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Investments (Tables)
 9 Months Ended
Sep. 30, 2014
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 September 30, 2014 and December 31, 2013 are shown below.

 
 
September 30, 2014
 
 
Amortized
Cost
  
Gross
Unrealized
Gains
  
Gross
Unrealized
Losses (1)
  
 
Fair
Value
 
  
(In thousands)
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
414,778
  
$
2,636
  
$
(9,795
)
 
$
407,619
 
Obligations of U.S. states and political subdivisions
  
833,510
   
10,068
   
(4,316
)
  
839,262
 
Corporate debt securities
  
2,341,189
   
9,953
   
(12,587
)
  
2,338,555
 
Asset-backed securities
  
341,519
   
932
   
(202
)
  
342,249
 
Residential mortgage-backed securities
  
344,515
   
167
   
(13,751
)
  
330,931
 
Commercial mortgage-backed securities
  
269,857
   
675
   
(3,032
)
  
267,500
 
Collateralized loan obligations
  
61,339
   
-
   
(763
)
  
60,576
 
Debt securities issued by foreign sovereign governments
  
37,854
   
2,466
   
(33
)
  
40,287
 
Total debt securities
  
4,644,561
   
26,897
   
(44,479
)
  
4,626,979
 
Equity securities
  
2,968
   
63
   
(9
)
  
3,022
 
                 
Total investment portfolio
 
$
4,647,529
  
$
26,960
  
$
(44,488
)
 
$
4,630,001
 

 
 
December 31, 2013
 
 
Amortized
Cost
  
Gross
Unrealized
Gains
  
Gross
Unrealized
Losses (1)
  
 
Fair
Value
 
  
(In thousands)
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
663,642
  
$
1,469
  
$
(25,521
)
 
$
639,590
 
Obligations of U.S. states and political subdivisions
  
932,922
   
5,865
   
(17,420
)
  
921,367
 
Corporate debt securities
  
2,190,095
   
6,313
   
(24,993
)
  
2,171,415
 
Asset-backed securities
  
399,839
   
1,100
   
(453
)
  
400,486
 
Residential mortgage-backed securities
  
383,368
   
146
   
(24,977
)
  
358,537
 
Commercial mortgage-backed securities
  
277,920
   
131
   
(6,668
)
  
271,383
 
Collateralized loan obligations
  
61,337
   
-
   
(1,042
)
  
60,295
 
Debt securities issued by foreign sovereign governments
  
39,420
   
1,722
   
(290
)
  
40,852
 
Total debt securities
  
4,948,543
   
16,746
   
(101,364
)
  
4,863,925
 
Equity securities
  
2,908
   
9
   
(23
)
  
2,894
 
                 
Total investment portfolio
 
$
4,951,451
  
$
16,755
  
$
(101,387
)
 
$
4,866,819
 
 
(1) At September 30, 2014 and December 31, 2013, 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 September 30, 2014, 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.

 
September 30, 2014
 
Amortized
Cost
  
Fair
Value
 
  
(In thousands)
 
     
Due in one year or less
 
$
405,324
  
$
406,256
 
Due after one year through five years
  
1,858,612
   
1,863,872
 
Due after five years through ten years
  
928,153
   
922,372
 
Due after ten years
  
435,242
   
433,223
 
         
  
$
3,627,331
  
$
3,625,723
 
         
Asset-backed securities
  
341,519
   
342,249
 
Residential mortgage-backed securities
  
344,515
   
330,931
 
Commercial mortgage-backed securities
  
269,857
   
267,500
 
Collateralized loan obligations
  
61,339
   
60,576
 
         
Total at September 30, 2014
 
$
4,644,561
  
$
4,626,979
 
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
 
 
September 30, 2014
 
Fair
Value
  
Unrealized
Losses
  
Fair
Value
  
Unrealized
Losses
  
Fair
Value
  
Unrealized
Losses
 
  
(In thousands)
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
6,320
  
$
43
  
$
325,892
  
$
9,752
  
$
332,212
  
$
9,795
 
Obligations of U.S. states and political subdivisions
  
165,975
   
1,392
   
135,146
   
2,924
   
301,121
   
4,316
 
Corporate debt securities
  
1,000,551
   
5,995
   
233,161
   
6,592
   
1,233,712
   
12,587
 
Asset-backed securities
  
56,801
   
137
   
14,675
   
65
   
71,476
   
202
 
Residential mortgage-backed securities
  
15,020
   
55
   
307,151
   
13,696
   
322,171
   
13,751
 
Commercial mortgage-backed securities
  
91,505
   
855
   
112,195
   
2,177
   
203,700
   
3,032
 
Collateralized loan obligations
  
-
   
-
   
60,576
   
763
   
60,576
   
763
 
Debt securities issued by foreign sovereign governments
  
4,561
   
10
   
1,783
   
23
   
6,344
   
33
 
Equity securities
  
137
   
1
   
238
   
8
   
375
   
9
 
Total investment portfolio
 
$
1,340,870
  
$
8,488
  
$
1,190,817
  
$
36,000
  
$
2,531,687
  
$
44,488
 

  
Less Than 12 Months
  
12 Months or Greater
  
Total
 
 
December 31, 2013
 
Fair
Value
  
Unrealized
Losses
  
Fair
Value
  
Unrealized
Losses
  
Fair
Value
  
Unrealized
Losses
 
  
(In thousands)
 
U.S. Treasury securities and obligations of U.S. government corporations and agencies
 
$
465,975
  
$
24,980
  
$
4,103
  
$
541
  
$
470,078
  
$
25,521
 
Obligations of U.S. states and political subdivisions
  
503,967
   
17,370
   
4,226
   
50
   
508,193
   
17,420
 
Corporate debt securities
  
1,238,211
   
20,371
   
81,593
   
4,622
   
1,319,804
   
24,993
 
Asset-backed securities
  
126,991
   
387
   
7,114
   
66
   
134,105
   
453
 
Residential mortgage-backed securities
  
91,534
   
3,886
   
265,827
   
21,091
   
357,361
   
24,977
 
Commercial mortgage-backed securities
  
192,440
   
6,239
   
43,095
   
429
   
235,535
   
6,668
 
Collateralized loan obligations
  
60,295
   
1,042
   
-
   
-
   
60,295
   
1,042
 
Debt securities issued by foreign sovereign governments
  
7,203
   
290
   
-
   
-
   
7,203
   
290
 
Equity securities
  
1,012
   
18
   
75
   
5
   
1,087
   
23
 
Total investment portfolio
 
$
2,687,628
  
$
74,583
  
$
406,033
  
$
26,804
  
$
3,093,661
  
$
101,387
 
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
September 30,
  
Nine Months Ended
September 30,
 
  
2014
  
2013
  
2014
  
2013
 
 
(In thousands)
 
Net realized investment gains (losses) and OTTI on investments:
        
Fixed maturities
 
$
629
  
$
(393
)
 
$
755
  
$
2,755
 
Equity securities
  
3
   
254
   
168
   
850
 
                 
  
$
632
  
$
(139
)
 
$
923
  
$
3,605
 

  
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
  
2014
  
2013
  
2014
  
2013
 
 
(In thousands)
 
Net realized investment gains (losses) and OTTI on investments:
        
Gains on sales
 
$
1,161
  
$
391
  
$
3,273
  
$
5,352
 
Losses on sales
  
(529
)
  
(202
)
  
(2,350
)
  
(1,419
)
Impairment losses
  
-
   
(328
)
  
-
   
(328
)
                 
  
$
632
  
$
(139
)
 
$
923
  
$
3,605