
(in thousands)	2024		2023		2022
Net realized gains (losses):
Fixed income:
Available-for-sale	$	(5,276)	$	(3,641)	$	(2,997)
Equity securities		30,792		22,232		20,287
Investment in unconsolidated investees		(42)		14,084		570,952
Other		(5,508)		(157)		273
Total net realized gains (losses)	$	19,966	$	32,518	$	588,515

Net changes in unrealized gains (losses) on investments:
Equity securities	$	82,275	$	65,655	$	(118,912)
Other invested assets		(541)		(868)		(2,125)
Total unrealized gains (losses) on equity securities recognized in net earnings	$	81,734	$	64,787	$	(121,037)

Fixed income:
Available-for-sale	$	(16,822)	$	79,782	$	(341,944)
Investment in unconsolidated investees		7,539		(290)		(10,994)
Other		(109)		(33)		(102)
Total unrealized gains (losses) recognized in other comprehensive earnings	$	(9,392)	$	79,459	$	(353,040)
Net realized gains (losses) and changes in unrealized gains (losses) on investments	$	92,308	$	176,764	$	114,438

Assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, are summarized below:


	2024
	Quoted in Active		Significant Other		Significant
	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


	2023
	Quoted in Active		Significant Other		Significant
	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


(in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	256,711	$	255,017
Due after one year through five years		742,187		723,476
Due after five years through 10 years		948,340		914,770
Due after 10 years		574,403		476,062
ABS/CMBS/MBS*		869,518		806,471
Total available-for-sale	$	3,391,159	$	3,175,796

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


(in thousands)	2024		2023
Beginning balance	$	306	$	339
Increase to allowance from securities for which credit losses were not previously recorded		55		71
Reduction from securities sold during the period		(89)		(154)
Reductions from intent to sell securities		(47)		—
Net increase (decrease) from securities that had an allowance at the beginning of the period		(28)		50
Ending balance	$	197	$	306