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Investments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Available-For-Sale Investments

The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains (losses) in the tables below are presented before taxes.

			June 30, 2023
(dollars in thousands)			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses												Estimated Fair Value
Fixed maturity securities:
U.S. Treasury securities			$	3,262,114					$	280					$	(133,542)											$	3,128,852
U.S. government-sponsored enterprises			1,044,843						104						(106,212)												938,735
Obligations of states, municipalities and political subdivisions			4,093,715						2,728						(220,108)												3,876,335
Foreign governments			1,691,459						3,717						(151,550)												1,543,626
Commercial mortgage-backed securities			2,251,522						291						(178,257)												2,073,556
Residential mortgage-backed securities			508,692						3						(28,773)												479,922
Asset-backed securities			1,241						—						(37)												1,204
Corporate bonds			799,971						811						(97,320)												703,462
Total fixed maturity securities			13,653,557						7,934						(915,799)												12,745,692
Short-term investments			2,036,747						3,840						(1,526)												2,039,061
Investments, available-for-sale			$	15,690,304					$	11,774					$	(917,325)											$	14,784,753

			December 31, 2022
(dollars in thousands)			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses						Estimated Fair Value
Fixed maturity securities:
U.S. Treasury securities			$	3,050,089					$	2,363					$	(138,493)					$	2,913,959
U.S. government-sponsored enterprises			871,463						154						(106,079)						765,538
Obligations of states, municipalities and political subdivisions			3,973,911						6,503						(247,231)						3,733,183
Foreign governments			1,473,658						2,843						(169,723)						1,306,778
Commercial mortgage-backed securities			2,109,721						395						(169,668)						1,940,448
Residential mortgage-backed securities			553,591						6						(26,804)						526,793
Asset-backed securities			1,693						—						(53)						1,640
Corporate bonds			771,761						836						(104,101)						668,496
Total fixed maturity securities			12,805,887						13,100						(962,152)						11,856,835
Short-term investments			2,663,560						5,760						(58)						2,669,262
Investments, available-for-sale			$	15,469,447					$	18,860					$	(962,210)					$	14,526,097

Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position

The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.

			June 30, 2023
			Less than 12 months												12 months or longer												Total
(dollars in thousands)			Estimated Fair Value						Gross Unrealized Holding Losses						Estimated Fair Value						Gross Unrealized Holding Losses						Estimated Fair Value						Gross Unrealized Holding Losses
Fixed maturity securities:
U.S. Treasury securities			$	1,072,516					$	(17,213)					$	1,956,782					$	(116,329)					$	3,029,298					$	(133,542)
U.S. government-sponsored enterprises			301,249						(6,205)						628,588						(100,007)						929,837						(106,212)
Obligations of states, municipalities and political subdivisions			1,434,351						(18,517)						1,929,349						(201,591)						3,363,700						(220,108)
Foreign governments			359,569						(12,927)						1,005,886						(138,623)						1,365,455						(151,550)
Commercial mortgage-backed securities			419,295						(12,357)						1,634,450						(165,900)						2,053,745						(178,257)
Residential mortgage-backed securities			115,044						(2,216)						364,356						(26,557)						479,400						(28,773)
Asset-backed securities			—						—						1,204						(37)						1,204						(37)
Corporate bonds			90,952						(1,540)						591,258						(95,780)						682,210						(97,320)
Total fixed maturity securities			3,792,976						(70,975)						8,111,873						(844,824)						11,904,849						(915,799)
Short-term investments			1,324,927						(1,526)						—						—						1,324,927						(1,526)
Total			$	5,117,903					$	(72,501)					$	8,111,873					$	(844,824)					$	13,229,776					$	(917,325)

			December 31, 2022
			Less than 12 months												12 months or longer												Total
(dollars in thousands)			Estimated Fair Value						Gross Unrealized Holding  Losses						Estimated Fair Value						Gross Unrealized Holding  Losses						Estimated Fair Value						Gross Unrealized Holding  Losses
Fixed maturity securities:
U.S. Treasury securities			$	735,605					$	(30,583)					$	1,907,922					$	(107,910)					$	2,643,527					$	(138,493)
U.S. government-sponsored enterprises			413,495						(40,488)						331,391						(65,591)						744,886						(106,079)
Obligations of states, municipalities and political subdivisions			2,474,289						(164,537)						348,943						(82,694)						2,823,232						(247,231)
Foreign governments			900,322						(115,324)						300,423						(54,399)						1,200,745						(169,723)
Commercial mortgage-backed securities			1,611,603						(117,482)						305,217						(52,186)						1,916,820						(169,668)
Residential mortgage-backed securities			516,423						(25,232)						9,342						(1,572)						525,765						(26,804)
Asset-backed securities			1,640						(53)						—						—						1,640						(53)
Corporate bonds			496,766						(74,542)						153,035						(29,559)						649,801						(104,101)
Total fixed maturity securities			7,150,143						(568,241)						3,356,273						(393,911)						10,506,416						(962,152)
Short-term investments			774,480						(58)						—						—						774,480						(58)
Total			$	7,924,623					$	(568,299)					$	3,356,273					$	(393,911)					$	11,280,896					$	(962,210)

Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date

The amortized cost and estimated fair value of fixed maturity securities at June 30, 2023 are shown below by contractual maturity.

(dollars in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,193,540					$	1,170,094
Due after one year through five years			4,544,954						4,325,414
Due after five years through ten years			3,382,145						3,077,695
Due after ten years			1,771,463						1,617,807
			10,892,102						10,191,010
Commercial mortgage-backed securities			2,251,522						2,073,556
Residential mortgage-backed securities			508,692						479,922
Asset-backed securities			1,241						1,204
Total fixed maturity securities			$	13,653,557					$	12,745,692

Components Of Net Investment Income

The following table presents the components of net investment income.

			Quarter Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2023						2022						2023						2022
Interest:
Fixed maturity securities			$	88,419					$	71,920					$	170,547					$	143,064
Short-term investments			23,712						3,354						50,331						4,328
Cash and cash equivalents			35,491						2,023						63,092						1,825
Dividends on equity securities			26,352						23,590						53,834						48,327
			173,974						100,887						337,804						197,544
Investment expenses			(4,281)						(4,092)						(8,776)						(8,445)
Net investment income			$	169,693					$	96,795					$	329,028					$	189,099

Summary Of Net Investment Gains (Losses) And The Change In Net Unrealized Gains On Available-For-Sale Investments

The following table presents the components of net investment gains (losses) included in net income (loss) and the change in net unrealized gains (losses) included in other comprehensive income (loss). Gross realized investment gains and losses on fixed maturity securities, short-term investments and other investments were not material to the consolidated financial statements and are presented on a net basis in the following table.

			Quarter Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2023						2022						2023						2022
Fixed maturity securities, short-term investments and other investments:
Net realized investment gains (losses)			$	1,155					$	(2,259)					$	(2,066)					$	3,969
Equity securities:
Change in fair value of securities sold during the period			2,434						(2,113)						13,487						(19,231)
Change in fair value of securities held at the end of the period			480,938						(1,550,271)						845,669						(1,897,780)
Total change in fair value			483,372						(1,552,384)						859,156						(1,917,011)
Net investment gains (losses)			$	484,527					$	(1,554,643)					$	857,090					$	(1,913,042)
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income (loss):
Fixed maturity securities			$	(167,992)					$	(449,089)					$	41,187					$	(1,114,899)
Short-term investments			(2,578)						(9,239)						(3,388)						(3,377)
Net increase (decrease)			$	(170,570)					$	(458,328)					$	37,799					$	(1,118,276)

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