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Investments (Tables)
 9 Months Ended
Sep. 30, 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 September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
 
 
 
 
 
 
 
 
Available for sale debt securities:
 
 
 
 
 
 
 
Realized gains on disposal
$
1,467

 
415

 
5,144

 
3,739

Realized losses on disposal
—

 
(3
)
 
(22
)
 
(3
)
Held to maturity debt securities:


 


 


 


Realized gains on disposal
353

 
2,831

 
1,167

 
3,221

Realized losses on disposal
—

 
—

 
(17
)
 
(72
)
Equity securities realized gains (losses)
7

 
—

 
34

 
511

Real estate gains (losses)
820

 
55

 
954

 
55

Mortgage loans write-downs
—

 
—

 
—

 
—

Other
(478
)
 
—

 
(478
)
 
—

 
 
 
 
 
 
 
 
Totals
$
2,169

 
3,298

 
6,782

 
7,451
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
—

 
214

 
(4
)
 
538

Portion of loss (gain) recognized in comprehensive income
 
—

 
(227
)
 
(3
)
 
(776
)
 
 
 
 
 
 
 
 
 
Net impairment losses on debt securities recognized in earnings
 
—

 
(13
)
 
(7
)
 
(238
)
Equity securities impairments
 
—

 
—

 
(28
)
 
(14
)
 
 
 
 
 
 
 
 
 
Totals
 
$
—

 
(13
)
 
(35
)
 
(252
)
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 September 30, 2014
 
Nine months ended September 30, 2014
 
Twelve Months
Ended
December 31,
2013
 
 
 
(In thousands)

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

 
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

 
2,479

 
2,472
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at September 30, 2014.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,069

 
913

 
—

 
23,982

U.S. Treasury
1,918

 
407

 
—

 
2,325

States and political subdivisions
430,243

 
27,854

 
(1,051
)
 
457,046

Foreign governments
—

 
—

 
—

 
—

Public utilities
915,761

 
63,842

 
(1,558
)
 
978,045

Corporate
3,834,631

 
181,422

 
(26,026
)
 
3,990,027

Mortgage-backed
1,667,528

 
59,881

 
(13,457
)
 
1,713,952

Home equity
19,348

 
4,841

 
—

 
24,189

Manufactured housing
5,540

 
335

 
—

 
5,875

 
 
 
 
 
 
 
 
Totals
$
6,898,038

 
339,495

 
(42,092
)
 
7,195,441

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 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

The table below presents amortized costs and fair values of securities available for sale at September 30, 2014.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
591

 
—

 
(38
)
 
553

Foreign governments
9,937

 
313

 
—

 
10,250

Public utilities
189,636

 
11,994

 
(406
)
 
201,224

Corporate
2,296,848

 
135,520

 
(8,955
)
 
2,423,413

Mortgage-backed
52,270

 
4,541

 
—

 
56,811

Home equity
11,817

 
237

 
(3
)
 
12,051

Manufactured housing
2,877

 
86

 
—

 
2,963

 
2,563,976

 
152,691

 
(9,402
)
 
2,707,265

 
 
 
 
 
 
 
 
Equity public
12,829

 
5,215

 
(429
)
 
17,615

 
 
 
 
 
 
 
 
Totals
$
2,576,805

 
157,906

 
(9,831
)
 
2,724,880
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:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
128,711

 
(9,249
)
 
8,080

 
(1,695
)
 
136,791

 
(10,944
)
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
)
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 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:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
33,440

 
(1,051
)
 
33,440

 
(1,051
)
Public utilities
73,039

 
(231
)
 
68,585

 
(1,327
)
 
141,624

 
(1,558
)
Corporate
328,940

 
(1,478
)
 
845,310

 
(24,548
)
 
1,174,250

 
(26,026
)
Mortgage-backed
67,440

 
(437
)
 
309,267

 
(13,020
)
 
376,707

 
(13,457
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
469,419

 
(2,146
)
 
1,256,602

 
(39,946
)
 
1,726,021

 
(42,092
)
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 September 30, 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:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
553

 
(38
)
 
553

 
(38
)
Public utilities
—

 
—

 
18,556

 
(406
)
 
18,556

 
(406
)
Corporate
180,872

 
(1,269
)
 
248,901

 
(7,686
)
 
429,773

 
(8,955
)
Home equity
—

 
—

 
4,832

 
(3
)
 
4,832

 
(3
)
 
180,872

 
(1,269
)
 
272,842

 
(8,133
)
 
453,714

 
(9,402
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
1,997

 
(116
)
 
3,620

 
(313
)
 
5,617

 
(429
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
182,869

 
(1,385
)
 
276,462

 
(8,446
)
 
459,331

 
(9,831
)

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:
 
 
 
 
 
 
 
 
 
 
 
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
)
Home equity
4,833

 
(7
)
 
—

 
—

 
4,833

 
(7
)
 
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 mortgage loan portfolio by loan-to-value ratio.

 
September 30, 2014
 
December 31, 2013
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
49,514

 
32.3

 
$
57,445

 
43.0

50% to 60%
56,530

 
36.9

 
23,339

 
17.5

60% to 70%
18,932

 
12.3

 
20,120

 
15.1

70% to 80%
8,476

 
5.5

 
9,723

 
7.3

80% to 90%
—

 
—

 
—

 
—

Greater than 90%
19,938

 
13.0

 
22,788

 
17.1

Gross balance
153,390

 
100.0

 
133,415

 
100.0

 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.4
)
 
(650
)
 
(0.5
)
 
 
 
 
 
 
 
 
Totals
$
152,740

 
99.6

 
$
132,765

 
99.5


(1) Loan-to-Value Ratio determined using the most recent appraised value.
Schedule of Allowance for Mortgage Loans
The following table represents the mortgage loan allowance.
 
September 30, 2014
 
December 31, 2013
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
650

Provision
—

 
—

Releases
—

 
—

 
 
 
 
Balance, end of period
$
650

 
650