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Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input

The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:


	March 31, 2026
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	861,267	$	1,483	$	856,026	$	3,758
Collateralized debt obligations	135,395		0		135,395		0
Commercial mortgage-backed securities	144,118		0		121,417		22,701
Residential mortgage-backed securities	199,063		0		198,156		907
Other debt securities	35,820		0		35,820		0
U.S. Treasury	11,484		0		11,484		0
Total available-for-sale securities (1)	1,387,147		1,483		1,358,298		27,366
Equity securities:
Financial services sector	69,073		2,035		61,376		5,662
Utilities sector	3,662		0		3,662		0
Energy sector	3,011		0		3,011		0
Consumer sector	5,546		0		2,379		3,167
Technology sector	3,470		0		0		3,470

Communications sector	1,416		0		1,416		0
Total equity securities (2)	86,178		2,035		71,844		12,299

Total	$	1,473,325	$	3,518	$	1,430,142	$	39,665

(1)This includes $37.0 million of securities lent under a securities lending agreement.

(2)This includes $18.3 million of securities lent under a securities lending agreement.


	December 31, 2025
(in thousands)	Total		Level 1		Level 2		Level 3
Available-for-sale securities:




Corporate debt securities	$	844,479	$	998	$	839,542	$	3,939
Collateralized debt obligations	133,267		0		133,267		0
Commercial mortgage-backed securities	140,541		0		117,520		23,021
Residential mortgage-backed securities	187,226		0		186,432		794
Other debt securities	35,152		0		35,152		0
U.S. Treasury	24,163		0		24,163		0
Total available-for-sale securities (1)	1,364,828		998		1,336,076		27,754
Equity securities:
Financial services sector	74,614		2,593		66,350		5,671
Utilities sector	3,696		0		3,696		0
Energy sector	2,713		0		2,713		0
Consumer sector	5,563		0		2,393		3,170
Technology sector	3,224		0		0		3,224

Communications sector	953		0		953		0
Total equity securities (2)	90,763		2,593		76,105		12,065
Total	$	1,455,591	$	3,591	$	1,412,181	$	39,819

(1) This includes $44.4 million of securities lent under a securities lending agreement.

(2) This includes $20.1 million of securities lent under a securities lending agreement.

Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis

Level 3 Assets – 2026 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2025		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at March 31, 2026
Available-for-sale securities:
Corporate debt securities	$	3,939	$	13	$	(139)	$	802	$	(701)	$	811	$	(967)	$	3,758

Commercial mortgage-backed securities	23,021		(384)		(140)		0		(202)		7,522		(7,116)		22,701
Residential mortgage-backed securities	794		1		(11)		0		(15)		138		0		907

Total available-for-sale securities	27,754		(370)		(290)		802		(918)		8,471		(8,083)		27,366
Equity securities	12,065		78		—		150		0		6		0		12,299
Total Level 3 securities	$	39,819	$	(292)	$	(290)	$	952	$	(918)	$	8,477	$	(8,083)	$	39,665

Level 3 Assets – 2025 Year-to-Date Change:


(in thousands)	Beginning balance at December 31, 2024		Included in earnings(1)		Included in other comprehensive income (loss)		Purchases		Sales		Transfers into Level 3(2)		Transfers out of Level 3(2)		Ending balance at March 31, 2025
Available-for-sale securities:
Corporate debt securities	$	6,268	$	18	$	(54)	$	2,117	$	(575)	$	1,099	$	(2,843)	$	6,030
Collateralized debt obligations	0		0		(5)		700		0		0		0		695
Commercial mortgage-backed securities	24,089		(382)		300		0		(1,289)		1,353		(14,942)		9,129
Residential mortgage-backed securities	0		0		0		0		0		923		0		923

Total available-for-sale securities	30,357		(364)		241		2,817		(1,864)		3,375		(17,785)		16,777
Equity securities	6,974		655		—		1,000		0		18		0		8,647
Total Level 3 securities	$	37,331	$	291	$	241	$	3,817	$	(1,864)	$	3,393	$	(17,785)	$	25,424

(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above.

(2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Schedule of Financial Instruments Not Carried at Fair Value

The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying value		Fair value		Carrying value		Fair value
Agent loans, net (1)	$	120,524	$	116,073	$	109,331	$	113,850
Other loans receivable, net (2)	16,126		16,069		15,491		12,509


Held-to-maturity securities, net (3)	4,833		4,748		4,833		4,863

(1) The current portion of agent loans is included in the line item "Prepaid expenses and other current assets, net" in the Consolidated Statements of Financial Position.

(2) The current and long-term portions of other loans receivable are included in the line items "Prepaid expenses and other current assets, net" and "Other assets, net", respectively, in the Consolidated Statements of Financial Position.

(3) Held-to-maturity securities are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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