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Investments (Tables)

9 Months Ended

Sep. 30, 2024

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)
2024
Fixed income securities - available-for-sale		$	98,696		$	538		$	(2,489)		$	(1,951)
Equity securities			44,863			20,276			(340)			19,936
2023
Fixed income securities - available-for-sale		$	25,983		$	145		$	(1,035)		$	(890)
Equity securities			36,708			15,990			(101)			15,889

Calls/Maturities					Gross Realized						Net Realized
(in thousands)		Proceeds			Gains			Losses			Gain (Loss)
2024
Fixed income securities - available-for-sale		$	240,200		$	89		$	(1,062)		$	(973)
2023
Fixed income securities - available-for-sale		$	434,263		$	38		$	(236)		$	(198)

Fair Value, Assets Measured on Recurring Basis

		As of September 30, 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		$	—		$	480,207		$	—		$	480,207
U.S. agency			—			69,111			—			69,111
Non-U.S. government & agency			—			7,261			—			7,261
Agency MBS			—			420,390			—			420,390
ABS/CMBS/MBS*			—			361,625			—			361,625
Corporate			—			1,265,857			86,836			1,352,693
Municipal			—			484,786			—			484,786
Total fixed income securities - available-for-sale		$	—		$	3,089,237		$	86,836		$	3,176,073
Equity securities			725,047			—			4,691			729,738
Total		$	725,047		$	3,089,237		$	91,527		$	3,905,811


		As of December 31, 2023
		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		$	—		$	308,031		$	—		$	308,031
U.S. agency			—			59,826			—			59,826
Non-U.S. government & agency			—			3,882			—			3,882
Agency MBS			—			425,285			—			425,285
ABS/CMBS/MBS*			—			281,182			—			281,182
Corporate			—			1,164,548			60,471			1,225,019
Municipal			—			552,624			—			552,624
Total fixed income securities - available-for-sale		$	—		$	2,795,378		$	60,471		$	2,855,849
Equity securities			588,416			—			1,625			590,041
Total		$	588,416		$	2,795,378		$	62,096		$	3,445,890

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

Summary of Changes in Balance of Level 3 Securities


(in thousands)		Level 3 Securities
Balance as of January 1, 2024		$	62,096
Net realized and unrealized gains (losses)
Included in other comprehensive earnings (loss)			2,789
Purchases			28,379
Sales / Calls / Maturities			(1,737)
Balance as of September 30, 2024		$	91,527
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)		$	2,789

Schedule of Contractual Maturity of Securities


		September 30, 2024
(in thousands)		Amortized Cost			Fair Value
Due in one year or less		$	250,883		$	248,954
Due after one year through five years			797,980			786,217
Due after five years through 10 years			880,694			880,564
Due after 10 years			549,060			478,323
ABS/CMBS/MBS*			824,067			782,015
Total available-for-sale		$	3,302,684		$	3,176,073

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

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


		September 30, 2024
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	475,022		$	—		$	8,012		$	(2,827)		$	480,207
U.S. agency			68,861			—			1,177			(927)			69,111
Non-U.S. government & agency			7,958			—			62			(759)			7,261
Agency MBS			446,489			—			3,877			(29,976)			420,390
ABS/CMBS/MBS*			377,578			(26)			3,366			(19,293)			361,625
Corporate			1,372,681			(208)			15,936			(35,716)			1,352,693
Municipal			554,095			—			1,989			(71,298)			484,786
Total Fixed Income		$	3,302,684		$	(234)		$	34,419		$	(160,796)		$	3,176,073

		December 31, 2023
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	312,632		$	—		$	1,257		$	(5,858)		$	308,031
U.S. agency			60,763			—			652			(1,589)			59,826
Non-U.S. government & agency			4,800			—			—			(918)			3,882
Agency MBS			460,551			—			2,636			(37,902)			425,285
ABS/CMBS/MBS*			308,458			(3)			611			(27,884)			281,182
Corporate			1,273,187			(303)			8,766			(56,631)			1,225,019
Municipal			634,000			—			2,238			(83,614)			552,624
Total Fixed Income		$	3,054,391		$	(306)		$	16,160		$	(214,396)		$	2,855,849

*	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)		2024			2023			2024			2023
Beginning balance		$	228		$	434		$	306		$	339
Increase to allowance from securities for which credit losses were not previously recorded			30			281			30			25
Reduction from securities sold during the period			—			—			(89)			—
Net increase (decrease) from securities that had an allowance at the beginning of the period			(24)			(11)			(13)			340
Balance as of September 30,		$	234		$	704		$	234		$	704

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


		September 30, 2024									December 31, 2023
(in thousands)		< 12 Mos.			12 Mos. & Greater			Total			< 12 Mos.			12 Mos. & Greater			Total
U.S. government
Fair value		$	—		$	174,088		$	174,088		$	37,718		$	204,556		$	242,274
Amortized cost			—			176,915			176,915			37,950			210,182			248,132
Unrealized loss		$	—		$	(2,827)		$	(2,827)		$	(232)		$	(5,626)		$	(5,858)
U.S. agency
Fair value		$	3,707		$	29,421		$	33,128		$	8,736		$	29,632		$	38,368
Amortized cost			3,712			30,343			34,055			8,790			31,167			39,957
Unrealized loss		$	(5)		$	(922)		$	(927)		$	(54)		$	(1,535)		$	(1,589)
Non-U.S. government
Fair value		$	1,391		$	4,044		$	5,435		$	—		$	3,882		$	3,882
Amortized cost			1,394			4,800			6,194			—			4,800			4,800
Unrealized Loss		$	(3)		$	(756)		$	(759)		$	—		$	(918)		$	(918)
Agency MBS
Fair value		$	18,667		$	250,519		$	269,186		$	61,196		$	275,707		$	336,903
Amortized cost			18,689			280,473			299,162			61,714			313,091			374,805
Unrealized loss		$	(22)		$	(29,954)		$	(29,976)		$	(518)		$	(37,384)		$	(37,902)
ABS/CMBS/MBS*
Fair value		$	7,744		$	177,139		$	184,883		$	12,240		$	211,436		$	223,676
Amortized cost			7,757			196,419			204,176			12,367			239,193			251,560
Unrealized loss		$	(13)		$	(19,280)		$	(19,293)		$	(127)		$	(27,757)		$	(27,884)
Corporate
Fair value		$	58,742		$	740,358		$	799,100		$	67,402		$	822,731		$	890,133
Amortized cost			59,635			775,181			834,816			68,345			878,419			946,764
Unrealized loss		$	(893)		$	(34,823)		$	(35,716)		$	(943)		$	(55,688)		$	(56,631)
Municipal
Fair value		$	19,725		$	386,486		$	406,211		$	61,218		$	391,361		$	452,579
Amortized cost			19,850			457,659			477,509			61,697			474,496			536,193
Unrealized loss		$	(125)		$	(71,173)		$	(71,298)		$	(479)		$	(83,135)		$	(83,614)
Total fixed income
Fair value		$	109,976		$	1,762,055		$	1,872,031		$	248,510		$	1,939,305		$	2,187,815
Amortized cost			111,037			1,921,790			2,032,827			250,863			2,151,348			2,402,211
Unrealized loss		$	(1,061)		$	(159,735)		$	(160,796)		$	(2,353)		$	(212,043)		$	(214,396)

*	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		$	1,660,081		$	1,517,662		$	(142,419)		88.6	%
2		BBB		Baa			321,619			305,816			(15,803)		9.8	%
3		BB		Ba			25,671			24,974			(697)		0.4	%
4		B		B			21,703			20,562			(1,141)		0.7	%
5		CCC		Caa			2,933			2,610			(323)		0.2	%
6		CC or lower		Ca or lower			820			407			(413)		0.3	%
				Total		$	2,032,827		$	1,872,031		$	(160,796)		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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