Investments in Equity Securities

9 Months Ended

Sep. 30, 2019

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

Investments in Equity Securities

Investments in Fixed Maturity Securities

At September 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
September 30, 2019
Held to maturity:
State and municipal	$	69,662	$	13,657	$	—		$	83,319	$	69,662
Residential mortgage-backed	8,838		1,009		—			9,847		8,838
Total held to maturity	78,500		14,666		—			93,166		78,500
Available for sale:
U.S. government and government agency	800,656		16,493		(1,035		)	816,114		816,114
State and municipal:
Special revenue	2,371,953		70,012		(3,091		)	2,438,874		2,438,874
State general obligation	340,252		24,773		(18		)	365,007		365,007
Pre-refunded	280,272		20,053		(121		)	300,204		300,204
Corporate backed	243,982		7,561		(563		)	250,980		250,980
Local general obligation	426,071		35,987		(477		)	461,581		461,581
Total state and municipal	3,662,530		158,386		(4,270		)	3,816,646		3,816,646
Mortgage-backed securities:
Residential (1)	1,323,941		27,309		(4,002		)	1,347,248		1,347,248
Commercial	356,480		7,301		(706		)	363,075		363,075
Total mortgage-backed securities	1,680,421		34,610		(4,708		)	1,710,323		1,710,323
Asset-backed	2,758,752		10,979		(21,475		)	2,748,256		2,748,256
Corporate:
Industrial	2,298,887		75,313		(8,677		)	2,365,523		2,365,523
Financial	1,397,768		34,979		(5,156		)	1,427,591		1,427,591
Utilities	306,104		16,279		(323		)	322,060		322,060
Other	19,852		1,280		(38		)	21,094		21,094
Total corporate	4,022,611		127,851		(14,194		)	4,136,268		4,136,268
Foreign government	841,142		18,241		(79,415		)	779,968		779,968
Total available for sale	13,766,112		366,560		(125,097		)	14,007,575		14,007,575
Total investments in fixed maturity securities	$	13,844,612	$	381,226	$	(125,097	)	$	14,100,741	$	14,086,075

(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 gains (losses) for residential mortgage-backed securities include $341,322 and $(55,090) as of September 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 September 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	$	886,582	$	870,937
Due after one year through five years	5,013,048		5,072,203
Due after five years through ten years	3,220,188		3,360,359
Due after ten years	3,035,535		3,077,072
Mortgage-backed securities	1,689,259		1,720,170
Total	$	13,844,612	$	14,100,741

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

 

(In thousands)	Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
September 30, 2019
Common stocks	$	166,689	$	14,839	$	(33,467	)	$	148,061	$	148,061
Preferred stocks	111,014		188,489		(3,910		)	295,593		295,593
Total	$	277,703	$	203,328	$	(37,377	)	$	443,654	$	443,654
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