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Investments In Fixed Maturity Securities
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At June 30, 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
June 30, 2021
Held to maturity:
State and municipal$68,310 $(453)$12,069 $— $79,926 $67,857 
Residential mortgage-backed5,724 — 859 — 6,583 5,724 
Total held to maturity74,034 (453)12,928 — 86,509 73,581 
Available for sale:
U.S. government and government agency488,196 — 14,890 (461)502,625 502,625 
State and municipal:
Special revenue2,074,036 — 85,037 (1,433)2,157,640 2,157,640 
State general obligation378,596 — 29,413 (250)407,759 407,759 
Pre-refunded225,787 — 17,677 (607)242,857 242,857 
Corporate backed156,970 — 9,082 (862)165,190 165,190 
Local general obligation419,506 — 33,630 (426)452,710 452,710 
Total state and municipal3,254,895 — 174,839 (3,578)3,426,156 3,426,156 
Mortgage-backed:
Residential771,507 — 16,798 (8,189)780,116 780,116 
Commercial137,996 — 5,740 (150)143,586 143,586 
Total mortgage-backed909,503 — 22,538 (8,339)923,702 923,702 
Asset-backed4,333,543 — 8,449 (24,129)4,317,863 4,317,863 
Corporate:
Industrial3,019,720 (12)94,056 (7,761)3,106,003 3,106,003 
Financial1,583,291 — 51,103 (1,076)1,633,318 1,633,318 
Utilities406,423 — 18,531 (1,106)423,848 423,848 
Other177,445 — 416 (367)177,494 177,494 
Total corporate5,186,879 (12)164,106 (10,310)5,340,663 5,340,663 
Foreign government1,103,503 (18,899)17,176 (32,862)1,068,918 1,068,918 
Total available for sale15,276,519 (18,911)401,998 (79,679)15,579,927 15,579,927 
Total investments in fixed maturity securities$15,350,553 $(19,364)$414,926 $(79,679)$15,666,436 $15,653,508 
____________
(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. 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:
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 
____________
(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.
The following table presents the rollforward of the allowance for expected credit losses for state and municipal held to maturity securities for the six months ended June 30, 2021 and 2020:
(In thousands)20212020
Allowance for expected credit losses, beginning of period$798 $— 
Cumulative effect adjustment resulting from changes in accounting principles— 69 
Provision for expected credit losses(345)879 
Allowance for expected credit losses, end of period$453 $948 
The following table presents the rollforward of the allowance for expected credit losses for state and municipal held to maturity securities for the three months ended June 30, 2021 and 2020:
(In thousands)20212020
Allowance for expected credit losses, beginning of period$730 $107 
Provision for expected credit losses(277)841 
Allowance for expected credit losses, end of period$453 $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, 2021 and 2020:
20212020
(In thousands)Foreign GovernmentCorporateTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$1,264 $518 $1,782 $— $— $— 
Cumulative effect adjustment resulting from changes in accounting principles— — — 35,645 — 35,645 
Expected credit losses on securities for which credit losses were not previously recorded18,990 16 19,006 12,494 6,797 19,291 
Expected credit losses on securities for which credit losses were previously recorded(861)(517)(1,378)547 (3,758)(3,211)
Reduction due to disposals(494)(5)(499)(3,917)(2,315)(6,232)
Allowance for expected credit losses, end of period$18,899 $12 $18,911 $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, 2021 and 2020:
20212020
(In thousands)Foreign GovernmentCorporateTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$19,993 $16 $20,009 $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(600)(4)(604)(15,822)(3,758)(19,580)
Reduction due to disposals(494)— (494)(329)(2,315)(2,644)
Allowance for expected credit losses, end of period$18,899 $12 $18,911 $44,769 $724 $45,493 
During the six months ended June 30, 2021, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to foreign government securities that had no reserve in prior periods. During the six months ended June 30, 2020, the Company increased the allowance for expected credit losses for available for sale securities primarily due to the negative impact to the financial markets caused by COVID-19.
The amortized cost and fair value of fixed maturity securities at June 30, 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$1,735,412 $1,739,369 
Due after one year through five years6,570,612 6,726,040 
Due after five years through ten years3,888,420 3,993,735 
Due after ten years2,240,429 2,277,007 
Mortgage-backed securities915,227 930,285 
Total$15,350,100 $15,666,436 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $453 thousand related to held to maturity securities.    
At June 30, 2021 and December 31, 2020, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.