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Investments in Fixed Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities
At March 31, 2018 and December 31, 2017, investments in fixed maturity securities were as follows:
 
(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
 
March 31, 2018
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
66,459

 
$
12,185

 
$
—

 
$
78,644

 
$
66,459

Residential mortgage-backed
12,772

 
988

 
—

 
13,760

 
12,772

Total held to maturity
79,231

 
13,173

 
—

 
92,404

 
79,231

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
479,330

 
6,692

 
(6,113
)
 
479,909

 
479,909

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,644,248

 
36,059

 
(22,675
)
 
2,657,632

 
2,657,632

State general obligation
404,710

 
12,113

 
(2,610
)
 
414,213

 
414,213

Pre-refunded
443,852

 
18,131

 
(87
)
 
461,896

 
461,896

Corporate backed
368,073

 
7,415

 
(1,610
)
 
373,878

 
373,878

Local general obligation
389,887

 
17,227

 
(3,209
)
 
403,905

 
403,905

Total state and municipal
4,250,770

 
90,945

 
(30,191
)
 
4,311,524

 
4,311,524

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,067,814

 
6,233

 
(22,334
)
 
1,051,713

 
1,051,713

Commercial
338,683

 
1,164

 
(4,563
)
 
335,284

 
335,284

Total mortgage-backed securities
1,406,497

 
7,397

 
(26,897
)
 
1,386,997

 
1,386,997

Asset-backed
2,101,896

 
11,435

 
(11,640
)
 
2,101,691

 
2,101,691

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,378,793

 
27,145

 
(31,817
)
 
2,374,121

 
2,374,121

Financial
1,411,529

 
22,100

 
(15,031
)
 
1,418,598

 
1,418,598

Utilities
270,915

 
8,163

 
(4,546
)
 
274,532

 
274,532

Other
43,682

 
1

 
(233
)
 
43,450

 
43,450

Total corporate
4,104,919

 
57,409

 
(51,627
)
 
4,110,701

 
4,110,701

Foreign
850,866

 
25,791

 
(3,578
)
 
873,079

 
873,079

Total available for sale
13,194,278

 
199,669

 
(130,046
)
 
13,263,901

 
13,263,901

Total investments in fixed maturity securities
$
13,273,509

 
$
212,842

 
$
(130,046
)
 
$
13,356,305

 
$
13,343,132

(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2017
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
65,882

 
$
14,499

 
$
—

 
$
80,381

 
$
65,882

Residential mortgage-backed
13,450

 
1,227

 
—

 
14,677

 
13,450

Total held to maturity
79,332

 
15,726

 
—

 
95,058

 
79,332

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
372,748

 
8,824

 
(3,832
)
 
377,740

 
377,740

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,663,245

 
53,512

 
(10,027
)
 
2,706,730

 
2,706,730

State general obligation
439,358

 
16,087

 
(711
)
 
454,734

 
454,734

Pre-refunded
436,241

 
22,701

 
(9
)
 
458,933

 
458,933

Corporate backed
375,268

 
10,059

 
(860
)
 
384,467

 
384,467

Local general obligation
417,955

 
23,242

 
(967
)
 
440,230

 
440,230

Total state and municipal
4,332,067

 
125,601

 
(12,574
)
 
4,445,094

 
4,445,094

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,043,629

 
9,304

 
(13,547
)
 
1,039,386

 
1,039,386

Commercial
261,652

 
1,521

 
(2,628
)
 
260,545

 
260,545

Total mortgage-backed securities
1,305,281

 
10,825

 
(16,175
)
 
1,299,931

 
1,299,931

Asset-backed
2,111,132

 
11,024

 
(10,612
)
 
2,111,544

 
2,111,544

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,574,400

 
52,210

 
(7,718
)
 
2,618,892

 
2,618,892

Financial
1,402,161

 
37,744

 
(5,138
)
 
1,434,767

 
1,434,767

Utilities
284,886

 
11,316

 
(1,248
)
 
294,954

 
294,954

Other
40,560

 
5

 
(66
)
 
40,499

 
40,499

Total corporate
4,302,007

 
101,275

 
(14,170
)
 
4,389,112

 
4,389,112

Foreign
819,345

 
32,018

 
(2,866
)
 
848,497

 
848,497

Total available for sale
13,242,580

 
289,567

 
(60,229
)
 
13,471,918

 
13,471,918

Total investments in fixed maturity securities
$
13,321,912


$
305,293

 
$
(60,229
)
 
$
13,566,976

 
$
13,551,250

____________
(1)
Gross unrealized gains (losses) for residential mortgage-backed securities include $89,704 and $76,467 as of March 31, 2018 and December 31, 2017, 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 March 31, 2018, 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
$
813,191

 
$
816,313

Due after one year through five years
4,580,074

 
4,621,880

Due after five years through ten years
3,110,432

 
3,158,810

Due after ten years
3,350,543

 
3,358,545

Mortgage-backed securities
1,419,269

 
1,400,757

Total
$
13,273,509

 
$
13,356,305