Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of September 30, 2025 and December 31, 2024 are shown in tables 8.1a and 8.1b below. The fair value of the assets is estimated using the process described above, and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2024 Annual Report on Form 10-K.


Assets carried at fair value by hierarchy level as of September 30, 2025
Table	8.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	337,499	$	304,417	$	33,082
Obligations of U.S. states and political subdivisions		1,872,429		—		1,872,429
Corporate debt securities		2,703,542		—		2,703,542
ABS		208,666		—		208,666
RMBS		361,846		—		361,846
CMBS		224,622		—		224,622
CLOs		117,986		—		117,986
Foreign government debt		4,090		—		4,090
Commercial paper		37,914		—		37,914
Total fixed income securities		5,868,594		304,417		5,564,177
Equity securities		15,286		15,286		—
Cash equivalents (1)		268,034		267,736		298
Total		$	6,151,914	$	587,439	$	5,564,475


Assets carried at fair value by hierarchy level as of December 31, 2024
Table	8.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	260,493	$	220,369	$	40,124
Obligations of U.S. states and political subdivisions		1,875,495		—		1,875,495
Corporate debt securities		2,757,381		—		2,757,381
ABS		156,517		—		156,517
RMBS		350,060		—		350,060
CMBS		235,871		—		235,871
CLOs		200,059		—		200,059
Foreign government debt		3,798		—		3,798
Commercial paper		12,015		—		12,015
Total fixed income securities		5,851,689		220,369		5,631,320
Equity securities		14,762		14,762		—
Cash equivalents (1)		230,156		219,943		10,213
Total		$	6,096,607	$	455,074	$	5,641,533
(1) Includes restricted cash equivalents

Carrying value and fair value of financial assets and liabilities

Table 8.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at September 30, 2025 and December 31, 2024.


Financial assets and liabilities not measured at fair value
Table	8.2
		September 30, 2025				December 31, 2024
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109

Financial liabilities
5.25% Senior Notes		645,770		649,747		644,667		636,883