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Investments In Fixed Maturity Securities
 12 Months Ended
Dec. 31, 2024
Schedule of Marketable Securities [Line Items]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
At December 31, 2024 and 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
December 31, 2024
Held to maturity:
State and municipal$42,145 $(25)$1,492 $— $43,612 $42,120 
Residential mortgage-backed2,292 — 69 — 2,361 2,292 
Total held to maturity44,437 (25)1,561 — 45,973 44,412 
Available for sale:
U.S. government and government agency2,268,596 — 9,608 (42,863)2,235,341 2,235,341 
State and municipal:
                 Special revenue1,581,778 — 3,521 (67,591)1,517,708 1,517,708 
                 State general obligation272,936 — 1,439 (8,981)265,394 265,394 
                 Pre-refunded85,340 — 599 (347)85,592 85,592 
                 Corporate backed158,322 — 1,079 (5,827)153,574 153,574 
                 Local general obligation278,165 — 922 (6,711)272,376 272,376 
       Total state and municipal2,376,541 — 7,560 (89,457)2,294,644 2,294,644 
Mortgage-backed securities:
Residential3,411,796 (5)11,047 (189,630)3,233,208 3,233,208 
Commercial534,936 (425)1,201 (3,430)532,282 532,282 
Total mortgage-backed securities3,946,732 (430)12,248 (193,060)3,765,490 3,765,490 
Asset-backed securities3,910,363 — 16,161 (41,512)3,885,012 3,885,012 
Corporate:
                 Industrial3,746,501 — 14,518 (93,820)3,667,199 3,667,199 
                 Financial3,339,718 — 18,871 (38,076)3,320,513 3,320,513 
                 Utilities795,839 — 2,970 (20,115)778,694 778,694 
                 Other653,194 — 2,493 (4,452)651,235 651,235 
Total corporate8,535,252 — 38,852 (156,463)8,417,641 8,417,641 
Foreign government1,928,978 (216)11,936 (185,373)1,755,325 1,755,325 
Total available for sale22,966,462 (646)96,365 (708,728)22,353,453 22,353,453 
Total investments in fixed maturity securities$23,010,899 $(671)$97,926 $(708,728)$22,399,426 $22,397,865 
(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 securities:
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-backed securities2,430,363 (158)13,406 (177,156)2,266,455 2,266,455 
Asset-backed securities4,252,883 (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 years ended December 31, 2024 and 2023:
State and Municipal
(In thousands)20242023
Allowance for expected credit losses, beginning of period$43 $114 
Change in allowance for expected credit losses(18)(71)
Allowance for expected credit losses, end of period$25 $43 

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the years ended December 31, 2024 and 2023:
20242023
(In thousands)Foreign GovernmentCorporateMortgage- BackedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage- BackedAsset-backedState and MunicipalTotal
Balance, beginning of period$29,603 $5,026 $158 $1,164 $757 $36,708 $32,633 $4,701 $18 $— $— $37,352 
Change on securities for which credit losses were not previously recorded347 — 1,706 — — 2,053 — 982 1,766 1,444 821 5,013 
Change on securities for which credit losses were previously recorded(29,355)(5,026)(831)(1,164)(757)(37,133)(3,030)(650)(1,624)(280)(64)(5,648)
Reduction due to disposals(379)— (603)— — (982)— (7)(2)— — (9)
Balance, end of period$216 $— $430 $— $— $646 $29,603 $5,026 $158 $1,164 $757 $36,708 
During the year ended December 31, 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 year ended December 31, 2023, 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 due to a reduction in unrealized losses primarily associated with foreign government securities.
The amortized cost and fair value of fixed maturity securities at December 31, 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$1,744,361 $1,719,948 
Due after one year through five years9,337,291 9,059,599 
Due after five years through ten years3,966,371 3,902,808 
Due after ten years4,013,827 3,949,220 
Mortgage-backed securities3,949,024 3,767,851 
Total$23,010,874 $22,399,426 
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(1) Amortized cost is reduced by the allowance for expected credit losses of $25 thousand related to held to maturity securities.    
At December 31, 2024 and 2023, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2024, investments with a carrying value of $2,167 million were on deposit in custodial or trust accounts, of which $1,223 million was on deposit with insurance regulators, $884 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $33 million was on deposit as security for reinsurance clients and $27 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.
Investments in Equity Securities
At December 31, 2024 and 2023, investments in equity securities were as follows:
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2024     
Common stocks$612,479 $223,981 $(76,293)$760,167 $760,167 
Preferred stocks329,495 122,716 (8,590)443,621 443,621 
Total$941,974 $346,697 $(84,883)$1,203,788 $1,203,788 
December 31, 2023    
Common stocks$664,997 $191,806 $(18,749)$838,054 $838,054 
Preferred stocks284,335 3,075 (35,117)252,293 252,293 
Total$949,332 $194,881 $(53,866)$1,090,347 $1,090,347