Investments In Fixed Maturity Securities (Debt Securities)

12 Months Ended

Dec. 31, 2012

Debt Securities

Schedule of Marketable Securities [Line Items]

Investments In Fixed Maturity Securities

Investments in Fixed Maturity Securities

At December 31, 2014 and 2013, investments in fixed maturity securities were as follows:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Carrying Value
December 31, 2014
Held to maturity:
State and municipal	$	72,901	$	17,501	$	—		$	90,402	$	72,901
Residential mortgage-backed securities	23,278		2,854		—			26,132		23,278
Corporate	4,998		291		—			5,289		4,998
Total held to maturity	101,177		20,646		—			121,823		101,177
Available for sale:
U.S. government and government agency	773,192		33,353		(3,157		)	803,388		803,388
State and municipal	4,137,866		229,150		(4,020		)	4,362,996		4,362,996
Mortgage-backed securities:
Residential(1)	1,201,924		27,124		(9,449		)	1,219,599		1,219,599
Commercial	74,479		1,610		(52		)	76,037		76,037
Corporate	5,036,958		187,960		(24,781		)	5,200,137		5,200,137
Foreign government	897,668		62,223		(18,065		)	941,826		941,826
Total available for sale	12,122,087		541,420		(59,524		)	12,603,983		12,603,983
Total investment in fixed maturity securities	$	12,223,264	$	562,066	$	(59,524	)	$	12,725,806	$	12,705,160

December 31, 2013
Held to maturity:
State and municipal	$	68,929	$	11,172	$	—		$	80,101	$	68,929
Residential mortgage-backed securities	27,393		3,311		—			30,704		27,393
Corporate	4,998		417		—			5,415		4,998
Total held to maturity	101,320		14,900		—			116,220		101,320
Available for sale:
U.S. government and government agency	858,319		34,522		(7,982		)	884,859		884,859
State and municipal	4,085,791		162,330		(29,837		)	4,218,284		4,218,284
Mortgage-backed securities:
Residential(1)	1,248,693		25,895		(25,941		)	1,248,647		1,248,647
Commercial	76,454		5,670		(988		)	81,136		81,136
Corporate	4,076,585		156,256		(30,100		)	4,202,741		4,202,741
Foreign government	844,469		51,674		(16,286		)	879,857		879,857
Total available for sale	11,190,311		436,347		(111,134		)	11,515,524		11,515,524
Total investment in fixed maturity securities	$	11,291,631	$	451,247	$	(111,134	)	$	11,631,744	$	11,616,844

_______________________________________

(1) Gross unrealized losses for mortgage-backed securities include $1,095,671 and $1,961,247, as of December 31, 2014 and 2013, respectively, related to the non-credit portion of OTTI recognized in other comprehensive income.

The amortized cost and fair value of fixed maturity securities at December 31, 2014, 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.

(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	884,831	$	895,004
Due after one year through five years	3,953,003		4,119,946
Due after five years through ten years	3,600,155		3,790,402
Due after ten years	2,485,594		2,598,686
Mortgage-backed securities	1,299,681		1,321,768
Total	$	12,223,264	$	12,725,806

At December 31, 2014 and 2013, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2014, investments with a carrying value of $1,151 million were on deposit in custodial or trust accounts, of which $906 million was on deposit with state insurance departments, $188 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $44 million was on deposit as security for reinsurance clients and $13 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.