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Investments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 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.

			June 30, 2024
(dollars in thousands)			Amortized Cost						Gross Unrealized Holding Gains						Gross Unrealized Holding Losses												Estimated Fair Value
Fixed maturity securities:
U.S. Treasury securities			$	4,600,441					$	7,250					$	(83,294)											$	4,524,397
U.S. government-sponsored enterprises			1,347,637						3,567						(103,335)												1,247,869
Obligations of states, municipalities and political subdivisions			4,000,057						6,859						(214,490)												3,792,426
Foreign governments			1,984,422						1,915						(138,458)												1,847,879
Commercial mortgage-backed securities			2,325,529						3,433						(129,334)												2,199,628
Residential mortgage-backed securities			433,954						143						(21,647)												412,450
Corporate bonds			1,029,755						4,268						(81,158)												952,865
Total fixed maturity securities			15,721,795						27,435						(771,716)												14,977,514
Short-term investments			2,788,636						531						(1,409)												2,787,758
Investments, available-for-sale			$	18,510,431					$	27,966					$	(773,125)											$	17,765,272

			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.

			June 30, 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			$	1,851,326					$	(13,288)					$	1,626,173					$	(70,006)					$	3,477,499					$	(83,294)
U.S. government-sponsored enterprises			175,742						(1,717)						842,483						(101,618)						1,018,225						(103,335)
Obligations of states, municipalities and political subdivisions			644,166						(6,282)						2,663,971						(208,208)						3,308,137						(214,490)
Foreign governments			421,032						(6,875)						1,019,706						(131,583)						1,440,738						(138,458)
Commercial mortgage-backed securities			246,505						(1,957)						1,706,126						(127,377)						1,952,631						(129,334)
Residential mortgage-backed securities			25,119						(603)						373,828						(21,044)						398,947						(21,647)
Corporate bonds			186,931						(3,853)						575,024						(77,305)						761,955						(81,158)
Total fixed maturity securities			3,550,821						(34,575)						8,807,311						(737,141)						12,358,132						(771,716)
Short-term investments			2,548,368						(1,409)						—						—						2,548,368						(1,409)
Total			$	6,099,189					$	(35,984)					$	8,807,311					$	(737,141)					$	14,906,500					$	(773,125)

			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 June 30, 2024 are shown below by contractual maturity.

(dollars in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,076,011					$	1,062,673
Due after one year through five years			5,685,191						5,482,759
Due after five years through ten years			4,727,163						4,508,491
Due after ten years			1,473,947						1,311,513
			12,962,312						12,365,436
Commercial mortgage-backed securities			2,325,529						2,199,628
Residential mortgage-backed securities			433,954						412,450
Total fixed maturity securities			$	15,721,795					$	14,977,514

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)			2024						2023						2024						2023
Interest:
Fixed maturity securities			$	121,189					$	88,419					$	240,665					$	170,547
Short-term investments			31,654						23,712						63,838						50,331
Cash and cash equivalents and restricted cash and cash equivalents			42,542						35,491						81,620						63,092
Dividends on equity securities			31,831						26,352						64,524						53,834
			227,216						173,974						450,647						337,804
Investment expenses			(4,155)						(4,281)						(9,317)						(8,776)
Net investment income			$	223,061					$	169,693					$	441,330					$	329,028

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 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.

			Quarter Ended June 30,												Six Months Ended June 30,
(dollars in thousands)			2024						2023						2024						2023
Fixed maturity securities, short-term investments and other investments:
Net realized investment gains (losses)			$	(14,007)					$	1,155					$	(18,495)					$	(2,066)
Equity securities:
Change in fair value of securities sold during the period			(4,654)						2,434						(4,611)						13,487
Change in fair value of securities held at the end of the period			(111,356)						480,938						795,370						845,669
Total change in fair value			(116,010)						483,372						790,759						859,156
Net investment gains (losses)			$	(130,017)					$	484,527					$	772,264					$	857,090
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss):
Fixed maturity securities			$	(36,240)					$	(167,992)					$	(184,727)					$	41,187
Short-term investments			(358)						(2,578)						(7,640)						(3,388)
Net increase (decrease)			$	(36,598)					$	(170,570)					$	(192,367)					$	37,799

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