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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the Transition Period from                      to                     .
Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
  
475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)
(203)629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title Trading SymbolName
 
Common Stock, par value $.20 per shareWRBNew York Stock Exchange
5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐
1
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ☒
Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Number of shares of common stock, $.20 par value, outstanding as of October 30, 2023: 257,872,034
2
TABLE OF CONTENTS
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT
3
Part I — FINANCIAL INFORMATION
Item 1.     Financial Statements
W. R. BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,
2023		December 31,
2022
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $20,232,773 and $18,715,483; allowance for expected credit losses of $46,412 and $37,466 at September 30, 2023 and December 31, 2022, respectively)
$19,035,305 $17,587,349 
Investment funds1,600,495 1,608,548 
Real estate1,270,545 1,340,622 
Equity securities1,182,061 1,185,894 
Arbitrage trading account825,049 944,230 
Loans receivable (net of allowance for expected credit losses of $4,009 and $1,791 at September 30, 2023 and December 31, 2022, respectively)
177,750 193,002 
Total investments24,091,205 22,859,645 
Cash and cash equivalents1,646,074 1,449,346 
Premiums and fees receivable (net of allowance for expected credit losses of $33,602 and $30,660 at September 30, 2023 and December 31, 2022, respectively)
3,104,609 2,779,244 
Due from reinsurers (net of allowance for expected credit losses of $9,443 and $8,064 at September 30, 2023 and December 31, 2022, respectively)
3,426,196 3,187,730 
Deferred policy acquisition costs854,374 763,486 
Prepaid reinsurance premiums756,236 696,468 
Trading account receivables from brokers and clearing organizations401,982 233,863 
Property, furniture and equipment423,279 423,232 
Goodwill174,597 185,509 
Accrued investment income201,206 166,784 
Current and deferred federal and foreign income taxes291,363 333,774 
Other assets740,227 736,022 
Total assets$36,111,348 $33,815,103 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$18,273,310 $17,011,223 
Unearned premiums5,899,738 5,297,654 
Due to reinsurers626,448 523,131 
Trading account securities sold but not yet purchased7,538 — 
Other liabilities1,537,449 1,377,740 
Senior notes and other debt1,828,046 1,828,823 
Subordinated debentures1,008,910 1,008,371 
Total liabilities29,181,439 27,046,942 
Equity:  
Preferred stock, par value $0.10 per share:
  
Authorized 5,000,000 shares; issued and outstanding - none
— — 
Common stock, par value $0.20 per share:
  
Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 258,043,531 and 264,546,100 shares, respectively
105,803 105,803 
Additional paid-in capital1,008,301 997,534 
Retained earnings10,800,697 10,161,005 
Accumulated other comprehensive loss(1,322,819)(1,264,581)
Treasury stock, at cost, 270,971,091 and 264,468,528 shares, respectively
(3,676,403)(3,251,429)
Total stockholders’ equity6,915,579 6,748,332 
Noncontrolling interests14,330 19,829 
Total equity6,929,909 6,768,161 
Total liabilities and equity$36,111,348 $33,815,103 
See accompanying notes to interim consolidated financial statements.
1
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2023202220232022
REVENUES:  
Net premiums written$2,848,459 $2,577,274 $8,234,799 $7,576,163 
Change in net unearned premiums(206,545)(135,313)(548,726)(527,958)
Net premiums earned2,641,914 2,441,961 7,686,073 7,048,205 
Net investment income270,944 202,816 739,494 547,902 
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments(40,855)(66,282)50,403 139,664 
Change in allowance for expected credit losses on investments(1,571)(1,128)(11,164)(12,365)
Net investment (losses) gains(42,426)(67,410)39,239 127,299 
Revenues from non-insurance businesses137,116 119,013 375,225 345,210 
Insurance service fees22,962 27,940 81,290 82,284 
Other income128 80 235 1,797 
Total revenues3,030,638 2,724,400 8,921,556 8,152,697 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,636,193 1,564,578 4,744,602 4,339,646 
Other operating costs and expenses808,669 725,537 2,457,925 2,139,256 
Expenses from non-insurance businesses133,939 116,240 370,244 334,062 
Interest expense31,888 31,780 95,580 98,473 
Total operating costs and expenses2,610,689 2,438,135 7,668,351 6,911,437 
Income before income taxes419,949 286,265 1,253,205 1,241,260 
Income tax expense(86,519)(55,791)(268,322)(238,290)
Net income before noncontrolling interests333,430 230,474 984,883 1,002,970 
Noncontrolling interests156 (1,595)(863)(4,131)
Net income to common stockholders$333,586 $228,879 $984,020 $998,839 
NET INCOME PER SHARE:  
Basic$1.24 $0.83 $3.62 $3.61 
Diluted$1.23 $0.82 $3.59 $3.57 

See accompanying notes to interim consolidated financial statements.






2
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(In thousands)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2023202220232022
Net income before noncontrolling interests$333,430 $230,474 $984,883 $1,002,970 
Other comprehensive loss:  
Change in unrealized currency translation adjustments(22,781)(40,516)(7,387)(27,637)
Change in unrealized investment losses, net of taxes(118,365)(315,664)(50,850)(1,076,217)
Other comprehensive loss(141,146)(356,180)(58,237)(1,103,854)
Comprehensive income (loss)192,284 (125,706)926,646 (100,884)
Noncontrolling interests156 (1,595)(862)(4,130)
Comprehensive income (loss) to common stockholders$192,440 $(127,301)$925,784 $(105,014)

See accompanying notes to interim consolidated financial statements.
3
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2023202220232022
COMMON STOCK:  
Beginning and end of period$105,803 $105,803 $105,803 $105,803 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$1,020,818 $1,001,093 $997,534 $981,104 
Restricted stock units issued(25,226)(28,381)(25,228)(30,751)
Restricted stock units expensed12,709 12,091 35,995 34,450 
End of period$1,008,301 $984,803 $1,008,301 $984,803 
RETAINED EARNINGS:  
Beginning of period$10,624,518 $9,602,948 $10,161,005 $9,015,135 
Net income to common stockholders333,586 228,879 984,020 998,839 
Dividends ($0.61, $0.10, $1.32 and $0.79 per share, respectively)
(157,407)(26,590)(344,328)(208,737)
End of period$10,800,697 $9,805,237 $10,800,697 $9,805,237 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment (loss) gain:  
Beginning of period$(825,391)$(669,654)$(892,905)$90,900 
Change in unrealized (losses) gains on securities without an allowance for expected credit losses(108,121)(311,659)(47,757)(1,055,628)
Change in unrealized (losses) gains on securities with an allowance for expected credit losses(10,244)(4,005)(3,094)(20,590)
End of period(943,756)(985,318)(943,756)(985,318)
Currency translation adjustments:  
Beginning of period(356,282)(359,976)(371,676)(372,855)
Net change in period(22,781)(40,516)(7,387)(27,637)
End of period(379,063)(400,492)(379,063)(400,492)
Total accumulated other comprehensive loss$(1,322,819)$(1,385,810)$(1,322,819)$(1,385,810)
TREASURY STOCK:  
Beginning of period$(3,682,281)$(3,165,729)$(3,251,429)$(3,167,076)
Stock exercised/vested8,469 8,332 9,461 9,679 
Stock repurchased(2,917)(6,570)(430,536)(6,570)
Other326 — (3,899)— 
End of period$(3,676,403)$(3,163,967)$(3,676,403)$(3,163,967)
NONCONTROLLING INTERESTS:  
Beginning of period$21,167 $22,388 $19,829 $14,719 
(Distributions) contributions(6,681)(73)(6,361)5,061 
Net (loss) income(156)1,595 863 4,131 
Other comprehensive loss, net of tax— — (1)(1)
End of period$14,330 $23,910 $14,330 $23,910 
See accompanying notes to interim consolidated financial statements.
4
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months
Ended September 30,
 20232022
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$984,020 $998,839 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment gains(39,239)(127,299)
Depreciation and amortization3,294 46,037 
Noncontrolling interests863 4,131 
Investment funds(5,444)(121,919)
Stock incentive plans37,796 36,247 
Change in:
Arbitrage trading account(41,399)(39,389)
Premiums and fees receivable(340,056)(247,782)
Reinsurance accounts(194,610)(187,453)
Deferred policy acquisition costs(93,270)(92,724)
Income taxes49,722 (111,231)
Reserves for losses and loss expenses1,288,975 1,225,679 
Unearned premiums608,300 551,894 
Other(27,790)(161,727)
Net cash from operating activities2,231,162 1,773,303 
CASH USED IN INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities877,019 1,638,049 
Proceeds from sale of equity securities161,470 20,057 
Distributions from (contributions to) investment funds8,385 (72,925)
Proceeds from maturities and prepayments of fixed maturity securities2,654,140 3,916,331 
Purchase of fixed maturity securities(5,091,866)(7,694,663)
Purchase of equity securities(63,815)(340,158)
Real estate additions(15,158)(18,670)
Change in loans receivable12,796 2,066 
Net purchases of property, furniture and equipment(42,127)(35,270)
Change in balances due to security brokers8,224 177,457 
Cash received in connection with business disposition94,076 906,789 
Payment for business purchased net of cash acquired— (49,572)
Other320 94 
Net cash used in investing activities(1,396,536)(1,550,415)
CASH USED IN FINANCING ACTIVITIES:  
Repayment of senior notes and other debt(1,954)(426,503)
Net proceeds from issuance of debt1,100 2,181 
Cash dividends to common stockholders(186,921)(182,147)
Purchase of common treasury shares(430,536)(6,570)
Other, net(20,545)(21,808)
Net cash used in financing activities(638,856)(634,847)
Net impact on cash due to change in foreign exchange rates959 (26,134)
Net change in cash and cash equivalents196,728 (438,093)
Cash and cash equivalents at beginning of period1,449,346 1,568,843 
Cash and cash equivalents at end of period$1,646,074 $1,130,750 
See accompanying notes to interim consolidated financial statements.
5

W. R. Berkley Corporation and Subsidiaries
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) General
    The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated. Reclassifications have been made in the 2022 financial statements as originally reported to conform to the presentation of the 2023 financial statements. For the for nine months ended September 30, 2022, the Company did not correct the proceeds from sale of fixed maturity securities and purchase of fixed maturity securities lines within the consolidated statements of cash flows for an incremental inter-company elimination as the effects were not material and had no impact on the total amount of investing activities.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate differs from the federal income tax rate of 21% primarily due to tax benefits related to equity-based compensation and tax-exempt investment income, which was partially offset by state income taxes.


(2) Per Share Data
    The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 11,416,856 and 11,592,699 common shares held in a grantor trust as of September 30, 2023 and 2022, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.
    The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
(In thousands)2023202220232022
Basic269,191 277,192 271,656 276,928 
Diluted271,439 279,642 274,146 279,644 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that became effective in 2023 were either not applicable to the Company or their adoption did not have a material impact on the Company.
6
Accounting and reporting standards that are not yet effective:
    All recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.
7
(4) Consolidated Statements of Comprehensive (Loss) Income

    The following table presents the components of the changes in accumulated other comprehensive (loss) income ("AOCI"):
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the nine months ended September 30, 2023
Changes in AOCI
Beginning of period$(892,905)$(371,676)$(1,264,581)
Other comprehensive loss before reclassifications(103,087)(7,387)(110,474)
Amounts reclassified from AOCI52,237 — 52,237 
Other comprehensive loss(50,850)(7,387)(58,237)
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(943,756)$(379,063)$(1,322,819)
Amounts reclassified from AOCI
Pre-tax$66,123 (1)$— $66,123 
Tax effect (13,886)(2)— (13,886)
After-tax amounts reclassified$52,237 $— $52,237 
Other comprehensive loss
Pre-tax$(62,476)$(7,387)$(69,863)
Tax effect11,626 — 11,626 
Other comprehensive loss$(50,850)$(7,387)$(58,237)
As of and for the three months ended September 30, 2023
Changes in AOCI
Beginning of period$(825,391)$(356,282)$(1,181,673)
Other comprehensive loss before reclassifications(133,018)(22,781)(155,799)
Amounts reclassified from AOCI14,653 — 14,653 
Other comprehensive loss(118,365)(22,781)(141,146)
Unrealized investment loss related to noncontrolling interest— — — 
Ending balance$(943,756)$(379,063)$(1,322,819)
Amounts reclassified from AOCI
Pre-tax$18,548 (1)$— $18,548 
Tax effect (3,895)(2)— (3,895)
After-tax amounts reclassified$14,653 $— $14,653 
Other comprehensive loss
Pre-tax$(150,455)$(22,781)$(173,236)
Tax effect32,090 — 32,090 
Other comprehensive loss$(118,365)$(22,781)$(141,146)
8
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the nine months ended September 30, 2022
Changes in AOCI
Beginning of period$90,900 $(372,855)$(281,955)
Other comprehensive loss before reclassifications(1,134,657)(27,637)(1,162,294)
Amounts reclassified from AOCI58,440 — 58,440 
Other comprehensive loss(1,076,217)(27,637)(1,103,854)
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(985,318)$(400,492)$(1,385,810)
Amounts reclassified from AOCI
Pre-tax$73,975 (1)$— $73,975 
Tax effect (15,535)(2)— (15,535)
After-tax amounts reclassified$58,440 $— $58,440 
Other comprehensive loss
Pre-tax$(1,365,064)$(27,637)$(1,392,701)
Tax effect288,847 — 288,847 
Other comprehensive loss$(1,076,217)$(27,637)$(1,103,854)
As of and for the three months ended September 30, 2022
Changes in AOCI
Beginning of period$(669,654)$(359,976)$(1,029,630)
Other comprehensive loss before reclassifications(335,034)(40,516)(375,550)
Amounts reclassified from AOCI19,370 — 19,370 
Other comprehensive loss(315,664)(40,516)(356,180)
Unrealized investment loss related to noncontrolling interest— — 
Ending balance$(985,318)$(400,492)$(1,385,810)
Amounts reclassified from AOCI
Pre-tax$24,519 (1)$— $24,519 
Tax effect (5,149)(2)— (5,149)
After-tax amounts reclassified$19,370 $— $19,370 
Other comprehensive loss
Pre-tax$(394,832)$(40,516)$(435,348)
Tax effect79,168 — 79,168 
Other comprehensive loss$(315,664)$(40,516)$(356,180)
____________
(1) Net investment (losses) gains in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.



(5) Statements of Cash Flows
    Interest payments were $79,336,000 and $115,756,000 for the nine months ended September 30, 2023 and 2022, respectively. Income taxes paid were $180,000,000 and $263,971,000 for the nine months ended September 30, 2023 and 2022, respectively.
9
(6) Investments in Fixed Maturity Securities
    At September 30, 2023 and December 31, 2022, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
September 30, 2023
Held to maturity:
State and municipal$49,847 $(48)$1,825 $— $51,624 $49,799 
Residential mortgage-backed3,029 — 19 — 3,048 3,029 
Total held to maturity52,876 (48)1,844 — 54,672 52,828 
Available for sale:
U.S. government and government agency1,546,889 — 2,077 (81,767)1,467,199 1,467,199 
State and municipal:
Special revenue1,771,219 — 2,287 (126,585)1,646,921 1,646,921 
State general obligation378,650 — 1,247 (23,727)356,170 356,170 
Pre-refunded103,219 — 202 (827)102,594 102,594 
Corporate backed194,976 (821)159 (14,341)179,973 179,973 
Local general obligation401,286 — 1,767 (17,713)385,340 385,340 
Total state and municipal2,849,350 (821)5,662 (183,193)2,670,998 2,670,998 
Mortgage-backed:
Residential1,660,790 (24)399 (214,381)1,446,784 1,446,784 
Commercial651,966 (2,076)11 (20,389)629,512 629,512 
Total mortgage-backed2,312,756 (2,100)410 (234,770)2,076,296 2,076,296 
Asset-backed4,197,235 (1,502)750 (109,025)4,087,458 4,087,458 
Corporate:
Industrial3,567,020 — 5,026 (227,479)3,344,567 3,344,567 
Financial2,813,603 (5,406)1,362 (130,312)2,679,247 2,679,247 
Utilities683,468 (364)164 (39,991)643,277 643,277 
Other593,466 — 134 (11,877)581,723 581,723 
Total corporate7,657,557 (5,770)6,686 (409,659)7,248,814 7,248,814 
Foreign government1,616,110 (36,171)1,361 (149,588)1,431,712 1,431,712 
Total available for sale20,179,897 (46,364)16,946 (1,168,002)18,982,477 18,982,477 
Total investments in fixed maturity securities$20,232,773 $(46,412)$18,790 $(1,168,002)$19,037,149 $19,035,305 
____________
(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.
10
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2022
Held to maturity:
State and municipal$47,802 $(114)$4,239 $— $51,927 $47,688 
Residential mortgage-backed3,608 — 38 — 3,646 3,608 
Total held to maturity51,410 (114)4,277 — 55,573 51,296 
Available for sale:
U.S. government and government agency960,479 — 937 (69,158)892,258 892,258 
State and municipal:
Special revenue1,837,309 — 3,662 (119,474)1,721,497 1,721,497 
State general obligation387,709 — 2,651 (21,335)369,025 369,025 
Pre-refunded156,106 — 2,741 (7)158,840 158,840 
Corporate backed210,228 — 334 (10,923)199,639 199,639 
Local general obligation454,983 — 2,967 (16,853)441,097 441,097 
Total state and municipal3,046,335 — 12,355 (168,592)2,890,098 2,890,098 
Mortgage-backed:
Residential 1,308,019 (18)395 (171,595)1,136,801 1,136,801 
Commercial547,757 — 215 (19,363)528,609 528,609 
Total mortgage-backed securities1,855,776 (18)610 (190,958)1,665,410 1,665,410 
Asset-backed4,132,365 — 2,730 (152,322)3,982,773 3,982,773 
Corporate:
Industrial3,491,645 (1,704)4,439 (241,381)3,252,999 3,252,999 
Financial2,585,247 (2,997)5,505 (117,383)2,470,372 2,470,372 
Utilities586,066 — 1,307 (36,325)551,048 551,048 
Other441,230 — — (11,657)429,573 429,573 
Total corporate7,104,188 (4,701)11,251 (406,746)6,703,992 6,703,992 
Foreign government1,564,930 (32,633)4,283 (135,058)1,401,522 1,401,522 
Total available for sale18,664,073 (37,352)32,166 (1,122,834)17,536,053 17,536,053 
Total investments in fixed maturity securities$18,715,483 $(37,466)$36,443 $(1,122,834)$17,591,626 $17,587,349 
____________
(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 nine months ended September 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Provision for expected credit losses(66)(266)
Allowance for expected credit losses, end of period$48 $121 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$53 $127 
Provision for expected credit losses(5)(6)
Allowance for expected credit losses, end of period$48 $121 
11
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedTotal
Allowance for expected credit losses, beginning of period$32,633 $4,701 $18 $— $— $37,352 $22,222 $16 $— $22,238 
Expected credit losses on securities for which credit losses were not previously recorded— 942 1,766 1,444 821 4,973 1,897 1,205 21 3,123 
Expected credit losses (gains) on securities for which credit losses were previously recorded3,538 134 316 58 — 4,046 9,289 (22)— 9,267 
Reduction due to disposals— (7)— — — (7)(33)— — (33)
Allowance for expected credit losses, end of period$36,171 $5,770 $2,100 $1,502 $821 $46,364 $33,375 $1,199 $21 $34,595 

During the nine months ended September 30, 2023, the Company increased the allowance for expected credit losses for available for sale securities in part due to changes in economic assumptions utilized in its credit loss model, primarily affecting the financial services and real estate sectors, and an increase in unrealized loss related to the foreign government portfolio. During the nine months ended September 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities mainly due to an increase in unrealized losses primarily associated with foreign government securities.
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended September 30, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedTotal
Allowance for expected credit losses, beginning of period$33,052 $8,867 $885 $