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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Balances Of Assets Measured At Fair Value On A Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

			September 30, 2025
(dollars in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities			$	—					$	5,665,523					$	—					$	5,665,523
U.S. government-sponsored enterprises			—						1,562,068						—						1,562,068
Obligations of states, municipalities, and political subdivisions			—						3,653,829						—						3,653,829
Foreign governments, agencies, and supranationals			—						3,282,500						—						3,282,500
Agency mortgage-backed securities			—						2,824,277						—						2,824,277
Non-agency mortgage-backed securities			—						67,045						—						67,045
Corporate and university bonds			—						204,739						—						204,739
Total fixed maturity securities, available-for-sale			—						17,259,981						—						17,259,981
Equity securities:
Insurance, banks, and other financial institutions			5,284,769						—						—						5,284,769
Industrial, consumer, and all other			7,502,847						—						—						7,502,847
Total equity securities			12,787,616						—						—						12,787,616
Short-term investments, available-for-sale			1,942,518						173,239						—						2,115,757
Total investments			$	14,730,134					$	17,433,220					$	—					$	32,163,354

			December 31, 2024
(dollars in thousands)			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities			$	—					$	5,087,858					$	—					$	5,087,858
U.S. government-sponsored enterprises			—						1,346,236						—						1,346,236
Obligations of states, municipalities, and political subdivisions			—						3,619,492						—						3,619,492
Foreign governments, agencies, and supranationals			—						2,706,523						—						2,706,523
Agency mortgage-backed securities			—						2,649,813						—						2,649,813
Non-agency mortgage-backed securities			—						118,030						—						118,030
Corporate and university bonds			—						217,587						—						217,587
Total fixed maturity securities, available-for-sale			—						15,745,539						—						15,745,539
Equity securities:
Insurance, banks, and other financial institutions			4,968,736						—						1,384						4,970,120
Industrial, consumer, and all other			6,814,401						—						—						6,814,401
Total equity securities			11,783,137						—						1,384						11,784,521
Short-term investments, available-for-sale			2,363,736						161,174						—						2,524,910
Total investments			$	14,146,873					$	15,906,713					$	1,384					$	30,054,970

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

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