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Investments in Fixed Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities At March 31, 2019 and December 31, 2018, investments in fixed maturity securities were as follows:
 
(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
 
March 31, 2019
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
68,535

 
$
12,517

 
$
—

 
$
81,052

 
$
68,535

Residential mortgage-backed
10,093

 
1,151

 
—

 
11,244

 
10,093

Total held to maturity
78,628

 
13,668

 
—

 
92,296

 
78,628

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
728,606

 
12,991

 
(2,934
)
 
738,663

 
738,663

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,392,362

 
47,293

 
(6,052
)
 
2,433,603

 
2,433,603

State general obligation
334,406

 
16,158

 
(168
)
 
350,396

 
350,396

Pre-refunded
337,026

 
18,590

 
(153
)
 
355,463

 
355,463

Corporate backed
252,072

 
5,851

 
(1,233
)
 
256,690

 
256,690

Local general obligation
406,499

 
24,710

 
(498
)
 
430,711

 
430,711

Total state and municipal
3,722,365

 
112,602

 
(8,104
)
 
3,826,863

 
3,826,863

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,226,647

 
14,595

 
(12,591
)
 
1,228,651

 
1,228,651

Commercial
351,485

 
2,514

 
(1,940
)
 
352,059

 
352,059

Total mortgage-backed securities
1,578,132

 
17,109

 
(14,531
)
 
1,580,710

 
1,580,710

Asset-backed
2,658,355

 
6,124

 
(33,680
)
 
2,630,799

 
2,630,799

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,112,002

 
32,886

 
(14,637
)
 
2,130,251

 
2,130,251

Financial
1,475,201

 
15,054

 
(11,457
)
 
1,478,798

 
1,478,798

Utilities
317,341

 
5,801

 
(1,751
)
 
321,391

 
321,391

Other
42,952

 
669

 
(129
)
 
43,492

 
43,492

Total corporate
3,947,496

 
54,410

 
(27,974
)
 
3,973,932

 
3,973,932

Foreign government
820,541

 
14,465

 
(23,932
)
 
811,074

 
811,074

Total available for sale
13,455,495

 
217,701

 
(111,155
)
 
13,562,041

 
13,562,041

Total investments in fixed maturity securities
$
13,534,123

 
$
231,369

 
$
(111,155
)
 
$
13,654,337

 
$
13,640,669

(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2018
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
67,891

 
$
11,549

 
$
—

 
$
79,440

 
$
67,891

Residential mortgage-backed
10,744

 
1,259

 
—

 
12,003

 
10,744

Total held to maturity
78,635

 
12,808

 
—

 
91,443

 
78,635

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
697,931

 
9,219

 
(4,910
)
 
702,240

 
702,240

State and municipal:
 
 
 
 
 
 
 
 
 
Special revenue
2,396,089

 
30,507

 
(19,790
)
 
2,406,806

 
2,406,806

State general obligation
335,626

 
11,951

 
(1,103
)
 
346,474

 
346,474

Pre-refunded
408,141

 
16,568

 
(30
)
 
424,679

 
424,679

Corporate backed
272,440

 
4,319

 
(2,350
)
 
274,409

 
274,409

Local general obligation
403,219

 
18,350

 
(1,339
)
 
420,230

 
420,230

Total state and municipal
3,815,515

 
81,695

 
(24,612
)
 
3,872,598

 
3,872,598

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,264,376

 
7,729

 
(20,225
)
 
1,251,880

 
1,251,880

Commercial
345,070

 
1,304

 
(3,708
)
 
342,666

 
342,666

Total mortgage-backed securities
1,609,446

 
9,033

 
(23,933
)
 
1,594,546

 
1,594,546

Asset-backed
2,462,303

 
10,131

 
(33,687
)
 
2,438,747

 
2,438,747

Corporate:
 
 
 
 
 
 
 
 
 
Industrial
2,295,778

 
15,355

 
(53,312
)
 
2,257,821

 
2,257,821

Financial
1,502,427

 
7,178

 
(45,683
)
 
1,463,922

 
1,463,922

Utilities
330,326

 
2,997

 
(4,148
)
 
329,175

 
329,175

Other
60,238

 
322

 
(167
)
 
60,393

 
60,393

Total corporate
4,188,769

 
25,852

 
(103,310
)
 
4,111,311

 
4,111,311

Foreign government
822,093

 
11,753

 
(25,111
)
 
808,735

 
808,735

Total available for sale
13,596,057

 
147,683

 
(215,563
)
 
13,528,177

 
13,528,177

Total investments in fixed maturity securities
$
13,674,692


$
160,491

 
$
(215,563
)
 
$
13,619,620

 
$
13,606,812

____________
(1) Gross unrealized losses for residential mortgage-backed securities include $(123,614) and $(55,090) as of March 31, 2019 and December 31, 2018, 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, 2019, 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
$
1,035,545

 
$
1,037,210

Due after one year through five years
4,571,361

 
4,624,168

Due after five years through ten years
3,130,252

 
3,201,572

Due after ten years
3,208,740

 
3,199,433

Mortgage-backed securities
1,588,225

 
1,591,954

Total
$
13,534,123

 
$
13,654,337