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Investments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

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.

			March 31, 2024
(dollars in thousands)			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses												Estimated Fair Value
Fixed maturity securities:
U.S. Treasury securities			$	4,113,319					$	12,079					$	(79,408)											$	4,045,990
U.S. government-sponsored enterprises			1,289,119						4,206						(99,430)												1,193,895
Obligations of states, municipalities and political subdivisions			4,041,845						10,059						(205,316)												3,846,588
Foreign governments			1,950,839						4,132						(126,930)												1,828,041
Commercial mortgage-backed securities			2,400,848						4,780						(137,472)												2,268,156
Residential mortgage-backed securities			463,710						155						(22,187)												441,678
Corporate bonds			968,072						5,424						(78,474)												895,022
Total fixed maturity securities			15,227,752						40,835						(749,217)												14,519,370
Short-term investments			2,618,162						597						(1,117)												2,617,642
Investments, available-for-sale			$	17,845,914					$	41,432					$	(750,334)											$	17,137,012

			December 31, 2023
(dollars in thousands)			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses						Estimated Fair Value
Fixed maturity securities:
U.S. Treasury securities			$	3,811,293					$	35,824					$	(62,404)					$	3,784,713
U.S. government-sponsored enterprises			1,225,426						7,292						(89,904)						1,142,814
Obligations of states, municipalities and political subdivisions			4,196,096						14,787						(181,578)						4,029,305
Foreign governments			1,858,845						21,450						(96,874)						1,783,421
Commercial mortgage-backed securities			2,371,406						8,605						(136,353)						2,243,658
Residential mortgage-backed securities			491,949						334						(21,861)						470,422
Corporate bonds			977,271						13,043						(71,915)						918,399
Total fixed maturity securities			14,932,286						101,335						(660,889)						14,372,732
Short-term investments			2,564,620						7,155						(393)						2,571,382
Investments, available-for-sale			$	17,496,906					$	108,490					$	(661,282)					$	16,944,114

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. Unrealized losses on available-for-sale investments are typically the result of declines in the fair value of the investments due to increases in interest rates.

			March 31, 2024
			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			$	1,553,613					$	(10,383)					$	1,388,322					$	(69,025)					$	2,941,935					$	(79,408)
U.S. government-sponsored enterprises			244,720						(3,629)						746,832						(95,801)						991,552						(99,430)
Obligations of states, municipalities and political subdivisions			920,869						(8,138)						2,376,770						(197,178)						3,297,639						(205,316)
Foreign governments			322,098						(3,059)						1,079,889						(123,871)						1,401,987						(126,930)
Commercial mortgage-backed securities			275,805						(4,101)						1,722,270						(133,371)						1,998,075						(137,472)
Residential mortgage-backed securities			25,905						(456)						401,845						(21,731)						427,750						(22,187)
Corporate bonds			148,340						(2,336)						574,746						(76,138)						723,086						(78,474)
Total fixed maturity securities			3,491,350						(32,102)						8,290,674						(717,115)						11,782,024						(749,217)
Short-term investments			2,272,608						(1,117)						—						—						2,272,608						(1,117)
Total			$	5,763,958					$	(33,219)					$	8,290,674					$	(717,115)					$	14,054,632					$	(750,334)

			December 31, 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			$	317,027					$	(2,147)					$	1,507,784					$	(60,257)					$	1,824,811					$	(62,404)
U.S. government-sponsored enterprises			145,143						(2,134)						723,537						(87,770)						868,680						(89,904)
Obligations of states, municipalities and political subdivisions			679,124						(3,881)						2,332,281						(177,697)						3,011,405						(181,578)
Foreign governments			49,056						(128)						1,113,616						(96,746)						1,162,672						(96,874)
Commercial mortgage-backed securities			169,557						(1,792)						1,790,637						(134,561)						1,960,194						(136,353)
Residential mortgage-backed securities			20,420						(80)						431,705						(21,781)						452,125						(21,861)
Corporate bonds			34,340						(266)						615,501						(71,649)						649,841						(71,915)
Total fixed maturity securities			1,414,667						(10,428)						8,515,061						(650,461)						9,929,728						(660,889)
Short-term investments			52,601						(393)						—						—						52,601						(393)
Total			$	1,467,268					$	(10,821)					$	8,515,061					$	(650,461)					$	9,982,329					$	(661,282)

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 March 31, 2024 are shown below by contractual maturity.

(dollars in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,108,711					$	1,091,274
Due after one year through five years			5,268,266						5,082,020
Due after five years through ten years			4,482,619						4,278,074
Due after ten years			1,503,598						1,358,168
			12,363,194						11,809,536
Commercial mortgage-backed securities			2,400,848						2,268,156
Residential mortgage-backed securities			463,710						441,678
Total fixed maturity securities			$	15,227,752					$	14,519,370

Components Of Net Investment Income

The following table presents the components of net investment income.

									Three Months Ended March 31,
(dollars in thousands)															2024						2023
Interest:
Fixed maturity securities															$	119,476					$	82,128
Short-term investments															32,184						26,619
Cash and cash equivalents and restricted cash and cash equivalents															39,078						27,601
Dividends on equity securities															32,693						27,482
															223,431						163,830
Investment expenses															(5,162)						(4,495)
Net investment income															$	218,269					$	159,335

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 included in net income and the change in net unrealized 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.

									Three Months Ended March 31,
(dollars in thousands)															2024						2023
Fixed maturity securities, short-term investments and other investments:
Net realized investment losses															$	(4,488)					$	(3,221)
Equity securities:
Change in fair value of securities sold during the period															43						5,637
Change in fair value of securities held at the end of the period															906,726						370,147
Total change in fair value															906,769						375,784
Net investment gains															$	902,281					$	372,563
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss):
Fixed maturity securities															$	(148,487)					$	209,179
Short-term investments															(7,282)						(810)
Net increase (decrease)															$	(155,769)					$	208,369

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Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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