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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Fixed Maturities and Equity Securities Available for Sale by Component

Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At September 30, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	405,807	$	—	$	147	$	(26,787)	$	379,167	2
States, municipalities, and political subdivisions	3,390,124		—		28,759		(545,729)		2,873,154		16
Foreign governments	47,915		—		291		(8,195)		40,011		—
Corporates, by sector:
Industrials	7,891,877		(7,118)		193,171		(601,835)		7,476,095		42
Financial	5,018,604		—		146,863		(318,860)		4,846,607		27

Utilities	2,100,517		—		78,904		(87,347)		2,092,074		12
Total corporates	15,010,998		(7,118)		418,938		(1,008,042)		14,414,776		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	93,513		(3,297)		383		(953)		89,646		1
Total fixed maturities	$	18,948,357	$	(10,415)	$	448,518	$	(1,589,706)	$	17,796,754	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100

(1)Amount reported in the balance sheet.

(2)At fair value.

Schedule of Fixed Maturities by Contractual Maturity

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2025, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At September 30, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	111,404	$	111,847
Due after one year through five years	788,630		815,353
Due after five years through ten years	1,878,317		1,947,313
Due after ten years through twenty years	8,998,125		8,593,860
Due after twenty years	7,071,236		6,238,721
Mortgage-backed and asset-backed securities	90,230		89,660
	$	18,937,942	$	17,796,754

Schedule of Analysis of Investment Operations

"Net investment income" for the three and nine month periods ended September 30, 2025 and 2024 is summarized as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024		% Change	2025		2024		% Change
Fixed maturities available for sale	$	243,444	$	245,313	(1)	$	730,859	$	738,626	(1)
Policy loans	14,123		13,296		6	41,631		39,196		6
Mortgage loans	7,960		7,668		4	19,978		21,337		(6)
Other long-term investments(1)	24,417		19,992		22	68,934		58,608		18
Short-term investments	2,611		3,083			7,146		8,396
	292,555		289,352		1	868,548		866,163		—
Less investment expense	(6,542)		(4,388)		49	(19,752)		(12,985)		52
Net investment income	$	286,013	$	284,964	—	$	848,796	$	853,178	(1)

(1)For the three months ended September 30, 2025 and September 30, 2024 the investment funds, accounted for under the fair value option method, recorded $21.6 million and $19.1 million in net investment income respectively. For the nine months ended September 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $58.9 million and $56.1 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Schedule of Realized Gains (Losses) on Investments

Selected information about sales of fixed maturities available for sale is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturities available for sale:
Proceeds from sales(1)	$	184,500	$	163,221	$	456,567	$	674,125
Gross realized gains	916		2,042		4,011		6,086
Gross realized losses	(7,761)		(1,856)		(16,251)		(15,824)

(1)During the three and nine months ended September 30, 2025 the Company had $3.2 million unsettled trades. There were $0 unsettled trades for the same periods in 2024.

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(11,686)	$	257	$	(23,735)	$	(9,716)

Provision for credit losses	(60)		—		(20)		(16)
Fair value option—change in fair value	5,958		(3,683)		(147)		(22,777)
Mortgage loans	(4,526)		(1,376)		(4,219)		(3,530)
Other investments	(1,131)		(16)		(2,473)		1,135
Realized gains (losses) from investments	(11,445)		(4,818)		(30,594)		(34,904)

Other gains (losses)	6,458		2,626		7,118		8,324
Total realized gains (losses)	(4,987)		(2,192)		(23,476)		(26,580)
Applicable tax	1,048		460		4,930		5,582
Realized gains (losses), net of tax	$	(3,939)	$	(1,732)	$	(18,546)	$	(20,998)

(1)During the three months ended September 30, 2025 and 2024, the Company recorded $176 thousand and $3.4 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $176 thousand and $0 realized gains (losses) respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded $128.5 million and $82.2 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million and $0 realized gains (losses) respectively.

Schedule of Fair Value of Fixed Maturities Measured on a Recurring Basis

The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2025 and December 31, 2024:


	Fair Value Measurement at September 30, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	379,167		$	—		$	379,167
States, municipalities, and political subdivisions	—			2,873,154			—			2,873,154
Foreign governments	—			40,011			—			40,011
Corporates, by sector:
Industrials	—			7,369,953			106,142			7,476,095
Financial	—			4,724,499			122,108			4,846,607

Utilities	—			2,004,049			88,025			2,092,074
Total corporates	—			14,098,501			316,275			14,414,776
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			25,737			63,909			89,646
Total fixed maturities	$	—		$	17,416,570		$	380,184		$	17,796,754
Percentage of total	—		%	98		%	2		%	100		%


	Fair Value Measurement at December 31, 2024:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930

Utilities	—			1,890,559			112,516			2,003,075
Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	100		%

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At September 30, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,965	$	(427)	$	364,054	$	(26,360)	$	369,019	$	(26,787)
States, municipalities, and political subdivisions	672,993		(22,163)		1,553,082		(523,566)		2,226,075		(545,729)
Foreign governments	—		—		25,536		(8,195)		25,536		(8,195)
Corporates, by sector:
Industrials	922,896		(35,073)		3,407,713		(541,272)		4,330,609		(576,345)
Financial	365,328		(6,994)		1,857,967		(296,388)		2,223,295		(303,382)

Utilities	125,803		(2,427)		576,220		(80,029)		702,023		(82,456)
Total corporates	1,414,027		(44,494)		5,841,900		(917,689)		7,255,927		(962,183)

Other asset-backed securities	—		—		19,881		(953)		19,881		(953)
Total investment grade securities	2,091,985		(67,084)		7,804,453		(1,476,763)		9,896,438		(1,543,847)

Below investment grade securities:


Corporates, by sector:
Industrials	4,963		(38)		129,216		(25,452)		134,179		(25,490)
Financial	3,054		(17)		96,349		(15,461)		99,403		(15,478)

Utilities	7,472		(165)		36,900		(4,726)		44,372		(4,891)
Total corporates	15,489		(220)		262,465		(45,639)		277,954		(45,859)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	15,489		(220)		262,465		(45,639)		277,954		(45,859)
Total fixed maturities	$	2,107,474	$	(67,304)	$	8,066,918	$	(1,522,402)	$	10,174,392	$	(1,589,706)


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)

Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)

Below investment grade securities:


Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)

Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)

Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

Schedule of Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			(2,593)			(3,181)
Included in other comprehensive income	320			—			9,661			9,981
Acquisitions	52,406			—			30,015			82,421
Sales	—			(36,398)			(118,379)			(154,777)
Amortization	—			1,893			(205)			1,688
Other(1)	—			(7,773)			(22,289)			(30,062)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2025	$	63,909		$	—		$	316,275		$	380,184
Percent of total fixed maturities	—		%	—		%	2		%	2		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2024	$	—		$	42,146		$	454,733		$	496,879

Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			762			5,448			6,210
Acquisitions	7,876			—			14,800			22,676
Sales	—			—			—			—
Amortization	—			3,414			(38)			3,376
Other(1)	—			(3,839)			(29,132)			(32,971)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2024	$	7,876		$	42,483		$	445,811		$	496,170
Percent of total fixed maturities	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At September 30, 2025	$	320	$	—	$	9,661	$	9,981
At September 30, 2024	—		762		5,448		6,210

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

316,275

Determination of credit spread

Credit rating

B to AAA

BBB+

Asset-backed securities

63,909

Determination of credit spread

Credit rating

CC to A-

BB+

380,184

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule of Additional Information about Investments in Unrealized Loss Position

The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of September 30, 2025	454	1,484	1,938
As of December 31, 2024	705	1,498	2,203

Schedule of Fixed Maturities, Allowance for Credit Loss

A summary of the activity in the allowance for credit losses is as follows.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	10,355	$	7,132	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	60		—		20		17
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	—		—		—		—
Allowance for credit losses ending balance	$	10,415	$	7,132	$	10,415	$	7,132

Schedule of Commercial Mortgage Loan Participations

Summaries of commercial mortgage loans by property type and geographical location at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	154,625	34	$	110,456	28
Hospitality	114,945		25	73,931		19
Multi-family	108,876		24	111,234		28
Retail	76,024		17	65,612		16
Office	3,061		1	6,539		2
Mixed use	—		—	35,960		9

Total recorded investment	457,531		101	403,732		102
Less allowance for credit losses	(5,633)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	451,898	100	$	396,088	100


	September 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	87,753	19	$	63,308	16
Texas	82,661		18	75,131		19
New Jersey	56,158		13	51,744		13
North Carolina	42,172		9	23,253		6
Alabama	36,735		8	35,850		9
New York	31,927		7	34,975		9
Other	120,125		27	119,471		30
Total recorded investment	457,531		101	403,732		102
Less allowance for credit losses	(5,633)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	451,898	100	$	396,088	100

Schedule of Commercial Loan Participations, Credit Quality Indicators

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.


	September 30, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	60,870	$	83,634	$	304,797	$	449,301	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,100	$	83,634	$	304,797	457,531		100
Less allowance for credit losses							(5,633)
Total, net of allowance for credit losses							$	451,898

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2024
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	88,507	$	64,494	$	196,867	$	349,868	87
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

Schedule of Commercial Loan Participations, Allowance for Credit Loss


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	6,629	$	5,826	$	7,644	$	3,672

Provision (reversal) for credit losses	404		1,376		266		3,530
Reduction in allowance due to dispositions	(1,400)		—		(2,277)		—
Allowance for credit losses ending balance	$	5,633	$	7,202	$	5,633	$	7,202

Schedule of Other Long-Term Investments

Other long-term investments consist of the following assets:


	September 30,
	September 30, 2025		December 31, 2024
Investment funds	$	1,037,447	$	986,766
Company-owned life insurance(1)	205,284		202,734
Other	42,966		46,259
Total	$	1,285,697	$	1,235,759

(1) Company-owned life insurance (COLI) is reported at cash surrender value.

Schedule of Investment Funds

The following table presents additional information about the Company's investment funds as of September 30, 2025 and December 31, 2024 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	September 30, 2025		December 31, 2024		September 30, 2025		Redemption Term/Notice(1)





Commercial mortgage loans	$	547,663	$	566,142	$	190,366	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	216,659		202,008		204,013		Fully redeemable and non-redeemable with varying terms.


Infrastructure	188,605		179,627		21,662		Fully redeemable and non-redeemable with varying terms.


Other	84,520		38,989		54,793		Non-redeemable with varying terms
Total investment funds	$	1,037,447	$	986,766	$	470,834

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2025, unfunded commitments totaled $628 million, including funds past the investment period.