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Investments (Tables) | 12 Months Ended
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Dec. 31, 2017
Investments [Abstract] |
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio | The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio as of December 31, 2017 and 2016 are shown below:
| Table | 5.1a |  |  |  |  |  |  |  |
Details of investments by category - current year |  |  | December 31, 2017
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Fair Value
| U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 179,850 |  |  | $ | 274 |  |  | $ | (1,278 | ) |  | $ | 178,846 |
| Obligations of U.S. states and political subdivisions |  | 2,105,063 |  |  | 56,210 |  |  | (8,749 | ) |  | 2,152,524 |
| Corporate debt securities |  | 2,065,475 |  |  | 10,532 |  |  | (9,169 | ) |  | 2,066,838 |
| ABS |  | 4,925 |  |  | — |  |  | (2 | ) |  | 4,923 |
| RMBS |  | 189,153 |  |  | 60 |  |  | (7,364 | ) |  | 181,849 |
| CMBS |  | 301,014 |  |  | 1,204 |  |  | (4,906 | ) |  | 297,312 |
| CLOs |  | 100,798 |  |  | 304 |  |  | (79 | ) |  | 101,023 |
| Total debt securities |  | 4,946,278 |  |  | 68,584 |  |  | (31,547 | ) |  | 4,983,315 |
| Equity securities |  | 7,223 |  |  | 39 |  |  | (16 | ) |  | 7,246 |
| Total investment portfolio |  | $ | 4,953,501 |  |  | $ | 68,623 |  |  | $ | (31,563 | ) |  | $ | 4,990,561 |
| Table | 5.1b |  |  |  |  |  |  |  |
Details of investments by category - prior year |  |  | December 31, 2016
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Fair Value
| U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 73,847 |  |  | $ | 407 |  |  | $ | (724 | ) |  | $ | 73,530 |
| Obligations of U.S. states and political subdivisions |  | 2,147,458 |  |  | 20,983 |  |  | (25,425 | ) |  | 2,143,016 |
| Corporate debt securities |  | 1,756,461 |  |  | 6,059 |  |  | (18,610 | ) |  | 1,743,910 |
| ABS |  | 59,519 |  |  | 74 |  |  | (28 | ) |  | 59,565 |
| RMBS |  | 231,733 |  |  | 102 |  |  | (7,626 | ) |  | 224,209 |
| CMBS |  | 327,042 |  |  | 769 |  |  | (7,994 | ) |  | 319,817 |
| CLOs |  | 121,151 |  |  | 226 |  |  | (202 | ) |  | 121,175 |
| Total debt securities |  | 4,717,211 |  |  | 28,620 |  |  | (60,609 | ) |  | 4,685,222 |
| Equity securities |  | 7,144 |  |  | 8 |  |  | (24 | ) |  | 7,128 |
| Total investment portfolio |  | $ | 4,724,355 |  |  | $ | 28,628 |  |  | $ | (60,633 | ) |  | $ | 4,692,350 |
(1) | There were no OTTI losses recorded in other comprehensive (loss) income as of December 31, 2017 and 2016.
Amortized cost and fair values of debt securities by contractual maturity | Table 5.2 compares the amortized cost and fair values of debt securities, by contractual maturity, as of December 31, 2017.
| Table | 5.2 |  |  |  |
Debt securities maturity schedule |  |  | December 31, 2017
(In thousands) |  | Amortized Cost |  | Fair Value
| Due in one year or less |  | $ | 541,755 |  |  | $ | 541,695 |
| Due after one year through five years |  | 1,547,712 |  |  | 1,544,943 |
| Due after five years through ten years |  | 925,751 |  |  | 929,883 |
| Due after ten years |  | 1,335,170 |  |  | 1,381,687 |
|  |  | 4,350,388 |  |  | 4,398,208 |
| ABS |  | 4,925 |  |  | 4,923 |
| RMBS |  | 189,153 |  |  | 181,849 |
| CMBS |  | 301,014 |  |  | 297,312 |
| CLOs |  | 100,798 |  |  | 101,023 |
| Total as of December 31, 2017 |  | $ | 4,946,278 |  |  | $ | 4,983,315 |
Aging of the fair values of securities in an unrealized loss position | Tables 5.3a and 5.3b show the components of our unrealized losses on our investment portfolio in the amount of $32 million and $61 million as of December 31, 2017 and 2016, respectively.
| Table | 5.3a |  |  |  |  |  |  |  |  |  |  |  |
Investments unrealized losses - current year | December 31, 2017 |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 144,042 |  |  | $ | (796 | ) |  | $ | 31,196 |  |  | $ | (482 | ) |  | $ | 175,238 |  |  | $ | (1,278 | )
| Obligations of U.S. states and political subdivisions |  | 505,311 |  |  | (3,624 | ) |  | 211,684 |  |  | (5,125 | ) |  | 716,995 |  |  | (8,749 | )
| Corporate debt securities |  | 932,350 |  |  | (4,288 | ) |  | 200,716 |  |  | (4,881 | ) |  | 1,133,066 |  |  | (9,169 | )
| ABS |  | 4,923 |  |  | (2 | ) |  | — |  |  | — |  |  | 4,923 |  |  | (2 | )
| RMBS |  | 14,979 |  |  | (280 | ) |  | 166,329 |  |  | (7,084 | ) |  | 181,308 |  |  | (7,364 | )
| CMBS |  | 51,096 |  |  | (358 | ) |  | 138,769 |  |  | (4,548 | ) |  | 189,865 |  |  | (4,906 | )
| CLOs |  | 14,243 |  |  | (7 | ) |  | 3,568 |  |  | (72 | ) |  | 17,811 |  |  | (79 | )
| Equity securities |  | 226 |  |  | (2 | ) |  | 431 |  |  | (14 | ) |  | 657 |  |  | (16 | )
| Total investment portfolio |  | $ | 1,667,170 |  |  | $ | (9,357 | ) |  | $ | 752,693 |  |  | $ | (22,206 | ) |  | $ | 2,419,863 |  |  | $ | (31,563 | )
| Table | 5.3b |  |  |  |  |  |  |  |  |  |  |  |
Investments unrealized losses - prior year | December 31, 2016 |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 48,642 |  |  | $ | (724 | ) |  | $ | — |  |  | $ | — |  |  | $ | 48,642 |  |  | $ | (724 | )
| Obligations of U.S. states and political subdivisions |  | 1,136,676 |  |  | (24,918 | ) |  | 13,681 |  |  | (507 | ) |  | 1,150,357 |  |  | (25,425 | )
| Corporate debt securities |  | 915,777 |  |  | (16,771 | ) |  | 35,769 |  |  | (1,839 | ) |  | 951,546 |  |  | (18,610 | )
| ABS |  | 3,366 |  |  | (28 | ) |  | 656 |  |  | — |  |  | 4,022 |  |  | (28 | )
| RMBS |  | 46,493 |  |  | (857 | ) |  | 171,326 |  |  | (6,769 | ) |  | 217,819 |  |  | (7,626 | )
| CMBS |  | 205,545 |  |  | (7,529 | ) |  | 38,587 |  |  | (465 | ) |  | 244,132 |  |  | (7,994 | )
| CLOs |  | 13,278 |  |  | (73 | ) |  | 34,760 |  |  | (129 | ) |  | 48,038 |  |  | (202 | )
| Equity securities |  | 568 |  |  | (15 | ) |  | 137 |  |  | (9 | ) |  | 705 |  |  | (24 | )
| Total investment portfolio |  | $ | 2,370,345 |  |  | $ | (50,915 | ) |  | $ | 294,916 |  |  | $ | (9,718 | ) |  | $ | 2,665,261 |  |  | $ | (60,633 | )
Net investment income | The source of net investment income is shown in Table 5.4 below.
| Table | 5.4 |  |  |  |  |  |
Investment income by source | (In thousands) |  | 2017 |  | 2016 |  | 2015
Fixed income |  | $ | 122,105 |  |  | $ | 112,513 |  |  | $ | 105,882 |
| Equity securities |  | 206 |  |  | 182 |  |  | 208 |
| Cash equivalents |  | 1,447 |  |  | 754 |  |  | 191 |
| Other |  | 620 |  |  | 433 |  |  | 455 |
| Investment income |  | 124,378 |  |  | 113,882 |  |  | 106,736 |
| Investment expenses |  | (3,507 | ) |  | (3,216 | ) |  | (2,995 | )
| Net investment income |  | $ | 120,871 |  |  | $ | 110,666 |  |  | $ | 103,741 |
Net realized investment gains (losses), including impairment losses, and change in unrealized gains (losses) of investments | The net realized investment gains (table 5.5) and the change in unrealized gains (losses) of investments (table 5.6) are shown below.
| Table | 5.5 |  |  |  |  |  |
Net realized investment gains | (In thousands) |  | 2017 |  | 2016 |  | 2015
Fixed income |  | $ | 228 |  |  | $ | 5,310 |  |  | $ | 28,335 |
| Equity securities |  | 21 |  |  | 3,622 |  |  | 26 |
| Other |  | — |  |  | — |  |  | — |
| Total net realized investment gains |  | $ | 249 |  |  | $ | 8,932 |  |  | $ | 28,361 |
| Table | 5.6 |  |  |  |  |  |
Change in unrealized gains (losses) | (In thousands) |  | 2017 |  | 2016 |  | 2015
Fixed income |  | $ | 69,026 |  |  | $ | (5,403 | ) |  | $ | (33,687 | )
Equity securities |  | 39 |  |  | (36 | ) |  | (32 | )
| Other |  | (13 | ) |  | 14 |  |  | 1 |
| Total increase (decrease) in unrealized gains/losses |  | $ | 69,052 |  |  | $ | (5,425 | ) |  | $ | (33,718 | )
Gross realized gains, gross realized losses and impairment losses | Gross realized gains and losses on investments are shown in Table 5.7 below.
| Table | 5.7 |  |  |  |  |  |
Gross realized investment gains | (In thousands) |  | 2017 |  | 2016 |  | 2015
Gross realized gains |  | $ | 1,599 |  |  | $ | 11,909 |  |  | $ | 30,039 |
| Gross realized losses |  | (1,350 | ) |  | (2,977 | ) |  | (1,678 | )
| Net realized gains on securities |  | $ | 249 |  |  | $ | 8,932 |  |  | $ | 28,361 |

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