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Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments available for sale
Investments available for sale consist of the following:
June 30, 2020 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
248,140

 
$
11,120

 
$
(1
)
 
$
259,259

U.S. agency securities
 
14,435

 
247

 
—

 
14,682

U.S. agency mortgage-backed securities
 
791,142

 
39,048

 
(66
)
 
830,124

Municipal debt securities (1)
 
436,386

 
29,068

 
(391
)
 
465,063

Non-U.S. government securities
 
50,710

 
4,069

 
(142
)
 
54,637

Corporate debt securities (2)
 
862,027

 
50,939

 
(829
)
 
912,137

Residential and commercial mortgage securities
 
300,021

 
15,170

 
(2,680
)
 
312,511

Asset-backed securities
 
388,732

 
2,410

 
(5,656
)
 
385,486

Money market funds
 
1,118,213

 
1

 
(10
)
 
1,118,204

Total investments available for sale
 
$
4,209,806

 
$
152,072

 
$
(9,775
)
 
$
4,352,103

December 31, 2019 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities
 
$
239,087

 
$
3,526

 
$
(407
)
 
$
242,206

U.S. agency securities
 
33,620

 
36

 
(51
)
 
33,605

U.S. agency mortgage-backed securities
 
836,710

 
13,956

 
(2,332
)
 
848,334

Municipal debt securities (1)
 
339,511

 
22,245

 
(118
)
 
361,638

Non-U.S. government securities
 
52,230

 
2,812

 
(47
)
 
54,995

Corporate debt securities (2)
 
856,638

 
24,255

 
(592
)
 
880,301

Residential and commercial mortgage securities
 
282,840

 
6,542

 
(1,101
)
 
288,281

Asset-backed securities
 
326,589

 
857

 
(1,421
)
 
326,025

Money market funds
 
315,360

 
2

 
—

 
315,362

Total investments available for sale
 
$
3,282,585

 
$
74,231

 
$
(6,069
)
 
$
3,350,747



 
 
June 30,
 
December 31,
(1) The following table summarizes municipal debt securities as of :
 
2020
 
2019
Special revenue bonds
 
74.3
%
 
74.5
%
General obligation bonds
 
22.2

 
21.3

Certificate of participation bonds
 
2.8

 
3.4

Tax allocation bonds
 
0.7

 
0.8

Total
 
100.0
%
 
100.0
%

 
 
June 30,
 
December 31,
(2) The following table summarizes corporate debt securities as of :
 
2020
 
2019
Financial
 
35.0
%
 
34.4
%
Consumer, non-cyclical
 
20.8

 
20.1

Communications
 
10.9

 
10.3

Energy
 
7.6

 
8.3

Consumer, cyclical
 
7.2

 
7.6

Utilities
 
6.2

 
6.2

Technology
 
5.5

 
4.8

Industrial
 
3.5

 
4.2

Basic materials
 
3.3

 
4.1

Total
 
100.0
%
 
100.0
%
Schedule of amortized cost and fair value of investments available for sale by contractual maturity

The amortized cost and fair value of investments available for sale at June 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
 
(In thousands)
 
Amortized
Cost
 
Fair
Value
U.S. Treasury securities:
 
 

 
 

Due in 1 year
 
$
83,842

 
$
84,360

Due after 1 but within 5 years
 
101,678

 
106,198

Due after 5 but within 10 years
 
61,636

 
67,516

Due after 10 years
 
984

 
1,185

Subtotal
 
248,140

 
259,259

U.S. agency securities:
 
 

 
 

Due in 1 year
 
1,897

 
1,914

Due after 1 but within 5 years
 
12,538

 
12,768

Subtotal
 
14,435

 
14,682

Municipal debt securities:
 
 

 
 

Due in 1 year
 
212

 
213

Due after 1 but within 5 years
 
39,539

 
41,489

Due after 5 but within 10 years
 
228,199

 
244,273

Due after 10 years
 
168,436

 
179,088

Subtotal
 
436,386

 
465,063

Non-U.S. government securities:
 
 
 
 
Due in 1 year
 
—

 
—

Due after 1 but within 5 years
 
22,258

 
23,589

Due after 5 but within 10 years
 
24,235

 
26,769

Due after 10 years
 
4,217

 
4,279

Subtotal
 
50,710

 
54,637

Corporate debt securities:
 
 

 
 

Due in 1 year
 
119,423

 
120,451

Due after 1 but within 5 years
 
456,301

 
479,892

Due after 5 but within 10 years
 
260,406

 
284,702

Due after 10 years
 
25,897

 
27,092

Subtotal
 
862,027

 
912,137

U.S. agency mortgage-backed securities
 
791,142

 
830,124

Residential and commercial mortgage securities
 
300,021

 
312,511

Asset-backed securities
 
388,732

 
385,486

Money market funds
 
1,118,213

 
1,118,204

Total investments available for sale
 
$
4,209,806

 
$
4,352,103
Schedule of realized gross gains and losses on sale of investments available for sale
Gross gains and losses realized on the sale of investments available for sale were as follows:
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Realized gross gains
 
$
1,263

 
$
1,923

 
$
4,525

 
$
2,594

Realized gross losses
 
2,103

 
1,225

 
2,230

 
1,236
Schedule of fair value of investments in an unrealized loss position and related unrealized losses
The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:
 
 
 
Less than 12 months
 
12 months or more
 
Total
June 30, 2020 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
15,983

 
$
(1
)
 
$
—

 
$
—

 
$
15,983

 
$
(1
)
U.S. agency mortgage-backed securities
 
5,057

 
(30
)
 
1,677

 
(36
)
 
6,734

 
(66
)
Municipal debt securities
 
32,488

 
(391
)
 
—

 
—

 
32,488

 
(391
)
Non-U.S. government securities
 
3,903

 
(142
)
 
—

 
—

 
3,903

 
(142
)
Corporate debt securities
 
14,953

 
(829
)
 
—

 
—

 
14,953

 
(829
)
Residential and commercial mortgage securities
 
50,165

 
(2,016
)
 
10,535

 
(664
)
 
60,700

 
(2,680
)
Asset-backed securities
 
155,022

 
(2,974
)
 
74,305

 
(2,682
)
 
229,327

 
(5,656
)
Money market funds
 
65,010

 
(10
)
 
—

 
—

 
65,010

 
(10
)
Total
 
$
342,581

 
$
(6,393
)
 
$
86,517

 
$
(3,382
)
 
$
429,098

 
$
(9,775
)
 
 
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2019 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
29,013

 
$
(331
)
 
$
42,981

 
$
(76
)
 
$
71,994

 
$
(407
)
U.S. agency securities
 
—

 
—

 
25,605

 
(51
)
 
25,605

 
(51
)
U.S. agency mortgage-backed securities
 
101,684

 
(1,042
)
 
113,866

 
(1,290
)
 
215,550

 
(2,332
)
Municipal debt securities
 
10,651

 
(112
)
 
624

 
(6
)
 
11,275

 
(118
)
Non-U.S. government securities
 
9,664

 
(47
)
 
—

 
—

 
9,664

 
(47
)
Corporate debt securities
 
83,013

 
(576
)
 
14,531

 
(16
)
 
97,544

 
(592
)
Residential and commercial mortgage securities
 
59,341

 
(1,059
)
 
3,442

 
(42
)
 
62,783

 
(1,101
)
Asset-backed securities
 
78,813

 
(202
)
 
109,536

 
(1,219
)
 
188,349

 
(1,421
)
Total
 
$
372,179

 
$
(3,369
)
 
$
310,585

 
$
(2,700
)
 
$
682,764

 
$
(6,069
)
Schedule of net investment income
Net investment income consists of: 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Fixed maturities
 
$
20,569

 
$
20,180

 
$
41,183

 
$
39,923

Short-term investments
 
358

 
1,310

 
1,480

 
2,368

Gross investment income
 
20,927

 
21,490

 
42,663

 
42,291

Investment expenses
 
(1,061
)
 
(909
)
 
(2,164
)
 
(1,830
)
Net investment income
 
$
19,866

 
$
20,581

 
$
40,499

 
$
40,461