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Investments In Fixed Maturity Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At June 30, 2024 and December 31, 2023, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2024
Held to maturity:
State and municipal$40,983 $(34)$1,766 $— $42,715 $40,949 
Residential mortgage-backed2,615 — 60 — 2,675 2,615 
Total held to maturity43,598 (34)1,826 — 45,390 43,564 
Available for sale:
U.S. government and government agency1,869,971 — 6,877 (54,472)1,822,376 1,822,376 
State and municipal:
Special revenue1,586,511 — 2,558 (80,860)1,508,209 1,508,209 
State general obligation416,788 — 1,862 (15,926)402,724 402,724 
Pre-refunded88,086 — 269 (377)87,978 87,978 
Corporate backed171,007 (339)582 (9,918)161,332 161,332 
Local general obligation390,455 — 1,254 (12,685)379,024 379,024 
Total state and municipal2,652,847 (339)6,525 (119,766)2,539,267 2,539,267 
Mortgage-backed:
Residential2,206,563 — 7,330 (178,950)2,034,943 2,034,943 
Commercial567,094 (1,140)313 (8,216)558,051 558,051 
Total mortgage-backed2,773,657 (1,140)7,643 (187,166)2,592,994 2,592,994 
Asset-backed4,071,678 (889)5,279 (61,622)4,014,446 4,014,446 
Corporate:
Industrial4,026,477 — 9,683 (142,415)3,893,745 3,893,745 
Financial3,253,805 — 7,899 (65,121)3,196,583 3,196,583 
Utilities735,920 — 1,614 (25,567)711,967 711,967 
Other616,007 — 1,247 (7,129)610,125 610,125 
Total corporate8,632,209 — 20,443 (240,232)8,412,420 8,412,420 
Foreign government1,867,457 (19,469)3,306 (193,685)1,657,609 1,657,609 
Total available for sale21,867,819 (21,837)50,073 (856,943)21,039,112 21,039,112 
Total investments in fixed maturity securities$21,911,417 $(21,871)$51,899 $(856,943)$21,084,502 $21,082,676 
____________
(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 UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2023
Held to maturity:
State and municipal$50,547 $(43)$3,132 $— $53,636 $50,504 
Residential mortgage-backed2,868 — 107 — 2,975 2,868 
Total held to maturity53,415 (43)3,239 — 56,611 53,372 
Available for sale:
U.S. government and government agency1,762,997 — 11,403 (57,669)1,716,731 1,716,731 
State and municipal:
Special revenue1,682,550 — 5,651 (82,006)1,606,195 1,606,195 
State general obligation394,429 — 3,550 (16,405)381,574 381,574 
Pre-refunded103,029 — 1,634 (185)104,478 104,478 
Corporate backed166,873 (757)696 (11,973)154,839 154,839 
Local general obligation396,041 — 3,188 (11,893)387,336 387,336 
Total state and municipal2,742,922 (757)14,719 (122,462)2,634,422 2,634,422 
Mortgage-backed:
Residential1,773,206 — 12,780 (163,844)1,622,142 1,622,142 
Commercial657,157 (158)626 (13,312)644,313 644,313 
Total mortgage-backed2,430,363 (158)13,406 (177,156)2,266,455 2,266,455 
Asset-backed4,252,883 (1,164)8,527 (73,206)4,187,040 4,187,040 
Corporate:
Industrial3,679,219 (40)24,312 (143,936)3,559,555 3,559,555 
Financial2,838,220 (4,986)14,681 (68,681)2,779,234 2,779,234 
Utilities701,865 — 6,471 (23,412)684,924 684,924 
Other635,975 — 1,605 (7,234)630,346 630,346 
Total corporate7,855,279 (5,026)47,069 (243,263)7,654,059 7,654,059 
Foreign government1,817,386 (29,603)15,865 (137,419)1,666,229 1,666,229 
Total available for sale20,861,830 (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 six months ended June 30, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$43 $114 
Provision for expected credit losses(9)(61)
Allowance for expected credit losses, end of period$34 $53 

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$38 $107 
Provision for expected credit losses(4)(54)
Allowance for expected credit losses, end of period$34 $53 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2024 and 2023:
20242023
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedAsset-backedTotal
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 recorded300 — 1,701 — — 2,001 — 186 861 1,444 2,491 
Expected credit (gains) losses on securities for which credit losses were previously recorded(10,434)(5,026)(158)(275)(418)(16,311)419 3,987 6 — 4,412 
Reduction due to disposals— — (561)— — (561)— (7)— — (7)
Allowance for expected credit losses, end of period$19,469 $— $1,140 $889 $339 $21,837 $33,052 $8,867 $885 $1,444 $44,248 
During the six months ended June 30, 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 six months ended June 30, 2023, the Company increased the allowance for expected credit losses for available for sale securities due to changes in economic assumptions utilized in its credit loss model, primarily affecting the financial services and real estate sectors.
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2024 and 2023:
20242023
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedAsset-backedTotal
Allowance for expected credit losses, beginning of period$20,479 $— $562 $1,097 $693 $22,831 $33,324 $3,795 $23 $— $37,142 
Expected credit losses on securities for which credit losses were not previously recorded300 — 1,139 — — 1,439 — — 861 1,444 2,305 
Expected credit (gains) losses on securities for which credit losses were previously recorded(1,310)— — (208)(354)(1,872)(272)5,074 1 — 4,803 
Reduction due to disposals— — (561)— — (561)— (2)— — (2)
Allowance for expected credit losses, end of period$19,469 $— $1,140 $889 $339 $21,837 $33,052 $8,867 $885 $1,444 $44,248 
The amortized cost and fair value of fixed maturity securities at June 30, 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$1,943,246 $1,884,790 
Due after one year through five years9,983,542 9,601,275 
Due after five years through ten years4,262,692 4,152,066 
Due after ten years2,945,631 2,850,702 
Mortgage-backed securities2,776,272 2,595,669 
Total$21,911,383 $21,084,502 
_______________
(1) Amortized cost is reduced by the allowance for expected credit losses of $34 thousand related to held to maturity securities.    
At June 30, 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.