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Investments (Tables)

3 Months Ended

Mar. 31, 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		$	10,473		$	62		$	(205)		$	(143)
Equity securities			26,679			15,140			(62)			15,078
2024
Fixed income securities - available-for-sale		$	11,819		$	289		$	(793)		$	(504)
Equity securities			15,910			7,234			(121)			7,113

Calls/Maturities					Gross Realized						Net Realized
(in thousands)		Proceeds			Gains			Losses			Gain (Loss)
2025
Fixed income securities - available-for-sale		$	101,454		$	9		$	(71)		$	(62)
2024
Fixed income securities - available-for-sale		$	72,423		$	33		$	(157)		$	(124)

Fair Value, Assets Measured on Recurring Basis


		As of March 31, 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		$	—		$	560,309		$	—		$	560,309
U.S. agency			—			55,641			—			55,641
Non-U.S. government & agency			—			10,891			993			11,884
Agency MBS			—			403,391			—			403,391
ABS/CMBS/MBS*			—			418,741			—			418,741
Corporate			—			1,291,361			93,274			1,384,635
Municipal			—			439,675			—			439,675
Total fixed income securities - available-for-sale		$	—		$	3,180,009		$	94,267		$	3,274,276
Equity securities			721,268			—			4,678			725,946
Total		$	721,268		$	3,180,009		$	98,945		$	4,000,222

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


		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


(in thousands)		Level 3 Securities
Balance as of January 1, 2025		$	95,125
Net realized and unrealized gains (losses)
Included in other comprehensive earnings (loss)			893
Purchases			5,070
Sales / Calls / Maturities			(2,143)
Balance as of March 31, 2025		$	98,945
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)		$	893

Schedule of Contractual Maturity of Securities


		March 31, 2025
(in thousands)		Amortized Cost			Fair Value
Due in one year or less		$	285,656		$	283,718
Due after one year through five years			707,694			693,740
Due after five years through 10 years			985,644			968,301
Due after 10 years			595,764			506,385
ABS/CMBS/MBS*			873,988			822,132
Total available-for-sale		$	3,448,746		$	3,274,276

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

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


		March 31, 2025
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	560,814		$	—		$	3,092		$	(3,597)		$	560,309
U.S. agency			56,036			—			632			(1,027)			55,641
Non-U.S. government & agency			12,728			—			75			(919)			11,884
Agency MBS			437,829			—			2,125			(36,563)			403,391
ABS/CMBS/MBS*			436,159			—			2,671			(20,089)			418,741
Corporate			1,424,850			(157)			6,207			(46,265)			1,384,635
Municipal			520,330			—			521			(81,176)			439,675
Total Fixed Income		$	3,448,746		$	(157)		$	15,323		$	(189,636)		$	3,274,276

		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 March 31,
(in thousands)		2025			2024
Beginning balance		$	197		$	306
Increase to allowance from securities for which credit losses were not previously recorded			21			12
Reduction from securities sold during the period			—			(67)
Net increase (decrease) from securities that had an allowance at the beginning of the period			(61)			(14)
Balance as of March 31,		$	157		$	237

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


		March 31, 2025									December 31, 2024
(in thousands)		< 12 Mos.			12 Mos. & Greater			Total			< 12 Mos.			12 Mos. & Greater			Total
U.S. government
Fair value		$	92,917		$	142,692		$	235,609		$	303,226		$	157,418		$	460,644
Amortized cost			93,874			145,332			239,206			309,836			161,090			470,926
Unrealized loss		$	(957)		$	(2,640)		$	(3,597)		$	(6,610)		$	(3,672)		$	(10,282)
U.S. agency
Fair value		$	17,140		$	18,582		$	35,722		$	24,024		$	18,330		$	42,354
Amortized cost			17,463			19,286			36,749			24,910			19,288			44,198
Unrealized loss		$	(323)		$	(704)		$	(1,027)		$	(886)		$	(958)		$	(1,844)
Non-U.S. government
Fair value		$	2,371		$	3,906		$	6,277		$	4,075		$	3,796		$	7,871
Amortized cost			2,394			4,802			7,196			4,158			4,801			8,959
Unrealized Loss		$	(23)		$	(896)		$	(919)		$	(83)		$	(1,005)		$	(1,088)
Agency MBS
Fair value		$	72,036		$	232,697		$	304,733		$	108,772		$	233,625		$	342,397
Amortized cost			73,436			267,860			341,296			111,674			273,972			385,646
Unrealized loss		$	(1,400)		$	(35,163)		$	(36,563)		$	(2,902)		$	(40,347)		$	(43,249)
ABS/CMBS/MBS*
Fair value		$	80,297		$	163,618		$	243,915		$	43,027		$	164,433		$	207,460
Amortized cost			80,535			183,469			264,004			43,395			186,990			230,385
Unrealized loss		$	(238)		$	(19,851)		$	(20,089)		$	(368)		$	(22,557)		$	(22,925)
Corporate
Fair value		$	364,870		$	660,451		$	1,025,321		$	378,305		$	700,574		$	1,078,879
Amortized cost			373,554			698,032			1,071,586			389,299			745,283			1,134,582
Unrealized loss		$	(8,684)		$	(37,581)		$	(46,265)		$	(10,994)		$	(44,709)		$	(55,703)
Municipal
Fair value		$	28,079		$	367,226		$	395,305		$	48,514		$	355,475		$	403,989
Amortized cost			28,698			447,783			476,481			49,491			444,018			493,509
Unrealized loss		$	(619)		$	(80,557)		$	(81,176)		$	(977)		$	(88,543)		$	(89,520)
Total fixed income
Fair value		$	657,710		$	1,589,172		$	2,246,882		$	909,943		$	1,633,651		$	2,543,594
Amortized cost			669,954			1,766,564			2,436,518			932,763			1,835,442			2,768,205
Unrealized loss		$	(12,244)		$	(177,392)		$	(189,636)		$	(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		$	1,965,187		$	1,798,753		$	(166,434)		87.7	%
2		BBB		Baa			372,593			353,280			(19,313)		10.2	%
3		BB		Ba			54,671			53,401			(1,270)		0.7	%
4		B		B			39,947			38,104			(1,843)		1.0	%
5		CCC		Caa			3,300			2,871			(429)		0.2	%
6		CC or lower		Ca or lower			820			473			(347)		0.2	%
				Total		$	2,436,518		$	2,246,882		$	(189,636)		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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