Investments in Equity Securities

6 Months Ended

Jun. 30, 2019

Debt Securities, Available-for-sale [Line Items]

Investments in Equity Securities

Investments in Fixed Maturity Securities

At June 30, 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
June 30, 2019
Held to maturity:
State and municipal	$	69,167	$	13,089	$	—		$	82,256	$	69,167
Residential mortgage-backed	9,380		1,083		—			10,463		9,380
Total held to maturity	78,547		14,172		—			92,719		78,547
Available for sale:
U.S. government and government agency	760,247		18,241		(1,418		)	777,070		777,070
State and municipal:
Special revenue	2,322,750		63,204		(2,674		)	2,383,280		2,383,280
State general obligation	320,338		22,108		(43		)	342,403		342,403
Pre-refunded	298,825		19,876		(122		)	318,579		318,579
Corporate backed	238,319		7,065		(639		)	244,745		244,745
Local general obligation	427,233		32,026		(443		)	458,816		458,816
Total state and municipal	3,607,465		144,279		(3,921		)	3,747,823		3,747,823
Mortgage-backed securities:
Residential (1)	1,242,880		28,521		(5,316		)	1,266,085		1,266,085
Commercial	303,332		6,829		(380		)	309,781		309,781
Total mortgage-backed securities	1,546,212		35,350		(5,696		)	1,575,866		1,575,866
Asset-backed	2,719,618		9,874		(27,707		)	2,701,785		2,701,785
Corporate:
Industrial	2,178,339		59,623		(7,755		)	2,230,207		2,230,207
Financial	1,431,612		27,484		(5,373		)	1,453,723		1,453,723
Utilities	312,200		12,548		(426		)	324,322		324,322
Other	27,027		1,096		(90		)	28,033		28,033
Total corporate	3,949,178		100,751		(13,644		)	4,036,285		4,036,285
Foreign government	818,276		20,507		(23,359		)	815,424		815,424
Total available for sale	13,400,996		329,002		(75,745		)	13,654,253		13,654,253
Total investments in fixed maturity securities	$	13,479,543	$	343,174	$	(75,745	)	$	13,746,972	$	13,732,800

(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 $(42,762) and $(55,090) as of June 30, 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.

The amortized cost and fair value of fixed maturity securities at June 30, 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	$	1,017,744	$	1,022,427
Due after one year through five years	4,680,578		4,764,795
Due after five years through ten years	3,226,328		3,347,580
Due after ten years	2,999,301		3,025,841
Mortgage-backed securities	1,555,592		1,586,329
Total	$	13,479,543	$	13,746,972

At June 30, 2019 and December 31, 2018, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.

Equity securities

Debt Securities, Available-for-sale [Line Items]

Investments in Equity Securities

Investments in Equity Securities

At June 30, 2019 and December 31, 2018, investments in equity securities were as follows:

 

(In thousands)	Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
June 30, 2019
Common stocks	$	153,440	$	8,092	$	(21,306	)	$	140,226	$	140,226
Preferred stocks	101,423		180,316		(5,377		)	276,362		276,362
Total	$	254,863	$	188,408	$	(26,683	)	$	416,588	$	416,588
December 31, 2018
Common stocks	$	113,576	$	4,335	$	(19,719	)	$	98,192	$	98,192
Preferred stocks	115,201		72,364		(6,751		)	180,814		180,814
Total	$	228,777	$	76,699	$	(26,470	)	$	279,006	$	279,006