Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Assets And Liabilities Measured At Fair value, On A Recurring Basis

The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 by level:


(In thousands)	Total		Level 1		Level 2		Level 3
June 30, 2025
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	3,101,062	$	—	$	3,101,062	$	—
State and municipal	2,146,601		—		2,146,601		—
Mortgage-backed	4,327,577		—		4,327,577		—
Asset-backed	3,853,435		—		3,853,435		—
Corporate	8,758,776		—		8,738,800		19,976
Foreign government	1,875,654		—		1,875,654		—
Total fixed maturity securities available for sale	24,063,105		—		24,043,129		19,976
Equity securities:
Common stocks	719,570		716,561		858		2,151
Preferred stocks	542,622		—		533,948		8,674
Total equity securities	1,262,192		716,561		534,806		10,825
Arbitrage trading account	1,034,557		905,421		125,391		3,745
Total	$	26,359,854	$	1,621,982	$	24,703,326	$	34,546
Liabilities:
Trading account securities sold but not yet purchased	$	30,909	$	30,909	$	—	$	—


December 31, 2024
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency	$	2,235,341	$	—	$	2,235,341	$	—
State and municipal	2,294,644		—		2,294,644		—
Mortgage-backed	3,765,490		—		3,765,490		—
Asset-backed	3,885,012		—		3,885,012		—
Corporate	8,417,641		—		8,397,974		19,667
Foreign government	1,755,325		—		1,755,325		—
Total fixed maturity securities available for sale	22,353,453		—		22,333,786		19,667
Equity securities:
Common stocks	760,167		757,115		1,011		2,041
Preferred stocks	443,621		—		439,947		3,674
Total equity securities	1,203,788		757,115		440,958		5,715
Arbitrage trading account	1,122,599		1,062,459		56,630		3,510
Total	$	24,679,840	$	1,819,574	$	22,831,374	$	28,892
Liabilities:
Trading account securities sold but not yet purchased	$	73,358	$	73,358	$	—	$	—

Summarize Changes In Level 3 Assets

The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2025 and for the year ended December 31, 2024:


Gains (Losses) Included In:
(In thousands)	Beginning Balance		Earnings (Losses)		Other Comprehensive Income (Losses)		Impairments		Purchases		Sales		Paydowns / Maturities		Transfers In / (Out)		Ending Balance

Six Months Ended June 30, 2025
Assets:
Fixed maturities securities available for sale:

Corporate	$	19,667	$	—	$	309	$	—	$	—	$	—	$	—	$	—	$	19,976
Total	19,667		—		309		—		—		—		—		—		19,976
Equity securities:
Common stocks	$	2,041	$	236	$	—	$	—	$	—	$	(126)	$	—	$	—	$	2,151
Preferred stocks	3,674		—		—		—		6,160		(1,160)		—		—		8,674
Total	5,715		236		—		—		6,160		(1,286)		—		—		10,825
Arbitrage trading account	3,510		235		—		—		—		—		—		—		3,745
Total	$	28,892	$	471	$	309	$	—	$	6,160	$	(1,286)	$	—	$	—	$	34,546



Year Ended December 31, 2024
Assets:
Fixed maturities securities available for sale:

Corporate	$	—	$	—	$	(333)	$	—	$	—	$	—	$	—	$	20,000	$	19,667
Total	—		—		(333)		—		—		—		—		20,000		19,667
Equity securities:
Common stocks	$	1,558	$	611	$	—	$	—	$	—	$	(128)	$	—	$	—	$	2,041
Preferred stocks	3,695		36		—		—		—		(57)		—		—		3,674
Total	5,253		647		—		—		—		(185)		—		—		5,715
Arbitrage trading account	3,772		(261)		—		—		—		(38)		—		37		3,510
Total	$	9,025	$	386	$	(333)	$	—	$	—	$	(223)	$	—	$	20,037	$	28,892