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Investments in Fixed Maturity Securities (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities
At September 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
 
September 30, 2017
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
65,372

 
$
15,212

 
$
—

 
$
80,584

 
$
65,372

Residential mortgage-backed
14,024

 
1,452

 
—

 
15,476

 
14,024

Total held to maturity
79,396

 
16,664

 
—

 
96,060

 
79,396

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
402,901

 
10,828

 
(2,124
)
 
411,605

 
411,605

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,730,653

 
80,144

 
(5,469
)
 
2,805,328

 
2,805,328

State general obligation
481,070

 
21,377

 
(565
)
 
501,882

 
501,882

Pre-refunded
282,488

 
21,052

 
(173
)
 
303,367

 
303,367

Corporate backed
380,351

 
11,775

 
(499
)
 
391,627

 
391,627

Local general obligation
384,930

 
26,566

 
(531
)
 
410,965

 
410,965

Total state and municipal
4,259,492

 
160,914

 
(7,237
)
 
4,413,169

 
4,413,169

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,064,705

 
12,696

 
(8,860
)
 
1,068,541

 
1,068,541

Commercial
251,387

 
1,641

 
(1,450
)
 
251,578

 
251,578

Total mortgage-backed securities
1,316,092

 
14,337

 
(10,310
)
 
1,320,119

 
1,320,119

Asset-backed
2,389,187

 
9,836

 
(10,405
)
 
2,388,618

 
2,388,618

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,569,673

 
70,054

 
(2,842
)
 
2,636,885

 
2,636,885

Financial
1,335,101

 
43,636

 
(4,716
)
 
1,374,021

 
1,374,021

Utilities
255,478

 
12,760

 
(907
)
 
267,331

 
267,331

Other
42,183

 
2

 
(48
)
 
42,137

 
42,137

Total corporate
4,202,435

 
126,452

 
(8,513
)
 
4,320,374

 
4,320,374

Foreign
909,608

 
32,889

 
(2,088
)
 
940,409

 
940,409

Total available for sale
13,479,715

 
355,256

 
(40,677
)
 
13,794,294

 
13,794,294

Total investments in fixed maturity securities
$
13,559,111

 
$
371,920

 
$
(40,677
)
 
$
13,890,354

 
$
13,873,690

(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 $85,907 and $(818,691) as of September 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 September 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
$
745,010

 
$
750,479

Due after one year through five years
5,089,768

 
5,210,268

Due after five years through ten years
3,248,254

 
3,396,461

Due after ten years
3,145,963

 
3,197,551

Mortgage-backed securities
1,330,116

 
1,335,595

Total
$
13,559,111

 
$
13,890,354