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Investments in Fixed Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities At March 31, 2024 and December 31, 2023, 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, 2024
Held to maturity:
State and municipal$51,258 $(38)$2,276 $— $53,496 $51,220 
Residential mortgage-backed2,762 — 82 — 2,844 2,762 
Total held to maturity54,020 (38)2,358 — 56,340 53,982 
Available for sale:
U.S. government and government agency1,875,920 — 8,888 (55,256)1,829,552 1,829,552 
State and municipal:
Special revenue1,626,511 — 3,370 (83,769)1,546,112 1,546,112 
State general obligation393,807 — 1,833 (16,316)379,324 379,324 
Pre-refunded88,359 — 908 (214)89,053 89,053 
Corporate backed166,261 (693)539 (10,588)155,519 155,519 
Local general obligation393,482 — 2,298 (13,002)382,778 382,778 
Total state and municipal2,668,420 (693)8,948 (123,889)2,552,786 2,552,786 
Mortgage-backed:
Residential1,963,060 — 9,805 (174,727)1,798,138 1,798,138 
Commercial630,348 (562)326 (20,232)609,880 609,880 
Total mortgage-backed2,593,408 (562)10,131 (194,959)2,408,018 2,408,018 
Asset-backed4,298,768 (1,097)6,475 (64,585)4,239,561 4,239,561 
Corporate:
Industrial3,865,664 — 14,741 (146,130)3,734,275 3,734,275 
Financial3,172,945 — 10,100 (69,749)3,113,296 3,113,296 
Utilities751,234 — 2,864 (24,436)729,662 729,662 
Other590,644 — 2,516 (7,690)585,470 585,470 
Total corporate8,380,487 — 30,221 (248,005)8,162,703 8,162,703 
Foreign government1,904,493 (20,479)8,585 (174,347)1,718,252 1,718,252 
Total available for sale21,721,496 (22,831)73,248 (861,041)20,910,872 20,910,872 
Total investments in fixed maturity securities$21,775,516 $(22,869)$75,606 $(861,041)$20,967,212 $20,964,854 
____________
(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, 2023
Held to maturity:
State and municipal$50,547 $(43)$3,132 $— $53,636 $50,504 
Residential mortgage-backed2,868 — 107 — 2,975 2,868 
Total held to maturity53,415 (43)3,239 — 56,611 53,372 
Available for sale:
U.S. government and government agency1,762,997 — 11,403 (57,669)1,716,731 1,716,731 
State and municipal:
Special revenue1,682,550 — 5,651 (82,006)1,606,195 1,606,195 
State general obligation394,429 — 3,550 (16,405)381,574 381,574 
Pre-refunded103,029 — 1,634 (185)104,478 104,478 
Corporate backed166,873 (757)696 (11,973)154,839 154,839 
Local general obligation396,041 — 3,188 (11,893)387,336 387,336 
Total state and municipal2,742,922 (757)14,719 (122,462)2,634,422 2,634,422 
Mortgage-backed:
Residential1,773,206 — 12,780 (163,844)1,622,142 1,622,142 
Commercial657,157 (158)626 (13,312)644,313 644,313 
Total mortgage-backed2,430,363 (158)13,406 (177,156)2,266,455 2,266,455 
Asset-backed4,252,883 (1,164)8,527 (73,206)4,187,040 4,187,040 
Corporate:
Industrial3,679,219 (40)24,312 (143,936)3,559,555 3,559,555 
Financial2,838,220 (4,986)14,681 (68,681)2,779,234 2,779,234 
Utilities701,865 — 6,471 (23,412)684,924 684,924 
Other635,975 — 1,605 (7,234)630,346 630,346 
Total corporate7,855,279 (5,026)47,069 (243,263)7,654,059 7,654,059 
Foreign government1,817,386 (29,603)15,865 (137,419)1,666,229 1,666,229 
Total available for sale20,861,830 (36,708)110,989 (811,175)20,124,936 20,124,936 
Total investments in fixed maturity securities$20,915,245 $(36,751)$114,228 $(811,175)$20,181,547 $20,178,308 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
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, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$43 $114 
Provision for expected credit losses(5)(7)
Allowance for expected credit losses, end of period$38 $107 
Debt Securities, Available-for-sale, Allowance for Credit Loss
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, 2024 and 2023:
20242023
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedTotal
Allowance for expected credit losses, beginning of period$29,603 $5,026 $158 $1,164 $757 $36,708 $32,633 $4,701 $18 $37,352 
Expected credit losses on securities for which credit losses were not previously recorded— — 562 — — 562 — 186 — 186 
Expected credit (gains) losses on securities for which credit losses were previously recorded(9,124)(5,026)(158)(67)(64)(14,439)691 (1,087)5 (391)
Reduction due to disposals— — — — — — — (5)— (5)
Allowance for expected credit losses, end of period$20,479 $— $562 $1,097 $693 $22,831 $33,324 $3,795 $23 $37,142 
Amortized cost and fair value of fixed maturity securities by contractual maturity
The amortized cost and fair value of fixed maturity securities at March 31, 2024, 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$1,980,563 $1,907,003 
Due after one year through five years9,877,133 9,528,047 
Due after five years through ten years4,681,226 4,577,859 
Due after ten years2,640,386 2,543,441 
Mortgage-backed securities2,596,170 2,410,862 
Total$21,775,478 $20,967,212 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $38 thousand related to held to maturity securities.