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Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2025 and 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 December 31, 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	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	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 December 31, 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 December 31, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	121,194	$	122,154
Due after one year through five years	816,125		847,246
Due after five years through ten years	1,873,144		1,938,627
Due after ten years through twenty years	8,965,771		8,521,420
Due after twenty years	6,928,887		6,046,084
Mortgage-backed and asset-backed securities	112,046		113,811
	$	18,817,167	$	17,589,342

Schedule of Analysis of Investment Operations

"Net investment income" for the three years ended December 31, 2025 is summarized as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed maturities available for sale	$	974,111	$	981,439	$	944,628
Policy loans	55,876		52,625		49,011
Mortgage loans	28,064		27,809		19,541
Other long-term investments(1)	90,321		81,834		54,655
Short-term investments	9,178		11,151		6,322
	1,157,550		1,154,858		1,074,157
Less investment expense	(27,352)		(19,227)		(17,273)
Net investment income	$	1,130,198	$	1,135,631	$	1,056,884

(1)For the years ended 2025, 2024, and 2023, the investment funds, accounted for under the fair value option method, recorded $76.2 million, $74.8 million, and $52.3 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:


	Year Ended December 31,
	2025		2024		2023
Fixed maturities available for sale:
Proceeds from sales(1)	$	623,792	$	1,207,237	$	602,556
Gross realized gains	8,378		21,196		5,554
Gross realized losses	(20,551)		(32,956)		(80,823)

(1)Includes unsettled trades of $0, $866 thousand, and $0 as of December 31, 2025, 2024, and 2023, respectively.

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


	Year Ended December 31,
	2025		2024		2023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(30,447)	$	(11,563)	$	(77,301)
Provision for credit losses	7,098		(3,280)		(7,115)
Fair value option—change in fair value	(10,074)		(16,717)		15,102
Mortgage loans	(2,817)		(3,972)		(5,603)
Other investments	(1,642)		2,936		1,792
Realized gains (losses) from investments	(37,882)		(32,596)		(73,125)

Other gains (losses)	10,094		8,408		7,449
Total realized gains (losses)	(27,788)		(24,188)		(65,676)
Applicable tax	5,836		5,080		13,792
Realized gains (losses), net of tax	$	(21,952)	$	(19,108)	$	(51,884)

(1)For the years ended 2025, 2024, and 2023, the Company recorded $288.5 million, $105.6 million, and $50.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million, $0, and $(1.9) million, respectively, in realized gains (losses). During the year ended December 31, 2023, the Company sold $66 million in securities relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of 2023.

Schedule of Unrealized Gains (Losses) on Investments

An analysis of the net change in unrealized investment gains (losses) is as follows:


	Year Ended December 31,
	2025		2024		2023
Change in unrealized investment gains (losses) on:
Fixed maturities available for sale	$	442,577	$	(622,809)	$	750,734

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 December 31, 2025 and 2024:


	Fair Value Measurement at December 31, 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	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326
Utilities	—			1,968,840			102,666			2,071,506

Total corporates	—			13,862,194			309,324			14,171,518
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
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 December 31, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At December 31, 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	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)


Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)


	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:
States, municipalities, and political subdivisions	—		—		—		—		—		—

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, 2023	$	—	$	50,364	$	478,083	$	528,447

Included in realized gains / losses	—		—		—		—
Included in other comprehensive income	—		(8,230)		4,541		(3,689)
Acquisitions(1)	—		—		—		—
Sales	—		—		—		—
Amortization	—		4,569		155		4,724
Other(2)	—		(4,557)		(28,046)		(32,603)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2023	—		42,146		454,733		496,879

Included in realized gains / losses	—		—		740		740
Included in other comprehensive income	37		907		(4,607)		(3,663)
Acquisitions(1)	8,948		—		14,800		23,748
Sales	—		—		—		—
Amortization	—		4,548		217		4,765
Other(2)	—		(4,735)		(45,818)		(50,553)
Transfers into Level 3(3)	2,198		—		—		2,198
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2024	11,183		42,866		420,065		474,114

Included in realized gains / losses	—		(588)		(2,563)		(3,151)
Included in other comprehensive income	350		(5,943)		10,618		5,025
Acquisitions(1)	74,368		—		44,015		118,383
Sales	—		(36,398)		(118,379)		(154,777)
Amortization	—		1,512		(209)		1,303
Other(2)	—		(1,449)		(44,223)		(45,672)
Transfers into Level 3(3)	—		—		—		—
Transfers out of Level 3(3)	—		—		—		—
Balance at December 31, 2025	$	85,901	$	—	$	309,324	$	395,225

(1)Acquisitions of Level 3 investments in each of the years 2023 through 2025 are comprised of private placement fixed maturities and equities. (2)Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3)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.

Changes in unrealized gains and losses for Level 3 securities during the period included in accumulated other comprehensive income for assets held at the end of the reporting period:
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
2023	$	—	$	(8,230)	$	4,541	$	(3,689)
2024	37		907		(4,607)		(3,663)
2025	350		(5,943)		10,618		5,025

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

As of December 31, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

309,324

Determination of credit spread

Credit rating

B to AA

BBB+

Asset-backed securities

85,901

Determination of credit spread

Credit rating

CC to A-

BBB-

395,225

(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 December 31, 2025	395	1,583	1,978
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. Refer to Note 1—Significant Accounting Policies for factors considered in the recording of the allowance for credit losses.


	Year Ended December 31,
	2025		2024
Allowance for credit losses beginning balance	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		3,297
Additions (reductions) to allowance for fixed maturities that previously had an allowance	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	(7,118)		—
Allowance for credit losses ending balance	$	3,297	$	10,395

Schedule of Percentages Of Investments By Major Components At Fair Value

At December 31, 2025, the investment portfolio, at fair value, consisted of the following:


Investment grade fixed maturities:
Corporates	67	%
States, municipalities, and political subdivisions	14
U.S. Government direct, guaranteed, and government-sponsored enterprises	2
Other	1

Below investment grade fixed maturities:
Corporates	2



	86

Other
Policy loans, which are secured by the underlying insurance policy values	4
Other investments	10
	100	%

Schedule of Industry Concentrations Held In Corporate Portfolio

Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2025, based on fair value:


Insurance	19	%
Electric utilities	11
Banks	6
Oil and natural gas pipelines	6
Chemicals	5
Transportation	4
Diversified financial services	3
Food	3
Telecommunications	3
Gas utilities	3

Schedule of Commercial Mortgage Loan Participations

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


	2025			2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	155,208	36	$	110,456	28
Hospitality	99,492		23	73,931		19
Multi-family	99,212		23	111,234		28
Retail	76,059		18	65,612		16
Office	3,061		1	6,539		2
Mixed use	—		—	35,960		9

Total recorded investment	433,032		101	403,732		102
Less allowance for credit losses	(4,515)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	428,517	100	$	396,088	100


	2025			2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	88,681	21	$	63,308	16
Texas	66,597		15	75,131		19
North Carolina	42,358		10	23,253		6
New Jersey	37,130		9	51,744		13
Alabama	36,750		9	35,850		9
New York	31,948		7	34,975		9
Other	129,568		30	119,471		30
Total recorded investment	433,032		101	403,732		102
Less allowance for credit losses	(4,515)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	428,517	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 as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.


	December 31, 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%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

(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


	Year Ended December 31,
	2025		2024
Allowance for credit losses beginning balance	$	7,644	$	3,672

Provision (reversal) for credit losses	(852)		3,972
Loans charged-off	(2,277)		—
Allowance for credit losses ending balance	$	4,515	$	7,644

Schedule of Other Long-Term Investments

Other long-term investments consist of the following assets:


	December 31,
	2025		2024
Investment funds	$	1,109,719	$	986,766
Company-owned life insurance(1)	243,721		202,734
Other	42,624		46,259
Total	$	1,396,064	$	1,235,759

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

Schedule of Investment Funds

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


	Fair Value				Unfunded Commitments(2)
Investment Category	2025		2024		2025		Redemption Term/Notice(1)






Commercial mortgage loans	$	614,080	$	566,142	$	260,229	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	223,665		202,008		222,080		Fully redeemable and non-redeemable with varying terms.


Infrastructure	187,964		179,627		21,791		Fully redeemable and non-redeemable with varying terms.


Other	84,010		38,989		53,665		Non-redeemable with varying terms
Total investment funds	$	1,109,719	$	986,766	$	557,765

(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 December 31, 2025, unfunded commitments totaled $716 million, including funds past the investment period.

The following table presents additional information about the Company's other long-term investments included in pension plan assets as of December 31, 2025 and December 31, 2024 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	2025		2024		2025		Redemption Term/Notice(1)
Multi-asset class	$	7,541	$	12,383	$	—	Non-redeemable
Private equity	35,824		18,163		37,666		Non-redeemable
Infrastructure	5,046		—		26,132		Non-redeemable
Total	$	48,411	$	30,546	$	63,798

(1)Non-redeemable funds generally have an expected life of 7 to 10 years from fund closing with extension options of 2 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion.

(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 December 31, 2025, unfunded commitments totaled $78.1 million, including funds past the investment period.