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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 June 30, 2024
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 July 29, 2024: 380,550,600
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)
June 30,
2024		December 31,
2023
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $21,911,417 and $20,915,245; allowance for expected credit losses of $21,871 and $36,751 at June 30, 2024 and December 31, 2023, respectively)
$21,082,676 $20,178,308 
Investment funds1,589,119 1,621,655 
Real estate1,279,306 1,249,874 
Equity securities1,078,092 1,090,347 
Arbitrage trading account1,221,861 938,049 
Loans receivable (net of allowance for expected credit losses of $1,813 and $3,004 at June 30, 2024 and December 31, 2023, respectively)
349,325 201,271 
Total investments26,600,379 25,279,504 
Cash and cash equivalents1,580,270 1,363,195 
Premiums and fees receivable (net of allowance for expected credit losses of $37,279 and $35,110 at June 30, 2024 and December 31, 2023, respectively)
3,430,991 3,109,334 
Due from reinsurers (net of allowance for expected credit losses of $10,255 and $8,404 at June 30, 2024 and December 31, 2023, respectively)
3,501,892 3,534,527 
Deferred policy acquisition costs939,453 861,609 
Prepaid reinsurance premiums814,858 758,927 
Trading account receivables from brokers and clearing organizations40,705 303,614 
Property, furniture and equipment477,034 426,803 
Goodwill184,089 174,597 
Accrued investment income225,214 213,408 
Current and deferred federal and foreign income taxes220,080 220,756 
Other assets894,954 865,556 
Total assets$38,909,919 $37,111,830 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$19,567,190 $18,739,652 
Unearned premiums6,332,699 5,922,326 
Due to reinsurers730,407 631,164 
Trading account securities sold but not yet purchased81,273 9,357 
Other liabilities1,573,428 1,503,053 
Senior notes and other debt1,828,422 1,827,951 
Subordinated debentures1,009,449 1,009,090 
Total liabilities31,122,868 29,642,593 
Equity:  
Preferred stock, par value $.10 per share:
  
Authorized 5,000,000 shares; issued and outstanding - none
— — 
Common stock, par value $.20 per share:
  
Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 380,646,644 and 384,817,136 shares, respectively
158,705 158,705 
Additional paid-in capital986,892 964,789 
Retained earnings11,669,567 11,040,908 
Accumulated other comprehensive loss(1,033,640)(925,838)
Treasury stock, at cost, 412,875,299 and 408,704,807 shares, respectively
(4,007,742)(3,783,133)
Total stockholders’ equity7,773,782 7,455,431 
Noncontrolling interests13,269 13,806 
Total equity7,787,051 7,469,237 
Total liabilities and equity$38,909,919 $37,111,830 
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 June 30,		For the Six Months
Ended June 30,
2024202320242023
REVENUES:  
Net premiums written$3,126,779 $2,811,515 $5,978,070 $5,386,339 
Change in net unearned premiums(280,364)(258,788)(367,308)(342,180)
Net premiums earned2,846,415 2,552,727 5,610,762 5,044,159 
Net investment income372,129 245,152 691,967 468,551 
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments(60,306)68,647 (48,803)91,258 
Change in allowance for expected credit losses on investments1,794 (9,993)16,070 (9,594)
Net investment (losses) gains(58,512)58,654 (32,733)81,664 
Revenues from non-insurance businesses125,705 113,910 246,696 238,110 
Insurance service fees27,597 25,471 52,917 58,328 
Other income698 — 1,196 106 
Total revenues3,314,032 2,995,914 6,570,805 5,890,918 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,780,596 1,569,654 3,444,374 3,108,409 
Other operating costs and expenses892,935 823,682 1,761,524 1,649,255 
Expenses from non-insurance businesses121,120 113,538 239,727 236,306 
Interest expense31,708 31,856 63,436 63,692 
Total operating costs and expenses2,826,359 2,538,730 5,509,061 5,057,662 
Income before income taxes487,673 457,184 1,061,744 833,256 
Income tax expense(115,788)(101,460)(247,824)(181,803)
Net income before noncontrolling interests371,885 355,724 813,920 651,453 
Noncontrolling interests24 584 460 (1,019)
Net income to common stockholders$371,909 $356,308 $814,380 $650,434 
NET INCOME PER SHARE:  
Basic$0.93 $0.88 $2.03 $1.59 
Diluted$0.92 $0.87 $2.01 $1.58 

See accompanying notes to interim consolidated financial statements.






2
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
2024202320242023
Net income before noncontrolling interests$371,885 $355,724 $813,920 $651,453 
Other comprehensive (loss) income:  
Change in unrealized currency translation adjustments3,227 10,528 (24,343)15,394 
Change in unrealized investment (losses) gains, net of taxes(13,338)(113,284)(83,460)67,515 
Other comprehensive (loss) income(10,111)(102,756)(107,803)82,909 
Comprehensive income361,774 252,968 706,117 734,362 
Noncontrolling interests23 584 459 (1,018)
Comprehensive income to common stockholders$361,797 $253,552 $706,576 $733,344 

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 June 30,		For the Six Months
Ended June 30,
2024202320242023
COMMON STOCK:  
Beginning and end of period$158,705 $158,705 $158,705 $158,705 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$977,573 $955,226 $964,789 $944,632 
Restricted stock units issued(2,950)1,198 (3,145)(2)
Restricted stock units expensed12,269 11,492 25,248 23,286 
End of period$986,892 $967,916 $986,892 $967,916 
RETAINED EARNINGS:  
Beginning of period$11,455,158 $10,296,539 $11,040,908 $10,161,005 
Net income to common stockholders371,909 356,308 814,380 650,434 
Dividends ($0.41, $0.07, $0.49 and $0.47 per share, respectively)
(157,500)(28,329)(185,721)(186,921)
End of period$11,669,567 $10,624,518 $11,669,567 $10,624,518 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment losses:  
Beginning of period$(656,476)$(712,107)$(586,354)$(892,905)
Change in unrealized (losses) gains on securities without an allowance for expected credit losses(5,654)(116,978)(76,763)60,364 
Change in unrealized (losses) gains on securities with an allowance for expected credit losses(7,683)3,694 (6,696)7,150 
End of period(669,813)(825,391)(669,813)(825,391)
Currency translation adjustments:  
Beginning of period(367,054)(366,810)(339,484)(371,676)
Net change in period3,227 10,528 (24,343)15,394 
End of period(363,827)(356,282)(363,827)(356,282)
Total accumulated other comprehensive loss$(1,033,640)$(1,181,673)$(1,033,640)$(1,181,673)
TREASURY STOCK:  
Beginning of period$(3,783,074)$(3,387,538)$(3,783,133)$(3,251,429)
Stock exercised/vested1,265 597 1,324 992 
Stock repurchased(223,763)(292,467)(223,763)(427,619)
Other(2,170)(2,873)(2,170)(4,225)
End of period$(4,007,742)$(3,682,281)$(4,007,742)$(3,682,281)
NONCONTROLLING INTERESTS:  
Beginning of period$13,680 $21,608 $13,806 $19,829 
(Distribution) contributions(388)143 (78)320 
Net (loss) income(24)(584)(460)1,019 
Other comprehensive income (loss), net of tax1 — 1 (1)
End of period$13,269 $21,167 $13,269 $21,167 
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 Six Months
Ended June 30,
 20242023
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$814,380 $650,434 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment losses (gains)32,733 (81,664)
Depreciation and (accretion) amortization (145,062)6,900 
Noncontrolling interests(460)1,019 
Investment funds3,873 (993)
Stock incentive plans26,856 25,085 
Change in:
Arbitrage trading account51,013 (30,331)
Premiums and fees receivable(332,640)(272,849)
Reinsurance accounts81,755 (242,376)
Deferred policy acquisition costs(77,772)(68,414)
Income taxes27,699 (5,703)
Reserves for losses and loss expenses852,523 914,169 
Unearned premiums422,409 398,563 
Other(129,742)(139,771)
Net cash from operating activities1,627,565 1,154,069 
CASH USED IN INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities1,089,183 623,886 
Proceeds from sale of equity securities253,498 97,916 
Distributions from investment funds21,011 12,963 
Proceeds from maturities and prepayments of fixed maturity securities2,133,775 1,824,819 
Purchase of fixed maturity securities(4,203,540)(2,833,467)
Purchase of equity securities(180,350)(62,485)
Real estate purchased(44,603)(7,049)
Change in loans receivable(148,241)13,767 
Net purchases of property, furniture and equipment(78,468)(25,720)
Change in balances due to security brokers165,430 99,976 
Cash received in connection with business disposition— 94,076 
Other— 127 
Net cash used in investing activities(992,305)(161,191)
CASH USED IN FINANCING ACTIVITIES:  
Repayment of senior notes and other debt— (1,954)
Net proceeds from issuance of debt420 160 
Cash dividends to common stockholders(185,721)(186,921)
Purchase of common treasury shares(223,763)(427,619)
Other, net943 324 
Net cash used in financing activities(408,121)(616,010)
Net impact on cash due to change in foreign exchange rates(10,064)(2,656)
Net change in cash and cash equivalents217,075 374,212 
Cash and cash equivalents at beginning of period1,363,195 1,449,346 
Cash and cash equivalents at end of period$1,580,270 $1,823,558 
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.
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, 2023.
Reclassifications have been made in the 2023 financial statements as originally reported to conform to the presentation of the 2024 financial statements. The Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment. The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators. In addition, share and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024.
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 the geographical mix of earnings and larger amounts being subject to tax at a rate greater than the U.S. statutory rate, which was partially offset by tax benefits related to tax-exempt investment income.

(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 17,495,175 and 17,125,284 common shares held in a grantor trust as of June 30, 2024 and 2023, 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 June 30,		For the Six Months
Ended June 30,
(In thousands)2024202320242023
Basic400,273 406,296 401,295 409,364 
Diluted403,737 409,643 404,679 412,819 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that became effective in 2024 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 six months ended June 30, 2024
Changes in AOCI
Beginning of period$(586,354)$(339,484)$(925,838)
Other comprehensive loss before reclassifications(156,023)(24,343)(180,366)
Amounts reclassified from AOCI72,563 — 72,563 
Other comprehensive loss(83,460)(24,343)(107,803)
Unrealized investment gain related to noncontrolling interest1 — 1 
End of period$(669,813)$(363,827)$(1,033,640)
Amounts reclassified from AOCI
Pre-tax$91,852 (1)$— $91,852 
Tax effect (19,289)(2)— (19,289)
After-tax amounts reclassified$72,563 $— $72,563 
Other comprehensive loss
Pre-tax$(109,937)$(24,343)$(134,280)
Tax effect26,477 — 26,477 
Other comprehensive loss$(83,460)$(24,343)$(107,803)
As of and for the three months ended June 30, 2024
Changes in AOCI
Beginning of period$(656,476)$(367,054)$(1,023,530)
Other comprehensive (loss) income before reclassifications(54,711)3,227 (51,484)
Amounts reclassified from AOCI41,373 — 41,373 
Other comprehensive (loss) income(13,338)3,227 (10,111)
Unrealized investment gain to noncontrolling interest1 — 1 
Ending balance$(669,813)$(363,827)$(1,033,640)
Amounts reclassified from AOCI
Pre-tax$52,371 (1)$— $52,371 
Tax effect (10,998)(2)— (10,998)
After-tax amounts reclassified$41,373 $— $41,373 
Other comprehensive (loss) income
Pre-tax$(20,640)$3,227 $(17,413)
Tax effect7,302 — 7,302 
Other comprehensive (loss) income$(13,338)$3,227 $(10,111)


8
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the six months ended June 30, 2023
Changes in AOCI
Beginning of period$(892,905)$(371,676)$(1,264,581)
Other comprehensive income before reclassifications99,093 15,394 114,487 
Amounts reclassified from AOCI(31,578)— (31,578)
Other comprehensive income67,515 15,394 82,909 
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(825,391)$(356,282)$(1,181,673)
Amounts reclassified from AOCI
Pre-tax$(39,972)(1)$— $(39,972)
Tax effect 8,394 (2)— 8,394 
After-tax amounts reclassified$(31,578)$— $(31,578)
Other comprehensive income
Pre-tax$87,978 $15,394 $103,372 
Tax effect(20,463)— (20,463)
Other comprehensive income$67,515 $15,394 $82,909 
As of and for the three months ended June 30, 2023
Changes in AOCI
Beginning of period$(712,107)$(366,810)$(1,078,917)
Other comprehensive (loss) income before reclassifications(56,122)10,528 (45,594)
Amounts reclassified from AOCI(57,162)— (57,162)
Other comprehensive (loss) income(113,284)10,528 (102,756)
Unrealized investment loss related to noncontrolling interest— — — 
Ending balance$(825,391)$(356,282)$(1,181,673)
Amounts reclassified from AOCI
Pre-tax$(72,357)(1)$— $(72,357)
Tax effect 15,195 (2)— 15,195 
After-tax amounts reclassified$(57,162)$— $(57,162)
Other comprehensive (loss) income
Pre-tax$(144,043)$10,528 $(133,515)
Tax effect30,759 — 30,759 
Other comprehensive (loss) income$(113,284)$10,528 $(102,756)
____________
(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 $63,051,000 and $62,983,000 for the six months ended June 30, 2024 and 2023, respectively. Income taxes paid were $165,739,000 and $158,000,000 for the six months ended June 30, 2024 and 2023, respectively.
9
(6) 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.
















10
(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 

11
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 — —