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v3.26.1

Investments | 3 Months Ended
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Mar. 31, 2026
Investments [Abstract] |
Investments | Investments Fixed Income Securities Our fixed income securities classified as available-for-sale at March 31, 2026 and December 31, 2025 are shown in tables 5.1a and 5.1b below.
Details of Fixed Income Securities by Category as of March 31, 2026
Table | 5.1a |  |  |  |  |  |  |  |  |  |
(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 |  | $ | 236,034 |  |  |  |  | $ | 316 |  |  | $ | (2,720) |  |  | $ | 233,630 |
Obligations of U.S. states and political subdivisions |  | 1,902,497 |  |  |  |  | 8,232 |  |  | (138,321) |  |  | 1,772,408 |
Corporate debt securities |  | 2,727,634 |  |  |  |  | 19,830 |  |  | (67,327) |  |  | 2,680,137 |
ABS |  | 263,392 |  |  |  |  | 1,367 |  |  | (2,118) |  |  | 262,641 |
RMBS |  | 361,981 |  |  |  |  | 5,212 |  |  | (16,483) |  |  | 350,710 |
CMBS |  | 261,115 |  |  |  |  | 919 |  |  | (3,117) |  |  | 258,917 |
CLOs |  | 131,422 |  |  |  |  | 8 |  |  | (209) |  |  | 131,221 |
Foreign government debt |  | 4,488 |  |  |  |  | — |  |  | (429) |  |  | 4,059 |
Commercial paper |  | 9,398 |  |  |  |  | — |  |  | — |  |  | 9,398 |
Total fixed income securities |  | $ | 5,897,961 |  |  |  |  | $ | 35,884 |  |  | $ | (230,724) |  |  | $ | 5,703,121 |
Details of Fixed Income Securities by Category as of December 31, 2025
Table | 5.1b |  |  |  |  |  |  |  |  |  |
(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 |  | $ | 279,359 |  |  |  |  | $ | 958 |  |  | $ | (2,505) |  |  | $ | 277,812 |
Obligations of U.S. states and political subdivisions |  | 1,961,841 |  |  |  |  | 10,958 |  |  | (134,035) |  |  | 1,838,764 |
Corporate debt securities |  | 2,712,348 |  |  |  |  | 36,781 |  |  | (57,857) |  |  | 2,691,272 |
ABS |  | 225,478 |  |  |  |  | 2,418 |  |  | (1,335) |  |  | 226,561 |
RMBS |  | 366,671 |  |  |  |  | 8,169 |  |  | (16,816) |  |  | 358,024 |
CMBS |  | 237,974 |  |  |  |  | 2,484 |  |  | (1,675) |  |  | 238,783 |
CLOs |  | 99,182 |  |  |  |  | 129 |  |  | (24) |  |  | 99,287 |
Foreign government debt |  | 4,487 |  |  |  |  | — |  |  | (420) |  |  | 4,067 |
Commercial paper |  | 56,661 |  |  |  |  | — |  |  | — |  |  | 56,661 |
Total fixed income securities |  | $ | 5,944,001 |  |  |  |  | $ | 61,897 |  |  | $ | (214,667) |  |  | $ | 5,791,231 |
We had $12.5 million and $12.6 million of investments at fair value on deposit with various states as of March 31, 2026 and December 31, 2025, respectively, due to regulatory requirements of those state insurance departments. In connection with our insurance and reinsurance activities within MAC and MIC, we are required to maintain assets in trusts for the benefit of contractual counterparties, which had investments at fair value of $173.9 million and $185.7 million at March 31, 2026 and December 31, 2025, respectively. The amortized cost and fair values of fixed income securities at March 31, 2026, by contractual maturity, are shown in table 5.2 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 | 5.2 |  |  |  |
|  | March 31, 2026
(In thousands) |  | Amortized cost |  | Fair Value
Due in one year or less |  | $ | 650,211 |  |  | $ | 649,526 |
Due after one year through five years |  | 1,697,951 |  |  | 1,662,497 |
Due after five years through ten years |  | 1,626,253 |  |  | 1,565,298 |
Due after ten years |  | 905,636 |  |  | 822,311 |
|  | 4,880,051 |  |  | 4,699,632 |
ABS |  | 263,392 |  |  | 262,641 |
RMBS |  | 361,981 |  |  | 350,710 |
CMBS |  | 261,115 |  |  | 258,917 |
CLOs |  | 131,422 |  |  | 131,221 |
Total |  | $ | 5,897,961 |  |  | $ | 5,703,121 |
Equity Securities The cost and fair value of investments in equity securities at March 31, 2026 and December 31, 2025 are shown in tables 5.3a and 5.3b below.
Details of Equity Security Investments as of March 31, 2026
Table | 5.3a |  |  |  |  |  |  |  |
(In thousands) |  | Cost |  | Fair Value Gains |  | Fair Value Losses |  | Fair Value
Equity securities |  | $ | 16,323 |  |  | $ | 29 |  |  | $ | (1,161) |  |  | $ | 15,191 |
Details of Equity Security Investments as of December 31, 2025
Table | 5.3b |  |  |  |  |  |  |  |
(In thousands) |  | Cost |  | Fair Value Gains |  | Fair Value Losses |  | Fair Value
Equity securities |  | $ | 16,286 |  |  | $ | 42 |  |  | $ | (1,006) |  |  | $ | 15,322 |
Net Gains (Losses) on Investments and Other Financial Instruments 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 5.4 below.
Details of Net Gains (Losses) on Investments and Other Financial Instruments |  |  |  |
Table | 5.4 | Three Months Ended March 31, |  |
(in thousands) | 2026 |  | 2025 |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
Gains on sales | $ | 210 |  |  | $ | 349 |  |  |  |  |
Losses on sales | (10) |  |  | (29) |  |  |  |  |
Equity securities gains (losses): |  |  |  |  |  |  |
Changes in fair value | (168) |  |  | 120 |  |  |  |  |
Change in embedded derivative on Home Re Transactions(1) | (201) |  |  | 301 |  |  |  |  |
Net gains (losses) on investments and other financial instruments | $ | (169) |  |  | $ | 741 |  |  |  |  |
Proceeds from sales of fixed income securities | $ | 1,005 |  |  | $ | 20,737 |  |  |  |  |
(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions. Other Invested Assets Our other invested assets balance includes an investment in FHLB stock that is carried at cost, which due to its nature approximates fair value. Ownership of FHLB stock provides access to a secured lending facility, subject to certain conditions, which includes requirements to post collateral and to maintain a minimum investment in FHLB stock. Unrealized Investment Losses Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2026 and December 31, 2025, 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 5.5a and 5.5b are estimated using the process described in Note 6 - “Fair Value Measurements” to these consolidated financial statements and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.
Unrealized Loss Aging for Securities by Type and Length of Time as of March 31, 2026
Table | 5.5a |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  | $ | 76,203 |  |  | $ | (326) |  |  | $ | 42,711 |  |  | $ | (2,394) |  |  | $ | 118,914 |  |  | $ | (2,720) |
Obligations of U.S. states and political subdivisions |  | 222,709 |  |  | (4,077) |  |  | 1,054,706 |  |  | (134,244) |  |  | 1,277,415 |  |  | (138,321) |
Corporate debt securities |  | 718,161 |  |  | (5,659) |  |  | 800,140 |  |  | (61,668) |  |  | 1,518,301 |  |  | (67,327) |
ABS |  | 150,590 |  |  | (970) |  |  | 4,719 |  |  | (1,148) |  |  | 155,309 |  |  | (2,118) |
RMBS |  | 24,711 |  |  | (273) |  |  | 155,868 |  |  | (16,210) |  |  | 180,579 |  |  | (16,483) |
CMBS |  | 124,997 |  |  | (1,543) |  |  | 71,050 |  |  | (1,574) |  |  | 196,047 |  |  | (3,117) |
CLOs |  | 112,902 |  |  | (209) |  |  | — |  |  | — |  |  | 112,902 |  |  | (209) |
Foreign government debt |  | — |  |  | — |  |  | 4,059 |  |  | (429) |  |  | 4,059 |  |  | (429) |
Total |  | $ | 1,430,273 |  |  | $ | (13,057) |  |  | $ | 2,133,253 |  |  | $ | (217,667) |  |  | $ | 3,563,526 |  |  | $ | (230,724) |
Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table | 5.5b |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 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 |  | $ | 15,762 |  |  | $ | (60) |  |  | $ | 51,113 |  |  | $ | (2,445) |  |  | $ | 66,875 |  |  | $ | (2,505) |
Obligations of U.S. states and political subdivisions |  | 144,148 |  |  | (6,123) |  |  | 1,087,931 |  |  | (127,912) |  |  | 1,232,079 |  |  | (134,035) |
Corporate debt securities |  | 258,349 |  |  | (1,180) |  |  | 887,659 |  |  | (56,677) |  |  | 1,146,008 |  |  | (57,857) |
ABS |  | 49,774 |  |  | (1,103) |  |  | 22,965 |  |  | (232) |  |  | 72,739 |  |  | (1,335) |
RMBS |  | 2,906 |  |  | (8) |  |  | 187,553 |  |  | (16,808) |  |  | 190,459 |  |  | (16,816) |
CMBS |  | 15,363 |  |  | (30) |  |  | 82,994 |  |  | (1,645) |  |  | 98,357 |  |  | (1,675) |
CLOs |  | 35,272 |  |  | (24) |  |  | — |  |  | — |  |  | 35,272 |  |  | (24) |
Foreign government debt |  | — |  |  | — |  |  | 4,068 |  |  | (420) |  |  | 4,068 |  |  | (420) |
Total |  | $ | 521,574 |  |  | $ | (8,528) |  |  | $ | 2,324,283 |  |  | $ | (206,139) |  |  | $ | 2,845,857 |  |  | $ | (214,667) |
There were 956 and 712 securities in an unrealized loss position at March 31, 2026 and December 31, 2025, respectively. Based on current facts and circumstances, we believe the unrealized losses as of March 31, 2026 presented in table 5.5a above are not indicative of the ultimate collectability of the par value of the securities. The unrealized losses in all categories of our investments at March 31, 2026 were primarily caused by increases in prevailing interest rates. We also rely upon estimates of several credit and non-credit factors in our review and evaluation of individual investments to determine whether a credit impairment exists. All of the securities in an unrealized loss position are current with respect to their interest obligations.

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