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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS Securities Reconciliation

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale (“AFS”) securities were as follows:

		September 30, 2025
		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
		(In thousands)
Securities available-for-sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies		$	9,816			$	60			$	(166	)		$	9,710
Foreign government			176,081				2,241				(5,356	)			172,966
States and political subdivisions			137,738				865				(11,896	)			126,707
Corporates			1,992,511				29,881				(73,323	)			1,949,069
Residential mortgage-backed securities			655,909				4,892				(52,484	)			608,317
Commercial mortgage-backed securities			94,236				179				(7,477	)			86,938
Other asset-backed securities			197,520				874				(4,454	)			193,940
Total fixed-maturity securities		$	3,263,811			$	38,992			$	(155,156	)		$	3,147,647

		December 31, 2024
		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
		(In thousands)
Securities available-for-sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies		$	9,822			$	7			$	(326	)		$	9,503
Foreign government			171,033				1,597				(6,206	)			166,424
States and political subdivisions			128,359				96				(14,886	)			113,569
Corporates			1,929,350				11,853				(116,095	)			1,825,108
Residential mortgage-backed securities			552,611				536				(66,590	)			486,557
Commercial mortgage-backed securities			110,426				87				(11,068	)			99,445
Other asset-backed securities			250,882				1,396				(6,758	)			245,520
Total fixed-maturity securities		$	3,152,483			$	15,572			$	(221,929	)		$	2,946,126

Fixed-maturity Securities Classified by Contractual Maturity Securities Date

The scheduled maturity distribution of the AFS fixed-maturity securities portfolio as of September 30, 2025 was as follows:

		Amortized cost				Fair value
		(In thousands)
Due in one year or less		$	215,568			$	215,341
Due after one year through five years			802,017				797,183
Due after five years through 10 years			718,564				692,664
Due after 10 years			579,997				553,264
			2,316,146				2,258,452
Mortgage- and asset-backed securities			947,665				889,195
Total AFS fixed-maturity securities		$	3,263,811			$	3,147,647

Net Investment Income

Net Investment Income. The components of net investment income were as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(In thousands)
Fixed-maturity securities (available-for-sale)		$	35,218			$	31,990			$	103,077			$	92,543
Fixed-maturity security (held-to-maturity)			14,476				15,908				43,766				47,352
Equity securities			318				324				947				1,036
Policy loans and other invested assets			611				402				2,125				1,407
Cash, cash equivalents and short-term investments			6,340				6,540				18,818				20,161
Total return on deposit asset underlying 10% coinsurance agreement (1)			1,980				3,959				6,286				8,534
Gross investment income			58,943				59,123				175,019				171,033
Investment expenses			(2,036	)			(2,106	)			(6,223	)			(6,314	)
Investment income net of investment expenses			56,907				57,017				168,796				164,719
Interest expense on surplus note			(14,476	)			(15,908	)			(43,766	)			(47,352	)
Net investment income		$	42,431			$	41,109			$	125,030			$	117,367

(1)Includes $0.3 million and $1.0 million of net gains (losses) recognized for the change in fair value of the deposit asset underlying the 10% coinsurance agreement for the three and nine months ended September 30, 2025, respectively. Includes $1.8 million and $1.9 million of net gains (losses) recognized for the change in fair value of the deposit asset underlying the 10% coinsurance agreement for the three and nine months ended September 30, 2024, respectively.

Schedule of Components of Investment Gains (Losses)

The components of investment gains (losses), as well as details on gross realized investment gains (losses) and other investment gains (losses) were as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(In thousands)
Realized investment gains (losses):
Gross gains from sales, maturities and calls of available-for-sale fixed-maturity securities		$	215			$	311			$	643			$	989
Gross losses from sales, maturities and calls of available-for-sale fixed-maturity securities			(45	)			-				(2,118	)			(107	)
Gross losses from sales, maturities and calls of equity securities			-				-				(776	)			-
Net realized investment gains (losses):			170				311				(2,251	)			882
Other investment gains (losses):
Credit losses impairment of available-for-sale securities			(866	)			(453	)			(866	)			(453	)
Market gains (losses) recognized in net income during the period on equity securities			1,245				2,324				1,471				2,945
Gains (losses) from equity method investments			79				15				139				15
Gains (losses) from bifurcated options			18				6				33				5
Gains (losses) on trading securities			6				6				17				21
Other investment gains (losses):			482				1,898				794				2,533
Investment gains (losses)		$	652			$	2,209			$	(1,457	)		$	3,415

Schedule of Proceeds from Sales or Other Redemptions of Available-for-Sale Securities

The proceeds from sales or other redemptions of AFS securities were as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
		(In thousands)
Proceeds from sales or other redemptions		$	131,236			$	88,669			$	368,277			$	305,763

Schedule of Securities in Unrealized Loss Position

The following tables summarize all AFS securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2025 and December 31, 2024, aggregated by major security type and by length of time such securities have continuously been in an unrealized loss position:

		September 30, 2025
		Less than 12 months								12 months or longer
		Fair value				Unrealized losses				Fair value				Unrealized losses
		(In thousands)
Fixed-maturity securities:
U.S. government and agencies		$	-			$	-			$	5,828			$	(166	)
Foreign government			23,091				(690	)			66,503				(4,666	)
States and political subdivisions			5,250				(230	)			98,196				(11,666	)
Corporates			109,343				(1,507	)			920,689				(71,816	)
Residential mortgage-backed securities			30,442				(103	)			347,753				(52,381	)
Commercial mortgage-backed securities			2,202				(4	)			73,463				(7,473	)
Other asset-backed securities			8,189				(410	)			98,818				(4,044	)
Total fixed-maturity securities		$	178,517			$	(2,944	)		$	1,611,250			$	(152,212	)

		December 31, 2024
		Less than 12 months								12 months or longer
		Fair value				Unrealized losses				Fair value				Unrealized losses
		(In thousands)
Fixed-maturity securities:
U.S. government and agencies		$	3,529			$	(19	)		$	5,660			$	(307	)
Foreign government			15,044				(139	)			83,923				(6,067	)
States and political subdivisions			9,933				(350	)			99,389				(14,536	)
Corporates			398,232				(9,422	)			1,000,264				(106,673	)
Residential mortgage-backed securities			106,276				(2,605	)			327,850				(63,985	)
Commercial mortgage-backed securities			2,005				(1	)			89,876				(11,067	)
Other asset-backed securities			15,086				(81	)			114,077				(6,677	)
Total fixed-maturity securities		$	550,105			$	(12,617	)		$	1,721,039			$	(209,312	)

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