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Investments in Equity Securities
 6 Months Ended
Jun. 30, 2020
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Fixed Maturity Securities
        At June 30, 2020 and December 31, 2019, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2020
Held to maturity:
State and municipal$71,640  $(948) $14,137  $—  $84,829  $70,692  
Residential mortgage-backed7,385  —  1,176  —  8,561  7,385  
Total held to maturity79,025  (948) 15,313  —  93,390  78,077  
Available for sale:
U.S. government and government agency670,032  —  23,784  (49) 693,767  693,767  
State and municipal:
Special revenue2,153,909  —  82,603  (1,551) 2,234,961  2,234,961  
State general obligation350,228  —  31,192  (810) 380,610  380,610  
Pre-refunded299,333  —  20,944  (130) 320,147  320,147  
Corporate backed224,649  —  8,581  (500) 232,730  232,730  
Local general obligation394,105  —  42,393  (251) 436,247  436,247  
Total state and municipal3,422,224  —  185,713  (3,242) 3,604,695  3,604,695  
Mortgage-backed securities:
Residential913,065  —  32,241  (1,019) 944,287  944,287  
Commercial211,987  —  6,370  (799) 217,558  217,558  
Total mortgage-backed securities1,125,052  —  38,611  (1,818) 1,161,845  1,161,845  
Asset-backed3,170,931  —  10,539  (83,272) 3,098,198  3,098,198  
Corporate:
Industrial1,922,336  (724) 101,976  (24,466) 1,999,122  1,999,122  
Financial1,399,238  —  49,596  (17,130) 1,431,704  1,431,704  
Utilities293,279  —  29,582  (146) 322,715  322,715  
Other18,655  —  385  —  19,040  19,040  
Total corporate3,633,508  (724) 181,539  (41,742) 3,772,581  3,772,581  
Foreign government918,606  (44,769) 31,028  (32,943) 871,922  871,922  
Total available for sale12,940,353  (45,493) 471,214  (163,066) 13,203,008  13,203,008  
Total investments in fixed maturity securities$13,019,378  $(46,441) $486,527  $(163,066) $13,296,398  $13,281,085  
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses, excluding the cumulative effect adjustment resulting from changes in accounting principles, is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(In thousands)Amortized
Cost		Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2019
Held to maturity:
State and municipal$70,312  $13,000  $—  $83,312  $70,312  
Residential mortgage-backed8,371  994  —  9,365  8,371  
Total held to maturity78,683  13,994  —  92,677  78,683  
Available for sale:
U.S. government and government agency775,157  13,249  (1,475) 786,931  786,931  
State and municipal:
Special revenue2,343,209  64,586  (4,152) 2,403,643  2,403,643  
State general obligation359,298  22,074  (97) 381,275  381,275  
Pre-refunded364,571  20,342  (128) 384,785  384,785  
Corporate backed255,230  7,232  (903) 261,559  261,559  
Local general obligation432,333  32,684  (647) 464,370  464,370  
Total state and municipal3,754,641  146,918  (5,927) 3,895,632  3,895,632  
Mortgage-backed securities:
Residential 1,298,145  23,230  (5,155) 1,316,220  1,316,220  
Commercial304,506  5,214  (346) 309,374  309,374  
Total mortgage-backed securities1,602,651  28,444  (5,501) 1,625,594  1,625,594  
Asset-backed2,802,588  9,532  (21,490) 2,790,630  2,790,630  
Corporate:
Industrial2,260,073  72,900  (3,800) 2,329,173  2,329,173  
Financial1,447,589  37,681  (4,118) 1,481,152  1,481,152  
Utilities325,762  15,281  (402) 340,641  340,641  
Other5,219  230  —  5,449  5,449  
Total corporate4,038,643  126,092  (8,320) 4,156,415  4,156,415  
Foreign government924,284  16,465  (93,673) 847,076  847,076  
Total available for sale13,897,964  340,700  (136,386) 14,102,278  14,102,278  
Total investments in fixed maturity securities$13,976,647  $354,694  $(136,386) $14,194,955  $14,180,961  

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2020:
State and Municipal
(In thousands)
Allowance for expected credit losses at January 1, 2020$—  
Cumulative effect adjustment resulting from changes in accounting principles69  
Provision for expected credit losses879  
Allowance for expected credit losses at June 30, 2020
$948  

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2020:
State and Municipal
(In thousands)
Allowance for expected credit losses at April 1, 2020$107  
Provision for expected credit losses841  
Allowance for expected credit losses at June 30, 2020
$948  
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2020:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at January 1, 2020$—  $—  $—  
Cumulative effect adjustment resulting from changes in accounting principles35,645  —  35,645  
Expected credit losses on securities for which credit losses were not previously recorded12,494  6,797  19,291  
Expected credit losses on securities for which credit losses were previously recorded547  (3,758) (3,211) 
Reduction due to disposals(3,917) (2,315) (6,232) 
Allowance for expected credit losses at June 30, 2020
$44,769  $724  $45,493  
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2020:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at April 1, 2020$60,920  $6,436  $67,356  
Expected credit losses on securities for which credit losses were not previously recorded—  361  361  
Expected credit losses on securities for which credit losses were previously recorded(15,822) (3,758) (19,580) 
Reduction due to disposals(329) (2,315) (2,644) 
Allowance for expected credit losses at June 30, 2020
$44,769  $724  $45,493  
        
During the six months ended June 30, 2020, the Company increased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to the negative impact to the financial markets caused by COVID-19. As a result, the Company recognized an initial allowance for expected credit losses on securities that previously did not have an allowance, and increased the allowance for expected credit losses on existing securities due to higher default rate and lower recovery rate assumptions. Improved market pricing and credit ratings at June 30, 2020 compared to March 31, 2020 led to a decrease in the allowance for expected credit losses during the three months ended June 30, 2020.  
        The amortized cost and fair value of fixed maturity securities at June 30, 2020, 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 (1)		Fair
Value
Due in one year or less$852,249  $832,105  
Due after one year through five years5,021,482  5,151,442  
Due after five years through ten years3,148,884  3,297,837  
Due after ten years2,863,378  2,844,608  
Mortgage-backed securities1,132,437  1,170,406  
Total$13,018,430  $13,296,398  
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $948 thousand related to held to maturity securities. 
At June 30, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, investments in equity securities were as follows:
 
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2020
Common stocks$144,674  $5,739  $(33,445) $116,968  $116,968  
Preferred stocks174,621  79,440  (8,764) 245,297  245,297  
Total$319,295  $85,179  $(42,209) $362,265  $362,265  
December 31, 2019
Common stocks$175,928  $16,967  $(26,090) $166,805  $166,805  
Preferred stocks169,171  148,243  (3,599) 313,815  313,815  
Total$345,099  $165,210  $(29,689) $480,620  $480,620