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Investments In Fixed Maturity Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At June 30, 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
June 30, 2023
Held to maturity:
State and municipal$49,156 $(53)$2,859 $— $51,962 $49,103 
Residential mortgage-backed3,208 — 23 — 3,231 3,208 
Total held to maturity52,364 (53)2,882 — 55,193 52,311 
Available for sale:
U.S. government and government agency1,306,926 — 1,917 (70,726)1,238,117 1,238,117 
State and municipal:
Special revenue1,741,545 — 3,632 (103,268)1,641,909 1,641,909 
State general obligation369,064 — 2,042 (17,958)353,148 353,148 
Pre-refunded105,615 — 1,780 (309)107,086 107,086 
Corporate backed197,728 — 290 (9,277)188,741 188,741 
Local general obligation423,716 — 2,627 (14,183)412,160 412,160 
Total state and municipal2,837,668 — 10,371 (144,995)2,703,044 2,703,044 
Mortgage-backed:
Residential1,470,034 (24)358 (170,792)1,299,576 1,299,576 
Commercial624,077 (861)117 (19,237)604,096 604,096 
Total mortgage-backed2,094,111 (885)475 (190,029)1,903,672 1,903,672 
Asset-backed3,861,009 (1,444)274 (116,036)3,743,803 3,743,803 
Corporate:
Industrial3,502,256 — 5,327 (207,655)3,299,928 3,299,928 
Financial2,749,952 (8,867)2,178 (125,163)2,618,100 2,618,100 
Utilities654,356 — 1,555 (34,486)621,425 621,425 
Other478,682 — 13 (11,080)467,615 467,615 
Total corporate7,385,246 (8,867)9,073 (378,384)7,007,068 7,007,068 
Foreign government1,567,024 (33,052)2,719 (129,083)1,407,608 1,407,608 
Total available for sale19,051,984 (44,248)24,829 (1,029,253)18,003,312 18,003,312 
Total investments in fixed maturity securities$19,104,348 $(44,301)$27,711 $(1,029,253)$18,058,505 $18,055,623 
____________
(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 1,665,410 
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 six months ended June 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Provision for expected credit losses(61)(260)
Allowance for expected credit losses, end of period$53 $127 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$107 $378 
Provision for expected credit losses(54)(251)
Allowance for expected credit losses, end of period$53 $127 
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, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-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— 186 861 1,444 2,491 1,897 182 2,079 
Expected credit losses (gains) on securities for which credit losses were previously recorded419 3,987 6 — 4,412 9,010 (16)8,994 
Reduction due to disposals— (7)— — (7)(33)— (33)
Allowance for expected credit losses, end of period$33,052 $8,867 $885 $1,444 $44,248 $33,096 $182 $33,278 

During the six months ended June 30, 2023, the Company increased the allowance for expected credit losses for available for sale securities due to changes in economic assumptions utilized in its credit loss model, primarily affecting the financial services and real estate sectors. During the six months ended June 30, 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 due to an increase in unrealized losses primarily associated with foreign government securities.
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, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$33,324 $3,795 $23 $— $37,142 $26,153 $— $26,153 
Expected credit losses on securities for which credit losses were not previously recorded— — 861 1,444 2,305 1,413 182 1,595 
Expected credit (gains) losses on securities for which credit losses were previously recorded(272)5,074 1 — 4,803 5,563 — 5,563 
Reduction due to disposals— (2)— — (2)(33)— (33)
Allowance for expected credit losses, end of period$33,052 $8,867 $885 $1,444 $44,248 $33,096 $182 $33,278 
The amortized cost and fair value of fixed maturity securities at June 30, 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$1,608,825 $1,560,272 
Due after one year through five years8,939,735 8,491,984 
Due after five years through ten years4,080,542 3,870,342 
Due after ten years2,377,874 2,229,004 
Mortgage-backed securities2,097,319 1,906,903 
Total$19,104,295 $18,058,505 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $53 thousand related to held to maturity securities.    
At June 30, 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.