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Investments in Equity Securities | 3 Months Ended
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Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items] |
Investments in Equity Securities | Investments in Fixed Maturity Securities At March 31, 2024 and December 31, 2023, investments in fixed maturity securities were as follows:
(In thousands) | Amortized Cost |  | Allowance for Expected Credit Losses (1) |  | Gross Unrealized |  | Fair Value |  | Carrying Value
Gains |  | Losses |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 51,258 |  |  | $ | (38) |  |  | $ | 2,276 |  |  | $ | — |  |  | $ | 53,496 |  |  | $ | 51,220 |
Residential mortgage-backed | 2,762 |  |  | — |  |  | 82 |  |  | — |  |  | 2,844 |  |  | 2,762 |
Total held to maturity | 54,020 |  |  | (38) |  |  | 2,358 |  |  | — |  |  | 56,340 |  |  | 53,982 |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 1,875,920 |  |  | — |  |  | 8,888 |  |  | (55,256) |  |  | 1,829,552 |  |  | 1,829,552 |
State and municipal: |  |  |  |  |  |  |  |  |  |  |
Special revenue | 1,626,511 |  |  | — |  |  | 3,370 |  |  | (83,769) |  |  | 1,546,112 |  |  | 1,546,112 |
State general obligation | 393,807 |  |  | — |  |  | 1,833 |  |  | (16,316) |  |  | 379,324 |  |  | 379,324 |
Pre-refunded | 88,359 |  |  | — |  |  | 908 |  |  | (214) |  |  | 89,053 |  |  | 89,053 |
Corporate backed | 166,261 |  |  | (693) |  |  | 539 |  |  | (10,588) |  |  | 155,519 |  |  | 155,519 |
Local general obligation | 393,482 |  |  | — |  |  | 2,298 |  |  | (13,002) |  |  | 382,778 |  |  | 382,778 |
Total state and municipal | 2,668,420 |  |  | (693) |  |  | 8,948 |  |  | (123,889) |  |  | 2,552,786 |  |  | 2,552,786 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |
Residential | 1,963,060 |  |  | — |  |  | 9,805 |  |  | (174,727) |  |  | 1,798,138 |  |  | 1,798,138 |
Commercial | 630,348 |  |  | (562) |  |  | 326 |  |  | (20,232) |  |  | 609,880 |  |  | 609,880 |
Total mortgage-backed | 2,593,408 |  |  | (562) |  |  | 10,131 |  |  | (194,959) |  |  | 2,408,018 |  |  | 2,408,018 |
Asset-backed | 4,298,768 |  |  | (1,097) |  |  | 6,475 |  |  | (64,585) |  |  | 4,239,561 |  |  | 4,239,561 |
Corporate: |  |  |  |  |  |  |  |  |  |  |
Industrial | 3,865,664 |  |  | — |  |  | 14,741 |  |  | (146,130) |  |  | 3,734,275 |  |  | 3,734,275 |
Financial | 3,172,945 |  |  | — |  |  | 10,100 |  |  | (69,749) |  |  | 3,113,296 |  |  | 3,113,296 |
Utilities | 751,234 |  |  | — |  |  | 2,864 |  |  | (24,436) |  |  | 729,662 |  |  | 729,662 |
Other | 590,644 |  |  | — |  |  | 2,516 |  |  | (7,690) |  |  | 585,470 |  |  | 585,470 |
Total corporate | 8,380,487 |  |  | — |  |  | 30,221 |  |  | (248,005) |  |  | 8,162,703 |  |  | 8,162,703 |
Foreign government | 1,904,493 |  |  | (20,479) |  |  | 8,585 |  |  | (174,347) |  |  | 1,718,252 |  |  | 1,718,252 |
Total available for sale | 21,721,496 |  |  | (22,831) |  |  | 73,248 |  |  | (861,041) |  |  | 20,910,872 |  |  | 20,910,872 |
Total investments in fixed maturity securities | $ | 21,775,516 |  |  | $ | (22,869) |  |  | $ | 75,606 |  |  | $ | (861,041) |  |  | $ | 20,967,212 |  |  | $ | 20,964,854 |
____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(In thousands) | Amortized Cost |  | Allowance for Expected Credit Losses (1) |  | Gross Unrealized |  | Fair Value |  | Carrying Value |  |
| Gains |  | Losses |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 50,547 |  |  | $ | (43) |  |  | $ | 3,132 |  |  | $ | — |  |  | $ | 53,636 |  |  | $ | 50,504 |  |  |
Residential mortgage-backed | 2,868 |  |  | — |  |  | 107 |  |  | — |  |  | 2,975 |  |  | 2,868 |  |  |
Total held to maturity | 53,415 |  |  | (43) |  |  | 3,239 |  |  | — |  |  | 56,611 |  |  | 53,372 |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 1,762,997 |  |  | — |  |  | 11,403 |  |  | (57,669) |  |  | 1,716,731 |  |  | 1,716,731 |  |  |
State and municipal: |  |  |  |  |  |  |  |  |  |  |  |  |
Special revenue | 1,682,550 |  |  | — |  |  | 5,651 |  |  | (82,006) |  |  | 1,606,195 |  |  | 1,606,195 |  |  |
State general obligation | 394,429 |  |  | — |  |  | 3,550 |  |  | (16,405) |  |  | 381,574 |  |  | 381,574 |  |  |
Pre-refunded | 103,029 |  |  | — |  |  | 1,634 |  |  | (185) |  |  | 104,478 |  |  | 104,478 |  |  |
Corporate backed | 166,873 |  |  | (757) |  |  | 696 |  |  | (11,973) |  |  | 154,839 |  |  | 154,839 |  |  |
Local general obligation | 396,041 |  |  | — |  |  | 3,188 |  |  | (11,893) |  |  | 387,336 |  |  | 387,336 |  |  |
Total state and municipal | 2,742,922 |  |  | (757) |  |  | 14,719 |  |  | (122,462) |  |  | 2,634,422 |  |  | 2,634,422 |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | 1,773,206 |  |  | — |  |  | 12,780 |  |  | (163,844) |  |  | 1,622,142 |  |  | 1,622,142 |  |  |
Commercial | 657,157 |  |  | (158) |  |  | 626 |  |  | (13,312) |  |  | 644,313 |  |  | 644,313 |  |  |
Total mortgage-backed | 2,430,363 |  |  | (158) |  |  | 13,406 |  |  | (177,156) |  |  | 2,266,455 |  |  | 2,266,455 |  |  |
Asset-backed | 4,252,883 |  |  | (1,164) |  |  | 8,527 |  |  | (73,206) |  |  | 4,187,040 |  |  | 4,187,040 |  |  |
Corporate: |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial | 3,679,219 |  |  | (40) |  |  | 24,312 |  |  | (143,936) |  |  | 3,559,555 |  |  | 3,559,555 |  |  |
Financial | 2,838,220 |  |  | (4,986) |  |  | 14,681 |  |  | (68,681) |  |  | 2,779,234 |  |  | 2,779,234 |  |  |
Utilities | 701,865 |  |  | — |  |  | 6,471 |  |  | (23,412) |  |  | 684,924 |  |  | 684,924 |  |  |
Other | 635,975 |  |  | — |  |  | 1,605 |  |  | (7,234) |  |  | 630,346 |  |  | 630,346 |  |  |
Total corporate | 7,855,279 |  |  | (5,026) |  |  | 47,069 |  |  | (243,263) |  |  | 7,654,059 |  |  | 7,654,059 |  |  |
Foreign government | 1,817,386 |  |  | (29,603) |  |  | 15,865 |  |  | (137,419) |  |  | 1,666,229 |  |  | 1,666,229 |  |  |
Total available for sale | 20,861,830 |  |  | (36,708) |  |  | 110,989 |  |  | (811,175) |  |  | 20,124,936 |  |  | 20,124,936 |  |  |
Total investments in fixed maturity securities | $ | 20,915,245 |  |  | $ | (36,751) |  |  | $ | 114,228 |  |  | $ | (811,175) |  |  | $ | 20,181,547 |  |  | $ | 20,178,308 |  |  |
____________ (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended March 31, 2024 and 2023:
(In thousands) | 2024 |  | 2023
Allowance for expected credit losses, beginning of period | $ | 43 |  |  | $ | 114 |
Provision for expected credit losses | (5) |  |  | (7) |
Allowance for expected credit losses, end of period | $ | 38 |  |  | $ | 107 |
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended March 31, 2024 and 2023:
| 2024 |  | 2023
(In thousands) | Foreign Government |  | Corporate |  | Mortgage-backed |  | Asset-backed |  | State and Municipal |  | Total |  | Foreign Government |  | Corporate |  | Mortgage-backed |  | Total
Allowance for expected credit losses, beginning of period | $ | 29,603 |  |  | $ | 5,026 |  |  | $ | 158 |  |  | $ | 1,164 |  |  | $ | 757 |  |  | $ | 36,708 |  |  | $ | 32,633 |  |  | $ | 4,701 |  |  | $ | 18 |  |  | $ | 37,352 |
Expected credit losses on securities for which credit losses were not previously recorded | — |  |  | — |  |  | 562 |  |  | — |  |  | — |  |  | 562 |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Expected credit (gains) losses on securities for which credit losses were previously recorded | (9,124) |  |  | (5,026) |  |  | (158) |  |  | (67) |  |  | (64) |  |  | (14,439) |  |  | 691 |  |  | (1,087) |  |  | 5 |  |  | (391) |
Reduction due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | (5) |
Allowance for expected credit losses, end of period | $ | 20,479 |  |  | $ | — |  |  | $ | 562 |  |  | $ | 1,097 |  |  | $ | 693 |  |  | $ | 22,831 |  |  | $ | 33,324 |  |  | $ | 3,795 |  |  | $ | 23 |  |  | $ | 37,142 |
During the three months ended March 31, 2024, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to improved pricing associated with foreign government securities and corporate securities. During the three months ended March 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a decrease in unrealized losses primarily associated with corporate securities. The amortized cost and fair value of fixed maturity securities at March 31, 2024, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
(In thousands) | Amortized Cost (1) |  | Fair Value |  |  |  |  |  |  |  |
Due in one year or less | $ | 1,980,563 |  |  | $ | 1,907,003 |  |  |  |  |  |  |  |  |
Due after one year through five years | 9,877,133 |  |  | 9,528,047 |  |  |  |  |  |  |  |  |
Due after five years through ten years | 4,681,226 |  |  | 4,577,859 |  |  |  |  |  |  |  |  |
Due after ten years | 2,640,386 |  |  | 2,543,441 |  |  |  |  |  |  |  |  |
Mortgage-backed securities | 2,596,170 |  |  | 2,410,862 |  |  |  |  |  |  |  |  |
Total | $ | 21,775,478 |  |  | $ | 20,967,212 |  |  |  |  |  |  |  |  |
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $38 thousand related to held to maturity securities. At March 31, 2024 and December 31, 2023, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
Equity securities |
Debt Securities, Available-for-sale [Line Items] |
Investments in Equity Securities | Investments in Equity Securities At March 31, 2024 and December 31, 2023, investments in equity securities were as follows:
(In thousands) | Cost |  | Gross Unrealized |  | Fair Value |  | Carrying Value
Gains |  | Losses |
March 31, 2024 |  |  |  |  |  |  |  |  |
Common stocks | $ | 671,958 |  |  | $ | 196,093 |  |  | $ | (21,382) |  |  | $ | 846,669 |  |  | $ | 846,669 |
Preferred stocks | 339,263 |  |  | 8,491 |  |  | (16,375) |  |  | 331,379 |  |  | 331,379 |
Total | $ | 1,011,221 |  |  | $ | 204,584 |  |  | $ | (37,757) |  |  | $ | 1,178,048 |  |  | $ | 1,178,048 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Common stocks | $ | 664,997 |  |  | $ | 191,806 |  |  | $ | (18,749) |  |  | $ | 838,054 |  |  | $ | 838,054 |
Preferred stocks | 284,335 |  |  | 3,075 |  |  | (35,117) |  |  | 252,293 |  |  | 252,293 |
Total | $ | 949,332 |  |  | $ | 194,881 |  |  | $ | (53,866) |  |  | $ | 1,090,347 |  |  | $ | 1,090,347 |

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