Securities in an Unrealized Loss Position

The following tables summarize all securities in an unrealized loss position at March 31, 2017 and December 31, 2016 by the length of time those securities have been continuously in an unrealized loss position:



	Less Than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
March 31, 2017
U.S. government and government agency	$	95,253	$	954	$	33,071	$	1,266	$	128,324	$	2,220
State and municipal	1,111,978		22,836		150,439		3,733		1,262,417		26,569
Mortgage-backed securities	618,642		10,013		140,791		5,143		759,433		15,156
Asset-backed securities	1,204,310		4,386		95,421		5,094		1,299,731		9,480
Corporate	867,293		8,126		61,732		6,164		929,025		14,290
Foreign government	115,542		1,320		4,495		257		120,037		1,577
Fixed maturity securities	4,013,018		47,635		485,949		21,657		4,498,967		69,292
Common stocks	18,875		1,173		8,803		975		27,678		2,148
Preferred stocks	—		—		23,567		2,106		23,567		2,106
Equity securities available for sale	18,875		1,173		32,370		3,081		51,245		4,254
Total	$	4,031,893	$	48,808	$	518,319	$	24,738	$	4,550,212	$	73,546

December 31, 2016
U.S. government and government agency	$	112,709	$	1,252	$	35,450	$	1,341	$	148,159	$	2,593
State and municipal	1,562,614		35,553		133,034		4,885		1,695,648		40,438
Mortgage-backed securities	625,903		11,103		109,066		4,828		734,969		15,931
Asset-backed securities	1,010,836		5,340		201,693		6,601		1,212,529		11,941
Corporate	1,035,245		13,448		65,147		7,470		1,100,392		20,918
Foreign government	213,246		1,985		24,820		777		238,066		2,762
Fixed maturity securities	4,560,553		68,681		569,210		25,902		5,129,763		94,583
Common stocks	336		22		8,755		1,024		9,091		1,046
Preferred stocks	—		—		22,034		3,639		22,034		3,639
Equity securities available for sale	336		22		30,789		4,663		31,125		4,685
Total	$	4,560,889	$	68,703	$	599,999	$	30,565	$	5,160,888	$	99,268

Fixed Maturity Securities – A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at March 31, 2017 is presented in the table below:



($ in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
State and municipal	1	$	5,136	$	3,725
Mortgage-backed securities	9	19,647		924
Corporate	4	19,990		741
Foreign government	11	51,901		681
Asset-backed securities	6	9,615		173
Total	31	$	106,289	$	6,244

For OTTI of fixed maturity securities that management does not intend to sell or, to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI.

Preferred Stocks – At March 31, 2017, there was one preferred stock in an unrealized loss position, with a fair value of $23.6 million and a gross unrealized loss of $2.1 million. Based upon management’s view of the underlying value of this security, the Company does not consider the security to be OTTI. For three months ended March 31, 2017 and 2016, there were no OTTI for preferred stocks.

Common Stocks – At March 31, 2017, there were three common stocks in an unrealized loss position, with an aggregate fair value of $27.7 million and a gross unrealized loss of $2.1 million. Based on management's view of the underlying securities, the Company does not consider these equity securities to be OTTI. There was no OTTI of common stocks for the three months ended March 31, 2017. For the three months ended March 31, 2016, OTTI for common stocks was $18.1 million.