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Investments (Tables)

9 Months Ended

Sep. 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.

			September 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			$	5,621,479					$	61,548					$	(17,504)											$	5,665,523
U.S. government-sponsored enterprises			1,604,245						19,744						(61,921)												1,562,068
Obligations of states, municipalities, and political subdivisions			3,732,612						34,511						(113,294)												3,653,829
Foreign governments, agencies, and supranationals			3,269,118						92,948						(79,566)												3,282,500
Agency mortgage-backed securities			2,866,218						25,412						(67,353)												2,824,277
Non-agency mortgage-backed securities			67,746						2						(703)												67,045
Corporate and university bonds			224,885						164						(20,310)												204,739
Total fixed maturity securities			17,386,303						234,329						(360,651)												17,259,981
Short-term investments			2,112,271						3,936						(450)												2,115,757
Investments, available-for-sale			$	19,498,574					$	238,265					$	(361,101)											$	19,375,738

			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.

			September 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			$	382,948					$	(954)					$	1,102,470					$	(16,550)					$	1,485,418					$	(17,504)
U.S. government-sponsored enterprises			72,182						(493)						735,876						(61,428)						808,058						(61,921)
Obligations of states, municipalities, and political subdivisions			173,841						(1,119)						1,897,264						(112,175)						2,071,105						(113,294)
Foreign governments, agencies, and supranationals			227,228						(3,597)						1,206,635						(75,969)						1,433,863						(79,566)
Agency mortgage-backed securities			122,647						(723)						1,442,223						(66,630)						1,564,870						(67,353)
Non-agency mortgage-backed securities			—						—						61,152						(703)						61,152						(703)
Corporate and university bonds			14,429						(254)						181,897						(20,056)						196,326						(20,310)
Total fixed maturity securities			993,275						(7,140)						6,627,517						(353,511)						7,620,792						(360,651)
Short-term investments			392,479						(450)						—						—						392,479						(450)
Total			$	1,385,754					$	(7,590)					$	6,627,517					$	(353,511)					$	8,013,271					$	(361,101)

At September 30, 2025, the Company held 950 available-for-sale securities in an unrealized loss position with a total estimated fair value of $8.0 billion and gross unrealized losses of $361.1 million. Of these 950 securities, 849 securities had been in a continuous unrealized loss position for one year or longer and had a total estimated fair value of $6.6 billion and gross unrealized losses of $353.5 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 September 30, 2025 are shown below by contractual maturity.

(dollars in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,792,801					$	1,791,213
Due after one year through five years			6,637,351						6,670,523
Due after five years through ten years			4,815,043						4,792,723
Due after ten years			1,207,144						1,114,200
			14,452,339						14,368,659
Mortgage-backed securities			2,933,964						2,891,322
Total fixed maturity securities			$	17,386,303					$	17,259,981

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)			2025						2024						2025						2024
Interest:
Fixed maturity securities			$	155,645					$	131,424					$	444,819					$	372,089
Short-term investments			19,406						30,971						58,659						94,809
Cash and cash equivalents and restricted cash and cash equivalents			37,483						41,220						112,980						122,840
Dividends on equity securities			35,762						36,739						110,769						101,263
			248,296						240,354						727,227						691,001
Investment expenses			(2,621)						(4,877)						(14,448)						(14,194)
Net investment income			$	245,675					$	235,477					$	712,779					$	676,807

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. 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)			2025						2024						2025						2024
Fixed maturity securities, short-term investments, and other investments:
Net realized investment gains (losses)			$	4,695					$	13,891					$	(13,702)					$	(4,604)
Equity securities:
Change in fair value of securities sold during the period			(1,795)						(6,652)						1,345						(11,263)
Change in fair value of securities held at the end of the period			429,986						910,291						876,395						1,705,661
Total change in fair value			428,191						903,639						877,740						1,694,398
Net investment gains			$	432,886					$	917,530					$	864,038					$	1,689,794
Change in net unrealized losses on available-for-sale investments included in other comprehensive income:
Fixed maturity securities			$	60,844					$	546,386					$	585,862					$	361,659
Short-term investments			(1,021)						4,858						9,517						(2,782)
Net increase			$	59,823					$	551,244					$	595,379					$	358,877

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