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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Agency 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, 2025
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  |  |  | Estimated Fair Value
Fixed maturity securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 5,474,824 |  |  | $ | 53,829 |  |  | $ | (24,453) |  |  |  |  | $ | 5,504,200 |
U.S. government-sponsored enterprises | 1,576,299 |  |  | 15,402 |  |  | (68,703) |  |  |  |  | 1,522,998 |
Obligations of states, municipalities and political subdivisions | 3,764,932 |  |  | 21,514 |  |  | (136,284) |  |  |  |  | 3,650,162 |
Foreign governments, agencies and supranationals | 3,090,058 |  |  | 109,023 |  |  | (73,786) |  |  |  |  | 3,125,295 |
Agency mortgage-backed securities | 2,747,479 |  |  | 18,940 |  |  | (79,158) |  |  |  |  | 2,687,261 |
Non-agency mortgage-backed securities | 71,621 |  |  | — |  |  | (1,264) |  |  |  |  | 70,357 |
Corporate and university bonds | 234,361 |  |  | 176 |  |  | (22,402) |  |  |  |  | 212,135 |
Total fixed maturity securities | 16,959,574 |  |  | 218,884 |  |  | (406,050) |  |  |  |  | 16,772,408 |
Short-term investments | 1,890,017 |  |  | 4,760 |  |  | (253) |  |  |  |  | 1,894,524 |
Investments, available-for-sale | $ | 18,849,591 |  |  | $ | 223,644 |  |  | $ | (406,303) |  |  |  |  | $ | 18,666,932 |
| December 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 | $ | 5,147,365 |  |  | $ | 8,962 |  |  | $ | (68,469) |  |  | $ | 5,087,858 |
U.S. government-sponsored enterprises | 1,445,171 |  |  | 2,976 |  |  | (101,911) |  |  | 1,346,236 |
Obligations of states, municipalities and political subdivisions | 3,813,146 |  |  | 5,866 |  |  | (199,520) |  |  | 3,619,492 |
Foreign governments, agencies and supranationals | 2,909,561 |  |  | 4,264 |  |  | (207,302) |  |  | 2,706,523 |
Agency mortgage-backed securities | 2,771,589 |  |  | 2,096 |  |  | (123,872) |  |  | 2,649,813 |
Non-agency mortgage-backed securities | 122,373 |  |  | — |  |  | (4,343) |  |  | 118,030 |
Corporate and university bonds | 248,518 |  |  | 76 |  |  | (31,007) |  |  | 217,587 |
Total fixed maturity securities | 16,457,723 |  |  | 24,240 |  |  | (736,424) |  |  | 15,745,539 |
Short-term investments | 2,530,941 |  |  | 548 |  |  | (6,579) |  |  | 2,524,910 |
Investments, available-for-sale | $ | 18,988,664 |  |  | $ | 24,788 |  |  | $ | (743,003) |  |  | $ | 18,270,449 |
Unrealized Gain (Loss) on Investments | 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, 2025
| 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 | $ | 533,367 |  |  | $ | (2,494) |  |  | $ | 1,301,162 |  |  | $ | (21,959) |  |  | $ | 1,834,529 |  |  | $ | (24,453) |
U.S. government-sponsored enterprises | 233,480 |  |  | (3,935) |  |  | 717,259 |  |  | (64,768) |  |  | 950,739 |  |  | (68,703) |
Obligations of states, municipalities and political subdivisions | 494,098 |  |  | (5,135) |  |  | 1,994,681 |  |  | (131,149) |  |  | 2,488,779 |  |  | (136,284) |
Foreign governments, agencies and supranationals | 137,638 |  |  | (1,344) |  |  | 1,176,691 |  |  | (72,442) |  |  | 1,314,329 |  |  | (73,786) |
Agency mortgage-backed securities | 218,371 |  |  | (2,544) |  |  | 1,493,447 |  |  | (76,614) |  |  | 1,711,818 |  |  | (79,158) |
Non-agency mortgage-backed securities | — |  |  | — |  |  | 70,357 |  |  | (1,264) |  |  | 70,357 |  |  | (1,264) |
Corporate and university bonds | — |  |  | — |  |  | 186,421 |  |  | (22,402) |  |  | 186,421 |  |  | (22,402) |
Total fixed maturity securities | 1,616,954 |  |  | (15,452) |  |  | 6,940,018 |  |  | (390,598) |  |  | 8,556,972 |  |  | (406,050) |
Short-term investments | 1,167,109 |  |  | (253) |  |  | — |  |  | — |  |  | 1,167,109 |  |  | (253) |
Total | $ | 2,784,063 |  |  | $ | (15,705) |  |  | $ | 6,940,018 |  |  | $ | (390,598) |  |  | $ | 9,724,081 |  |  | $ | (406,303) |
At June 30, 2025, the Company held 1,085 available-for-sale securities in an unrealized loss position with a total estimated fair value of $9.7 billion and gross unrealized losses of $406.3 million. Of these 1,085 securities, 885 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $6.9 billion and gross unrealized losses of $390.6 million.
| December 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 | $ | 1,593,711 |  |  | $ | (27,213) |  |  | $ | 1,444,869 |  |  | $ | (41,256) |  |  | $ | 3,038,580 |  |  | $ | (68,469) |
U.S. government-sponsored enterprises | 415,333 |  |  | (10,938) |  |  | 691,781 |  |  | (90,973) |  |  | 1,107,114 |  |  | (101,911) |
Obligations of states, municipalities and political subdivisions | 1,133,275 |  |  | (21,242) |  |  | 2,024,298 |  |  | (178,278) |  |  | 3,157,573 |  |  | (199,520) |
Foreign governments, agencies and supranationals | 1,056,877 |  |  | (29,890) |  |  | 1,246,215 |  |  | (177,412) |  |  | 2,303,092 |  |  | (207,302) |
Agency mortgage-backed securities | 757,562 |  |  | (13,880) |  |  | 1,710,436 |  |  | (109,992) |  |  | 2,467,998 |  |  | (123,872) |
Non-agency mortgage-backed securities | — |  |  | — |  |  | 118,030 |  |  | (4,343) |  |  | 118,030 |  |  | (4,343) |
Corporate and university bonds | 2,107 |  |  | (137) |  |  | 212,404 |  |  | (30,870) |  |  | 214,511 |  |  | (31,007) |
Total fixed maturity securities | 4,958,865 |  |  | (103,300) |  |  | 7,448,033 |  |  | (633,124) |  |  | 12,406,898 |  |  | (736,424) |
Short-term investments | 163,503 |  |  | (6,579) |  |  | — |  |  | — |  |  | 163,503 |  |  | (6,579) |
Total | $ | 5,122,368 |  |  | $ | (109,879) |  |  | $ | 7,448,033 |  |  | $ | (633,124) |  |  | $ | 12,570,401 |  |  | $ | (743,003) |
At December 31, 2024, the Company held 1,485 available-for-sale securities in an unrealized loss position with a total estimated fair value of $12.6 billion and gross unrealized losses of $743.0 million. Of these 1,485 securities, 966 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $7.4 billion and gross unrealized losses of $633.1 million.
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, 2025 are shown below by contractual maturity.
(dollars in thousands) | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 1,899,807 |  |  | $ | 1,900,181 |
Due after one year through five years | 6,347,802 |  |  | 6,376,686 |
Due after five years through ten years | 4,723,348 |  |  | 4,674,790 |
Due after ten years | 1,169,517 |  |  | 1,063,133 |
| 14,140,474 |  |  | 14,014,790 |
Mortgage-backed securities | 2,819,100 |  |  | 2,757,618 |
Total fixed maturity securities | $ | 16,959,574 |  |  | $ | 16,772,408 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest: |  |  |  |  |  |  |
Fixed maturity securities | $ | 145,829 |  |  | $ | 121,189 |  |  | $ | 289,174 |  |  | $ | 240,665 |
Short-term investments | 19,580 |  |  | 31,654 |  |  | 39,253 |  |  | 63,838 |
Cash and cash equivalents and restricted cash and cash equivalents | 35,723 |  |  | 42,542 |  |  | 75,497 |  |  | 81,620 |
Dividends on equity securities | 34,812 |  |  | 31,831 |  |  | 75,007 |  |  | 64,524 |
| 235,944 |  |  | 227,216 |  |  | 478,931 |  |  | 450,647 |
Investment expenses | (5,935) |  |  | (4,155) |  |  | (11,827) |  |  | (9,317) |
Net investment income | $ | 230,009 |  |  | $ | 223,061 |  |  | $ | 467,104 |  |  | $ | 441,330 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturity securities, short-term investments and other investments: |  |  |  |  |  |  |
Net realized investment losses | $ | (16,596) |  |  | $ | (14,007) |  |  | $ | (18,397) |  |  | $ | (18,495) |
Equity securities: |  |  |  |  |  |  |
Change in fair value of securities sold during the period | 1,134 |  |  | (4,654) |  |  | (188) |  |  | (4,611) |
Change in fair value of securities held at the end of the period | 595,685 |  |  | (111,356) |  |  | 449,737 |  |  | 795,370 |
Total change in fair value | 596,819 |  |  | (116,010) |  |  | 449,549 |  |  | 790,759 |
Net investment gains (losses) | $ | 580,223 |  |  | $ | (130,017) |  |  | $ | 431,152 |  |  | $ | 772,264 |
Change in net unrealized losses on available-for-sale investments included in other comprehensive income (loss): |  |  |  |  |  |  |
Fixed maturity securities | $ | 251,805 |  |  | $ | (36,240) |  |  | $ | 525,018 |  |  | $ | (184,727) |
Short-term investments | 6,524 |  |  | (358) |  |  | 10,538 |  |  | (7,640) |
Net increase (decrease) | $ | 258,329 |  |  | $ | (36,598) |  |  | $ | 535,556 |  |  | $ | (192,367) |

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