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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities | Our fixed income securities classified as available-for-sale at June 30, 2025 and December 31, 2024 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of June 30, 2025
Table | 7.1a |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 341,550 |  |  |  |  | $ | 596 |  |  | $ | (3,452) |  |  | $ | 338,694 |
Obligations of U.S. states and political subdivisions |  | 1,994,628 |  |  |  |  | 4,391 |  |  | (161,614) |  |  | 1,837,405 |
Corporate debt securities |  | 2,726,805 |  |  |  |  | 27,734 |  |  | (76,098) |  |  | 2,678,441 |
ABS |  | 183,698 |  |  |  |  | 3,153 |  |  | (696) |  |  | 186,155 |
RMBS |  | 379,179 |  |  |  |  | 4,742 |  |  | (20,642) |  |  | 363,279 |
CMBS |  | 248,872 |  |  |  |  | 963 |  |  | (3,735) |  |  | 246,100 |
CLOs |  | 124,435 |  |  |  |  | 243 |  |  | — |  |  | 124,678 |
Foreign government debt |  | 4,487 |  |  |  |  | — |  |  | (503) |  |  | 3,984 |
Commercial paper |  | 23,595 |  |  |  |  | — |  |  | — |  |  | 23,595 |
Total fixed income securities |  | $ | 6,027,249 |  |  |  |  | $ | 41,822 |  |  | $ | (266,740) |  |  | $ | 5,802,331 |
Details of fixed income securities by category as of December 31, 2024
Table | 7.1b |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 265,349 |  |  |  |  | $ | 231 |  |  | $ | (5,087) |  |  | $ | 260,493 |
Obligations of U.S. states and political subdivisions |  | 2,065,953 |  |  |  |  | 2,331 |  |  | (192,789) |  |  | 1,875,495 |
Corporate debt securities |  | 2,857,627 |  |  |  |  | 12,593 |  |  | (112,839) |  |  | 2,757,381 |
ABS |  | 155,594 |  |  |  |  | 2,157 |  |  | (1,234) |  |  | 156,517 |
RMBS |  | 373,485 |  |  |  |  | 2,103 |  |  | (25,528) |  |  | 350,060 |
CMBS |  | 243,840 |  |  |  |  | 21 |  |  | (7,990) |  |  | 235,871 |
CLOs |  | 199,773 |  |  |  |  | 286 |  |  | — |  |  | 200,059 |
Foreign government debt |  | 4,487 |  |  |  |  | — |  |  | (689) |  |  | 3,798 |
Commercial paper |  | 12,015 |  |  |  |  | — |  |  | — |  |  | 12,015 |
Total fixed income securities |  | $ | 6,178,123 |  |  |  |  | $ | 19,722 |  |  | $ | (346,156) |  |  | $ | 5,851,689 |
Amortized cost and fair values of fixed income securities by contractual maturity | The amortized cost and fair values of fixed income securities at June 30, 2025, by contractual maturity, are shown in table 7.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities are not due at a single maturity date, they are listed in separate categories.
Fixed income securities maturity schedule
Table | 7.2 |  |  |  |
|  | June 30, 2025
(In thousands) |  | Amortized cost |  | Fair Value
Due in one year or less |  | $ | 743,265 |  |  | $ | 741,517 |
Due after one year through five years |  | 1,706,123 |  |  | 1,681,471 |
Due after five years through ten years |  | 1,674,894 |  |  | 1,607,833 |
Due after ten years |  | 966,783 |  |  | 851,298 |
|  | 5,091,065 |  |  | 4,882,119 |
ABS |  | 183,698 |  |  | 186,155 |
RMBS |  | 379,179 |  |  | 363,279 |
CMBS |  | 248,872 |  |  | 246,100 |
CLOs |  | 124,435 |  |  | 124,678 |
Total |  | $ | 6,027,249 |  |  | $ | 5,802,331 |
Cost and fair value of investments in equity securities | The cost and fair value of investments in equity securities at June 30, 2025 and December 31, 2024 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of June 30, 2025
Table | 7.3a |  |  |  |  |  |  |  |
(In thousands) |  | Cost |  | Fair Value Gains |  | Fair Value Losses |  | Fair Value
Equity securities |  | $ | 16,214 |  |  | $ | 34 |  |  | $ | (1,210) |  |  | $ | 15,038 |
Details of equity security investments as of December 31, 2024
Table | 7.3b |  |  |  |  |  |  |  |
(In thousands) |  | Cost |  | Fair Value Gains |  | Fair Value Losses |  | Fair Value
Equity securities |  | $ | 16,146 |  |  | $ | 8 |  |  | $ | (1,392) |  |  | $ | 14,762 |
Schedule of realized gains (losses) and proceeds from sale of securities | The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 7.4 below.
Details of net gains (losses) on investments and other financial instruments |  |  |  |
Table | 7.4 | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed income securities: |  |  |  |  |  |  |
Gains on sales | $ | 575 |  |  | $ | 425 |  |  | $ | 924 |  |  | $ | 480 |
Losses on sales | (2,520) |  |  | (1,262) |  |  | (2,549) |  |  | (6,747) |
Equity securities gains (losses): |  |  |  |  |  |  |
Changes in fair value | 89 |  |  | (92) |  |  | 209 |  |  | (195) |
Change in embedded derivative on Home Re Transactions(1) | 430 |  |  | 646 |  |  | 731 |  |  | (2,330) |
Other: |  |  |  |  |  |  |
Gains (losses) on sales | — |  |  | 16 |  |  | — |  |  | 17 |
Market adjustment | — |  |  | (9) |  |  | — |  |  | (10) |
Net gains (losses) on investments and other financial instruments | $ | (1,426) |  |  | $ | (276) |  |  | $ | (685) |  |  | $ | (8,785) |
Proceeds from sales of fixed income securities | $ | 20,280 |  |  | $ | — |  |  | $ | 41,017 |  |  | $ | 14,886 |
(1) See Note 8 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.
Aging of the fair value of securities in an unrealized loss position | Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at June 30, 2025 and December 31, 2024, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2024 Annual Report on Form 10-K.
Unrealized loss aging for securities by type and length of time as of June 30, 2025
Table | 7.5a |  |  |  |  |  |  |  |  |  |  |  |
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 109,799 |  |  | $ | (109) |  |  | $ | 65,219 |  |  | $ | (3,343) |  |  | $ | 175,018 |  |  | $ | (3,452) |
Obligations of U.S. states and political subdivisions |  | 258,879 |  |  | (8,787) |  |  | 1,194,583 |  |  | (152,827) |  |  | 1,453,462 |  |  | (161,614) |
Corporate debt securities |  | 439,548 |  |  | (3,104) |  |  | 948,756 |  |  | (72,994) |  |  | 1,388,304 |  |  | (76,098) |
ABS |  | 6,207 |  |  | (39) |  |  | 38,007 |  |  | (657) |  |  | 44,214 |  |  | (696) |
RMBS |  | 29,666 |  |  | (320) |  |  | 189,541 |  |  | (20,322) |  |  | 219,207 |  |  | (20,642) |
CMBS |  | 68,619 |  |  | (522) |  |  | 100,770 |  |  | (3,213) |  |  | 169,389 |  |  | (3,735) |
Foreign government debt |  | — |  |  | — |  |  | 3,984 |  |  | (503) |  |  | 3,984 |  |  | (503) |
Total |  | $ | 912,718 |  |  | $ | (12,881) |  |  | $ | 2,540,860 |  |  | $ | (253,859) |  |  | $ | 3,453,578 |  |  | $ | (266,740) |
Unrealized loss aging for securities by type and length of time as of December 31, 2024
Table | 7.5b |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Less Than 12 Months |  | 12 Months or Greater |  | Total
(In thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 37,017 |  |  | $ | (437) |  |  | $ | 69,959 |  |  | $ | (4,650) |  |  | $ | 106,976 |  |  | $ | (5,087) |
Obligations of U.S. states and political subdivisions |  | 409,406 |  |  | (5,621) |  |  | 1,195,869 |  |  | (187,168) |  |  | 1,605,275 |  |  | (192,789) |
Corporate debt securities |  | 852,752 |  |  | (10,334) |  |  | 1,051,862 |  |  | (102,505) |  |  | 1,904,614 |  |  | (112,839) |
ABS |  | 20,090 |  |  | (184) |  |  | 49,640 |  |  | (1,050) |  |  | 69,730 |  |  | (1,234) |
RMBS |  | 171,654 |  |  | (5,498) |  |  | 151,893 |  |  | (20,030) |  |  | 323,547 |  |  | (25,528) |
CMBS |  | 77,567 |  |  | (1,774) |  |  | 151,188 |  |  | (6,216) |  |  | 228,755 |  |  | (7,990) |
Foreign government debt |  | — |  |  | — |  |  | 3,798 |  |  | (689) |  |  | 3,798 |  |  | (689) |
Total |  | $ | 1,568,486 |  |  | $ | (23,848) |  |  | $ | 2,674,209 |  |  | $ | (322,308) |  |  | $ | 4,242,695 |  |  | $ | (346,156) |

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