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Investments (Tables)
 9 Months Ended
Sep. 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 September 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 September 30, 2025
Table7.1a
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$339,344 $968 $(2,813)$337,499 
Obligations of U.S. states and political subdivisions2,002,827 9,876 (140,274)1,872,429 
Corporate debt securities2,730,841 36,854 (64,153)2,703,542 
ABS206,520 3,500 (1,354)208,666 
RMBS372,361 7,289 (17,804)361,846 
CMBS224,852 2,231 (2,461)224,622 
CLOs117,798 211 (23)117,986 
Foreign government debt4,487 — (397)4,090 
Commercial paper37,914 — — 37,914 
Total fixed income securities
$6,036,944 $60,929 $(229,279)$5,868,594 
Details of fixed income securities by category as of December 31, 2024
Table7.1b
(In thousands)Amortized CostGross Unrealized GainsGross 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 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 
Amortized cost and fair values of fixed income securities by contractual maturity
The amortized cost and fair values of fixed income securities at September 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
Table7.2
September 30, 2025
(In thousands)Amortized costFair Value
Due in one year or less$811,265 $810,672 
Due after one year through five years1,732,277 1,708,964 
Due after five years through ten years1,617,864 1,572,906 
Due after ten years954,007 862,932 
5,115,413 4,955,474 
ABS206,520 208,666 
RMBS372,361 361,846 
CMBS224,852 224,622 
CLOs117,798 117,986 
Total$6,036,944 $5,868,594 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at September 30, 2025 and December 31, 2024 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of September 30, 2025
Table7.3a
(In thousands)Cost
Fair Value Gains
Fair Value Losses
Fair Value
Equity securities$16,250 $44 $(1,008)$15,286 
Details of equity security investments as of December 31, 2024
Table7.3b
(In thousands)CostFair Value GainsFair Value LossesFair 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
Table7.4Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Fixed income securities:
Gains on sales$427 $28 $1,351 $508 
Losses on sales(36)(946)(2,585)(7,693)
Equity securities gains (losses):
Changes in fair value
212 507 421 312 
Change in embedded derivative on Home Re Transactions(1)
(441)994 290 (1,336)
Other:
Gains (losses) on sales— — — 17 
Market adjustment— — — (10)
Net gains (losses) on investments and other financial instruments$162 $583 $(523)$(8,202)
Proceeds from sales of fixed income securities$21,480 $14,856 $62,497 $29,742 
(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 September 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 September 30, 2025
Table7.5a
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$18,580 $(35)$55,261 $(2,778)$73,841 $(2,813)
Obligations of U.S. states and political subdivisions114,628 (5,946)1,143,794 (134,328)1,258,422 (140,274)
Corporate debt securities144,911 (247)1,052,750 (63,906)1,197,661 (64,153)
ABS26,582 (889)32,966 (465)59,548 (1,354)
RMBS3,925 (2)189,235 (17,802)193,160 (17,804)
CMBS3,614 (40)96,635 (2,421)100,249 (2,461)
CLOs7,007 (23)— — 7,007 (23)
Foreign government debt— — 4,090 (397)4,090 (397)
Total$319,247 $(7,182)$2,574,731 $(222,097)$2,893,978 $(229,279)
Unrealized loss aging for securities by type and length of time as of December 31, 2024
Table7.5b
Less Than 12 Months12 Months or GreaterTotal
(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 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)