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Investments In Equity Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments in Equity Securities | Investments in Fixed Maturity Securities At December 31, 2024 and 2023, investments in fixed maturity securities were as follows:
(In thousands) | Amortized Cost |  | Allowance for Expected Credit Losses (1) |  | Gross Unrealized |  | Fair Value |  | Carrying Value |  |
Gains |  | Losses |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 42,145 |  |  | $ | (25) |  |  | $ | 1,492 |  |  | $ | — |  |  | $ | 43,612 |  |  | $ | 42,120 |  |  |
Residential mortgage-backed | 2,292 |  |  | — |  |  | 69 |  |  | — |  |  | 2,361 |  |  | 2,292 |  |  |
Total held to maturity | 44,437 |  |  | (25) |  |  | 1,561 |  |  | — |  |  | 45,973 |  |  | 44,412 |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 2,268,596 |  |  | — |  |  | 9,608 |  |  | (42,863) |  |  | 2,235,341 |  |  | 2,235,341 |  |  |
State and municipal: |  |  |  |  |  |  |  |  |  |  |  |  |
Special revenue | 1,581,778 |  |  | — |  |  | 3,521 |  |  | (67,591) |  |  | 1,517,708 |  |  | 1,517,708 |  |  |
State general obligation | 272,936 |  |  | — |  |  | 1,439 |  |  | (8,981) |  |  | 265,394 |  |  | 265,394 |  |  |
Pre-refunded | 85,340 |  |  | — |  |  | 599 |  |  | (347) |  |  | 85,592 |  |  | 85,592 |  |  |
Corporate backed | 158,322 |  |  | — |  |  | 1,079 |  |  | (5,827) |  |  | 153,574 |  |  | 153,574 |  |  |
Local general obligation | 278,165 |  |  | — |  |  | 922 |  |  | (6,711) |  |  | 272,376 |  |  | 272,376 |  |  |
Total state and municipal | 2,376,541 |  |  | — |  |  | 7,560 |  |  | (89,457) |  |  | 2,294,644 |  |  | 2,294,644 |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | 3,411,796 |  |  | (5) |  |  | 11,047 |  |  | (189,630) |  |  | 3,233,208 |  |  | 3,233,208 |  |  |
Commercial | 534,936 |  |  | (425) |  |  | 1,201 |  |  | (3,430) |  |  | 532,282 |  |  | 532,282 |  |  |
Total mortgage-backed securities | 3,946,732 |  |  | (430) |  |  | 12,248 |  |  | (193,060) |  |  | 3,765,490 |  |  | 3,765,490 |  |  |
Asset-backed securities | 3,910,363 |  |  | — |  |  | 16,161 |  |  | (41,512) |  |  | 3,885,012 |  |  | 3,885,012 |  |  |
Corporate: |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial | 3,746,501 |  |  | — |  |  | 14,518 |  |  | (93,820) |  |  | 3,667,199 |  |  | 3,667,199 |  |  |
Financial | 3,339,718 |  |  | — |  |  | 18,871 |  |  | (38,076) |  |  | 3,320,513 |  |  | 3,320,513 |  |  |
Utilities | 795,839 |  |  | — |  |  | 2,970 |  |  | (20,115) |  |  | 778,694 |  |  | 778,694 |  |  |
Other | 653,194 |  |  | — |  |  | 2,493 |  |  | (4,452) |  |  | 651,235 |  |  | 651,235 |  |  |
Total corporate | 8,535,252 |  |  | — |  |  | 38,852 |  |  | (156,463) |  |  | 8,417,641 |  |  | 8,417,641 |  |  |
Foreign government | 1,928,978 |  |  | (216) |  |  | 11,936 |  |  | (185,373) |  |  | 1,755,325 |  |  | 1,755,325 |  |  |
Total available for sale | 22,966,462 |  |  | (646) |  |  | 96,365 |  |  | (708,728) |  |  | 22,353,453 |  |  | 22,353,453 |  |  |
Total investments in fixed maturity securities | $ | 23,010,899 |  |  | $ | (671) |  |  | $ | 97,926 |  |  | $ | (708,728) |  |  | $ | 22,399,426 |  |  | $ | 22,397,865 |  |  |
(In thousands) | Amortized Cost |  | Allowance for Expected Credit Losses (1) |  | Gross Unrealized |  | Fair Value |  | Carrying Value
Gains |  | Losses
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 50,547 |  |  | $ | (43) |  |  | $ | 3,132 |  |  | $ | — |  |  | $ | 53,636 |  |  | $ | 50,504 |
Residential mortgage-backed | 2,868 |  |  | — |  |  | 107 |  |  | — |  |  | 2,975 |  |  | 2,868 |
Total held to maturity | 53,415 |  |  | (43) |  |  | 3,239 |  |  | — |  |  | 56,611 |  |  | 53,372 |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 1,762,997 |  |  | — |  |  | 11,403 |  |  | (57,669) |  |  | 1,716,731 |  |  | 1,716,731 |
State and municipal: |  |  |  |  |  |  |  |  |  |  |
Special revenue | 1,682,550 |  |  | — |  |  | 5,651 |  |  | (82,006) |  |  | 1,606,195 |  |  | 1,606,195 |
State general obligation | 394,429 |  |  | — |  |  | 3,550 |  |  | (16,405) |  |  | 381,574 |  |  | 381,574 |
Pre-refunded | 103,029 |  |  | — |  |  | 1,634 |  |  | (185) |  |  | 104,478 |  |  | 104,478 |
Corporate backed | 166,873 |  |  | (757) |  |  | 696 |  |  | (11,973) |  |  | 154,839 |  |  | 154,839 |
Local general obligation | 396,041 |  |  | — |  |  | 3,188 |  |  | (11,893) |  |  | 387,336 |  |  | 387,336 |
Total state and municipal | 2,742,922 |  |  | (757) |  |  | 14,719 |  |  | (122,462) |  |  | 2,634,422 |  |  | 2,634,422 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential | 1,773,206 |  |  | — |  |  | 12,780 |  |  | (163,844) |  |  | 1,622,142 |  |  | 1,622,142 |
Commercial | 657,157 |  |  | (158) |  |  | 626 |  |  | (13,312) |  |  | 644,313 |  |  | 644,313 |
Total mortgage-backed securities | 2,430,363 |  |  | (158) |  |  | 13,406 |  |  | (177,156) |  |  | 2,266,455 |  |  | 2,266,455 |
Asset-backed securities | 4,252,883 |  |  | (1,164) |  |  | 8,527 |  |  | (73,206) |  |  | 4,187,040 |  |  | 4,187,040 |
Corporate: |  |  |  |  |  |  |  |  |  |  |
Industrial | 3,679,219 |  |  | (40) |  |  | 24,312 |  |  | (143,936) |  |  | 3,559,555 |  |  | 3,559,555 |
Financial | 2,838,220 |  |  | (4,986) |  |  | 14,681 |  |  | (68,681) |  |  | 2,779,234 |  |  | 2,779,234 |
Utilities | 701,865 |  |  | — |  |  | 6,471 |  |  | (23,412) |  |  | 684,924 |  |  | 684,924 |
Other | 635,975 |  |  | — |  |  | 1,605 |  |  | (7,234) |  |  | 630,346 |  |  | 630,346 |
Total corporate | 7,855,279 |  |  | (5,026) |  |  | 47,069 |  |  | (243,263) |  |  | 7,654,059 |  |  | 7,654,059 |
Foreign government | 1,817,386 |  |  | (29,603) |  |  | 15,865 |  |  | (137,419) |  |  | 1,666,229 |  |  | 1,666,229 |
Total available for sale | 20,861,830 |  |  | (36,708) |  |  | 110,989 |  |  | (811,175) |  |  | 20,124,936 |  |  | 20,124,936 |
Total investments in fixed maturity securities | $ | 20,915,245 |  |  | $ | (36,751) |  |  | $ | 114,228 |  |  | $ | (811,175) |  |  | $ | 20,181,547 |  |  | $ | 20,178,308 |
—————————— (1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors. The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the years ended December 31, 2024 and 2023:
| State and Municipal
(In thousands) | 2024 |  | 2023
Allowance for expected credit losses, beginning of period | $ | 43 |  |  | $ | 114 |
Change in allowance for expected credit losses | (18) |  |  | (71) |
Allowance for expected credit losses, end of period | $ | 25 |  |  | $ | 43 |
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the years ended December 31, 2024 and 2023:
| 2024 |  | 2023
(In thousands) | Foreign Government |  | Corporate |  | Mortgage- Backed |  | Asset-backed |  | State and Municipal |  | Total |  | Foreign Government |  | Corporate |  | Mortgage- Backed |  | Asset-backed |  | State and Municipal |  | Total
Balance, beginning of period | $ | 29,603 |  |  | $ | 5,026 |  |  | $ | 158 |  |  | $ | 1,164 |  |  | $ | 757 |  |  | $ | 36,708 |  |  | $ | 32,633 |  |  | $ | 4,701 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,352 |
Change on securities for which credit losses were not previously recorded | 347 |  |  | — |  |  | 1,706 |  |  | — |  |  | — |  |  | 2,053 |  |  | — |  |  | 982 |  |  | 1,766 |  |  | 1,444 |  |  | 821 |  |  | 5,013 |
Change on securities for which credit losses were previously recorded | (29,355) |  |  | (5,026) |  |  | (831) |  |  | (1,164) |  |  | (757) |  |  | (37,133) |  |  | (3,030) |  |  | (650) |  |  | (1,624) |  |  | (280) |  |  | (64) |  |  | (5,648) |
Reduction due to disposals | (379) |  |  | — |  |  | (603) |  |  | — |  |  | — |  |  | (982) |  |  | — |  |  | (7) |  |  | (2) |  |  | — |  |  | — |  |  | (9) |
Balance, end of period | $ | 216 |  |  | $ | — |  |  | $ | 430 |  |  | $ | — |  |  | $ | — |  |  | $ | 646 |  |  | $ | 29,603 |  |  | $ | 5,026 |  |  | $ | 158 |  |  | $ | 1,164 |  |  | $ | 757 |  |  | $ | 36,708 |
During the year ended December 31, 2024, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model, primarily due to improved pricing associated with foreign government securities and corporate securities. During the year ended December 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a reduction in unrealized losses primarily associated with foreign government securities. The amortized cost and fair value of fixed maturity securities at December 31, 2024, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
(In thousands) | Amortized Cost (1) |  | Fair Value
Due in one year or less | $ | 1,744,361 |  |  | $ | 1,719,948 |
Due after one year through five years | 9,337,291 |  |  | 9,059,599 |
Due after five years through ten years | 3,966,371 |  |  | 3,902,808 |
Due after ten years | 4,013,827 |  |  | 3,949,220 |
Mortgage-backed securities | 3,949,024 |  |  | 3,767,851 |
Total | $ | 23,010,874 |  |  | $ | 22,399,426 |
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $25 thousand related to held to maturity securities. At December 31, 2024 and 2023, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2024, investments with a carrying value of $2,167 million were on deposit in custodial or trust accounts, of which $1,223 million was on deposit with insurance regulators, $884 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $33 million was on deposit as security for reinsurance clients and $27 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations. Investments in Equity Securities At December 31, 2024 and 2023, investments in equity securities were as follows:
(In thousands) | Cost |  | Gross Unrealized |  | Fair Value |  | Carrying Value
Gains |  | Losses |
December 31, 2024 |  |  |  |  |  |  |  |  |
Common stocks | $ | 612,479 |  |  | $ | 223,981 |  |  | $ | (76,293) |  |  | $ | 760,167 |  |  | $ | 760,167 |
Preferred stocks | 329,495 |  |  | 122,716 |  |  | (8,590) |  |  | 443,621 |  |  | 443,621 |
Total | $ | 941,974 |  |  | $ | 346,697 |  |  | $ | (84,883) |  |  | $ | 1,203,788 |  |  | $ | 1,203,788 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Common stocks | $ | 664,997 |  |  | $ | 191,806 |  |  | $ | (18,749) |  |  | $ | 838,054 |  |  | $ | 838,054 |
Preferred stocks | 284,335 |  |  | 3,075 |  |  | (35,117) |  |  | 252,293 |  |  | 252,293 |
Total | $ | 949,332 |  |  | $ | 194,881 |  |  | $ | (53,866) |  |  | $ | 1,090,347 |  |  | $ | 1,090,347 |

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