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Investments In Fixed Maturity Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At March 31, 2023 and December 31, 2022, 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, 2023
Held to maturity:
State and municipal$48,474 $(107)$3,902 $— $52,269 $48,367 
Residential mortgage-backed3,399 — 53 — 3,452 3,399 
Total held to maturity51,873 (107)3,955 — 55,721 51,766 
Available for sale:
U.S. government and government agency1,100,204 — 3,728 (54,665)1,049,267 1,049,267 
State and municipal:
Special revenue1,759,098 — 5,429 (90,044)1,674,483 1,674,483 
State general obligation386,952 — 4,090 (16,577)374,465 374,465 
Pre-refunded105,812 — 3,351 (248)108,915 108,915 
Corporate backed204,773 — 491 (8,447)196,817 196,817 
Local general obligation442,571 — 4,212 (12,104)434,679 434,679 
Total state and municipal2,899,206 — 17,573 (127,420)2,789,359 2,789,359 
Mortgage-backed:
Residential1,464,856 (23)2,298 (153,147)1,313,984 1,313,984 
Commercial595,818 — 1,220 (13,293)583,745 583,745 
Total mortgage-backed2,060,674 (23)3,518 (166,440)1,897,729 1,897,729 
Asset-backed3,960,140 — 3,166 (117,853)3,845,453 3,845,453 
Corporate:
Industrial3,563,744 (66)9,599 (187,833)3,385,444 3,385,444 
Financial2,737,880 (3,729)7,421 (115,268)2,626,304 2,626,304 
Utilities650,151 — 5,117 (27,941)627,327 627,327 
Other495,850 — 122 (9,398)486,574 486,574 
Total corporate7,447,625 (3,795)22,259 (340,440)7,125,649 7,125,649 
Foreign government1,468,737 (33,324)6,312 (109,835)1,331,890 1,331,890 
Total available for sale18,936,586 (37,142)56,556 (916,653)18,039,347 18,039,347 
Total investments in fixed maturity securities$18,988,459 $(37,249)$60,511 $(916,653)$18,095,068 $18,091,113 
____________
(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, 2022
Held to maturity:
State and municipal$47,802 $(114)$4,239 $— $51,927 $47,688 
Residential mortgage-backed3,608 — 38 — 3,646 3,608 
Total held to maturity51,410 (114)4,277 — 55,573 51,296 
Available for sale:
U.S. government and government agency960,479 — 937 (69,158)892,258 892,258 
State and municipal:
Special revenue1,837,309 — 3,662 (119,474)1,721,497 1,721,497 
State general obligation387,709 — 2,651 (21,335)369,025 369,025 
Pre-refunded156,106 — 2,741 (7)158,840 158,840 
Corporate backed210,228 — 334 (10,923)199,639 199,639 
Local general obligation454,983 — 2,967 (16,853)441,097 441,097 
Total state and municipal3,046,335 — 12,355 (168,592)2,890,098 2,890,098 
Mortgage-backed:
Residential 1,308,019 (18)395 (171,595)1,136,801 1,136,801 
Commercial547,757 — 215 (19,363)528,609 528,609 
Total mortgage-backed securities1,855,776 (18)610 (190,958)1,665,410 1,665,428 
Asset-backed4,132,365 — 2,730 (152,322)3,982,773 3,982,773 
Corporate:
Industrial3,491,645 (1,704)4,439 (241,381)3,252,999 3,252,999 
Financial2,585,247 (2,997)5,505 (117,383)2,470,372 2,470,372 
Utilities586,066 — 1,307 (36,325)551,048 551,048 
Other441,230 — — (11,657)429,573 429,573 
Total corporate7,104,188 (4,701)11,251 (406,746)6,703,992 6,703,992 
Foreign government1,564,930 (32,633)4,283 (135,058)1,401,522 1,401,522 
Total available for sale18,664,073 (37,352)32,166 (1,122,834)17,536,053 17,536,053 
Total investments in fixed maturity securities$18,715,483 $(37,466)$36,443 $(1,122,834)$17,591,626 $17,587,349 
____________
(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.
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, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Provision for expected credit losses(7)(9)
Allowance for expected credit losses, end of period$107 $378 
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, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$32,633 $4,701 $18 $37,352 $22,222 $16 $22,238 
Expected credit losses on securities for which credit losses were not previously recorded— 186 — 186 484 — 484 
Expected credit losses (gains) on securities for which credit losses were previously recorded691 (1,087)5 (391)3,447 (16)3,431 
Reduction due to disposals— (5)— (5)— — — 
Allowance for expected credit losses, end of period$33,324 $3,795 $23 $37,142 $26,153 $— $26,153 

During the three months ended March 31, 2023, the Company decreased 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 due to a decrease in unrealized losses primarily associated with corporate securities offset by foreign government securities. During the three months ended March 31, 2022, 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.
The amortized cost and fair value of fixed maturity securities at March 31, 2023, 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$1,568,436 $1,528,990 
Due after one year through five years8,864,666 8,503,127 
Due after five years through ten years4,287,881 4,084,883 
Due after ten years2,203,296 2,076,887 
Mortgage-backed securities2,064,073 1,901,181 
Total$18,988,352 $18,095,068 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $107 thousand related to held to maturity securities.    
At March 31, 2023 and December 31, 2022, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.