XML 60 R34.htm IDEA: XBRL DOCUMENT v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of investment portfolio
Our fixed income securities classified as available-for-sale at December 31, 2025 and 2024 are shown in tables 5.1a and 5.1b below.
Details of Fixed Income Securities by Category as of December 31, 2025
Table5.1a
(In thousands)
Amortized CostGross Unrealized Gains
Gross Unrealized (Losses)
Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$279,359 $958 $(2,505)$277,812 
Obligations of U.S. states and political subdivisions1,961,841 10,958 (134,035)1,838,764 
Corporate debt securities2,712,348 36,781 (57,857)2,691,272 
ABS225,478 2,418 (1,335)226,561 
RMBS366,671 8,169 (16,816)358,024 
CMBS237,974 2,484 (1,675)238,783 
CLOs99,182 129 (24)99,287 
Foreign government debt4,487 — (420)4,067 
Commercial paper56,661 — — 56,661 
Total fixed income securities$5,944,001 $61,897 $(214,667)$5,791,231 
Details of Fixed Income Securities by Category as of December 31, 2024
Table5.1b
(In thousands)Amortized CostGross 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 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 debt securities by contractual maturity
The amortized cost and fair values of fixed income securities at December 31, 2025, 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 are not due at a single maturity date, they are listed in separate categories.
Fixed Income Securities Maturity Schedule
Table
5.2
December 31, 2025
(In thousands)Amortized CostFair Value
Due in one year or less$759,885 $759,602 
Due after one year through five years1,651,146 1,632,640 
Due after five years through ten years1,683,909 1,635,359 
Due after ten years919,756 840,975 
5,014,696 4,868,576 
ABS225,478 226,561 
RMBS366,671 358,024 
CMBS237,974 238,783 
CLOs99,182 99,287 
Total as of December 31, 2025$5,944,001 $5,791,231 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities as of December 31, 2025 and December 31, 2024 are shown in tables 5.3a and 5.3b below.
Details of Equity Security Investments as of December 31, 2025
Table
5.3a
(In thousands)CostFair Value GainsFair Value LossesFair Value
Equity securities$16,286 $42 $(1,006)$15,322 
Details of Equity Security Investments as of December 31, 2024
Table
5.3b
(In thousands)CostFair Value GainsFair Value LossesFair Value
Equity securities$16,146 $8 $(1,392)$14,762 
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 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, 2025December 31, 2024December 31, 2023
Fixed income securities:
Gains on sales$2,971 $1,114 $3,071 
Losses on sales(3,049)(8,045)(17,620)
Equity securities gains (losses):
Changes in fair value
421 (130)530 
Change in embedded derivative on Home Re Transactions (1)
(11)(2,791)(118)
Other:
Gains (losses) on sales2 16 (1)
Market adjustment— (10)(3)
Net gains (losses) on investments and other financial instruments$334 $(9,846)$(14,141)
Proceeds from sales of fixed income securities110,961 45,807 375,788 
(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, 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 5.5a and 5.5b below are estimated using the process described in Note 6 - "Fair Value Measurements" and in Note 2 - “Significant Accounting Policies” to these consolidated financial statements.
Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
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$15,762 $(60)$51,113 $(2,445)$66,875 $(2,505)
Obligations of U.S. states and political subdivisions144,148 (6,123)1,087,931 (127,912)1,232,079 (134,035)
Corporate debt securities258,349 (1,180)887,659 (56,677)1,146,008 (57,857)
ABS49,774 (1,103)22,965 (232)72,739 (1,335)
RMBS2,906 (8)187,553 (16,808)190,459 (16,816)
CMBS15,363 (30)82,994 (1,645)98,357 (1,675)
CLOs35,272 (24)— — 35,272 (24)
Foreign government debt— — 4,068 (420)4,068 (420)
Total$521,574 $(8,528)$2,324,283 $(206,139)$2,845,857 $(214,667)
Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2024
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$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)
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)202520242023
Fixed income securities$173,661 $11,481 $179,174 
Investment income
The source of net investment income is shown in table 5.7 below.
Net Investment Income
Table5.7
(In thousands)202520242023
Fixed income securities$237,601 $230,524 $202,655 
Equity securities680 624 529 
Cash equivalents12,531 18,498 16,111 
Other18 31 44 
Investment income250,830 249,677 219,339 
Investment expenses(4,572)(5,037)(4,599)
Net investment income$246,258 $244,640 $214,740