Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of fixed income securities

Our fixed income securities classified as available-for-sale at June 30, 2025 and December 31, 2024 are shown in tables 7.1a and 7.1b below.

Details of fixed income securities by category as of June 30, 2025
Table	7.1a
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	341,550	$	596	$	(3,452)	$	338,694
Obligations of U.S. states and political subdivisions		1,994,628		4,391		(161,614)		1,837,405
Corporate debt securities		2,726,805		27,734		(76,098)		2,678,441
ABS		183,698		3,153		(696)		186,155
RMBS		379,179		4,742		(20,642)		363,279
CMBS		248,872		963		(3,735)		246,100
CLOs		124,435		243		—		124,678
Foreign government debt		4,487		—		(503)		3,984
Commercial paper		23,595		—		—		23,595
Total fixed income securities		$	6,027,249	$	41,822	$	(266,740)	$	5,802,331

Details of fixed income securities by category as of December 31, 2024
Table	7.1b
(In thousands)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair 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 subdivisions		2,065,953		2,331		(192,789)		1,875,495
Corporate debt securities		2,857,627		12,593		(112,839)		2,757,381
ABS		155,594		2,157		(1,234)		156,517
RMBS		373,485		2,103		(25,528)		350,060
CMBS		243,840		21		(7,990)		235,871
CLOs		199,773		286		—		200,059
Foreign government debt		4,487		—		(689)		3,798
Commercial paper		12,015		—		—		12,015
Total fixed income securities		$	6,178,123	$	19,722	$	(346,156)	$	5,851,689

Amortized cost and fair values of fixed income securities by contractual maturity

The amortized cost and fair values of fixed income securities at June 30, 2025, by contractual maturity, are shown in table 7.2 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 are not due at a single maturity date, they are listed in separate categories.

Fixed income securities maturity schedule
Table	7.2
		June 30, 2025
(In thousands)		Amortized cost		Fair Value
Due in one year or less		$	743,265	$	741,517
Due after one year through five years		1,706,123		1,681,471
Due after five years through ten years		1,674,894		1,607,833
Due after ten years		966,783		851,298
		5,091,065		4,882,119
ABS		183,698		186,155
RMBS		379,179		363,279
CMBS		248,872		246,100
CLOs		124,435		124,678
Total		$	6,027,249	$	5,802,331

Cost and fair value of investments in equity securities

The cost and fair value of investments in equity securities at June 30, 2025 and December 31, 2024 are shown in tables 7.3a and 7.3b below.

Details of equity security investments as of June 30, 2025
Table	7.3a
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,214	$	34	$	(1,210)	$	15,038

Details of equity security investments as of December 31, 2024
Table	7.3b
(In thousands)		Cost		Fair Value Gains		Fair Value Losses		Fair Value
Equity securities		$	16,146	$	8	$	(1,392)	$	14,762

Schedule of realized gains (losses) and proceeds from sale of securities

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 securities are shown in table 7.4 below.

Details of net gains (losses) on investments and other financial instruments
Table	7.4	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2025		2024		2025		2024
Fixed income securities:
Gains on sales		$	575	$	425	$	924	$	480
Losses on sales		(2,520)		(1,262)		(2,549)		(6,747)
Equity securities gains (losses):
Changes in fair value		89		(92)		209		(195)
Change in embedded derivative on Home Re Transactions(1)		430		646		731		(2,330)
Other:
Gains (losses) on sales		—		16		—		17
Market adjustment		—		(9)		—		(10)
Net gains (losses) on investments and other financial instruments		$	(1,426)	$	(276)	$	(685)	$	(8,785)
Proceeds from sales of fixed income securities		$	20,280	$	—	$	41,017	$	14,886

(1) See Note 8 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.

Aging of the fair value of securities in an unrealized loss position

Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at June 30, 2025 and December 31, 2024, 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 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2024 Annual Report on Form 10-K.

Unrealized loss aging for securities by type and length of time as of June 30, 2025
Table	7.5a
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	109,799	$	(109)	$	65,219	$	(3,343)	$	175,018	$	(3,452)
Obligations of U.S. states and political subdivisions		258,879		(8,787)		1,194,583		(152,827)		1,453,462		(161,614)
Corporate debt securities		439,548		(3,104)		948,756		(72,994)		1,388,304		(76,098)
ABS		6,207		(39)		38,007		(657)		44,214		(696)
RMBS		29,666		(320)		189,541		(20,322)		219,207		(20,642)
CMBS		68,619		(522)		100,770		(3,213)		169,389		(3,735)
Foreign government debt		—		—		3,984		(503)		3,984		(503)
Total		$	912,718	$	(12,881)	$	2,540,860	$	(253,859)	$	3,453,578	$	(266,740)

Unrealized loss aging for securities by type and length of time as of December 31, 2024
Table	7.5b
		Less Than 12 Months				12 Months or Greater				Total
(In thousands)		Fair Value		Unrealized  Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized  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 subdivisions		409,406		(5,621)		1,195,869		(187,168)		1,605,275		(192,789)
Corporate debt securities		852,752		(10,334)		1,051,862		(102,505)		1,904,614		(112,839)
ABS		20,090		(184)		49,640		(1,050)		69,730		(1,234)
RMBS		171,654		(5,498)		151,893		(20,030)		323,547		(25,528)
CMBS		77,567		(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)