Fixed Maturity Securities In An Unrealized Loss Position

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Securities In An Unrealized Loss Position

Fixed Maturity Securities in an Unrealized Loss Position

The following tables summarize all fixed maturity securities in an unrealized loss position at September 30, 2025 and December 31, 2024 by the length of time those securities have been continuously in an unrealized loss position:


	Less Than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
U.S. government and government agency	$	797,397	$	9,950	$	261,701	$	9,729	$	1,059,098	$	19,679
State and municipal	124,377		1,781		1,129,946		42,313		1,254,323		44,094
Mortgage-backed	639,327		5,456		948,076		134,882		1,587,403		140,338
Asset-backed	428,088		1,515		550,779		18,713		978,867		20,228
Corporate	434,595		3,389		1,841,143		67,888		2,275,738		71,277
Foreign government	228,800		21,204		332,975		183,858		561,775		205,062
Fixed maturity securities	$	2,652,584	$	43,295	$	5,064,620	$	457,383	$	7,717,204	$	500,678





December 31, 2024
U.S. government and government agency	$	767,515	$	9,637	$	560,260	$	33,226	$	1,327,775	$	42,863
State and municipal	348,116		8,027		1,411,761		81,430		1,759,877		89,457
Mortgage-backed	1,541,464		21,326		1,060,823		171,734		2,602,287		193,060
Asset-backed	411,763		4,613		626,237		36,899		1,038,000		41,512
Corporate	1,791,970		21,346		2,951,377		135,117		4,743,347		156,463
Foreign government	600,103		17,933		476,479		167,440		1,076,582		185,373
Fixed maturity securities	$	5,460,931	$	82,882	$	7,086,937	$	625,846	$	12,547,868	$	708,728

Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates.

A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at September 30, 2025 is presented in the table below:


($ in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
Foreign government	75	$	189,418	$	194,357

Corporate	28	51,508		1,533
State and municipal	6	28,795		1,256
Mortgage-backed	15	2,404		191
Asset-backed	1	2		1
Total	125	$	272,127	$	197,338

For fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income (loss).

The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.