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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Disposition of Fixed Income and Equity Securities


Sales		Proceeds			Gross Realized						Net Realized
(in thousands)		From Sales			Gains			Losses			Gain (Loss)
2025
Fixed income securities - available-for-sale		$	383,956		$	5,076		$	(3,219)		$	1,857
Equity securities			87,874			46,478			(991)			45,487
2024
Fixed income securities - available-for-sale		$	98,696		$	538		$	(2,489)		$	(1,951)
Equity securities			44,863			20,276			(340)			19,936

Calls/Maturities					Gross Realized						Net Realized
(in thousands)		Proceeds			Gains			Losses			Gain (Loss)
2025
Fixed income securities - available-for-sale		$	344,629		$	271		$	(72)		$	199
2024
Fixed income securities - available-for-sale		$	240,200		$	89		$	(1,062)		$	(973)

Fair Value, Assets Measured on Recurring Basis


		As of September 30, 2025
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	399,593		$	—		$	399,593
U.S. agency			—			55,483			—			55,483
Non-U.S. government & agency			—			11,376			1,001			12,377
Agency MBS			—			604,351			—			604,351
ABS/CMBS/MBS*			—			563,754			—			563,754
Corporate			—			1,393,777			96,258			1,490,035
Municipal			—			410,891			—			410,891
Total fixed income securities - available-for-sale		$	—		$	3,439,225		$	97,259		$	3,536,484
Equity securities			874,621			—			4,251			878,872
Total		$	874,621		$	3,439,225		$	101,510		$	4,415,356


		As of December 31, 2024
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	515,635		$	—		$	515,635
U.S. agency			—			54,338			—			54,338
Non-U.S. government & agency			—			6,898			973			7,871
Agency MBS			—			396,223			—			396,223
ABS/CMBS/MBS*			—			410,248			—			410,248
Corporate			—			1,256,991			89,530			1,346,521
Municipal			—			444,960			—			444,960
Total fixed income securities - available-for-sale		$	—		$	3,085,293		$	90,503		$	3,175,796
Equity securities			731,569			—			4,622			736,191
Total		$	731,569		$	3,085,293		$	95,125		$	3,911,987

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Summary of Changes in Balance of Level 3 Securities


		Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)		2025			2024			2025			2024
Beginning balance		$	101,534		$	72,680		$	95,125		$	62,096
Net realized and unrealized gains (losses)
Included in other comprehensive earnings (loss)			1,130			3,104			2,922			2,789
Purchases			6,995			16,069			15,093			28,379
Sales / Calls / Maturities			(8,149)			(326)			(11,630)			(1,737)
Transfers into Level 3			—			—			—			—
Transfers out of Level 3			—			—			—			—
Balance as of September 30,		$	101,510		$	91,527		$	101,510		$	91,527
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)		$	1,244		$	3,104		$	2,899		$	2,789

Schedule of Contractual Maturity of Securities


		September 30, 2025
(in thousands)		Amortized Cost			Fair Value
Due in one year or less		$	263,214		$	262,065
Due after one year through five years			743,950			739,290
Due after five years through 10 years			890,177			891,802
Due after 10 years			548,742			475,222
ABS/CMBS/MBS*			1,209,871			1,168,105
Total available-for-sale		$	3,655,954		$	3,536,484

*	Asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Amortized Cost and Fair Value of Available-for-sale Securities


		September 30, 2025
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	395,751		$	—		$	5,165		$	(1,323)		$	399,593
U.S. agency			55,268			—			850			(635)			55,483
Non-U.S. government & agency			12,730			—			261			(614)			12,377
Agency MBS			632,284			—			3,532			(31,465)			604,351
ABS/CMBS/MBS*			577,587			(614)			3,570			(16,789)			563,754
Corporate			1,501,345			(285)			17,536			(28,561)			1,490,035
Municipal			480,989			—			883			(70,981)			410,891
Total Fixed Income		$	3,655,954		$	(899)		$	31,797		$	(150,368)		$	3,536,484

		December 31, 2024
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	525,608		$	—		$	309		$	(10,282)		$	515,635
U.S. agency			55,921			—			261			(1,844)			54,338
Non-U.S. government & agency			8,959			—			—			(1,088)			7,871
Agency MBS			438,545			—			927			(43,249)			396,223
ABS/CMBS/MBS*			430,973			(8)			2,208			(22,925)			410,248
Corporate			1,397,676			(189)			4,737			(55,703)			1,346,521
Municipal			533,477			—			1,003			(89,520)			444,960
Total Fixed Income		$	3,391,159		$	(197)		$	9,445		$	(224,611)		$	3,175,796

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Debt Securities Available-for-sale Allowance for Credit Loss


		Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)		2025			2024			2025			2024
Beginning balance		$	245		$	228		$	197		$	306
Increase to allowance from securities for which credit losses were not previously recorded			717			30			720			30
Reduction from securities sold during the period			—			—			—			(89)
Net increase (decrease) from securities that had an allowance at the beginning of the period			(63)			(24)			(18)			(13)
Balance as of September 30,		$	899		$	234		$	899		$	234

Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position


		September 30, 2025									December 31, 2024
(in thousands)		< 12 Mos.			12 Mos. & Greater			Total			< 12 Mos.			12 Mos. & Greater			Total
U.S. government
Fair value		$	11,055		$	105,375		$	116,430		$	303,226		$	157,418		$	460,644
Amortized cost			11,078			106,675			117,753			309,836			161,090			470,926
Unrealized loss		$	(23)		$	(1,300)		$	(1,323)		$	(6,610)		$	(3,672)		$	(10,282)
U.S. agency
Fair value		$	—		$	30,621		$	30,621		$	24,024		$	18,330		$	42,354
Amortized cost			—			31,256			31,256			24,910			19,288			44,198
Unrealized loss		$	—		$	(635)		$	(635)		$	(886)		$	(958)		$	(1,844)
Non-U.S. government
Fair value		$	—		$	4,188		$	4,188		$	4,075		$	3,796		$	7,871
Amortized cost			—			4,802			4,802			4,158			4,801			8,959
Unrealized Loss		$	—		$	(614)		$	(614)		$	(83)		$	(1,005)		$	(1,088)
Agency MBS
Fair value		$	149,151		$	273,022		$	422,173		$	108,772		$	233,625		$	342,397
Amortized cost			149,737			303,901			453,638			111,674			273,972			385,646
Unrealized loss		$	(586)		$	(30,879)		$	(31,465)		$	(2,902)		$	(40,347)		$	(43,249)
ABS/CMBS/MBS*
Fair value		$	72,227		$	149,479		$	221,706		$	43,027		$	164,433		$	207,460
Amortized cost			72,333			166,162			238,495			43,395			186,990			230,385
Unrealized loss		$	(106)		$	(16,683)		$	(16,789)		$	(368)		$	(22,557)		$	(22,925)
Corporate
Fair value		$	141,450		$	622,539		$	763,989		$	378,305		$	700,574		$	1,078,879
Amortized cost			142,776			649,774			792,550			389,299			745,283			1,134,582
Unrealized loss		$	(1,326)		$	(27,235)		$	(28,561)		$	(10,994)		$	(44,709)		$	(55,703)
Municipal
Fair value		$	8,179		$	349,045		$	357,224		$	48,514		$	355,475		$	403,989
Amortized cost			8,462			419,743			428,205			49,491			444,018			493,509
Unrealized loss		$	(283)		$	(70,698)		$	(70,981)		$	(977)		$	(88,543)		$	(89,520)
Total fixed income
Fair value		$	382,062		$	1,534,269		$	1,916,331		$	909,943		$	1,633,651		$	2,543,594
Amortized cost			384,386			1,682,313			2,066,699			932,763			1,835,442			2,768,205
Unrealized loss		$	(2,324)		$	(148,044)		$	(150,368)		$	(22,820)		$	(201,791)		$	(224,611)

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions


		Equivalent		Equivalent		(dollars in thousands)
NAIC		S&P		Moody’s		Amortized						Unrealized			Percent
Rating		Rating		Rating		Cost			Fair Value			Loss			to Total
1		AAA/AA/A		Aaa/Aa/A		$	1,675,642		$	1,539,255		$	(136,387)		90.7	%
2		BBB		Baa			327,018			315,660			(11,358)		7.6	%
3		BB		Ba			32,804			32,154			(650)		0.4	%
4		B		B			26,763			25,279			(1,484)		1.0	%
5		CCC		Caa			3,652			3,330			(322)		0.2	%
6		CC or lower		Ca or lower			820			653			(167)		0.1	%
				Total		$	2,066,699		$	1,916,331		$	(150,368)		100.0	%

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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