Investments in debt and equity securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

Investments in debt and equity securities. As of March 31, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securities held were $18.1 million and $14.8 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2026		December 31, 2025
	Amortized costs	Fair values	Amortized costs	Fair values
	(in $ thousands)
Municipal	9,878	9,870	12,292	12,274
Corporate	145,789	143,285	144,571	143,621
Foreign	340,382	339,350	347,588	348,084
U.S. Treasury Bonds	58,726	58,656	54,093	54,509
	554,775	551,161	558,544	558,488

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2026		December 31, 2025
	Gains	Losses	Gains	Losses
	(in $ thousands)
Municipal	6	14	5	23
Corporate	833	3,337	1,646	2,596
Foreign	2,814	3,846	3,645	3,149
U.S. Treasury Bonds	260	330	543	127
	3,913	7,527	5,839	5,895

Debt securities as of March 31, 2026 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	(in $ thousands)
In one year or less	74,177	74,065
After one year through five years	280,783	279,233
After five years through ten years	186,074	185,330
After ten years	13,741	12,533
	554,775	551,161

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	3	2,432	11	2,499	14	4,931
Corporate	243	25,258	3,094	70,236	3,337	95,494
Foreign	901	89,000	2,945	113,451	3,846	202,451
U.S. Treasury Bonds	216	29,526	114	5,808	330	35,334
	1,363	146,216	6,164	191,994	7,527	338,210

The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2026 was 205. Of these securities, 101 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at March 31, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2025, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	4	2,621	19	5,918	23	8,539
Corporate	9	10,284	2,587	71,989	2,596	82,273
Foreign	364	43,539	2,785	119,970	3,149	163,509
U.S. Treasury Bonds	36	8,720	91	6,425	127	15,145
	413	65,164	5,482	204,302	5,895	269,466

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

	Three Months Ended   March 31,
	2026	2025
	(in $ thousands)
Realized gains	2	556
Realized losses	(446)	(678)
Net unrealized investment gains recognized on equity securities still held	3,346	3,175
	2,902	3,053

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   March 31,
	2026	2025
	(in $ thousands)
Net investment gains recognized on equity securities during the period	3,345	2,854
Less: Net realized losses on equity securities sold during the period	(1)	(321)
Net unrealized investment gains recognized on equity securities still held	3,346	3,175

Proceeds from sales of investments in securities are as follows:

	Three Months Ended   March 31,
	2026	2025
	(in $ thousands)
Proceeds from sales of debt securities	939	12,544
Proceeds from sales of equity securities	67	3,465
Total proceeds from sales of investments in securities	1,006	16,009