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Investments in Fixed Maturity Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities
At June 30, 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
 
June 30, 2017
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
64,931

 
$
14,943

 
$
—

 
$
79,874

 
$
64,931

Residential mortgage-backed
14,754

 
1,578

 
—

 
16,332

 
14,754

Total held to maturity
79,685

 
16,521

 
—

 
96,206

 
79,685

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
432,145

 
13,941

 
(2,135
)
 
443,951

 
443,951

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,770,582

 
80,887

 
(9,471
)
 
2,841,998

 
2,841,998

State general obligation
471,980

 
21,596

 
(1,359
)
 
492,217

 
492,217

Pre-refunded
312,535

 
21,825

 
(216
)
 
334,144

 
334,144

Corporate backed
384,609

 
10,609

 
(916
)
 
394,302

 
394,302

Local general obligation
354,110

 
26,507

 
(467
)
 
380,150

 
380,150

Total state and municipal
4,293,816

 
161,424

 
(12,429
)
 
4,442,811

 
4,442,811

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
997,886

 
13,968

 
(9,608
)
 
1,002,246

 
1,002,246

Commercial
190,352

 
566

 
(1,257
)
 
189,661

 
189,661

Total mortgage-backed securities
1,188,238

 
14,534

 
(10,865
)
 
1,191,907

 
1,191,907

Asset-backed
2,196,114

 
6,529

 
(10,613
)
 
2,192,030

 
2,192,030

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,394,374

 
73,884

 
(2,717
)
 
2,465,541

 
2,465,541

Financial
1,444,201

 
49,524

 
(4,929
)
 
1,488,796

 
1,488,796

Utilities
255,777

 
12,725

 
(576
)
 
267,926

 
267,926

Other
48,875

 
282

 
(18
)
 
49,139

 
49,139

Total corporate
4,143,227

 
136,415

 
(8,240
)
 
4,271,402

 
4,271,402

Foreign
854,298

 
38,773

 
(772
)
 
892,299

 
892,299

Total available for sale
13,107,838

 
371,616

 
(45,054
)
 
13,434,400

 
13,434,400

Total investments in fixed maturity securities
$
13,187,523

 
$
388,137

 
$
(45,054
)
 
$
13,530,606

 
$
13,514,085

(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

____________
(1)
Gross unrealized gains and (losses) for residential mortgage-backed securities include $25,220 and $(818,691) as of June 30, 2017 and December 31, 2016, respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.
Amortized cost and fair value of fixed maturity securities by contractual maturity
The amortized cost and fair value of fixed maturity securities at June 30, 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
$
803,520

 
$
819,242

Due after one year through five years
5,237,765

 
5,368,120

Due after five years through ten years
3,169,976

 
3,311,894

Due after ten years
2,773,270

 
2,823,111

Mortgage-backed securities
1,202,992

 
1,208,239

Total
$
13,187,523

 
$
13,530,606