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Investments In Fixed Maturity Securities
9 Months Ended
Sep. 30, 2011
Investments in Fixed Maturity Securities [Abstract] 
Investments In Fixed Maturity Securities
Investments in Fixed Maturity Securities
At September 30, 2011 and December 31, 2010, investments in fixed maturity securities were as follows:
 
(Dollars in thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
 
September 30, 2011
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
73,282

 
$
10,920

 
$
—

 
$
84,202

 
$
73,282

Residential mortgage-backed
36,500

 
6,061

 
—

 
42,561

 
36,500

Corporate
4,996

 
746

 
—

 
5,742

 
4,996

Total held to maturity
114,778

 
17,727

 
—

 
132,505

 
114,778

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
995,463

 
78,618

 
(344
)
 
1,073,737

 
1,073,737

State and municipal
5,019,033

 
286,782

 
(19,277
)
 
5,286,538

 
5,286,538

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,383,414

 
77,663

 
(14,067
)
 
1,447,010

 
1,447,010

Commercial
53,966

 
2,791

 
(1,480
)
 
55,277

 
55,277

Corporate
2,613,879

 
136,728

 
(35,156
)
 
2,715,451

 
2,715,451

Foreign
512,708

 
27,520

 
(2,249
)
 
537,979

 
537,979

Total available for sale
10,578,463

 
610,102

 
(72,573
)
 
11,115,992

 
11,115,992

Total investments in fixed maturity securities
$
10,693,241

 
$
627,829

 
$
(72,573
)
 
$
11,248,497

 
$
11,230,770

December 31, 2010
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
71,998

 
$
3,440

 
$
(1,129
)
 
$
74,309

 
$
71,998

Residential mortgage-backed
39,002

 
3,667

 
—

 
42,669

 
39,002

Corporate
4,995

 
185

 
—

 
5,180

 
4,995

Total held to maturity
115,995

 
7,292

 
(1,129
)
 
122,158

 
115,995

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
1,289,669

 
58,658

 
(452
)
 
1,347,875

 
1,347,875

State and municipal
5,302,513

 
203,221

 
(44,288
)
 
5,461,446

 
5,461,446

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,319,289

 
52,165

 
(13,278
)
 
1,358,176

 
1,358,176

Commercial
57,057

 
2,207

 
(5,594
)
 
53,670

 
53,670

Corporate
2,307,987

 
102,306

 
(30,031
)
 
2,380,262

 
2,380,262

Foreign
460,683

 
31,283

 
(236
)
 
491,730

 
491,730

Total available for sale
10,737,198

 
449,840

 
(93,879
)
 
11,093,159

 
11,093,159

Total investments in fixed maturity securities
$
10,853,193

 
$
457,132

 
$
(95,008
)
 
$
11,215,317

 
$
11,209,154

___________
(1)
Gross unrealized losses for residential mortgage-backed securities include $6,020,000 and $4,064,000 as of September 30, 2011 and December 31, 2010, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in other comprehensive income.





The amortized cost and fair value of fixed maturity securities at September 30, 2011, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations:
 
(Dollars in thousands)
Amortized
Cost
 
Fair Value
Due in one year or less
$
707,725

 
$
718,688

Due after one year through five years
3,220,365

 
3,373,391

Due after five years through ten years
2,552,147

 
2,748,995

Due after ten years
2,739,124

 
2,862,575

Mortgage-backed securities
1,473,880

 
1,544,848

Total
$
10,693,241

 
$
11,248,497


At September 30, 2011, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity.