Investments In Fixed Maturity Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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 Unrealized				Fair Value		Carrying Value
					Gains		Losses
December 31, 2024
Held to maturity:
State and municipal	$	42,145	$	(25)	$	1,492	$	—	$	43,612	$	42,120
Residential mortgage-backed	2,292		—		69		—		2,361		2,292
Total held to maturity	44,437		(25)		1,561		—		45,973		44,412
Available for sale:
U.S. government and government agency	2,268,596		—		9,608		(42,863)		2,235,341		2,235,341
State and municipal:
Special revenue	1,581,778		—		3,521		(67,591)		1,517,708		1,517,708
State general obligation	272,936		—		1,439		(8,981)		265,394		265,394
Pre-refunded	85,340		—		599		(347)		85,592		85,592
Corporate backed	158,322		—		1,079		(5,827)		153,574		153,574
Local general obligation	278,165		—		922		(6,711)		272,376		272,376
Total state and municipal	2,376,541		—		7,560		(89,457)		2,294,644		2,294,644
Mortgage-backed securities:
Residential	3,411,796		(5)		11,047		(189,630)		3,233,208		3,233,208
Commercial	534,936		(425)		1,201		(3,430)		532,282		532,282
Total mortgage-backed securities	3,946,732		(430)		12,248		(193,060)		3,765,490		3,765,490
Asset-backed securities	3,910,363		—		16,161		(41,512)		3,885,012		3,885,012
Corporate:
Industrial	3,746,501		—		14,518		(93,820)		3,667,199		3,667,199
Financial	3,339,718		—		18,871		(38,076)		3,320,513		3,320,513
Utilities	795,839		—		2,970		(20,115)		778,694		778,694
Other	653,194		—		2,493		(4,452)		651,235		651,235
Total corporate	8,535,252		—		38,852		(156,463)		8,417,641		8,417,641
Foreign government	1,928,978		(216)		11,936		(185,373)		1,755,325		1,755,325
Total available for sale	22,966,462		(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 Unrealized				Fair Value		Carrying Value
					Gains		Losses
December 31, 2023
Held to maturity:
State and municipal	$	50,547	$	(43)	$	3,132	$	—	$	53,636	$	50,504
Residential mortgage-backed	2,868		—		107		—		2,975		2,868
Total held to maturity	53,415		(43)		3,239		—		56,611		53,372
Available for sale:
U.S. government and government agency	1,762,997		—		11,403		(57,669)		1,716,731		1,716,731
State and municipal:
Special revenue	1,682,550		—		5,651		(82,006)		1,606,195		1,606,195
State general obligation	394,429		—		3,550		(16,405)		381,574		381,574
Pre-refunded	103,029		—		1,634		(185)		104,478		104,478
Corporate backed	166,873		(757)		696		(11,973)		154,839		154,839
Local general obligation	396,041		—		3,188		(11,893)		387,336		387,336
Total state and municipal	2,742,922		(757)		14,719		(122,462)		2,634,422		2,634,422
Mortgage-backed securities:
Residential	1,773,206		—		12,780		(163,844)		1,622,142		1,622,142
Commercial	657,157		(158)		626		(13,312)		644,313		644,313
Total mortgage-backed securities	2,430,363		(158)		13,406		(177,156)		2,266,455		2,266,455
Asset-backed securities	4,252,883		(1,164)		8,527		(73,206)		4,187,040		4,187,040
Corporate:
Industrial	3,679,219		(40)		24,312		(143,936)		3,559,555		3,559,555
Financial	2,838,220		(4,986)		14,681		(68,681)		2,779,234		2,779,234
Utilities	701,865		—		6,471		(23,412)		684,924		684,924
Other	635,975		—		1,605		(7,234)		630,346		630,346
Total corporate	7,855,279		(5,026)		47,069		(243,263)		7,654,059		7,654,059
Foreign government	1,817,386		(29,603)		15,865		(137,419)		1,666,229		1,666,229
Total available for sale	20,861,830		(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

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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)	2024		2023
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

Debt Securities, Available-for-sale, Allowance for Credit Loss

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:

	2024												2023
(In thousands)	Foreign Government		Corporate		Mortgage- Backed		Asset-backed		State and Municipal		Total		Foreign Government		Corporate		Mortgage- Backed		Asset-backed		State and Municipal		Total
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 recorded	347		—		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

The Amortized Cost And Fair Value of Fixed Maturity 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 years	9,337,291		9,059,599
Due after five years through ten years	3,966,371		3,902,808
Due after ten years	4,013,827		3,949,220
Mortgage-backed securities	3,949,024		3,767,851
Total	$	23,010,874	$	22,399,426

________________

(1) Amortized cost is reduced by the allowance for expected credit losses of $25 thousand related to held to maturity securities.