Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Marketable Securities [Line Items]

Amortized cost and fair value of fixed maturity securities by contractual maturity

The amortized cost and fair value of fixed maturity securities at March 31, 2016, 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	$	812,491	$	822,851
Due after one year through five years	4,360,294		4,522,431
Due after five years through ten years	3,482,275		3,659,124
Due after ten years	2,508,406		2,584,816
Mortgage-backed securities	1,151,420		1,176,024
Total	$	12,314,886	$	12,765,246

Debt Securities [Member]

Schedule of Marketable Securities [Line Items]

Schedule of investments in fixed maturity securities

At March 31, 2016 and December 31, 2015, investments in fixed maturity securities were as follows:

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
March 31, 2016
Held to maturity:
State and municipal	$	78,264	$	17,340	$	—		$	95,604	$	78,264
Residential mortgage-backed	18,405		2,470		—			20,875		18,405
Total held to maturity	96,669		19,810		—			116,479		96,669
Available for sale:
U.S. government and government agency	571,330		27,602		(981		)	597,951		597,951
State and municipal:
Special revenue	2,613,723		120,174		(2,047		)	2,731,850		2,731,850
State general obligation	595,465		30,624		(1,817		)	624,272		624,272
Pre-refunded	407,586		32,630		—			440,216		440,216
Corporate backed	388,408		15,034		(618		)	402,824		402,824
Local general obligation	356,266		29,357		(17		)	385,606		385,606
Total state and municipal	4,361,448		227,819		(4,499		)	4,584,768		4,584,768
Mortgage-backed securities:
Residential (1)	1,067,877		27,520		(5,548		)	1,089,849		1,089,849
Commercial	65,138		778		(616		)	65,300		65,300
Total mortgage-backed securities	1,133,015		28,298		(6,164		)	1,155,149		1,155,149
Asset-backed	1,855,301		11,949		(22,846		)	1,844,404		1,844,404
Corporate:
Industrial	2,007,460		106,650		(20,538		)	2,093,572		2,093,572
Financial	1,176,238		39,566		(13,664		)	1,202,140		1,202,140
Utilities	197,336		10,771		(1,958		)	206,149		206,149
Other	66,289		426		—			66,715		66,715
Total corporate	3,447,323		157,413		(36,160		)	3,568,576		3,568,576
Foreign	849,800		54,580		(6,461		)	897,919		897,919
Total available for sale	12,218,217		507,661		(77,111		)	12,648,767		12,648,767
Total investments in fixed maturity securities	$	12,314,886	$	527,471	$	(77,111	)	$	12,765,246	$	12,745,436

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
December 31, 2015
Held to maturity:
State and municipal	$	77,129	$	16,246	$	—		$	93,375	$	77,129
Residential mortgage-backed	19,138		2,207		—			21,345		19,138
Total held to maturity	96,267		18,453		—			114,720		96,267
Available for sale:
U.S. government and government agency	645,092		27,660		(2,333		)	670,419		670,419
State and municipal:
Special revenue	2,510,816		102,909		(3,737		)	2,609,988		2,609,988
State general obligation	583,456		28,068		(2,070		)	609,454		609,454
Pre-refunded	439,772		32,056		(31		)	471,797		471,797
Corporate backed	388,904		14,039		(402		)	402,541		402,541
Local general obligation	342,158		24,270		(29		)	366,399		366,399
Total state and municipal	4,265,106		201,342		(6,269		)	4,460,179		4,460,179
Mortgage-backed securities:
Residential (1)	1,126,382		18,935		(11,180		)	1,134,137		1,134,137
Commercial	64,975		875		(128		)	65,722		65,722
Total mortgage-backed securities	1,191,357		19,810		(11,308		)	1,199,859		1,199,859
Asset-backed	1,706,694		12,892		(14,414		)	1,705,172		1,705,172
Corporate:
Industrial	1,976,393		75,168		(30,027		)	2,021,534		2,021,534
Financial	1,153,096		31,744		(11,819		)	1,173,021		1,173,021
Utilities	192,857		8,321		(2,527		)	198,651		198,651
Other	81,607		245		(20		)	81,832		81,832
Total corporate	3,403,953		115,478		(44,393		)	3,475,038		3,475,038
Foreign	799,839		50,310		(12,689		)	837,460		837,460
Total available for sale	12,012,041		427,492		(91,406		)	12,348,127		12,348,127
Total investments in fixed maturity securities	$	12,108,308	$	445,945	$	(91,406	)	$	12,462,847	$	12,444,394

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(1) Gross unrealized losses for residential mortgage-backed securities include $1,324,214 and $1,269,491 as of March 31, 2016 and December 31, 2015, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.