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Investments (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Realized Investment Gains (Losses), Excluding Impairment Losses
The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated.

 
Three Months Ended March 31,
 
2014
 
2013
 
(In thousands)
 
 
 
 
Available for sale debt securities:
 
 
 
Realized gains on disposal
$
692

 
1,796

Realized losses on disposal
(8
)
 
—

Held to maturity debt securities:


 


Realized gains on disposal
782

 
329

Realized losses on disposal
(11
)
 
(69
)
Equity securities realized gains (losses)
4

 
318

Real estate gains (losses)
89

 
—

Mortgage loans write-downs
—

 
—

Other
—

 
—

 
 
 
 
Totals
$
1,548

 
2,374
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
 
March 31,
 
 
2014
 
2013
 
 
(In thousands)
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
(4
)
 
382

Portion of loss (gain) recognized in comprehensive income
 
(3
)
 
(443
)
 
 
 
 
 
Net impairment losses on debt securities recognized in earnings
 
(7
)
 
(61
)
Equity securities impairments
 
(28
)
 
—

 
 
 
 
 
Totals
 
$
(35
)
 
(61
)
Credit Losses on Securities, Also Recorded as Non-Credit Other-than-Temporary Impairments in Other Comprehensive Loss
The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss.

 
Three months ended March 31, 2014
 
Twelve Months
Ended
December 31,
2013
 
 
 
 
 
 
 
 
Beginning balance, cumulative credit losses related to other-than-temporary impairments
$
2,472

 
2,247

Reductions for securities sold during current period
—

 
(17
)
Additions for credit losses not previously recognized in other-than-temporary impairments
7

 
242

 
 
 
 
Ending balance, cumulative credit losses related to other-than-temporary impairments
$
2,479

 
2,472
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at March 31, 2014.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,082

 
1,426

 
—

 
24,508

U.S. Treasury
1,915

 
433

 
—

 
2,348

States and political subdivisions
425,741

 
21,586

 
(5,059
)
 
442,268

Foreign governments
9,999

 
43

 
—

 
10,042

Public utilities
866,304

 
58,534

 
(3,912
)
 
920,926

Corporate
3,535,559

 
173,952

 
(44,891
)
 
3,664,620

Mortgage-backed
1,716,534

 
59,658

 
(19,568
)
 
1,756,624

Home equity
19,953

 
4,834

 
(29
)
 
24,758

Manufactured housing
6,767

 
403

 
—

 
7,170

 
 
 
 
 
 
 
 
Totals
$
6,605,854

 
320,869

 
(73,459
)
 
6,853,264

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2013.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,088

 
1,700

 
—

 
24,788

U.S. Treasury
1,913

 
434

 
—

 
2,347

States and political subdivisions
423,286

 
13,433

 
(10,944
)
 
425,775

Foreign governments
9,997

 
159

 
—

 
10,156

Public utilities
864,324

 
53,222

 
(9,687
)
 
907,859

Corporate
3,463,521

 
153,442

 
(81,760
)
 
3,535,203

Mortgage-backed
1,696,887

 
54,035

 
(33,376
)
 
1,717,546

Home equity
20,179

 
4,738

 
(32
)
 
24,885

Manufactured housing
7,125

 
460

 
—

 
7,585

 
 
 
 
 
 
 
 
Totals
$
6,510,320

 
281,623

 
(135,799
)
 
6,656,144
Schedule of Available-for-Sale Securities
The table below presents amortized costs and fair values of securities available for sale at March 31, 2014.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
593

 
—

 
(64
)
 
529

Foreign governments
9,933

 
92

 
—

 
10,025

Public utilities
218,776

 
14,300

 
(818
)
 
232,258

Corporate
2,214,837

 
139,585

 
(15,037
)
 
2,339,385

Mortgage-backed
63,301

 
4,589

 
—

 
67,890

Home equity
11,978

 
266

 
(5
)
 
12,239

Manufactured housing
3,532

 
117

 
—

 
3,649

 
2,522,950

 
158,949

 
(15,924
)
 
2,665,975

 
 
 
 
 
 
 
 
Equity public
11,166

 
5,006

 
(485
)
 
15,687

 
 
 
 
 
 
 
 
Totals
$
2,534,116

 
163,955

 
(16,409
)
 
2,681,662

The table below presents amortized costs and fair values of securities available for sale at December 31, 2013.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
594

 
—

 
(110
)
 
484

Foreign governments
9,931

 
—

 
(156
)
 
9,775

Public utilities
233,788

 
15,014

 
(1,397
)
 
247,405

Corporate
2,195,124

 
124,519

 
(30,732
)
 
2,288,911

Mortgage-backed
68,799

 
5,040

 
—

 
73,839

Home equity
12,079

 
245

 
(7
)
 
12,317

Manufactured housing
3,803

 
132

 
—

 
3,935

 
2,524,118

 
144,950

 
(32,402
)
 
2,636,666

 
 
 
 
 
 
 
 
Equity public
11,146

 
4,489

 
(757
)
 
14,878

 
 
 
 
 
 
 
 
Totals
$
2,535,264

 
149,439

 
(33,159
)
 
2,651,544
Schedule of Gross Unrealized Losses and Fair Values of Held-to-Maturity Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2013.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
128,711

 
(9,249
)
 
8,080

 
(1,695
)
 
136,791

 
(10,944
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
260,982

 
(8,998
)
 
7,821

 
(689
)
 
268,803

 
(9,687
)
Corporate
1,335,088

 
(71,330
)
 
117,179

 
(10,430
)
 
1,452,267

 
(81,760
)
Mortgage-backed
581,373

 
(32,043
)
 
13,861

 
(1,333
)
 
595,234

 
(33,376
)
Home equity
—

 
—

 
2,617

 
(32
)
 
2,617

 
(32
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
2,306,154

 
(121,620
)
 
149,558

 
(14,179
)
 
2,455,712

 
(135,799
)
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2014.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—


—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
40,723

 
(2,744
)
 
19,738

 
(2,315
)
 
60,461

 
(5,059
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
158,771

 
(2,696
)
 
22,260

 
(1,216
)
 
181,031

 
(3,912
)
Corporate
850,901

 
(28,017
)
 
305,147

 
(16,874
)
 
1,156,048

 
(44,891
)
Mortgage-backed
488,373

 
(17,572
)
 
29,282

 
(1,996
)
 
517,655

 
(19,568
)
Home equity
—

 
—

 
2,567

 
(29
)
 
2,567

 
(29
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
1,538,768

 
(51,029
)
 
378,994

 
(22,430
)
 
1,917,762

 
(73,459
)
Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2014.
 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
—

 
—

 
529

 
(64
)
 
529

 
(64
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Public utilities
20,645

 
(790
)
 
987

 
(28
)
 
21,632

 
(818
)
Corporate
265,794

 
(9,275
)
 
113,874

 
(5,762
)
 
379,668

 
(15,037
)
Mortgage-backed
—

 
—

 
—

 
—

 
—

 
—

Home equity
4,830

 
(5
)
 
—

 
—

 
4,830

 
(5
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
291,269

 
(10,070
)
 
115,390

 
(5,854
)
 
406,659

 
(15,924
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
3,985

 
(485
)
 
29

 
—

 
4,014

 
(485
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
295,254

 
(10,555
)
 
115,419

 
(5,854
)
 
410,673

 
(16,409
)

The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2013.
 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
$
—

 
—

 
—

 
—

 
—

 
—

U.S. Treasury
—

 
—

 
—

 
—

 
—

 
—

States and political subdivisions
—

 
—

 
484

 
(110
)
 
484

 
(110
)
Foreign governments
9,775

 
(156
)
 
—

 
—

 
9,775

 
(156
)
Public utilities
20,090

 
(1,343
)
 
962

 
(54
)
 
21,052

 
(1,397
)
Corporate
532,310

 
(26,376
)
 
46,187

 
(4,356
)
 
578,497

 
(30,732
)
Mortgage-backed
—

 
—

 
—

 
—

 
—

 
—

Home equity
4,833

 
(7
)
 
—

 
—

 
4,833

 
(7
)
Manufactured housing
—

 
—

 
—

 
—

 
—

 
—

 
567,008

 
(27,882
)
 
47,633

 
(4,520
)
 
614,641

 
(32,402
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
3,707

 
(757
)
 
—

 
—

 
3,707

 
(757
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
570,715

 
(28,639
)
 
47,633

 
(4,520
)
 
618,348

 
(33,159
)
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the loan-to-value ratio using the most recent appraised value.

 
March 31, 2014
 
December 31, 2013
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
52,366

 
40.5

 
$
57,445

 
43.0

50% to 60%
27,073

 
21.0

 
23,339

 
17.5

60% to 70%
17,384

 
13.5

 
20,120

 
15.1

70% to 80%
9,678

 
7.5

 
9,723

 
7.3

80% to 90%
—

 
—

 
—

 
—

Greater than 90%
22,655

 
17.5

 
22,788

 
17.1

Gross balance
129,156

 
100.0

 
133,415

 
100.0

 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.5
)
 
(650
)
 
(0.5
)
 
 
 
 
 
 
 
 
Totals
$
128,506

 
99.5

 
$
132,765

 
99.5


(1) Loan-to-Value Ratio using the most recent appraised value.
Schedule of Allowance for Mortgage Loans
The following table represents the mortgage loan allowance at March 31, 2014 and December 31, 2013:
 
March 31, 2014
 
December 31, 2013
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
650

Provision
—

 
—

Releases
—

 
—

 
 
 
 
Balance, end of period
$
650

 
650