-		-		988		13
Total investment portfolio	$	3,197,802	$	89,794	$	20,338	$	468	$	3,218,140	$	90,262
	Less Than 12 Months				12 Months or Greater				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2012	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	24,094	$	71	$	-	$	-	$	24,094	$	71
Obligations of U.S. states and political subdivisions		156,111		505		1,006		1		157,117		506
Corporate debt securities		280,765		2,714		3,353		2		284,118		2,716
Asset-backed securities		29,675		23		-		-		29,675		23
Residential mortgage-backed securities		315,000		982		19,939		332		334,939		1,314
Commercial mortgage-backed securities		72,689		414		-		-		72,689		414
Debt securities issued by foreign sovereign governments		14,695		208		-		-		14,695		208
Total investment portfolio	$	893,029	$	4,917	$	24,298	$	335	$	917,327	$	5,252

Net realized investment gains (losses) and OTTI on investments

The net realized investment gains (losses) and OTTI on the investment portfolio are as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2013		2012		2013		2012
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Fixed maturities		$	1,891	$	26,095	$	3,148	$	101,434
Equity securities			594		12		596		394
Other			-		165		-		2,005
		$	2,485	$	26,272	$	3,744	$	103,833

		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2013			2012			2013			2012
	(In thousands)
Net realized investment gains (losses) and OTTI on investments:
Gains on sales		$	3,027		$	28,005		$	4,961		$	108,040
Losses on sales			(542	)		(1,394	)		(1,217	)		(3,868	)
Impairment losses			-			(339	)		-			(339	)
		$	2,485		$	26,272		$	3,744		$	103,833