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Investments in Equity Securities | 9 Months Ended
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Sep. 30, 2025
Debt Securities, Available-for-sale [Line Items] |
Investments in Equity Securities | Investments in Fixed Maturity Securities At September 30, 2025 and December 31, 2024, 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 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 28,378 |  |  | $ | (11) |  |  | $ | 1,068 |  |  | $ | — |  |  | $ | 29,435 |  |  | $ | 28,367 |
Residential mortgage-backed | 1,953 |  |  | — |  |  | 77 |  |  | — |  |  | 2,030 |  |  | 1,953 |
Total held to maturity | 30,331 |  |  | (11) |  |  | 1,145 |  |  | — |  |  | 31,465 |  |  | 30,320 |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency | 3,453,203 |  |  | — |  |  | 44,713 |  |  | (19,679) |  |  | 3,478,237 |  |  | 3,478,237 |
State and municipal: |  |  |  |  |  |  |  |  |  |  |
Special revenue | 1,284,059 |  |  | — |  |  | 6,182 |  |  | (31,536) |  |  | 1,258,705 |  |  | 1,258,705 |
State general obligation | 234,610 |  |  | — |  |  | 3,580 |  |  | (4,760) |  |  | 233,430 |  |  | 233,430 |
Pre-refunded | 74,625 |  |  | — |  |  | 807 |  |  | (113) |  |  | 75,319 |  |  | 75,319 |
Corporate backed | 183,872 |  |  | — |  |  | 1,945 |  |  | (4,325) |  |  | 181,492 |  |  | 181,492 |
Local general obligation | 227,061 |  |  | — |  |  | 1,489 |  |  | (3,360) |  |  | 225,190 |  |  | 225,190 |
Total state and municipal | 2,004,227 |  |  | — |  |  | 14,003 |  |  | (44,094) |  |  | 1,974,136 |  |  | 1,974,136 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |
Residential | 4,723,950 |  |  | — |  |  | 54,056 |  |  | (140,189) |  |  | 4,637,817 |  |  | 4,637,817 |
Commercial | 327,655 |  |  | — |  |  | 4,123 |  |  | (149) |  |  | 331,629 |  |  | 331,629 |
Total mortgage-backed | 5,051,605 |  |  | — |  |  | 58,179 |  |  | (140,338) |  |  | 4,969,446 |  |  | 4,969,446 |
Asset-backed | 3,829,765 |  |  | — |  |  | 21,637 |  |  | (20,228) |  |  | 3,831,174 |  |  | 3,831,174 |
Corporate: |  |  |  |  |  |  |  |  |  |  |
Industrial | 3,692,392 |  |  | — |  |  | 56,493 |  |  | (42,887) |  |  | 3,705,998 |  |  | 3,705,998 |
Financial | 3,497,735 |  |  | — |  |  | 64,506 |  |  | (17,838) |  |  | 3,544,403 |  |  | 3,544,403 |
Utilities | 1,239,824 |  |  | — |  |  | 21,902 |  |  | (8,995) |  |  | 1,252,731 |  |  | 1,252,731 |
Other | 236,635 |  |  | — |  |  | 2,562 |  |  | (1,557) |  |  | 237,640 |  |  | 237,640 |
Total corporate | 8,666,586 |  |  | — |  |  | 145,463 |  |  | (71,277) |  |  | 8,740,772 |  |  | 8,740,772 |
Foreign government | 2,100,595 |  |  | (272) |  |  | 28,603 |  |  | (205,062) |  |  | 1,923,864 |  |  | 1,923,864 |
Total available for sale | 25,105,981 |  |  | (272) |  |  | 312,598 |  |  | (500,678) |  |  | 24,917,629 |  |  | 24,917,629 |
Total investments in fixed maturity securities | $ | 25,136,312 |  |  | $ | (283) |  |  | $ | 313,743 |  |  | $ | (500,678) |  |  | $ | 24,949,094 |  |  | $ | 24,947,949 |
____________ (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.
(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: |  |  |  |  |  |  |  |  |  |  |  |  |
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 | 3,946,732 |  |  | (430) |  |  | 12,248 |  |  | (193,060) |  |  | 3,765,490 |  |  | 3,765,490 |  |  |
Asset-backed | 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 |  |  |
____________ (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 nine months ended September 30, 2025 and 2024:
(In thousands) | 2025 |  | 2024
Balance, beginning of period | $ | 25 |  |  | $ | 43 |
Provision for expected credit losses | (14) |  |  | (13) |
Balance, end of period | $ | 11 |  |  | $ | 30 |
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2025 and 2024:
(In thousands) | 2025 |  | 2024
Balance, beginning of period | $ | 14 |  |  | $ | 34 |
Provision for expected credit losses | (3) |  |  | (4) |
Balance, end of period | $ | 11 |  |  | $ | 30 |
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2025 and 2024:
| 2025 |  | 2024
(In thousands) | Foreign Government |  |  |  | Mortgage-backed |  |  |  | State and Municipal |  | Total |  | Foreign Government |  | Corporate |  | Mortgage-backed |  | Asset-backed |  | State and Municipal |  | Total
Balance, beginning of period | $ | 216 |  |  |  |  | $ | 430 |  |  |  |  | $ | — |  |  | $ | 646 |  |  | $ | 29,603 |  |  | $ | 5,026 |  |  | $ | 158 |  |  | $ | 1,164 |  |  | $ | 757 |  |  | $ | 36,708 |
Change on securities for which credit losses were not previously recorded | 3 |  |  |  |  | — |  |  |  |  | 10 |  |  | 13 |  |  | 347 |  |  | — |  |  | 1,701 |  |  | — |  |  | — |  |  | 2,048 |
Change on securities for which credit losses were previously recorded | 53 |  |  |  |  | (430) |  |  |  |  | (10) |  |  | (387) |  |  | (23,216) |  |  | (5,026) |  |  | (1,246) |  |  | (618) |  |  | (757) |  |  | (30,863) |
Reduction due to disposals | — |  |  |  |  | — |  |  |  |  | — |  |  | — |  |  | (379) |  |  | — |  |  | (561) |  |  | — |  |  | — |  |  | (940) |
Balance, end of period | $ | 272 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 272 |  |  | $ | 6,355 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 546 |  |  | $ | — |  |  | $ | 6,953 |
During the nine months ended September 30, 2025, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing related to mortgage-backed securities. During the nine months ended September 30, 2024, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing associated with foreign government securities and corporate securities. The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended September 30, 2025 and 2024:
| 2025 |  | 2024
(In thousands) | Foreign Government |  |  |  | Mortgage-backed |  |  |  | State and Municipal |  | Total |  | Foreign Government |  |  |  | Mortgage-backed |  | Asset-backed |  | State and Municipal |  | Total
Balance, beginning of period | $ | 318 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 318 |  |  | $ | 19,469 |  |  |  |  | $ | 1,140 |  |  | $ | 889 |  |  | $ | 339 |  |  | $ | 21,837 |
Change on securities for which credit losses were not previously recorded | 3 |  |  |  |  | — |  |  |  |  | — |  |  | 3 |  |  | 47 |  |  |  |  | — |  |  | — |  |  | — |  |  | 47 |
Change on securities for which credit losses were previously recorded | (49) |  |  |  |  | — |  |  |  |  | — |  |  | (49) |  |  | (12,782) |  |  |  |  | (1,088) |  |  | (343) |  |  | (339) |  |  | (14,552) |
Reduction due to disposals | — |  |  |  |  | — |  |  |  |  | — |  |  | — |  |  | (379) |  |  |  |  | — |  |  | — |  |  | — |  |  | (379) |
Balance, end of period | $ | 272 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 272 |  |  | $ | 6,355 |  |  |  |  | $ | 52 |  |  | $ | 546 |  |  | $ | — |  |  | $ | 6,953 |
The amortized cost and fair value of fixed maturity securities at September 30, 2025, 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 | $ | 1,725,973 |  |  | $ | 1,709,614 |  |  |  |  |  |  |  |  |
Due after one year through five years | 8,643,436 |  |  | 8,513,861 |  |  |  |  |  |  |  |  |
Due after five years through ten years | 3,941,977 |  |  | 3,971,308 |  |  |  |  |  |  |  |  |
Due after ten years | 5,771,357 |  |  | 5,782,835 |  |  |  |  |  |  |  |  |
Mortgage-backed securities | 5,053,558 |  |  | 4,971,476 |  |  |  |  |  |  |  |  |
Total | $ | 25,136,301 |  |  | $ | 24,949,094 |  |  |  |  |  |  |  |  |
________________ (1) Amortized cost is reduced by the allowance for expected credit losses of $11 thousand related to held to maturity securities. At September 30, 2025 and December 31, 2024, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
Equity securities |
Debt Securities, Available-for-sale [Line Items] |
Investments in Equity Securities | Investments in Equity Securities At September 30, 2025 and December 31, 2024, investments in equity securities were as follows:
(In thousands) | Cost |  | Gross Unrealized |  | Fair Value |  | Carrying Value
Gains |  | Losses |
September 30, 2025 |  |  |  |  |  |  |  |  |
Common stocks | $ | 571,667 |  |  | $ | 159,201 |  |  | $ | (8,918) |  |  | $ | 721,950 |  |  | $ | 721,950 |
Preferred stocks | 455,784 |  |  | 209,432 |  |  | (4,734) |  |  | 660,482 |  |  | 660,482 |
Total | $ | 1,027,451 |  |  | $ | 368,633 |  |  | $ | (13,652) |  |  | $ | 1,382,432 |  |  | $ | 1,382,432 |
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 |

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