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Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of investments available for sale

Investments available for sale consist of the following:

March 31, 2022 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	437,450					$	368					$	(14,178)					$	423,640
U.S. agency mortgage-backed securities						902,741						689						(48,655)						854,775
Municipal debt securities (1)						530,839						3,836						(22,490)						512,185
Non-U.S. government securities						73,097						1,411						(2,765)						71,743
Corporate debt securities (2)						1,339,172						2,845						(58,373)						1,283,644
Residential and commercial mortgage securities						565,116						1,168						(27,414)						538,870
Asset-backed securities						604,516						361						(10,426)						594,451
Money market funds						383,597						—						—						383,597
Total investments available for sale						$	4,836,528					$	10,678					$	(184,301)					$	4,662,905

December 31, 2021 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	447,926					$	3,833					$	(2,966)					$	448,793
U.S. agency securities						5,501						3						—						5,504
U.S. agency mortgage-backed securities						1,005,611						13,365						(10,113)						1,008,863
Municipal debt securities (1)						598,764						30,122						(1,287)						627,599
Non-U.S. government securities						77,366						3,232						(855)						79,743
Corporate debt securities (2)						1,428,645						36,067						(9,465)						1,455,247
Residential and commercial mortgage securities						541,638						10,452						(6,667)						545,423
Asset-backed securities						582,144						1,673						(2,114)						581,703
Money market funds						210,012						—						—						210,012
Total investments available for sale						$	4,897,607					$	98,747					$	(33,467)					$	4,962,887

						March 31,						December 31,
(1) The following table summarizes municipal debt securities as of:						2022						2021
Special revenue bonds						78.1		%				77.1		%
General obligation bonds						19.6						20.5
Certificate of participation bonds						1.9						1.9
Tax allocation bonds						0.3						0.5
Special tax bonds						0.1						—
Total						100.0		%				100.0		%

						March 31,						December 31,
(2) The following table summarizes corporate debt securities as of:						2022						2021
Financial						38.4		%				33.7		%
Consumer, non-cyclical						18.0						19.8
Communications						9.7						11.4
Industrial						6.9						7.0
Consumer, cyclical						6.4						7.0
Energy						6.0						6.0
Technology						6.0						6.8
Utilities						5.7						4.6
Basic materials						2.5						3.7
Government						0.4						—
Total						100.0		%				100.0		%

Schedule of amortized cost and fair value of investments available for sale by contractual maturity

The amortized cost and fair value of investments available for sale at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.

(In thousands)						Amortized Cost						Fair Value
U.S. Treasury securities:
Due in 1 year						$	88,143					$	87,953
Due after 1 but within 5 years						302,905						291,389
Due after 5 but within 10 years						42,566						40,826
Due after 10 years						3,836						3,472
Subtotal						437,450						423,640
Municipal debt securities:
Due in 1 year						1,659						1,665
Due after 1 but within 5 years						119,337						119,368
Due after 5 but within 10 years						164,952						162,102
Due after 10 years						244,891						229,050
Subtotal						530,839						512,185
Non-U.S. government securities:
Due in 1 year						427						430
Due after 1 but within 5 years						38,669						39,429
Due after 5 but within 10 years						8,878						9,073
Due after 10 years						25,123						22,811
Subtotal						73,097						71,743
Corporate debt securities:
Due in 1 year						214,080						214,038
Due after 1 but within 5 years						563,001						551,936
Due after 5 but within 10 years						424,445						394,068
Due after 10 years						137,646						123,602
Subtotal						1,339,172						1,283,644
U.S. agency mortgage-backed securities						902,741						854,775
Residential and commercial mortgage securities						565,116						538,870
Asset-backed securities						604,516						594,451
Money market funds						383,597						383,597
Total investments available for sale						$	4,836,528					$	4,662,905

Schedule of realized gross gains and losses on sale of investments available for sale

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:

												Three Months Ended March 31,
(In thousands)																		2022						2021
Realized gross gains																		$	12,576					$	750
Realized gross losses																		(13,091)						(109)
Impairment loss																		(6,837)						—

Schedule of fair value of investments in an unrealized loss position and related unrealized losses

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:

						Less than 12 months												12 months or more												Total
March 31, 2022 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	303,598					$	(10,257)					$	67,009					$	(3,921)					$	370,607					$	(14,178)
U.S. agency mortgage-backed securities						614,532						(31,273)						191,880						(17,382)						806,412						(48,655)
Municipal debt securities						301,894						(21,844)						6,694						(646)						308,588						(22,490)
Non-U.S. government securities						16,001						(915)						14,356						(1,850)						30,357						(2,765)
Corporate debt securities						833,120						(42,805)						125,507						(15,568)						958,627						(58,373)
Residential and commercial mortgage securities						356,130						(18,432)						91,270						(8,982)						447,400						(27,414)
Asset-backed securities						493,873						(9,880)						29,987						(546)						523,860						(10,426)
Total						$	2,919,148					$	(135,406)					$	526,703					$	(48,895)					$	3,445,851					$	(184,301)

						Less than 12 months												12 months or more												Total
December 31, 2021 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	207,122					$	(2,170)					$	28,012					$	(796)					$	235,134					$	(2,966)
U.S. agency mortgage-backed securities						582,108						(9,414)						26,131						(699)						608,239						(10,113)
Municipal debt securities						91,719						(1,281)						312						(6)						92,031						(1,287)
Non-U.S. government securities						22,986						(855)						—						—						22,986						(855)
Corporate debt securities						522,120						(7,200)						46,875						(2,265)						568,995						(9,465)
Residential and commercial mortgage securities						268,617						(5,200)						38,256						(1,467)						306,873						(6,667)
Asset-backed securities						339,137						(1,954)						13,101						(160)						352,238						(2,114)
Total						$	2,033,809					$	(28,074)					$	152,687					$	(5,393)					$	2,186,496					$	(33,467)

Schedule of net investment income

Net investment income consists of: 

												Three Months Ended March 31,
(In thousands)																		2022						2021
Fixed maturities																		$	26,223					$	23,024
Short-term investments																		44						81
Gross investment income																		26,267						23,105
Investment expenses																		(1,587)						(1,317)
Net investment income																		$	24,680					$	21,788

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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