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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio
Our fixed income securities consisted of the following as of December 31, 2024 and 2023:
Details of fixed income investment securities by category as of December 31, 2024
Table5.1a
(In thousands)
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$265,349 $231 $(5,087)$260,493 
Obligations of U.S. states and political subdivisions2,065,953 2,331 (192,789)1,875,495 
Corporate debt securities2,857,627 12,593 (112,839)2,757,381 
ABS155,594 2,157 (1,234)156,517 
RMBS373,485 2,103 (25,528)350,060 
CMBS243,840 21 (7,990)235,871 
CLOs199,773 286 — 200,059 
Foreign government debt4,487 — (689)3,798 
Commercial paper12,015 — — 12,015 
Total fixed income securities$6,178,123 $19,722 $(346,156)$5,851,689 
Details of fixed income investment securities by category as of December 31, 2023
Table5.1b
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$167,995 $51 $(6,364)$161,682 
Obligations of U.S. states and political subdivisions2,092,754 5,159 (189,835)1,908,078 
Corporate debt securities2,626,401 17,391 (128,211)2,515,581 
ABS173,256 1,292 (3,275)171,273 
RMBS347,132 4,297 (20,656)330,773 
CMBS293,204 5 (15,752)277,457 
CLOs327,467 37 (1,408)326,096 
Foreign government debt4,486 — (643)3,843 
Commercial paper$28,327 $3 $— $28,330 
Total fixed income securities$6,061,022 $28,235 $(366,144)$5,723,113 
Amortized cost and fair values of debt securities by contractual maturity
The amortized cost and fair values of fixed income securities at December 31, 2024, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities provide for periodic payments throughout their lives, they are listed in separate categories.
Fixed income securities maturity schedule
Table
5.2
December 31, 2024
(In thousands)Amortized CostFair Value
Due in one year or less$729,851 $728,644 
Due after one year through five years1,669,360 1,631,156 
Due after five years through ten years1,771,814 1,656,007 
Due after ten years1,034,406 893,375 
5,205,431 4,909,182 
ABS155,594 156,517 
RMBS373,485 350,060 
CMBS243,840 235,871 
CLOs199,773 200,059 
Total as of December 31, 2024$6,178,123 $5,851,689 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities as of December 31, 2024 and December 31, 2023 are shown in tables 5.3a and 5.3b below.
Details of equity investment securities as of December 31, 2024
Table
5.3a
(In thousands)Cost
Fair value gains
Fair value losses
Fair Value
Equity securities$16,146 $8 $(1,392)$14,762 
Details of equity investment securities as of December 31, 2023
Table
5.3b
(In thousands)Cost
Fair value gains
Fair value losses
Fair Value
Equity securities$16,025 $5 $(1,259)$14,771 
Schedule of net gains (losses) on investments and other financial instruments
The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale and equity securities are shown in table 5.4 below.
Details of net gains (losses) on investments and other financial instruments
Table5.4
(in thousands)December 31, 2024December 31, 2023December 31, 2022
Fixed income securities:
Gains on sales$1,114 $3,071 $7,152 
Losses on sales(8,045)(17,620)(15,477)
Impairments— — (1,415)
Equity securities gains (losses):
Gains (losses) on sales— — (7)
Changes in fair value
(130)530 (2,013)
Change in embedded derivative on Home Re Transactions (1)
(2,791)(118)4,269 
Other:
Gains (losses) on sales16 (1)2 
Market adjustment(10)(3)26 
Net gains (losses) on investments and other financial instruments$(9,846)$(14,141)$(7,463)
Proceeds from sales of fixed income securities$45,087 $375,788 $397,553 
Proceeds from sales of equity securities— — 97 
(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.
Aging of the fair values of securities in an unrealized loss position
Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position as of December 31, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" to these consolidated financial statements.
Unrealized loss aging for securities by type and length of time as of December 31, 2024
Table5.5a
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$37,017 $(437)$69,959 $(4,650)$106,976 $(5,087)
Obligations of U.S. states and political subdivisions409,406 (5,621)1,195,869 (187,168)1,605,275 (192,789)
Corporate debt securities852,752 (10,334)1,051,862 (102,505)1,904,614 (112,839)
ABS20,090 (184)49,640 (1,050)69,730 (1,234)
RMBS171,654 (5,498)151,893 (20,030)323,547 (25,528)
CMBS77,567 (1,774)151,188 (6,216)228,755 (7,990)
Foreign government debt— — 3,798 (689)3,798 (689)
Total$1,568,486 $(23,848)$2,674,209 $(322,308)$4,242,695 $(346,156)
Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table5.5b
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$26,550 $(75)$98,359 $(6,289)$124,909 $(6,364)
Obligations of U.S. states and political subdivisions275,727 (3,622)1,200,533 (186,213)1,476,260 (189,835)
Corporate debt securities270,956 (6,060)1,604,021 (122,151)1,874,977 (128,211)
ABS41,549 (1,234)62,611 (2,041)104,160 (3,275)
RMBS44,867 (872)176,349 (19,784)221,216 (20,656)
CMBS35,249 (391)244,216 (15,361)279,465 (15,752)
CLOs— — 274,729 (1,408)274,729 (1,408)
Foreign government debt— — 3,843 (643)3,843 (643)
Total$694,898 $(12,254)$3,664,661 $(353,890)$4,359,559 $(366,144)
Net unrealized gains (losses) of investments
The change in net unrealized gains (losses) of investments is shown in table 5.6 below.
Change in net unrealized gains (losses)
Table5.6
(In thousands)202420232022
Fixed income securities$11,481 $179,174 $(707,005)
Investment income
The source of net investment income is shown in table 5.7 below.
Net investment income
Table5.7
(In thousands)202420232022
Fixed income securities$230,524 $202,655 $166,306 
Equity securities624 529 437 
Cash equivalents18,498 16,111 5,049 
Other31 44 51 
Investment income249,677 219,339 171,843 
Investment expenses(5,037)(4,599)(4,367)
Net investment income$244,640 $214,740 $167,476