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INVESTMENT OPERATIONS (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Summary of Net Realized Investment Gains (Losses) for All Other Investments
Net realized gains (losses) for all other investments are summarized as follows:
 
 
Successor Company
 
Predecessor Company
 
For The Three Months Ended
March 31, 2016
 
February 1, 2015
to
March 31, 2015
 
January 1, 2015
to
January 31, 2015
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Fixed maturities
$
5,702

 
$
373

 
$
6,891

Equity securities
(166
)
 
—

 
—

Impairments on corporate securities
(2,617
)
 
—

 
(481
)
Modco trading portfolio
78,154

 
(33,160
)
 
73,062

Other investments
(1,981
)
 
(2,269
)
 
1,200

Total realized gains (losses) - investments
$
79,092

 
$
(35,056
)
 
$
80,672
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale
The amortized cost and fair value of the Company’s investments classified as available-for-sale as of March 31, 2016 (Successor Company) and December 31, 2015 (Successor Company), are as follows:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI(1)
Successor Company
 
 
 
 
 
As of March 31, 2016
 
 
 
 
 
 
 
(Dollars In Thousands)
 
 
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
1,844,697

 
$
31,184

 
$
(10,032
)
 
$
1,865,849

 
$
—

Commercial mortgage-backed securities
 
1,460,556

 
9,062

 
(12,089
)
 
1,457,529

 
—

Other asset-backed securities
 
992,128

 
813

 
(29,403
)
 
963,538

 
—

U.S. government-related securities
 
1,433,945

 
7,171

 
(2,236
)
 
1,438,880

 
—

Other government-related securities
 
18,667

 
40

 
(71
)
 
18,636

 
—

States, municipals, and political subdivisions
 
1,729,964

 
2,865

 
(71,269
)
 
1,661,560

 
—

Corporate securities
 
28,661,111

 
138,497

 
(1,975,561
)
 
26,824,047

 
152

Preferred stock
 
64,362

 
396

 
(1,795
)
 
62,963

 
—

 
 
36,205,430

 
190,028

 
(2,102,456
)
 
34,293,002

 
152

Equity securities
 
673,524

 
14,414

 
(7,743
)
 
680,195

 
—

Short-term investments
 
406,230

 
—

 
—

 
406,230

 
—

 
 
$
37,285,184

 
$
204,442

 
$
(2,110,199
)
 
$
35,379,427

 
$
152

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Residential mortgage-backed securities
 
$
1,773,099

 
$
9,286

 
$
(17,112
)
 
$
1,765,273

 
$
—

Commercial mortgage-backed securities
 
1,327,288

 
428

 
(41,852
)
 
1,285,864

 
—

Other asset-backed securities
 
813,056

 
2,758

 
(18,763
)
 
797,051

 
—

U.S. government-related securities
 
1,566,260

 
449

 
(34,532
)
 
1,532,177

 
—

Other government-related securities
 
18,483

 
—

 
(743
)
 
17,740

 
—

States, municipals, and political subdivisions
 
1,729,732

 
682

 
(126,814
)
 
1,603,600

 
—

Corporate securities
 
28,433,530

 
26,147

 
(2,681,020
)
 
25,778,657

 
(605
)
Preferred stock
 
64,362

 
192

 
(1,867
)
 
62,687

 
—

 
 
35,725,810

 
39,942

 
(2,922,703
)
 
32,843,049

 
(605
)
Equity securities
 
684,888

 
13,255

 
(6,477
)
 
691,666

 
—

Short-term investments
 
202,110

 
—

 
—

 
202,110

 
—

 
 
$
36,612,808

 
$
53,197

 
$
(2,929,180
)
 
$
33,736,825

 
$
(605
)
 
(1) These amounts are included in the gross unrealized gains and gross unrealized losses columns above.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity
Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment.
 
 
Successor Company
 
Available-for-sale
 
Held-to-maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Due in one year or less
$
885,886

 
$
884,908

 
$
—

 
$
—

Due after one year through five years
6,367,797

 
6,284,886

 
—

 
—

Due after five years through ten years
7,536,358

 
7,459,928

 
—

 
—

Due after ten years
21,415,389

 
19,663,280

 
2,783,302

 
2,757,674

 
$
36,205,430

 
$
34,293,002

 
$
2,783,302

 
$
2,757,674
Schedule of Available-for-Sale Credit Losses on Fixed Maturities Held by the Company for Which a Portion of Other-than-Temporary Impairments were Recognized in Other Comprehensive Income (Loss)
The following chart is a rollforward of available-for-sale credit losses on fixed maturities held by the Company for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss): 
 
Successor Company
 
Predecessor Company
 
For The Three Months Ended
March 31, 2016
 
February 1, 2015
to
March 31, 2015
 
January 1, 2015
to
January 31, 2015
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Beginning balance
$
22,761

 
$
—

 
$
15,463

Additions for newly impaired securities
2,092

 
—

 
—

Additions for previously impaired securities
525

 
—

 
221

Reductions for previously impaired securities due to a change in expected cash flows
(22,759
)
 
—

 
—

Reductions for previously impaired securities that were sold in the current period
—

 
—

 
—

Ending balance
$
2,619

 
$
—

 
$
15,684
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2016 (Successor Company):
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
352,723

 
$
(6,366
)
 
$
148,132

 
$
(3,666
)
 
$
500,855

 
$
(10,032
)
Commercial mortgage-backed securities
380,635

 
(6,994
)
 
455,075

 
(5,095
)
 
835,710

 
(12,089
)
Other asset-backed securities
664,648

 
(22,415
)
 
104,692

 
(6,988
)
 
769,340

 
(29,403
)
U.S. government-related securities
42,995

 
(106
)
 
150,137

 
(2,130
)
 
193,132

 
(2,236
)
Other government-related securities
8,000

 
(29
)
 
6,231

 
(42
)
 
14,231

 
(71
)
States, municipalities, and political subdivisions
549,109

 
(27,255
)
 
945,325

 
(44,014
)
 
1,494,434

 
(71,269
)
Corporate securities
9,482,043

 
(946,300
)
 
11,632,533

 
(1,029,261
)
 
21,114,576

 
(1,975,561
)
Preferred stock
22,800

 
(368
)
 
19,512

 
(1,427
)
 
42,312

 
(1,795
)
Equities
212,942

 
(7,055
)
 
21,150

 
(688
)
 
234,092

 
(7,743
)
 
$
11,715,895

 
$
(1,016,888
)
 
$
13,482,787

 
$
(1,093,311
)
 
$
25,198,682

 
$
(2,110,199
)
Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2015 (Successor Company):
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
(Dollars In Thousands)
Residential mortgage-backed securities
$
977,433

 
$
(17,112
)
 
$
—

 
$
—

 
$
977,433

 
$
(17,112
)
Commercial mortgage-backed securities
1,232,495

 
(41,852
)
 
—

 
—

 
1,232,495

 
(41,852
)
Other asset-backed securities
633,274

 
(18,763
)
 
—

 
—

 
633,274

 
(18,763
)
U.S. government-related securities
1,291,476

 
(34,532
)
 
—

 
—

 
1,291,476

 
(34,532
)
Other government-related securities
17,740

 
(743
)
 
—

 
—

 
17,740

 
(743
)
States, municipalities, and political subdivisions
1,566,752

 
(126,814
)
 
—

 
—

 
1,566,752

 
(126,814
)
Corporate securities
24,235,121

 
(2,681,020
)
 
—

 
—

 
24,235,121

 
(2,681,020
)
Preferred stock
34,685

 
(1,867
)
 
—

 
—

 
34,685

 
(1,867
)
Equities
248,493

 
(6,477
)
 
—

 
—

 
248,493

 
(6,477
)
 
$
30,237,469

 
$
(2,929,180
)
 
$
—

 
$
—

 
$
30,237,469

 
$
(2,929,180
)
The change in unrealized gains (losses), net of income tax, on fixed maturity and equity securities, classified as available-for-sale is summarized as follows:
 
 
Successor Company
 
Predecessor Company
 
For The Three Months Ended
March 31, 2016
 
February 1, 2015
to
March 31, 2015
 
January 1, 2015
to
January 31, 2015
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Fixed maturities
$
630,716

 
$
(343,239
)
 
$
669,160

Equity securities
(70
)
 
1,511

 
12,172
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity
The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of March 31, 2016 (Successor Company) and December 31, 2015 (Successor Company), are as follows:
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
Successor Company
 
 
 
 
 
As of March 31, 2016
 
 
 
 
 
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
612,302

 
$
—

 
$
(64,382
)
 
$
547,920

 
$
—

Steel City LLC
 
2,171,000

 
38,754

 
—

 
2,209,754

 
—

 
 
$
2,783,302

 
$
38,754

 
$
(64,382
)
 
$
2,757,674

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Total OTTI
Recognized
in OCI
Successor Company
 
 
 
 
 
As of December 31, 2015
 
 
 
 
 
 
 
(Dollars In Thousands)
Fixed maturities:
 
 

 
 

 
 

 
 

 
 

Securities issued by affiliates:
 
 
 
 
 
 
 
 
 
 
Red Mountain LLC
 
$
593,314

 
$
—

 
$
(78,314
)
 
$
515,000

 
$
—

 
 
$
593,314

 
$
—

 
$
(78,314
)
 
$
515,000

 
$
—