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Investments in Fixed Maturity Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments in fixed maturity securities At March 31, 2025 and December 31, 2024, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
March 31, 2025
Held to maturity:
State and municipal$42,738 $(20)$1,219 $— $43,937 $42,718 
Residential mortgage-backed2,201 — 79 — 2,280 2,201 
Total held to maturity44,939 (20)1,298 — 46,217 44,919 
Available for sale:
U.S. government and government agency2,933,935 — 21,138 (28,095)2,926,978 2,926,978 
State and municipal:
Special revenue1,479,689 (10)6,122 (49,162)1,436,639 1,436,639 
State general obligation260,503 — 2,382 (6,997)255,888 255,888 
Pre-refunded77,493 — 618 (218)77,893 77,893 
Corporate backed157,705 — 1,214 (4,207)154,712 154,712 
Local general obligation273,894 — 1,544 (4,537)270,901 270,901 
Total state and municipal2,249,284 (10)11,880 (65,121)2,196,033 2,196,033 
Mortgage-backed:
Residential3,794,761 — 29,012 (159,398)3,664,375 3,664,375 
Commercial428,726 — 2,973 (861)430,838 430,838 
Total mortgage-backed4,223,487 — 31,985 (160,259)4,095,213 4,095,213 
Asset-backed3,991,472 — 14,188 (33,989)3,971,671 3,971,671 
Corporate:
Industrial3,754,016 — 29,080 (71,968)3,711,128 3,711,128 
Financial3,404,293 — 34,749 (26,872)3,412,170 3,412,170 
Utilities945,725 — 8,248 (14,619)939,354 939,354 
Other498,350 — 2,242 (2,886)497,706 497,706 
Total corporate8,602,384 — 74,319 (116,345)8,560,358 8,560,358 
Foreign government2,004,584 (323)15,604 (194,233)1,825,632 1,825,632 
Total available for sale24,005,146 (333)169,114 (598,042)23,575,885 23,575,885 
Total investments in fixed maturity securities$24,050,085 $(353)$170,412 $(598,042)$23,622,102 $23,620,804 
____________
(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.
(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:
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-backed3,946,732 (430)12,248 (193,060)3,765,490 3,765,490 
Asset-backed3,910,363 — 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 
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 three months ended March 31, 2025 and 2024:
(In thousands)20252024
Balance, beginning of period$25 $43 
Provision for expected credit losses(5)(5)
Balance, end of period$20 $38 
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 three months ended March 31, 2025 and 2024:
20252024
(In thousands)Foreign GovernmentMortgage-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotal
Balance, beginning of period$216 $430 $— $646 $29,603 $5,026 $158 $1,164 $757 $36,708 
Change on securities for which credit losses were not previously recorded— — 10 10 — — 562 — — 562 
Change on securities for which credit losses were previously recorded107 (430)— (323)(9,124)(5,026)(158)(67)(64)(14,439)
Balance, end of period$323 $— $10 $333 $20,479 $— $562 $1,097 $693 $22,831 
Amortized cost and fair value of fixed maturity securities by contractual maturity
The amortized cost and fair value of fixed maturity securities at March 31, 2025, 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$1,690,446 $1,670,948 
Due after one year through five years9,241,233 9,022,933 
Due after five years through ten years3,964,722 3,943,627 
Due after ten years4,927,976 4,887,101 
Mortgage-backed securities4,225,688 4,097,493 
Total$24,050,065 $23,622,102 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $20 thousand related to held to maturity securities.