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Investments in Equity Securities
 9 Months Ended
Sep. 30, 2020
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Fixed Maturity Securities
    At September 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
September 30, 2020
Held to maturity:
State and municipal$66,532 $(871)$13,406 $— $79,067 $65,661 
Residential mortgage-backed6,856 — 1,109 — 7,965 6,856 
Total held to maturity73,388 (871)14,515 — 87,032 72,517 
Available for sale:
U.S. government and government agency676,493 — 21,080 (141)697,432 697,432 
State and municipal:
Special revenue2,195,851 — 93,278 (2,455)2,286,674 2,286,674 
State general obligation356,321 — 31,586 — 387,907 387,907 
Pre-refunded257,570 — 22,521 (149)279,942 279,942 
Corporate backed223,508 — 9,641 (549)232,600 232,600 
Local general obligation396,831 — 41,975 (534)438,272 438,272 
Total state and municipal3,430,081 — 199,001 (3,687)3,625,395 3,625,395 
Mortgage-backed securities:
Residential848,878 — 29,989 (2,513)876,354 876,354 
Commercial199,217 — 7,168 (360)206,025 206,025 
Total mortgage-backed securities1,048,095 — 37,157 (2,873)1,082,379 1,082,379 
Asset-backed3,347,867 — 11,665 (53,093)3,306,439 3,306,439 
Corporate:
Industrial2,240,914 (606)104,694 (18,404)2,326,598 2,326,598 
Financial1,471,997 — 55,706 (3,067)1,524,636 1,524,636 
Utilities325,809 — 30,270 (460)355,619 355,619 
Other32,262 — 445 (20)32,687 32,687 
Total corporate4,070,982 (606)191,115 (21,951)4,239,540 4,239,540 
Foreign government889,358 (1,090)26,626 (45,550)869,344 869,344 
Total available for sale13,462,876 (1,696)486,644 (127,295)13,820,529 13,820,529 
Total investments in fixed maturity securities$13,536,264 $(2,567)$501,159 $(127,295)$13,907,561 $13,893,046 
____________
(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 nine months ended September 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 losses802 
Allowance for expected credit losses at September 30, 2020
$871 

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2020:
State and Municipal
(In thousands)
Allowance for expected credit losses at July 1, 2020$948 
Provision for expected credit losses(77)
Allowance for expected credit losses at September 30, 2020
$871 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2020:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at January 1, 2020$— $— $— 
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 7,058 19,552 
Expected credit losses on securities for which credit losses were previously recorded295 (3,767)(3,472)
Reduction due to disposals(47,344)(2,685)(50,029)
Allowance for expected credit losses at September 30, 2020
$1,090 $606 $1,696 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended September 30, 2020:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at July 1, 2020$44,769 $724 $45,493 
Expected credit losses on securities for which credit losses were not previously recorded— 261 261 
Expected credit losses on securities for which credit losses were previously recorded(252)(9)(261)
Reduction due to disposals(43,427)(370)(43,797)
Allowance for expected credit losses at September 30, 2020
$1,090 $606 $1,696 
    
During the three and nine months ended September 30, 2020, the Company decreased the allowance for expected credit losses utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to the disposition of securities which previously had an allowance recorded.
The amortized cost and fair value of fixed maturity securities at September 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$1,372,865 $1,364,023 
Due after one year through five years5,200,384 5,376,126 
Due after five years through ten years3,313,415 3,461,879 
Due after ten years2,593,778 2,615,189 
Mortgage-backed securities1,054,951 1,090,344 
Total$13,535,393 $13,907,561 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $871 thousand related to held to maturity securities.    
At September 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 September 30, 2020 and December 31, 2019, investments in equity securities were as follows:
 
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
September 30, 2020
Common stocks$184,196 $8,042 $(31,380)$160,858 $160,858 
Preferred stocks177,444 100,004 (3,003)274,445 274,445 
Total$361,640 $108,046 $(34,383)$435,303 $435,303 
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