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Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments available for sale
Investments available for sale consist of the following:
September 30, 2020 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$218,942 $10,475 $— $229,417 
U.S. agency securities14,434 206 — 14,640 
U.S. agency mortgage-backed securities920,451 36,594 (464)956,581 
Municipal debt securities (1)460,862 33,337 (526)493,673 
Non-U.S. government securities56,049 4,723 (20)60,752 
Corporate debt securities (2)931,760 54,592 (968)985,384 
Residential and commercial mortgage securities349,067 18,376 (1,216)366,227 
Asset-backed securities442,036 2,987 (2,300)442,723 
Money market funds952,952 — — 952,952 
Total investments available for sale$4,346,553 $161,290 $(5,494)$4,502,349 
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 securities33,620 36 (51)33,605 
U.S. agency mortgage-backed securities836,710 13,956 (2,332)848,334 
Municipal debt securities (1)339,511 22,245 (118)361,638 
Non-U.S. government securities52,230 2,812 (47)54,995 
Corporate debt securities (2)856,638 24,255 (592)880,301 
Residential and commercial mortgage securities282,840 6,542 (1,101)288,281 
Asset-backed securities326,589 857 (1,421)326,025 
Money market funds315,360 2 — 315,362 
Total investments available for sale$3,282,585 $74,231 $(6,069)$3,350,747 
 September 30,December 31,
(1) The following table summarizes municipal debt securities as of :20202019
Special revenue bonds75.8 %74.5 %
General obligation bonds20.9 21.3 
Certificate of participation bonds 2.6 3.4 
Tax allocation bonds0.6 0.8 
Special tax bonds0.1 — 
Total100.0 %100.0 %
 September 30,December 31,
(2) The following table summarizes corporate debt securities as of :20202019
Financial32.4 %34.4 %
Consumer, non-cyclical20.7 20.1 
Communications11.1 10.3 
Energy8.7 8.3 
Consumer, cyclical8.1 7.6 
Utilities5.9 6.2 
Technology5.5 4.8 
Industrial4.1 4.2 
Basic materials3.5 4.1 
Total100.0 %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 September 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$71,773 $72,460 
Due after 1 but within 5 years86,919 90,883 
Due after 5 but within 10 years59,266 64,891 
Due after 10 years984 1,183 
Subtotal218,942 229,417 
U.S. agency securities:  
Due in 1 year8,902 8,982 
Due after 1 but within 5 years5,532 5,658 
Subtotal14,434 14,640 
Municipal debt securities:  
Due in 1 year586 595 
Due after 1 but within 5 years61,476 65,439 
Due after 5 but within 10 years217,425 234,772 
Due after 10 years181,375 192,867 
Subtotal460,862 493,673 
Non-U.S. government securities:
Due in 1 year— — 
Due after 1 but within 5 years22,713 24,150 
Due after 5 but within 10 years24,240 27,182 
Due after 10 years9,096 9,420 
Subtotal56,049 60,752 
Corporate debt securities:  
Due in 1 year118,375 119,748 
Due after 1 but within 5 years494,859 519,229 
Due after 5 but within 10 years294,528 321,421 
Due after 10 years23,998 24,986 
Subtotal931,760 985,384 
U.S. agency mortgage-backed securities920,451 956,581 
Residential and commercial mortgage securities349,067 366,227 
Asset-backed securities442,036 442,723 
Money market funds952,952 952,952 
Total investments available for sale$4,346,553 $4,502,349 
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 September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
Realized gross gains$391 $1,326 $4,916 $3,920 
Realized gross losses124 173 2,354 1,409 
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 months12 months or moreTotal
September 30, 2020 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. agency mortgage-backed securities$94,850 $(424)$3,371 $(40)$98,221 $(464)
Municipal debt securities35,948 (526)— — 35,948 (526)
Non-U.S. government securities873 (20)— — 873 (20)
Corporate debt securities109,804 (968)— — 109,804 (968)
Residential and commercial mortgage securities
59,339 (671)9,519 (545)68,858 (1,216)
Asset-backed securities133,402 (1,113)72,876 (1,187)206,278 (2,300)
Total$434,216 $(3,722)$85,766 $(1,772)$519,982 $(5,494)
 
 Less than 12 months12 months or moreTotal
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 securities101,684 (1,042)113,866 (1,290)215,550 (2,332)
Municipal debt securities10,651 (112)624 (6)11,275 (118)
Non-U.S. government securities9,664 (47)— — 9,664 (47)
Corporate debt securities83,013 (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 securities78,813 (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 September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
Fixed maturities$19,952 $20,710 $61,135 $60,633 
Short-term investments86 1,365 1,566 3,733 
Gross investment income20,038 22,075 62,701 64,366 
Investment expenses(1,399)(971)(3,563)(2,801)
Net investment income$18,639 $21,104 $59,138 $61,565