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Investments in Fixed Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities At March 31, 2021 and December 31, 2020, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
March 31, 2021
Held to maturity:
State and municipal$67,710 $(730)$11,150 $— $78,130 $66,980 
Residential mortgage-backed6,101 — 924 — 7,025 6,101 
Total held to maturity73,811 (730)12,074 — 85,155 73,081 
Available for sale:
U.S. government and government agency541,180 — 15,449 (915)555,714 555,714 
State and municipal:
Special revenue2,112,542 — 78,450 (3,284)2,187,708 2,187,708 
State general obligation399,636 — 28,156 (1,059)426,733 426,733 
Pre-refunded231,235 — 17,990 (465)248,760 248,760 
Corporate backed164,542 — 8,585 (788)172,339 172,339 
Local general obligation432,788 — 34,850 (585)467,053 467,053 
Total state and municipal3,340,743 — 168,031 (6,181)3,502,593 3,502,593 
Mortgage-backed securities:
Residential889,638 — 19,315 (12,215)896,738 896,738 
Commercial172,817 — 6,555 (86)179,286 179,286 
Total mortgage-backed securities1,062,455 — 25,870 (12,301)1,076,024 1,076,024 
Asset-backed3,952,009 — 10,789 (18,160)3,944,638 3,944,638 
Corporate:
Industrial2,986,688 (16)88,810 (14,819)3,060,663 3,060,663 
Financial1,517,251 — 48,756 (1,638)1,564,369 1,564,369 
Utilities426,213 — 15,476 (2,360)439,329 439,329 
Other153,700 — 429 (301)153,828 153,828 
Total corporate5,083,852 (16)153,471 (19,118)5,218,189 5,218,189 
Foreign government1,072,930 (19,993)19,361 (42,419)1,029,879 1,029,879 
Total available for sale15,053,169 (20,009)392,971 (99,094)15,327,037 15,327,037 
Total investments in fixed maturity securities$15,126,980 $(20,739)$405,045 $(99,094)$15,412,192 $15,400,118 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income (loss). Amount excludes unrealized losses relating to non-credit factors.
(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:
Residential 813,187 — 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-backed3,218,048 — 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 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2021:
State and Municipal
(In thousands)
Allowance for expected credit losses at December 31, 2020
$798 
Provision for expected credit losses(68)
Allowance for expected credit losses at March 31, 2021
$730 

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 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 losses38 
Allowance for expected credit losses at March 31, 2020
$107 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2021:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at December 31, 2020
$1,264 $518 $1,782 
Expected credit losses on securities for which credit losses were not previously recorded18,990 16 19,006 
Expected credit losses on securities for which credit losses were previously recorded(261)(513)(774)
Reduction due to disposals— (5)(5)
Allowance for expected credit losses at March 31, 2021
$19,993 $16 $20,009 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2020:
Foreign GovernmentCorporateTotal
(In thousands)
Allowance for expected credit losses at January 1, 2020$— $— $— 
Cumulative effect adjustment resulting from changes in accounting principles35,645 — 35,645 
Expected credit losses on securities for which credit losses were not previously recorded12,494 6,436 18,930 
Expected credit losses on securities for which credit losses were previously recorded16,369 — 16,369 
Reduction due to disposals(3,588)— (3,588)
Allowance for expected credit losses at March 31, 2020
$60,920 $6,436 $67,356 
Amortized cost and fair value of fixed maturity securities by contractual maturity
The amortized cost and fair value of fixed maturity securities at March 31, 2021, 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$1,778,569 $1,765,769 
Due after one year through five years6,419,223 6,576,943 
Due after five years through ten years3,500,751 3,592,140 
Due after ten years2,359,151 2,394,291 
Mortgage-backed securities1,068,556 1,083,049 
Total$15,126,250 $15,412,192 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $730 thousand related to held to maturity securities.