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Investments (Tables)

9 Months Ended

12 Months Ended

Sep. 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.

			September 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			$	3,440,991					$	—					$	(130,162)											$	3,310,829
U.S. government-sponsored enterprises			1,133,417						—						(137,733)												995,684
Obligations of states, municipalities and political subdivisions			4,106,251						879						(308,184)												3,798,946
Foreign governments			1,749,621						2,626						(189,128)												1,563,119
Commercial mortgage-backed securities			2,297,828						11						(208,466)												2,089,373
Residential mortgage-backed securities			511,525						1						(32,686)												478,840
Asset-backed securities			1,226						—						(28)												1,198
Corporate bonds			826,883						758						(114,351)												713,290
Total fixed maturity securities			14,067,742						4,275						(1,120,738)												12,951,279
Short-term investments			2,250,219						3,253						(746)												2,252,726
Investments, available-for-sale			$	16,317,961					$	7,528					$	(1,121,484)											$	15,204,005

			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.

			September 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			$	1,339,577					$	(33,496)					$	1,971,252					$	(96,666)					$	3,310,829					$	(130,162)
U.S. government-sponsored enterprises			302,362						(13,784)						693,322						(123,949)						995,684						(137,733)
Obligations of states, municipalities and political subdivisions			1,469,105						(36,622)						2,240,788						(271,562)						3,709,893						(308,184)
Foreign governments			442,453						(18,214)						1,095,516						(170,914)						1,537,969						(189,128)
Commercial mortgage-backed securities			321,255						(13,554)						1,764,367						(194,912)						2,085,622						(208,466)
Residential mortgage-backed securities			45,081						(1,074)						433,695						(31,612)						478,776						(32,686)
Asset-backed securities			—						—						1,198						(28)						1,198						(28)
Corporate bonds			98,459						(2,890)						605,598						(111,461)						704,057						(114,351)
Total fixed maturity securities			4,018,292						(119,634)						8,805,736						(1,001,104)						12,824,028						(1,120,738)
Short-term investments			203,710						(746)						—						—						203,710						(746)
Total			$	4,222,002					$	(120,380)					$	8,805,736					$	(1,001,104)					$	13,027,738					$	(1,121,484)

			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 September 30, 2023 are shown below by contractual maturity.

(dollars in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,245,195					$	1,221,058
Due after one year through five years			4,731,573						4,490,492
Due after five years through ten years			3,655,839						3,269,429
Due after ten years			1,624,556						1,400,889
			11,257,163						10,381,868
Commercial mortgage-backed securities			2,297,828						2,089,373
Residential mortgage-backed securities			511,525						478,840
Asset-backed securities			1,226						1,198
Total fixed maturity securities			$	14,067,742					$	12,951,279

Components Of Net Investment Income

The following table presents the components of net investment income.

			Quarter Ended September 30,												Nine Months Ended September 30,
(dollars in thousands)			2023						2022						2023						2022
Interest:
Fixed maturity securities			$	98,891					$	72,477					$	269,438					$	215,541
Short-term investments			26,768						10,316						77,099						14,644
Cash and cash equivalents and restricted cash and cash equivalents			39,473						7,794						102,565						9,619
Dividends on equity securities			31,134						25,962						84,968						74,289
			196,266						116,549						534,070						314,093
Investment expenses			(4,059)						(3,935)						(12,835)						(12,380)
Net investment income			$	192,207					$	112,614					$	521,235					$	301,713

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 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2023						2022						2023						2022
Fixed maturity securities, short-term investments and other investments:
Net realized investment gains (losses)			$	(36,093)					$	2,032					$	(38,159)					$	6,001
Equity securities:
Change in fair value of securities sold during the period			2,683						2,553						16,706						(29,015)
Change in fair value of securities held at the end of the period			(232,507)						(286,068)						612,626						(2,171,511)
Total change in fair value			(229,824)						(283,515)						629,332						(2,200,526)
Net investment gains (losses)			$	(265,917)					$	(281,483)					$	591,173					$	(2,194,525)
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive loss:
Fixed maturity securities			$	(208,598)					$	(530,161)					$	(167,411)					$	(1,645,060)
Short-term investments			193						(8,186)						(3,195)						(11,563)
Net decrease			$	(208,405)					$	(538,347)					$	(170,606)					$	(1,656,623)

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