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Investments In Fixed Maturity Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At September 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
September 30, 2021
Held to maturity:
State and municipal$68,920 $(396)$10,548 $— $79,072 $68,524 
Residential mortgage-backed5,250 — 774 — 6,024 5,250 
Total held to maturity74,170 (396)11,322 — 85,096 73,774 
Available for sale:
U.S. government and government agency506,703 — 12,137 (507)518,333 518,333 
State and municipal:
Special revenue2,019,757 — 74,682 (2,967)2,091,472 2,091,472 
State general obligation376,534 — 26,967 (629)402,872 402,872 
Pre-refunded209,547 — 16,933 (917)225,563 225,563 
Corporate backed170,962 — 8,271 (1,317)177,916 177,916 
Local general obligation400,760 — 31,267 (505)431,522 431,522 
Total state and municipal3,177,560 — 158,120 (6,335)3,329,345 3,329,345 
Mortgage-backed:
Residential835,729 — 14,156 (7,185)842,700 842,700 
Commercial125,768 — 4,979 (110)130,637 130,637 
Total mortgage-backed961,497 — 19,135 (7,295)973,337 973,337 
Asset-backed4,660,976 — 8,780 (14,201)4,655,555 4,655,555 
Corporate:
Industrial3,057,258 (12)85,049 (9,933)3,132,362 3,132,362 
Financial1,657,059 — 44,534 (1,753)1,699,840 1,699,840 
Utilities402,952 — 17,228 (1,327)418,853 418,853 
Other173,504 — 154 (649)173,009 173,009 
Total corporate5,290,773 (12)146,965 (13,662)5,424,064 5,424,064 
Foreign government1,137,349 (16,875)12,864 (34,611)1,098,727 1,098,727 
Total available for sale15,734,858 (16,887)358,001 (76,611)15,999,361 15,999,361 
Total investments in fixed maturity securities$15,809,028 $(17,283)$369,323 $(76,611)$16,084,457 $16,073,135 
____________
(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 nine months ended September 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(402)802 
Allowance for expected credit losses, end of period$396 $871 
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 September 30, 2021 and 2020:
(In thousands)20212020
Allowance for expected credit losses, beginning of period$453 $948 
Provision for expected credit losses(57)(77)
Allowance for expected credit losses, end of period$396 $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, 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 recorded19,072 16 19,088 12,494 7,058 19,552 
Expected credit losses on securities for which credit losses were previously recorded(2,967)(517)(3,484)295 (3,767)(3,472)
Reduction due to disposals(494)(5)(499)(47,344)(2,685)(50,029)
Allowance for expected credit losses, end of period$16,875 $12 $16,887 $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, 2021 and 2020:
20212020
(In thousands)Foreign GovernmentCorporateTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$18,899 $12 $18,911 $44,769 $724 $45,493 
Expected credit losses on securities for which credit losses were not previously recorded82 — 82 — 261 261 
Expected credit losses on securities for which credit losses were previously recorded(2,106)— (2,106)(252)(9)(261)
Reduction due to disposals— — — (43,427)(370)(43,797)
Allowance for expected credit losses, end of period$16,875 $12 $16,887 $1,090 $606 $1,696 
During the nine months ended September 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 nine months ended September 30, 2020, the Company decreased the allowance for expected credit losses for available for sale securities 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, 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$1,620,333 $1,622,938 
Due after one year through five years6,835,525 6,974,341 
Due after five years through ten years4,183,230 4,263,746 
Due after ten years2,202,797 2,244,071 
Mortgage-backed securities966,747 979,361 
Total$15,808,632 $16,084,457 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $396 thousand related to held to maturity securities.    
At September 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.