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

3 Months Ended

Mar. 31, 2017

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, 2017, 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	$	1,033,358	$	1,049,761
Due after one year through five years	5,160,693		5,288,826
Due after five years through ten years	3,273,799		3,386,314
Due after ten years	2,454,761		2,484,502
Mortgage-backed securities	1,227,678		1,228,601
Total	$	13,150,289	$	13,438,004

Debt Securities [Member]

Schedule of Marketable Securities [Line Items]

Schedule of investments in fixed maturity securities

At March 31, 2017 and December 31, 2016, investments in fixed maturity securities were as follows:

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
March 31, 2017
Held to maturity:
State and municipal	$	73,631	$	13,374	$	—		$	87,005	$	73,631
Residential mortgage-backed	15,316		1,651		—			16,967		15,316
Total held to maturity	88,947		15,025		—			103,972		88,947
Available for sale:
U.S. government and government agency	472,112		16,784		(2,220		)	486,676		486,676
State and municipal:
Special revenue	2,759,063		69,226		(15,887		)	2,812,402		2,812,402
State general obligation	504,312		18,952		(3,295		)	519,969		519,969
Pre-refunded	349,697		20,013		(146		)	369,564		369,564
Corporate backed	376,664		8,290		(5,639		)	379,315		379,315
Local general obligation	360,941		20,497		(1,602		)	379,836		379,836
Total state and municipal	4,350,677		136,978		(26,569		)	4,461,086		4,461,086
Mortgage-backed securities:
Residential (1)	1,067,779		14,081		(13,030		)	1,068,830		1,068,830
Commercial	144,583		347		(2,126		)	142,804		142,804
Total mortgage-backed securities	1,212,362		14,428		(15,156		)	1,211,634		1,211,634
Asset-backed	2,029,812		7,837		(9,480		)	2,028,169		2,028,169
Corporate:
Industrial	2,391,507		70,783		(5,330		)	2,456,960		2,456,960
Financial	1,445,707		45,431		(6,881		)	1,484,257		1,484,257
Utilities	238,801		10,578		(2,049		)	247,330		247,330
Other	55,808		471		(30		)	56,249		56,249
Total corporate	4,131,823		127,263		(14,290		)	4,244,796		4,244,796
Foreign	864,556		38,692		(1,577		)	901,671		901,671
Total available for sale	13,061,342		341,982		(69,292		)	13,334,032		13,334,032
Total investments in fixed maturity securities	$	13,150,289	$	357,007	$	(69,292	)	$	13,438,004	$	13,422,979

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
December 31, 2016
Held to maturity:
State and municipal	$	72,582	$	12,453	$	—		$	85,035	$	72,582
Residential mortgage-backed	15,944		1,693		—			17,637		15,944
Total held to maturity	88,526		14,146		—			102,672		88,526
Available for sale:
U.S. government and government agency	496,187		20,208		(2,593		)	513,802		513,802
State and municipal:
Special revenue	2,791,211		58,559		(26,315		)	2,823,455		2,823,455
State general obligation	524,682		16,964		(5,139		)	536,507		536,507
Pre-refunded	356,535		19,181		(165		)	375,551		375,551
Corporate backed	410,933		6,172		(6,452		)	410,653		410,653
Local general obligation	360,022		15,682		(2,367		)	373,337		373,337
Total state and municipal	4,443,383		116,558		(40,438		)	4,519,503		4,519,503
Mortgage-backed securities:
Residential (1)	1,034,301		15,431		(12,950		)	1,036,782		1,036,782
Commercial	155,540		304		(2,981		)	152,863		152,863
Total mortgage-backed securities	1,189,841		15,735		(15,931		)	1,189,645		1,189,645
Asset-backed	1,913,830		5,971		(11,941		)	1,907,860		1,907,860
Corporate:
Industrial	2,315,567		71,007		(7,174		)	2,379,400		2,379,400
Financial	1,369,001		39,543		(11,270		)	1,397,274		1,397,274
Utilities	229,154		10,801		(2,411		)	237,544		237,544
Other	54,073		299		(63		)	54,309		54,309
Total corporate	3,967,795		121,650		(20,918		)	4,068,527		4,068,527
Foreign	858,773		46,794		(2,762		)	902,805		902,805
Total available for sale	12,869,809		326,916		(94,583		)	13,102,142		13,102,142
Total investments in fixed maturity securities	$	12,958,335	$	341,062	$	(94,583	)	$	13,204,814	$	13,190,668

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(1) Gross unrealized losses for residential mortgage-backed securities include $717,960 and $818,691 as of March 31, 2017 and December 31, 2016, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.