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Investments In Equity Securities
 12 Months Ended
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Fixed Maturity Securities
At December 31, 2020 and 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
December 31, 2020
Held to maturity:
State and municipal$67,117 $(798)$13,217 $— $79,536 $66,319 
Residential mortgage-backed6,455 — 1,043 — 7,498 6,455 
Total held to maturity73,572 (798)14,260 — 87,034 72,774 
Available for sale:
U.S. government and government agency586,020 — 18,198 (347)603,871 603,871 
State and municipal:
                 Special revenue2,137,162 — 96,924 (714)2,233,372 2,233,372 
                 State general obligation417,397 — 33,407 — 450,804 450,804 
                 Pre-refunded250,081 — 21,472 (162)271,391 271,391 
                 Corporate backed206,356 — 8,755 (638)214,473 214,473 
                 Local general obligation410,583 — 40,596 (555)450,624 450,624 
       Total state and municipal3,421,579 — 201,154 (2,069)3,620,664 3,620,664 
Mortgage-backed securities:
Residential813,187 — 24,664 (5,238)832,613 832,613 
Commercial181,105 — 6,725 (113)187,717 187,717 
Total mortgage-backed securities994,292 — 31,389 (5,351)1,020,330 1,020,330 
Asset-backed securities3,218,048 — 10,035 (33,497)3,194,586 3,194,586 
Corporate:
                 Industrial2,456,516 (518)115,926 (7,449)2,564,475 2,564,475 
                 Financial1,513,943 — 62,947 (987)1,575,903 1,575,903 
                 Utilities389,267 — 31,931 (33)421,165 421,165 
                 Other109,353 — 696 (11)110,038 110,038 
Total corporate4,469,079 (518)211,500 (8,480)4,671,581 4,671,581 
Foreign government993,268 (1,264)28,007 (44,448)975,563 975,563 
Total available for sale13,682,286 (1,782)500,283 (94,192)14,086,595 14,086,595 
Total investments in fixed maturity securities$13,755,858 $(2,580)$514,543 $(94,192)$14,173,629 $14,159,369 
____________________
(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:
Residential1,298,145 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-backed securities2,802,588 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 year ended December 31, 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 losses729 
Allowance for expected credit losses at December 31, 2020
$798 

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the year ended December 31, 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 recorded12,590 7,058 19,648 
Expected credit losses (gains) on securities for which credit losses were previously recorded373 (3,841)(3,468)
Reduction due to disposals(47,344)(2,699)(50,043)
Allowance for expected credit losses at December 31, 2020
$1,264 $518 $1,782 
During the year ended December 31, 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 December 31, 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$1,618,794 $1,612,652 
Due after one year through five years5,319,638 5,511,880 
Due after five years through ten years3,382,528 3,550,286 
Due after ten years2,433,353 2,470,983 
Mortgage-backed securities1,000,747 1,027,828 
Total$13,755,060 $14,173,629 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $798 thousand related to held to maturity securities.    
At December 31, 2020 and 2019, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2020, investments with a carrying value of $1,838 million were on deposit in custodial or trust accounts, of which $1,223 million was on deposit with insurance regulators, $576 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $35 million was on deposit as security for reinsurance clients and $4 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.
Equity securities  
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Equity Securities
At December 31, 2020 and 2019, investments in equity securities were as follows:
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2020     
Common stocks$335,617 $28,742 $(14,178)$350,181 $350,181 
Preferred stocks180,397 95,581 (492)275,486 275,486 
Total$516,014 $124,323 $(14,670)$625,667 $625,667 
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