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Investments In Fixed Maturity Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At September 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
September 30, 2023
Held to maturity:
State and municipal$49,847 $(48)$1,825 $— $51,624 $49,799 
Residential mortgage-backed3,029 — 19 — 3,048 3,029 
Total held to maturity52,876 (48)1,844 — 54,672 52,828 
Available for sale:
U.S. government and government agency1,546,889 — 2,077 (81,767)1,467,199 1,467,199 
State and municipal:
Special revenue1,771,219 — 2,287 (126,585)1,646,921 1,646,921 
State general obligation378,650 — 1,247 (23,727)356,170 356,170 
Pre-refunded103,219 — 202 (827)102,594 102,594 
Corporate backed194,976 (821)159 (14,341)179,973 179,973 
Local general obligation401,286 — 1,767 (17,713)385,340 385,340 
Total state and municipal2,849,350 (821)5,662 (183,193)2,670,998 2,670,998 
Mortgage-backed:
Residential1,660,790 (24)399 (214,381)1,446,784 1,446,784 
Commercial651,966 (2,076)11 (20,389)629,512 629,512 
Total mortgage-backed2,312,756 (2,100)410 (234,770)2,076,296 2,076,296 
Asset-backed4,197,235 (1,502)750 (109,025)4,087,458 4,087,458 
Corporate:
Industrial3,567,020 — 5,026 (227,479)3,344,567 3,344,567 
Financial2,813,603 (5,406)1,362 (130,312)2,679,247 2,679,247 
Utilities683,468 (364)164 (39,991)643,277 643,277 
Other593,466 — 134 (11,877)581,723 581,723 
Total corporate7,657,557 (5,770)6,686 (409,659)7,248,814 7,248,814 
Foreign government1,616,110 (36,171)1,361 (149,588)1,431,712 1,431,712 
Total available for sale20,179,897 (46,364)16,946 (1,168,002)18,982,477 18,982,477 
Total investments in fixed maturity securities$20,232,773 $(46,412)$18,790 $(1,168,002)$19,037,149 $19,035,305 
____________
(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 nine months ended September 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Provision for expected credit losses(66)(266)
Allowance for expected credit losses, end of period$48 $121 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$53 $127 
Provision for expected credit losses(5)(6)
Allowance for expected credit losses, end of period$48 $121 
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, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedTotal
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— 942 1,766 1,444 821 4,973 1,897 1,205 21 3,123 
Expected credit losses (gains) on securities for which credit losses were previously recorded3,538 134 316 58 — 4,046 9,289 (22)— 9,267 
Reduction due to disposals— (7)— — — (7)(33)— — (33)
Allowance for expected credit losses, end of period$36,171 $5,770 $2,100 $1,502 $821 $46,364 $33,375 $1,199 $21 $34,595 

During the nine months ended September 30, 2023, the Company increased the allowance for expected credit losses for available for sale securities in part due to changes in economic assumptions utilized in its credit loss model, primarily affecting the financial services and real estate sectors, and an increase in unrealized loss related to the foreign government portfolio. During the nine months ended September 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities mainly 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 September 30, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedTotal
Allowance for expected credit losses, beginning of period$33,052 $8,867 $885 $1,444 $— $44,248 $33,096 $182 $— $33,278 
Expected credit losses on securities for which credit losses were not previously recorded— 756 905 — 821 2,482 — 1,023 21 1,044 
Expected credit losses (gains) on securities for which credit losses were previously recorded3,119 (3,853)310 58 — (366)279 (6)— 273 
Allowance for expected credit losses, end of period$36,171 $5,770 $2,100 $1,502 $821 $46,364 $33,375 $1,199 $21 $34,595 
The amortized cost and fair value of fixed maturity securities at September 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$1,818,820 $1,742,384 
Due after one year through five years9,180,726 8,704,308 
Due after five years through ten years4,308,202 4,074,956 
Due after ten years2,609,192 2,436,157 
Mortgage-backed securities2,315,785 2,079,344 
Total$20,232,725 $19,037,149 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $48 thousand related to held to maturity securities.    At September 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.